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Journey to consistency

  • #321
  • Edited 5:42pm Jan 5, 2018 5:47am | Edited 5:42pm
I won't call tops, bottoms
I won't trade at all if my MAs aren't in their correct order.
I will only trade trends
I will stick with DAX, only
Grass isn't always greener on the other side.
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  • #322
  • Jan 8, 2018 3:45am Jan 8, 2018 3:45am
1 trade per day
my initial target was 13345
but took profit at 13363

+1.3% for the day.

on a really bad day I guess I can expect 20pips.
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  • #323
  • Jan 8, 2018 3:59am Jan 8, 2018 3:59am
DAX maybe going up now.

But to keep my DD within workable numbers I have to take single trade a day, and at a set time some days will be good some days will be like today. But as long as I don't hit a loser it's all good in the long run.
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  • #324
  • Jan 8, 2018 4:02am Jan 8, 2018 4:02am
It looks alright but if I can manage 65% win rate with 1:2 trades cumulative these numbers should take care of themselves.
Calling it a day here.

Will be back tomorrow for 2 hours of scalping.
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  • #325
  • Edited 4:22am Jan 9, 2018 4:11am | Edited 4:22am
Today was a tricky day
Opened 2 position
Went against my rules (BUT risk per trade was 6$ each 6x2=12$ still within my risk limit per day)
Only managed 5pips didn't move much during my trading hours 8:40 - 10:40

as for timing, I think I may have to start looking for opportunities from late Frankfurt early London, because like today during my set time for DAX scalp there weren't many opportunities.

however I will keep my risk within what I am comfortable with, I'm good with 50$ for the day so say my first position late Frankfurt or early London setup if I reach my target I will call it a day. It's a work in progress but knowing my risk limit it keeps things under control.
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  • #326
  • Jan 10, 2018 2:22am Jan 10, 2018 2:22am
had 2 shorts 1 8 minutes prior London open the second few minutes into London closed them both at -9$. Look where it is now. I have a problem , its not that I can't go with the flow, I'm just too damn impatient.!! maybe because I've lost too many trades, I've been wrong too many times that I don't believe myself at all.
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  • #327
  • Jan 10, 2018 2:31am Jan 10, 2018 2:31am
Quoting Piquant
had 2 shorts 1 8 minutes prior London open the second few minutes into London closed them both at -9$. Look where it is now. I have a problem , its not that I can't go with the flow, I'm just too damn impatient.!! maybe because I've lost too many trades, I've been wrong too many times that I don't believe myself at all. {image}

but I will be observing the markets for few hours more
I might open 1 trade thinking maybe in an hour, if the setup is there.
still have room to risk a bit and I have to recover my losses due to my own wrongdoings!!! "impatience"

1 more entry allowed.
Let's just keep it a 2 a day ?
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  • #328
  • Jan 10, 2018 2:57am Jan 10, 2018 2:57am
Quoting Piquant
{quote} but I will be observing the markets for few hours more I might open 1 trade thinking maybe in an hour, if the setup is there. still have room to risk a bit and I have to recover my losses due to my own wrongdoings!!! "impatience" 1 more entry allowed. Let's just keep it a 2 a day ?
alternative suggestion: TRADE SMALLER

maybe if a single loss of 2-4 points doesnt account to 0.3-0.6%, but half, maybe in turn you will be more patient to wait longer, and give your trade more room to breath.
2-4 point is but the usual noise on DAX!
there is always, always another trade!!
  • #329
  • Jan 10, 2018 3:26am Jan 10, 2018 3:26am
Still recovering, increased risk level now, will reduce it sooner.
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on a postive roll...
  • #330
  • Jan 10, 2018 6:29pm Jan 10, 2018 6:29pm
Quoting profitfarmer
{quote} alternative suggestion: TRADE SMALLER maybe if a single loss of 2-4 points doesnt account to 0.3-0.6%, but half, maybe in turn you will be more patient to wait longer, and give your trade more room to breath. 2-4 point is but the usual noise on DAX!
I can't reduce the lot size any further than what I'm already trading 1lot, (don't want to add anything just yet) and at the same time don't want to blow it up. To reduce the further risk of dwindling acc I'm going to limit my risk per day at 1% whatever the balance is at that day, if I get it right I can trade up to 4 entries per day (4 seems to be max for DAX from Frankfurt through London lunch break) all taken from the winning portions. That's what I have in mind. Still trying to balance the numbers.

