EUR/AUD short from 1.3902
Day Trading the Forex for Profits...
- Thread starter spinfoiltrading
- Start date
risking .25% on EUR/AUD - less than I usually do...but i may get bigger depending on PA.
stop at 1.3920
1st target at 1.3870
stop at 1.3920
1st target at 1.3870
EUR/AUD closed at B/E.
Done with this pair for the night.
Done with this pair for the night.
took half position off on GBP/USD 20 pips, made about 0.24% profit
stop at B/E.
2nd target 40 pips from entry.
stop at B/E.
2nd target 40 pips from entry.
Well, have a guaranteed profit tonight... very small, only 0.21%, however, if the GBP/USD trade hits it's second target, it will be about 0.5%
Not a fortune, however, after a losing day, I tend to really reign in my trades...taking only one or two setups, and risking less than usual, for the reason that either the market conditions are not ideal, or I am not ideal. Either way, I greatly restrict any potential problems, and slowly increase my position size as I gain more profitable days.
Not a fortune, however, after a losing day, I tend to really reign in my trades...taking only one or two setups, and risking less than usual, for the reason that either the market conditions are not ideal, or I am not ideal. Either way, I greatly restrict any potential problems, and slowly increase my position size as I gain more profitable days.
Final target for GBP/USD is 1.5635, and stop is BE + 1 pip
If it hits the final target, the profit for today will be about 0.75%
Again, not a lot, but it brings this week up to about 2.1%.
if it gets stopped out, I'll be up about 1.5% for the week
Again, a slow day for me, but after a losing day, my number 1, 2, and 3 goals are risk managment. For me that includes only taking PERFECT trades...cutting them off FAST if they don't move, and quickly moving stops to BREAK EVEN.
The name of the game is psychology, and these steps help me get into the groove again.
So that's all for this evening. Another profitable day. Good day all, and happy trading
Greg
If it hits the final target, the profit for today will be about 0.75%
Again, not a lot, but it brings this week up to about 2.1%.
if it gets stopped out, I'll be up about 1.5% for the week
Again, a slow day for me, but after a losing day, my number 1, 2, and 3 goals are risk managment. For me that includes only taking PERFECT trades...cutting them off FAST if they don't move, and quickly moving stops to BREAK EVEN.
The name of the game is psychology, and these steps help me get into the groove again.
So that's all for this evening. Another profitable day. Good day all, and happy trading
Greg
Greg,
Not to question your methodology, it's obviously working for you...but are you concerned with a variation of risk following winners/losers.
You have your edge, yes, you will have losses...but when you change your risk (reduce), you reduce your edge in a sense because when those winners do come, you'll be trading a reduced risk - where as when you hit your losers, you were at full risk.
What's your take on this?
I agree that it may be easier on the psyc battle...but I prefer to power through, trust my edge and know that when the winners come around, the pay day will alleviate the initial losing trades.
NZD/CAD short from 0.7465
first target .7445
stop at 7485
first target .7445
stop at 7485
risking 1% btw...sam, this one is for you 
j/k.
I'll give you my thoughts after trading is done tonight...
j/k.
I'll give you my thoughts after trading is done tonight...
took quarter position off at 9 pips profit...coming to a possible support, and buyers are stepping in... not sure if it will power back up...but, don't want to be exposed if they do
Moved stop to B/E
Moved stop to B/E