Short Post

The FOREX trading is coming along nicely. Hit my first target of +200 pips (percent increment points) and upping the contract size. All this is on a simple trend following set-up. Next target is +600.

Will post some technical analysis next week.

A Switch in Markets

After 2.5 years of trading E-minis in the US cash session I decided enough was enough. The late nights and lack of consistent success just got too much to bear as I started to bleed money while I traded in fear.

Some of my trading friends in a similar situation looked to Forex for the answer. Currency trading is a highly liquid market and is open 24 hours a day. In addition, the market can be traded succesfully off longer timeframe charts meaning less time at the screen.

On the face of it Forex seemed to fit the criteria I was looking for:-

1. Highly liquid, 24 hour market - I can trade any time that suits me.
2. Trade off longer time frame charts - I don't have to sit at my charts for long periods
3. A new challenge - learn a new technical analysis tool - Elliot Waves and momentum

I have been trading small lot sizes ($1/pip) trading a simliar strategy i used on E-minis - trend following entry at moving average support/resistance.

March was my first 'full-time' month and I achevied +180 pips. I will gradually build my account up and increase my lot size with a view to trading $30/pip in June and risking no more than 2.5% on my account on any one trade.

In addition I am looking to trade Wave 5 off a 4hour/Daily candle chart - since this is new to me i have started with $0.10/pip and after one full month I am a few dollars done.

So this is the new diary and I will endeavour to document my trades for a couple of reasons :-

1. To maintain my focus and discipline and
2. To share my success with onlookers who may wish to follow

So looking to success and fanancial freedom.