Got .1 lot shorty at 1.1606. First target on the picture. Will add as trade progesses up or down. Stop out well above the 38% fib. image

EURUSD only

I know this is a tough one. Because we will lie to our spouse, our loved ones, yes even yourself. I remember a trader (gambler) who was losing his house because he was not a trader but a gambler who loved the action. Dude was old and he was putting ...

Can YOU make money as a professional trader - Redux

Rule # 8 To Thine Own Self Be True. This probably should be rule number 1. If you truly want to make a living trading your own money, you have to be honest with yourself. You have to always be honest about you skills and the trading account size is ...

Can YOU make money as a professional trader - Redux

Oh bother I put trade in as buy instead of sell (add to short position) so I stopped myself out. I really did not "feel the force" on the short anyway. Hasta la vista, baby!

EURUSD only

Loser trades. I stopped them at a loss. The bears are in control. Shorting now, will keep on short side until the movers change direction

EURUSD only

The holy grail is not a magic indicator or even a trading system It's your brain. Training your thinking to be probability based thinking

Can YOU make money as a professional trader - Redux

I had order in overnight and it hit on London open. I have buy order now at the lower line 1.1745 as I have errands to run. Market want to go lower but no news events so probably no hit today. image

EURUSD only

I did get long orders triggered at 1.1768 but I am not liking price action so I closed at 1.1786. Price action looks like it was profit taking and not hammertime. I am putting long orders lower in 1.1745 area and will watch closely if hit. If not ...

EURUSD only

Buy or Sell and hold onto losing positions is wasted opportunity with working capital. And most end up blowing the account in the end. Or closing out a huge loss because they can't stand the pain anymore. Better for you to do some research on mutual ...

EURUSD only

Check around internet for brokers if you suspect your broker will not pay when you withdraw. I have only had one issue withdrawing and that was when broker went bankrupt. Most brokers are market makers as they take the other side of your trade and ...

Can YOU make money as a professional trader - Redux

Very good post.

Can YOU make money as a professional trader - Redux

It's Hammertime. I closed shorts and am watching with interest to the long side. I am looking to buy but waiting for Asia session to see if the movers are taking this to long side. image

EURUSD only

Rule # 7 Don't trade when you are not in top physical AND mental health. Have you ever seen some post something like this? -- I had a lot of losing trades last week because my (family member) was in the hospital and I was not concentrating on my ...

Can YOU make money as a professional trader - Redux

Is anyone getting an idea what (or better yet "where") the holy grail is?

Can YOU make money as a professional trader - Redux

When you are just starting out in the trading jungle, know that their are predators hiding in bushes waiting to grab your money. There lure is using the fear and greed emotions by trying to sell you the "easy money" solution. fxproUSA sent me an ...

Can YOU make money as a professional trader - Redux

You give a great example of what I was talking about. So... Are you trying to make money selling your sure fire trading system? Or are you looking to try to convince them to deposit their funds and let you manage their money, minus the fees? After ...

Can YOU make money as a professional trader - Redux

Rule # 6 Don't bring your ego with you when you go to work. This is the most important rule of trading. I have found this to be the best indicator for who will be part of the 5% to 10% who trade their own account for a living. Arrogance, pride, ...

Can YOU make money as a professional trader - Redux

Rule # 5 Never believe you know exactly the right place to enter the market or where price is going next. Scale into your trades. Start your original entry small and add to trades, in both directions, when they are losing and when they are winning. ...

Can YOU make money as a professional trader - Redux

3% increase m/m not weak. It is less than expected but still good numbers. Anyway, does not matter as the Goldman report got the USD bulls started long before numbers came out.

EURUSD only

It's Hammertime! image

EURUSD only