Risk Management and Emotional Control in Day Trading Forex

It’s been a rough ride these past nine trading days. I haven’t been blogging my daily trades because I blew up my account. Well, technically, I didn’t blow it out entirely, but I did exceed my Max Daily Loss limit of 5% of my equity. During this time, I was day trading using an FTMO Free Trial account to practice with their key rules on risk management and emotional control. Unfortunately, I let greed take over. I was on a winning streak and decided to push my luck, which ate up all my gains for the week. I never seem to learn, do I?

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Paper Trading Day 8: Top Day Trading Forex Strategies for Consistent Profits

Today, I made a profit of 2.59% by employing a scalping strategy, my preferred trading style. I focus on quick in and out trades, aiming for a 1% gain per trade. If I reach it or more in one trade, I stop trading. Conversely, if I lose 1%, I also stop and come back the next day. I also use breakout trading, adding another layer to my approach.

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Paper Trading Day 3: Reconnecting and Rediscovering

Yesterday was an unexpected day off from trading due to the heavy rains that caused massive traffic delays. By the time I finally made it home, it was almost the New York closing time, leaving me no opportunity to take any trades. Instead of feeling frustrated, I took the chance to review and revisit some of my older trading systems and reconnect with my mentor from my DAX trading days.

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Paper Trading Day 2 – The Consequences of Breaking My Own Rules

Hello fellow traders, The Idiot Trader here!

Today was a challenging day in the market. After starting off with a modest 0.10% gain yesterday, today I faced two losing trades, bringing my overall performance down to -1.49%. It’s a stark reminder of how quickly things can change in trading and the importance of adhering to one’s strategy.

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Paper Trading Day 1 – A Slow Day in the Market

Today marked the start of my one-month trading practice after a long two-year hiatus. I had planned to trade at the New York Open (NYO), but life had other plans. The notorious traffic had me running late, and I only managed to get home 45 minutes after NYO. By the time I sat down at my trading desk, I knew I had to make the most of the remaining trading window.

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