My loss for the day is just over $2,300. I was expecting price to breakdown at market open, and it shot up! Price is currently retesting a 4 hour zone, perhaps to fill that wick to the very left. I'm out of the market for the day, this is me practicing real risk management, and trying to live to fight another day.
This is typical of a trading week for me, I will have one bad day, and a really good one. I've got a ways to go. My other trades EURAUD took out my stops, and moved into profit, same for GBPAUD. AUDJPY broke above the bearish trendline. Until next time! <3
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This post is about how I'm already on the wrong side of the fence. It's a new trading week, and I have 11 days until my first payout on the 15th of October. The picture above is my analysis for the US30. Which I'm bearish on. Thank goodness this is a demo account and not a live account. I've already told myself I cannot trade US30 on the live account. Despite it not moving on Black Bull Markets like it does on Hugosway, with BBM I'm only able to trade it with standard lots. Therefore, trading the US30 on my demo account is strictly for making the most money, as fast as I can. I can take my live account nice and slow, but the funding for the live account will mostly come from my trades with US30. There is a lot wrong with that strategy, but I will figure it out later. This new week, I have decided to fix the way I'm trading. I took 40 trades on Friday, and I want to bring that total down. Between my open, closed, and pending limits I have in place there are 25 trades in all. Too many for a Sunday! More than half of my open trades are in the US30. This the US30 on the 1hr chart. Can you count all 12 trades? Also, can you see that I'm in a significant amount of drawdown with these trades? 10 trades are .01 lots, and I have two .05 lots which I had the opportunity to close out in profit. I should have done that, but I'm trying to let it swing. With all my trades my drawdown has hit close to $1,500. I already have $45 in losses from my EURAUD buys. At the very top I have a few Stop Losses set. I will more than likely close right before those targets are hit, because I don't want to give up SO much money, however because that is the highest I see price going it is tempting to just try for the swing. I am hoping to close out some of these positions before I go to sleep. Read the Title of this Post Again!Maybe two hours have passed, and I had the opportunity to close some profits, even less of a loss, and I didn't take it. Instead I opened more trades, but I have been watching the charts. Knowing I cannot have my equity drop below $2,500. Intermission I had to take Alpha out. It is almost Midnight here in the South East United States. I have gotten extremely lucky, price has been falling. If my kids weren't sleeping, I'd express my relief rather loudly. I had opened up another nickel lot, and a .03 lot. At the top of the current candle in the picture price spiked, I don't know exactly how much the drawdown was, but I don't suspect near $2,500 maybe $2,000. In the two minutes it happened, I was not watching my phone. It is officially October 5th, and because of those extra trades my running trades are floating in profit, even with 5 US30 trades sitting in the negatives. Price has currently broken past the HOD (High of the Day) Which is the high from Friday. As you can see from the candles a cow formation has formed, this is when each candle is different. It is a reversal pattern. I have no idea why it's called cow, but it works! On the 15 minute chart a beautiful M has formed. For the record, I wasn't planning on live updates. I originally intended this post to be about how I keep making the same mistakes. I got lucky here but it could have gone the other way. 6 trades back in the negative, and a floating negative balance to match. So what am I expecting to happen? This current 15 minute candle is going to test the HOD, an area of resistance as well. The candle afterwards will be bearish. If this happens I expect price to keep falling to fill the gap. Or at the very least to fill that wick of the second candle of the day. 4 minutes until this candle closes. How to measure the HOD and the LOD? You can simply go to the daily chart and place a horizontal line on the highest and lowest point on the candle of the day before. It's not perfect because of all the positions I have around it. Fixed! As you can see price closed above that HOD on the 15 minute chart. This next candle can still be bearish. I hope so, I'm starting to get tired. 5 minutes left until this candle closes. Will she hold? This is exactly what I was expecting to see. We closed under, but I'm not sold. I started to see a W form off the HOD on the 1 minute chart, so I went up to the 5 minute chart, and there it is. I'm hoping this consolidation is because the hour is getting ready to close in 19 minutes. If price continues to march upwards I will close out as many positions as I can that are in profit. 14 minutes left in the hour, price is either going to shoot up, or shoot down. This is price on the one minute chart, looking like it's getting ready to make a move! 8 minutes left, here is why I said I believe it's getting ready to make a move On the 1 minute chart price is in consolidation, because the new hour is getting ready to start price can only do 1 of 3 things. Go up, go down, or continue to consolidate. 6 minutes left in the hour and price is consolidating. The trades at the top of the picture are a .05 lot and a .01 lot, I set SL for both of them in profit, they will close with a combined $11 if the SL is triggered. 4 minutes left I went to check on the chart, and SL was triggered. From 14 open trades I'm currently down to 9 trades. With two penny lots running in profit. 15 minute chart looks like we are getting a Head and Shoulders forming. That would be welcomed. Trading View is showing that the new 4 hr candle for the US30 has already begun, Hugosway is telling me this is the last hour.
