May 8th Asian Forex Session - THE POWER OF COMPOUNDING
New York is usually a much more volatile session compared to Asia. Well, Tuesday night this wasn't the case. We had a huge breakout for over 60 pips by 9 PM EST.
My trading plan calls for quick scalps and I only had access to my phone during this session, so I only caught a small portion of the move. That's the best part though - it's all you need. You don't need to worry about catching the entirety of the move.
Think about it in terms of percent - take a calculator and compound 5% a day on $100. In just 100 trading days, you would be over $13,000. Add another 10 trading days and you're over $21,000.
Banks/institutions don't have the capability to compound to this extent but as retail traders we do. Carve out a plan and take your 3% gains on a trade. In terms of any other investment, if you make 3% consisitently, you're set. If you go out of your way and keep trading after you've already won a trade or two - trying to make 10% or 20% - you will set yourself up to ruin your account.
And here's the move shortly after I closed:
For treding in fifteen minutes is it not too risky, how can I get a signal from you to be able to learn@dailyforex
Higher time frame tells you the direction, lower time frames for pin pointing entries. I don't offer any sort of signal service but I will continue to post my trades which can be learned from :) Been busy but will be back to posting soon, I have a lot of catching up to do on here for sure!
I'll keep going@dailyforex
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