Sunday, October 25, 2009

Coin Toss


What's the score? I tallied up my Shut Up & Trade entry results. If I had traded my plan, I would be net +269.2 this month, which leads me to believe that I should definitely start trusting myself more.


Right now, my probability is a coin toss, which would be a 50% win rate.


I needed to go through this phase in order to gain a perspective on what's working and what's not working.


What's not working is clearly my trading psychology. Now that I see for myself that even a 50% win rate could result in an overall net gain, I am going to take more decisive actions in my trading. My forex broker had been telling me this all along and it had always been in one ear and out the next.


The most interesting things to note are:


1. The majority of my trades have a risk:reward ratio of 3 or above.

2. My stop losses are all below 45 pips. The ability to be a fraidy cat is perhaps the most important part of my money management strategy. I have used bigger stops before - to my detriment. Therefore, I have become very diva about keeping very strict stops.

This Week: Plan My Trade, Trade My Plan (Hopefully For Real) Week




We're all going to make it one day!! At least, I know I am. LOL.

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