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Trading Journal

  • #1
  • First Post: Edited Apr 16, 2009 2:14am Apr 14, 2009 9:50am | Edited Apr 16, 2009 2:14am
I've decided to work on a journal here just to post some thoughts and continue my quest in learning to become a profitable trader.

Please DO NOT trade off my calls in here as I am still not yet profitable.

Also, I trade off both a Live account and Demo account. Currently I'd say that most of my trading is demo based but I have my live account if something looks really obvious to me.

I am learning to trade on a full time basis.

Purpose of this thread/blog is just so that I can post some of my thoughts in a central place. I'm not trying to teach or anything like that since I'm still learning.

Edit: It feels great to be updating this Trading Journal. I feel like I am holding myself accountable to only enter trades that match my rules instead of entering a trade on a whim and all my thoughts are with images which makes it so much easier to see what I was thinking and what strategies worked for me and which ones did not work for me. Big thank you to Forex Factory for making such an area available for us
  • #2
  • Edited 11:47am Apr 14, 2009 10:08am | Edited 11:47am
Just tried to attach an image but it didn't work. Hmm..

Since my image would not attach for some reason I'll post my current trade. I've been in this position for quite some time. Obama's speech pushed the EUR/USD up which went against this trade. Interesting to see how it goes. The trend of the moment on the 1hr time frame is down.

Short
Entry=3273
Stop Loss =3340
Take Profit = 3205
  • #3
  • Apr 14, 2009 8:36pm Apr 14, 2009 8:36pm
took half off the table at the mid-point and then moved stop loss to break even. Got out of the trade at the 3230 level. Nice profit.

I still expect it to go down to the 3205
  • #4
  • Apr 15, 2009 12:33am Apr 15, 2009 12:33am
long

Take profit=146.95
Stop Loss = 145.90
Entry price = 146.53

This is probably not a great trade due to the poor risk to reward ratio. I'll see how it goes though. Might move stop to break even as soon as possible and take half profit off the table asap as well. We'll see, otherise I'll just terminate the trade.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader3.jpg Size: 279 KB
  • #5
  • Apr 15, 2009 12:59am Apr 15, 2009 12:59am
if we go back down to 146 on the GBP/JPY then I'm interested in going long again. Simple reason is that I can use a smaller stop loss with the posibility of much greater reward.
  • #6
  • Apr 15, 2009 1:33am Apr 15, 2009 1:33am
Quoting altrader
if we go back down to 146 on the GBP/JPY then I'm interested in going long again. Simple reason is that I can use a smaller stop loss with the posibility of much greater reward.
Ok, well my limit buy order has executed:

Long
Entry=146.00
Take Profit=147.50
Stop Loss=145.40

This is a situation where we have a pretty wide range. I'm thinking that it is more probable that we will see a bounce here BUT it is uncertain. We could lose some money here but the amount risked for the potential reward is fantastic.

If it goes my way I'll be looking to move my stop to break even when i'm about 20pips in front and then take profit off the table. At this point I'll let the rest run until take profit if possible. I might take some profit at each major psyche level. We'll see.
  • #7
  • Apr 15, 2009 1:46am Apr 15, 2009 1:46am
Trading Zone I'm interested in is shown in the chart below.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader4.jpg Size: 283 KB
  • #8
  • Apr 15, 2009 2:01am Apr 15, 2009 2:01am
Quoting altrader
Ok, well my limit buy order has executed:

Long
Entry=146.00
Take Profit=147.50
Stop Loss=145.40

This is a situation where we have a pretty wide range. I'm thinking that it is more probable that we will see a bounce here BUT it is uncertain. We could lose some money here but the amount risked for the potential reward is fantastic.

If it goes my way I'll be looking to move my stop to break even when i'm about 20pips in front and then take profit off the table. At this point I'll let the rest run until take profit if possible. I might take some...
When I was +20pips in front I took half of my profit off the table and then moved my stop loss up to my entry (break even).

Now I'm sitting on a free trade. If it goes against me and I get stopped out I don't care. My risk is now at 0% for a great potential reward. Still, it could retrace and I get stopped out but ohh well, I won't lose anything if I do get stopped out.
  • #9
  • Apr 15, 2009 4:31am Apr 15, 2009 4:31am
Quoting altrader
When I was +20pips in front I took half of my profit off the table and then moved my stop loss up to my entry (break even).

Now I'm sitting on a free trade. If it goes against me and I get stopped out I don't care. My risk is now at 0% for a great potential reward. Still, it could retrace and I get stopped out but ohh well, I won't lose anything if I do get stopped out.
Turned out the amount I left open went very well. I took profit at the 4750 level, which was the original plan. It could have gone either way though. The tricky thing about this game is getting the risk management right. I thought that this trade went well BUT in the end by taking profit off the table at certain points, this limited the overall profit.

When this trade was completed I'd gained about 2% of total capital. That's very good BUT if you look at the 60pip stop loss, it turns out that I was risking about 2% as well. So...good but still need to figure out when to let a trade run and when to take pips off the table.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader5.jpg Size: 289 KB
  • #10
  • Apr 15, 2009 11:55pm Apr 15, 2009 11:55pm
Ok I'm interested in the EUR/JPY

See image below:

Entry=130.55
Take Profit=131.50
Stop Loss=130.18

Looking to move stop loss to break even sooner rather than later. say at +20pips.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader6.jpg Size: 275 KB
  • #11
  • Apr 16, 2009 1:02am Apr 16, 2009 1:02am
There is a danger when the close of a candle is SO close to the outter limit of the range. It means that there is a stronger than normal chance that it could break that range and head lower.

See Image Below:

I must also remind myself that i am doing well with this trade setup in the sense that I am trading according to my rules. It is all UNCERTAIN. I could not possibly know if price will go in my desired direction or against it.

