17th September

Hi John

Hope you are well? I’ve not written to you in a while. I’ve been away for 5 weeks in the States and moved around a lot while there so very little trading went on. When I’m not trading I’m watching charts or doing some form of research to fine tune what I am doing now. One of my day jobs falls away end of this month so I have hours of uninterrupted time to trade and not work and trade at the same time as I did before.

My trading is slowly and steadily improving all the time and there hasn’t been much to report as its ticking along nicely and I’m gaining confidence albeit in tiny steps. My wins are greater than my losses at around 75%. I would still like to reduce the size of my losses but have been playing around with stops and deciding whether to let the trade stop me out or to call it quits beforehand. Thankfully I am getting my direction right. A few trades I lost through sheer stupidity like closing a trade instead of moving my stop and once or twice the set up was perfect and it was back luck that I got stopped out. The trades seldom go more than 10 pips against me before going in my direction. Some losses were because I went to break even too soon. I like to go to break even at 15 pips and on a few occasions I have been stopped out of the trade. As I enter on one tiny lot I don’t like to give away pips so I’m trying to not enter on two or three lots now and close them as the trade progresses so that I have room to play with. Trading with just one lot has too many disadvantages.

I am learning patience and to keep out of trades and let them come to me. This means on some days I don’t trade. I don’t particularly like trading on Mondays and Fridays but when I have done have picked up some good pips. Usually those days I spend chart watching and reading. I trade off 5m 15m and 1h charts although the 15m is my favourite. The 1m chart is never looked at anymore. I have found the system that suits me and I’m fine tuning it by adding and taking things off the charts. I’m trading two candle formations and support and resistance. I have not completely done away with indicators but they are a lot less then they used to be. I do enjoy using fibs and using them as targets. I have to learn to stay in the trade long enough to reach my targets. I still get out too soon. When entering a trade I set my stop and limit and yet get out too soon. 90% of the time the trade hits my limit.

Finding the right time of day to trade has been a challenge especially while in the USA. In the UK it’s easy to trade London and I enjoy that but in the States I have a hard time getting up at 2am but realise that this is what I’ll need to do when I move over there eventually. To wake up at 6am and see that I’ve missed quite a few moves during London open is disheartening so I have to console myself there’ll be another trade soon enough.

And that’s about it for now. I am seldom on Skype now as I find it to disrupting and I’ve messed up too many trades with interruptions.

Looking forward to hearing from you

Kind regards

Desiree