Wednesday, January 22, 2014

01/22/2014: Trading - Impacts of News Releases

I just wanted to make note of the importance of following the information passed on by my coaches.  One thing that I was told in training, was to be aware of news and the significant impact that High Impact news can have on the markets.  Here is an example from this morning.

I was long on the USDCAD pair and took my trade at Point A.  Note the effect on price at Point B when the BOC Monetary Policy Report came out that has a direct impact on the Canadian dollar.  You can see there was a significant spike in price.  This ended up triggered a take profit on this trade for this account.  But, news can also go against you.  It is important to check all high impact news for the day as shown on the Forex Factory website before considering your trades for the day.

"Here's to your success"

Bill McManus

Sunday, January 19, 2014

01/18/2014: A well needed Pep Talk - From the bottom of the pit to back on top!

 
I had my session with Greg today and boy did I need it.  I felt like the world was all coming down on me.  My ex-wife served me with court papers taking me back to court for more money.  My trading which was going so splendidly the first month, took a major turn for the worse.  There are major issues with my job and also my wifes job, with lay-offs pending.  It all seem to come down on me at once and I fell into a major depression and as Greg put it, "I just shut down".
    Well, Greg put things in a whole new perspective.  He discussed the importance of challenges in life and in the journey to becoming a success.  He told me that "challenges are the catalysts of greatness"  he said I should embrace and welcome the challenges as they will just make be better and stronger in the end.  He said that we cannot grow without facing problems.  It is in our moments of challenge when we find out who we and what we are really made of.
     I had originally though that I would not include this in my blog.  But, then I realized this blog is about the entire journey.  The good and the bad.  The triumphs and the pitfalls.  My goal is to help others and others will surely encounter the same thing.  I want everyone to see that they challanges are normal and they will help you in the long run and give you tools to deal with them.  So, I will always include my challenges and outcomes along the way.

   Challenges are what make an "average" person become an "outstanding" person.
 
 
            

     He also talked about what he called the Strong and Shadow Archetypes.  These are personality traits that we have or project in various aspects of our loves.  People either project Strong Archetypes or Shadow Archetypes, of which there are four.  We can however show a strong archetype the majority of the time, but can also fall into the shadow archetypes during challenging or other times.

   
           
     
     We then once again discussed the importance of my morning ritual.  He wants me to focus on physical activity too.  This is one of my major goals for 2014, but he said it is also important to be fit and full of energy which will help me on my journey.
     When we were done with our session I felt so much better.  I realized that these were the first of many challenges and struggles that I have ahead of me.  Greg told me to learn to laugh at the challenges and the people placing them before me.  He said they are actually doing me a favor by making me a better and more successful person in the long run.  So, I now welcome the challenges as I know I will prevail and I will be a better person on the other side of the challenges as I grow from them.
     We discussed goals in general.  Greg asked me to write down my goals for 2014.  

    • What do I want to be
    • What do I want to do
    • What do I want to have

     He also told me to start working on a "Vision Board".  Find pictures of what I want to be,do and have in the future.  I actually have a good start on this already.  I am supposed to send this information to him in a day or two and we will have another session this coming week.

"Heres to your success"

Bill McManus

Tuesday, January 14, 2014

01/11/2014: Trading - Week 04 Wrap-up

Trading Wrap Up for Week 04

     The following are the results for this past week.  I had a very good week, only having 1 losing trade.  I attribute my improvement to the knowledge passed on to me by Emmanuel during my coaching session last week.  I followed his advice and avoided what would have been several losing trades.  I also practiced patience when looking for nothing but the best trade set-ups.
     So, I end my first my first month of trading with the account I am trading being in profit by a respectable 6.9%  My goal of showing profit on the account for the first month has been achieved.  I hope to improve as time goes on.



Winners: 7
Losers: 1
Non-Triggered: 7
Winning Percentage: 41.7.5%
Profit/Loss Percentage: +2.64%
Total Account Profit/Loss: +6.9%

Here's to your success!

