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?
Continue readingPaper Trading Day 9: Top Tools and Platforms for Day Trading
Today was a good day! I made a profit of 1.41% by employing my scalping strategy. As you know, day trading can be intense, but the right tools and platforms can make all the difference. Let’s dive into some of the best tools and platforms that can enhance your day trading experience and improve your success rate.
Continue readingPaper 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.
Continue readingPaper Trading Day 7: Getting Started with Day Trading Forex
Let me share my last Friday trade with you. I managed to snag a 0.15% gain with just one trade. Unfortunately, I was so exhausted from work that I forgot to screenshot the profit percentage result. But hey, a gain is a gain, right?
Continue readingPaper Trading Day 6: Strategic Trading and Risk Management
Today, I executed two short trades on the DAX about an hour after the New York Open (NYO), achieving a gain of 0.82%. My trading plan focuses on the first two hours of the market open. Why?
Continue readingPaper Trading Day 5 – Recalibrating
Today, I was able to secure four long trades late in the New York session, gaining just shy of 0.92%.
Continue readingPaper Trading Through Sickness: A Surprising Win
Yesterday, I wasn’t feeling well, so I decided to skip last night’s New York Open (NYO). Today, I took a sick leave to recover, but as I started feeling a bit better by the Frankfurt open, I decided to trade. Despite being under the weather, I managed to achieve a remarkable 7% gain today.
Continue readingPaper Trading Week 1 – Review and Preparation
It’s Sunday, a perfect day to reflect on last week’s trading activities and gear up for the upcoming week. Reviewing my trades from the past week, I carefully analyzed what went well and where improvements can be made. This reflective practice is crucial for identifying patterns, refining strategies, and ensuring continuous learning.
Continue readingMastering Backtesting: The Idiot Trader’s 5 Phases to Success
Backtesting is a vital process for evaluating and refining trading strategies. As The Idiot Trader, I follow a structured five-phase approach to ensure a thorough and effective backtesting process. This method balances detailed analysis with real-world testing, helping traders develop reliable strategies.
Continue readingPaper 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.
Continue reading