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  • #1
  • First Post: Apr 19, 2019 8:41pm Apr 19, 2019 8:41pm
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.
  • #2
  • Apr 19, 2019 10:20pm Apr 19, 2019 10:20pm
Good luck to you with your approach. Hope it goes well.
Cheers (and God Bless Ambo's )
  • #3
  • Apr 19, 2019 11:59pm Apr 19, 2019 11:59pm
Quoting MichaelG
Good luck to you with your approach. Hope it goes well. Cheers (and God Bless Ambo's )
Thanks Michael. Tassie is a bloody beautiful place to live, I have family there and have been many times. Personally I like a bit more warmth. Cheers to you.
H
  • #4
  • Apr 20, 2019 8:05am Apr 20, 2019 8:05am
I think you're living - or rather have just gone through - most retail traders' journey.

You seem to have a good handle on what went wrong and that's an obvious (re)starting point.

Much of trading successfully is identifying when not to trade and the fact that you have demonstrated an ability at some level to make your method work (you doubled your account) shows that getting rid of the bad decision making is your number one priority.

Good luck with it, I genuinely wish you every success.

You seem to have your head screwed on straight and I look forward to hearing how you get on.
  • #5
  • Apr 20, 2019 4:20pm Apr 20, 2019 4:20pm
Quoting lemercenaire
I think you're living - or rather have just gone through - most retail traders' journey. You seem to have a good handle on what went wrong and that's an obvious (re)starting point. Much of trading successfully is identifying when not to trade and the fact that you have demonstrated an ability at some level to make your method work (you doubled your account) shows that getting rid of the bad decision making is your number one priority. Good luck with it, I genuinely wish you every success. You seem to have your head screwed on straight and I look...
Thanks for your response. We shall see how I go! I like the analogy that forex is like farming, and that a healthy crop takes time and care. Unfortunately my field became weedy and out of control, so I've turned the earth and going to try plant some seeds.
Cheers H.
  • #6
  • Edited 11:59pm Apr 24, 2019 8:46pm | Edited 11:59pm
Ok well I'm back at work now so my trading will be sporadic, but I've recorded my efforts today and made my TE public.

Mistake no1, all i wanted was to snatch a profit trade to start so naturally I screwed up via a late entry and then ignoring warning signs.

I entered 2 longs with nice bullish 5min candle breaking above resistance. Unfortunately I bought at the next resistance. Subsequent 5min candle looked like shooting star (only body too big) then broke back below R61. That was my optimal time to abort, close trades and consider sell, but I froze thinking no, I'll give it a chance.
It found support at R38 so I thought it might head north again I just need to be patient, especially with break back above 50SMA . Unfortunately with the next doji it screamed at me to sell so I closed my longs and shorted. Turned the day to a profit but only by entering twice the number of shorts ie 4, to my 2 longs, so It has to count as a revenge trade.

Dragged my bottom over the line by TP with $1 profit, not smooth trading at all . Took screen shots chronolgically to show my thought processes.
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  • #7
  • Apr 24, 2019 8:56pm Apr 24, 2019 8:56pm
NB having pivot lines on my chart is new and experimental. When I mention them at this stage it's more for landmark reference rather than using them for targets etc. I just wanted to watch their correlation for a while. I normally draw my own TL and SR etc
  • #8
  • Edited 11:40pm Apr 24, 2019 9:02pm | Edited 11:40pm
The H1 shooting star had me wanting to abort and sell too. I should have trusted my instincts sooner. Hour changeovers ie completion of hour candle can give A LOT away. Always look at the hour candle when it's completed.

I traded well today in that I did recognise my errors (eventually), close those trades and take opposite trades. I then TP 2 soon wanting a small profit for the day. It's still heading south I should've held my sells not closed them with a $1 scared cat TP.
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  • #9
  • Apr 24, 2019 10:49pm Apr 24, 2019 10:49pm
Quoting hellsbells
The H1 inverted hammer had me wanting to abort and sell too. I should have trusted my instincts sooner. Hour changeovers ie completion of hour candle can give A LOT away. Always look at the hour candle when it's completed. I traded well today in that I did recognise my errors (eventually), close those trades and take opposite trades. I then TP 2 soon wanting a small profit for the day. It's still heading south I should've held my sells not closed them with a $1 scared cat TP. {image}
Hi Helena. Sorry to bother you on your journal.

I see weekly pivots on your chart. I wonder if you have had a look at Davits weekly pivot thread? It might give you something to work with in regard to entry and exits.

https://www.forexfactory.com/showthread.php?t=588764

An example would be that he doesn't BUY when price is in the resistance levels above the Pivot. (or sell at the support levels)

