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zoopy's trading journal

  • #1,481
  • Jul 12, 2008 8:54am Jul 12, 2008 8:54am
yes, I see what I have misunderstood
great post!

Dhalsim
Success is the small sum of efforts, repeated day in and day out.
  • #1,482
  • Jul 12, 2008 9:09am Jul 12, 2008 9:09am
Quoting fxRichard
A disadvantage of trading small: You are more likely to let your losers run because hey...it's not that much money, it will turn around eventually. Whereas trading big you are more likely to cut your losses early. I don't agree with the statement that you cut your winners early with big lots, maybe when you first start off, your scared etc. Get used to trading with big lots and this won't happen. Just my .02
That's very true although that also depends on your method I think. The way I trade I know when I'm wrong and definitely won't stick around when I see waves breaking against me. That's a BIG no no lol.

The example I laid out was referring to an extreme case. Lets say you were trading and you believe you may have hit a winner and you have 30% of your account on that trade. If that trade dropped 50 pips against you, you will see your profits drop very, very quickly. What would you do? Leave it on and let it run until you hit breakeven? Take that same scenario but this time use 5% of your account. Which one of those two do you feel most comfortable with? That's what I was getting at. I have no problem trading big lots because my trades are very low risk with very high reward.
  • #1,483
  • Jul 12, 2008 11:18am Jul 12, 2008 11:18am
Zoopy,

Still following your thread. I plan to incorporate some of your techniques when I get my journal running properly. I want to get my style right before I start the journal properly. I plan to use my journal primarily for my own benefit i.e. as a tool to ensure that I plan my trade and trade my plan properly. It will also be something I can refer back to when needed.
My question is do you really risk as much as 5% per trade and do you believe that someone can grow an account from a sum as small as $500 or was this figure just used as an example?
Yamin On Demo until I am sure!!!!
  • #1,484
  • Jul 12, 2008 11:59am Jul 12, 2008 11:59am
Quoting yamin151
Zoopy,

Still following your thread. I plan to incorporate some of your techniques when I get my journal running properly. I want to get my style right before I start the journal properly. I plan to use my journal primarily for my own benefit i.e. as a tool to ensure that I plan my trade and trade my plan properly. It will also be something I can refer back to when needed.
My question is do you really risk as much as 5% per trade and do you believe that someone can grow an account from a sum as small as $500 or was this figure just used as an example?
Yamin

I used $500 in my example because I knew more traders would be able to relate to it. Is it possible to grow an account with $500? Short answer. Yes.

Would I risk 5% of $500? No. I would risk 2%-3% first, build up my account to $1200 then use 5% based on $1000. You want to build some profit first so that you can use it as a springboard. Once you have that springboard in place, THEN use 5%.

Hope this helps.
  • #1,485
  • Jul 12, 2008 12:10pm Jul 12, 2008 12:10pm
Quoting zoopy
TRADING SMALL
ADVANTAGES
a) Less risk involved per trade.
b) Since you’re trading small, you’re more likely to let winners run and this in turn will give you a higher reward:risk ratio.
c) Less stress and less emotions attached to each trade.
d) Your account not only grows quicker because winners are running more, but it grows at a more consistent rate.
e) Overall you are maximizing profits, minimizing losses and overall performance is more efficient.

DISADVANTAGES
None.
Zoopy I just couldn't help myself and chime in here. I hope that someone finds this helpful. I had an epiphany this week in trading. I'm almost confident enough to say that I am coming into my own when it comes to trading profitably. So far, I AM profitable and it feels great. I hear many stories from great traders hear at FF, traders who are profitable now that have blown real $ accounts. That was and is a prospect that I do not want to become reality for me. So why could I not help myself to chime in on your comment this time? It is because I have become a true believer in trading small. What ever method that one chooses to trade this market has the potential to produce profit on a consistant basis once that method is mastered. In spite of this fact, there will be times that trades will not behave like predicted and the inevitable drawdown will occur. Because of the methods that I use in trading (all learned right here on FF-not smart enough to come up with one of my own), I have a large percentage of my trades that are winners (approximately 80%). I risk about 1% of my account on trades. I'm dealing in pennies per pip right now as my account is just under 3000 USD and to think, my account is up 11% just this week! That amounted to about $287 dollars in profits in just one week. If you are a fellow new trader, churn the numbers on what I just stated. I started with 500USD on March 6th and have studied much here on the factory. I have a small business and 3 children to raise, $287 makes no difference in my financial situation right now. My other business takes good care of us. $287 is just a measure of how far I've come in my journey. It's an affirmation that I can be profitable if I just keep the business in perspective. It's OK to be trading with small money. This is about YOUR future in this business. I think that most here are probably my age or younger (I am 41). We have PLENTY of time to be successful in this business if we will just be patient, trade small and let the compounding work WITH us. Again, I hope this helps someone out there. I have been reading the Forex Factory since September 2007 and participating only as a recipient of some of the best trading deliberation that exists. I sincerely hope that I am able to assist as I have been assisted once I become a FF success story.

