in Misc

Forex day trading in Summer : my journal

It’s been a while since i last blogged. During brexit era, i briefly took off from forex trading. The market was going haystack up and down so vigorously i thought i should take a break. With my strategy to risk 10-12 pips, those time was not a good time to trade. Over time i learned when the market conditions are not favorable to trade, just take a break. I also had a chance to visit India to attend one of my friends big fat wedding after brexit. It was really good time to see all the colors, cultures and dances in Jaipur India. The break that i needed from trading and day job. I came back fresh.

When i came back, it was summer time. I got to know that the big money mover guys would not trade and take their yacht and hot chicks out for a spin in the ocean. The volatility during these months especially this august 2016 was painfully slow. i witnessed trading range of just 15 pips on cadjpy once. However, I would still trade as my philosophy is to keep on doing my process over and over again as nobody can predict the market. i’m totally against over-analyzing the market. I’m here to trade, not to guess what millions of traders thinking how would they play in the market. I have heard from guru’s (?) to spend time analyzing during weekends and spend less time executing trades. But i just do the opposite. Since i trade on 15 minute time frame, i kinda trade live and take action on the fly. I plan my trade every day prior to Ny open for few minutes over the span of 10 pairs at least. During weekends and non trading moment, i don’t think about trades at all. I don’t even open my chart.

Anyway, trading in August was not good. i lost 5% of my account, taken average of 8 trades per session 4 days a week. Those of you don’t know, i’m trying to make my hand dirty in Day trading as it better suits my personality. I was a price action swing trader for 2 years but it was going no where. So i made up my mind to make some changes and switched to day trading on 15 mins chart.

Since then, i’m working exclusively on NY session. I know the system works as many traders are making tons. but for me, i’m still learning. After almost 9 months trading on live account, i learned a lot. I’m very close to be constantly profitable in few months.

Last week, aug 30th – 1st Sep was good trading week for me. Volatility just got back after summer trading. I made 150 pips this week which is around 5.05% gain. I need to keep this up through out September. From October, i plan to invest some good money.

I shall try to be more regular on my blog. My effort is for aspiring traders who are trying to switch to forex from their boring day job. Along the way, i also want to document my journey and share with you guys and perhaps learn something as well.
My target is to get in the button of Forex and make some money out of it.

Welcome to my Journey to Freedom.