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Journal of a working stiff

  • #1
  • First Post: Jan 4, 2007 12:12pm Jan 4, 2007 12:12pm
I will get into my market theories, etc. later, but for now let me post my first trade.

EURUSD

Position: Long
Entry price: Buy at market (1.3093)
Stop Loss: 1.3040
  • #2
  • Jan 5, 2007 10:23am Jan 5, 2007 10:23am
Forgot to add the date and the trade #, but obviously the first post was #1.

I also forgot to say that I scale my entries and exits, so to post actual pips made and lost is meaningless. Rather I will post the percentage lost, and the running percentage of an account.

_______________________________________________

1/5/2007 8:35 PST

Trade Signal #1

Result: Stopped out. Loss of half of a full position, 1%, for .5% total loss.

Current percentage: - .5%
  • #3
  • Jan 5, 2007 11:45am Jan 5, 2007 11:45am
What on earth made you go long on the EUR/USD??
The breaking of a wave cannot explain the whole sea.
  • #4
  • Jan 5, 2007 12:07pm Jan 5, 2007 12:07pm
Quoting Craig
What on earth made you go long on the EUR/USD??
I think ones journal is to keep track of ones progress not to be criticized for any trade they may have made. With a comment like that one would assume you have crystal ball and must have been short from the high 1.32’s or even better the GBP from around 1.37.


turbo
  • #5
  • Edited 3:11pm Jan 5, 2007 3:09pm | Edited 3:11pm
Only asking the question, I hardly think the last couple of days have required a crystal ball. Once the second to last candle opened below the trend line I thought it was a no brainer. But anyway I am just curious.
Attached Image
The breaking of a wave cannot explain the whole sea.
  • #6
  • Edited 1:15pm Jan 9, 2007 12:49pm | Edited 1:15pm
i dont know his method, but breaks of trend lines is not the most accurate way of forecasting

im sure you have seen false breakouts and price reverse on a dime.

Quoting Craig
Only asking the question, I hardly think the last couple of days have required a crystal ball. Once the second to last candle opened below the trend line I thought it was a no brainer. But anyway I am just curious.
  • #7
  • Jan 9, 2007 12:54pm Jan 9, 2007 12:54pm
Trade signal #2 Buy EUR/USD

Entry: 1.2893
Stop Loss: 1.2733
Amount to risk: 1% (half position)
  • #8
  • Jan 9, 2007 1:52pm Jan 9, 2007 1:52pm
hiya,

as turbo said, its rude to comment, but i would look at placing my stops a little closer, and consider moving them to lock in profits. I like your entry point for a buy on this occasion but not sure going long under the 1.13150 pivot is a good idea, and certainly not unless it goes over 1.3050 convincingly.

i would be interested in hearing about your trading strategy, term of trades, exposure, experience. but the last two trades posted didnt seem like a very
good idea, but only because it didnt fit my trading strategy, nothing more than that. hope your not insulted, thats not my intention. everyone in this forum is here to help
  • #9
  • Jan 9, 2007 10:41pm Jan 9, 2007 10:41pm
hi magic

people who base stops on # of pips are generally basing it on how much capital they have. the market is going to do whatever it wants to do regardless of how much capital you have. i place my stops based on where the market tells me to, not based on the # of pips.

having said that, i always adjust my position size, so that i always risk 1% - 2% regardless if the stop is 20 or 100 pips


Quoting magicfx
hiya,

as turbo said, its rude to comment, but i would look at placing my stops a little closer, and consider moving them to lock in profits. I like your entry point for a buy on this occasion but not sure going long under the 1.13150 pivot is a good idea, and certainly not unless it goes over 1.3050 convincingly.

i would be interested in hearing about your trading strategy, term of trades, exposure, experience. but the last two trades posted didnt seem like a very
good idea, but only because it didnt fit my trading strategy, nothing more than that. hope your not insulted, thats not my intention. everyone in this forum is here to help
  • #10
  • Jan 9, 2007 11:34pm Jan 9, 2007 11:34pm
hi average yuppy,


Sounds good, how do you calculate your stops, are they based on monthly/yearly support/resistance levels, option barriers or other, this
is something i am always interested in, the more you can learn about these
crutial points the better your entry/exit.
  • #11
  • Edited 2:00pm Jan 10, 2007 1:52pm | Edited 2:00pm
Cancel order for trade #2. After market conditions changed, new signal is....

