Saturday, July 9, 2016

Challenge #8 done: target achieved at US$ 20,000


This time our challenge has taken us two and a half months to reach our main target at US$ 20,000, we had 2 difficult weeks when profits were really sluggish, resilience is a must in our business, only the strong minds can make it through the more difficult times in the markets.

The BREXIT thing was not easy to trade so we spent more time watching than trading during that short period, it's really not easy to control the anxiety to take trades and try to make money, but if we don't see setups we like we rather just sit on our hands than trying and losing, it's so much easier to lose, don't forget that only 10% of all traders are able to be consistently profitable.

One of the advantages of using a trading system you have confidence on, is that you don't mind just sitting and waiting, you know statistics speak for themselves, so we wait until we see a high odd trade coming our way, but for newer traders it all looks like a real waste of time, they want to trade no matter what, but, at the end of the day, they understand that it's better to keep going forward slowly than going backwards.

In trading we do make mistakes almost daily, things like taking profits too early, or giving up on a good trade before the stop loss order gets hit are common, we are human beings and on some days we may not be at the top of our performance, as traders, our state of mind really makes the difference on results, traders are prone to making mistakes, but we are aware that we do not have to be a super trader to make money consistently, there is no need to be perfect, as long as we don't make the unacceptable mistake of taking a big loss in a single trade, never let that happen to you, small losses will not kill us, when stopped out, next!

On Monday, July the 11th, we start a brand new challenge: "Challenge #9" - from US$ 10,000 to US$ 20,000 trading ES (S&P 500 e-minis). This time it will be in just 2 stages, we start trading 2 lots and when we reach half way at US$ 15,000 we'll increase the size to 3 lots.

So our main target will be a little more than 80 points, let's see if we can make it once again and how long it will take.

We know that if we trade with discipline, without emotion, being patient to wait for the good trades and not giving up after 2 or 3 losses on a bad day, we will get there again, no doubt.

Trading is a process, we just have to repeat it over and over again until we reach our targets.

In our trading room, calls for the trades we take are made way BEFORE the trade takes place, giving you enough time to enter your orders.

Join us this time!

Click here: Diamond Setups - The only edge you need


"If you think education is expensive, try ignorance" - former president of Harvard University, Derek Bok



2 comments:

  1. What tools and studies do you use?

    ReplyDelete
    Replies
    1. Sorry, only saw this now, I'm used to answer questions on Twitter or email...

      I haven't reinvented the wheel, technical analysis tools, such as trend lines, Fibs, but the main thing for us is pattern recognition.

      Delete