“Good Night Trade” Project: Trade #2
A lot of people in the last couple of years tell me they don’t have enough money to trade at all. I always tell them that they can start small in the Forex/Currency market, which is the best trending market out there. They don’t believe me at all.
As a result, we have began the project “Good Night Trade”. The goal is to show people that are working regularly that they can trade with the “crazy” hours they work and ALSO to illustrate you can trade with little money. I have taken a “door job” at a local bar in Atlanta getting paid $9/hour. I will try to work 4 hours every week unless I am traveling or family obligations. I am then going to put trades on with the money I earn from this “side job”.
Up to now, I have worked two days generating a revenue of $45 for the first night and $30 for last night. With the $45 from the first job, I put one trade on at night with a $15 risk. You can see the results of that trade here.
Here is last night’s trade.
At night, I am looking for a 10m,30m, and 60m multiple time frame match where my trading time frame is the 30minutes. I take only 30minutes pull backs because I wanted to put the trade on and leave it alone. Most of the time, the trade triggers at night so that is why we call it a “good night trade”.
Here is the scanner results from last night. You can see the date/time of the scan at the top.
Since we don’t have much money to trade with….we have to be very selective. We had to choose the highest probability of all the scanner results. Filtering was based on higher timeframes. The choice for the trade was the NZDJPY currency pair for the Forex market. Here is the chart setup:
The results were positive. We gained around $30 from this trade. So far, we are 2 for 2 with $92+ for the results. Each trade had min. of 3:1 reward/risk. The account is slowly building up now. Once it gets to around $500, we have the ability to start to swing trade off the 60/120/240 if we want too….
EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results