AUDUSD WON - 18102016 - 1.5 percent

AUDUSD won

Reasoning - AUDUSD was on a triangle. Reasoning, a higher high within the triangle should yield a continued upward trend as long as it was within the triangle.

This also has implications for the AUD pairs and USD pairs.
Took profit close to , but not at the trendline, and watch and wait for reversal trades and or retracements.

NZDJPY WON - approx 1.5 percent

Longed NZDJPY on a SAR signal.
1) Algo blue, SAR positive, day making higher low from previous.

2) RR about 1:2.5
3) Profit target set near the highs for the previous week.

Quite a positive trade.

Notes about this trade:
1) no emotionals involved
2) risk was very low, about sub 1 percent

Big Losses

Been running into a string of losses.

Note:

1) Do not overtrade
2) Do not revenge trade
3) Manage your potential loss exposure

Things You Must Know - As a Beginner Trader

Being a trader is difficult.

Before you start on this horrible, horrendous journey, here are some of my recommendations and takeaways. Please take note of the following.

- You will lose money. Many times.
That is why you should practice risk management of risking 2 percent or less! People have wiped out their accounts with reckless money management. Remember, no matter how ideal the trade seems to be, there is a possibility that it can all go wrong.

- Do not give yourself too much pressure to be in the trade.
You probably should start off with a demo account so you won't lose real money for the time being.
Focus on making good trades, rather than hitting everything that seems positive (this can be really difficult).

- Do not compare yourself with others
You probably shouldn't mix too much with people that boast about their winnings. I have heard of a few aces that supposedly multiplied their accounts by 10x or more in 2 months. But seriously, what would that be to you? Would supposed Mr Ace share his winnings with you? No. Would Mr Ace transform you into somebody like him? No. Would you even be able to trade like Mr Ace? No! Everybody is different. So don't try. You probably should trade based on your edge - market research, chart patterns and the like. You will be wrong. Everybody is. And has it occurred to you that Mr Ace could be lying? P.s Mr Ace probably does not practice good money management.

- Find a good mentor
This is really difficult but in this business, there really is so much hokey and shady characters out there, it really can be hard to tell. So ideally, a course or forex mentor should:

• have email or contact access regularly
• have regular classes 
• tell you the basics - money management, the importance of a trading journal, economic fundamentals and technical analysis
• be available to look at your trades (but this requires your trade journal)

- It is not going to be easy

Trading is incredibly easy but being a consistent trader is incredibly difficult. The road to success for consistent traders are paved with broken dreams, and dead bodies (literally, I am not kidding). I suggest laying off quitting your full time job to trade, unless you have sufficient capital, and or having a supportive spouse. 

- It gets incredibly lonely

Sometimes you do not get people to talk to. Nobody really understands how difficult it is, you get 20 trades wrong in a row. Not to mention that there are ARSEHOLES who would diss you with their supposedly winning methods when they know you have a losing streak. Seriously, that is a horrible idea.

So, do you still want to be a trader?

Shorted NZDJPY and AUDJPY 13102016 - LOSS AGAIN. 1 PERCENT

1) Shorted NZDJPY
Reasons:
- JPY strong today
- Continued US dollar strength and weakened commodity currencies.
- Algo trend red rebound.
- Seemed like a channel downwards.
- VIX high and rising.

Also shorted AUDJPY

1) NZDJPY GOT KICKED OUT.
- Markets did a rebound.
Please re-evaluate.

EURGBP SHORTED 12102016 - 1 percent risk

Shorted EURGBP and risking 1 percent.

1) Reasons: GBP is largely oversold and has a bounce back.
2) EUR is being oversold
3) Algo line red.
4) Markets reacting to Theresa May backing down on Hard Brexit
http://www.marketwatch.com/story/uk-government-backs-down-on-brexit-scrutiny-by-lawmakers-2016-10-12

RR: 1:3

EURNZD - LONG on 11/10/2016 - sub 1 percent loss

EURNZD - LONG with a loss.

Reason:
1) Algo line was blue and showing signs of strength
2) EUR would recover against the NZD (I was wrong)

Hindsight -
1) Should have get out once algo line turned red.
2) there were plenty of chances to take a quick exit without incident.

No real reflection on this yet.
1) Please think about how many eur trades gone wrong. That's another 2 percent I can put in the pocket.