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I've added 4 more pairs to my forex trading. The forex trading is going pretty well, enough so that I think I may begin to feed some money into it slowly and perhaps begin to trade all five pairs. The trades are lasting anywhere from 3 days to a month with losers in the 30-70 pip range and winners in the 150-300 pip range with scale in ability so the winner is MUCH larger than the loser.
I LOVE the ability to size properly. It allows me to take trades and place stops that I would have never been able to take otherwise....and then scale in as it progresses. And I like that the trades take so long to develop and to play out. Its much less stressful than day trading.
I wish I had done this from the beginning. I'd still day trade because I like it but the forex swing trading has tons of potential but more important, it requires patience and discipline to wait for the set ups....much more than day trading. The difference I am trading 4 hour charts instead of 5 minute charts or even tick charts. Its like comparing apples and oranges. Its just much easier.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I like your progression very much, Brian. I look for the same in forex - long term trades with the trend. But currently EURJPY is very overbought and due for correction. Long term I want to long gold versus the yen.
I let the slow price action lull me into kinda of a no action kind of attitude...and then it fell out of bed without me....and no chasing allowed. Classic mistake.
I did trade NQ on sim again today. I am killing it there....maybe add that to my repertoire in the future. Who knows.
The 5M chart was NOT speaking to me and the 800T chart had nothing I liked without large risk, so I just sat there the entire time. I have not had a session in a long time with no trades....there have been days I didn't trade or my session was cut short with no trades but one in which I sat the entire time and watched without trading is quite rare.
On the NQ trade, once again, no trade management seems to be the best course of action.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Missed opportunity today...well not missed, cut short. I try not to make this mistake but it seems its the achilles heel. Getting nervous once price goes my way for a bit. I kill it on the first little pull back knowing full well its just a pull back and to hold on.....Anyway it went exactly to my target on the 5M chart.....bugger....
Regardless, I am once again becoming more and more comfortable with the naked 5M chart and just using levels to enter at instead of the confirmation I normally required.
Still have 2 more finals to study for so short and sweet today.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris