Stopping for the week

Yes i am stopping for the week. I made more than my expectation. I made 5 trades, 4 winners and 1 loser, 1:1 trades looked for 50 pips, made a total of 150 pips. Been very busy this week and will be the coming weeks so will be posting in bulk like this.... Nex week will be profitable. All the best fellow traders.

Mistakes are made......A new beginning arises

I made a mistake, i lost, i made a plan, i lost, the plan was not a perfect plan, it was a plan/system for reversal, but it seems that it is not working, last week i sat and thought, i did some trades in replay mode, a breakout plan came out. i am going to try it next week. I will be creating a new plan, a new system, a new beginning, a whole new forex plan. I am going to forget everything i learned and look and the charts. I am going back to the drawing board, but with new ideas. Next week will be profitable. All the best fellow traders.

FFXD thanks for the concern bro. I have been busy, and it was not a good idea to trade in that state, mind and body not in sync.... all the very best to you bro.

trade 82, new approach

USDCHF entry @ 1.1309, SL @ 1.1260 and TP @ 1.1395, this was a winner but i was back to my old 1 lot. 86 pips winner

trade 81, winner but confusion

USDCAD entry @ 1.0264, SL @ 1.0210, TP @ 1.0372. This was a winner of 25 pips. I feel so fustrated. maybe its time to change my plan totally. Seems like i am in the lost. Confused is the word, it seems that this month i have been losing and losing. Almost all the trades i take hits the stoploss. I have been following my plan deligently but seems like my plan is a losing one. If this keeps on going i am doomed for sure........................

trade 80

EURJPY entry @ 114.60, SL @ 114.89 TP @ 114.02, Another loser of 58 pips.........

trade 79

GBPJPY entry @ 134.01 SL @ 134.29 TP @ 133.45, Another loser of 56 pips.

trade 78

GBPAUD entry @ 1.6423, SL @ 1.6460, BE @ 1.6386, TP @ 1.6349.
This was a loser of 74 pips. Looks like i always start the week with a loser :)

May 10- 14 recap

Entries :

• USDJPY entry (74) exited @ BE (3 pips profit)
• EURJPY entry (75) exited @ 40 pips profit (2 lots trial)
  
• USDCHF entry (76) exited @ 71 pips profit (2 lots trial)
• EURGBP entry (77) exited @ SL loss of 92 pips (2 lots trial)
  

Bucking The Trend see here

• AUDUSD entry (4) 31 pips profit.

53 pips in all this week. Should have stopped trading when in good profits but well no point crying over spilled milk. Lets see what's in store next week.
Next week will be profitable. Best wishes and good luck to all my fellow forex traders.

trade 77 .... what went wrong??

EURGBP entry @ 0.8574, SL @ 0.8620, TP @ 0.8482, BE @ 0.8558.

It was down trend , i entered according to plan. it was 1 pip shy of my BE point, then it went on to hit my SL. A loss of 46pips * 2 lots = 92 pips. What went wrong, what can be salvaged from this trade? Well it was my mistake as i took this trade the 15 min trend and 60 min trend were up and the 240 min and 1440 trend were down. clearly the market was not sure of going where. I should have avoided this trade but i didn't (Deviation of Plan) , worst still when it was in profits i should have exited but i didn't (greed). When the trade turned against me i should have quit with a small lost but i didn't (hope) . What can i say, its all my fault i am 92 pips down..... :).

trade 76

USDCHF entry @ 1.1065, SL @ 1.1040 , TP @ 1.1115

71 pips winner, i used 2 lots and once it hit my BE target i exited 1 lot and the other i set SL to BE and let it run, it went on to hit my TP.

trade 75, New Beginning.

EURJPY entry @ 118.19,SL @ 118.70, TP @ 117.17.

I was thinking and thinking very hard. How to solve the problem of getting more out of my BE trades, so i pushed the BE to 3 pips profit. It was a good idea but not enough for me.

Then a idea hit me, I tried that on this trade. i entered with 2 lots when 1 hit BE point i exit with the profits and set my SL to +3 pips. This earned me 40 pips on this trade.

Well since i am using 2 lots i am going to reduce my SL to 50 pips so even if i lost it will be 100 pips in total, won't hurt me.

