Introduction to RYZE.Ai:
People often tell me that they really enjoy reading my currency trading adventures and they would like to make money trading currencies or commodities like oil or gold but they don’t have the time to master all the skills necessary to be really good at it. If you are one of those individuals, there is a fantastic program called RYZE.Ai by Hodo Global. I can show you how this fully automatic artificial intelligence software program, which I use to generate continual profits in my account, day after day and week after week. Independent analysis shows this has earned 3.06% per month on average. For more details, please watch the overview videos, read more of my detailed articles, attend a Thursday evening webinar , check for a RYZE.Ai seminar in your area or send me an email or set up a time to talk to me individually.
Right now there is a subscription special reducing the initial fee to only $99, a savings of $100. Read my bog about the special here.
Now back to “the best of” my personal trading:
Remember, my Daily Trading Reports cover my independent trading, which is one of the ways I make money trading currencies and gold and silver. My weekly trading reports will cover the automated mirror trading with the Master Traders and the Live Trading Rooms.
The big news of the morning is a mistake I made entering a trade and my emotional response which compounded the problem. Trading is as much psychological as it it technical or analytical. I would guess that more traders end up losing because of mental lapses, emotional responses and second guessing their decisions than from any other reason. It is hard not to doubt yourself, your tools, your trading methodology, your mentor or other factors when a trade goes against you and you are losing money. People exit trades that would have been profitable, they sell at smaller profits than they could have and hold onto losses longer than they should because the market is going to turn and go back they way they want.
I commonly hear people say “I need the market to go up 20 more pips.” or “I need this to turn around and come back to break even and I will exit.”
One lesson I learned years ago is; The Market Doesn’t Care What You Need!
The market is moving in response to buy and sell orders and is going to go where it goes. Your wants and needs are irrelevant. Decisions should not be made on the basis of what you want or need. Decisions need to be made logically. For example, if you were to analyze the situation and say, the trend is up for the CADJPY on the daily chart and the four hour chart and on the hourly chart the CADJPY is in an oversold position in the Relative Strength Index (RSI) and it is close to support on the 18 bar moving average on the hourly chart. This would give you a logical, rational reason to believe that there is a good chance that the price may be bottoming and about to turn around. Hoping the price turns around because you can’t afford another loss in not logical.
My brother in law has traded for many years. He is fond of saying “Hope is not a strategy.” I have a real life example coming up below.
I have switched up the format so that each post will contain one day’s trading. So, this will be a morning session and an evening session on the same day. I think this will be a little less confusing for everyone, especially me.
Morning Wednesday 3/9/2016
This morning I had another Canadian Dollar / Japanese Yen CADJPY Signal, another harmonic crab pattern. I placed one position at first and scaled into the trade, ending with three positions. My entries were a little higher than what was shown on the screenshot, because I didn’t get the absolute low. My entry prices were 83.784, 83.795 and 83.816. Since my entries were a little higher I set my stop loss orders corresponding a little higher as well.
.The second trade in the morning was the Euro / Japanese Yen (EURJPY). It was a harmonic bat pattern on the hourly chart. Once again, I scaled into the position and had a total of three positions, each set with a stop loss and a profit target corresponding to one of the three profit targets on the chart.
The third signal was on the British Pound / New Zealand Dollar (GBPNZD). This was a Harmonic Gartley pattern on the hourly chart. I was buying and was going to scale into the trade, just as I had done on the other two trades. Now however, I bought at 2.09742, but instead of a .01 lot, I bought .1 lots. Ten times the size of a position I wanted. I quickly noticed because the price went straight down. Quickly I was down $25. Then it rallied a little. Pride then took over. I was on a five trade winning streak. I didn’t want it to end. I needed the market to pull back to my break even point so I could exit the trade without a loss and keep my streak alive. I needed the market to rise. Up and down, down and up the next 20 minutes were a roller coaster. My emotions had the better of me. It had to rise. Once it got within $3 but I NEEDED a breakeven point. I missed the chance and down it went again. After being down close to $30, I got out down $15. I was all mad and annoyed with my error and just threw in the towel. Emotions had control and I didn’t think. OK, I made a mistake. It is finished. Now I have a valid signal to enter a trade. Nope, I walked away angry and mad at the currency pair for breaking my streak.
This was a huge mistake. I don’t have the entry screenshot since I didn’t think of it in all the excitement, but check below for the rest of the story.
Evening Wednesday 3/9/2016
Results Signal 1:
Look at how the CADJPY trade turned out!
This trade turned out to be a fantastic trade. It hit all three profit targets yielding an excellent return. I hit all three profit targets at the levels on the chart. My results were as follows:
Position 1: Entry 83.784 Exit 84.410 for a net of 62.6 pips
Position 2: Entry 83.795 Exit 84.410 for a net of 107.1 pips
Position 3: Entry 83.816 Exit 84.410 for a net of 183.4 pips
62.9 + 107.1 + 183.4 = 353.1 pips
353.1 pips x $.10 per pip on a mini lot (.1) = $35.10 profit
On this $1,000 account that would be a return of $35.10/$1,000 = .0351 or 3.51% in the same day.
Results Signal 2:
This trade also turned out to be an incredible trade. The trade also hit all three profit targets yielding an great return. It reached all three profit targets at the levels on the chart. My results were as follows:
Position 1: Entry 123.3730 Exit 124.1171 for a net of 74.41 pips
Position 2: Entry 123.3744 Exit 124.5424 for a net of 116.8 pips
Position 3: Entry 123.3816 Exit 125.2250 for a net of 184.34 pips
74.41 + 116.8 + 184.34 = 375.55 pips
375.55 pips x $.10 per pip on a mini lot (.1) = $37.56 profit
On this $1,000 account that would be a return of $37.56/$1,000 = .03756 or 3.756% in the same day.
Results Signal 3:
This trade would have yielded over 600 pips. On this $1,000 account that would have been a return of $60.00/$1,000 = .06 or 6% in the same day.
Instead I walked away mad, didn’t buy the positions and as a result only got the $15 loss. Even with the loss I wold have had a 4,5% return in a day from the trade. A great opportunity wasted through pride and anger.
Lessons Learned 1: Mistakes happen. Correct the mistake, implement corrective actions later as need be and move on.
Lessons Learned 2: Manage your emotions. Anger and pride cause me to compound and error and then make a second error (not entering trade properly). This was a very costly mistake.
I need to work on managing my emotions while trading. This is the downfall of many if not most traders. I have to keep my emotions in check and use the positive ones to help me be successful and minimizing the negative ones such as pride, anger and fear.
I hope you enjoyed the great trades today and learned from my mistakes. Please leave any comments below.
People who desire the profit potential but don’t want to learn currency trading see below.
Like I said at the beginning of this article, for additional details on a fully automated, set it and forget it, artificial intelligence currency trading program called RYZE.Ai from Hodo Global , watch the videos below.
Once again, if you have comments or questions, please leave then below or contact me.