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:
As I am writing this I am in an over leveraged position. (1:47PM Minus -50 pips in and breaking my rules left right and centre) Now I’m thinking to myself why the hell did I do this, I’m up for the week so why risk good profits on a trade after I missed the major move? Well we broke out, created a wick & the 4Hr candle closed….. why not go for the fill? well MFr you need to manage your risk then. I’m think this now as I’m in the trade lol.
I swear all I need to do is manage my risk. Once that is done consistently & effectively, I will be better off and start to actually grow my account.
Imagine this… 20K account and 1-2% a day.(Very possible)
This translates to ≈ 1K a week and thats given 1:1 Risk/Reward without compounding lot size.
There are 52 weeks in a year so with some if you add some decent compounding you can definitely grow the account and live off that shit.
Anyway after this asia session I am done until next week Monday (March 12th, 2018). The plan going into this session is to risk 1-2 % & then trade execution must be from a zone. Next week I will gather some trades that I’ve done consistently & try to post em…. anyway everyone have a super weekend & lets all grow this year.
Post Journal Entry…..(March 11th, 2018 11:30pm)
after speaking with my risk manager about the trading week he’s suggesting I be locked out until March 21st. At first I was very hesitant about agreeing but after realizing how good the week was and where I stand from a growth prospective (50% for the month) I agreed to the terms. I am locked out my account once again until March 21st. In the meantime I plan on using the simulator to master my strategy and also doing a bit of charting during the week to be aware of my price levels and zones. in addition I plan to review my risk management rules and read more about risk management in NAKED FOREX.
This week I broke the rule regarding the lot size as well as the daily risk limit. I went over the 5% daily and also went over the maximum lot size.