I'm not sure why there is a difference. I just closed my best two positions. Another $30 secured. Unfortunately, this might end up being a blood bath. I'm setting my SL, and calling it a night, I won't lose more than $2,000 on all of these trades combined. Old ways DO die hard. I pretty sure I have had 3 or 4 opportunities during this post to close out in profit and even for a low loss, and I didn't do it. If there is any positive from all of this it's that I did close out some of my trades. I am expecting price to fall. Price however may go up or consolidate until the stock market opens, and that is just over 8 hours away. I'm not here for it. Ok, I will do a video update tomorrow at some point, lights out for now! Welcome to the 4th quarter of 2020. We are almost done. What could possibly go wrong in these last couple of months? I mean besides our President being diagnosed with Covid-19? It's the beginning of the month which generally means...PAY DAY! So I got to reset my Funding Talent account. I started on my third aggressive model yesterday. Third time is a charm, so they say. Another post about that later, this post is about my second aggressive model account, and how I royally screwed it up. My first wk trading I grew my account from $25,000 to $64,000 I spent the next week trying to get to $75,000. You remember the slogan, tricks are for kids? Before I continue let me explain how the aggressive model works with Funding Talent.
So I'm inconsistent, despite trying to be consistent with lot sizes I know the length of time I keep trades in differs. Josie (Hey WCW) pointed out to me I was inconsistent and recommended I switch to the aggressive model, when I requested an account status check. My first account I believe I blew the same day. I think this was the day my laptop died, I was doing school work with my daughter and I got the black screen of death. My open trades ran me into drawdown, I don't believe I was using a stop loss. Back to my second account. Alright, I made a great profit. Over the next week I gradually lost a little bit at a time. Maybe I had a couple of winning days, I always made sure that I did not break the only rule I knew I would have a problem with, and that's the 10% daily drawdown rule. So I made sure not to lose more than $2,500 any day. So from $64,000 to $57,000, I was trying to phone trade my way out of this mess I made, side note: I'm not a great phone trader, not at all. When I look at MT4 on my phone I see something completely different than when I'm looking at MT4 or Trading View on my laptop. By the time September 25th rolled around my profit was only up about $20,000, this is where I wanted to keep it, I told myself alright, I will trade as normal, and try to increase my profits a little bit. I wanted to risk less than 5% of the original account balance. $1,250, but my emotions got the better of me. 1,250 lost during Asia I gave it up and came back later. I just knew I was right with the direction of GOLD it was going down. When momentum started to pick up I dropped a couple of positions. Did I mention that my phone also has a cracked screen? In my eagerness of trying to drop a standard lot, I opened up a 100 lot position. Lord... let me tell you how sick I was, that the last 2 wks of sticking to the only rule that mattered had gone down the drain. I felt physically ill. September 26th was supposed to be my first payout, and I blew it. 100% completely on me. I was overtrading, and I didn't have to be in the market. I was already above that 5% drawdown goal I put in place for myself. With a $25,000 Funding Talent account it only takes $3,750 to unlock the live account. I had already passed this mark, I traded everyday and up until that moment I had stayed below the 10% daily max loss rule. The 26th I kept busy with life, and it wasn't until the 27th or 28th that I saw an email I missed from Josie. Customer Support sends you out an email when you are due for a payout, or to tell you that no you don't qualify. Mine said I didn't qualify because I had a risk violation. Here is the screenshot that was attached to it. I'm going to hang this up somewhere, and carry it with me to remind myself of the consequences of overtrading. The trade that took me out is at the very top, as you can see the trades below it are significantly less. A heartbreaker, but coming off this loss I know I would do better the next time around. In this screenshot you can see the time, I closed it within seconds, and closed the other trades after that. That commission fee alone took me over the 10% drawdown violation. Thankfully, I'm no longer sick when I look at this. I had to remind myself that I need let go of the losses, just as I'm able to let go of the wins. The email of shame, but I know that the next one will be the one I've been waiting for.
If you're interested in Funding Talent click here While I do plan on several lengthy posts, for this first post I just want to say that I have blown through thousands of dollars trying to learn how to trade. Blown ten times more within the forex markets (thanks Yellen) and I've FINALLY found a program that was created for day trader like me.
If you are a day trader like myself who may not have the money to fund a large account, or risk management is your main issue stick around, and believe in you, believe you can, because this is the opportunity you have been waiting for. |
AuthorJust a woman, who has known how life changing forex trading could be for a while. I've finally found my path to the life changing part. This is my journey. ArchivesCategories |