Well the week that is has been crazy at best. I only traded one trade today and it was a small loss. There are a few factors this week that are keeping me from good effective trading.
1) The G20 is meeting in England. This the meeting to figure out on a world scale how to avoid a global depression. This is having a big affect on the movement of the forex market. A lot of indecision.
2) Friday is "Non-Farm" Friday which is the biggest announcement that affects the market. This is the unemployment numbers for the U.S. as you can imagine this causes a lot of axious traders even early in the week.
So..... no trading till Monday, except for demo. Watching and waiting is better than trying to determine market movement within a volatile week.
Tuesday, March 31, 2009
Monday Bloody Monday
Well Monday I'm off and running in the opposite direction. Took 2 losses today, hard to take. But I am very conscience of risk management and didn't allow myself to loose more than what I can emotionally and financially handle.
I won't risk over 5% on any trade, most of the time it is around 3%. Those are losses you can survive. Some trades will increase your account as much as 20% so if I keep the losses down, then the wins will take care of themselves.
On the bright side, I am testing a new trade, and it is going well. On my demo account I traded it 4 times Monday and it paid out every time. Keep in mind, I trade from 2 am to about 7am each day, I still have a job that I really enjoy. I am able to set alarms that tell me when a trade is about to happen so I can still get my sleep. These trades paid a total of 112 pips. Remember my goal is only 50 pips a day. So I am on the right track. ( I know I should have traded these live and traded the losers on the demo..... Oh well.
I won't risk over 5% on any trade, most of the time it is around 3%. Those are losses you can survive. Some trades will increase your account as much as 20% so if I keep the losses down, then the wins will take care of themselves.
On the bright side, I am testing a new trade, and it is going well. On my demo account I traded it 4 times Monday and it paid out every time. Keep in mind, I trade from 2 am to about 7am each day, I still have a job that I really enjoy. I am able to set alarms that tell me when a trade is about to happen so I can still get my sleep. These trades paid a total of 112 pips. Remember my goal is only 50 pips a day. So I am on the right track. ( I know I should have traded these live and traded the losers on the demo..... Oh well.
Sunday, March 29, 2009
Beginning my Journey
Hello readers!
Thanks for helping me keep after my challenge! I am working to start a true challenge that will push me and my limits of what I think is possible. I have been trading the forex, which is the Foreign Currency Exchange in the early morning hours for 6 months now.
I am ready to start trading live, meaning with real $$, and this is the way for me to keep accountable. Nothing like putting it in print!
I will keep a daily record of my activity. My account currently has $2200. I am working this up to $5000 where I will then take the Challenge of turning $5000 into $95,000...... in 90 days.
Yes I think it is possible, and yes I think I can do it. So please follow along, and root me on!
Thanks for helping me keep after my challenge! I am working to start a true challenge that will push me and my limits of what I think is possible. I have been trading the forex, which is the Foreign Currency Exchange in the early morning hours for 6 months now.
I am ready to start trading live, meaning with real $$, and this is the way for me to keep accountable. Nothing like putting it in print!
I will keep a daily record of my activity. My account currently has $2200. I am working this up to $5000 where I will then take the Challenge of turning $5000 into $95,000...... in 90 days.
Yes I think it is possible, and yes I think I can do it. So please follow along, and root me on!
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