The Road To Profitability

I'm such a fool, I missed to check my potential USDSGD trade resulting in loss of potential profit.

Sometimes I just wish I didn't have so many things to do during the days which takes lots of energy and forces me to bed before N.Y. closes.

Anyways... I'm about to go to bed, just placed a sell limit on GBPCAD with my first target at 1.5600 which is a major support... second target at 1.5500.

Im loving the facts how the sellers didn't even second guess to step in at ~ 1.5900.
I suppose major players are expecting a bad outcome for tomorrows GBP CPI data release. Sure will be some sweet mother jesus volatility tomorrow .

Others are afraid of volatility, I'm welcoming it, it's a natural part of the market which one needs to deal with. 1.5800 level seems to be a logic place where markets should retrace before we go south.

Time will tell.

Currently learning more and more about options, a straddle strategy could of have been nice on the USDSGD breakout now in second thought. I'm not an expert on options but it certainly is really interesting!!

Will continue on my readings and try to absorb more knowledge, in the end... knowledge is the most healthy thing one can take in hehe.

Closed my GBPCAD for ~ 140+ in zé bank. It's extremely important for me now to become more picky due to the facts that confidence easily increases (sometimes too much lol) when good decisions/trades are made..

I'm looking for bearish price action ~ 107. Keep an eye out.

Good night.

I've thought even more on whether to have a constant risk or not... seriously... do good traders have that?

Certainly not... they know when to have a low risk and a higher risk on each trade. I guess it comes with market hours/experience. I won't apply the 1% risk rule anymore.

Instead, I will vary my risk between 1 and 2%.

Hello, its been a few days since my last post. Worth mentioning: I don't post when I don't have any setups in sight.

Last night I went long USDSEK, went to bed before I realized that I haven't posted it here hehe.

1% at stake, target ~ 6.9000

Target reached ~ 0.65% cashed in zé bank.

This is how good traders trade, steady profits and steady risk management. I'm not saying I'm a good trader yet... the only thing that can stop us from becoming what we want is our own mind.

In physics, every reaction has an opposite reaction. This can obviously be applied to trading as well.

Again, it's important to hold my confidence at chess. That's why I'm writing this, to remind myself of the position mother nature has given me in this world. It's easy to dream, tougher to wake up.