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