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Starting with $50

  • #81
  • Aug 26, 2012 4:53pm Aug 26, 2012 4:53pm
Setback


Okay, so the purpose of this journal is to see the strengths and weaknesses of my trades. Imperfect man will, I need to stress that, will make mistakes both in decisions of market direction, timing and in determining levels of retracements.

When I type things like the above phrase, it will be for me to easily see when/where I messed up as I go back and review past actions.

In this specific case, I have messed up in determining my levels of retracement. This little problem then compounded quickly by me not selling out of my position, hoping it would reverse somewhat...on Friday after a very big run up...I knew it as soon as I saw it that morning.

So my BIG mistake was not exiting the position and taking the loss. This has caused me to prepare for exit when I should be preparing for my next trade (entry).

That will have an effect on my next trade if I'm not careful.
Everything easy was hard at first
  • #82
  • Aug 26, 2012 5:49pm Aug 26, 2012 5:49pm
One word to describe that last trade...pain.

Ehh, take a salt tablet and walk it off son. Ain't like I got my wife pregnant again. Be back later tonight!


Everything easy was hard at first
  • #83
  • Aug 26, 2012 6:29pm Aug 26, 2012 6:29pm
My only friendly advice would be until you consistently make profit trade the smallest lot possible (0.01, etc.). I know we all have greed and want to make money as much and as quickly possible but if we want to survive in this business (Forex is business) we have to watch ourselves not to be greedy. I am speaking out of personal experience.

I wish you a profitable Forex journey and best wishes from a fellow trader.
  • #84
  • Aug 26, 2012 7:36pm Aug 26, 2012 7:36pm
Quoting ocd
So only happiness? No, I'm a man that has emotions and tries to control them...but I'm no robot
Oh I wasn't suggesting you, I or we have "no emotions" as that's impossible. I was mearly saying to wait until the anger turns to determination so as not to not "mix" trading when angry.

Trust me brother, I have to walk away and regroup at times.
Ghost Rider - WWTBMD?
  • #85
  • Aug 27, 2012 1:32am Aug 27, 2012 1:32am
Quoting albchr
Oh I wasn't suggesting you, I or we have "no emotions" as that's impossible. I was mearly saying to wait until the anger turns to determination so as not to not "mix" trading when angry.

Trust me brother, I have to walk away and regroup at times.

Gotcha. I clearly misunderstood you.

The walk away is excellent because that's when you are trying to put the puzzle together using an imprint on your mind from the screen image!

Let's have a good week.
Everything easy was hard at first
  • #86
  • Aug 27, 2012 4:22am Aug 27, 2012 4:22am
Tough one to read tonight because there's no news...no fuel either way to make a case for being bullish or bearish.

I have a pending Buy Stop...entry at 1.25375 and exit at 1.25600 with .02 lot size.

Here's something to think about when I say tough one to read tonight. Take Bollinger Bands as one example. You could say it has spiked the upper band and is due to tank. You could also say it is on the launching pad and getting ready to climb big time.

If you're into SHI Channels then looking a the 4 hour chart tells you that it has touched the center line but hasn't penetrated it...due to tank or ride the line up. But the 1 hour chart says it's gonna go up.

So, I'm bullish for about 225 pipettes. Not very bold but after that spanking I got on Friday, this is good enough.
Everything easy was hard at first
  • #87
  • Aug 28, 2012 1:55am Aug 28, 2012 1:55am
Alright, so last night my trade never triggered because the currency just stayed in a nice little range. So, I cancelled the order this morning and went about my day.

However, something's coming tonight I think. I've already put my order in so here it is...

