I hope some of you are wondering how I'm doing and where I've been.
Well, I've been testing Super Extended CS on a demo account and it has been keeping me busy because I have had to hold a trade for over a week and the emotional process is just the hardest part for me.
I constantly had to battle myself to keep the wide stop-losses (my long term trading requires a large stop-loss) and constantly had to be on top of the fundamental part of the markets so I constantly had on www.reuters.com and www.wsj.com and even had to download an app that refreshes my page every 60 seconds just so I can stay up to date.
I constantly had to focus on my target and say to myself, you're exiting at 1.35000 and not a pip earlier!
It was really hard and I almost went loonie just like Canada's currency because in a way, this was something I had never done before and I had some people asking me,
well what is really the difference you just hold it until it reaches your target and you trust your instinct right?
Well yes, but ow god no!!! I mean the usual strategy I had just had to last a couple of pips like 30, 40, maybe 100 but how many hours is that? 7 Hours at average and now I had to completely shift gears and make a trade last 7 DAYS at MINIMUM! I traded the weekly charts, not to mention the leverage was reduced by 4 times!
I went from using 1:200 to 1:50 because there would be absolutely no way that this would be possible if I only had 50 pips of margin. But then again, that is what my comfort zone was and 1:50 leverage meant It would take me 200 pips to get stopped out, but also meant it would take 200 pips for me to double the amount. Where with 1:200 leverage, it would only take 50.
This trade could've ended up losing me 200 pips.
But I will tell you what happened.
I entered at 1.4056, Moving my stop at the end of the week, and exited at 1.3589 gaining 467 pips.
I then decided that the short positions won't be finished until about 1.3500 which was my initial target, I then re-entered at 1.3580 and exited today at 1.3499 gaining 81 pips..
But because I re-entered, I won't include those pips in the original trade. So in reality, I raked 548 pips in this huge trade, but thats why it says 467 and not 548.
I also found myself adding fibonacci again, just for the beauty really because I didn't use them, same goes for the 50 day moving average, didn't help me much either but hey they make my new long term chart look much more professional so why not ;-)!
Now if you're wondering, why is he for christ sake comparing his strategy to a speed measure?
It's because no car can reach 467 MPH. And I also believed my mentality and strategies couldn't reach 467 pips. It's about being the best at what you do! Through hard work, constantly staying on top of the market, I achieved. And it feels GREAT!
And the best news is, me and this strategy are just getting started.
With this strategy, I have only 1 goal; to become the undisputed champion of the EUR/USD pair.
For those of you who would like to see some evidence for this trade; http://mt4pips.com/mwynton/statement
I will post this trade on meetpips including why I entered tomorrow!
Have a great trading week!
Merritt.
PS. I'm also checking out the GBP/JPY pair with this strategy, so you might see some trades on that pair as well!
On Tuesday November 16th, 2010 at 03:29PM by obiwan23 - Like - 0 People
PS. Is that a picture of the Bugatti Veyron you're planning to purchase? Haha!
On Tuesday November 16th, 2010 at 08:41PM by MWynton - Like - 0 People
Thanks alot bro!
I really want to keep trading like this so I'm already looking for opportunities to go long on the EUR/USD, but I guess I will wait until the irish get a plan to start soving their problems.
It was a practice account though but I will shift back to the live account soon, when the time is right lol.
And it would be a dream come true to own a veyron haha!
Hope you're having a great trading week!
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