As I begin the journey of transiting into a full-time trader, I will be using this journal for my daily reflection.
Comments are welcome but this is more of a personal thing.
Day 1 ( 21/04/2020)
The first day didn't go as well as I expected, came out with a .5% loss, Which isn't a big deal. however, I did not trade my system flawlessly as several rules were broken and a few trades were taken out of pure boredom. All in all, it wasn't a punishing day but it's a habit I must overcome.
Else history is likely to repeat itself.
Looking forward to day 2.
A really bittersweet day so far ,
I made a fair bit of money trading oil, however, I sat and contemplated letting a trade run but ultimately ended up taking it as It was a decent chunk of money.
Taking off that trade was indeed a mistake as shortly after the market shot off in that direction.
Made a fair bit of money today about 50%.
Broken a few rules tho, therefore, feeling a bit disappointed despite earning so much.
Really trying to develop the right mindset to approach trading but my competitive mindset really hates losing.
As I begin the journey of transiting into a full-time trader, I will be using this journal for my daily reflection. Comments are welcome but this is more of a personal thing.
Ignored
Good luck to your transition!
I ll leave this early in this thread in the first page so we could reference to this 1 year from now. It always seems impossible until it’s done.
Today was a pretty decent day,
Finally decided to stop trade USATEC index, despite offering the best spread and volatile, I have consistently lost money on that instrument, In fact, it's the amount for 100% of all my money lost during the last 2 weeks.
Anyway I was able to make about 12% today would have been more but I lost about 7% on USATEC ( no idea why this behave so strangely compare to everything else.)
I did break a few rules but I have decided that breaking rules aren't much of a big deal as long as I stick to my automatic stop loss and have a good reason behind every trade as sometimes my intuition seems to kick in and guide me. I did move my stop loss one time today when I enter into a trade with the wrong lot size eventually it went to BE. But I should have taken it off immediately.
Happy with today's performance.
I normally would post a TE but I put my profits in a separate account daily.
I also intend to add money to my account IF I ever have a negative day so the numbers are significantly off.
The numbers don't mean much due to constant depositing and withdrawing but here a TE showing an account and has seemed growth after 98 weeks and 1725 trades ( NO deposit was done after the initial deposit money was switch from one trading account to another which I use as a saving account.)
Ok so today wasn't a bad day, I did enter a few trades out of boredom I guess but they were a lot smaller than my usual size so minimal impact on progression.
I was quite conflicted today a lot more than usual, mainly due to being a somewhat discretional trader upon reviewing the trades taken I began wondering If I perhaps was somewhat luck.
I think the hardest part of using discretion when trading is that regardless of your results, there's no way to verify if you possess an edge without long term data despite using more or less the same method for the last few months I still doubt myself as I do make variation depending on my system.
Ended the day with around 6%.
Thinking about reducing the number of hours I trade.
By London close, I want to be out of the market.
Disappointment.
I was so close to my goal of over the last 1 months I have achieved about 500% profit despite achieving so much profit my drawdown was never more than 20%.
I had reached the point where I had to regain every single dime ever lost to forex over the last 3 years.
Today I lost almost all of it, Long story short I revenge trade after a sudden spike took out 10% of my capital as my automatic stop loss was off likely due to opening a new chart to remove my trendlines, etc, looking back at the day there are no words to describe what I did after this incident occur, It''s like I completely lost control after the spike, and then I revenge traded and lost continuously and simply increased the lot size and continue until my entire account was gone ( I was literally gambling)
An expensive mistake but a lesson that I am thankful I learned now instead of 2 months from now.
All in all, I did withdraw the start balance, was able to make 500% in a short period with low drawdown so my system seems to be working.
My next step forward would be to divide my remaining capital in 2 and begin working on reaching my goal.
Approximately 2000 USD is the target.
Upon reviewing Friday over and over it's clear that this was indeed an error due to my emotion.
Had I followed my trading rules the day would have been positive.
Had I trade with my usual lot size while revenge trading the day would have ended with a 25% loss.
Despite the loss, I am confident that I have found a way to succeed in the forex market, I was able to recover 3 years of losses in 1 month.
I am positive I can do it again and this time I will not make the same mistake.
