12 Weeks Trading Forex

With 12 weeks of trading forex in the books, I currently have a balance of $17,346.74.  I started with exactly $10,000 12 weeks ago with the goal of quitting my job to trade full-time by October 1st of this year.  That would leave me with 218 days left.  After about 3 months of trading, I cannot make a determination if this is a realistic date or just plain crazy.  As I’ve stated before, I live in the New York city area where the cost of living is higher than most cities in the United States.  I realistically need to make at least $100,000 a year to support my lifestyle.  This includes food, a roof over my head, transportation, and a retirement plan not to mention student loans.  In 12 weeks, I’ve profited $7,346.74 which averages to $31835.87 for a year.  That is not going to cut it nor is it guaranteed that I will consistently make money each month.  If I look at my performance in 4 week increments, things tend to look a bit better.

Weeks 1-4   +1101
Weeks 5-8   +1779
Weeks 9-12  +4467 

This week I started out down similar to last week.  I rallyed back to end the week down only $300. This is the second straight week where I had to bite and scratch to get closer to the black.  I made some stupid impulsive trades but generally had a decent week sticking to my plan. 

I’ve come to the conclusion that I’m a lot more effective when I place an order that doesn’t fill at the current market price.  Instead of going to the price, I let the price come to me.  Last night, I placed an order to sell the USD/JPY at 117.05 when the price was trading at 116.70.  Eventually my order was filled and I ended the week making about $800 on this trade.  When you let price come to you, trading becomes a lot less impulsive.  There is no question that I’ve made a lot more money in my sleep than when I’m awake.  You can’t overtrade, change your strategy, or act impulsively when your fast asleep in the middle of the night. 

I haven’t had time to put all of my Trade Analysis down on "paper" yet but I will get to it this weekend.  Don’t forget that there are 2 Raghee Horner webinars this weekend.  They are free and I’m sure space is still available.  I went to her last 2 webinars and found them motivational and beneficial.  I hope to hear some of you there tomorrow.

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