So why worry about it?

The only thing I can know for sure are

1. How much I will risk as a percentage of total capital
2. When/where I will enter
3. When I will exit--at stop loss or at take profit level

There is not much else I can control--so why worry, if I have assigned my risk and looked at my setup?
Attached Image (click to enlarge)
Click to Enlarge Name: altrader7.jpg Size: 288 KB
  • #12
  • Apr 16, 2009 2:04am Apr 16, 2009 2:04am
Long

Entry=130.04
Take Profit=131.50
Stop Loss=129.70

Again. If +20 pips in profit, I will look to take some profit off the table and move stop loss to break even (entry price).

I'm interested to see if price breaks back into the range zone as shown by the green lines in the image below.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader8.jpg Size: 297 KB
  • #13
  • Edited 2:28am Apr 16, 2009 2:08am | Edited 2:28am
Quoting altrader
There is a danger when the close of a candle is SO close to the outter limit of the range. It means that there is a stronger than normal chance that it could break that range and head lower.

See Image Below:

I must also remind myself that i am doing well with this trade setup in the sense that I am trading according to my rules. It is all UNCERTAIN. I could not possibly know if price will go in my desired direction or against it.

So why worry about it?

The only thing I can know for sure are

1. How much I will risk as a percentage of total...
Just wanted to point out that I did in fact lose money on this trade.

Anyway I also wanted to add a thought I have about money management.

I recall Jesse Livermore saying that he:
-Adds to his position AS he finds that price is doing what he expects, moving in his desired direction.
So livermore would not enter a trade risking 2% initially. He might risk a third of that at first and then AS price moves in his direction after a reaction (pull back) he might decide to add another 1/3 of capital and keep doing that, eventually taking profit when he finds the end of the thread.

Remember what partridge said about the bull market...or bear market. In essenance he said, " Well it is a Bear Market Afterall" when ever someone would ask him where he saw price moving for a particular stock. (Actually he said BULL Market but since we are in a Bear market I will say Bear market instead).

So in other words, the pull backs are to be expected. The pivotal points are key areas.
  • #14
  • Apr 16, 2009 3:05am Apr 16, 2009 3:05am
Quoting altrader
Long

Entry=130.04
Take Profit=131.50
Stop Loss=129.70

Again. If +20 pips in profit, I will look to take some profit off the table and move stop loss to break even (entry price).

I'm interested to see if price breaks back into the range zone as shown by the green lines in the image below.
Lost on this trade as well. I think I'll hold back for awhile. This sux.
Great explanation and my thought process is in the image below.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader9.jpg Size: 336 KB
  • #15
  • Apr 16, 2009 3:50am Apr 16, 2009 3:50am
In case many weeks or months later I come back to this trade and want to know what the EUR/JPY was doing on the daily chart when I lost on those trades, I have included the image below.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader10.jpg Size: 296 KB
  • #16
  • Apr 16, 2009 6:39am Apr 16, 2009 6:39am
The plan is shown in the image below.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader11.jpg Size: 303 KB
  • #17
  • Apr 16, 2009 7:27am Apr 16, 2009 7:27am
Ok Limit Sell order is set up.

Entry=130.69
Take Profit=130.00
Stop Loss=131.10

A few reasons for doing this trade.

1. The wall is at the 130.70 level and we tested that level once and got rejected.

2. Risk to reward ratio.

3. For once I am trading with the longer term trend of the moment. Will see how this pans out.

See image below.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader12.jpg Size: 274 KB
  • #18
  • Apr 16, 2009 8:08am Apr 16, 2009 8:08am
Quoting altrader
Ok Limit Sell order is set up.

Entry=130.69
Take Profit=130.00
Stop Loss=131.10

A few reasons for doing this trade.

1. The wall is at the 130.70 level and we tested that level once and got rejected.

2. Risk to reward ratio.

3. For once I am trading with the longer term trend of the moment. Will see how this pans out.

See image below.
This is horrible. Stopped out again.

So this is how today has gone.

Trade 1: Went Long and it went lower and so I lost on this trade.
Trade 2: Went Long again thinking it would go higher. Lost on this trade.
Trade 3: Finally I'm thinking that we will go LOWER and so I wait for an approproiate level to go short and the thing goes freaking HIGHER. Bloody hell.

I need to work on my game more, obviously.
Attached Image (click to enlarge)
Click to Enlarge Name: altrader13.jpg Size: 288 KB
  • #19
  • Apr 16, 2009 8:18am Apr 16, 2009 8:18am
its one of them days m8...trade only excellent setups and work of higher time frame zones...
  • #20
  • Apr 16, 2009 8:26am Apr 16, 2009 8:26am
Quoting altrader
Ok Limit Sell order is set up.

Entry=130.69
Take Profit=130.00
Stop Loss=131.10

A few reasons for doing this trade.

1. The wall is at the 130.70 level and we tested that level once and got rejected.

2. Risk to reward ratio.

3. For once I am trading with the longer term trend of the moment. Will see how this pans out.

See image below.
The Daily Central Pivot Point was at 131.05
Maybe I DO need to incorporate some Pivot points into my analysis.
Far out, what a STUPID place that I put my stop loss, lol. It should have been probably at about the 25 level or there abouts if I'm looking for a bounce off the 20.

Remember what Acumen said about how often price bounces back to or off a pivot point. Also recall ak4x when he said to avoid placing stops in stupid places such as somewhere really close to a pivot point or a fib level where price would likely go to.

These are dumb mistakes that I've made here.

I'd also like to include some of my Symmetric triangle break outs.

1. Pivot Points
2. Natural Support and Resistance
3. Triangler breakouts

Need to look for some confluence here. Might need to map out S1 and R1 pivot points as well.
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