£80

[£80]

Lol

I was reading peoples posts about my goal and thinking to myself how can people talk about false hope and why not encourage me but I realized they are very right.

After I did the maths, the chances of me turning £80 into £20000 in 8 months is probably never going to happen. I would have to make 100% a month to get to the £10000 mark. That means that every trade I make would have to be the perfect profitable trade and how on this earth is that ever going to happen? I got way ahead of myself, overconfident and stupid.

What kind of an idiot am I?

 

[omni]

I was reading peoples posts about my goal and thinking to myself how can people talk about false hope and why not encourage me but I realized they are very right.

After I did the maths, the chances of me turning £80 into £20000 in 8 months is probably never going to happen. I would have to make 100% a month to get to the £10000 mark. That means that every trade I make would have to be the perfect profitable trade and how on this earth is that ever going to happen? I got way ahead of myself, overconfident and stupid.

What kind of an idiot am I?

Mr 80
Great post. I didnt mean to discourage, just dont want you to be too ambitious because that will lead to greed and that will lead to your downfall. Personally, i think it's always better to overshoot ones target than undershoot. I was just trying to assist you in that department.... may i suggest small goals? So that instead of 80 to 20,000 and a condo in the bahamas, you try to make 80 into 100. Once this is achieved, 100 into 140 and so on, builds confidence, builds consistency and takes away desparation and trades to chase the market. It's a long road ahead - as i am sure you know, having been in the market a while.

Shoot me down if need be but i am cheering for you from the sidelines.

Keep up the good work done so far.

 

[£80]

Mr 80
Great post. I didnt mean to discourage, just dont want you to be too ambitious because that will lead to greed and that will lead to your downfall. Personally, i think it's always better to overshoot ones target than undershoot. I was just trying to assist you in that department.... may i suggest small goals? So that instead of 80 to 20,000 and a condo in the bahamas, you try to make 80 into 100. Once this is achieved, 100 into 140 and so on, builds confidence, builds consistency and takes away desparation and trades to chase the market. It's a long road ahead - as i am sure you know, having been in the market a while.

Shoot me down if need be but i am cheering for you from the sidelines.

Keep up the good work done so far.

Your post has not discouraged me but it has made me think about why I am doing this and you are very right when you speak about greed.

When I first started in the markets I learned about emotions and I always said "it will never effect me" but it has because I am becoming greedy and if I think back I remember the fear of losing I had. I never understood why they say 90% of traders fail but I think I do now, FEAR,GREED,PATIENCE,CONFIDENCE and DISCIPLINE. It is amazing when I am so into the markets I don't realize the effect my emotions has on me and my trading. I think if I had not started this journal I would have failed and kept on failing for a very long time.

Me wanting to reach my target of £20000 was based on my emotions and not what I am capable of doing. I have always wanted to be and do better than the best whether it be sports, music or trading but this was to show everyone that I can do something better than them (and this is probably the reason I do have much friends), this has never gotten me anywhere.

 

[trader_dante]

Your post has not discouraged me but it has made me think about why I am doing this and you are very right when you speak about greed.

When I first started in the markets I learned about emotions and I always said "it will never effect me" but it has because I am becoming greedy and if I think back I remember the fear of losing I had. I never understood why they say 90% of traders fail but I think I do now, FEAR,GREED,PATIENCE,CONFIDENCE and DISCIPLINE. It is amazing when I am so into the markets I don't realize the effect my emotions has on me and my trading. I think if I had not started this journal I would have failed and kept on failing for a very long time.

Me wanting to reach my target of £20000 was based on my emotions and not what I am capable of doing. I have always wanted to be and do better than the best whether it be sports, music or trading but this was to show everyone that I can do something better than them (and this is probably the reason I do have much friends), this has never gotten me anywhere.

Hello £80, you must also realise the disadvantages of keeping a journal on a forum like this. If you start to do very well, you will receive a lot of encouragement (and no doubt, some negativity from those that are jealous) but then you may become afraid to lose when you know this will have to be "reported" to those same people that think you are doing so well. Just something to think about.

 

[£80]

Day 8 entry and exit

My entry today is a bit different instead of a pin bar its a my entry is based on an inside bar that formed on previous S/R. My entry is at a break of the inside bar long.

Honestly I don't think this trade is going to go my way, I feel more like I am hoping this trade is going up.

I am getting out I made a mistake on this trade I don't like it. Whether it goes up or not this trade is not for me

 

[advfntrader]

what is your account upto now ? how much are you trading per point ?

 

[£80]

Day 9 entry and exits

Today was the worst trading experience since I started my journal. I got into two trades simultaneously and then got into another two trades simultaneously while still in the first two. It was a complete circus I just couldn't handle it, I closed one trade that I didn't even want to but worst of all none of the trades were high probability.

I have no Idea what I was thinking, even though I made a bit of money I will never do this again

Anyway here are my entry and exit charts.

 

[£80]

Today was the worst trading experience since I started my journal. I got into two trades simultaneously and then got into another two trades simultaneously while still in the first two. It was a complete circus I just couldn't handle it, I closed one trade that I didn't even want to but worst of all none of the trades were high probability.

I have no Idea what I was thinking, even though I made a bit of money I will never do this again

Anyway here are my entry and exit charts.

Here is the rest of my charts

 

[omni]

Well recovered

 

[£80]

what is your account upto now ? how much are you trading per point ?

My account is at £101.92 and I am trading 5%

 

[£80]

Day 10 entry

I took entry on the USD/CAD pair based on the pin bar that formed at 50ema, 50% fib level and a very minor S/R level.

As usual my stop is at point 1, my entry at the break of low of the pin bar (point 2)and target at the zone of point 3

so lets see what happens

 

[£80]

Day10 exit

I got out in the zone of my target but I got stopped out of half of my position at break even and then the trade went on to reach my target.

I think this was a fairly good trade compared to my previous trades, I think I handled myself like a discipline trader.

oh and my chart might look different because I changed the color of the platform

 

[epetrov]

Hi 80 L,
I like your trading.
Why don't you filter your set ups with upper time frame movement (in trend or in range). If you trade 1 hour chart, you can use the 1 day chart for filtering. I believe that this will improve the success rate in you trading.

 

[£80]

Hi 80 L,
I like your trading.
Why don't you filter your set ups with upper time frame movement (in trend or in range). If you trade 1 hour chart, you can use the 1 day chart for filtering. I believe that this will improve the success rate in you trading.

Too be honest I am still learning and I do take the daily trend into consideration but I don't base my trades off of it unless I take a trade off the daily time frame.

 

[£80]

Trading Firm?

Does anyone think I could get into a Prop firm with this account and journal if I keep up with my trading success for 1 year, because I would like to start my own but first learn how to run one from a Prop firm.

 

[KillPhil08]

I think they would be impressed with high returns, risk management, etc, however your psychology will change once you get to 1 lot, 2lot, 5 lot, 10 lot, 20 lot.

 

[£80]

Day 10 entry no.2

Second trade for the day on the AUD/JPY pair long, entry based on the pin bar that formed at minor S/R.

I am expecting a bit of sideways movement because it is so late in the day (UK) before it goes towards my target, if it actually goes in my direction.

so lets see what happens

 

[£80]

Day 10 exit no.2

I got stopped out of this one

 

[trader_dante]

Does anyone think I could get into a Prop firm with this account and journal if I keep up with my trading success for 1 year, because I would like to start my own but first learn how to run one from a Prop firm.

I did.

 

[£80]

I did.

So you don't think so anymore?