my trading day and new trading method ~ tuesday 2nd march 2010
Hello everyone – and I hope the title to this blog entry made you want to read it. Do not worry, I am not changing any of my systems, I am just going to work differently !
I have had plenty of thinking time over the past few days, and I have decided to go back to my ‘old’ way of day-trading – that is setting myself a daily target of so many pips, and when I reach that, pack up for the day. I am extremely lucky in so far as I do not have to earn a tremendous amount of money every day to maintain my lifestyle, together with the fact that due to the amount of money I have in my trading account and the level that I trade with, I only have to earn 20 or 30 pips per day to be in the top 5% of earners in the country. I am not saying that to boast, it is just a result of trading my very successful systems for the past 10 years. I also spent the first few years of trading building up my trading account, compounding my profits and taking the very minimum out of the account every month. This pays dividends in later years.
Over the past 9 months of my blog entries, you have seen the potential of my “Any-Time” system. It is profitable almost all of the time on a daily basis, and I have never had a losing week or month while trading it. You have seen when reporting my daily trading profits that 40 to 60 pips per day is the norm, and quite a few times a month the score has gone well over 100 pips for a days trading.
From now on, I will set myself a target (as I used to do) and just trade up until I have reached that daily target – then finish for the day. This is how I used to trade up to about 2 years ago. If there was something I specifically wanted to purchase, I would then trade for as many pips as I could for a few days, so that whatever I was after ( a new car for instance) I could then pay cash for.
It makes for a very relaxing work/life balance as I found that I was usually finished by mid-morning (if I started early) and it is something I would encourage you all to do, once you have mastered whichever system you have of mine, instead of spending countless hours in front of the screens.
Anyway – another day away from work, out with friends today.