Thelws's journal

Nothing to see here. I just need a place to post my journal online. Not sharing an opinion. Not asking for one. Just another journal.

I hope I'm not infringing on any rules coz I sure didn't read it well enough. If I am infringing on any rules, mods please do tell me before you delete this thread. I would like to gracefully copy all of my posts somewhere before being evicted. Thanks.

Opened a lot of trades. Was profiting at one point but didn't hit target profit so I didn't close any positions.
Problem was, I didn't enter trades based on the rules. I almost met the conditions for my rules but in truth it didn't.

Almost != conditions met

So today I took a big beating. My positions were losing badly. Had to cut a lot of the losses. Will look into re-entering the positions when the conditions are finally met. Lost $1000.

Re-entered some trades. Took profit today just before Bernanke speaks. Regained $200. Currently have no positions in USD except usdjpy. Why? Because I don't want to gamble. Also because BoJ is a whore and will continue to devalue their own currency in favour of USD. At least until the yen is weak enough that trade becomes attractive again.

Current open positions:
usdjpy long 97.25, sl 94.25, tp 99.88
gbpjpy long 137.60 sl 134.60, tp 138.90
audcad short 0.8264 sl 0.8564 tp 0.8188

http://img530.imageshack.us/img530/3...ng/1/w1024.png

http://img13.imageshack.us/img13/5867/80229960.jpg
http://img13.imageshack.us/img13/802...pg/1/w1024.png

Made back some profits. Although not much. Still recovering from losses. Right now there really is no signal in the market. Everyone is waiting for the next big move. Even the positions that I'm in, I'm not sure that it will be winners. Maybe I shouldn't have entered a trade at all. But I have some backing from professional traders. I just listened blindly this time. Let see what happens in the end.

Current open positions:
eurusd short 1.2566 , sl 1.2866, tp 1.2466
gbpusd long 1.4047 sl 1.3747, tp
gbpjpy long 138.25 sl 135.25 tp 138.25

Always set a sl and tp.

Today the prices blew past where I would have taken profit. But because I didn't set a tp, price retraced back to almost where i started from. Money not taken = money wasted. I could have been up a ton today

Price did return to their levels. This time i was ready to take profit.
Closed a lot of open trades. +200

Statement for today
http://xs537.xs.to/xs537/09104/untitled-1186.jpg




Open trades:
http://xs537.xs.to/xs537/09104/untitled-2994.jpg

If I didn't make that mistake and overextended myself on the first day, I would have been up 700$ by the end of this week. For an 4000$ account, it is almost 25% profit... But IF the world was perfect, everyone would not be losing money. So unfortunately, I'm down for the week.

Today's trades
http://xs137.xs.to/xs137/09105/untitled-1519.png


Open trades that I will not be closing over the weekend:
http://xs137.xs.to/xs137/09105/untitled-21511.png


Initial account:$4k
Current account: -340.33

todya i learnt a lesson. to cut loss and when to do it.

oan's martingale system works very well. But there are times when you just called the direction wrong. or maybe you just cannot hold on to your position long enough. instead of letting the full hard stop hit you, cut loss.

with oan's plan A martingale:
-if you hit -100pips, you double up. here, you are betting on the chance that you are still right. you are still hoping to be right. the mentality here is still on the offensive. you still want the profits. you expect to make money.

-if you hit the next stage of -200pips, you quad your original size. here your mentality changes. it is no longer an on the hunt mentality. it is a defensive mindset. cut loss. the fact that it hit the 2nd lvl trigger is a signal that you called the direction wrong. from here on, the objective is no longer to make profit, but to cut loss. so the moment you feel that the loss is as minimal as possible, cut it. move on to another trade.

I made the worst mistake ever. I traded naked and left my trade to run by itself with too much leverage.

I was supposed to be scalping. I put in a hedge both with tp but no sl. i did this because i had to leave. my ride came.

I was hoping that both tp would be hit and will cancel out. Usually, it can happen as the difference at that time was only 15 pips. But... this time, it only went 1 direction. Failed to take out the other tp.

Right now I'm faced with a -50 pip overleveraged trade. according to my sources, i shold be fine if i keep this trade because it is moving in the right direction so prices should return, if not even exceed where initially entered.

But im so worried right now. my hands cannot stop sweating. I hope that they are right. 3 tings i learnt

1)never trade naked with an overleveraged lot size.
2)never ever leave the desk on a scalp. NEVER.
3)pissing off your friend is better than losing $500.