KISSFan
  • #1,486
  • Jul 13, 2008 6:34am Jul 13, 2008 6:34am
Quoting KissFan
Zoopy I just couldn't help myself and chime in here. I hope that someone finds this helpful. I had an epiphany this week in trading. I'm almost confident enough to say that I am coming into my own when it comes to trading profitably. So far, I AM profitable and it feels great. I hear many stories from great traders hear at FF, traders who are profitable now that have blown real $ accounts. That was and is a prospect that I do not want to become reality for me. So why could I not help myself to chime in on your comment this time? It is because I have become a true believer in trading small. What ever method that one chooses to trade this market has the potential to produce profit on a consistant basis once that method is mastered. In spite of this fact, there will be times that trades will not behave like predicted and the inevitable drawdown will occur. Because of the methods that I use in trading (all learned right here on FF-not smart enough to come up with one of my own), I have a large percentage of my trades that are winners (approximately 80%). I risk about 1% of my account on trades. I'm dealing in pennies per pip right now as my account is just under 3000 USD and to think, my account is up 11% just this week! That amounted to about $287 dollars in profits in just one week. If you are a fellow new trader, churn the numbers on what I just stated. I started with 500USD on March 6th and have studied much here on the factory. I have a small business and 3 children to raise, $287 makes no difference in my financial situation right now. My other business takes good care of us. $287 is just a measure of how far I've come in my journey. It's an affirmation that I can be profitable if I just keep the business in perspective. It's OK to be trading with small money. This is about YOUR future in this business. I think that most here are probably my age or younger (I am 41). We have PLENTY of time to be successful in this business if we will just be patient, trade small and let the compounding work WITH us. Again, I hope this helps someone out there. I have been reading the Forex Factory since September 2007 and participating only as a recipient of some of the best trading deliberation that exists. I sincerely hope that I am able to assist as I have been assisted once I become a FF success story.

KISSFan
Hey Kiss.

Glad to see your trading is coming along nicely. Your story is a good example of what's possible when trading small. I think traders sometimes forget that as the account grows, so too does the pip value. Consistency is key as you have demonstrated and this is much easier to accomplish when trading small first. There is no rush, the markets will always be there and there will ALWAYS be big moves that everyone is afraid of missing out on.
  • #1,487
  • Jul 13, 2008 11:21pm Jul 13, 2008 11:21pm
Great to see thread full of replies again

As of my experience and all the books I read I would say trading more than 5% risk of capital is madness. Me personally, I was trading 1% as I started off in forex, after couple of months seeing my account drop, I decreased that to bare minimum of .5% and not too long ago finding success with waves I increased again to 1%, I will increase more as I'll see more success and I build my confidence. I, like Kissfan don't want to blow my first account and taking precautions, there is no where to rush, we're young and we have plenty of time, market is always going to be here.

Since zoopy is trying to add things that evolves us to better traders I will add one of my own things I do, that I believe helps me to that goal.

Everytime I take a trade, and it doesn't have to be profit or loss trade, if after taking the trade and reevalueting it I find I made a mistake I will put that mistake down on the peace of paper with pen.

I'll post some of my mistakes I have on that paper, someone may profit from them?

1. Never buy before news release!!! - I knew beforehand that news trading is bad idea. But this time I had a very strong feeling that there will be bad news for USD and good news for EUR, so 30 min before the news realease I take long on eur/usd. And I'm right!!! there was good news for EUR and bad news for USD, > market drops 100+ pips and I'm out with a loss. go figure
No more news trading!!!!

2. No more bottom hunting!! - You just can't predict where the bottom is period. Do you feel that the market is turning around? It probably is just retracing and will continue on , on its journey.
Wait for market to show that the trend has changed. You will lose your pants trying to catch bottoms.

