Forex Daytrading the Discipline and my strategy

Most Daytraders I know have 2 stories:
1) They did a lot of money in little time, lost all that money even faster, and left the business.
2) They lost a lot of money in a short time and left the business.

There are some exceptions:
1) lost money in very little time, but a source of revenue outside the financial market, and then to be constantly losing money in a short time, why not have anything to pass the time and / or because the money does not end outside .

Obviously I am exaggerating a bit, and there are certainly some readers who are daytrading and that win consistently over the years ...

Until very recently, I was skeptical as to Daytrading, but believed in something, a daytrader of success must have: Discipline

Discipline, Discipline and Discipline ... If to be a Trader Position of success you must be very disciplined, to be Daytrader you must be 50 times more than that.

More important that the price at which you buy or sell, is a detailed strategic plan for each trade, a stop, a goal, a risk management position and that a report of each trade. Learn why it is opening a position, because it is close to that position because they earned money in that position because that position has lost money, etc.

The only way I see to discipline the behavior of a trader, you spend it all in writing in a journal of trading (a simple notebook serves), and insert a sheet of daily Excel all businesses, plus the comments of each business.
Additionally, each trader must know their means, ie% of its business is profit, which% are losses, which% are neutral business, what is the average gain, the average loss, the average performance of each business, etc. . These must be the head of the table as the daytrader.

Regularly, the daytrader should look at your daily trading and remember their achievements, their losses, the reasons ... Observe the evolution of its medium, as a fundamental analysis of a company if they were ...

The Daytrader must make 'Technical Analysis' of their behavior, to find common patterns in their gains, losses find pattern and kills them, maximize their behavior to become an' Ultimate Trading Machine "... ;-)

Turning to targets ...
The technique of making Daytrading target is not original, but it is very simple and works very well for a disciplined trader. Serves to keep the trader 'focus' on something you want to achieve, and use your discipline to achieve.
In the cross EUR-USD, the standard is moving between 30 to 40 pips, micro daily trading ranges are 10 to 20 pips ... and large movements daily (more rare) are between 50 to 70 pips (all figures are unofficial, only tested empirically).
In a stage of war 'as it will not ask ambitious 20 pips per day?

Why 20 pips?
Because if a move is standard 30 to 40 pips, it will be relatively easier to ask that 40 of 20 pips, which would set the minimum and the top of the micro-motion ...

The 20 pips is a strategy that is suitable for me, obviously the trader to trader this figure varies. Each trader should be sensitive to this decision.

So what is the point?
The goal is simple:
- Do not lose more than 20 pips a day, trying to gain 20 pips per day.

?

Exactly ... Ultimately the aim is to gain 20 pips per day, but the condition is that if you lose 20 pips before you can make 20 pips, stop trading that day.

To implement this strategy typically use a stop of 20 pips since the start of my day Daytrading in which I think is an excellent opportunity. Obviously, if this business fails, my day is over, but this trade have also always on a price of output in the 20 pips gain.
Usually only the failure of the first business day 1 X a week, try that this business is carefully chosen, and focus on me winning the 20 pips quickly.

So when it won the 20 pips? just a joke?
No, remember that the goal is to not lose more than 20 pips ... trying to win the 20 pips ... the 'trying' does not mean that the day ended in the 20 pips gain.

This reasoning seems a bit misplaced ... But it has a purpose:

EUR-USD to negotiate, often after you close a trade of 20 pips, still with the feeling that this trade had more to give ... and it is frustrating ... Often because you have a particular view of Position Trading, and ends up as' miss' big business, which also were drawn up in our strategy to position ....

Recall advantage of Forex ... as it is open 24 hours a day, no risk of a gap opening in the next day (except on Friday) ... This means that a stop is still valid and 100% guaranteed for one day to another.

This all to say the purpose of this strategy:
This initial opening of trade mentioned above, with the objective of 20 pips and 20 pips stop, is to establish an unfair situation ... In conventional Position Trading, this is really unacceptable and meaningless ...
But in Daytrading is not operating trends ... quite the contrary, seeks to crumbs ... preferably very fast ...
Normally the second trade of the day, is also a trade with the same features, 20 pips and 20 pips stop-goal ... Although this case has the objective to expand with more security ...
The ultimate goal of this strategy is the Position as Bonus ... very basically, means that to make 2 trades ganahadores consecutive 20 pips, can you give me the luxury of trying (if you have in mind) of a business risk position with 0 (zero) and a stop of 20 or larger pips ...
Zero risk, because they guarantee more than my daily goal and me can afford to porlongar this trade for a longer period, trying to catch what would flee when normalmento 'get' the crumbs ...
On average, lose 2 out of 3 'Position as Bonus' ... but the only one who won, the performance is on average 100 to 150 pips ... in some cases exceeded 250 pips.

The strategy and the timing ...
Often, the reason to make a trade, no longer make sense due to the time that passed since the trade that began ... however, we have achieved the goal or stop ... We must 'negotiate' and this and see how much sense is still open in terms determindado trade ...

The Strategy and leverage?
On average do not use more of that 1 / 3 of my available margin, or no leverage over 33X on average, which is not to say that time does not, or that when my personal index of confidence is not lower alavancagens use even lower ...

Summary of strategy:
- Do not lose more than 20 pips a day, trying to gain 20 pips / day
- If on a given day, the gains are greater than or equal to 40 pips, I risk a trade position with a maximum stop of 40 pips and not less than 20 pips.

What about the motivations and strategies for buying or selling?
I think not yet reached the day where someone can explain to another person, a prescription of how to earn money in exchange.
Probably my strategy is not to many people ... Other strategies for winning people not fit to me ... and so on ...

By way of summary (can deepen in another article later), my reasons for open positions of Daytrading is little different:
- Normally, identify patterns of 1 or 2 days, and establish what I believe to be the mother of the trend intraday charts.
- Then try to identify patterns over micro-time, in the bar graphs for 5 minutes, I leave these standards gain some consistency and affixed them, always looking at the trend mother (2-3 days).
- Do not use technical indicators, only supports, resistances, triangles, etc.. Study breaks the false and false signals, and try to guess them to avoid "spending cartridges.
- Use contrary Opinion in news that may influence the EUR-USD.
- While avoiding direct influences, I always a classic AT Position Trading the EUR-USD, this view serves to take the case of the 'Position as Bonus' and never to try to win the 20 pips ...