My GBP Trading recommendations & Journal

[cementman]

1- I'm not hiding my method or style its just not a system that I can show you a couple of charts and send you a couple of indicators and BOOOOM that’s it.. you can teach mathematics but you can't teach art it should be learned not teached and it has to be on one by one basis and I'm not hiding it caz I know as I said before that not every one would make money of it and I experienced that myself as they say a lot are called but few are chosen..any way I'm 80% technical and I use the news just to know the time they are getting out and stay away of it as possible, few years back it was fun now the brokers will do every thing to take your money and I don't care what name you'll get me, but if I'm already in a position and I'm wining lets say 70 pips and the news is after minutes I get out of 70% of my position and keep the rest at break even so if the news went on my favor the rest 30% might make me money even more than the 70%and if it went against me I close at the break even and I won the 70% that I closed early..and if I'm going to the news and I'm already wining or losing 10-20 pips most probably I'll close and not take the risk also if I'm going to the news and I'm already losing like 80pips and there is only 20 pips for my original stop loss I'll leave the position on so either I lose the rest of 20 or It might be in my favor and I get it all back..see every situation has its own answer that’s why its not easy just to say the system caz it’s a style.

2- There is a lot of books but mainly I recommend "trading in the zone" for Mark Douglas one of the best books in trading psychology .. also Alexander Elder's "Come into my trading room" and "trading for a living"..also in money and risk management "the trading game"by Ryan Gones, actually there are hundreds I can't mention them all but I personally like reading so I have over 300 book and that’s only about trading..oh and there is Steve Nison "beyond candlesticks" very good book about the new charting techniques like hieken ashi , renco , kagi and three line break also the master's book john Murphy and I believe its here in the forum.

3- About the 5% loss and 15% these are only numbers what I meant is for you to have a plan any plan but just don't trade with out one"plan your trade and trade your plan" that’s one of the main rules in trading..and what I meant that lets say I started the week with 10000$ and my first trade lost 100pips the 2nd also lost 200 pips the 3rd won 100 and then the 4th lost 300pips so my total loss for that week till now is 500 which is 5% of my capital I stop trading for that week and start the next one and also if I hit the 500$ win even in my first trading day of the week most probably I'll secure it and even if I trade the rest of the week it would be in low profile I mean if I usually trade 10 lots I'll trade one, see trading is like boxing who ever tells you that he never gets hit or unbeatable is lying you'll lose some trades here and there and you might even have a losing week or month but the important thing for a boxer is never to take the nock out so that he live to fight another day so if you went to your position loading 80-90% of your capital and you lost there is no tomorrow for you my friend ..my friend 5% in a week on dollar that’s very good people put there hard earned money in banks for a year to get what you made in a week and maybe day or 2 so why risk it why greed(barak allah fima razaq)

4- I think not less than 5000$ for a mini and not less than 30000$ for standard.. though I prefer to trade minis even if you have 1 million dollars they are easier in dividing like lets say you have one standard lot and you're wining and you see the market is facing a resistance(in case of long) and you want to get out of some and leave a little how are you going to do so but if that was 10 minis you would close 7 for instance and leave 3 see what I mean and at the same time if you want to buy 70 standard lots all you'll have to do is to buy 700 minis with the same one click on your mouse..let me also tell you that a lot of wellknown brokers have only minis and they allow you to buy millions with them..i mean more than 2000 mini lots..so its better to deal with minis they are easier to handle in my opinion.

5- The last thing series 3 is an NFA license to work in the states you have to have it even to answer a clients phone and put him on hold you'll have to have it..so it's not related to securities its related to futures..please google search it with the trading books also and you'll know what I mean..as usual it was another long post..well wish you all the best.

[cementman]

ok this week recap is 43.89$ which is 0.7% less than one percent lets hope we do better the next week..I'm sorry i didn't get to you much of this week during to personal issue..still we did good don't under estimate what we did caz i've seen some of the good service providers this week and they are in red, so as long as we make money or even didn't lose it we're on the right track . take a look at the 4H candles to see how choppy this week was till the next week ahve a great weekend.

[cementman]

Buoght 3 mini lots G/U @1.9955..SL 1.9855