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My 60 day challenge (Yes i know another hero...)

  • #21
  • Oct 10, 2010 10:04am Oct 10, 2010 10:04am
All I ask here is that you don't give up. Greed is a major factor in your type of losses. You lost half of your account in one session. That is greed. Another reason people lose is they give up and quit. Focus on "Sound" money management. Make rules and stick to them. Such as I will only risk 5% or I will only risk 20-30 pips per trade and as soon as the trade as met your criteria for a loss then exit the trade.

Also set rules for winning trades so you don't get stuck in the greed trap. Take two orders, set one profit target at 20-30 pips, as soon as that profit target is reached move your stop to breakeven and enjoy a risk free trade up to your second profit target of maybe 50-100. Above all stick to whatever rules you make and do not violate them.

Keep in mind these are "Examples" of a type of trade management. Look into your own goals and what you hope to accomplish so you can set more accurate rules for your trading style. However don't set crazy rules.

You are dealing with money, capital preservation is key, especially when you are just starting out. An ancient quote goes like this.

"Instead of looking for the homerun every session, it is better to hit singles and stay in the game"

Good luck.

I look forward to watching this journal progress.
"More important than the quest for certainty is the quest for clarity"
  • #22
  • Oct 11, 2010 2:02pm Oct 11, 2010 2:02pm
Hi,

Thnx Jeremy for your support.

Today was ok. In the morning price was below the NY rollover and at the band.
I was not convinced to go short, but after some time price went down, so i took a short. The entry was not the best.

Because of the bank holidays of some countries, there was not a lot of action until the late afternoon.
In the afternoon price did not came above NY rollover anymore and lower highs were created. For me a sign to hold my short. Calculated WP could be a possible target. Well price went down to there and i closed my trade. I saw price move down further, and took another short with the L4 level as target. After L4 took a long for a few pips. L4 is always a good level to take a long position for a small amount of pips.

So beside the not perfect entry of the 1st trade, the rest of the day was ok.

Also a little frustrating to see that i could be BE with my bad trades last friday if i did not close them before the weekend. On the other hand, if price went up to 1.6 i could have lost alot more......
Well i had to play it better last friday, it's my own mistake.


Result of today = $23.84 ==> 12.51%

Regards.
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  • #23
  • Oct 11, 2010 4:06pm Oct 11, 2010 4:06pm
Much better today.

Also. Please try not to have any regrets about last Fridays trades. It's always easy to look back and say what you should have done. Like "If you held the position over the weekend you "May" have broke even. However the chance was also there that you would have lost more as well. You made a good choice cutting your losses. Hindsight site is always 20/20 as they say.

I am interested in your very "complicated" chart template. It looks as if you are using a variation of the famous Fibonacci wave. As far as the rest LoL. It's quite the cluttered chart. But if you are able to make sense of it and have sound rules associated with your strategy and are able to hold fast to those rules then its fine. Hopefully it’s a proven system.

Good Luck This Week.... Hopefully you will be able to triple your account balance like you did last week minus the loss on friday
Jeremy
"More important than the quest for certainty is the quest for clarity"
  • #24
  • Oct 12, 2010 1:29pm Oct 12, 2010 1:29pm
Hi,

I don't have much time tonight, just a short update.

Today was ok, but my entries where not that good. The overall view was short today for me, especially when i saw that the macd on the 8 hour chart was broken. This break wonders me if we go down further or first a retest of the macd or a break up again.
I had some less time to watch the charts now and then, maybe thats a reason i did not get the best entries.

Also good to see that the formation tool (on the 15 min chart) (ABCD) predicted the targets for today.

Result of today = $28.80 ==> 13.43%

Regards
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  • #25
  • Oct 12, 2010 1:40pm Oct 12, 2010 1:40pm
Quoting JeremyMoore
Much better today.

Also. Please try not to have any regrets about last Fridays trades. It's always easy to look back and say what you should have done. Like "If you held the position over the weekend you "May" have broke even. However the chance was also there that you would have lost more as well. You made a good choice cutting your losses. Hindsight site is always 20/20 as they say.

[font=Century Gothic][color=blue]I am interested in your very...
I agree, looking back is easy. I will try not to do that.

I'm not aware of using the famous Fibonacci wave. But i use fibonacci numbers for several tools .
I work a lot with camarilla pivot points (daily, weekly and monthly). The pattern (band) on the 28 tic chart is a good tool to see if we go to the next level or if we go up. But i use more charts with different time frames.

