Trading Diary Friday 21st August 09

Wealth mentor and author, Marcus De Maria, teaches the strategies that made him financially independent. He has taught thousands of people his brilliant, proven, yet simple strategies for wealth creation, stock market investing and forex trading. Free seminars available

Wow the weekend is here again, continued apologies on the lack of updates this week. I am still hampered by technical difficulties. So no charts unfortunately to show you entry and exit points. I have just taken 18pips on cable to end the week up by just over 25 pips. (Summary at end of post)

Not traded forex that much this week due to many different activity's. An example of this is below......I have uploaded some pictures of the Investment Mastery Golf day for the advanced traders. Joining us was Mark and Rob of progressive property and of course Marcus De Maria.

I was pleasantly surprised to find out that Marcus was actually very good at Golf! I have this perception that he's not really a sports person. With the amount of self development I have done its strange I still hold on to some of my old beliefs!

(Group shot of team with fellow skype traders Toj, Veronica, Brian and Adrian)

Oh did I mention I won the putting competition :)

(Check out my swing!)

Rob - progressive property Very good amateur!

Still got it!

OK enough indulgence and back to Forex trading, there was a pivot at 16436 this morning! It gave me a short trade of around 16410 on Pound Dollar. It failed to break the pivot significantly for a short. My entry was not that clear for the long trade, but a pattern had formed from

4 am with resistance around 16468.

I entered the trade around 7.55am at 16475 and exited at 16493.8 at around 8.06. Very risky as that is the same time of the ftse opening and can make cable move in completely opposite directions sometimes. But due to the way it had failed to break the earlier pivot I was confident that it would continue until 16500 before retraction.

Plus the fact that Bernanke was due to speak at 10, so I wanted to get in and out for some quick points before 8.30. The greed that I have been recently experiencing has left me only 25 pips up this week. I have taken some drastic action to correct this by resetting my limit to 20 instead of 30 and will get out at 15pips if I am close to any major pivot points or key numbers.

Also no second entry's! This cost me 30 pips on Thursday and reduced my winnings for the week. So I end the week with a clear reminder of why I took up trading and what has given me the strength to continue through the roller coaster ride of LOWS AND HIGHS!

I want to be finished by 10am and be on the golf course spending time with great people....Time is the most precious commodity to me and having control of mine is the ultimate goal....Besides 60 to 70% of business deals are done on the golf course! Enjoy the weather it doesn't happen too often in the UK!

To Your Trading Success!