What you know is irrelevant in regard to my position. But I can tell that I make more then $2000 a week and my daytrading account is beyond $100K. My account grows as I spent less then I earn. The time that my trading account was the biggest part of my investments is already long gone. All profits that could not be reinvested in daytrading are invested elsewhere. I spent nothing from these investments and can still increase them as I don't spent all my daytrading profits.
I’ve made three trades so far during, what for me, are “off” hours, probably the Sydney and Tokyo sessions. The real opportunities from my perspective occur between 11:00 PM to 2:00 AM here in Los Angeles (I assume this is roughly the first three hours of the London session) and then again during the New York session, from about 5:00 AM to 1:00 PM here in the Pacific time zone. If my math is correct, converting the above from 8 lots per trade to 1 micro lot would have yielded the returns calculated below, so even if I’m very selective in terms of which trade opportunities I choose to avail myself, at this point at least, the plan I initially posted looks very realistic to me.
Losing traders don't have to be defensive as they have nothing to lose, except losses. If ever you make decent money you will become more defensive as you have a lot to lose. So maybe one day you will understand my defensive attitude. I say "maybe" because most people never make it in trading. Long time ago I was very open, but real life learned me that was no a good idea.
Wow is that enough for a tall latte at starbucks or a complete meal at mcd from the dollar menu. Keep that up, compound at 1.8% daily and you'll have millions before the years over.
This is one of those slow New York session Monday mornings as far as the Forex market is concerned. Of the ten or so pairs I follow, only EURGBP has given me anything close to what I look for both in terms of trend and market structure. P.S. I just realized that even EURGBP has what is, from my perspective, a problem in the sense that my take on the week-to-week and day-to-day trends is that they are both still bearish. However, now that I’m already in the trade, I’ll have to rely on the bullish intraday trend to hopefully bail me out. UPDATE: Given the lethargic nature of price action this morning and the fact that EURGBP had a couple of strikes against it I failed to recognize when I got in the trade, I went ahead and locked in my profit at 0.8787, satisfied to add a handful of pips (7) to my earlier total.
P.S.S. Oops! My bad, my original trade was fine. I mistakenly thought the day-to-day trend was bearish (which it’s not) because I was looking at my 5-minute setup on a 15-minute chart. Had I recognized my error earlier, I probably would have remained in the trade longer.
I’m not sure if dividing $5,683.39 ÷ 800 actually approximates what my profit would have been had I been trading micro lots in an actual live account, but if so, that would have put my take so far over the first two days of this week at about $7.12, well on track for a minimum 1.8% per day. Until I’m actually trading my OANDA account again, I’ll continue practicing making trade selections, perhaps incorporating the weekly trend in my decision-making process, which I’ve never tried before. That would mean entering long positions as soon as EURUSD's and GBPUSD's bearish day-to-day trends turn north to once again join their bullish week-to-week trends. (P.S. By the way, the only reason I was stopped out of the NZDUSD trade was because of the lack of accuracy in my JFD MT4 demo account platform, which triggers stops on short positions below the levels at which it plots the lines!)