constitution

My FX CONSTITUTIONS
I am a PROFICIENT, DISCIPLINED and PROFITABLE TRADER. I enjoy trading to make a profit. I honour the responsibility I have to myself and to those who are watching and depending on me to be such a trader. I continue to educate myself on how the markets work and I also continue to educate myself on how the mind works so that I incur the necessary discipline to execute the right actions for my success. I know how to determine market direction and I have a simple trading methodology that has an entry and two exit strategies, one for profit, one for loss. My trading methodology feels comfortable to me, is easy to understand, obey and execute. I have a set of trading rules that make sense to me and I obey those trading rules. I always trade with a protective stop. When I find a trade, I create that trade and trade my plan. If my currency of choice does not fit my trading methodology, I look for another trade in another currency. If I cannot find a trade, I am patient until the market meets my criteria. Each trade either wins me pips or lesson or experience.

Sunday, February 20, 2011

My 1st Weekly Review... each trade either wins me pips or experience...

This is my personal review of my past week trades.

Overall im in negative pips zone, but somehow it doesnt bother me the least. It was expected, as last week im more of "perfecting" my skill and I strongly believe I have achieved that goal. I know what shall be this coming week's goal...

Looking back into last week, firstly my main weaknesses was I "force trade" myself. I basically "need" to take trade each time I analysed the market. This week "I will only analyse potential trade setup at 4H and Daily timeframes. If there is no setup, I will walk away or do something else". Period.

Secondly, I will only trade off the Pin Bar formation. I did this exactly BUT the point I looked over was "I got to make sure that the next CS is either an Inside Bar or Fakey" I have to wait. Its ok to enter one candle late, but with greater chance of success.

The only Pin Bar formation I shall trade right away is when the PB is following strong trend, confluence with S/R etc.

 There are a few more things I need to work out this week but those are the main important ones.

Wish me luck traders....