Blast Off!

Synopsis For Wednesday April 23, 2015
Trading Goal For Today: +20 pips. or $6.00

Prev. Goal Date:11-10-15( +4 days) Current Goal Date 11-11-2015 (+5 days)                        Todays pips +3.47 Goal Met? TBD.  

Hello All! 

Today was another awesome trading session during London, and all the guys in the trading room made their goals, and then some....except for.. guess who? Me. Let me explain. 

When I first came online, (at 3:00am CST)I saw a long trade setup and IMMEDIATELY jumped on it. 

It tuned out to be a losing trade. Undaunted, I immediately took a loss recovery trade. If you want to know what that is, you will need to join the trading room. :).  I made back my losses, plus a few pips. 

The trade continued to move in my favor! I move my stop loss to BE +3, so it is now a RISK FREE Trade. So far, so good. I set my take profit for 2.5:1 ( I want to earn 2.5 pips for every 1 I risk).

The market goes almost vertical. I am already writing my acceptance speech for The Nobel Peace Prize for Economic modeling, for creating the Forex Holy Grail trading system, because we have NOT had a NET losing day since April 10, and I am feeling mighty proud of myself.

I began pontificating in the trading room about letting the trade run, blah blah blah... and then it happens...the market reverses. I count what I think is a 5th Elliot wave, so I justify getting out of the trade, when the truth is, I am seeing pips fly away, and I am afraid to take a loss, ( Never trade with scared money) so I IMMEDIATELY close the trade!  I look and feel like a rock star trading god- strutting and beating my chest, saying "yeah, we bad, uh huh".. and then it happened...  Again.. Yep. The market went vertical...again.. and like deja-vu ( see yesterdays post), that rocket took off again.. WITHOUT ME!  

The guys in the trading room are STILL IN the trade! TREASON!!! What? You guys did not exit with me? Nope... They are still in. Rene, Daryl, Chandra, Patrick, Carlton.. they stayed in.. and continued to make pips... while I sat, lonely, cold, and afraid....

Humbled. Here is the chart for the portion of the London trading session. 

So... What is the lesson that I learned? Follow the rules dude... Follow the rules. 

I did not make my goal. They did. Lesson learned. 

I am going to sit out the rest of London, and come back fresh ( and humbled) for the US session. 

The bright spot in all of this? There are several. 

1. I have spotted a recovery trade pattern to take to possibly win back lost pips. 

2. I have not had a net losing day since creating and launching my Evolution trading system. 

3. All of the traders in the room are profitable. 

4. I have proven that I am a real trader and not a salesman hawking products. 

5. The Million Dollar goal is still achievable for 2015. 

6. I am working with a great group of traders that are on this journey with me. 

Also, I am adding too many negative goal days. Each day I do not make my goal, I get a little further behind, and my system pushes the goal date further out. As of today, I have added 5 days to my goal date. That means I need to earn over 100 pips in one trading session to "catch up". I am starting to feel the pressure. So what do I do? I only have two (2) choices. 

1. Take a series of small scalp trades, which are NOT part of my written trading plan. 

2. Stay in the trades longer and try to capture larger moves and swings.

Let's take a poll. You tell me what should I do? I want to hear from you.     

I will have the final update after the US session has ended, or when I quit trading for the day-whichever comes first. 

UPDATE: 4:47 PM CST. I have a short trade open, and this time I am WAITING to let the trade play out. I will do a final update and post when the trade closes.