Bill McManus

01/05/2014: Trading - Week 03 Wrap Up

Trading Wrap Up for Week 03

     The following are the results for this past week.  I did have a pretty decent  week.  I did have more losers than winners, but with proper position sizing and risk/reward control, the account ended up in profit for the week.  
     I was happy to have an increase in the account this week, due to the number of losers.  So, overall I am in profit for my first three weeks of trading.  I hope the green trend continues into next week.  I want to end my first month with a respectable profit.





Winners: 5
Losers: 7
Non-Triggered: 0
Winning Percentage: 41.7%
Profit/Loss Percentage: +1.58%
Total Account Profit/Loss: +4.26%

Here's to your success!

Bill McManus

01/07/2014: Coaching session #3

This morning I had my 3rd Forex coaching session with Emmanuel via SKYPE.  The first thing we did was go over some of the questions I had.  I had questions regarding taking trades on Sunday when the markets re-opens at 6PM, should I close my open trades on Friday when the market is about to close at 4PM.  I also had some questions on some of the trading concepts and if they can be taken against the major trend.  I had several losing trades using one technique and found out I was not implementing it correctly.  Than you Emmanuel for clearing up my issues.
     We then went over my trading log.  I use my own version of the trading log.  It is a spreadsheet with the entry, stop-loss, take profit level, risk and outcome with comments.  I also include a screen shot of the trade set-up captured at trade entry..  This way, I can go back and re-analyze a losing trade to see if I may have entered incorrectly.  This also allows Emanuel to easily go back and review a trade set-up.
     We reviewed some of the various trades I have taken over the past 3 weeks.  Emmanuel said I was doing very well and I was grasping the concepts nicely.  The account I am trading is currently up bout 3 1/2% and he said that was good.  We discussed weekly/monthly percent increase goals.  But Emmanuale said that is all individual and based on your overall plan.  I need to meet with Greg to discuss the big picture and then define some monthly goals for profits.
     When we wrapped up Emmanuel told me to focus on the areas I had questions on and only take great trade  set-ups.  He told me to schedule another training session for 2-3 weeks out.  I was pleased with the session and I am grateful to have such a great trading coach to work with.

Here's to your success!

Bill McManus

Monday, January 6, 2014

01/01/2014: 2014 Goals: Happy New Year! Here's to a successful 2014!

     When I look back at every year for the past couple decades, I always remember one thing.  At midnight as I toasted to the new year, with champagne glass in hand, I would tell myself that this is going to be the year that I will find success.  Even after years of failures etc, I always kept an optimistic outlook.  Well, this year is different.  I am convinced that this year will be an incredible one working with Greg as my mentor.  
    The year 2013 started out as a rough one and I didn't have really any true business opportunities show themselves to me.  But, that all changed in October when I sent my book proposal to Greg.  It has been a whirlwind of excitement since that day.  I never dreamed that I would be in London working face to face with such a successful man.
   So, 2014 promises to be an exciting year.  I can only imagine what my year-end wrap-up will consist of.  In preparation for a successful year on many levels, personal, professional and financial, I have started to write down my goals.  I have defined my personal goals as show below.  
    One thing that Greg and I discussed in London, was some of the things on my life goal list and why I couldn't start doing them right now as some level.  Actually he said "no more bullshit, just do something!"  Well, one of my goals was to begin volunteer work and to mentor others.  So, I just signed up with an organization called Icouldbe.  I will be mentoring and working with disadvantaged and challenged teens.  It promotes education, life skills and personal growth..  Another goal I had was to start writing.  I have begun writing the beginning chapters of the Making of a Millionaire book.  I have also begun work on my first children's book, something else I have wanted to do for a long time.  So, I am off to a good start on my personal goals.  I will report back with my professional goals after I meet with Greg

Happy New Year Folks!  I wish you all a very prosperous 2014!

Here's to your success!

Bill McManus

Goals for 2014

Personal
  
  1. Maintain a positive outlook and positive self-talk and image
  2. Volunteer: mentoring (icouldbe.org) 100+ hours for 2014
  3. Lose 40 pounds
  4. Exercise 3+ days a week to tone up
  5. Complete first children’s book: Dolan’s Doorway Adventures #1
  6. Complete 6 chapters of Making of a Millionaire

Professional
  
  1. 3 month goals:
  2. 6 month goals:
  3. 1 year goals:

Financial

     1) 3 month
     2) 6 month
     3) 1 year