Viewers who are daily readers of my Xin’s Trading Adventures articles and have asked themselves, “Can I make money trading currncies? or “Can I make money with Hodo Global/” but don’t have the knowledge or the inclination to trade currencies by themselves, don’t think you are out of luck. There is a great program called RYZE.Ai from Hodo Global. Check out the videos at the bottom of this article to learn more about this fully automatic artificial intelligence algorithm, which I really like and generates steady profits, week after week. For more information, please watch the overview videos, read more of my detailed articles, attend a Thursday evening webinar or send me an email and set up a time to talk personally.
Now back to my personal trading:
16 Winners in a Row! – Am I a Genius?
Quick answer: No.
Many of you may remember my post from a couple of days ago titled “Haste Makes Waste – Why I Feel Like an Idiot“. If you did read that article, I made a careless stop loss input and put in the wrong values. This resulted in having losses on three positions instead of three very nice winners. I was frustrated at myself for not taking the time to check my orders before heading out in the morning. In that post I talked about the importance of managing your emotions and my belief that more traders are undone by this than perhaps any other factor.
The Next Day
Fast forward to the next day and I entered many trades. I was able to put my frustrations behind me and concentrate on the task at hand, which was selecting and executing new trades with the help of the Harmonic Scanner.
Question: How did I do? You probably already probably know the answer from the title of this article.
Answer: I had sixteen winners in sixteen trades, as you can see from the chart below.
Question: Would I have been able to do this if I had kept my frustration from the day before?
Answer: Probably not. Negative emotions do not lead to success.
I remember my husband telling me a quote from a famous football player, Tom Brady when asked about his thinking when he throws an interception. He says he immediately puts it out of his mind. He realizes that dwelling on it or letting negative emotions into his head will affect his performance moving forward. So, instead he shrugs it off and moves on to the next play. Given that he is one of the most successful football players of all time, you can see that this approach s beneficial. How many other instances in sports can you think of where the player makes a mistake and then it gets into their head and the mistake is followed quickly by a second and a third and things turn into a disaster? Probably you can think of many.
Let it go. No different than Tom Brady, if you are going to be a trader you will make mistakes. Nobody is perfect. If you do enough trades errors are a part of life. Let them go. Now, I am not saying to not learn from your mistakes. Certainly see what mistakes are made and try to implement corrective actions. You don’t want to keep repeating them, but let them go emotionally. If need be, get mad for five minutes, go punch a punching bag or something. Then move on and go back to work with a clear emotional state of mind. If you can’t, just take a break and walk away from new positions until you can.
And now, on to the sixteen trades!
Sixteen Winning Trades in a Row
Entry Date/Time Type Lots Pair Entry Price Profit Target Exit Date/Time Exit Price
Question: How did I get sixteen winners in a row?
Answer: Using what I have learned from much study and the trading experience I have gained over time.
From my experience, I did pick up on a pattern that occurs when a harmonic pattern breaks down. This is something I learned through observing many trades. I have tested this and it does allow me to do some quick trades which would fall in the scalping category.
Investopedia defines scalping as; “Scalping is a trading strategy that attempts to make many profits on small price changes. Traders who implement this strategy will place anywhere from 10 to a couple hundred trades in a single day in the belief that small moves in stock price are easier to catch than large ones.” Read full definition here.
This probably accounted for most of my winners this evening. (It was slow night for signals that fell into the normal category, that is trades I entered following the direction of the harmonic scanner.) If I can consistently make profits with this new concept, it will allow me to increase the number of my profitable trades and grow my profits, which is the ultimate goal.
Now, I don’t have this many winners every day, as those of you who follow my daily trading reports know. I am still learning the craft of trading. However, it certainly feels good. 🙂 I will have to make sure I don’t get overconfident.
These are the types of things I discuss with my team when we review strategies and what is working in our independent efforts. This is only one of the ways you can make money with currency trading. Check out my other articles and watch below for how the fully automated currency trading algorithm (RYZE.Ai from Hodo Global) can allow you to profit from the currency markets. This is a fantastic way to profit from currency trading without the stress of trading on your own..
Please feel free to leave me a comment below or contact me here.
Tune in tomorrow for another exciting post.