My GBPJPY trade journal

Chart and trade summary

Greg,

First off, let me thank you for your efforts here to share your knowledge and answer questions. I am very new to all of this and have been spending my time thus far reading and trying to follow your trades in as much detail as possible to try to understand how you trade and how to work with Metatrader.

Your first two trades today were understandable to me (not that I could have done them), however the third trade, which was open about 3 hours and 20 minutes, put you very negative for a while. I am guessing that I am either not reading things right or that you didn't have a stop loss working because of your internet being down. I am a bit confused since I would have thought that a stop loss would have been set about the same time you set up the order. Could you explain a bit?

Thanks for any response.

Greg
i know your a fantastic and successful trader, but just curious if you ever have bad luck. I mean what if the 250pip candle had been blue and you were then -350pips, when you came back online.(would you close it then or let wait for it to turn in your favour). Many where thinking that perhaps price wass heading up to R1 after the two proceeding blue candles, and that the budget was going to spur it on....just wondering cause for me i always have bad luck - if i hang in there i always just about always suffer a catastrophic loss.
anyway good trading to you
travpip

Yes, of course I have losses. Go through my summaries since May, you'll see them. Bu t no way do I have 350 pips losses. That's just poor money management. As you know, the rule is: For example, you set your stop loss at 20 pips. If your risk/reward is 2:1, that means your profit potential is 40 pips.

I don't usually place a stop loss when I initially enter a trade. I wait until the price has moved in my favor 20 pips or so, then place the first stop loss at breakeven entry. Even so, I've mentally calculated my minimum acceptable +pips on the trade vs. potential loss.

I'm not sure the above will help you much. You're trading psychology and trading style is bound to be different than mine in some ways. Some things you just have work through for yourself.

The real answer to your question is in whatever you are doing that is causing pip losses. Assuming there's a consistent pattern, you need to find out what that pattern is, correct accordingly.

Cheers,
Greg

I didn't have a stop loss on the 3rd trade. Overnight trend (candles) were down so I felt reasonably comfortable about the move toward target, placed a profit limit stop, went to bed. Set alerts to my cell phone at target price.

I'm not recommending the above method, please don't carbon copy my every nuance. I've been at this game awhile, some of the decisions I make are based on experience and nothing else. It was a tough session until that full body candle. I got lucky.

Greg,

Thanks for your reply. I had asked the question in part to be sure I was not mistaken in my interpretation of what had transpired and I appreciate you explaining. I am only here to learn, study, and hopefully understand. I appreciate your patience.

You are welcome. Yes, as we all know, pullbacks are part of the game. I don't always hit my entries right, i.e., I get in and price pulls back on me. That's the reason I usually don't place a stop loss initially. I know the price needs to breathe. (Caveat: Working without a stop loss initially is not for everybody). Of course I much prefer not to ride out 40 or 50 pip pullbacks because I'm into real money by then. But if I've analyzed and picked the opportunity correctly, I can usually count on price returning and heading back in my direction eventually.

There are a lot of traders and mentors that use/recommend 75-100 pips or more stop losses. My reaction to that is: "Wow!" How many 75-100 pips potential losses can a trader afford to take before blowing his/her account? Also, I feel with that large a stop loss it indicates you are not really sure of your trade (Trending Momentum). Etc., etc. Stop losses are another area traders have to figure out for themselves.

Undoubtedly a scalper has much tighter stop losses, etc.

Regards,
Greg

Chart and trade summary

Greg,

Thanks for sharing all this information.

One quick question for you or anyone reading this.

What is the CCP inidcator you use, and is there an indicator for your pivot points and the CCP for MT4?

Thanks and great job!

Simon

hi simon.
its CPP not CCP and it stands for Central Pivot Point.
its not an indicator but acts as a Support Resistance level.
he take the level from actionforex.com and uses the DAILY for GBPJPY.
this has been explained many times by Greg and a couple members as well in the following post.
11, 12, 74, 75, 80, 81, 84, 162, 163, 207, 208, 239, 240... and much more.

i guess i am also guilty of not reading every post carefully or you did not read the thread at all?
because i realise that most of the qns i asked in my previous posts on stoplosses and such had also been answered by greg in many post here and there. sorry greg

Cheers! therez tons of gems in this thread.

Spicymonkey

Simon,

Google AutoPivotIndicator_ver5

It will generate the same numbers each day within a few hundredths rather than looking them up and plugging in the lines each day.

Chart and trades summary

thank you for that!

Chart and summary

Hi Greg,

Do you use averaging down as a part of your strategy?


thanks,

Walt

Hi jones 247,

I don't use averaging down.

Greg

Made a third trade this evening not described or illustrated on chart. Chart and trades summary

Chart and trade summary

A friend requested a chart listing the indicators I use, and I'm passing it along.

Good trading,
Greg

Loving the posts Greg. Highly imformative and as you have mentioned you are a busy person so for you to give out the info that you have im sure it will make people who are looking to trade similiar to you very happy.

I have been watching this post, not for trades but as a mental key note that there is success when you stick to trading a particular way. I trade IBs primarily but love this thread.

Thank you