about that 2,4loss it's my own error, I got in at the optimum level with enough room to roam around it was ranging a little below my SL upon London open but still good enough then I closed it manually.. that's my problem. Don't want this to hinder my performance. But I keep letting it happen. I need to constantly remind myself its not the 1,2 trades that will make me but the next 30 trades - need to remind myself the big picture not the outcome of 1,2 trades. But of course to be sure I need to take account of those next 30trades and I should have enough for the next 30trades in my acc.
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  • #331
  • Jan 10, 2018 7:20pm Jan 10, 2018 7:20pm
I'm capping loss at 1% per day from whatever the balance of the acc is

For DAX during my active trading hours there're usually 2-4 setups averaging 30$ each taking that into account if I do profit on my 1st entry I will take on the 2nd setup risking no more than 1% of the acc if I do lose I will call it a day. But if I do profit again I will move onto the 3rd setup this goes on until the 4th entry. So my daily profit target should be anywhere between -10$ - 120$ but I'm not putting a limit on potential daily gain but on potential daily loss which I'm going to cap at 1%.

Now the reason why I"m going to halt trading at the onset if I lose on the first entry is that, *I'm no longer doing buy above or sell below BS* it doesn't work anyways my previous TE shows so I'm back to good old PA trading - and since I go with the flow if I misjudge the initial entry that means I"m out of sync with the market, usually when I"m out of sync I go mad and indulge into revenge, overtrading - discipline pretty much goes out the window down into the black hole. So I think it'd be wise to call it a day there, do something else get my mind off from trading and be back at it the next day.

So everyday will be a new battle. All of my mistakes and victories from yesterdays trade should be dismissed. No fear of pulling the trigger. No greed to gain back what I had lost. I'm going to operate as if I'd forgotten what had happened the day before.

As long as I stick with my 1% DD per day and open possibility of gains upto 120$ if my win ratio is 60% I should be good.
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  • #332
  • Jan 10, 2018 9:41pm Jan 10, 2018 9:41pm
Quoting Piquant
{quote} I can't reduce the lot size any further than what I'm already trading 1lot, (don't want to add anything just yet) and at the same time don't want to blow it up. To reduce the further risk of dwindling acc I'm going to limit my risk per day at 1% whatever the balance is at that day, if I get it right I can trade up to 4 entries per day (4 seems to be max for DAX from Frankfurt through London lunch break) all taken from the winning portions. That's what I have in mind. Still trying to balance the numbers. about that 2,4loss it's my own error,...
sure, understand, my broker also has 1 lot minimum on indices.
and that leads to a point: is that flexible enough to accommodate my trading style?
in my case, the answer was no. not even on 10k equity.
my way of trading works on indices or commodities fine, just lacks the degree of flexibility in sizing that i prefer.
for that reason, i choose not to trade them usually, not for the equity level i currently have.
should i have a broker that allow me to trade 0.1 lot of dax, or oil, i would be lot more comfortable. and maybe some brokers out there do just that. i havent search much. it was easier to stay with forex pairs. i can still find enough opportunities that bring in enough to make ends meet.
why to change something that isnt broken?
and the same:
why not change something that is broker ( ie not working?)??!!
there is always, always another trade!!
  • #333
  • Jan 10, 2018 10:38pm Jan 10, 2018 10:38pm
Quoting profitfarmer
{quote} sure, understand, my broker also has 1 lot minimum on indices. and that leads to a point: is that flexible enough to accommodate my trading style? in my case, the answer was no. not even on 10k equity. my way of trading works on indices or commodities fine, just lacks the degree of flexibility in sizing that i prefer. for that reason, i choose not to trade them usually, not for the equity level i currently have. should i have a broker that allow me to trade 0.1 lot of dax, or oil, i would be lot more comfortable. and maybe some brokers out...
I get what you mean on flexibility of position sizes with fx pairs compared to indexes, the latter there's not much you can do with lot sizes and sometimes risk can be a little too much for the account balance (you mean mine ? I think you could do a good professor I sometimes have to think what I have to say before I say it just in case PF is around ).

