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My Trading Journey thus Far

  • #81
  • Sep 8, 2010 9:19pm Sep 8, 2010 9:19pm
Too tough to call at the moment, a mixed bag of risk on/off.
Crystal balling towards tonight I see a massive GBP rally. It's been hovering just under the bearish trend line on the daily but yesterdays candle was powerful. I observe cable a lot and I can see it smash through that line all the way up to 1.5550 tonight. It's probably a cheap buy right now even if it looks bearish but I don't have the kohunas
  • #82
  • Edited 8:31am Sep 9, 2010 6:17am | Edited 8:31am
My bullish thoughts on cable were not confirmed and fortunately I didn't enter the trade.
I did however enter a cheeky trade just prior to the GBP official bank rate announcement. I've seen this spike severely in the past. A total gamble but I thought it couldn't get much more bearish then it was. It didn't work out but I picked up $6.68 for my efforts.

Edit :Typically it rallied after all. Market waited for me to jump off and away it went. Had I turned off the PC 50 pips would have rewarded me.
Again mind control and patience prevail in this game. I unfortunately lack clarity in both....
  • #83
  • Sep 9, 2010 7:53pm Sep 9, 2010 7:53pm
TGIF....
Looking for the last trade of the week. Again it's a risk on/off mixed bag day. Asian session difficult to trade for me. Waiting for a 3hr entry candle to confirm direction of day which at this stage looks down.
  • #84
  • Edited 1:35am Sep 10, 2010 1:00am | Edited 1:35am
Ok here goes last trade of week. I'm +$42or 40 pips for the week and I'm all in. Bullish on cable as per yesterday. Pending order Entry on the pivot line and tp at R1 looking for 50 pips. Stop under the low of the day.
35pip loss or 50 pip win and no intervention. May the best man win

Cancel what I just said: Price too far away now, and the beer is getting the better of me....I look for something later perhaps
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  • #85
  • Sep 10, 2010 2:45am Sep 10, 2010 2:45am
Man O Man, the market is watching me. I jump off and it rallys as predicted. This is just way too much I'm out of here......I need to get myself a labotamy
  • #86
  • Sep 12, 2010 8:57pm Sep 12, 2010 8:57pm
Monday midday and I see a massive short squeeze on Euro and a gap in AUD. Although Gaps love to be filled it looks like the first attempt this morning failed. If there is one currency that doesn't respect the rule book it's this one!!!
Last 15 min candle bounced off daily pivot so I would expect this too continue to frustrate. A candle close under 9290 would be a good opportunity for 20 pips I think
  • #87
  • Sep 12, 2010 11:18pm Sep 12, 2010 11:18pm
I'm going to play around with day trading on my micro account today.
SELL 4 micro AUD/USD @ 9304 stop 9330. TP 9270.
Fill the gap on MT4
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  • #88
  • Sep 14, 2010 2:34am Sep 14, 2010 2:34am
A terrible start to another week. Just tried to short E/U while it was beginning its rally. $-36.
And yesterday's trade went down the proverbial sh#t hole too !!
I feel as though I'm almost in crisis mode. Not on the account but I've totally lost my way in my thinking, analysis, discipline, psychology and methodology.
I can't stop myself from counter trending rally's. It's a disease
Bull moves look fake, fake bear moves look real. The market has got to me...
Ummmm maybe back to demo mode???
  • #89
  • Sep 14, 2010 4:20pm Sep 14, 2010 4:20pm
I think, you play over exposed
  • #90
  • Sep 15, 2010 7:59pm Sep 15, 2010 7:59pm
Quoting Sec
I think, you play over exposed
Hi Sec, could you please elaborate on that?
  • #91
  • Sep 15, 2010 8:21pm Sep 15, 2010 8:21pm
OK well I feel pretty much done with what I'm doing with my trading. Tuesday night I think I hit rock bottom with my trading. I'm watching Jason's(4xTL) bootcamp free 2 week trial. Fantastic stuff. I really need a thorough education as I'm just doing everything and anything which isn't working for me.

So I piggy backed a trade with a Pro-Trader in real time. It was going the wrong way, so as a fool I cut the trade before it hit my stop for a $-30Loss only to see it turn around and rally for 100 pips.

