I've completed 30 blog entries today. Since the inception, I've read 2 more books, so I'm still behind from my goal of 44 in a year, but I'll catch up soon. I've lost more paper money this morning entering trades based on the two strategies Trend Bouncer (Bollinger Bands) and Trend Rider (EMA 12 and 36). I did enter them with the correct sizes, .7 lots for a 20 pip S/L for example. I have to review the rules for setting my S/Ls though. I picked up another -$140 this morning.
I'm thinking of changing the pips based on resistance and support levels, but this will may be come after I pick up the next strategy, 5th element. There's much to learn to get into this game. Still, I have made some great progress. I can definitely control my position size. I understand 2 strategies, working on my 3rd, and I have probably around a 10% success rate.
Over the next month, I plan to increase my usable strategies as well as my trade success rate. I'll continue entering them using swing strategies and hopefully incorporate all 5 by the end of the month. I WILL NOT increase the number of currency pairs I'm using. I WILL NOT go beyond the 5 strategies this month. I WILL NOT study beyond options and forex for the time being, unless it's a more macroscopic subject.
I do want to continue inserting motivational tidbits, especially in those times I need them. Beyond that, I hope you, reader, are finding the passion and nurturing it. Here's to 30 days! Happy Labor Day.
No comments:
Post a Comment