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

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

Lessons learn today…

Lessons learn today…

Today I lost around 7.00% on total equity (unrealised/realised equity) on the US fed interest rate decision. I made a big mistake on this one to thing that my long term position could not be affected on this risky event! So I assume my mistake and note it in my guide line book so this kind of mistake won’t happen again. And remember even if you are pretty sure of the outcome of the big new or event, the direction is not known yet!

It’s important to note your success and mistake!

I think by noting your mistake and success you will avoid making your mistake again and helping you to repeat your success. With discipline following your guide line and your plan that you have noted down you will be successful!

Have a great rest of the weekend

Miguel Bousquet

You can see my etoro profile for market update

All the systems working fine!

All the systems working fine!

I have not much to say today, except that my system is finally working fine on the real market! I try not to be over excited about that, because too much excitation when trading can make you take bad trading decision!  I think it’s important to have this mindset when you trade.

I wish everyone a good rest of the week I will come back with more technical stuff later

You can see my etoro profile for market update

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!