This was the final straw. I'm not trading anymore till I fix all my issues. I'm very lucky to not have lost any more of my capital since I started this thread.
I will exit with $100 profit.
I'm going back to demo mode. I will try and find a mechanical system that takes discretion out of trading. I will embark in a paid education at some stage over the next few months if I think I need too.
With everything I try it comes back to my personality being suited to a momentum style day trading type. I need to focus purely on that and forget about trying to trade all around the clock. It's impossible. Also the way the markets are behaving makes swing trading or daily candles far too unpredictable for me.

I need to find a spare 3hr block of time either around London or Us open and come up with a strategy that is consistent and profitable.

I will record all my trades on paper and see how I progress. I'm also going to shut down my broker account so I can't trade impulsively.

So that's it for now.....Good luck to all...
  • #92
  • Sep 19, 2010 2:49pm Sep 19, 2010 2:49pm
Quoting ozpips
Hi Sec, could you please elaborate on that?
Looking the picture of #87, I found that:
At equity of 115.22 usd (free margin of 75.22 usd), you take two positions with 0.02 lot each = 4k (4000 usd).
This means an exposure of approximately 1:40
That means you put $ 0.40 / pip
This means that, in about 185 pips, you get ... full margin.
With 185 pips available, you will not be able to make trading.
  • #93
  • Sep 22, 2010 12:48am Sep 22, 2010 12:48am
Quoting Sec
Looking the picture of #87, I found that:
At equity of 115.22 usd (free margin of 75.22 usd), you take two positions with 0.02 lot each = 4k (4000 usd).
This means an exposure of approximately 1:40
That means you put $ 0.40 / pip
This means that, in about 185 pips, you get ... full margin.
With 185 pips available, you will not be able to make trading.
Hi Sec,

Thanks for your feedback. That's just my micro account at 10c per lot. I trade with stops so no drama of that happening but yes money management is another thing I need to work on.
  • #94
  • Sep 22, 2010 1:01am Sep 22, 2010 1:01am
A quick update of where I'm at. I'm currently enrolled in Jason's 4xTraderslive bootcamp trial. I have also enrolled into his full time course beginning Oct4.
In the meantime I again went against all my rationale and shorted the AUD only to lose $230. At least I let the trade run its course.LOL

As Discipline has become an enormous problem with my discretionary trading, this morning I pulled the pin on my IG account at $-100 loss.

I now have only my Go markets micro account running. I'm learning Ninja Trader as this is the platform for which the course will be taught on.

I have found an Aussie broker for ninja but I don't like the monthly fee of $50 for the trade from charts provision. Or the $1K full license fee in lieu of the $50. Alpha broking is the firm.
I also hate the stand alone IB platform which runs together with Ninja.

So right now I'm weighing up my options and undergoing a education that will hopefully make me a better trader. I'll keep in touch...
Any aussie readers using Ninja trader please advise of your broker experiences...
  • #95
  • Mar 10, 2011 3:58am Mar 10, 2011 3:58am
Hey All,

Well almost 6 months have passed since my last journal entry. Why so long ?
Well I gave up on the forums and and completed a 3 month PRO-TRADER boot camp with Jason in the live trading room. I also purchased and viewed DR Barry Burns " Top Dog Foundations "trading course recently.

My thirst for knowledge and the Holy grail have manifested into a fully blown addiction and obsession. I've been torn between trading styles, I've been torn apart by indicators and multiple time frames. I've been around the block a few times and I'm probably more confused then ever before.

I'm into my second year of trading, my child is 21 months old and a total hand full. I've lost my sanity and can't think clearly.

While all of the above presents a serious threat to one's state of mind and trading ability I endeavor to continue on.

I need to regain my focus and trade. The journal will keep me honest on my path to financial freedom.

To be continued.......
  • #96
  • Mar 10, 2011 4:10am Mar 10, 2011 4:10am
Quoting ozpips
Hey All,

Well almost 6 months have passed since my last journal entry. Why so long ?
Well I gave up on the forums and and completed a 3 month PRO-TRADER boot camp with Jason in the live trading room. I also purchased and viewed DR Barry Burns " Top Dog Foundations "trading course recently.

My thirst for knowledge and the Holy grail have manifested into a fully blown addiction and obsession. I've been torn between trading styles, I've been torn apart by indicators and multiple time frames. I've been around the block a few times and I'm probably...
Hi buddy,

Don't get yourself too stressed up. A stressed mentality can't trade well that's for sure.

