myforexdairy.com
Review of my Profitable trading week (working just 2 days) - My Journey to a Full Time Forex Trader
This week enjoyed a profitable trading. Made a lot of tweak recently in my psychology and approach. How did i have a profitable trading? I will explain you exactly that. Read on … Started this week on Monday with fear in mind. Not sure why i was little bit scared to take trades. However, i was determined to follow my process rather than the outcome and i did exactly that. On Monday I was down -28 pips at one time but came out of hole with +28 pips. Big drop on stock market this week, especially DOW jones. So i was expecting a large move on forex market but that did not happen until the end of the week. But i was always ready and showed up. Tuesday, i was up +50 pips in no time. Market started to move pre NY. So I took full advantage and quickly added my positions. I was up +50 pips and punched out immediately. Not sure what happens with me whenever i have a decent profit, i tend to punch out. Well for Tuesday, if I had held on, i would have definitely lost because the market totally turned around. It may happen but i noticed , in the long run if i hold on to trades till London finish, i would usually come out as profitable. But I’m lacking that mindset of holding trades. I just don’t know what happens to me. I get excited with few green pips and just shut down the trades and walk off. I will have to learn to hold trades for sure. Wow ! This week i gained total of +78 pips. Only 2 days of trades. Usually i would trade for 4 days but one of the day was my birthday and the other one was just before the FOMC minutes news release. I don’t usually trade on the FOMC day because i have checked from my journals that i tend to lose on the Fomc day. There is no right or wrong but just that I’m not comfortable trading on that day. Remember i said i tweaked some of my process ? Let’s talk about this. As Mark Douglas rightly said I have been trading for 3 years seriously now but i have never paid any attention to my mind. I would go very deep with my loses but would take small profit out of excitement. That is now changing, I’m holding more trades and therefore i feel i’m on my way to be a profitable trader. So the big question : how long will take to become a profitable trader ? The answer is quite simple. First try to be a break even trader. I’m still not profiting out of my trading but I’m working on becoming break even trader. Over all this MONTH I’m down 47 pips. I got two more weeks this month so let see if can pull out a win . I did write about my psychology few months ago. It was a portray of what i was thinking at that time. If you like to check here is the mindset link. There is a great article i recently read from trading with Rayner about profitable trading . He has summed it very well.