Many of you will not know the background of this account so I'll explain quickly.
The funds from this account has been build up from a $9 account. Once I've reached $150 I created a new account and build it up to what it is at the moment. This is the short version....
The Strategy: I trade Key Price Levels combined with Fundamental Analyses and Economic behavior.
Risk = Medium
My goal is to build this up to a $500 and then $1,000. I'm sure I will hit ups and downs a long the way, but if I have learned a very valuable lesson these last couple of months it is to accept your losses and take your winnings! If you end up in profit at the end of the day or week it does not matter how you got there - as long as you controlled your risk!
Feel free to follow me as I set myself up to take this account to $1,000!
Today was a struggle with no structure in price and spikes all over. I'm very pleased to walk away with 3% profit for the day. If price action is the same tomorrow I don't think I'll be trading. That will leave me with 48.5% profit for the week, which I'm very pleased with!
I want to stand still for a moment and discuss Risk. We all know Forex Trading is Very Risky. We all know if you are not careful you can loose/blow your entire investment in a matter of hours or days if you don't control you risk. If you did not know that then you know it now.
How do you control your risk?
You can only control your risk through discipline!
Discipline to always trade with a SL Discipline to not move your SL hoping for price to swing Discipline to accept your loss and move on Discipline to not seek revenge the day you loose money Discipline to not over trade your account Greed = A Lack of Discipline
This is an aspect I have been working on very, very hard these last couple of months of my trading career. Looking at my trading stats you will see that with my current trading style there is a 15.76% chance I can loose only 10% of my account and a 2.0% chance to loose 20%. Now look at the Weekly Return of 64.10% and the YTD return of 167.69%. For me the risk is definitely worth the gain? Even if I loose 10% of my account twice during a trading week I still walk away with a decent amount of profit and that is what is most important. Not so much how much money you can make, but how much money you can make while risking as little as possible.
I'm not saying I will always make money and I'm not saying I will never loose 10% or 20% of my account. I'm saying my trading strategy is of such a nature that currently it has proven to be successful in the most important departments, which is Risk and Discipline!
This is one of those weeks where I had to Hedge my trades in order to limit my draw down, but hey, this is all part of trading. If my analyses is correct I should be out of the dip by tomorrow, leaving me with Friday to place some new trades. This week so far I'm -6.31% plus -0.98% for the day.
You might ask why I am holding on to my Buy Orders and why I Hedged myself out of yesterday's Volatility? Well, my analyses is still showing me a very good opportunity for long orders. Also looking back at previous rate increases by US you will notice similar price patterns. Some economic factors might have prevented this to play out yesterday, however there is 2 more trading days left for this week and I see price making it's way up to my TP levels
$500!!!! Yes I made it!!! I squeezed 2 more trades on USDJPY and AUDUSD and reached my goal of $500!!!
However..... this is only the beginning.... next target is $700..., but I'm putting no time line on this, because I'm not going to put myself at risk to make a certain amount of money in a certain amount of time.....
I'm just about Break Even for the day with an open order on #AUDJPY. Since price is in momentum I have decided to put a 2nd short order on this pair with a ST on the first order and SL at BE. The 2nd order has a TP of 30pips and a TS of 20pips. I am anticipating that price will continue Bearish during the Asian session.
All this mean is I might not get to my $600 target by Friday, but then again...... there is always next week bringing new opportunities to trade and make profit :-)
I might have been able to make back some of my losses today, but I would not have been able to do that without increasing my risk and as you know the only reason I've been performing so well is because I control my risk and practice patience and discipline!
Lets be honest - these last 2 weeks has been tough for me and I'm very glad to be where I currently am.
The core of my trading strategy is Directional Momentum driven by Economic Behavior and once a currency is stuck in a range it becomes a problem. And because you have to in a trade when momentum picks up it is difficult to know when to place an order and when to wait. So you will notice I have a lot of orders hitting my SL, which is set very tight. This way I don;t loose too much in a ranging market, but I'm also in it when momentum picks up.
USDCAD killed me this week and I am also at fault, because I got irritated and lost a bit of patience and discipline. However, I think I handled the situation well and looking at the performance I am very happy to be where I am. Tomorrow I'll push on with that $600 goal in mind.
Ostrzeżenie o wysokim ryzyku: handel walutami obcymi wiąże się z wysokim poziomem ryzyka, który może nie być odpowiedni dla wszystkich inwestorów.
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