‘Do not be afraid to be different. The majority are not always right.’’ — Anonymous

Sir/Madam:

Attached are the trade results for both short-term and long-term strategies. I prefer to show the results in the deposit currency instead of pips.

Short-term trade

I pushed beyond $1000 but later dropped below it, due to a big loss on EURCHF. I moved ahead a bit. The equity is now $995.62.

Long-term trade

Trades not taken:

EURAUD and EURGBP (all conditions were not met on them)

Losses:

GBPUSD Buy: -$159.18

EURNZD Sell: -$265.99

EURJPY Sell: -$171.90

USDCAD Sell: -$157.27

Profit:

EURUSD Buy: $43.26 (62-pip trailing stop applied)

Open trades:

NZDUSD Buy: -$104.16

USDJPY Sell: $187.48

AUDUSD Buy: -$123.27

I’ll be sharing my winning and losing streaks with you, plus how I still move ahead despite these. We can see that last week was a loss. I gave away part of my profits; while my account deposit remains intact. We don’t need to respect those who make money in easy markets, we should respect only those who survive bad markets. Strict risk management is crucial to success in the long run. An adjustment to my position sizing strategy will be sent tomorrow (as I promised earlier).

I don’t rejoice over profits, nor do I mourn for losses. Trading isn’t the best for you if excitement is what you want; you might consider sky-diving or bungee jumping. With strict risk management, we can be far away from margin calls. I always tell beginners that contrary to what they may first think, a margin call isn’t from a pretty girl.

Though we need a system to enter the markets, real trading secret doesn’t lie with trading systems. A marketer may send an online video of how he makes 200 pips plus from a EURJPY trade, thus deceiving novices that trading is easy. But you won’t see him showing a losing trade on an online video. Oh! Marketers with their deception!

The market doesn’t care who you are. It’ll do what it’ll do,

Whether you’re educated or illiterate,

Whether you’re rich or poor,

Whether you’re young or old,

Whether you’re beautiful or ugly,

Black or white, man or woman,

Saints so holy, or scamps so appalling.

The golden rule is the ultimate secret. I’m concluding this report with a quote from Wolfgang Kurz, a CFD trader.

‘Illusions are something very pleasant; the only disadvantage is that they tend to burst like a bubble.”

Short-term resultLong-term result

Related Posts:

  • Trade Report (April 5-9, 2010)
  • Position Sizing Adjustment Soon!
  • Leverage, part 2 – Trading vs. Casino Gambling
  • Don’t Overlook The Importance of The Reward To Risk Ratio (Part 1)
  • The Real Secret of Trading
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