Bucking The Trend

This earned me 31 pips. Still in the process of finding a good SL location. currently the swing high/low will be the stoploss.

trade 74,

USDJPY entry @ 92.60, SL @ 94.00 TP @ 89.80,

Exited @ BE.

May 3 - 7 recap

Well, 1st week of May didn't really start well,

Entries :

• AUDUSD entry (60) exited @ BE (3 pips profit)
• AUDJPY entry (61) exited at BE (3 pips profit)
• GBPAUD entry (62) exited @ BE (3 pips profit)
• GBPJPY entry (63) exited @ SL loss of 29 pips
• EURJPY entry (64) exited @ SL loss of 45 pips
• GBPAUD entry (65) exited @ SL loss of 65 pips
• AUDUSD entry (66) exited @ SL loss of 38 pips
• GBPAUD emtry (67) BE trade (3 pips profit)
• NZDUSD entry (68) BE trade (3 pips profit)
• AUDUSD entry (69) exited @ SL loss of 76 pips
• AUDJPY entry (70) exited @ SL loss of 118 pips
• USDJPY entry (71) exited @ SL loss of 71 pips
• USDJPY entry (72) exited @ BE (3pips profit)
• USDJPY entry (73) exited @ 92.12 , 53 pips profit
  

Bucking The Trend see here

• USDJPY entry (1) 53 pips profit
• USDCHF entry (2) 77 pips profit.
• AUDUSD entry(3) 104 pips profit.

Overall in my plan i lost 371 pips, using the Bucking The Trend (BTT) method i earned back some 234 pips. But using the BTT i find it risky as i don't know how to put the stop losses. After reviewing back my entries on my original plan using BTT as a trend indicator, i found that most of the entries that cost me were against the trend, although some were with the trend did still lose some pips. Next week i am going to go with the trend and see how i can do.

Next week will be profitable. Best wishes and good luck to all my fellow forex traders.

Bucking The Trend

Well Bucking The Trend, earned me 237 pips, nice to offset my losses, probably will look into this method. i looked at the charts now and then to make sure the entries did not go the wrong direction as i did not have stoplosses. But also i was confident as these trades were with the trend.

trade 73

USDJPY entry @ 92.65, TP @ 89.95, SL @ 94.00, This was a winner of 53 pips

trade 72, i just cannot resist....

USDJPY entry @ 92.21, TP @ 88.63, SL @ 94.00,

I just cannot resist from trading......the market seems to be pulling me harder everytime i want to resist it.....so here is another trade

This is a big risk i am taking, a risk of 179 pips, i know its gonna hurt if it goes wrong, but no risk no gain. This was a carefully calculated trade.

It was in the second wave, missed the 76.4% fibo hence entered between the 76.4% and 61.8%, still within my plan.

Risk of 179 pips, not my plan, yes i deviated... i am already in the trade so i am just going to follow the rest of the plan.

Its trending down in the 15min, 60min, and 240min. 1440 min (Daily) its trending up. (using the 200 ema as a guide, read it somewhere and created my own indicator.) So overall its down and i am with the trend, or at least i think i am.

Well i realised yesterday after creating the indicator, i entered my last 3 trades against the trend. Well its too late to regret, but if i did not lose yesterday i would not have created the indicator, so its a good thing.

Exited @ BE...... its pretty obvious that i should have exited when in profits...... but thats not my plan.....

trade 70 and 71 KILLER TRADES

These trades were taken after trade 69, they went on to hit my BE point, BUT I DID NOT FOLLOW MY PLAN. I DID NOT PUSH MY STOPLOSS TO BREAKEVEN, I HOPED THAT THESE TRADES WILL GO ON TO HIT MY TAKE PROFIT. I AM SO FRUSTRATED WITH MYSELF NOW.............. lost 118 pips on trade 70 and lost 73 pips on trade 71.

