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.
Tuesday, July 28, 2009
28 July 09 AUD 20pips
AUD has been up for the entire day. Finally see exhaustion at 1hr. Entered at 5mins to short and grabbed 20pips. Missed out 3 good trades in the afternoon.
Your trade results will show if you are doing what is correct or you are doing what you like
AUD has been up for the entire day. Finally see exhaustion at 1hr. Entered at 5mins to short and grabbed 20pips. Missed out 3 good trades in the afternoon.
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