A worrying start to the week

I started at 6.49am and finished at 7.33am for +2 pips off 3 trades, 2 of which were sell trades and 1, a buy trade.

I am not at all happy with my trading today again! All three trades were way too long, especially the second trade which lasted over 12 minutes. All of them also went negative before eventually going positive and in the case of the second trade, at one point (I wish I never have to use that phrase again), I was -10 pips down before it came back to relive me for a -1 pip trade.

I thought about my forex trading last night, in fact I even logged on to have a look at the platform and this blog. And one of the thoughts that hit me yesterday is how I was worried about losing stupidly today, especially after pulling off +10 pips last week. I was anxious, that’s right, anxious and worried. Crazy isn’t it? All I want to do, as I have said so many times before, is be able to bag a couple of pips here and there and keep my losses down to a minimum.

So, tomorrow is another new day for me to practice my good habits and get on that road to mental recovery. What do I need to remember? Wait for strong correlation between the currencies and strong momentum. If I am even slightly in doubt after getting in because the trade hasn’t gone positive straight away, get the fuck out of it! And of course, if after getting in to the trade it goes positive straight away, get the fuck out as soon as soon as a couple of pips are in the bag or more importantly at the first sign of any doubt that the trade is going to stall or worse, reverse!

That’s it for me today, adios!

Not sure, but I think it was ok

Another early start at 6.38am today and an early finish too at 6.50am for +4 pips off one buy trade.

But a strange occurrence took place today whilst I was in the middle of my trade. But before I get on to that, I think today was an ok trade. I don’t recall the trade going negative apart from being at -2 pips from the point of getting in which is the spread, but it did take a while to go positive as the duration of the trade was 41 seconds, still too long in my opinion. So I need to spot better moves before actually getting into a trade.

Now for that strange occurrence......I checked what announcements were due today. There were a couple of all day events which had medium importance, one affecting the Euro and the other affecting all currencies. But the first announcement that actually had a time slot was at 11am affecting the Cable. So I thought I had free regain to trade this morning, and though there were a couple of all day events, 6.38am is still really early, so I was unlikely to experience any major volatility or the spreads increasing etc. Having said this, whilst I was in my buy trade, the Cable’s spread suddenly increased from 2 pips to 5 pips. Thankfully, I was already at a breakeven point when this happened and poised to GOWID (I think I was ready to GOWID anyway) if disaster struck, but low and behold, the Cable moved up to make me +1 pips when I exited, but by the time the system physically took me out, I was at +4 pips and of course, done for the day.

I am now done for the week as I have achieved my old target of 10 pips and here’s my weeks round up a day early for change;

Mon +1 pip

Tues +3 pips

Wed +2 pips

Thurs +4 pips

Grand Total for the week, +10 pips.

Risky again

Ok, I need to cut this shit out now, I’m going the down that wrong path again. And getting some false security while I am at it. I started today at 6.47am and finished at 6.59am for +2 pips off one sell trade.

But this trade was all wrong, there was some correlation between the currencies but was not strong correlation in my opinion. The Cable had downward momentum, which is what got me poised, but didn’t seem to have strong correlation with the other currencies. I resisted getting in on the first move down by the Cable as I thought that the Cable was acting on its own without correlation with the other currencies, but after watching it do it for the second time and the Cable now 20 pips lower that when I started watching, I thought this was going to happen again – there, that’s exactly where I am going wrong each and every time – I am anticipating a move, instead of getting in on a confirmed move! And that’s what I did, I got in on a sell trade and hoped and waited as the trade took me to -4 pips before coming back and going positive by +2 pips over a 3 minute and 30 second period.

The question is, at which point would I have GOWID if this hadn’t gone positive? I don’t think I have the literary skills to describe how I am blowing up within, but if I don’t curb these habits of mine pronto, I don’t think it will be very long before I spontaneously combust!

Quite Risky

I started at 6.53am and finished at 7.12am for +3 pips off one sell trade. However, this was quite a risky trade. Though I saw correlation and momentum looked good, the trade stalled and the Cable reversed shortly after getting in and I was at -3 pips at one point. Over the next 1 minute and 35 seconds which was the duration of the trade, it hovered between a loss of -3 and -1 pip before suddenly pushing down to give me my +3 pips profit, at which point I was relieved to get out.

So all in all, not a good trade, the duration of the trade alone is a good indication of this being very risky. I’m not there yet in experience to enter trades such as today’s – I have to wait for the trades I know are solid and if trades such as today’s happen, I have to GOWID and take the small loss or as before, I am just practicing bad habits and setting myself up to fall over, over and over again.

Today also had early announcements due at 7am and 7.45am which was inconvenient. So when I sat down, I set out to not trade until 7.15am, but the spread on all the currencies had not changed before 7am and had still not changed by the time is was 7.05am. So I decided to trade, if an opportunity arose of course, and it did, or at least it looked as though it did at 7.10am which is when I got into my trade today. The intention was also to stop trading again at 7.30am, 15 minutes before the 7.45am announcement and recommence at 8am, 15 minutes after the announcement was over, but then I didn’t get that far.

