{quote} To me it seems like he is bored with 3 digit gains/loss so geared up. He is still taking notes of not to enter before and after NFP.
- #144
- Edited 5:29am Apr 5, 2018 5:10am | Edited 5:29am
{quote} Hey Dwe, how is it with your overtrading? I am struggling myself a little, is it better by now? Its great to so you so honest about it...keep the journal coming, i like to read it, cheers
My biggest challenges now are not trying to be too smart and out-guessing the market. For example, yesterday US pre-stock market trading was down 2%. I bought JPY, expecting it to strengthen--which it did during the stock market opening, and the stocks reversed and ended way higher. While I was holding onto increasing losses I KEPT EXPECTING JPYs to strengthen. Lesson learned--watch the charts, and only the charts.
Another challenge is trying to "make up" for a previous loss or losses by holding trade(s) too long instead of simply taking what the market is offering at the moment.
I still struggle with leaving a good or great day of trading alone, and closing my charts. Too often I'll open a trade after London closes for "just a small gain" and that usually goes badly as my greed and confidence from doing well earlier blinds me to good reasons to not trade anymore.
Hope this is helpful.
What helps you to trade better?
{quote} I have a little the same as you, i try not to predict and analyse too much, and trade what i see, like breaking s/r or divergence break of tl for a couple pips counter trend, i set alarm close to this zones and only enter after confirmation. After 3 losses i am out, and try to do max 6 trades a day so i am more picky. Also i increased my risk to 1 to 2 % this all helps me a little. I try to keep it simple....but greed or fear is a bad thing , iam improving now, so thats good, hope you will do too, cheers
I've been trading daily baskets (looking for strong/weak pairs and S/R), dumping poorly performing trades, and adding good trades, and trying to hold them until a technical exit (but usually, I get impatient and exit early on the good trades, and hold the losers too long.)
{quote} Sounds like a good plan.
{quote} Do you use range bars? The moment i changed i improved my entry,s.so my next task was overtrading and exit, still working on it, but i am pretty new to forex so i am still patient. I hope you improve on your own difficulties and become an independent trader with steady performance. I hope soon i will make my own journal after finding the best software. Have a nice day and good luck
{quote} No, my platform does not have range bars, and I don't like MT4. I tried bricks but did not like that they hid too much price movement information. I'm glad that you're finding what works well for you!
Six profitable weeks in a row, (including Broker Rebates) with maximum drawdown of 10%.
Looking over my big losing days, some repeating elements are:
*Slept poorly
*Emotionally unsettled
*Rushed into trades
*Held a directional bias despite clear indications that price is flying in the other direction (+JPY bias this week was an expensive bias)
*Mentally gave up and entered poorly thought-out trades after a closing a Basket of losers
What's going well:
*Daily basket selection (identifying weak/strong)
*NFP bias and price action
*Frankfort open on Mondays!
*Getting regular exercise
*Awesome trading colleague
What to improve:
*Prune weak/losers and add to baskets
*Let winners run longer by advancing Stops
*Sleep more, eat better
*Close Platform by London close and get out of the house
*Save some LOTS for additions to Basket
And finally, start each trading day by watching:
Looking over my big losing days, some repeating elements are:
*Slept poorly
*Emotionally unsettled
*Rushed into trades
*Held a directional bias despite clear indications that price is flying in the other direction (+JPY bias this week was an expensive bias)
*Mentally gave up and entered poorly thought-out trades after a closing a Basket of losers
What's going well:
*Daily basket selection (identifying weak/strong)
*NFP bias and price action
*Frankfort open on Mondays!
*Getting regular exercise
*Awesome trading colleague
What to improve:
*Prune weak/losers and add to baskets
*Let winners run longer by advancing Stops
*Sleep more, eat better
*Close Platform by London close and get out of the house
*Save some LOTS for additions to Basket
And finally, start each trading day by watching:
Inserted Video
- #154
- Edited 9:46am May 7, 2018 9:35am | Edited 9:46am
Pre-trading daily checklist:
Slept well?
Run 3-8km?
Feeling calm?
No alcohol within 48 hours?
Eat well yesterday?
Loaded up on caffeine?
Reviewed the Winner's Edge Power Meter Daily, 4 hr., 60 min., 15 min strong and weak currencies?
Reviewed the Economic Calendar for the day?
Consider past bias' held recently for various pairs and remind myself that today is a new day.
Watch:
Relaxing music on?
Open Daily charts, looking for established/strenghtening trends or Reversals, trade from 30 min. charts.
Develop at least one bias (Range, Breakout potential, reversal) for this trading day.
Review my plans/bias with my trading partner.
Draw Support/Resistance lines on pairs that might be traded.
Be patient, and enter only 20-30% of available LOTS initially.
Add to winners.
Cut clear losers.
Close all trades by London Close, except for trades Stopped at better than b/e.
Get out of the house in the afternoon.
Relax and have fun.
Slept well?
Run 3-8km?
Feeling calm?
No alcohol within 48 hours?
Eat well yesterday?
Loaded up on caffeine?
Reviewed the Winner's Edge Power Meter Daily, 4 hr., 60 min., 15 min strong and weak currencies?
Reviewed the Economic Calendar for the day?
Consider past bias' held recently for various pairs and remind myself that today is a new day.
Watch:
Inserted Video
Relaxing music on?
Open Daily charts, looking for established/strenghtening trends or Reversals, trade from 30 min. charts.
Develop at least one bias (Range, Breakout potential, reversal) for this trading day.
Review my plans/bias with my trading partner.
Draw Support/Resistance lines on pairs that might be traded.
Be patient, and enter only 20-30% of available LOTS initially.
Add to winners.
Cut clear losers.
Close all trades by London Close, except for trades Stopped at better than b/e.
Get out of the house in the afternoon.
Relax and have fun.
- #155
- May 7, 2018 10:17am May 7, 2018 10:17am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
there is always, always another trade!!
Pre-trading daily checklist: Slept well? Run 3-8km? Feeling calm? No alcohol within 48 hours? Eat well yesterday? Loaded up on caffeine? Reviewed the Winner's Edge Power Meter Daily, 4 hr., 60 min., 15 min strong and weak currencies? Reviewed the Economic Calendar for the day? Consider past bias' held recently for various pairs and remind myself that today is a new day. Watch: https://www.youtube.com/watch?v=KFwUcEwD4l4 Relaxing music on? Open Daily charts, looking for established/strenghtening trends or Reversals, trade from 30 min....
Pretty large checklist. but looks good, goodluck Dwe.
- #159
- Edited 5:03am May 8, 2018 3:26am | Edited 5:03am
Got up early, ran 6km in the warm, quiet Florida darkness and settled in to trade the A Budget Release--which didn't move anything, but there was plenty of +U and +J. Having too much fun chatting with my trading partner now to re-enter after a minor push and bounce. Time for more chocolate. 
Yesterday I got greedy and entered trades based on +U and +J sentiment and recent movement...ignoring the charts and ignoring the time (near London close). Greedy, greedy, greedy...
Got whacked.
Reminders:
"I will exit clear losers quickly, without considering my performance for the day, week, month--get out quickly, reassess and move on."
If a chart is mixed, then sentiment is mixed--yesterday's or last week's bias is not helpful anymore. Look at the charts.
Got whacked.
Reminders:
"I will exit clear losers quickly, without considering my performance for the day, week, month--get out quickly, reassess and move on."
If a chart is mixed, then sentiment is mixed--yesterday's or last week's bias is not helpful anymore. Look at the charts.