3. Are you in profit? Do you believe in letting your trades run? Do you have a plan to enter and exit trades? Did the very recent fast 100 pip jump make you feel that you better take profits before it drops just as fast as it rose up? Plan you trade, trade you plan.. why would you decide to change rules when you watch your profits decreasing and you have emotions pouring out of you? You have take profit exit strategy? - USE IT
Do you have the power to predict tops and bottoms to decide that your trade has just reached one and therefore from then you will give money back? - NO

This 3rd mistake I talked about was from the trade on thursday, where we had a fast move up late in the day, I was scared to give back profit. My trading strategy did not give me signals to exit. I had to leave for couple of minutes and therefore I exited trade, resulting in ungained pips.

When I put my mistaked on paper wich is next to my working desk I seem to ingrain those mistakes in me and I'm less likely to repeat them. That helps me, maybe it could help you too.
  • #1,488
  • Jul 14, 2008 8:28am Jul 14, 2008 8:28am
Quoting zoopy
That's very true although that also depends on your method I think. The way I trade I know when I'm wrong and definitely won't stick around when I see waves breaking against me. That's a BIG no no lol.

The example I laid out was referring to an extreme case. Lets say you were trading and you believe you may have hit a winner and you have 30% of your account on that trade. If that trade dropped 50 pips against you, you will see your profits drop very, very quickly. What would you do? Leave it on and let it run until you hit breakeven? Take that same scenario but this time use 5% of your account. Which one of those two do you feel most comfortable with? That's what I was getting at. I have no problem trading big lots because my trades are very low risk with very high reward.
Like you mentioned it depends on your method. Mine allows me to place big lots knowing with very high probability the trade is moving in my direction. If it doesn't I'm out with only a 2-5 pip loss, I have a hazard stop of 8 pips in case I lose power/internet etc. Thus worst case scenario I lose 8 pips tops but very very rare. Anyway, don't mean to hijack your thread just thought I would share that trading with big lots/higher than 2% account is VERY possible without failure, it does take lots of screentime and practice though. Just my .02, Happy trading to all
  • #1,489
  • Jul 14, 2008 7:02pm Jul 14, 2008 7:02pm
Quoting KissFan
Zoopy I just couldn't help myself and chime in here. I hope that someone finds this helpful. I had an epiphany this week in trading. I'm almost confident enough to say that I am coming into my own when it comes to trading profitably. So far, I AM profitable and it feels great. I hear many stories from great traders hear at FF, traders who are profitable now that have blown real $ accounts. That was and is a prospect that I do not want to become reality for me. So why could I not help myself to chime in on your comment this time? It is because I have become a true believer in trading small. What ever method that one chooses to trade this market has the potential to produce profit on a consistant basis once that method is mastered. In spite of this fact, there will be times that trades will not behave like predicted and the inevitable drawdown will occur. Because of the methods that I use in trading (all learned right here on FF-not smart enough to come up with one of my own), I have a large percentage of my trades that are winners (approximately 80%). I risk about 1% of my account on trades. I'm dealing in pennies per pip right now as my account is just under 3000 USD and to think, my account is up 11% just this week! That amounted to about $287 dollars in profits in just one week. If you are a fellow new trader, churn the numbers on what I just stated. I started with 500USD on March 6th and have studied much here on the factory. I have a small business and 3 children to raise, $287 makes no difference in my financial situation right now. My other business takes good care of us. $287 is just a measure of how far I've come in my journey. It's an affirmation that I can be profitable if I just keep the business in perspective. It's OK to be trading with small money. This is about YOUR future in this business. I think that most here are probably my age or younger (I am 41). We have PLENTY of time to be successful in this business if we will just be patient, trade small and let the compounding work WITH us. Again, I hope this helps someone out there. I have been reading the Forex Factory since September 2007 and participating only as a recipient of some of the best trading deliberation that exists. I sincerely hope that I am able to assist as I have been assisted once I become a FF success story.

KISSFan

Well done Rog.

Mike G
  • #1,490
  • Jul 15, 2008 7:58pm Jul 15, 2008 7:58pm
Quoting kaunasny
Everytime I take a trade, and it doesn't have to be profit or loss trade, if after taking the trade and reevalueting it I find I made a mistake I will put that mistake down on the peace of paper with pen.
Kaunasny

What you have posted is a great idea. Quite often we tend to remember better when when we write things down. I think it's also a great way to prepare for the following week when the markets are closed. That way you're able to think clearer and perhaps come up with solutions to solve some of the mistakes you may continually be making.