Looking at tomorrow’s announcements, I have slots available to trade between 7.15am and 8.45am or between 9.45am and 2.45pm. I will be taking the first slot.

I’m fighting to stay confident and in control and I need all the help I can get financially. I need good, solid trading days under my belt to build my confidence to the levels I know I have been at before and turn this all into a profitable business in the long run.

A great early start to the week

I started very early today at 6.41am and finished at 7.45am for +1 pip off one sell trade which lasted 6 seconds. Ultimately, I was patient today as it has all hit home. I’m out of money now for day to day living and have been forced to get a job. So, this has to be got right if I am to live off Forex trading in the long run. I mean, there’s no point having fuck it days right?

I started this early to get used to how it will feels when I am working. I think I am going to need to get up earlier if I am to leave the house at 8am or earlier as it is 7.54am now. But for now, getting up at 5.45am will have to do, I’ve done it before and can do it again.

A long way to go.....

I started at 7.22am and finished at 8.02am for -17 pips off two trades, one sell and one buy. And no, I didn’t follow the rules again. I can barely keep my eyes open right now, I’m so tired.

It’s a big day today as well. There’s a lot of life changing planning ahead of me. I reviewed my financial status in some detail yesterday and it revealed big holes that need to be plugged every month. So I need to sit down today and work out a plan of action to plug these holes whilst I become a successful Forex Trader. I don’t know how I’m going to do this right now, but I’m sure I will come up with something.

Now on to this weeks round up;

Mon +2 pips

Tues +1 pip

Wed -23 pips

Thurs +1 pip

Fri -17 pips

Grand total for the week, -36 pips! Do I really need to say anymore, apart from the fact that I need to pull my finger out as usual! Plus, I’m so bloody tired, I just can’t be bothered to give myself a hard time today.......

How Not To Trade

I started at 11.10am and finished at 12.00pm for +1 pip in total off 3 trades, two buy trades and one sell trade. Pure, pure luck and I’m getting in plenty of practice in what not to do!

All three of these trades were examples of what not to do. The first trade lasted 4 minutes, the second 13 minutes and the third 7 minutes. I didn’t GOWID when I should have on any of them. All of them went badly negative, before breaking even or going positive.

The last trade was the most ridiculous – I had just finished the second trade feeling very relieved for it finished 1 pip up and I said to myself, ok, there’s no need to repeat that trade, stay cool and just wait for a good trade. I lasted 4 minutes of watching and went in on a sell trade because, wait for it, I felt that the Cable had peaked with its upward move and is now about to reverse. Let me just re-read that, I felt...........what the fuck has my feelings got to do with anything when deciding on the entry point of a trade? Anyway, after getting in on this perfect sell trade, what does the Cable do, it pushes upwards 10 pips, before, 7 minutes later, deciding to reverse, come back down to my entry point and letting me get out for 0 pips!

I am fucking crazy, that’s what it is, I was stressed out yesterday, worried about what I’m going to do about my finances, I’m still stressed today, but feel better than yesterday and because I finished today’s trading session positive (in pips at least), I’m taking some consolation in it – when I bloody well shouldn’t be!

Why can’t I just follow the rules? For every day I keep breaking rules, I am prolonging my training period and getting further and further away from achieving my financial goals. As you can see from my blog to date, I have tried everything – from giving myself a really hard time to telling myself it wasn’t the end of the world (after fucking up) – I have patted myself on the back during those brief moments of clarity (when everything has gone well and correctly), but nothing seems to be working for me right now. Snap out of it I keep saying, but I’m not snapping out of it. I am finding it tough to get out of bed in the morning these days as well – classic signs of me dipping into depression – something that I have fought hard to stay away from over the years.

I would love to be able to tell myself and my friends that I am now trading for a living and successfully bringing in a decent income from it to cover bills, my lifestyle and everything else that has a cost to it – but I’m miles away from doing this. I really don’t want this to be something that I tried and gave up on. I keep hearing of people who have become successful in their own businesses or employed roles, purely due to them wanting it bad enough, well I want to trade really, really badly and be good at it. I’m an intelligent enough guy, I know you probably saying, no you’re not, you are a thick fuck, based on my blog, but seriously, I know I am intelligent enough to do this. I know I’m not very patient, which is probably the biggest reason behind my failure at the moment, but that can be overcome right? I have to overcome it, along with any other issue that needs to be overcome.

I have rattled on enough today, probably the most amount of rattling I have done since beginning this blog, so I will stop now and hopefully, with some focus, I will be able to post something positive tomorrow. According to the announcements scheduled for tomorrow, I have a decent slot available between 7am and 8.45am, I’m gonna get myself into bed early tonight.......