The guys who teached me using this method, are using it now for about two years. They tune the charts now and then, but the main parts are still the same. And they are both succesfull. So thats a reason i believe this method works for a longer time.

I hope you understand it a little.

Regards
  • #26
  • Edited 12:01pm Oct 14, 2010 12:00pm | Edited 12:01pm
Hi,

Day 13 (13 oktober) turned to be a bad day.
It started ok, was well in profit, but i had set my TP too far. So i missed it and price went against me.
Before i knew it my trades were in a loss.
Should have closed the trades when it was at BE / small loss.

Well i know now for sure that greed and the "get rich in a few trades" thoughts are my biggest enemies.
I will have to work on that.

Result of today = -$43.20 (include roll fee) ==> -17.76%

Regards
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  • #27
  • Edited 12:22pm Oct 14, 2010 12:10pm | Edited 12:22pm
Hi,

Day 13 was not good, but today was ok.
When i woke up i saw the price went up during asian time, so the biggest chance was that price continued to go up until LO open. Took a long trade and i did not set my tgt too high, did not want to get in the same situation as yesterday.

On the 8 hour chart there is still divergence, also the fact that the price was at the MH4 level, was a signal too go short (for a short retrace). My 2nd trade (short) entry was not ok. 3rd trade (short) entry was ok and it went too my tgt.
4th was ok, but my 5th trade was not ok. Had to take another trade to get BE with my 5th trade.

Result of today = $54.30 ==> 27.14%

Regards
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  • #28
  • Oct 15, 2010 9:03am Oct 15, 2010 9:03am
Day 14 out of 60 you basically doubled your account balance in that time.

Stay focused. Stay disciplined.

Your goal is 60 days to $10,000,

Can it be done? You better believe it. You will have to remain focused on the course. One trading day at a time. End the day "Pip Positive" Study, study, study. Remove greed and overtrading from your arsenal.

I am very excited for you. I love people that take on seemingly impossible tasks and succeed.

Good luck
Jeremy
"More important than the quest for certainty is the quest for clarity"
  • #29
  • Oct 15, 2010 1:19pm Oct 15, 2010 1:19pm
Quoting JeremyMoore
Day 14 out of 60 you basically doubled your account balance in that time.

Stay focused. Stay disciplined.

Your goal is 60 days to $10,000,

Can it be done? You better believe it. You will have to remain focused on the course. One trading day at a time. End the day "Pip Positive" Study, study, study. Remove greed and overtrading from your arsenal.

I am very excited for you. I love people that take on seemingly impossible tasks and succeed.

Good luck
Jeremy
Well Jeremy i have to dissapoint you. Today i got margined out. Had a good profit before New York news, but guess what. Greed did his job again, took wrong trade added too much positions to get BE, and now i'm at $100
I got serious problem with my mind.

Well the goal of $10000 will not be reached over 45 days, but i will continue to see how i end up after 60 days.

Maybe i can get rid of the greed factor during those 45 days! That is my biggest enemy.

Result of today = -$152.40 (include roll fee) ==> -59.2%

Result of this week = -$88.60
Total result =-$24,97

Have a nice weekend.

Regards
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  • #30
  • Oct 18, 2010 7:00am Oct 18, 2010 7:00am
Hi,

Been thinking this weekend to avoid stupid mistakes like the two last weeks. I noticed i was focused too much on the money, instead of the pips and/or percentage. Also have to learn to take what the market offers.

Today was ok. 1st short trade was good. Price was below NY rollover and below the band, so bias was short. Did not expect price would go down much further then L5. But it did.
2nd trade i was not sure if it would go lower, so i stepped out after few pips. Price did go lower. 1.5840 was the support for today (well until this moment).
3rd was also ok.
This gave me 52 pips. Enough for today. So to avoid mistakes and the fact i don't know what NY will do i wait until the next morning.
Also to get rid of greed and overtrading good time to stop and do something different.

Result of today = 52 pips ==> 15.30% ==> $15.6

Regards
Attached Image(s) (click to enlarge)
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  • #31
  • Oct 19, 2010 11:56am Oct 19, 2010 11:56am
Hi,

1st trade was good. Price just above the NY rollover, but below the band. So a bit conflicting. But because the big picture was going down, i choose to go short. Closed it for 30 pip profit. I had the chance to close it earlier with the same profit, but because my tgt was set too far away it had to be done on the second move down (which most of the time goes further then the 1st one).
2nd trade was at wrong entry (not patient enough), so added a 3rd (also not a good entry) and eventually a 4th pos, to BE or go for a small profit.
Price went down again, and i closed my trades with profit.

