Hi John
I only traded once this week made 68 pips. I was very busy with day job too so less trading. If I can maintain this level I will then increase my lot size again. I want this sort of consistency before I start trading my GFTaccount again. I am following Steve of nobrainertrades on Forex Factory. I like his method which is only support and resistance. Nobrainertrades also have a live chatroom now where you can follow trade set ups and chart analysis. Today we watched the EU amongst others and where it was going and I was in the trade and it felt good.
I had more than one trade running and opened more lots as it retraced My trading journey over the past few months (since February) has been exciting. I felt at one point I was getting nowhere fast. The amount I've learned in the last 3 months is staggering. Talking to other traders and discovering what works for me has been a big road of discovery. I've learned that a method that works for one can be a total failure for someone else. Less is very definitely more and the few indicators I have will be removed soon as I don't feel the need for them.
I still trade with Darren occasionally but more with a chap in Malasia who has the same approach as I do and not to jump into trades but to let trades come to us. I'm learning patience and Andrew who's traded before is a good person to keep me grounded and we support each other. We follow the same approach and trade together. The time difference sucks but I am trading as early at 6:30 each morning and usually done by 10am. That means 1:30am USA time and I can't quite get my head around this trading during the night butLondon time is the best trading time so I'll have to suck it up and do it when in the States.
There are loads of places on the net giving free trade calls (GFT one of them) and I take each one and analyse it. I don't often take them as I want to enter a trade that I have worked out for myself and if my conclusion is the same as theirs fine. With the lower lot size I trade a 100 pip trailing stop. When I get above 30 I move my stop to break even and then let it trail till I'm stopped out.
I just got your email and I've been on Skype all along although when I'mtrading I don't take calls as they distract me but I've not seen you online either. My Skype often shows me as offline when I'm actually online. It seems worse in the UK. I found the comments from Ian very interesting and he is right, I have felt like a butterfly. I have been searching for months as I never felt I had found what I was looking for and knew once I found it I'd be happy with it. It's been a slow progress and finally I feel I'm getting there. I always felt the lot size I started to trade with was way too high for a beginner trader (certainly in my case) and it was a major cause of me losing confidence and trying to find a way so that I would feel happy trading larger amounts and not make massive losses and still remain sane.
My concentration was on not losing money instead of learning to trade. I can honestly say only when I reduced my lot size did I feel I was getting somewhere. This is taking money management into account. My account is big enough to trade larger lots but to me that was throwing good money away tillI had found my feet. I'm a firm believer that you need a comfort zone.
Sometraders work better under pressure, others buckle and I'm one of them. 85% psychology the rest is knowledge. I'm trading with a lady who's made over$250,000 in the last 5 years. She started on micro and then went to mini and she still doesn't trade huge lots but she is very successful because she has a comfort zone that enables her to trade relaxed and enter loads of trades leaving some to run for the week. I've learned a lot from her and she's helped bring back my confidence. We analyse the charts for the coming week and what to look out for. What I am really amazed about is how many traders are out there ready to help you and offer advice. There is so muchkindness out there.
With regard to trading platforms, I'm only using Meta Trader 4. The VisualTrader is ok but once you've used Meta Trader there is no going back. GFT'scharts are also ok when the platform loads. I have days it hangs up and dayswhere I can't even get in. I will use the GFT web version for trading. I think Darren does that as well now. He uses both Meta trader and VT. MyFXCM is such an easy ride. Never a problem like I had with Worldspreads who took me out of trades and went past my stops totally ignoring them. Never had a requote either but then I'm not scalping and since I've stopped scalping my trading has improved. The 1m chart isn't even looked at anymore. 5m is the lowest for entries and exits. If I had to give advice to new traders and learn from my mistakes I'd say
1) demo 4 to 6 months at least. Don't treat the demo as a liveaccount but make it work for you. Use it as a tool to learn how thecurrencies move and try out systems. What I didn't do in demo was to try outvarious trading strategies and I only concentrated on making pips but reallydidn't know what I was doing.
2) open a micro account - it still feels like demo but you can make money while you put to practice what you learned in demo and build up youraccount that way.
3) Become successful making consistent pips. The money that comeslater
4) then once you are consistent for at least three months possibly think about increasing your lot size
5) Don't give up your day job. This is not an overnight success story Isn't hindsight great? At least I didn't loose my shirt as some traders have done.
