Another T.J.

I've been struggling with success in forex for nearly 5 years. I've paid nearly $13,000.00 "tuition" over those years, to FXCM, OANDA, & IBFX. I intend to use this journal to more clearly indentify my faults, and correct them.

Recently I've had some success (and acquired confidence in) the trading strategy from this thread. Attached is a pdf summary of the main points discussed in the thread.

I also find some validity to the ideas expressed in the writings of Sam Seiden, his work attached in the zip file.

The latest two trading books I've read are Marber on Markets & Millionaire Traders.

Because I am a self employed truck driver, I trade using MT4 mobile. My trading week begins on the weekend reviewing the weekly and daily charts on my home pc. I trade only one pair, EURUSD because of spread and my time constraints. Given my "real job," I have no set work schedule during the week. My trading day starts with a review what news releases are scheduled, noting the time of release. Then a review of the charts noting potential areas of S/R in relation to current price levels, using this to start creating a tactical trading plan for the day. This plan will change as price action dictates.

Some general guidelines :

1. Do not ever let profitable trade go negative.
2. Average into a position, as potential S/R levels are more an area target than a point target.
3. If I’m right, I’m right. If I’m wrong, I’m out.
4. To be consistently profitable, others have to sell after I sell, and buy after I buy.
5. Do not over trade. Take breaks, opportunities will present themselves.
6. Don’t enter a trade unless I have time to manage it until I exit the trade.
7. Off peak hours are less volatile, perhaps more profitable.

I began the week with the attached (rudimentary) trading plan. Attached is a gif image of trades entered throughout last week, with mark ups (as I remember them occurring).

Also attached is statement for the week.

Errors last week:

1. Lot size too large.
2. Failure to wait for appropriate entry level, impatience (greed).
3. Failure to wait to exit at appropriate S/R level, (fear)

Corrections to make/maintain:

1. Use lot size that is fraction of maximum lot size to risk. Currently comfortable with $1000-2500 lot sizes.
2. Tactically plan each day to identify potential S/R levels, wait for price action to approach & prove levels are holding before entry begins.
3. If I average in, try averaging out. Hard to do when watching open trade equity shrinking. Realized profit is satisfying while potential profit seems illusionary.

I'm glad that you are able to admit your flaws and confront it. Seems like we're gonna have a real trader coming up soon.

Remember, any system works. What exactly is our edge? Our edge is ourselves. Give any good trader a lousy system with 10% winning chance, he'll be able to filter out the lousy trades and make the system a winning one.

A look at the weekly (2nd chart) shows some potential areas of S/R, while the daily (3rd chart) may form the right shoulder of an H&S pattern. I don't feel comfortable trading this long a time period. What I like, and have grown comfortable with is using hourly & 15m S/R, in conjunction with Weekly & Daily S/R levels to trade with.

For Monday, intermediate term trend is still up (according to the rules of a trend used by Marber), near term trend is down. (4th chart)

Calendar

Look to start selling around 1.4650, out on close above upper channel line.
Look to start buying below 1.4575, out on break below 1.4485.

Cya Monday.

I must be frigging insane. Making the same mistakes, and expecting different outcomes. $185.25 lost today.

What was different today than on a "successful" day?

1. I had the day off, so I was trading at home instead of in the truck, with my pda.
2. More distractions, children & related noise.
3. More information to distract, web news sites, forums, etc.

This led to

1. failure to plan the trading day, and adapt that plan to price action,
2. chasing the market,
3. being influenced (distracted) by information not normally accessible,
4. over trading, not waiting for proper entries, &
5. using too large a lot size, attempting to replace truck revenue with trading revenue.

Tomorrow is another day, my number one priority is to crack open my thick skull and learn from my mistakes, eventually.

Started late today, looks like potential support on 4hr chart. Not all platforms use 4hr charts, so will wait for the "potential" support to prove itself.

2nd chart, trend clearly down, sold on test of resistance, (not break of support), closed when resistance became support. For myself, (in my worthless opinion) this was nearly a perfect trade, given the time of day.

I obviously have the day off again today (from driving the truck that is), now waiting for S/R to establish on 15m/60m charts to consider entry.

long on test of 15m hammer's open price as support,
http://www.forexfactory.com/attachme...1&d=1222795472
lot size is 1/5th my full size,
sl 1.4008, 15m low, I'll consider adding down to this point...
tp area test of upper 1m resistance...

Trading against retailers now, most institutions (I think) have/are clos(ed/ing) shop...
(I think Marber called this "dealer's (trader's) regret," self questioning validity of trade premise)

out...dealer's regret got the better of me.
http://www.forexfactory.com/attachme...1&d=1222795555