Hey guys, so I’m back after losing control and also after a week long work trip. The journey must continue though. Finally completed my first full trading week. I got back on the 28th of February and proceeded to break many of my rules into Friday, March 8th
Journal entry from Friday March 8th below: Continue reading “More Trading, More Loses, More Risk, More Everything (back dated March 8th, 2018, NFP)”
I think I will start doing this weekly so I can keep myself more accountable instead of leaving it all in my excel sheets. So after reviewing my tradings last week for the 2 days I traded I noticed a few alarming things.
- lots size is still way to large
- risk to high
- too many trades during work hours
- traded on phone during high volatility
- more than half my trades were outside of my plan (how I’d like to trade)
so how will we go into this week doing a little less of those. I think the best way to conquer these all at the same time is to create a process geared towards risk, lot size, and clearly identifying my trading hours. This way I can be waaaay more process oriented and find ways to tweak and modify my process which will inturn change my behaviour once I consistently follow the process.
CREATE A CHECKLIST to use for alllll trades!!! thats it.
anyway just a thought for the week. I will begin working on the process and document my journey as I continue trading.
failed before I even got to POST THIS LMFAO
anyway, eliminated phone trades. legit did 1.5K on my phone in an hr.
So as of now I would be trading about 2 years serious and then about 4 yrs overall. It’s kind of crazy seeing how I haven’t even made it yet. I know what your thinking, why hasn’t he quit? why is he burning money? is he fucking stupid? well?
Truthfully, I am flawed as a trader…. I am human after all. I am not disciplined, I am chasing Money and need to continuously work on my psychology. Even now when I think about only risking 1% a trade and being consistent I’d be living life and profitable. Earlier this year, I made a goal for myself to earn 1 Million dollars from trading. I know what your thinking. is he fking serious? Yes I was, you know I think you should always be shooting for the stars.
So as of now I failed. I failed because I couldn’t stick to the process and I couldn’t remain consistent. all this mean is that I need to pivot, create new goals going in the end of the year and into next year. I will be starting over and will do it better.
I’ve connected my new account to myfxbook and deposited 500. This is live and will continue to leave it up. If you have any questions about how I trade or what trade comment below or send a message to NateFX@outlook.com.
Lets get these pips boys
its been a long time, been trading a much smaller account and even trading less position and size! This week I’ve had a really good week earning 16% on my account balance since Sunday. I feel risking only 1-2% to make 1-3% will lead to long term success especially if you know how to set your position size correctly. Not only that but it calms the nerves since the size is small and allows you to think easier while in the position.
anyway just a little blurb until I get my account back to B.E.
So last week was traumatic lol. L’s on L’s but that is okay, you know you blow up and come to a realization then blow up again then you need to re-build. I’ve been thinking about my whole idea of living off of trading and I feel like it is leaking into my day trading activities and creating issues for me managing my risk. I know I’ve said i am happy with 5-10% for the week but am I truly happy with that if I continue trading?? you see me continuing to trade contradicts the idea that I am happy with 5-10% for the week. then am I truly happy with that if I full margin after? I dont think so. so now the question is how do I change my mindset. Today during the FX review for the week this came up and I realized shit, I really do need to go to a mindset from living off of trading to earning additional income from trading. sure my job can give me x amount of dollars a year but if I can make even half my income trading then I am deemed successful. I may not be able to live off of it but over the long run I definitely will. peep this.. 50% on a 10K account is 15K end of the year then 50% again we are at 22.5K… 33.75K…. 50K…. 75K…. 113K. anyway you get the point in the long run consistency and small gains will grow your account exponentially and you will have more money to make more money. This is how you get to the point of living off your trading.
The other question I need to ask myself is why I trade? Continue reading “The Mindset of a trader”
I know we all have bad habits between life and trading! As a trader its in your best interest to have good habits because often bad habit you have in life can creep into your trading. The best example of this is discipline. Discipline is rarely practiced on our own. we go to work because we know we will be accountable and if we dont go then we get fired. As a trader you must create your own rules to become successful and disciplined. if you dont have rules that apply to risk or a strategy then how do you track your consistency? how will you know what your doing right and wrong? how exactly will you know when your disciplined vs not disciplined?
All these question are questions you should ask yourself as a beginner, intermediate and even advanced trader because there is always room for improvement.
TRUST THE PROCESS!
Hey guys, this post is actually well over due, I had one of my best trading days this month and it may turn out to be my best week yet. My risk was consistent and lots size in control, everything on point. In addition to that I was sooo very close to break even (2K)(by the time I wrote this I was already 10% for the year 🙂 then back down to -40% and now coming back to this again 2 weeks later im 5% for the year after doing a huge YO-YO in my equity curve. below you’ll notice I had a good 2 days to start and then massive drawdown for the next 4 days. I hate when loses come, I feel loses are obviously inevitable in this business but one must always control the risk or you will blow the F up.
anyway I’ve been meaning to write this post since May 10. “Am I ready?” It’s funny because the post before this I talked about almost making it and essentially being ready. Next thing you know I blow 700 in a day. I think fear is always a good thing just not while trading. My biggest fear right now is to not be successful as trader once I decide to leave.
Can’t remember where I was going with this post so I will stop here.
My goals going into next week and to follow for the rest of the year:
- not trade on friday
- keep my risk consistent
- only take my BEST TRADES!!
- control my damn lot size for the day and my trade limits!
anyway wish me luck,
its been while since the last time I posted self destructed back in January. A lot has changed regarding how I trade. The biggest thing that shifted my trading has been risk management and also my mentality towards tradings and making gains. Not only do I follow my risk management plan more strictly but I got some help. My “Risk Manager” really helped me realize again and again that this is a long term game. Ya sure, you can make 20% in a day but it doesn’t make sense to lose that same 20% an hour later or during the week because of over trading or emotions. Thats why its important to set daily goals and limits on your trading so you can really control the downside.
So back in January I grew my account from 2K to 3.3K in 2 weeks time between January 9th to the 21st. statistics below; you can see more details on forex factory.
now I will show you what happens when you stick to a plan that focuses on risk, controlling lot limit and having a daily/weekly DD. after January I made this drastic change and started to really focus on risk. below you will see my results from Ferbuary 1st to April 29. I had a whooping 164% return and a max drawdown of 36%( we are not all perfect, I’m definitely not proud of it but I did have 1 week of emotional trading. This actually made me lose out on 2 weeks of trading. Anyway on a week to week basis I will no longer had DD less that -10%.)
cant remember where I was going with this but I feel like if I continue on this course of monthly gains I can at least be comfortable once I decide to leave me job.,