I've been trading around 4 years now, and have just had 10 months off work to trade full time. Unfortunately I overestimated my psychological ability to adapt to trading larger amounts (amounts to live off versus pocket money). I also discovered that my trading had some significant flaws and the result of course was that I lost money. In short I did well getting a $10k account to $20k then blowing it with gambling / poor decision making/ lack of impulse control.
I have self imposed a new account of $1k.
I'm going back to work next week, I'm an ambo and have been in the job since 1997.
I've decided to start a trading journal to be more open, and I hope having a public TE might help curb some of my impulse trades as dirty laundry is not something I really want aired.
I trade UJ during Asian session as I'm on the East coast of Australia. I utilise candlesticks / TL / SR with an emphasis on 5min chart but considering a top down approach. I consider time of day equally important. I normally hunt for reversals. I guess once I start posting charts here and dissecting what's gone right/wrong my approach will become apparent.
My biggest faults to date have been trading too large, trading too often , too tight SL, TP too soon, trading into the afternoon when I find markets can be range bound. I concentrate on 9am to 1pm local time which is 0830-noon Tokyo time.
I hate DD so am always looking for best entry. I like to make 4-5 trades at once with view to TP 1-2 trades of 5pips, 1 10pip, and hopefully 1 >10pip. In my experience moves of Asian session are often reversed/ retraced by London so I don't get greedy, I'm happy to scalp and TP within a few hours.
I won't be trading til next week but I wanted to write something down to start.
I have self imposed a new account of $1k.
I'm going back to work next week, I'm an ambo and have been in the job since 1997.
I've decided to start a trading journal to be more open, and I hope having a public TE might help curb some of my impulse trades as dirty laundry is not something I really want aired.
I trade UJ during Asian session as I'm on the East coast of Australia. I utilise candlesticks / TL / SR with an emphasis on 5min chart but considering a top down approach. I consider time of day equally important. I normally hunt for reversals. I guess once I start posting charts here and dissecting what's gone right/wrong my approach will become apparent.
My biggest faults to date have been trading too large, trading too often , too tight SL, TP too soon, trading into the afternoon when I find markets can be range bound. I concentrate on 9am to 1pm local time which is 0830-noon Tokyo time.
I hate DD so am always looking for best entry. I like to make 4-5 trades at once with view to TP 1-2 trades of 5pips, 1 10pip, and hopefully 1 >10pip. In my experience moves of Asian session are often reversed/ retraced by London so I don't get greedy, I'm happy to scalp and TP within a few hours.
I won't be trading til next week but I wanted to write something down to start.