Just though I would mention that in relation to those couple of long trades you took.
Have a good Anzac Day.
Cheers
Michael
  • #10
  • Apr 24, 2019 11:11pm Apr 24, 2019 11:11pm
Quoting MichaelG
{quote} Hi Helena. Sorry to bother you on your journal. I see weekly pivots on your chart. I wonder if you have had a look at Davits weekly pivot thread? It might give you something to work with in regard to entry and exits. https://www.forexfactory.com/showthread.php?t=588764 An example would be that he doesn't BUY when price is in the resistance levels above the Pivot. (or sell at the support levels) Just though I would mention that in relation to those couple of long trades you took. Have a good Anzac Day. Cheers Michael
Hi Michael , thanks for your reply . Yes its Davit's pivot indicator and you're absolutely correct , buying at resistance was wrong fundamentally. I'm exploring pivots atm, I hate DD so I dont subscribe to Davits thread, I prefer scalping the Asian session but I have the levels on my chart atm just to see if I can incorporate them into my trading. Of course I could've done that this morning by not selling at resistance but I wanted to snatch a measly few pips before the next resistance and it was a fail. I'm going to cut myself some slack for a while having a public TE, I'm interested to have ongoing chart reviews to check in on my strengths and weaknesses. Those 1st 2 longs were hopeful, the shorts I entered were screaming at me to take them. I find my stronger gut reactions are more accurate. I'm unsure about my technique to get out of a trading day BE when I've started poorly, I should've managed my shorts much better and had a solid 2% min gain with better management.
Cheers for your response
H
  • #11
  • Apr 24, 2019 11:20pm Apr 24, 2019 11:20pm
I'll just add that I'm finished trading for the day, I wont enter trades after 1pm AEST, I think of 1pm-4/5pm as the dead zone.
  • #12
  • Apr 25, 2019 2:03am Apr 25, 2019 2:03am
An interesting and informative start to your journey!

I won't bang on, however on thing I would say, as a scalper myself, is that you can make your entries based on ''gut feeling'' all you like - but you better have your exits nailed down so tight that you don't have to think about them at all. They should be completely automatic. ''If ''a'' happens, close. That's it. You can always re-enter.
  • #13
  • Apr 25, 2019 2:16am Apr 25, 2019 2:16am
Quoting lemercenaire
An interesting and informative start to your journey! I won't bang on, however on thing I would say, as a scalper myself, is that you can make your entries based on ''gut feeling'' all you like - but you better have your exits nailed down so tight that you don't have to think about them at all. They should be completely automatic. ''If ''a'' happens, close. That's it. You can always re-enter.
A very valid point yes, and one I do tend to vacillate on. On the days I have a tight tight exit I find I swamp my trades, on the days I give them room I tend to let them move too far!!!
Cheers for the reply
H
  • #14
  • Apr 25, 2019 3:04am Apr 25, 2019 3:04am
Quoting hellsbells
{quote} A very valid point yes, and one I do tend to vacillate on. On the days I have a tight tight exit I find I swamp my trades, on the days I give them room I tend to let them move too far!!! Cheers for the reply H
It's not so much how close or how far away your exits are, they can be anywhere - they just have to have a rock-solid exit criteria that you need to stick to, no matter what.

At the moment, you are hesitating and thinking about what to do next. That tells me you don't actually have a clear exit strategy at all.

Honestly, once you have that set in stone, your trading will move to a new level, as it is so freeing, not having to worry about ''what do I do if...?''
  • #15
  • Apr 25, 2019 3:35pm Apr 25, 2019 3:35pm
Quoting lemercenaire
{quote} It's not so much how close or how far away your exits are, they can be anywhere - they just have to have a rock-solid exit criteria that you need to stick to, no matter what. At the moment, you are hesitating and thinking about what to do next. That tells me you don't actually have a clear exit strategy at all. Honestly, once you have that set in stone, your trading will move to a new level, as it is so freeing, not having to worry about ''what do I do if...?''
Ok. Less fluid, more concrete. Will work on it
Cheers h
  • #16
  • Apr 25, 2019 3:51pm Apr 25, 2019 3:51pm
I woke this am to find UJ had kept heading south and my trades wouldve survived the night with even a tight SL

2 big mistakes that I repeatedly make

1- I looked at others opinions and most people were bullish so I felt lucky to get a small short profit
2- I closed the trades to ensure a profit for the day, a measly $1 profit at that, when there was no indication to close the trades early. UJ has continued south I could've returned 10% for the day by TP even 3 trades earlier and leaving one to run.
Annoying
  • #17
  • Apr 25, 2019 6:23pm Apr 25, 2019 6:23pm
There's news coming out soon so I'm going to wait and see for a bit. In the mean time I want to share a complete random left field experience. Last night I went out with my twin to take photos of ghost fungi with a local facebook group. What an experience !!!!!
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  • #18
  • Apr 25, 2019 6:59pm Apr 25, 2019 6:59pm
feeling bullish UJ which is unusual for me. I think if it can get back above S100 after the hour it will head north for a bit. The fact that it has not had LL last 20min despite full bear candle below S100.

I have a rule not to trade the last 5min nor 1st 5min of hour as I consider that the BS time- where big lies are told.
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  • #19
  • Apr 25, 2019 7:22pm Apr 25, 2019 7:22pm
Quoting hellsbells
feeling bullish UJ which is unusual for me. I think if it can get back above S100 after the hour it will head north for a bit. The fact that it has not had LL last 20min despite full bear candle below S100. I have a rule not to trade the last 5min nor 1st 5min of hour as I consider that the BS time- where big lies are told. {image}
I'd say be careful around JPY pairs because of The Golden Week.
  • #20
  • Edited 8:05pm Apr 25, 2019 7:35pm | Edited 8:05pm
yes indeed , very cautious. Did take 2 small trades, TP1/2 at 50SMA, other SL in profit


NB it did have a little melt down , on the upside my SL held and taken out for small profit. Interesting. No longer feeling bullish. Should I sell??

Added follow up chart. There was release of 2 lots of Japanese news, 1 was bit better, 1 was bit worse than expected. Local clean out. Unsure of future direction, it's now the end of the hour. That spike up could be bull trap
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