Perryg's swing trading journal

Did you have any E/J shorts in the market or where these the dead soldiers you were refering too. I havent traded this week but I am glad to see the BEOB worked out for you nicely.

Take care

Razor

Hi Razor
Yes they were the dead soldiers, I have taken a few hits which is quite normal for me, will see where this goes.

Cheers

Perryg

Here is a view of my latest trade; I have taken profits at the 1.5000 level as it is a major psyche level. I removed a large portion of the trade and have left 25% of the position on the table in anticipation of a long tail. The stop is at break even so I have nothing to lose. The entry on this trade was perfect and I am well positioned for the tail if price goes where I anticipate (1.3750 level).

I have taken many many losses prior to this trade to get this entry. Of the last 14 trades I have taken 13 have been losers and one a winner, THIS IS TRADING.

I have begun to question my thinking when I set out on this journal. My initial reason was the hope to share with the less experienced or less educated what it is like to trade an account but now consider this a futile task.
The more I look at Forex Factory members I just can’t believe so much of what I read here. Apparently the number of profitable traders in the world is less than 5% but according to FF it’s more like 50% or many here are dreaming.
Which is it I don’t know for sure but my experience has taught me that this attitude that I win 80% of the time and I just trade price action and I trade the 5 min chart and I just reel in the big bucks is absolute rubbish.

This 80/20 attitude makes me cringe because I know that the odds of that are so remote it’s not funny, more like 20/80 is more realistic but who wants to hear that. Everyone wants the quick buck the big money and they want it now.

Well they are all the fools that are making the liquidity for me to get a fill where I want I suppose, but they sure are not winning 80% of the time and if they were I bet there account aint growing!

This thing about market knowledge, all the 10v folk here, and please don’t take this personally if you have 10v as I am sure you have earned it but market knowledge does not a profitable trader make.

WHAT MAKES A PROFITABLE TRADER IS CONSISTENCY AND AN IRON GUT AND THE ABILITY TO HANDLE LOSING MOST OF THE TIME!!!!!!!!!

I now think that you will only learn this through the school of hard knocks and will take many many years of highs and lows, lots of losses and the occasional big win. No one wants to hear the truth as there is so much crap about returns about that the ill advised have no idea just how it does work.

Let’s face it if all that was required to trade was market knowledge there would not be a university economics professor in existence, but the stark reality is that there would be less than 1 % of academics that could make a living trading, why? Because you can have all the market knowledge in the world and not trade profitably.

Well enough of this rant, it is no doubt a waste of my time but had to share and why not here. By the way my account after all these losses is still in the black and I am on my way to a new water mark high.

How is that possible with so many losses?

Happy Days
Perryg

Thats why I love you man, just honest as. Yes I have to admit the number of professional or even full time traders here is a bit exaggerated. I am absolutly sure that a vast majority have less than 10k yet they claim full time trading. I have more than that and I am far from the full trading fraternity but then again I dont live with my mum and dad still (lol).

I am glad that you posted the fact that you had a number of losses, it is very rare and in fact I prefer to post my losses over my wins as it brings a sense of reality to whereever I post even if most ignore it. I am also finding it harder to keep motivated in this realm. I seems that there are 95% winners selling lossing information which is fine by me, at the end of the day no one but yourself is responsible for your account or the information you acknowledge and besides it is needed anyway (to blow up on account of someone else BS) to get you pointed in the right direction.

Well I am glad to see your on a winner. I have my AUD short still that has already made more this week than my regular paycheck and is better than BE if it moves back, but that is trading for you.

Take care cobber

Razor

PS - No hurt feelings here on your 10v comment ROFL

Plus also the fact is that most academics rely heavily on being able to justify and rationalise problems. There approach is usually direct and calculated. The market is anything but rational and therefore having an approach that is definate and deliberate allows a very small tolerance for the irrationality that plays the mastering role. From my view these forums hold a good number of them, they are the programmers cramming codes to come up with ways to rationalise the outcomes and bring piece of mind.

Have taken a second position on Cable. Have already taken of half the position and moved the stop to break even.

A bit more conservative here as price could still retrace further on original trade so just need to mange risk and wait and see which way it pans out.

I would like to see a break below the 1.4930 but who knows.

Perry

Have added a 3rd position to the trade and have removed half at 1.4800. All trades a are risk free and have locked in some profits along the way.



Perry

Love it man, Selling at bottoms and Buying at tops who would have thought it could be so difficult. Nice work

I woke this morning to see the market had gaped up 50 pips. What happens to gaps? They get filled of course,I opened a position on the open of market and exited half the position an hour later. These a great trades as risk is low and allows for a good long tail opportunity if it eventuates and if not nothing to lose for an hours work. Gotta love it.



Perry

I exited my most recent position on Friday at 1.4800 level as I figured it had a good chance of being stopped out on the next wave. I also intended exiting the 2nd position at market open this morning and just leaving the original first position in play as a decent retrace is possible and may take out that stop.

But once I saw the open this morning that changed my view and as seen in last post I have added another risk free position.

I am still bearish and am anticipating some more down moves. As we know the market moves in waves and a retrace is a possibility but we also know that trends can continue for much longer than expected.

I make my money on tails so all I can do is position myself well for when one eventuates.



Happy Days
Perrry

A nice journal you have, hope it'll continue ....

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hi Perryg!

I subscribe you, while I clicked on you to be my friend list!

I am impressed by your work and the way it's convenient trade Looking at the trade how to do this trend will continue as usual, this is the best job they want to live with!
but what is it you are using moving average?
but I use fibonacci up to around 78.6% as jag start selling it down after 4h candlestick downtrend

Sincerely nappenbir