I've tried looking at some pairs GJ for instance but I keep coming back to DAX - I've fallen for DAX can't go back anything else and time I spent getting to know DAX might actually pay off, I don't think I"m built for trading many pairs at the same - I need time to get to know each of them so that I will know what to expect - knowing what to expect I'll have less fear holding onto ongoing trades going a little against me, or keeping the trade until hold time is up which are essential in the long run.

As for the broker reviews were great (pepperstone) and I like their CS , I was with Oanda 2 years ago - they've increased their margin for DAX and other commodities so I think what I"m getting at pepperstone isn't such a bad deal considering the reliability of the broker.
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  • #334
  • Jan 11, 2018 12:19am Jan 11, 2018 12:19am
Quoting Piquant
{quote} I get what you mean on flexibility of position sizes with fx pairs compared to indexes, the latter there's not much you can do with lot sizes and sometimes risk can be a little too much for the account balance (you mean mine ? I think you could do a good professor I sometimes have to think what I have to say before I say it just in case PF is around ). I've tried looking at some pairs GJ for instance but I keep coming back to DAX - I've fallen for DAX can't go back anything else and time I spent...
LOL, professor...not. i am sure you noticed that i do trade, not only talk
but one time or another my life included some teaching/training the hands on ways, in different settings. i think some could apply well to trading too. in trading peer learning also superior to learning from books, for example, in my opinion.

i do like to read your journal, because it is real. i think many can relate to it, because have been there, or still there....

just one thought,
understand you fell in love with Dax, it is not a bad thing to trade.
as for other instruments...
i subscribe to the idea that if you have a good system, you can likely use it well ( with max small tweakings) across generally everything to trade.
my approach seem to be working as good on GBP pairs as Euro pairs, or on as exotic things like natural gas, or indices like dow or dax.
but one of the thing i rely on is not to jump all-in, but have the flexibility to scale into a trade as i see fit.
that flexibility is more readily available on forex pairs, than indices or commodities CFDs. the lower margin is a plus too.

but if that is your chosen thing, that what you have to make work. nothing is impossible, just keep an open mind to the possibility that not everything is possible neither!
there is always, always another trade!!
  • #335
  • Jan 11, 2018 1:53am Jan 11, 2018 1:53am
when you're wrong once
you're more likely going to be wrong the next time.

out of sync.
pa is also at a critical level.

2 trades lost both.

went against my rule exceeding 1% risk per day
lost on the first trade
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  • #336
  • Jan 11, 2018 2:07am Jan 11, 2018 2:07am
my direction wasn't wrong I was just too damn early......
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  • #337
  • Jan 12, 2018 2:17am Jan 12, 2018 2:17am
+20$ thus far

PA on 15m was a little off, it could have gone both ways usually by London open if it can go both ways I told myself to wait until 17:30, but nevertheless judging the PA on 15m and 2m PA by London open I decided to short DAX.

I went against my rules, but what I've discovered is that even if PA looks uncertain by London open I can still trade depending on how the last 15 candle is looking prior London open and how PA on 2m is behaving.

Now I'll stay flat until the next slot 17:30, PA on 2m and 15m look like they could go up now continuing the momentum on 1h,4h.
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  • #338
  • Jan 12, 2018 2:20am Jan 12, 2018 2:20am
Yesterday I called the direction right but went in too early, by keeping 15m charts side to side with my 2m I think I won't go in too early, well I go in at London open, that's just the right time if PA on both 15m and 2m are aligned with each other.

Max DD thus far -7.6%
Current DD thus far -5.6%

now if I truly have an edge (in other words if I can go along with the flow) provided that I don't mess things up by overtrading/revenge trading or getting in and out of trades compulsively these numbers should take care of themselves for the next 5,6 trades.
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  • #339
  • Jan 12, 2018 2:22am Jan 12, 2018 2:22am
its definitely going up from here but too many hoops to jump through I don't deal with these movements I tend to go mad, so I'll keep 15m as a guide, for it says that I should wait to long be back at 17:30 see if I can keep my gain and earn more.
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  • #340
  • Jan 12, 2018 3:54am Jan 12, 2018 3:54am
17:30 slot buy -6$

done for today

if I lose I call it a day.
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