Be a successful trader

Well I haven’t added anything to this in awhile, but I am trading the way I want to and I am continuing to improve on this every day. Currently, I am keeping track of my trading at my blog at http://lordtedders.blogspot.com

Well as long a journey as it has been (about 2 years learning, backtesting, trading about 20 hrs per week), it’s most amazing to see how well my trading is doing and it’s a little bit hard to believe.

I am making steady profits on my FX swing trading systems which net about 10% ROI per month. I am following the system completely and I know that I am doing pretty well because I’ve really stopped thinking about it (at least constantly).

For the past month in fact, most of my energy has gone into learning a new eMini Futures trading system which is more of a day trading system. This week I put it into effect for the first time and have made over 10% ROI in a single week. The system tests out at these numbers, but its still pretty phenomenal to see it actually happening. I’m very pleased. I will continue to see how it does for the next month and then start slowly increasing my contract size until I’m trading the full number of contracts for this system.

I see myself in a year’s time quitting my day job and doing more of what I love.

Well I’ve been taking all the trades in my system this month. Its been a bit of a difficult month and I ended up missing two good trades because of internet connection difficulties. None the less, I’m happy with how the system is trading. Hopefully I’ll be able to maximize its effectiveness next month.

Also I’m working on converting myself from TradeStation to NeoTicker since Neo has numerous features that TradeStation is lacking (and has continually failed to address). I’ll be very happy when I’ve gotten my strategies converted.

Well I’m back on track with my trading and doing better than ever. September was a decent month but very stressful. Netted about 350 pips.

I’m currently retooling my strategies to be a bit longer term as it seems that receiving 5-8 signals per night was affecting my sleep and my trading judgement.

I’m also going to concentrate almost exclusively on the GBPUSD and the two strategies I have setup right now should average about 600 pips per month based on my historical testing.

Well didn’t make my weekly goal last week but kept my account from burning up too much. Sometimes you just have to hold out for better weeks.

Well another week I’ve met my goals. For an easy trending week in the financial markets I sure was up and down but what matters is that I stuck with my plan and this helped me achieve my weekly goal of 75 pips.

I will be increasing my lot size (up to a maximum of 3% risk per trade) from its current 0.2% risk per trade to 1% next week. I will do this incrementally every two weeks until I am comfortably trading at 3%. If I fail to stick to my plan for a week I will have to go back down. This should help keep my discipline level high and increase performance.

Like Tiger Woods and his game last Sunday in the Bridgestone finals, its important to stick to your game.

Same with trading. This week I was flat by Wednesday but I stuck to it and made my weekly goal. Yes! (much fist pumping ala Tiger).

So when the chips are down just remember to stay mentally focused and don’t quit.

Well I’m making progress. I’ve taken every valid trade setup this week with my system! Probably only have a couple more trades to go.

Unfortunately I made two errors. I ignored triple divergence on the EJ this morning (too sleepy I guess) and stayed in a trade I shouldn’t have. That hurt. Also missed the best trade setup of the week due to an incorrect order placement on Monday. Oh well, just got to get the rust out of the bucket and get into the routine.

That is my goal for the next 2 weeks. I have backtested my currencies system for the past 2 years.

I promise to myself that I will take the next 20 signals without fail and that I will record them all in my journal.

My goal is to make 75 pips per week. I can do this. I have a great system.