DislikedLook at the big move on eur/usd 2/10/2008 - 3/15/2008 , that move did not give you a second chance.Ignored
See chart below...
Twitch Journal - Live Journal 4 replies
Creating my Trading Plan + My Trading Journal 27 replies
Another Trading Journal - Yuhu's Journal 16 replies
My Personal journal up 18% in 2 months going to start a journal 8 replies
Azzity's Trading Journal III (Azzity's 3/30 Trading Method) 9 replies
DislikedLook at the big move on eur/usd 2/10/2008 - 3/15/2008 , that move did not give you a second chance.Ignored
DislikedWell it all depends on your ability to earn profitable trades. I myself now closing trades that are positive less than 50% . Meaning if I win less trades, than my winers have to be larger. If I will catch only 10% of that winning move, my win is not going to be large enaugh to make profit. So it's not greed, its surival in my case.Ignored
DislikedEarlier oil looked like it was turning around, now it looks like it wants to climb higher. I've marked off the current 4 hour wave. If price breaks the wave to the upside, we're headed higher and this will probably affect the euro as well.
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Dislikedyou should stop by and take a look at Cadjpy, eurjpy and gbpcad, i know we tend to trade EU, but since where getting away from 'trend' trading and moving into waves i've been looking into other pairs
placed an Ej (long)trade earlier, but used the wrong base line for my stop i used the higher of the 2 lines, which was actually the turning point - lesson learnt.Ignored
DislikedGoing to add this in my journal as I just had a discussion with my dad who happens to be an Accountant (good to have them around when you suck at maths lol). I believe this part of my trading is flawed and obviously makes a lot more sense now that I think about it. This is going to be the framework from which I will use to calculate my position size.
This example is based on starting off with a $1000 account trading ONE pair
1. With your first few trades, trade between 1%-3% until you reach $1200 or thereabouts.
2. Once you have profit to bounce off, trade at 3%-5% based on a $1000 account (NOT $1200)
3. Step 2 continues through until you have reached $2000.
4. When $2000 has been reached, start trading 5% based on $2000.
5. If you should run into a string of losses and you hit $1500, start trading 5% based on $1000 again.
In a past post I mentioned that I was trading based on 5% of my account balance. This I believe is a huge flaw because when one runs into a string of losses and is constantly going in at 5%, compounding is actually working AGAINST you. The above change ensures that I only trade aggressively when I have profit to bounce from.
Again... all this stuff is basic. Just like the waves, I'm going through my money management to fix what should have been done a long time ago. With regards to the percentages mentioned, these figures are for my reference only. Others may choose to build profit using 1% then trading aggressively with 3% once they have profit.
Some will notice that I don't carve my rules in stone and sometimes leave things open ended. There's a reason why I do this. For one, every trader has a different personality and handles risk differently. The other main reason is because I think it's dangerous to trap yourself in a corner. When change happens, you won't be able to adapt fast enough.
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DislikedZoopy,
Looking at daily chart I have sent a scout in at 1.5550, who is fighting bravely. Very close to fibo 50. If I am wrong then we may go down to 1.538 or even 1.5280.
On weekly chart we have touched a trendline at least a couple of times and if we bounce of this again we should go above 1.5555. If we go through then 1.536 looks a possiblity and after that 1.49 begins to loom. Ho Hum......Ignored