Making good progress
I made 2 trades yesterday and one today morning and all turned out to be good.
I bought the EUR at a Super Kluster level yesterday and it went up by 100 pips. Well I didn't stay in for that long and got out early with a 22 pip profit. Sometimes, I don't know if I have to cry over my lost profits or be happy with what I got. I think the best thing is to be happy with what you have.
Last evening I made another trade with the pound and went short. This trade dawdled along for a long time and went no where initially. Finally it found some momentum and went against me. This was a risky trade as I did move my stop once. This was a stupid thing to do as I should have taken my loss and be done. But the market did turn at a higher resistance level and came back all the way down to my profit point to earn me 36 pips.
I have to be more strict with myself not to move my stops again. I think when I have a regular account my account size will be big and I can afford to have a bigger stop loss limit and not worry about moving my stops. But with this mini account I find it very hard to implement the 5% rule. I hope I can switch to regular account soon.
So these 2 trades yesterday netted me a profit of 58 pips, which is the highest I have earned in a day so far trading the mini forex trading account. The last trade took like 5 hours to close. Well I wasn't watching it all the time as I set my limits and go away when I trade in the evening.
This morning I saw the pound coming back to find support at a Super Kluster level and I went long. It went up 35 pips and slowed down. I had my limits at 22 pips and I got out. Usually when there is support at an SK the currency pair goes up nicely. I have to watch this today to confirm this.
For those who are wondering what a Super kluster is, I had watched a video seminar from Neal Hughes who is a Fibonacci expert. I bought a 2 videos a Fib intro and an advanced fib. He teaches them well covering the basics in the first session and then delving into the advanced areas in the second. He makes it so easy and simple on how to use the Fib tools. The main tools he uses are Fib retracement and the Fib Expansion which is all that is needed. For 80 bucks, I consider it to be of very good value and highly recommend it for newbies like me. You can check it out at Fibmaster.com
This week has been very good with me making 5 trades and all having gone my way. My account is sitting at 425. Do I see the the light at the end of the tunnel? Not yet, but I will continue to push on.
I bought the EUR at a Super Kluster level yesterday and it went up by 100 pips. Well I didn't stay in for that long and got out early with a 22 pip profit. Sometimes, I don't know if I have to cry over my lost profits or be happy with what I got. I think the best thing is to be happy with what you have.
Last evening I made another trade with the pound and went short. This trade dawdled along for a long time and went no where initially. Finally it found some momentum and went against me. This was a risky trade as I did move my stop once. This was a stupid thing to do as I should have taken my loss and be done. But the market did turn at a higher resistance level and came back all the way down to my profit point to earn me 36 pips.
I have to be more strict with myself not to move my stops again. I think when I have a regular account my account size will be big and I can afford to have a bigger stop loss limit and not worry about moving my stops. But with this mini account I find it very hard to implement the 5% rule. I hope I can switch to regular account soon.
So these 2 trades yesterday netted me a profit of 58 pips, which is the highest I have earned in a day so far trading the mini forex trading account. The last trade took like 5 hours to close. Well I wasn't watching it all the time as I set my limits and go away when I trade in the evening.
This morning I saw the pound coming back to find support at a Super Kluster level and I went long. It went up 35 pips and slowed down. I had my limits at 22 pips and I got out. Usually when there is support at an SK the currency pair goes up nicely. I have to watch this today to confirm this.
For those who are wondering what a Super kluster is, I had watched a video seminar from Neal Hughes who is a Fibonacci expert. I bought a 2 videos a Fib intro and an advanced fib. He teaches them well covering the basics in the first session and then delving into the advanced areas in the second. He makes it so easy and simple on how to use the Fib tools. The main tools he uses are Fib retracement and the Fib Expansion which is all that is needed. For 80 bucks, I consider it to be of very good value and highly recommend it for newbies like me. You can check it out at Fibmaster.com
This week has been very good with me making 5 trades and all having gone my way. My account is sitting at 425. Do I see the the light at the end of the tunnel? Not yet, but I will continue to push on.
posted by Kilaxi at 7:42 AM
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