Weekly Recap for week-Sept 24

Life happens, and it sure has for me. However, some important lessons can be taken from this week. Firstly, trading makes you overly confident if you are not careful. I placed way to may risky trades in my $1000 account and I was down to $883, but after two successful trades in a row, I’m up to $894. My investment amounts should never alter until my capital DOUBLES. Period. $5-10 trades only. Secondly, consistency is the key. Whenever I am out of the market, I’ve noticed that it takes a while for my “instinct” to kick in. I need to trade everyday to become profitable. Thirdly, a major mistake is not following strategy. I can trade naked price action; however, I need definitive entry and exit points to stay consistent. This is will especially help me for whenever I trade by pips instead of options.

Going forward, my battle plan for trading is:

  1. Commit my trading strategy to memory
  2. Trade two options a day.
  3. Finish two tasks in Apiary a day

EDIT: http://www.livecharts.co.uk/currency-strength.php

I shall use the currency strength meter as well, and also take advantage of longer term expiry on Porter Finance.com

 

 

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