My friend, the reason why I outperform most FX traders here is because I outthink them and keep my losses small. At the beginning of my carreer, I admit to making the same mistakes that most of the FX traders here make. Here is the reasoning behind my USDCHF trade. http://elitetrader.com/vb/showthread.php?s=&threadid=58501
the funniest thing I've read all week from another forex related forum: I think Warren's trying to scare eur/usd shorts. Maybe he sits on the toilet and calls out, "Charley, put a coupla yards through, see what happens!" lol
Target achieved -5 bucks in 4 months. For those of you out there looking for the holy grail. I have realized slowly, and sometimes painfully that its not the system you have which makes you money, its patience and integrity. Don't waver from your plan. Use reasonable stops and take some profits along the way. Since this swing system is indeed a rare gem of mine, I will start posting trades on another currency and a shorter timeframe using a different system I have been developing recently. I don't want too many scrutinizers of my established method as this journal is more about managing my trades than how I enter them. I will start logging trades on GBP/USD using either a 15 or 30 minute timeframe. The setup will be, of course, as always a reversal. Closed Trades: 10k Short AUD/USD .7735 Limit .7675 +60 10k Short EUR/USD 1.2435 Exit 1.2370+65 10k Long USD/CHF 1.2500 Exit 1.2540+40 10k Short AUD/USD .7735 Exit .7685 +45 20k Long USD/JPY Limit 110 +90 10k Short AUD/USD .7735 Exit .7565+170 10k Long USD/CHF 1.2505 Exit 1.2710 +205 10k Short EUR/USD 1.2435 Exit 1.2170 +265 10k Long EUR/USD 1.2193 Limit 1.2270+77 10k AUD/USD .7533 Exit .7570+37 10k Long AUD/USD .7533 Exit .7580+47 10k Long USD/CAD 1.1893 Exit 1.1975+82 10k Long EUR/USD 1.2193 Exit 1.2291+98 10k Long USD/CAD 1.1893 Exit 1.1899+6 10k Long USD/CHF 1.2578 Stop 1.2509 -69 10k Short EUR/USD 1.2293 Exit 1.2350 +43 10k Short EUR/USD 1.2577 Exit 1.2518+59 10k Short GBP/USD 1.8468 Exit 1.8420+48 10k Short EUR/USD 1.2540 Exit 1.2478+62 20k Short GBP/USD 1.8400 Exit 1.8390 +20 10k Short EUR/USD 1.2540 Exit 1.2277+263 10k Sell USD/CHF 1.2630 Stop 1.2705-75 10k Short USD/CHF 1.2753 Exit 1.2700+53 10k Buy EUR/USD 1.2184 Exit 1.2220+36 10k Buy EUR/USD 1.2115 Limit 1.2220+105 10k Short EUR/USD 1.2113 Exit 1.2068+45 10k Short EUR/USD 1.2113 Exit 1.2126+13 10k Buy EUR/USD 1.1990 Limit 1.2050 +60 10k Buy EUR/USD 1.1800 Stop 1.1765 -35 10k Buy EUR/USD 1.1765 Exit 1.1775 +10 10k Short EUR/USD 1.1775 Limit 1.1685+90 10k Short EUR/USD 1.1770 Limit 1.1730 +40 Model Account Balance: 3995