Profit was good, so i was finished for today.

Did not think price would go down this low, but L5 looks to be the support of today.

Result of today = 61,9 pips ==> 15.80% ==> $18.57

Regards
Attached Image(s) (click to enlarge)
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  • #32
  • Oct 20, 2010 9:42am Oct 20, 2010 9:42am
Hi,

1st trade was long, because price was above NY rollover and above the band. But it didn't move as i expected, so i closed it with a small profit. The entry of the 2nd trade was not good, but gave a good profit. 3rd trade was bad, should have waited longer after the news, before taken a new trade. Had to add two other trades to get out with some profit. The entry of the last two trades where not perfect btw.

My bias preferred to be short, but the chart was telling me long was the way (especially now when we are above 1.58 again). The NY rollover is the support for today (until now).

Result of today = 59.6 pips ==> 16.85% ==> $22.94

Regards
Attached Image(s) (click to enlarge)
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  • #33
  • Edited 11:03am Oct 21, 2010 11:01am | Edited 11:03am

Hi,

When i looked at the charts this morning (around 4.30 GMT) price was below NY rollover and the band. So thats was the reason to short until LO opens.

1st short trade was at bad entry, so added a 2nd short trade. Both trades where not perfect. Price went up but could not break through the band on a 15 min chart. Price moved down again and a possible target was L3a. Took profit at that point.
Second short was ok, closed it for a 10 pip profit.

Result of today = 63.8 pips ==> 16.04% ==> $25.52

Regards

Attached Image(s) (click to enlarge)
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  • #34
  • Oct 22, 2010 10:54am Oct 22, 2010 10:54am
Hi,

This morning price was above the NY rollover and slight above the band. But because of the downward move last evening, i thought short was the way. So 1st trade was short. Well i could better do what the chart told me instead of thinking too much.
So 1st trade entry was not good.
Waited until price came at the H3 / PP level. If two levels are at the same place it can be a good resistance, so i took a 2nd short at H3/PP. This was a good entry. Just after LO opened price went down and both trades where closed with good profit. Daily goal was reached so the end of a trading day.

I think this week was a good start for me to learn to stop at a predefined daily goal. And try to reach the goal before NY opens. Had some itchy fingers yesterday afternoon/evening to take a trade, but i did not trade.

Result of today = 68.7 pips ==> 14.89% ==> $27.48

Result after 20 days = daily average of 2.6% profit a day ==> $85.14

Have a good weekend all.
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  • #35
  • Oct 22, 2010 10:56am Oct 22, 2010 10:56am
Lol, beautiful, beautiful chart.
  • #36
  • Oct 22, 2010 10:56am Oct 22, 2010 10:56am
And by the way, lets hope you become a hero.
  • #37
  • Oct 25, 2010 11:03am Oct 25, 2010 11:03am
Hi,

Price was a way up when i saw the charts this morning. It was above the NY rollover and above the band but also at H4. So i was a bit carefull to take a position. H5 was at the same level as WH3 and the WP. A good place for resistance, or a short trade. After some time price almost touched the H5. I went short near that point.
Price did move down after LO opened and reached target.

Result of today = 50.7 pips ==>11.95% ==> $25.35

Regards.
Attached Image(s) (click to enlarge)
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  • #38
  • Oct 26, 2010 4:02am Oct 26, 2010 4:02am
Quoting msiamd
Hi,

Price was a way up when i saw the charts this morning. It was above the NY rollover and above the band but also at H4. So i was a bit carefull to take a position. H5 was at the same level as WH3 and the WP. A good place for resistance, or a short trade. After some time price almost touched the H5. I went short near that point.
Price did move down after LO opened and reached target.

Result of today = 50.7 pips ==>11.95% ==> $25.35

Regards.
Hi msiamd,
I have the same mission as yours and i started on 21st Oct 2010. You can take a look at my journal although for me i am using the Price action, Fibs, moving average and S&R. It is very possible to attain that, if not there almost there.
Good luck+odds on your side
As of now i am over 100%.
Ale Ale Ale(Go Go Go)
  • #39
  • Oct 26, 2010 12:07pm Oct 26, 2010 12:07pm
Good results this week.

Keep up the good work.....

Jeremy
"More important than the quest for certainty is the quest for clarity"
  • #40
  • Oct 26, 2010 12:49pm Oct 26, 2010 12:49pm
I have no doubt that you can achieve this!

Stay focussed. You have already proofed something here......

If you can contain those losses , you WILL do it.

Jeremy please don't stop motivating him. He needs it.
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