The reason I'm starting this journal is based on something someone in this forum said, he mentioned that a journal helps instill some form of discipline and thats what I lack.
I've been on the market trading on and off for the last 1 1/2 years and it started out as due to the influence of a friend who have left trading FX.
What started out as a hobby, quickly amazed me. in a short span of 2 months I was making 140% on my capital, not knowing the what and how it happened.
Greed overtook everything else, I started new systems of trading, thinking i can find the holy grail, I started trading news, thinking of getting some fast pips.. I read this article which said, "How to trade the NFP"
:
We all would know what happened next, one NFP and I lost 50% of the profits gained, and I consider myself lucky. I got whipsawed.
Would you have learnt? Maybe a scarce few of you might. Not me, I started timing news, and that wiped another 30% of the profit...
Tail between legs, I got out and said I'm not going to touch FX again. Broker kept calling me asking me why I'm not trading. blah blah blah, to them I was a nice little fat lamb for the taking.
It wasn't long, a 3 month rest and I told myself I can do this. I can be like one of those glorious traders making 30grand USD a month doing nothing but trading FX.
I changed my broker. Admandant that the broker somehow played apart. Some sinister consipracy theory after reading about market makers.
I traded demo for 9months and felt oh so confident that yes, I've found the holy grail.
For the starting 2 months I've made tremendous results. making 170% on my trades. The last month has been a nightmare. I'm not embarressed to say, i'm taking -40% on capital.
Am I worried about losing? No.
Am I concerned about not being able to develop a consistent gameplan? Yes.
You see, I have no intention to glorify and elevate my status as a great trader. This journal serves as a wakeup call for myself. for everyone interested in FX.
What went wrong?
I was on a roll, and I traded 1 mini, 2 mini, 4 mini, 8 mini, 1 contract, 2contract.
Greed in simplicity and the fall was ineveitable.
I had positions to take profit, i didn't take, positions losing, I didn't cut.
For those, who watch star wars, you would know that a Jedi's training is about discipline, and clearing all doubts in the mind.
What i want to hope and achieve is a disciplined and systematic approach to trading and hopefully getting some pips along the way.
Another reason for the inconsistency was due to one major issue. Listening to alot of comments/strategies/sell calls/buy calls.
In FX forums and FX chatrooms. Its common to have different opinions. The thing is if something works well for you. Don't re-invent the wheel. Many a time, i've let emotion control my feelings and too many cooks spoil the brew.
I'll be detailing first of all trades that I've made and certain rationale for doing so.
The ultimate goal would be making 40pips a day for 20 days. Maintaining a consistency of 600 to 800 pips per day.
I'll be honoured if any seasoned trader would like to comment on my techniques in future.
I've been on the market trading on and off for the last 1 1/2 years and it started out as due to the influence of a friend who have left trading FX.
What started out as a hobby, quickly amazed me. in a short span of 2 months I was making 140% on my capital, not knowing the what and how it happened.
Greed overtook everything else, I started new systems of trading, thinking i can find the holy grail, I started trading news, thinking of getting some fast pips.. I read this article which said, "How to trade the NFP"
: We all would know what happened next, one NFP and I lost 50% of the profits gained, and I consider myself lucky. I got whipsawed.
Would you have learnt? Maybe a scarce few of you might. Not me, I started timing news, and that wiped another 30% of the profit...
Tail between legs, I got out and said I'm not going to touch FX again. Broker kept calling me asking me why I'm not trading. blah blah blah, to them I was a nice little fat lamb for the taking.
It wasn't long, a 3 month rest and I told myself I can do this. I can be like one of those glorious traders making 30grand USD a month doing nothing but trading FX.
I changed my broker. Admandant that the broker somehow played apart. Some sinister consipracy theory after reading about market makers.
I traded demo for 9months and felt oh so confident that yes, I've found the holy grail.
For the starting 2 months I've made tremendous results. making 170% on my trades. The last month has been a nightmare. I'm not embarressed to say, i'm taking -40% on capital.
Am I worried about losing? No.
Am I concerned about not being able to develop a consistent gameplan? Yes.
You see, I have no intention to glorify and elevate my status as a great trader. This journal serves as a wakeup call for myself. for everyone interested in FX.
What went wrong?
I was on a roll, and I traded 1 mini, 2 mini, 4 mini, 8 mini, 1 contract, 2contract.
Greed in simplicity and the fall was ineveitable.
I had positions to take profit, i didn't take, positions losing, I didn't cut.
For those, who watch star wars, you would know that a Jedi's training is about discipline, and clearing all doubts in the mind.
What i want to hope and achieve is a disciplined and systematic approach to trading and hopefully getting some pips along the way.
Another reason for the inconsistency was due to one major issue. Listening to alot of comments/strategies/sell calls/buy calls.
In FX forums and FX chatrooms. Its common to have different opinions. The thing is if something works well for you. Don't re-invent the wheel. Many a time, i've let emotion control my feelings and too many cooks spoil the brew.
I'll be detailing first of all trades that I've made and certain rationale for doing so.
The ultimate goal would be making 40pips a day for 20 days. Maintaining a consistency of 600 to 800 pips per day.
I'll be honoured if any seasoned trader would like to comment on my techniques in future.