Follow my trading here:
OK so to start this week’s blog I just wanted to share something I read this week that will more than likely stick with me forever and that has given me an extra edge in my trading attitude:
“Losses are not losses they are expenses”. Just as a business needs money to start up which is not always recoverable your “losses” are to be looked at as expenses. Never use the words LOSS or PROFITS ever again, only Expenses and income. This is one of the best pieces of advice I have read and I believe it will help me in my personal development. I’ve had to invest money into my system to fine tune it and lost 100’s of pips getting it right in September as you previously read in my first blog. But it was an investment… and expense to lay out to generate that all important income.
So, onto this week’s trades… well it’s been a good week and the turning point for Novembers trading which is set to be another profitable month. I’m currently 5.26% up.
There have been 10 trades, 9 of which were winners. I’ve traded CAD, NZD, AUD, EUR and CHF, a mixture of both buys and sells, with my set SL and TP parameters of course. As always due to Market Volatility, Tuesday and Wednesday were the busiest days with 6 of the trades being taken on these days.
That big drawdown from September is finally slowly reducing… hard work isn’t it sticking to an account that is in drawdown despite the fact I’ve made very good profits for 2 months… I like the story though it shows a confident new trader coming to the harsh realisation of the pitfalls trading presents and picking oneself up from it having learned valuable lessons.
However added to this is the recent realisation is that I could actually be trading a $10 million dollar account in the next 2 – 5 years, making over $50,000 a month, $600,000 a year!!!!!!!
Even now I am on the path and heading in the right direction, it can be difficult to comprehend what life will be like when I reach this stage… but with my continued consistent approach, winning attitude, and advice given to me by Jarratt Davis (such as the low risk approach to trading), along with knowledge I’ve been sucking in from his book “How to trade a currency fund” and Mark Douglas “Trading in the Zone”, and blogging while growing credibility and gaining Forex contacts, I know for a fact I can and will get there… it’s all down to me now!
I’m learning that ANYONE can have the potential to do this, but only with the right mind set and the right influences…