Rules....Who Needs Rules....

I DO!
Well I entered a wonderful trade, and I exited too soon. I got concerned regarding some of the signals that I used to enter the trade, and chose to exit early.

One of my main rules is that regardless of the outcome, you stay in a trade till it either pays you out or the broker takes you out at your stop. That seems easy enough, however, sometimes emotion gets the better of me.

I am telling you this because I'm not doing it again. I took a loss on the trade to minimize what I thought would be a much larger loss on the UsdJpy. But as you can imagine, the trade never hit my stop, and as a matter of the fact, I would be up roughly 120 pips right now. Oh, and the target keeps getting farther away.

Great lesson: If you can't stand to take a loss at the stop you set up when you entered the trade, you are risking too much on the trade.....

Next Weeks Opportunities

I will be looking to start of the week:

Selling:

1. GbpJpy Target of 145.61 (This is just under 100 pips from the close on Friday)
   
2. EurJpy Target of 127.86 ( This is around 250 pips from Fridays close)
   
3. GbpChf
4. UsdJpy Target of 97.15 (That is a 200 pip drop from the close on Friday)
   
5. GbpUsd
   

Buying:

1. UsdCad
2. EurGbp "**" Strong Buy signals!!! Target of 89.43
   

Two of my favorites the EurUsd and the UsdChf are very indecisive right now, will be looking for shorter term positions thruout the week in hopes of a strong trend developing.

New Targets and Trade Opportunities

Last weeks trades followed very nicely with the targets that were set.

The UsdChf went down to a target which was over 200 pips away and stuck it in less than 2 days. By Tuesday night it was down 250 pips and started the recovery. Which by the way was in excess of 300 pips. That one trade was in excess of the amount of pips many traders see in a month.

I will be providing this weeks trade opportunities and targets before the market opens Sunday night.

Traders Delight

Well the week was very eventful.
Work took me to Chicago and so I was unable to trade Thursday or Friday, however, I still was able to get over 200 pips for the week.

Not a bad week by my standard, but a long way from my goals. I'm going to save them for a while, but before long my numbers will reflect my daily pip total.

My account is still around the $2040 mark and but only because of a couple of mistakes, the 2 mistakes below cost me $70. That may not seem like much but $20 is 1% so that was a 3.5% worth of mistakes, and on an account with $200K that would be equal to a $7000 mistake!!

1. I accidentally entered the wrong currency pair for a trade. This pair had a very large broker spread of 8 pips and I had to close it for a loss, as I had no reason to be in that trade.
2. I had another trade on Monday that I was going to enter for just 50 cents per pip, ( my standard entry right now does not exceed $2, because of proper risk management), however, I fat fingered the entry and entered for $5 per pip. I was down almost 15 pips when I noticed the error. I am proud to say that I closed the trade immediately because that was a risk I was not willing to take. The trade turned around and paid out very well, and I was glad to sit on the sideline and watch it do just that.

So those two losses equaled over around $70 and yet my account was still up for the week. Concidering travel, hotels, and a lack of sleep. Not too bad a week.

Lack of Posting

Had a great day today over 100 pips.... I will fill in the blanks soon. Having to travel for work.
Chicago again... tomorrow I will fill in the blanks.

Sorry for the lack of info I will surely let you know what is going on.

Targets for the Future

Using the time away from trading for research.

A couple of targets:

• USD/CAD looks like there is a long term target down for the CAD @ 1.1873
  

• USD/CHF looks like there is a long term target down for the CHF @ 1.0736

I will be looking for opportunities to lock in LONG TERM trades to reach these targets, once these are hit, I also believe that these will then become opportunities for buys as the market will then trend back up.

Holiday Friday

Just to say "Enjoy your holiday break, I hope you are getting the extra day off."

I am not trading today. The vol. is too light the market will not always act correctly on light trading days.

Here is a truth to remember: Some of the highest paid people in the world are traders, and they can take a day off whenever they choose. Why would the ones with the real clams in the market work on a day when other big traders are taking the day off? So the spiral expands and fewer trade and the market sets still.

A good Trading Day.

Everyday I'm getting a better grasp of what it takes to be successful in trading. Expansion not contraction of your sight and mind. This is what allows you to see how to find solutions to what makes your trading difficult.

Am I willing to learn something new? or am I too narrow in my own focus to appreciate how someone else can help you expand? When a master traders gives you some advice do you:

• Ignore it... I know better.
• Apply it instantly.
• Ignore it til your method stops working and you realize you are an idiot for not listening....

Wanna guess what I was doing? Ha! I was profitable yesterday in spite of myself.

2 Things today:


1. My trading account is now $2025 so I am heading in the right direction.

2. Start really looking at the long term compressions for details into which direction that you trade. You should drill down to the small charts ( 30, 10 or 5 min.) only to find the best entry to follow the longer term trends ( 4hr, Day or Week)

It was a beautiful trading day!

Had a great day trading! Multiple trades that succeeded over 100 pips today. The more important thing is that I made almost 5% on my account.

And did it with good risk management. Many trades were under 3% risk. Outstanding day.

Better details later.

Traders Distraction

http://farm4.static.flickr.com/3159/2807838577_83cbed0126_o.jpg?t=1053139

Here is a small distraction for you. This will take your mind off a loss.

Back to a Normal Week

Today has been good, 2 good trades and more than I want to count that I missed. My account is moving back in the right direction. I am now at $2050+ and hope to be above $2100 by the end of the day.

I hit a trade on the Aud/Usd and another on the Usd/Chf. I am watching for another trade to develop on both the UsdChf and the EurChf.

My Challenge to YOU!

Ok, many of us have been trading for a while. So my question is this.

Are you starting to get comfy, are you starting to slow down in your learning?

Hope not, because we are just scratching the surface. My challenge is to look for more of the 100 confirmations. Figure out how to make your trades safer.

Learn to Drill Down, is it possible to get a better entry on that trade?

Great Non Farm Friday to you. I am back at it strong 12 Midnight Monday morning.

Study of the S90's

As I stated I am taking the week off from any live trading. Today I am taking the opportunity to do better research into S90's.

These are a specific methodology of one of my instructors and they are very powerful. I will use these point of support and resistance to get a better feel of whether I should go for more or less pips. And whether, if one is behind me, if I can limit the size of my stop/loss.

Stop and Think

http://www.miniature-earth.com/me_english.htm