Go Get That Money!

[ivankiss]

Alright. No more fooling around.

It's time to do this.

I am a man with big visions and goals. And that requires big money. As of now; I've got the perfect platform to build and achieve anything I want. There are literally no more excuses in sight. The only thing that's keeping me from getting that money... is me.

Some 'misaligned' beliefs, maybe. One or two bad habits. That's all. Nothing else is in my way. 

I am determined to overcome all possible obstacles life can throw at me. I am well aware those are likely to come. I am not expecting this to happen magically, over night. 

But happen it will. No question about it.

There simply is no other option.

I would not say I'm bad at attracting money. But I could definitely get better. I aim to bring passion-filled, loving awareness to this aspect of my life. I know that's the key.

As well as some blood, sweat and tears.

Mainly, I will be monitoring my trade entries in this journal. Without reveling what it is exactly that I'm trading, of course. I will also not be giving away any strategies, forecasts, signals, or anything similar. So don't ask.

This is about me being consistent and fully invested. Devoted. Committed. Dedicated.

This is about me getting that motherfucking money, baby!

I've been trading for three years or so now. But I was not very consistent. Or committed. I went through a long and somewhat painful learning curve. 

I discovered I'm actually very passionate about this profession. I pretty much fell in love with it, instantly. It's perfect. I love how there is no one else involved. It's just me and my computer. Me and the chart. Anywhere in the world. 

It's just the perfect puzzle piece. It also compliments my LP, perfectly.

It's time to do this for real.

I can feel it.

 

I will start off by adding a few very important notes to keep in mind:

 

PSYCHOLOGY 

If you don't have your trading psychology right, it doesn't matter what you do. Here are the main elements:

• Initiative - The power, or opportunity to act or take charge. You gotta have balls in this game. You must be willing to take risks - smart. Get up off of your ass and put in the damn work. Money won't just fall from the sky for you.
• Discipline - Create a disciplined system of entries and exists and do not deviate from it. Leave emotions out of the equation. Let the market do its thing. Let your trades run. Give things time and space. Stand your ground. Trust your system. Be at your best - whenever you're trading.
• Patience - Never enter trades on impulse. Negotiate on the price. Wait for the market to come to you. You must overcome the sense of urgency. You've got all the time in the world. There are always new opportunities in the market.
• Experience - There simply is no substitute. You must accumulate experience. You must come to know and understand the market. It's a wild beast. Do not hold back. Expect failure and be ready and willing to learn and adapt. Only that way can you move forward.

 

MONEY MANAGEMENT 

'When it comes to entering a trade, you could pretty much flip a coin and go long or short... if your money management is right - you're still going to be making a lot of money long term.'

Know what, when and how (much) to risk. Always calculate your risk. There is good and bad risk. Good and bad losses. Manage your trade in accordance with your trading system. Do not deviate. Avoid revenge trading, at all costs. Do not chase a trade, ever. Let your winners run. Do not exist on impulse.

Stop predicting the future. Drop the guesswork. The price is either going up or down - it's no rocket science. Stop avoiding taking action. Cut losses early. Take a step back, zoom out, breathe, come back with a clear mind. Dominate.

 

TECHNICAL ANALYSIS 

• Watch ATR! Open trades in accordance with it. 
• Do not swim against the current. Do not trade against the trend. 
• Stick to the time-frame that you opened your position on. Do not overlap.
• Buy below and sell above the average asking price. Duh.
• Watch out for any major hot spots on the chart (support/resistance levels)
• Check the economic calendar for any upcoming high impact news.
• Mark significant levels and zones
• Keep things minimalistic and simple
• Look for price corrections 
• Avoid trading in the consolidating phase

[ivankiss]

Position opened at Monday, 3:45AM.

ATR: 19.96

Chart: Daily 

 

[ivankiss]

Holding.

No significant moves on the chart. I might be a bit too early.

ATR: 18.64

[Raptorsin7]

What's your plan to get rich?

I've been thinking about this for a while now. 

I'm not healed enough to help other people with spirituality, but my entire life is consumed around seeking so this is kinda my niche.

If you were a true sage, you could express the thought "I want 10 million dollars in x bank account" and it would actually appear but i've yet to meet someone like this.

[ivankiss]

@Raptorsin7 For now, my main source is trading. I imagine later on music will be making me some nice money, too. And I also have a few other small businesses ideas in mind.

Good luck on your journey!

[Peter Miklis]

5 hours ago, Raptorsin7 said:

If you were a true sage, you could express the thought "I want 10 million dollars in x bank account" and it would actually appear but i've yet to meet someone like this.

Even if that was possible, chances are if you were to ever possess that level of consciousness, you'd not care about some petty 10 million dollars.

[ivankiss]

@Peter Miklis True dat.

[ivankiss]

Finally in profit. Big confirmation candle.

The picture is much clearer now.

Holding.

ATR: 26.21

[ivankiss]

Trade closed on Thursday, 4:15AM.

Nearly 50% of initial ATR in profit.

Overall; a nice trade. Some thoughts; I entered and perhaps also exited just a bit too early. The timing could be more spot on. The system could be tighter. 

A very good start though. I trust things will start running smoother now. Looking forward to a new trade tomorrow.

[ivankiss]

Expecting a bullish reversal. Slightly biased.

Might switch onto the hourly chart for cleaner entries.

[ivankiss]

Consider risk/profit ratios, more. 

Avoid trading 1:1 setups.

[ivankiss]

Yup, definitely exited too early (kinda out of fear). I'd double my profit by now.

I can forgive myself though. I'm just getting warmed.

Little to no chance I'll be entering a new trade today. I don't like holding over weekends.

Resting till Monday.

[Peter Miklis]

Just asking out of curiousity, what is it exactly that you are investing into? Stocks, bonds?

I'm pretty new to investing, but I'm planning to make it a major source of income. So far, I've invested 100€ into crypto, but that's pretty high risk investement as you can imagine. Want to balance it out with something more stable.

[ivankiss]

@Peter Miklis I don't trade stocks. I don't vibe with those waters. I trade forex, metals and occasionally oil. Crypto is not on my watch-list, either. But that might change.

[ivankiss]

Position opened on Monday, 2:33PM

ATR: 18.99

Chart: Daily 

[ivankiss]

So far the trade looks promising, but I think I entered a 1:1 setup, again. Unless I hold for a few days - which I would not prefer.

If I aim to swing, I must reconsider when exactly to enter a trade. At night might not be ideal.

[ivankiss]

In profit. Again; massive confirmation candle.

Holding...

[ivankiss]

Trade closed on Wednesday, 2:23PM.

Again, just below 50% of ATR in profit. Beautiful!

I might've exited a bit too soon, again... But as long as I'm green, I'm not stressing too much.

[ivankiss]

14.6% growth in just two trades.

Nice!

[ivankiss]

I exited right on a hot resistance level. If the price breaks through this level, and I get a solid confirmation - I'm going long.