DAX, go with the flow

26 years old, almost 2 years break from life (and from forex). Now, time to get back. I was keeping paper journal in order to manage my trades, keep myself calm and identify mistakes but I think it will be beneficial to go online, receive feedback/have conversation.

Trading:
I started 2 months ago, mostly for scalping but also did some medium-term trades. Analysed my current performance and came to conclusion scalping is what I enjoy most. Plan is as simple as it can be, rules described below:

 

1. Only DAX
2. SL: 10
3. TP: 1-5 pips (will also close manually)
4. Trade with trend on M5
5. No indicators, clear chart

Plan:
I am willing to maintain 5% profit a month.
I am going to increase deposit to 20000 GBP until the end of year


Form of journal:
I won't describe every single transaction, once a trading day I will do the summary. I won't be trading every day, propably 2-3 days a week. I also got Excel to control my performance, but I'm thinking of abandon this idea as myfxbook seems to give me all details I need. If I continue I will share Excel file as well.


Account details:
Broker: Activ trades
Levarage: 1:30
Initial deposit: 200 GBP

http://www.myfxbook.com/members/Jerzy_Z/dax/3375766

3 trades today, all shorts, 0,82% up in total. Average transaction time: 40s which is desired result, SL kept according to plan.

Quick summary of today:

1. 4 trades, all shorts
2. average transaction lenght: 16 seconds
3. 1,07% up

Im good for today, planning another quick session tommorow morning.

Friday, brief summary:

 

1. Increased deposit to 600 GBP
2. 3 quick shorts, all profitable
3. Average transaction time: 40s
4. 1,05% up today

Last transaction today was incorrect. I closed it with profit but it should not take place at all as there was no trend, just a shot after US news.


Weekly summary:

1. Results exceeded projection
2. SL is in place on every transation keeping me safe
3. Average transaction time below 1 min - met and exceeded
4. Last transaction shown gap in system - plan for post-news market has to be made, I was convinced post-news market is good time to trade but for now I will only observe if it makes any sense

Will be back Monday morning.

Quick trade's a good trade.

So far, today however couple SL's which extended time per trade significantly, summary below:

 

1. 8 transactions, 3 SL, 5 TP/Manual close
2. Average transaction time: 21min
3. Profit: +0,3%

Every transaction covered by SL and according to rules. SL's undesired obviously but are part of trading and were consequence of fine trades.


More of the same tommorow, will be back late afternoon.


https://www.myfxbook.com/members/Jerzy_Z/dax/3325621

Not good results today, altough I follow the rules, so stay calm. Summary below:

 

1. 6 trades, 4 SL, 2 TP
2. Average transaction time above 20 min
3. 2,8% down

What is worse however I still have opened transaction which is break of the rules, I did not notice that DAX is closed in my broker between 10 PM and 2 AM. Left my trade with SL and TP and went out, has to remember to close trades before 10 AM, not willing to take any chances with opened transaction when market is off.

Will be back Thursday afternoon.

Quick summary of the week, as I didn't have much time to trade.

 

1. -2,36% in total
2. 31 trades
3. Average trade time over 1 hour, 15 TP, 16 SL

Couple missplays this week that requires investigation. I will focus on:

1. reduce transaction number: better skip the profit than increase the risk
2. establish SL limit per day (2 propably)
3. analyse trading periods: I was currently trading 9-20/21 but it doesnt seems to make any sense to trade after 5 as trends are unstable, more random - from my perspective
4. Reduce transaction time: in terms of transaction time this week was terrible, extended average transaction time way above an hour, it is not desirable
5. Reduce drawdown: 12% is unacceptable

Mid-month summary:

1. increased deposit to 600 GBP
2. 1,73% up
3. 52 transactions, 65% profitable
4. Average transaction time over 1h

Plan: No big upgrades in the core, just adjustments like reduction of number of transactions, drawdown and transaction time. I will be back this Monday if I will be at home, if not then Tuesday.

just my 2 cents, as noticed you are trading off main dax market hours, which increase your spread from 1 point/pip to 2 on cfds, I would say it's essential for you, since you are scalping

True, planning to cut off the trading time.

Couple things to think about

1. Last week - lack of time for trading - not many trades and no updates in this topic
2. Old habits - I am used to RR higher than 1, current system requires me to cut RR below 0,5
3. Review of last 3 months: it showed that most profitable transactions were conducted according to "old style" (short SL and catching up profit with RR >3)

Summary of the week:

1. I changed myfxbook update from EA to autoupdate (please find new link below)
2. 7,1% up this week
3. Average transaction time: over 1h

Happy with the result, not quite with the way it has been achieved. I tend to keep old habits of trading which seems to be working much better than my current idea (stable SL, hunting couple pips, RR<1). I did review of past 3 months and it clearly shows the old way generates profit exceeding projections while scalping is very unstable. I am willing to develop new way of trading, might open another account to trade with "old style" but for nor I'm going to develop this idea, even if it is less profitable.


http://www.myfxbook.com/members/Jerzy_Z/dax/3375766

Monday off the market, brief summary of today:

 

1. 2 transaction, 1 up, 1 down
2. 0,28% up today
3. average transaction time: 13 min

Trades with accordance to current system. Off for today, will be back tommorow afternoon.

*for some reason myfxbook updates late