Well that's me for this week. Leigh is here next week and then I will put onlonger term trades so I can get out and hike with him during the week. Kind regards and chat soon Desiree
Sunday, 31 May 2009
Friday, 29 May 2009
24th May
Hello John
I have not traded much over the past month due to travelling. Its been so EU and GU going down the pan that when it turned this week it took many of us by surprise and Darren and I shorted as did many traders we trade with. All in all it was a disaster and I learned that it is so easy to get used to a direction and when things change to read the charts and trade what you see and not what you have become used to seeing and that is shorting the pair.
My mindset is really improving all the time and the pips I pick up now are in excess of 10 pips per trade. I need to still learn to get out of winning trades. I am trying to let my winner run and have decided when in a long trade to bag anything over 50 pips. I have three runs of over 50 pips recently and I left them but had I recognised a pin bar on a lower time frame I’d have got out. I’m trying so hard not to look at lower time frames. I never look at the 1m anymore. The lowest has been 15m but I’m feeling very comfortable with the 30m and higher. The longer term trades were entered on the 4h.
I’m using fewer indicators. I have fractal support and resistance, pivots and murry math lines which are super. I draw fibos to see how they coincide with my support and resistance then trade from the support/resistance line. There are a few very good threads on Forex Factory which I have been following. All basically the same – concentrating on support and resistance. Its amazing when one starts trading one relies on so many indicators and as you learn you realise less is better. I’m so enjoying my trading journey.
Leigh has not traded in several months. He sees how much work I put into it and I am not sure if he will go back to trading. I hope he does but I’m not pressurising him as that is a guaranteed killer. You need to feel passionately about trading to succeed. There are so many ups and downs and in the beginning more downs than ups but the exciting thing is the downs get less and less. Some get it sooner than others I think I will take my time.
Ok that is all from me. Regards - Desiree
I have not traded much over the past month due to travelling. Its been so EU and GU going down the pan that when it turned this week it took many of us by surprise and Darren and I shorted as did many traders we trade with. All in all it was a disaster and I learned that it is so easy to get used to a direction and when things change to read the charts and trade what you see and not what you have become used to seeing and that is shorting the pair.
My mindset is really improving all the time and the pips I pick up now are in excess of 10 pips per trade. I need to still learn to get out of winning trades. I am trying to let my winner run and have decided when in a long trade to bag anything over 50 pips. I have three runs of over 50 pips recently and I left them but had I recognised a pin bar on a lower time frame I’d have got out. I’m trying so hard not to look at lower time frames. I never look at the 1m anymore. The lowest has been 15m but I’m feeling very comfortable with the 30m and higher. The longer term trades were entered on the 4h.
I’m using fewer indicators. I have fractal support and resistance, pivots and murry math lines which are super. I draw fibos to see how they coincide with my support and resistance then trade from the support/resistance line. There are a few very good threads on Forex Factory which I have been following. All basically the same – concentrating on support and resistance. Its amazing when one starts trading one relies on so many indicators and as you learn you realise less is better. I’m so enjoying my trading journey.
Leigh has not traded in several months. He sees how much work I put into it and I am not sure if he will go back to trading. I hope he does but I’m not pressurising him as that is a guaranteed killer. You need to feel passionately about trading to succeed. There are so many ups and downs and in the beginning more downs than ups but the exciting thing is the downs get less and less. Some get it sooner than others I think I will take my time.
Ok that is all from me. Regards - Desiree
15th May
Hi John
Hope you are well. I presume you are back in France. I returned to the UK today after a hectic 3 weeks in the States where I hardly traded. I have also been so busy I’ve not had a chance to work on the website either and that will happen in the next few weeks to get that done. Right now the .us domain links back to your site.
Very little news except that when I do trade I’m doing a whole lot better and making 20 pips plus is becoming more normal within a single trade. I’m still not comfortable trading higher lots. Right now I’m still working on being consistent and reducing the size of my losses but every day I feel stronger and more confident.
Have a great weekend Kind regards - Desire
Hope you are well. I presume you are back in France. I returned to the UK today after a hectic 3 weeks in the States where I hardly traded. I have also been so busy I’ve not had a chance to work on the website either and that will happen in the next few weeks to get that done. Right now the .us domain links back to your site.
Very little news except that when I do trade I’m doing a whole lot better and making 20 pips plus is becoming more normal within a single trade. I’m still not comfortable trading higher lots. Right now I’m still working on being consistent and reducing the size of my losses but every day I feel stronger and more confident.
Have a great weekend Kind regards - Desire
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