Post 23 EWU Observations from a New Student

I was away from Tuesday through Saturday on a road trip with a friend and did not even look at the market for five days. It was good to get some distance.

So, I had a very short week in terms of getting anything done. The previous week had been a very productive one. I created a very detailed organization plan that I now need to carry out.

In my “business meeting” today, I was still stressing the need to get organized, so I’ll be renewing my focus on organizing this week (My week is now Wednesday to Wednesday).

I took my first real demo Forex trade based on my own analysis last night and it was a very good BO-3 trade. So, I feel like I’m getting the feel of the Forex. I’m thinking I’ll complete 10 trades and assess whether it is time to start trading real money. I imagine that will take the rest of February, at least. I’m beginning to compile analyses on the Forex pairs, making printouts of the longer time frame Elliott counts, etc..

My feeling about what I am doing has changed quite a bit due to my trip. I feel more relaxed and less urgent. I know that it is simply going to take time to get to where I ultimately want to be and I’m content taking time getting there. I know that I can make money in the Forex markets, as long as I am thorough, diligent and careful and only take the A+ trades. I’m quite content with a goal to take 2 trades per week that look like high-probability setups and make 25 pips per week. That would be above and beyond the Ultimate Signal Service trades. If I find more setups and make more pips, that’s fine. But 25 demo pips on 2 trades per week seems a very attainable goal that will not cause me to take trades that I shouldn’t. I’ll reassess next month, based on what kind of track record I generate.

So, I’ll keep it short and sweet tonight.

-dave

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