Tuesday, June 4, 2013

EURUSD M15 BUOB Trade (Demo) - Win

EURUSD
I've decided to also journal demo trades which I feel are significant and educational enough. This trade is an example of how the lower TFs can be a source of fast and huge RR trades. I'm still learning how to scalp like this and hope I can be consistent soon. The reasons for entry and exit are mentioned above, I just want to mention some noteworthy points.

  1. Notice how swift price cut through the compression again? I've pointed this out in so many of my previous posts, compression into a zone is really powerful.
  2. I decided to TP 2/3 at the M15 supply zone mainly because I saw the compression and had a strong feeling price would correct. I was up by 2R then and didn't want to give it all away. Of course in hindsight holding on to the full position would have worked out better (4R), but at the expense of a huge draw down.
  3. I find it very amusing that price would drop exactly to the M15 demand zone before the ISM Manufacturing news came out, destroying the Dollar and causing EURUSD to spike up to my TP. In fact the news came out when Dollar was at its hourly supply zone. Coincidence? 
I'm still new to the lower time frames and far from being a proficient scalper. But look, this trade alone increased my account by almost 6%. That would have been more than my previous monthly target! Can you even imagine how much a pro scalper can make? My point is, as a beginner, it is ok to set 5% a month as a realistic target, and from what I've heard and read so far it should usually take two or more years of conscious learning/practice before one can even hit that target consistently. However, we should not get comfortable with that. I used to think that a trader who can make 10% a month is amongst the best, how naive I was... If I being new to this strategy can make 6% on one trade, the top traders should have no problem making 30+% each month. And I'm so blessed to have come across RTM whose material unlocked this possibility for me. I tell myself, as long as I keep doing what I'm doing, learning, practicing, demoing, journaling, reflecting, correcting, that dream is not impossible. Now 30% a month compounded for a small 10k account would grow that account into 1 million in 18 months. Amazing? Suppose it takes 3 more years of intense hard work to be that good. How would you like to be a millionaire within 5 years? 

Dreams are not too lofty when you can break them down and visualize a way to achieve them. I truly believe our destinies and who we are in the future is dependent on what we do in the present. 

1 comment:

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