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Stream of income, small capital and lots of willpower
There were a few more pips to be extracted from the market but I am exiting for a moment. My daughter's concert will start in less than an hour. Greater priority to hear her sing.
Edit: The original target was 1.1261 which got hit. I am out at 1.1246 from the NinjaTrader main window which is why it is shown as external on the chart.
The only negative in this trade was that I asked for that huge MAE mainly because I am unsure how to have a more precise swing entry - the scalps of course have and need precision but can't say the same for swings.
All in all, a losing day, but overall satisfactory.
Note: Previous buys are hidden in the above chart.
Postives:
Superior calmness levels.
Good trading - I am satisfied with all the trades - none of them were emotional, FOMO, revenge trades. All were logical.
Caveat: I did not have a defined target for one of the positions. One mistake is too much in the futures market.
Negatives:
I had two positions on. One had a target and the other had no target. Basically the market hot my first target, could have filled the second target IF I had an order there (which I didn't) and then .... My stop was the highest tick in the chart, the market hit the stop and reversed at that point.
I was in the market when news hit.
So back at the beginning but with a sense of accomplishment:
If you want to be a winner trader you cannot grind. You have to speculate and take reasonable risk.
It is the switches that kill the general public which speculates emotionally causing the switches to drain their capital. Sit on your hands and only bet on the overlays.
I have been doing fairly well this year and am thinking of making this a primary source of income.
The basic principles have always been to:
- trade small, sleep well
- sit on your hands till it is obviously obvious that a trade might be coming along
- keep improving on execution, and especially focus on correct exits
There is no one fits all formula in trading. Each one of us needs to find what works for us.
EURUSD would sell off. However only taking a short scalp as per plan because the market is throwing conflicting clues.
Thus I went short expecting the market to clear the resistance to the left and shoot straight down, however I covered very soon:
The sell-off looks almost too sure - the double thinking of intuitive trading is actually thus a double edged sword. Any way I am taking the blame if it does finally tank.
Thank you for taking the time to read this and offer me timely advice. I sometimes just place a Thanks instead of responding to your valuable comments, so please forgive me... and bless your trading.
Sometimes small accounts are a big hindrance. Now I see why @Big Mike is so against $500 account minimums. In this case I could not afford the huge stop even with the smallest microlot. Since I understand where I stand in the scheme of things I can artificially bear it, but need to get more cushion.
