Thursday April 23, 2015

Trading Goal For Today: +20 pips. or $6.00 Prev. Goal Date: 11-10-15 (+4 days).
Current Goal Date: 11-13-15 ( +7 days) Pips This session: -25 pips  Goal Met? NO.

My First Loss in 9 trading days

Caution: Wet Paint Drying: Boredom Ahead 

Today was another one of "those" trading days, where you sit for long hours, waiting for that elusive setup that never comes. The GBPUSD has been quiet for the better part of the trading day. All sorts of thoughts have been running in my head-namely, look for another trading system. Why would I think that? I will tell you why. Here are the reasons why I should NOT be thinking of changing trading systems.

-1 net loss since I started trading my new trading method 1 week ago.
-It is highly mechanized, so it does reduces stress and emotionalism.
-It has audible and pop up alerts that allow me to step away from my screen.
-It is consistently profitable, and has given me my best recent trading performance.

Here is the one reason  that I am thinking of changing trading systems. Ready?
- I am bored and tired of waiting for a setup. Really? Yep. I know. Stupid.

The number one reason that traders "system hop" is because they get bored waiting for setups.
As traders, we crave action. We want to be "doing something". Let me push a button,  moving a stop loss, draw a line, bur please don't make me just sit and wait.  I would rather get into a trade and take a loss, than to sit and...wait.

It is during this space of time where we are doing nothing, because we are waiting for the next trade, that we start to think of "missed opportunity costs", and our minds wonder and wander over to that other trading system that we heard about.  We start to surf the 'net and "look around", and see if there is a system that will get us into more trades, so that we can spend less time, just...waiting. The truth is we get bored- plain and simple. Bored.
Guess what? Trading is boring, if you are doing it right. Today I was bored out of my skull, because I did not trade like a rapid fire machine gun buysellbuysellbuysellbuysellbuysellbuysell. I waited. 

A profitable trader is one that has mastered the art of waiting. Waiting for the right trade. Waiting for the target to be hit. Waiting for the swing to develop.

I heard a quote recently about guys that work on a bomb squad. These guys are notorious for being slow, and have mastered the art of waiting. Why? Because the next bomb they attempt to diffuse, may be their last, so they say, Slow down! Don't be in such a rush to die. That resonates with me. Rushing into trading can lead to that one trade that blows up your account. All of a sudden, waiting for the next trade, does not seem like a bad idea after all. Today, I lived to trade another day. Why? Because I learned to wait.

I still have a trade open ( Long GBPUSD), so I will wait to update the blog until my trade has closed.

I took my first loss in 9 trading days today. Here is the chart of today's trading.

 

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. 

Synopsis For Tuesday April 21, 2015

Trading Goal For Today: +20 pips. or $6.00
Prev. Goal Date: 11-9-15 (+3 days). Current Goal Date: 11-10-15( +4 days)
Pips This session: +3.23 pips  Goal Met? NO. 

Boy, I am really learning patience. I trade from 3:00am to 10:00am each day. Usually, I really do not need to wait too long for trade setups, but the first 2 days of this trading week have certainly broken my comfort zone. There were no trade setups during the London session. You try sitting for 4 hours and get nothing. Just sitting and wating with no results will test the mettle of any trader. Thoughts run through ones' head like:

-Is my platform on? ( I checked). 

-Is my chart working properly? ( I refreshed several times). 

-Did my trading method die, noever to give me another pattern? ( I reviewed the charts for previous setups to remind myself to relax.) 

And here is the big one: 

-Maybe I need to look for another system. ( I got up and walked away. I was ready to start system hopping!)    

Lesson for the 3 hour parking lot, better known as a trade-less trading time: Trust your system, and learn to wait. 

Trade Update: I took my first loss in 6 days. 

Commentary on Trade #1. The GBPUSD had a short bias since yesterday. I saw an opportunity to go long based on a possible trend change, and got clipped for -35 pips. So what do you do when you take a loss, the first loss in 6 days? Move on to the next trade! 

                                           Trade #2: Recovery Trade Recoups Trade #1 loss. 

Commentary on Trade #2. I saw a failure swing, aka 123 setup. This trade recouped the earlier loss.

Although we did not make our pip goal, we did not take a loss, and that is what's most important.

