‘’A person who never made a mistake never tried anything new…’’ —-
Sir or Madam:
Attached are the accounts details. The results on demo and live accounts are similar in terms of pips and number of losses and profits.
The equity stands at $922.30, still below the expected $1000. The reason is that I’ve never seen any signal on EURUSD for two weeks.
Trade not taken:
USDJPY Sell (the reason is because Only 2 conditions out of 3 were met)
GBPUSD Sell: -$212.31
EURUSD Sell: -$211.89
NZDUSD Sell: -$212.31
AUDUSD Sell = -$213.78
EURAUD Sell: $247.00 (80-pip trailing stop applied)
EURJPY Buy: $458.35 (80-pip trailing stop applied)
USDCAD Sell: $68.31 (74-pip trailing stop applied)
EURGBP Sell: $657.87 (72-pip trailing stop applied)
EURNZD Sell: $43.95
While I didn’t move much ahead this week, I didn’t have a significant drawdown as well (with open trades considered). As from April 18, 2010, I’ll introduce tighter stops and targets, since I’ve seen the effectiveness on a separate account. Untill then, the current money management rules still hold.
Trading is the hardest way to an easy life. But once we start thinking the right way, the way would be easier. ‘’Start thinking it’s easier, you’ll find it harder. Start thinking it’s harder, and you’ll find it easier.’’ Proclaimed Peter Bain, a successful trader.
In critical times, low risk is what can make us survive. Without that. We’d go bankrupt. Unlike what the business world believes, we don’t try to maximize profits in online trading – or else we’re trying to maximize or chances of financial disaster.
Please, let me conclude with a note from Van K. Tharp:
‘…You probably spent years learning how to perform your current job at a high skill level. Do you expect to perform at the same high level in your trading without similar preparation? Financial market trading is an arena filled with world class competition. Additionally and most importantly, trading requires massive self-work to produce consistent, large profits under multiple market conditions. Prepare yourself to succeed with a deep desire, strong commitment, and the right training’’.
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