One thing which I was taught in design which I think may also be helpful with trading is to really take time to reflect on your process every now and then (could be a weekly or monthly thing). Think of it as a weekly/monthly review. Doing this will help you to not only stay focused but to also iron out any problematic areas in your trading.
  • #1,491
  • Jul 15, 2008 8:05pm Jul 15, 2008 8:05pm
Quoting fxRichard
Like you mentioned it depends on your method. Mine allows me to place big lots knowing with very high probability the trade is moving in my direction. If it doesn't I'm out with only a 2-5 pip loss, I have a hazard stop of 8 pips in case I lose power/internet etc. Thus worst case scenario I lose 8 pips tops but very very rare. Anyway, don't mean to hijack your thread just thought I would share that trading with big lots/higher than 2% account is VERY possible without failure, it does take lots of screentime and practice though. Just my .02, Happy trading to all
You're not hijacking at all. I should have clarified things when I said trade small. My idea of trading small is 2%-3% of whatever my account balance is. However... once I have profit to bounce from, I tend to trade 5%, sometimes even bigger depending on the setup.
  • #1,492
  • Jul 15, 2008 8:07pm Jul 15, 2008 8:07pm
Quoting Matrixxdg
Well done Rog.

Mike G
Hey Mike.

Nice of you to drop by. Hope your trading is going well.
  • #1,493
  • Jul 15, 2008 8:20pm Jul 15, 2008 8:20pm
Don't have much to do now so may as well post a eurusd chart. Here's the current 4 hour wave. Bias is currently up. If we get a wave collapse then I'll start considering shorts but right now definitely looking for long positions.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_4hour_wave.gif Size: 8 KB
  • #1,494
  • Jul 18, 2008 5:28am Jul 18, 2008 5:28am
Something interesting on my oil charts. There was a wave collapse which occurred when price took out 135.96. If this follows through, we may start seeing larger waves down, similar to my charts I posted a while back on Dow Jones.
Attached Image (click to enlarge)
Click to Enlarge Name: oil_daily_collapse.gif Size: 9 KB
  • #1,495
  • Jul 18, 2008 5:35am Jul 18, 2008 5:35am
Quoting zoopy
Something interesting on my oil charts. There was a wave collapse which occurred when price took out 135.96. If this follows through, we may start seeing larger waves down, similar to my charts I posted a while back on Dow Jones.
Oil collapse == Rise of USD == Fall of EUR/USD ???
glad u r back zoopy...

sonic
  • #1,496
  • Jul 18, 2008 10:39am Jul 18, 2008 10:39am
Quoting sonicdeejay
Oil collapse == Rise of USD == Fall of EUR/USD ???
glad u r back zoopy...

sonic
Not sure about the eurusd dropping although on my 4 hour chart I do have a wave collapse. When I see that, it's a warning sign that things may start reversing (in simplest terms, we have created a lower low but not a lower high yet).

You're right though. When oil drops, it will drag eurusd down with it. What's also interesting is that I have a wave collapse on aussie too and usdjpy broke up. These are confirmed breaks and they all indicate a stronger USD right now.
  • #1,497
  • Jul 22, 2008 10:49am Jul 22, 2008 10:49am
Updated analysis on the eurusd. We now have a confirmed wave collapse on the 4 hour chart. Bias is now down.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_4hour_collapse.gif Size: 8 KB
  • #1,498
  • Aug 7, 2008 10:10pm Aug 7, 2008 10:10pm
Bro..Zoopy..how hav u been doing??

sonic
  • #1,499
  • Aug 8, 2008 5:32am Aug 8, 2008 5:32am
Quoting sonicdeejay
Bro..Zoopy..how hav u been doing??

sonic
Hi Sonic

I've been doing well thanks. Hope your trading has been profitable as of late. When the market moves like it has been, it's easier to make money using waves.

I'll post an updated long term chart at the end of today for the eurusd pair. I believe in post#1497 I mentioned there was a wave collapse which had me switch my bias to shorts. I have since been shorting the eurusd. My bias has not changed as we still have waves collapsing.
  • #1,500
  • Aug 8, 2008 6:10am Aug 8, 2008 6:10am
Quoting zoopy
Hi Sonic

I've been doing well thanks. Hope your trading has been profitable as of late. When the market moves like it has been, it's easier to make money using waves.

I'll post an updated long term chart at the end of today for the eurusd pair. I believe in post#1497 I mentioned there was a wave collapse which had me switch my bias to shorts. I have since been shorting the eurusd. My bias has not changed as we still have waves collapsing.
I have a nice time shorting aud/usd and Eud/JPY...Care to update ur view on them??
There is a nice thread called " no rainer trades" in forex discussion session..they used the similiar S&R trading style like wave...check it out...
Miss ur wave analysis...

sonic
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