Wednesday February 23, 2016

Marathon Trading Day 2

11:00pm Trading Pair(s): GBPUSD, USDCAD 

Today was a great trading day. I initially began trading the GBPUSD, but switched to the USCAD (2nd strongest ADR pair). We picked up +1.84% or 54.1 pips.


The USDCAD traded as smooth as glass. It was a real pleasure to trade.













I am done for the day.

Tuesday February 23, 2016

Marathon Trading Day

Trading from 11:00pm CST- 10:00am CST

Trading Pair: GBPUSD 

Opening Impressions
The GBPUSD has been in a downtrend, but appears to be range bound. The market action is a bit confusing. Solution? Focus and follow the indicators like a airplane pilot that does not have visual confirmation.

I hate trading the GBPUSD, and for good reason. That is the one pair that absolutely kills me.

For the entire day, the GBPUSD just ranged... and ranged... and ranged.... until finally, around noon, it finally trended, and I was able to capture a some serious pips, but not before mauling my account. I lost over 10%. That is a HUGE loss to absorb, but I am not defeated or disturbed. It just means I will need to work a little harder and smarter to get the pips back to where they need to be.

I am Marathon Trading all this week from 11:00pm CST to at least Noon the next trading day. Let's see what the rest of this week brings.

Monday February 21, 2016

Opening Stats For The Week

Opening Balance: $1004.67 Goal Balance For Week: $1054.67
Million Dollar Goal Date: 11-14-2016

Trading For Monday February 21, 2016 

Not a good start to the week. I was very uptight trading thinking that I need to trade perfectly in order to reach the goal by the end of the year. I also wanted to get more pips, so I became very aggressive with my trading and ended up losing almost 10% of my account today. 1 day. I should have gotten up and walked away, but I was sucked into the emotional trading vortex, and my trading simply got out of hand. No need to dwell on it. I messed up- plain and simple.
The Bottom Line? Trading is both a game of skill and a mental game.  You can have a great system, but if your head and emotions are not together, your trading will suffer. 

Moving on.. There is nothing here to see. 

Friday February 19, 2016

This End of week Trading Plan  Update
Start of Week Opening  Balance: $961.06  End of Week Target Balance: $1,004.16
End of Week ACTUAL Balance:$1,004.67

Start of Week Projected $100K Goal  Date: 8-30-2016
End of Week New Projected $100K Goal Date 8-30-2016

Start of Week Projected $1,000,000.00 Goal  Date: 11-14-2016
End of Week Projected $1,000,000.00  Goal Date   11-14-2016

Thursday February 18, 2016

( AT) Home on the Range

The Market has been ranging all London session

Pair Traded: USDCAD ( 28.8 at open 174.6 ADR=146 possible pips)

Trade 1: LONG BO
-xxx triple top in place.

Trade 2: LONG Rapid Reversal -2U
-xxx stop loss hit.

Trade 3: Long Deep Dip-2U
XXX- made back all of my trading losses for the day, and hit my goal.I am ending the day +1.33%.

New Million Dollar Goal Date: 11-17-2016 

Lesson Learned? Trust your instincts. You know more than you think you know. 

 

 

 

 

Here is the chart of what I traded today. If I can make money in this, I can make money in ANY market. 

  Needless to say, I am DONE for the day. I am mentally drained. This was an absolutely exhausting day, but a profitable one none the less.

 

 

 

 

MESA TRADING METHOD BLOG 2-17-2016

Hump Day!

Trading Goal For the Day:$8.00
Trading Pair: GBPUSD

Today I am trading the GBPUSD. Why? It was the top pair to trade based on the ADR.
 The GPBUSD has been known to trend for two days in a row, several times during a trading month.

I took 8 trades today. The GBPUSD ranged for the better part of the day, then finally ran! I was able to end the day with positive pips but still in a small drawdown. I really do NOT like trading the GBPUSD.

Traders Note: 8 trades in 8 hours is too many trades. I was whipped back and forth like I was a lasso!

I am proud of myself that I hung in there and reduced my loss. Did I make my goal? Nope. Did I get emotional? Nope. It's a job. There will be good days and bad days. This was a bad day.

As a dear friend told me, suck it up and drive on. Wise words indeed.

Ending Balance: $959.22. New Million Goal Date: 11-18-2016
 

Why Most Traders Will Never Be Successful Trading Forex

I run a Forex Trading room. I am in the room 40 hours a week. That's right. 8 hours each day, every day that the market is open. I have other traders that come into the trading room to trade with me. During this time, I get to see both sides of them as traders, and I can pretty much determine who will be successful, and who will not, based on how they approach the trading room.

I see the side of them, when they come into the room oozing with excitement and dollar signs in their eyes. Then, after a while, a short while, I see the other side of them, or better yet, I don't see them at all. They stop coming to the trading room. I have seen this same pattern over and over. Sadly, these people will never be successful, because they have not learned one of the key secrets to being a successful trader- patience.

Too many traders, if I can call them that, are looking to make quick and fast money. I have no problem with that idea. For the past several days, I have made some quick and fast money. I have been in and out of profitable trades and made my trading goals inside of 30 minutes or less! But the truth is, those are really gifts. The market gives those gifts randomly, because I have been patient.

Patrick is one of the traders in the trading room. He has been with me from pretty much day 1. He has seen and traded over 100 different trading systems in the trading room for almost two years now. He, except when he broke his leg, and got married, has been there, just about every day. When the markets were not moving, he was there. When the trading losses were stacked like pancakes at a pancake breakfast, he was there. He has been in the trading room without fail 40 hours a week. When he could not make it, he let me know. Patrick treats trading like a business. Patrick will be successful. Patrick is disciplined and patient.

 Benita  is a new trader in the trading room. She is also in the trading room 40 hours a week. She has a second job that she leaves and goes to each day around 9:00am. A second job? Yes. What is her first job? The Trading room. Let me quote Benita. " The Trading room is my first job". She goes to her 2nd job to pay the bills and finance her first job which is trading. One day, Benita wants to trade full time. You know what? I think she will be successful for several reasons. She has invested in her FOREX education by learning The MESA Trading Method, AND she applies what she has learned by applying that knowledge 40 hours a week. Do you think she will be successful? I do, so much so that I would give her money to trade for me, because I know her work ethic. She treats trading like a business.

Benita and Patrick are very similar. Both of them have 2 jobs, both put in 40 hours a week in the trading room. Both will be successful.

Here is the bottom line. If you want to be successful in trading or in life, you must be disciplined and committed to the task. Most traders are neither committed or disciplined. They are financial opportunists and FOREX junkies that are looking for the next score.

One of my favorite lines from the movie  Wall Street is that "...quick buck artists come and go, but it is the steady players who survive bull and bear markets."

If you want to make it, I mean really make it trading, success comes if you are willing to be patient and disciplined and put the time in that is required to become exceptionally good at trading.