As I put a little bit more technique around analysing my setups and also getting more detailed around my entry and exit techniques I feel I’m starting to get more confidence to rely on making $1000 trade and then taking profit. I also feel that I could do it frequently enough to make that much once a week or once every two weeks. The most important thing is not to force trades but just as an example 3 recent entries including wheat, copper and soybean meal all moved $1000 in my favour at least and so I could have said that my profitability from those three trades would have effectively covered my salary for the month. This means I really need to commit to only looking for a big wins on trades that have proven set ups for a big win specifically. The rest of my analysis can just be directed towards taking profit after a move of a thousand dollars or so.
That would also be a very meaningful way to start demonstrating my ability to go so low because it would give people confidence from two perspectives. The first being that I was making a certain amount of money relative to my salary and the second being that I have a large number of trades completed so that they can see my performance implies some skill by the consistency of the results.
Also reporting back the amount that I’m making weekly would do two things, firstly it would focus on my near term goals and make me accountable week by week. It would give me confidence that I am making progress which is more motivation to put in more time which hopefully would feed into my results. And also it would reinforce the message to my stakeholders such as my family and Echo that consistently performing at a level that will give them some sense of security. With their support I feel like it also increase my performance another level again because it will be easier to win time to devote to something which is providing results.
So this week I’ve lost $700 on the gold trade or $712 to be exact and so it against that mocha my goal is to make $1000 (net) by next Saturday which is basically the rest of this trading week. This means I’ll need to make $1,712 in total without losing any money in order to deliver on that goal. I sugar trade I trade is currently in the money buy 1240 US dollars. So with that Mark to market i’m head approximately $500 although my price Target on the Sugar Trade is only slightly below where we are now so that’s almost done provided I followed my trade plan.
So if I hold out for 0.1020 I could probably expect another $200 out of the Sugar Trade which would take my net earnings to about $700 for the week which is roughly about 1000 Australian Dollars. That is not bad. I suppose I would feel more comfortable if I had one more trade and it was a thousand u s dollars just because it’s a nice round figure but at least it is still a meeting for number to be taken home.
The fact that sugar has made a new low is encouraging so I will just keep an eye on the opening hours of trade tonight for both for coffee and for sugar.