It's a short week and I did 3.9% on our live slave account.
I did follow my trading rules and plan much better than before because of the VDS and my DP. However, I need to be patient to wait for the best setups to start a trading day. I lost almost all the first trades of the day.
Yes, I must be patient for the best setups. Trading opportunities are unlimited. I should never be worry about missing trades. I must just need one or two good trades to make my week because all I need is to produce 5% weekly return for our clients.
Being 100% disciplined and following my rules and plan are more important than trading results. I must improve myself every day.
My first trade was a loss again even I was right about the direction. I must be patient to wait for the market to complete its consolidation before entering a position, especially the first one.
I did end today with 1.6% and I must remember all I need is to produce 5% weekly return consistently for our clients.
I must also achieve my other trading goal which is to make improvement on my trading and my mental skills.
Need to do weekly review later for find the areas I need to do better.
I was worry about what would be the outcome when I was trading. I must focus on doing the right things instead of the outcomes. If I can improve in this area, I may trade much better because emotion free trading is what I need the most.
We all know making the right trading decisions is ver difficulty. I told me to go short on EUR when the market pulls back per my trading rules which was a good thought. However, I went long as my trading decision, twice.
I told me to go short again if the market break 1.4025 but I did not do anything but watching the market moved down 40 pips in 10 minutes.
Making the right trading decision is tough and is the only thing matter to our performance even my thinkings are right at the first place.
Making wrong trading decision is part of mental weaknesses. I must learn and make constant improvement.
Anyway, I only focus on improve my self and produce 5% week return consistantly for our clients. Yes, only 5%/week.
It's a good trading week for meeting my 2 goals, 7.4% ROI and improvement for less trades (6 wins and 5 losses)
Must continue to trade with only the best possible setups next week. There will be some challenge because I am now offering our investment program to the public and auto trading the new live account if mt247 can set it up correctly before the market is open.
To overcome my emotion, I must accept that I may win or lose but I must do all the right things which is to follow my trading rules and plan. I also need to really enjoy losses as long as they are manageable because I must look into a longer term not every week for consistent returns.
Yes, all I need is 5% weekly return on average consistently (not every week) to produce 1,000% or more profit for our clients.
Today, I traded with emotion, afraid of losing after announced our new services, and closed my short EURUSD position at least 15 minutes earlier while I already changed the Stop Loss to Break Even.
However, my weekly trading target is 5% and I can meet it as long as I select the best possible trading opportunities even I close these trades prematurely.
Mental skill can be improved as long as I trade the other day and learn from what I am doing. I should feel good about my trading today because I did meet my goals.
Have a nice weekend.
It's the first day of the trading month and I started with a little impatient by taking first 2 trades a little too earlier without confirmation.
I then made the right decision to close the second trade with -7 pips and open a short position. I then add another short position when I lock in some profits for the 1st short trade.
I end up with positive results. However, I must learn to trade with patient. I may also understand that I can lose in anytime but must accept losses as part of my trading.
While my weekly profit target is 5%, I may also need to look for a longer term because I can't win every week. I should enjoy losses as long as I can learn and improve myself.
I have 2 goals per my trading plan: 1 is to produce 5% weekly return for our clients, another one is to improve myself. I believe the 2nd goal is more important than the 1st one because I can do much better after some improvements.
I took 2 trades today for about 3%. However, I am very happy with the way I traded because I see some improvement, such as taking rest, patiently wait for best setups and trading with less emotion.
Remember, I only need to produce 5% return per week but most important, I need to improve my self every day.