Week 9

4 trades, 2 losers and 2 winner.

BTD: $ 5247.88

PTD: 203 PIPS

P/L FOR THE WEEK: -0.65 %

P/L TO DATE: 4.96%

Here are what I am going to do next week:

1. After 6 months of research, I found out that I am only good at 5 pairs. I will discountinue trading on other pairs.

2. I stick to my 1% risk rule as it is crucial for me. When in doubt, I even risk less. There is always time to add to a winner.

3. I have zero tolerance for emotional and impulsive trading. A severe penalty is waiting for me if any impulsive trade happens.

Here is the chart:

Week 8

4 trades, 3 losers and 1 big winner. This is the result of cutting the losses fast and let the profits run.

BTD: $ 5278.31

PTD: 242 PIPS

WIN: 55%

P/L FOR THE WEEK: 0.1%

P/L TO DATE: 5.57%

Here are what I am going to do next week:

1. Try to cut losses fast and let the profits run, like what  I did this week.

2. I stick to my 1% risk rule as it is crucial for me. When in doubt, I even risk less. There is always time to add to a winner.

3. I have zero tolerance for emotional and impulsive trading. A severe penalty is waiting for me if any impulsive trade happens.

Here is the chart:

Trader in the black hole

One of the most dangerous “diseases” a trader may catch is “seeking the Holy Grail”. Here are the symptoms: Changing strategy every two days, going live with no backtesting and try to get the most out of the markets. It might not be a disease, but any single trader caught into this closed loop or black hole if you will. It sucks traders in and brainwash them in a way that they think the best system ever is the next system!Form the beginning of March my system showed terrible results, but this time, unlike when I was inside the black hole, I stick to it even more religiously, reduced my lot size and told myself: “Here it comes, the losing stake”. I was prepared this time. I remember the other times, when a losing stake hit my system, I deserted it and looked for a new system. Guess what? The new system had its own losing stake and the loop began…..Last night, my following the rules, not bending them and using money management paid off. I took 12 trades since the beginning of this month and lost 10 back to back trades. Last night I could recover half of the lost money.I am sure by following your own rules, you will become wealthy in long run and when you look back, you would see all these losing stakes (which are all over the place), as small noises, like small corrections in a giant uptrend.Benjamin Franklin once said:” if you repeat the same action over and over again and expect different results, you are fooling yourself.” He was fortunate that he never entered the markets, because this mentality belongs to the traders inside the black hole.

Week 7

This week was a terrible week for my discipline and I saw the result of bending your own rules: 4 trades, 3 impulsive ones and 4 losses.

Here are what I am going to do next week:

1. I try to focus more on my rules of trading not the result. Good results come from good trades. 

2. Again two of the losses are due to bad timing. Should not repeat the same mistake in future.

3. I stick to my 1% risk rule as it is crucial for me.

4. I have zero tolerance for emotional and impulsive trading. A severe penalty is waiting for me if any impulsive trade happens.

Here is the equity using FX HAT:

#26-29

I am going to post taken positions in groups. Here are these 4 trades this week:

BTD: $ 5272.56

PTD: 116 pips

win : 60%