Success so far!

Ok, I have found out that I have a very addictive personality – if blogging was a drug, I’d be your typical junkie.  I will say that it has made be a more focused trader, a more intentional businessman but if you ask my wife , Kim, it has taken time away from her – this is not good…more ways than one ;-).  In any case I have noticed an increase in my patience while trading and this has helped greatly.

My thought process goes as such when I’m about to enter a trade – “I have to justify why I took this trade on my blog for hundreds (maybe thousands one day) of people…” before the blog, my thought was this, “I’ll short it here, lets see what happens – crap, I just got stopped out, let’s try again…I’ll go long now.”  Embarrassment is a funny thing, it has slowed me down so much so I feel like I am not trading enough!  But when I do trade, I have good reasons and those good reasons usually end up turning into good profit – or small losses.

Since entering the blogging world, I have been able to communicate with some bloggers/traders that I have followed since I started trading.  It has been a true joy and blessing to have thoughtful conversation with people, about actual trading conditions, that I have looked up too for so long.  I am excited about what is in store for me as a trader and businessman as it seems that they are tied together – when one does well so goes the other…

I want to thank everyone for reading this blog, keep coming back, I am sure that at the very least it will be entertaining.

Current positions – NONE – range bound.  However, I have to short orders placed @ 2795 (break of current range – next support @ 2700) and one @ 3000 (today’s high and round number resistance) Both have 100 pip trailing stops.

I do have to say that I think we are going to experience a major correction to the upside – some technical patterns have appeared that have made me nervous.  BUT the trend is still down and I am going to try to squeak out some pips before it corrects.  For the record – I am not completely against counter-trend trading, but for me to make a trade with the trend I need 5 good reasons, for me to make a counter trend trade I need 10 good reasons…needless to say, I trade much much less against the trend.

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2 thoughts on “Success so far!

  1. Greetings Michael,

    I came across your blog and have seen your posts on ForexFactory, and I just wanted to stop in and say “hi.” I’m in a similar situation to yours – working towards being a consistent and profitable Forex trader.

    It’s encouraging to me to read of others’ journeys and to hear that they are working through some of the same issues that I am in my trading. I’ve subscribed to your feed, so I’ll be keeping up with your progress.

    Good trading to you, and God bless,

    Jon

  2. Hey Jon – Thanks for the kind words. I too agree that we need each other to use as crutches sometimes when we fall. The last two weeks in January where the worst I’ve ever had. I stopped trading for a week and read and reread yours, Lonely traders and simon’s blog to regain my confidence and started this blog to help me think through my trades.

    So thanks for sharing your journey, I hope we all can learn from each other — and become filthy rich doing it ;-)

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