What was i thinking, i don't know, i just wanted to trade as per normal. i just wanted to be a profitable trader. Probably i should have just let it go this week and start afresh next week. I really don't know, i just saw the opportunity and jumped into the trade, but i did not follow my plan...... well what can i say?? I can just be happy for the other traders made some pips on these movements.

trade 69

AUDUSD entry @ 0.9046, TP @ 0.9199, SL @ 0.8970.... This was taken @ 1630 hrs. lost 76 pips.

trade 68

NZDUSD entry @ 0.7150, TP @ 0.7270, SL @ 0.7090....Another BE trade. Well this went on to hit my TP. Sometimes i think i should just put a SL and TP and let nature take its course if it wins then it win if not it loses. But in so many forums and books i have read, they always say take care of your loses and the profits will take care of themselves, so what am i doing wrong? Breakeven too early? well that may be the clue , i need to go find out ....... forex is just so intensive and interesting.... i just love this business.

trade 67 the show stopper

GBPAUD 60 min entry @ 1.6585, TP @ 1.6495 SL @ 1.6630. This is a BE trade.

Well its only tuesday and i am down by 165 pips....... not really a good start for the month. Feeling agitated and demoralized at the moment. Can't really think straight. This was so called a revenge trade lucky it was BE. I know i should not have done it but my emotions got the better of me, so here i am trying to let out my emotions, probably the best thing i did in my forex career was to start this blog so when i am down or angry i can just come here and write some nonsense to cool myself down instead of just staring at the charts trying to get something out of nothing. Probably there were some good trades i may be missing now but i don't care as i am not in a good state of mind to trade, but i just love trading the market and yes it is stressful and it irritates me when i have a string of losses, i guess its human nature.

They say forex is a probability game, well yes it is but how do we get the edge, trading high probability trades. Well what is high probability? Well i thought my trades were high probability trades, but these strings of losses may prove otherwise. Should i change my plan? Should i jump to another system? I know these are questions of an amature trader but sometimes i do doubt and fear although i know these are the root cause to all failures. Having said so much i think i feel much better now. If you let out your fear and anger you will feel better. That what i did.

I look forward to my next trade, its a new trade and every trade is a new beginning. Good luck to all. Best wishes and thank you.

trade 66

AUDUSD entry @ 0.9168 , TP @ 0.9244 SL @ 0.9130, Loser of 38 pips

trade 65

GBPAUD 60 min entry @ 1.6555, TP @ 1.6425, SL @ 1.6620
Another loser of 65 pips

trade 64

EURJPY 15min entry @ 124.35, TP @ 125.25 and SL @ 123.90.
This was a loser of 45 pips

trade 63

GBPJPY 15min entry @ 144.19, TP @ 144.77 and SL @ 143.90. This was a loser of 29 pips.

trade 62

GBPAUD entry @1.6556, TP @1.6426, SL @1.6621
BE when price reached 1.6531. Exited @ BE

April recap

Hope everyone enjoyed the labour day. Another recap on april to see what went wrong and what has to be improved.

Total of 45 trades taken,

• Winning trades : 11
• BE trades : 13
• Lost trades : 21

I started this plan in a confuse which resulted in a couple of big losses. Through improvement my losses became smaller and i felt that any trade risking more than 100 pips was not worth it, because thats the most i can afford to lose in a single trade and fear and hope sets in when i see a trade losing more than 100 pips.

The plan was improved further when i started looking to breakeven my trades and i ended up having alot of breakevens. But most of it did not reach my TP levels, so its a good thing. Then i started looking at trailing my trades, so after the breakeven point it was trailing. So i had some profits even if the trade went bad. As usual there were trades that went bad from the start, but that did not bother me as i know not all trades are winners.

But losing trades were made small and winning trades were made to run to the max and winning trades that became losing trades were stopped at breakeven and better still breakeven trades were made profitable with 3 pips.

All in all April was profitable with 59 pips.
Lesson learned

• Do not to trade when confused, always happens but i got to fight it.
• Wait for the setup. Be patient.
  
• When the setup occurs, act do not think.
• Set SL immediatly, move to BE as soon as price reaches the BE price.
• Trail the price after BE is set.
• Have a profit, forget it. Have a loss, forget it even faster.

May starts, and i am going in with 2 outstanding trades. This month will be profitable as April. Good luck and best wishes to all.

trade 60

AUDUSD entry @ 0.9245, TP @ 0.9315, SL @ 0.9210
Exited @ BE.

trade 61

AUDJPY entry @ 86.90, TP @ 87.90, SL @ 86.40
Exited @ BE.