Monday April 20, 2015

Synopsis For Monday April 20, 2015
Trading Goal For Today: +20 pips. or $6.00
Previous Million Dollar Goal Date: 11-6-2015
Current  Million Dollar Goal Date: 11-9-2015 (+3 days)Pips This session: +4.3 pips
20 pip Goal: NOT MET.   

Hello all!
Today started off L_O_U_S_Y! My ISP was down the first 10 mins of the market! I assume it is due to the heavy rains in Chicago. When theinternet did finally come back up, the market ( GBPUSD) had a short bias, albeit a choppy one. So, I put my big boy pants on a took a short when the market re-traced enough for me to get a good and solid entry.

I moved my SL to BE+3, and was promptly kicked out of the trade! Fine! I covered my spread so I *STILL* made a profit of +3pips!

Currently, the market is ranging, and I am flat ( no current positions open), so, as the kids say, I am all good.

I strarted looking for trades @ 3:10am CST. It is now 7:00am CST. I have made +3 pips. To be a successful trader, you will need to learn patience and wait for the trades to setup. As traders, we do not get paid to trade, we get paid to WAIT.

I took 2 trades today- both were closed a little more than brekeven, and THAT is a successful trade!
Why? Because I did not LOSE any money. A break even trade is considered ( or should be considered) a WINNING trade.

The market is too quiet- almost stand still. If you can imagine a bird in mid flight thst just stops-frozen in the air, that is what the GBPUSD is like- it an't moving.

Its' 12:30 pm CST. I am calling it quits for the day. Let's see what tomorrow brings.

APRIL 17, 2015

                                     AN EMPTY ROCKET

Today, I missed an absolutely great trade, because I was sleeping. This was a 109 pips winning trade that rocketed off without it's payload... me. 

The *PERFECT* trade setup  formed at 2:00am CST (Chicago time), while I was out cold. Hey! I am not a robot. I need some sleep every now and and again! Well, when the trading room opened at 3:00am, I saw it, and decided to wait for a retracement. 

As I write this at 5:38am, I am still waiting for that retracement. Yes 2.5 hours and...nothing. Here is a quick tip to those of you that want to be traders, or those of you that are not consistently profitable traders: Learn to wait for your setups. Traders make very good money waiting for the exact trade setup to occur.  

Ah well....Another trade will come along.

Final post for today.

After sitting in front of  3 trading screens since 3 am, I called it quits at about 8:30am.

Final Stats for the trading week ending April 17, 2015
Pips Earned: +250.8
ROI: +6.78%
Million Dollar Goal Date: November 6, 2015

Trade Updates For The Trading Week Ending April 17, 2015

Start of Week Balance: $727.48

The goal is to do just +20 pips per day, with a starting lot size of 3 mico lots, or 30 cents per pip.

Monday April 13, 2015. +37 pips.

Tuesday April 14, 2015 +59.1 pips

Wednesday April 15, 2015 +22 pips.

Thursday April 16, 2015 +43.3 pips. 

I made my goal early today, so I rewarded myself with some well deserved sleep.
The current plan, in addition to making the required daily goal(s), is to systematically erase the losses incurred for both the month and the year.

Here is the 1st chart of today's trading. Short, sweet, and profitable! You see that rocket just to the right of the white line? Yes. I bought that, and rode it up! I picked up +43 pips on this 1 trade.

Guess what? I can show you how to capture moves like that as well. Why not join me in the FAPWINNER Live Trading room? Instead of watching me trade, why not trade with me? Interested? Email me@ livetradingroom@fapwinner.com, to get more info.

Current Million Dollar Goal Date: November 5, 2015.

Getting Started Again!

Hi, this is Charles.

I have one question: Do you know what it is like to be a millionaire? to have over $1 million dollars of cold hard cash in the bank? Do you know what it feels like not to have to worry about bills, knowing that you have "got it covered"? well, I do. I have achieved all of the above, and now, I am going to earn over $1 million dollars again...PUBLICLY, and this time, I am opening my doors for traders that have the time, resources and discipline to trade along with me, in the final stretch of my Million Dollar Trading Challenge.

On Monday April 13th, 2015, I began trading my newest trading method called Evolution, live, using real money, and it's worked flawlessly. I, and the traders that are trading with me, in The FAPWINNER Live Trading Room, have  made money. Couple a great trading method with session based trading, and marry that to solid money and trade management, and you have put yourself in a very good position to be a winning Forex trader.

Join me on the journey to earn $1,000,000.00 before the December 31, 2015. You will be glad you did!

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