Saturday, June 11, 2016

Challenge #8: Second target achieved at US$ 15,000

We finally met our 2nd target at US$ 15,000 from US$ 10,000, it's a 50% profit, huge for just 7 weeks, without having risked to lose our shirt, we know risk management is key if we want to be successful in this business.

On the previous two challenges we achieved the 2nd target in just 3 & 4 weeks though, this time it has taken us 7 weeks, why did it take longer this time?

Markets have different cycles, during some periods market can be very generous, allowing us to make huge profits with bigger volatility and wider ranges, we are able to take more trades, the more trades we take the more money we can make, we only take those trades that have high odds of working, so when ranges are tighter we need to be more conservative and we spend most of the time watching, preserving capital when it gets more difficult to trade is an important part of the trader's job, discipline is a must if you want to make money consistently.

When markets move in a single direction it gets more difficult for day traders to jump in, that type of behavior requires more discipline to wait for the right opportunity to trade, as a guepard waits for the right moment to get his prey, so does the trader need to wait for a good setup, and take them without hesitation once they're spotted.

As traders we know making mistakes is OK, as long as we learn from them and do not allow them to become bad habits.

Looking forward to start pursuing our next goal at US$ 20,000

Join us and see how we make it week in, week out: click here ==> Diamond Setups

“A trader who didn't make mistakes would own the whole world in a month." - Jesse Livermore