Things are getting better
Discipline is everything. Things moved my way as I did everything to get rid of bad habits and review my trading.
I also started doing even deeper analysis of the market. Now I analyze weekly charts, then daily, I write down my conclusions right there on the charts, it helps to remember my points about the market. Then I move to 3 hour charts, then hourly. I trade of hourly charts and pick best entries with 5 min charts.
That’s lots of time frames, but it doesn’t confuses me, on the contrary, it helps me to see the bigger picture of the market in details.
I have recovered a loss of 15% of equity yesterday. Now I have my $290 from previous month back; not without a help of a good uptrend this time. I’m glad I have corrected my mistake. Plus learned important lesson: Forex market doesn’t care how much time you spend in front of your monitor, your success lies only in your ability to analyze the market once and set all necessary orders. And the last can be done in a matter of 15-20 minutes. Then you can walk away and let your analysis work for you and without you.
By the way, it is Happy Valentine. Lots of love, joy and happiness to you and your beloved ones!
Filed under: First steps in Forex
You are damn right about discipline. I lost 30000 in just 3 days! Fortunately it was just virtual money. I sat for 12 hours for a whole week, trading, hoping to recoup the losses. Guess what, I went down sick and the losses remained.
I changed my trading method and chose analysis and it worked! I gained 10% of the losses. I don’t spend hours anymore. The more you sit watching the more you will lose..because driven by emotion seeing your money “ticking” away.