Bad Assed Trader: This has been an exciting week for Bad Assed Trader...I have finally given birth to my strategy. I couldn't have done it without the expert midwifery skills of my ever amazing coach Emmanuel so if he's reading this - thanks Emmanuel!
I think the birth really took place yesterday morning when I spent four hours with Emmanuel analysing all the currency pairs and my November trades and discussing what I would and wouldn't trade. By the time I came away I had a certainty and clarity that had been gradually emerging but now was fully formed - as if it has a life of its own.
It helps that my trading account is now showing that I have turned the corner - up 5% so far this month with another 2-3% sitting in my profit/loss account waiting to be banked (or eaten up by the market).
And who's the father of this strategy? I have to pay tribute to the massive contribution Rob, another of the excellent traders at Knowledge to Action where I've been training, has made to my trading approach. So if there is a father of this strategy then it has to be Rob. I've integrated so much of what he's taught me and many is the time when the penny has finally dropped after I've heard him speak on the various courses.
So after a gestation period of something akin to a year and a half (does that make me an elephant...?) I now know what I am trading. This may sound like I'm incredibly slow, after all I've been trading all the while so what was I doing not knowing what I was trading? God only knows but I was searching for my own trading approach, trying different strategies and endlessly analysing my trades to see which types brought the money rolling in.
This has not been an easy journey for me and in many ways it's only now beginning. There will be many more ups and downs, more testing of my metal and constant analysis and reflection required, but I feel I've passed a significant milestone.
It's such a relief to have come to this point where I'm really clear about what I'm doing. So...what am I doing?
My trading strategy is very simple and based on the fundamental principles of trading. Any trader reading my strategy description would say there's nothing new or especially exciting there but hey, it works.
If you want to find out more then read my next blog where all will be revealed.
But before I go, here's a chart of my one of my latest trades. This was selling the Aussie dollar against the Canadian dollar entering on November 8 (top arrow) and exiting on November 23 (bottom arrow) which generated 2.2% profit.
I could have secured a better entry but I'm still working on improving all aspects of my trading and particularly my stop loss management.
Since my discussion with Emmanuel I've learnt that I probably should still be in this trade and trailing the stop loss behind the down bars but I set a target and it hit it so the money is banked.
More soon...
I think the birth really took place yesterday morning when I spent four hours with Emmanuel analysing all the currency pairs and my November trades and discussing what I would and wouldn't trade. By the time I came away I had a certainty and clarity that had been gradually emerging but now was fully formed - as if it has a life of its own.
It helps that my trading account is now showing that I have turned the corner - up 5% so far this month with another 2-3% sitting in my profit/loss account waiting to be banked (or eaten up by the market).
And who's the father of this strategy? I have to pay tribute to the massive contribution Rob, another of the excellent traders at Knowledge to Action where I've been training, has made to my trading approach. So if there is a father of this strategy then it has to be Rob. I've integrated so much of what he's taught me and many is the time when the penny has finally dropped after I've heard him speak on the various courses.
So after a gestation period of something akin to a year and a half (does that make me an elephant...?) I now know what I am trading. This may sound like I'm incredibly slow, after all I've been trading all the while so what was I doing not knowing what I was trading? God only knows but I was searching for my own trading approach, trying different strategies and endlessly analysing my trades to see which types brought the money rolling in.
This has not been an easy journey for me and in many ways it's only now beginning. There will be many more ups and downs, more testing of my metal and constant analysis and reflection required, but I feel I've passed a significant milestone.
It's such a relief to have come to this point where I'm really clear about what I'm doing. So...what am I doing?
My trading strategy is very simple and based on the fundamental principles of trading. Any trader reading my strategy description would say there's nothing new or especially exciting there but hey, it works.
If you want to find out more then read my next blog where all will be revealed.
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| AUD CAD daily short trade 8-23 November 2011 |
I could have secured a better entry but I'm still working on improving all aspects of my trading and particularly my stop loss management.
Since my discussion with Emmanuel I've learnt that I probably should still be in this trade and trailing the stop loss behind the down bars but I set a target and it hit it so the money is banked.
More soon...
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