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MW's trading journal

  • #1,841
  • Aug 23, 2010 8:10am Aug 23, 2010 8:10am
Quoting mike w
Just got short on the gbp/usd. I got busted on the usd/chf trade, missed by T/P by literally 1/4th of a pip and so I just closed for a loss of 20.
Could that usd/chf trade still work out? Sure. Do I have any business being in the trade on it now? Not one bit, and that's why I'm not.

"Ya gots to keep your head on straight kid, through everything you're gonna do." A brilliant guy told me that and I haven't forgotten it, that's for sure.
I dream, therefore I become.
  • #1,842
  • Aug 23, 2010 1:46pm Aug 23, 2010 1:46pm
Here's one real quick on the aussie then I gotta run back out the door.
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I dream, therefore I become.
  • #1,843
  • Aug 23, 2010 4:24pm Aug 23, 2010 4:24pm
Solid stuff, as usual, Mike.
It's not about how much you make, it's about how much you don't lose.
  • #1,844
  • Aug 24, 2010 8:41am Aug 24, 2010 8:41am
I've just now came across your trading journal. Excellent stuff indeed Dhb Well what else would you excpect from an excellent trader like Mike is? Now i know where i can find some good reading.
Keep up the good work m8
  • #1,845
  • Aug 24, 2010 9:49am Aug 24, 2010 9:49am
All this running out makes me think you have a warrant!
  • #1,846
  • Aug 24, 2010 10:10am Aug 24, 2010 10:10am
Quoting mike w
Here's one real quick on the aussie then I gotta run back out the door.
Aussie hit my T/P for a gain of 60 and the gbp/usd closed out for a gain of 130 as well overnight. Man, I love my job lol
I dream, therefore I become.
  • #1,847
  • Aug 24, 2010 11:29am Aug 24, 2010 11:29am
Mike, if it's not too much hassle, I've got a new round of Q's I'd like to ask. Would you mind sharing a few of your rules/customs as to how you manage your H4 trades?

For instance, how do you manage your stops? Let's say you just entered a trade, will you then wait for at least the close of the first bar/candle before deciding whether to move your stop to b/e, assuming it has gone in your favor? Or do you apply some sort of mechanical rule, like a fixed no. of pips or something?

Also, do you have any rules involving staying out at certain times, e.g. around big news (rates, employment), during slow times (the NYC/Tokyo "gap"), friday afternoons (holding over the weekend, potential gap opening on monday)?

Lastly, how often do you check your trades? Once every 4 hours? Or more often (perhaps when the stop is not yet to b/e)? Do you also check your trades during the night? I guess when the stop is on b/e, you won't, but how about when you're off to bed and your trade is in drawdown?

Thanks a lot!
It's not about how much you make, it's about how much you don't lose.
  • #1,848
  • Aug 24, 2010 11:58am Aug 24, 2010 11:58am
Quoting Dhb
Mike, if it's not too much hassle, I've got a new round of Q's I'd like to ask. Would you mind sharing a few of your rules/customs as to how you manage your H4 trades?

For instance, how do you manage your stops? Let's say you just entered a trade, will you then wait for at least the close of the first bar/candle before deciding whether to move your stop to b/e, assuming it has gone in your favor? Or do you apply some sort of mechanical rule, like a fixed no. of pips or something?

Also, do you have any rules involving staying out...
Sure thing brother! Yes I will wait a while before moving my stops up to B/E or at least up. Price always needs room to move for a while and by the point that it has, new S/R has been formed. I also just get a feel for bars that are going to take off and not look back as compared to bars that are vividly blinking out that they will retrace first before making a move. Like I've said before, I've tested more than most would think is sane and that's how I just "got it".

On the 4 hour timeframe, there is no time that I will stay out if I see a setup. If I see a valid setup, I'm trading it - no questions asked. When you start to ask questions about a setup, you're screwed. I took a trade just last week on a friday afternoon that worked out perfectly.

If I'm here during the day, I'll check on them every once in a while just out of habit while I'm running the 5's. I'll check on them pretty much on the 4 hour mark, although I know my odds and so I really don't need to be watching a whole lot. I don't worry about drawdown in the least, it's always going to take care of itself, either in a gain or a loss. I'll check the charts during the night because we all know that money never sleeps!

I hope I answered all those in the way that you wanted me to and if not, jsut let me know and I'll try to elaborate as much as possible.
I dream, therefore I become.
  • #1,849
  • Aug 24, 2010 12:38pm Aug 24, 2010 12:38pm
Quoting calderone
All this running out makes me think you have a warrant!
LOL Yeah, I have about 8 of em out right now hahah

Nah, I'm tellin ya brother, this August has just been one giant party lol
I dream, therefore I become.
  • #1,850
  • Edited 12:51pm Aug 24, 2010 12:39pm | Edited 12:51pm
Quoting ppfx
I've just now came across your trading journal. Excellent stuff indeed Dhb Well what else would you excpect from an excellent trader like Mike is? Now i know where i can find some good reading.
Keep up the good work m8
Thanks for that brother! I appreciate the feedback for sure!
I dream, therefore I become.
  • #1,851
  • Aug 24, 2010 2:33pm Aug 24, 2010 2:33pm
Nice trading Mike!
  • #1,852
  • Aug 24, 2010 3:49pm Aug 24, 2010 3:49pm
Quoting mike w
Sure thing brother!...
Got it Mike.