Trade signal #3 Buy EUR/USD

Entry: 1.2824
Stop Loss: 1.2707
Amount to risk: 1% (half position)

Current P/L: -.5%
  • #12
  • Jan 10, 2007 1:59pm Jan 10, 2007 1:59pm
dont mean to be cryptic, but ill get into my theories later, when all goes well. no sense putting out information and theories without proof
Quoting magicfx
hi average yuppy,


Sounds good, how do you calculate your stops, are they based on monthly/yearly support/resistance levels, option barriers or other, this
is something i am always interested in, the more you can learn about these
crutial points the better your entry/exit.
  • #13
  • Jan 10, 2007 2:18pm Jan 10, 2007 2:18pm
Good luck to you sir! I too am a working stiff....if it wasn't for cingular's smartphone connect and metatrader Im not sure what I would do with my lunch break lol...
CRAIGSLIST BARTERING CHAMPION
  • #14
  • Jan 10, 2007 2:26pm Jan 10, 2007 2:26pm
cool sounds interesting, look forwards to it, and good luck
  • #15
  • Jan 10, 2007 3:52pm Jan 10, 2007 3:52pm
Quoting magicfx
cool sounds interesting, look forwards to it, and good luck
thanks. my name should actually be \"FormerAverageYuppy\" and the journal should be \"former working stiff\"

im not a seasoned trader, and i dont have stories about how i lost all my money pit trading and then came up a billionaire. i am an 26 year old average guy who was cranking out a decent 9-5 income...and like most people i hated it.

i got into trading a few years ago. about a year and a half ago i had enough capital saved up from working and trading that i could trade full time (which actually means looking at charts 15 min a day). it\'s been a year and a half and i have increased my capital 27%. trading steadily with my method and theories, i hope to continue growing my capital so that in a few years i can earn more than what i earned working 9-5.
  • #16
  • Jan 12, 2007 12:45pm Jan 12, 2007 12:45pm
Cancel trade signal #3. Market did not reach my preferred price, and might not ever. But I think it\'s still safe to get in so lets go with another buy order.

Trade signal #4 Buy EUR/USD

Entry: Market price (Around 1.2920)
Stop Loss: 1.2699
Amount to risk: 1% (half position)

Current P/L: -.5%
  • #17
  • Jan 12, 2007 4:01pm Jan 12, 2007 4:01pm
Modify Trade Signal #4

Change stop to 1.2743, increase position size at market price (1.2917) to reflect 1% maximum loss if stop is hit.
  • #18
  • Jan 16, 2007 12:05am Jan 16, 2007 12:05am
Quoting TheAverageYuppy
Modify Trade Signal #4

Change stop to 1.2743, increase position size at market price (1.2917) to reflect 1% maximum loss if stop is hit.

Modify Trade Signal #4

Move stop loss to 1.2861, reducing potential loss to about 0.33%
  • #19
  • Jan 17, 2007 4:07am Jan 17, 2007 4:07am
Market conditions have changed.

Modify Trade signal #4 Buy EUR/USD

Move stop back to 1.2743. Risk is 1%

Entry: Market price (Around 1.2920)
Stop Loss: 1.2743
Amount to risk: 1% (half position)

Current P/L: -.5%
  • #20
  • Jan 17, 2007 9:37pm Jan 17, 2007 9:37pm
Modify Trade signal #4

If price breaks 1/16/07 daily high of 1.2988 move stop below 1/12/07 low of 1.2863

Trade signal #5 Buy EUR/USD

Entry: Stop limit price 1 pip + spread above 1/16/07 high of 1.2988
Stop Loss: 1 pip + spread below 1/12/07 low of 1.2988
Amount to risk: 1% (half position)

Current P/L: -.5%


Quoting TheAverageYuppy
Market conditions have changed.

Modify Trade signal #4 Buy EUR/USD

Move stop back to 1.2743. Risk is 1%

Entry: Market price (Around 1.2920)
Stop Loss: 1.2743
Amount to risk: 1% (half position)

Current P/L: -.5%
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