Upon reviewing Friday over and over it's clear that this was indeed an error due to my emotion. Had I followed my trading rules the day would have been positive. Had I trade with my usual lot size while revenge trading the day would have ended with a 25% loss. Despite the loss, I am confident that I have found a way to succeed in the forex market, I was able to recover 3 years of losses in 1 month. I am positive I can do it again and this time I will not make the same mistake.
Ignored
That is the most important thing of your process and a lot more significant than any draw-down or blowout you might experience. The fact that you can go back and after reviewing your performance pin point and correct a behavior that limits you as a trader is the only way to make that transition. And only when you connect the dots backwards you ll be able to realize the importance of the thing you done today.
Days like this, make me regret trading the lower time frame.
My spread is literally 3 points meaning I paid a total of 45 points in commission today.
total profit for today 2 points what a sad day.
Yet another crappy trading day return wises.
However, at the moment, this isn't about the money for me.
It's about me mastering my system and the only way I can do that is by taking more trades and following in the rules as such I have lower my timeframe significantly to get more trades per day.
The commission to enter a trade is 3 pip, I consider a day to be successful as long as I am in positive pip territory as later on when I scale up the timeframe the commission would not be an issue.
Yesterday earning 10 pip, pip paid in commission 54.
the average hold time is sub 3 mins.
Usually, I hold my trades for 10-15 mins, 3 min is quite fast however will continue this process for about 2 weeks until I am confident enough to resume trading.
Yet another crappy trading day return wises. However, at the moment, this isn't about the money for me. It's about me mastering my system and the only way I can do that is by taking more trades and following in the rules as such I have lower my timeframe significantly to get more trades per day. The commission to enter a trade is 3 pip, I consider a day to be successful as long as I am in positive pip territory as later on when I scale up the timeframe the commission would not be an issue. Yesterday earning 10 pip, pip paid in commission 54....
Ignored
Inefficient yes , but green is green. Achieving Positive expectancy by utilizing inefficient variables doesn't make it less important of an achievement . As long its consistent . If you gather a data pool of couple thousand trades and you still on green it means you are doing it right.
{quote} Inefficient yes , but green is green. Achieving Positive expectancy by utilizing inefficient variables doesn't make it less important of an achievement . As long its consistent . If you gather a data pool of couple thousand trades and you still on green it means you are doing it right.
I have no abandon this journey.
However, I got enough data to prove that I do in fact have a major edge.
Currently not trading as I am trying to change to a broker that offers high leverage the idea behind that move.
Why deposit 2,000+ to be able to trade a high lot size.
When I can simply deposit $50-100$ and utilize high leverage to make massive returns then withdraw weekly and restart with the $100.
The idea is to have the minimum amount of money in my trading account hereby removing the emotional hurdle in trading.
Due to COVID - 19 however setting this up can be delayed as much as one month
Gonna be using a demo account until My live account is set up.
I know a lot of individuals bash demo however
Unless you are scalping there is no difference between demo and live account.
So my goal is to multiply my demo account by 5 times before the month is over will set it up a bit later.
Heh the demo account started with about 5 losses in a row, The spread was high due to NFP since my stop loss is 1.5 pip it was trigger as soon as I enter the trade.
Won't happen again.
Heh the demo account started with about 5 losses in a row, The spread was high due to NFP since my stop loss is 1.5 pip it was trigger as soon as I enter the trade. Won't happen again.
Ignored
I personally do not think it is worth trying to refine a strategy with a 1.5-pip stoploss. Even if you do somehow manage to profit consistently on a demo account, I have doubts it would work on a live account with slippage. Especially if you're trading during news. Your account will most likely experience death by a thousand cuts.
You said it yourself that unless you are scalping, there is not much of a difference between demo and live. You, however, are scalping. Even if you aim for 100 pips, you still are not giving enough room for error. I'm sorry for being a party pooper, but I do not think anyone will be able to master a strategy with that small of a stoploss on both demo and live.
You can try to prove me wrong, but if I were you, I would use my time and energy mastering a more realistic strategy. I do not know how much experience you have, but even on a demo account, you can see how often a trade would immediately go beyond negative 1.5 pips as soon as you open the trade, even with the tightest spreads.
It would be nice to hear a bit about where you are in your journey as a trader.