One thing I might have misunderstood though. Did you mean to say you check the charts at night when you're in a trade, or also when you're not in a trade? If it's the latter, kudos for your commitment bro!

Maybe one more thing for now. Could you perhaps elaborate a little on how you actually did your testing? Did you use a particular software package, or did you just demo an awful lot?

Thanks again for your willingness to share. I'm sure I'm not the only one who's thankful.
It's not about how much you make, it's about how much you don't lose.
  • #1,853
  • Aug 24, 2010 4:03pm Aug 24, 2010 4:03pm
Quoting Dhb
Got it Mike.

One thing I might have misunderstood though. Did you mean to say you check the charts at night when you're in a trade, or also when you're not in a trade? If it's the latter, kudos for your commitment bro!

Maybe one more thing for now. Could you perhaps elaborate a little on how you actually did your testing? Did you use a particular software package, or did you just demo an awful lot?

Thanks again for your willingness to share. I'm sure I'm not the only one who's thankful.
Yeah man, I'll stay awake/wake up for the 4 hour charts at night IF I haven't spent the night on the town/with people for the most part. That's if I'm in a trade just as well as if I'm not. Like I said, money never sleeps and if I miss out on opportunities due to my laziness, that just royally gets under my skin. That just shows that I've broken my standard that I set for myself.

I forward test all the time. Every day to be honest for at least a few hours. I'll just go to any random spots on charts and move forward and see what reactions happen at the 21. That's why I'm able to kinda tell when we'll see a retracement and when we won't on these setups at the 21 easily. It's just bar shape, size, location, etc. I also do extensive testing sometimes and just run through charts from years ago up until now when I'm feelin a little frisky! lol Just on mt4 really. I have a package but I rarely use it as mt4 gets the exact same job done. I still get to see where price ended up and why.
I dream, therefore I become.
  • #1,854
  • Aug 24, 2010 4:41pm Aug 24, 2010 4:41pm
Quoting mike w
Yeah man, I'll stay awake/wake up for the 4 hour charts at night IF I haven't spent the night on the town/with people for the most part. That's if I'm in a trade just as well as if I'm not. Like I said, money never sleeps and if I miss out on opportunities due to my laziness, that just royally gets under my skin. That just shows that I've broken my standard that I set for myself.
Kudos to you my man. I like how you set high standards for yourself. I think I would do exactly the same if I were to trade fulltime and trade the H4's.

Quote
I forward test all the time....
Ah, interesting. I know some ppl use software to test their methods, but I suppose just studying charts will help you develop a feeling for it just as well. In the end, it all comes down to chart time, doesn't it.
It's not about how much you make, it's about how much you don't lose.
  • #1,855
  • Aug 24, 2010 6:15pm Aug 24, 2010 6:15pm
Quoting mike w
LOL Yeah, I have about 8 of em out right now hahah

Nah, I'm tellin ya brother, this August has just been one giant party lol
Lovin life!
  • #1,856
  • Aug 25, 2010 5:37am Aug 25, 2010 5:37am
Quoting Dhb
Kudos to you my man. I like how you set high standards for yourself. I think I would do exactly the same if I were to trade fulltime and trade the H4's.

Ah, interesting. I know some ppl use software to test their methods, but I suppose just studying charts will help you develop a feeling for it just as well. In the end, it all comes down to chart time, doesn't it.
Hey dhb, I found forextester extremely helpful for back testing. I'm sure you have heard it mentioned on here but it really is a great program, especially when you are trying to work full time and get better at trading. I can replay years of data in a much less tedious manner. Worth a look into if your going to be doing some serious testing. Take care!

Chris
  • #1,857
  • Aug 25, 2010 7:34am Aug 25, 2010 7:34am
Hi Chris,

Yea, I've come across forextester a few times now in several threads. Should I ever find it necessary to do some serious backtesting, I'll definitely check out this software!
It's not about how much you make, it's about how much you don't lose.
  • #1,858
  • Aug 25, 2010 7:47am Aug 25, 2010 7:47am
Mike,

When trading the 5's, do you take lunch hours into consideration? For instance, I took this short EJ earlier this afternoon, but on my "demo" demo, instead of my "real" demo, because it was more or less lunch time in London (11.50 AM London time), so I was expecting low volatility. Guess the institutional traders only go out for lunch on a friday and ate their lunch behind the desk, since there was no lack of follow through on this one.

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It's not about how much you make, it's about how much you don't lose.
  • #1,859
  • Aug 25, 2010 9:31am Aug 25, 2010 9:31am
And heeerrreee we go! Eur/gbp short, entry at 82.00 with a TP at 81.57. Simple to work when you know what to look for. 1 trade means nothing, it's the thousands that matter.
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I dream, therefore I become.
  • #1,860
  • Aug 25, 2010 9:32am Aug 25, 2010 9:32am
Quoting Dhb
Mike,

When trading the 5's, do you take lunch hours into consideration? For instance, I took this short EJ earlier this afternoon, but on my "demo" demo, instead of my "real" demo, because it was more or less lunch time in London (11.50 AM London time), so I was expecting low volatility. Guess the institutional traders only go out for lunch on a friday and ate their lunch behind the desk, since there was no lack of follow through on this one.

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Nope, I've left for lunch and seen some trades become runners while others become losses. It's all the same IMO.
I dream, therefore I become.
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