Let's have some discipline

Happy Sunday everyone

I hope you enjoyed a nice weekend. In the coming weeks I wish to work on my personal discipline. I made a lot of adjustment lately on the account concerning which pair I’m going to trade and what time frames I am going to use. I made some changes on the money management and on the strategy itself too as I want to simplify the way it was working. I also set up a calendar to take note of my daily statistics.

All those adjustment took a little bit of the account equity. For now I really feel that all my stuff is good and nothing need to be change anymore. So all I need to do is stick to my plan and leave it untouched for a good moment.

I wish everyone a nice week ahead!

You can see my etoro profile for market update

Miguel Bousquet

Email : miguelbousquet1986@gmail.com

Setting up a personal account calendar

Setting up a personal account calendar

Today I am setting up a calendar for the account to have a better idea on how the account behaves when high importance news is release. I am doing to maximize profitability on the account and I really like how take note of everything can boost your confidence in trading!

Before I was using the result straight from my broker and I was doing it on a weekly basis which could be fine but could be wrong at the same time as I cannot see really well where it went wrong and have could do better result because of those subtle mistake. I am pretty sure I will be able to do less mistake with that calendar.If you want to set up your calendar i find my Excel monthly calendar template here.

Trading against the retail Forex market

Trading against the other retail trader or against the crowd is something that I did most of the time and I will always be doing it. I think it is healthy doing it sure it is not a certitude but when my strategy is against the crowd is it where it work the best. I always feel more comfortable in those times.  Just a little tips that I use!

You can see my etoro profile for market update

Miguel Bousquet

Email : miguelbousquet1986@gmail.com

Best time to trade!

Best time to trade!

Today I want to share with you the improvement that I will to bring to the account during the coming week. I want to improve the profitability of the account by focusing on the better day to trade during the week. So how it is going to work on the weekly basis on Sunday night I will open position on the weekly analysis only and on Monday to Thursday night I will open position based on my weekly and daily analysis. On Thursday night before Asian market session I will close all positions to go through Friday and the weekend without exposure.

Why I bring this improvement?

I came to this decision as I find out that I often lose money on Friday and by bringing this improvement I will reduce the risk exposure during the weekend. Sure I will have to pay the spread on position that I would have kept open before this improvement. But on good side I will cash in profit so it will produce a compound interest effect on the account has I will have a bigger equity on Sunday night.

I wish everyone a nice profitable week.

You can see my etoro profile for market update

Miguel Bousquet

Email : miguelbousquet1986@gmail.com

Happy Sunday everyone

Happy Sunday everyone

The trading week will soon begin and I was working on my stuff today i was looking at my stop loss setting and try to improve it. So I will share with you on that!

Why use a stop loss

Using a stop loss allow you to get rid of the emotions on a particular trade. If you set it to a point of no return and it cross this point it will automatically close the position. But when the market have gap or too high volatility it can close at a different price has it can skip your stop loss.

How I use my stop loss with my money management

Each position I open had predetermined size of loss of 0.5% of the account size loss on a weekly positons and 2% of the account size on the daily positions. And I never open more than 1 position daily and 1 weekly per trading instrument to avoid too much exposure. So I always got a max 2.5% risk per position. I know it may seem a lot but I am able to deal with that kind of risk. For a beginner I would recommend a 1% stop loss of the account size.

How you can set your stop loss

Has a technical trader you can place in a lot of way. But how I place mine his base on simple moving average it is really simple to use this way. If you want to use it you can build your on stop loss tool/finder doing back testing with your strategies and see where your strategies fail and come up with a simple moving average crossing when that failure happen that could make you quit that position at that time. When you find it you’re done but it is not a one size fit all so you got to carefully back test every instrument that you want to trade!

Hope this tip help!