Another thing to note is there is no holy grail for trading the FX. Choose a style and stick to it, fine-tuning the system along the way. Note what kind of market conditions one's system is not good for and stay out. That should do the trick.

For me, simple is good. Just trendlines, Fibo levels, support and resistance, and knowing when a trend starts (no matter how short). No indicators, nothing. Of course, proper money management also.

Good luck !!!
  • #97
  • Mar 10, 2011 8:59am Mar 10, 2011 8:59am
Quoting ken_wongyl
Hi buddy,

Don't get yourself too stressed up. A stressed mentality can't trade well that's for sure.

Another thing to note is there is no holy grail for trading the FX. Choose a style and stick to it, fine-tuning the system along the way. Note what kind of market conditions one's system is not good for and stay out. That should do the trick.

For me, simple is good. Just trendlines, Fibo levels, support and resistance, and knowing when a trend starts (no matter how short). No indicators, nothing. Of course, proper money management also.

Good...
Hi Ken,

Thanks for your reply. Your correct in all the above. It's all so easy to lose your sight and get caught up in all the other stuff. It's all about probability and having an edge, so here I am again trying to validate my edge. I don't have a trading partner or know anybody even remotely interested in trading so my trading journal will be my trading partner.

My style will be discretionary counter trend( picking tops and bottoms) and my time frame will be Daily charts.

I tried to change my natural instinct to trend following but it doesn't feel good to me, I jump on as the trend consolidates and then falls apart.
I also would prefer to trade an intra day time frame but I can't due to my child caring commitments.

I have a small micro account which allows trading in nano lots. I'll be following my money management rules and trading accordingly.

I'll be listing all my trades with end of day charts, entries, SL and TP.

I will not be watching the market intra day.

My Plan is to take 30 trades and see if my trading plan has a validated edge.

watch this space.....
  • #98
  • Mar 10, 2011 9:06am Mar 10, 2011 9:06am
Quoting ozpips
Hi Ken,

Thanks for your reply. Your correct in all the above. It's all so easy to lose your sight and get caught up in all the other stuff. It's all about probability and having an edge, so here I am again trying to validate my edge. I don't have a trading partner or know anybody even remotely interested in trading so my trading journal will be my trading partner.

My style will be discretionary counter trend( picking tops and bottoms) and my time frame will be Daily charts.

I tried to change my natural instinct to trend following but it doesn't...
Give it a shot
Try to set your trading slot that has minimal child distraction. Otherwise focus is hard.
One thing my teacher taught me: Always review thru your trading chart after each session, and see how you could have done it better on hindsight. The foresight would get better with time....
  • #99
  • Mar 10, 2011 6:47pm Mar 10, 2011 6:47pm
Hi Ken,

Thanks for your support.

Well today is Friday morning in the land of OZ. I have identified 2 new setups. A buy in USD/CAD and a buy in NZD/CAD. USDCAD has completed a ABCD pattern on the Daily and NZDCAD has completed a Butterfly on the Daily.
I'm not going to take these 2 trades because its Friday. My trading plan states no new trades to begin on Friday. Hence I wont post the charts up unless I take the trade.
I will however take the trades on Monday morning if the setup is still valid.

In the meantime I have 2 open trades from Tuesday and Wednesday still running. I'll discuss these in the next post.
  • #100
  • Mar 10, 2011 7:43pm Mar 10, 2011 7:43pm
So I wasn't going to include these trades as the setups although valid were not the best and money management wasn't taken into consideration. I have since changed my stops and Tgts to make the RR 1:1 or better and fit within my trading plan.
A bit like taking a random entry within your setups guidelines and then making it produce a profit

Both trades were taken at important resistant levels which are not evident on my screen capture.
I'm using Ninja Trader end of day charts (free) for my analysis and then taking the trade on Meta trader4. Since these trades were taken before my journal re commenced I won't discuss the setup but I'll include these as my first 2 trades Test 1 and Test 2.
Test 1 EURJPY sell. Entry 114.82 stop 115.71 Tgt 113.90
Test 2 CADJPY sell. Entry 85.36 stop 85.94 Tgt 84.30 .

Both going ok at the moment. I also took a EURGBP sell trade at the same time as Test 1 and 2 which terminated with a 50pip profit last night but I won't go there as I don't want to begin sounding suspect....
Ok I will now re write my customised original trading plan and have it ready for the new week ahead.
Ciao....
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