When you've had money and lost it, it can be much worse than never having had it at all - From WallStreet 1987
Strategy: Harmonic Pattern Trading
Target profit: 75pips per week Indicators: Channel Movement, Harmonic Patterns, RSI Important chart pattern: double-top/bottom and Head & Shoulder, divergence and convergence Important candlestick: Doji, bullish/bearish engulfing
My Trading Mantra
1. Objectively identify my edges - I have a system here that works. 2. Pre-define the risk of every trade. 3. Completely accept the risk. Consider the money GONE. 4. ACT on my edges without reservation or hesitation. Follow the rules and take every trade that meets the conditions. 5. Pay myself as the market makes money available. Take the profits and be happy. Even if compounding my account, pay myself something out of my profits each month. 6. Continually monitor my susceptibility for making errors. 7. Understand the absolute necessity of these principles, and therefore I never violate them.
Thursday, June 25, 2009
23 Jun 09 Good Trades always happens at night
These are bad trades during asia timing. When market ranges, putting profit at 20pips can be risky. Best to put trade profit at 10pips.
This is a good trade at night time. If monitor the open trade, it could go beyond 30pips.
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These are bad trades during asia timing. When market ranges, putting profit at 20pips can be risky. Best to put trade profit at 10pips..gif)
This is a good trade at night time. If monitor the open trade, it could go beyond 30pips.
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