My personal Forex results

June 26, 2019

Hey everyone,

This is the landing page for my own personal forex results which I will be posting each day to show how my trading account is either growing (or in some cases shrinking!). I want to show everyone what I am up to and each day I will explain how the day went, which trades were placed well in accordance with the strategy. Also I will go into which trades didnt go so well and why!

Essenitaly this is an open and honest review into my own trading results, to help me be accountable for my trading and to show other traders (beginner or more advanced) what works and what doesnt!

Why I am showing these results –win or lose

I feel it is hugely important for me to show my daily results and it helps me to review them and see where I went wrong or where I did well and followed my trading plan.

It could help other people work out how to analyse their own trading, the things I look out for, what I consider good/bad trading. And it shows the people that follow me in my group what I have been up to and hopefully they will feel comfortable to share their own trading results in the process and we can then analyse together.

Obviously my analysing is my own personal opinion on the way the markets should be traded, with reagrds to my own trading plan. I will be showing my forex results whether win/lose/ break-even for complete transparency into what I am trying to achieve. It is the only way to take RESPONSIBILITY for my own trading!

Where can I see the daily forex results?

I will be posting a detailed post on my trading, sometimes I will do this daily. Other times depending on my schedule I may only post my weekly results. It all boils down to how much time I have available that week. So if you see a few each day, then only get one for a week that is why.

I also have an Instagram page where I post my results each day, with a short paragraph explaining briefly how the day went. Feel free to follow me on instagram by clicking on the link.

However I will post a much more detailed assessment of my trades, right here, on my website!

You will also be able to view my stats over at the 30 pips a day myfxbook, by clicking here

The Importance of following the plan!

Now what I will do is show you my last three days trading right now to show you the importance of following the plan. I have been a bit of a naughty boy this week so far and not followed the plan. I got away with it monday and made a nice profit, tuesday again I veered from my trading plan, but managed to get away with it and banked 3% for the day.

However today that steady progress when drastically wrong and Iended up losing ALL, yes ALL, of this weeks profits PLUS 50% of my initial £100 deposit! What an awful day of trading, lets delve a little deeper to find out what the in the world went wrong!

Now as you can see the first coiuple tradeswere profitable, 5 pips in profit between them! A pretty decent start, but then what happened was I missed a couple set ups whilst sat on my laptop watching the market! This set my mindset and trading psychology into the thoguths of “I missed those two great set ups, I need to get into the market, they were both 10+ pip trades and I missed them”

Panic had set into my mind! FOMO (fear of missing out) was rife and hugely present in my mind. What I SHOULD have done is stop trading fdor a while, go for a walk, take some deep breathes then come back when I had relaxed and refocused!

Instead I jumped into a silly trade that was NOT a valid setup with my entry signal, therefore also not a valid setup within the rules of my trading plan! Guess what happened….

I gave back the profit I had made from my earlier two trades 🙁 forex trading results 26 06 2019

 

This was swiftly followed by another PANIC trade! This time the set up was close to being valid but as I was struck by fear – I entered too early and thats right you guessed it…I was stopped out for 5pips!!

The next trade was a great entry, it fit all the criteria of my trading plan, perfect trade for 10-15pips profit target.

Now because I was already flustered by losing my two previous INVALID trades. I was not in the flow of the market. By this time I was struck by FEAR. And instead of taking the 15 pips as planned, I closed the trade early for just 4 pips! This trade then flew up 25 pips!! Wow Ireally messed up I am thinking, now not only have I lost 10 pips I have also missed out out 11 pips that I SHOULD have banked easily…

At this point, again, I should have stepped away and recomposed myself, did I do so??

Of course not, I was in full panic mode chasing the losses, chasing the missed pips – this is a recipe for disasater- and so it proved. For the remianing time on the charts I was making silly errors that I would simply not make if I had took time away and collected my thoughts – reset my mindset and prepared to trade CORRECTLY!

I missed a huge 50pip move that was planned from earlier in the morning and that was it, I was in meltdown!

Loss after loss after loss followed until I had just £50 of my inital investment left! What an absolute shocker of a day!!

The Solution

A huge setback for me, obviously financially, but mainly in terms of building my mindset. I have worked hard at focusing on the psychology and mindset side of  forex trading as this is what seperates the consistent from the inconsistent. Today I got trapped in the bust part of the boom and bust cycle!

To address these issues, I have wiped the slate clean mentally, meditated on this today (and I will do so again first thing in the morning prior to beginning trading). I have also set up my myfxbook, with a new clean trading account that is funded with £200. I feel like starting with £100 put too much pressure on me to perform so I veered from the plan too much.

Starting afresh tomorrow, ALL of my trades will be linked to myfxbook,  so although this adds a bit of rpessure, it also means I need to be patient and wait for the perfect setups before jumping in a trade – my thinking behnd this is I will only take those perfect entries as I have detailed in my personal trading plan as I want my stats to be looking healthy come the next week/month.

I have got myself a leather bound book to use as my journal specfic to ALL trading activites, so that I dont forget my original analysis – I will have this with me at my laptop while trading to keep as a reference. And finally I have rewritten my trading plan in the front of this journal so I can check back if I feel my mindset slipping!

These steps should keep me on track and I will post tomorrow to let you guys know how taking these steps has affected my days trading…

I hope this honest, in depth analysis of my own forex results has inspired you to take responsilbility for your own trading/. It is the only way to make a success of this. Own it, live it and be honest with yourself for what the reasons are for your results.

Hreres to not having a psychological meltdown within trading hours, and also to the hope that I am strong enough tomorrow to walk away and reset if I make a mistake! This just goes to show the importance on psychology and mindset when it comes to trading!

 

Feel free to post your own results or comment below, i would love to hear how you have got on today 🙂

 

Happy trading, may the pips be with you 🙂

Follow me on instagram to see daily results….

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