Pending Buy Stop entry = 1.25000...exit = 1.25350

From my estimates, my range is somewhat conservative. It should rise to Resistance 3 with a nice jump of 60+ pips

EDIT: I'm gonna end up modifying this because the 4 hour chart is showing the potential to drop all the way down to 1.24537 before it rebounds
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour, 8-27pm.gif Size: 36 KB
Click to Enlarge Name: 1 hour, 8-27pm.gif Size: 38 KB
Everything easy was hard at first
  • #88
  • Aug 28, 2012 4:06am Aug 28, 2012 4:06am
Well, I didn't end up modifying my entry/exit because the price just stalled at the 38.2% Fib level (24 pips higher than I thought) and rebounded from there.

So I kept my original entry/exit points and it's already done...70 pips..so good night and I'll look at what I did right and wrong tomorrow morning.

Everything easy was hard at first
  • #89
  • Edited 12:13pm Aug 28, 2012 12:12pm | Edited 12:13pm
Let's not kid ourselves, when you have a trade go bad on you like I did on Friday it affects you psychologically. Some say it causes you to get gun shy and scared to make a decision. They are correct.

When this happens it is advised to take ____ amount of time off from trading so you can get your head together...and they are correct.

That loss I had on Friday was a monster one and I didn't want to do what is advised by taking time off from trading. I wanted to try to force my head in the right direction so I thought about my goals of this adventure rather than focus on the loss.

That's how you get your head back in the game. Do not focus on the loss/bad trade because that will EAT YOU ALIVE and could cause any number of problems, both psychological and physical. It really could spiral a trader into depression especially if it leads to more bad trades...see where it goes?
Everything easy was hard at first
  • #90
  • Aug 28, 2012 12:25pm Aug 28, 2012 12:25pm
Last night after I had placed my pending order I thought I was looking at an identical situation to the one on Friday where it started to tank and then paused...then continued on its downward path. That caused me to stay with the trade and see if I needed to adjust my entry/exit points.

That did not happen because the price consolidated at the 38.2% Fib level and then went up verses down (like on Friday). Notice the 5,3,3 Stochastics on both trading nights. Friday is poised and ready to increase while last nights was already moving upward.

Here's a picture for comparison of the two nights...
Attached Image (click to enlarge)
Click to Enlarge Name: comparison, friday to monday.gif Size: 43 KB
Everything easy was hard at first
  • #91
  • Aug 29, 2012 2:00am Aug 29, 2012 2:00am
Another exciting night in the world of forex brought to you by...Ben Bernanke. Will he? Won't he? Will he? Won't he? Will he? Won't he?

I don't care!!!!!!!!!!!!!!!!!!!!!!!!!!!!!




Anyhoo, tonight's Stochastics on the 4 hour chart are both looking BEARISH with the 5,3,3 already tanking.

The 1 hour is a little different. The 5,3,3 is under the 20 level and heading north while the 21,5,5 is tanking, but could reverse when it hits the 50 line since the 5,3,3 is going up.

No joke, we are in a bullish sentiment but the 4 hour Stochastics dictates MY sentiment so as crazy as it sounds, I'm bearish this evening.

Pending Sell Stop: entry = 1.25350...exit = 1.25120

I could change this at a moment's notice as we near the London open if it begins to get bullish.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour, 8-28.gif Size: 31 KB
Click to Enlarge Name: 1 hour, 8-28.gif Size: 33 KB
Everything easy was hard at first
  • #92
  • Edited 2:37am Aug 29, 2012 2:34am | Edited 2:37am
Quoting ocd
Another exciting night in the world of forex brought to you by...Ben Bernanke. Will he? Won't he? Will he? Won't he? Will he? Won't he?

I don't care!!!!!!!!!!!!!!!!!!!!!!!!!!!!!




Anyhoo, tonight's Stochastics on the 4 hour chart are both looking BEARISH with the 5,3,3 already tanking.

The 1 hour is a little different. The 5,3,3 is under the 20 level and heading north while the 21,5,5 is tanking, but could reverse when it hits the 50 line since the 5,3,3 is going up.

No joke, we are in a bullish sentiment but the 4 hour Stochastics...

Here's hoping brother! Been holding this since London start on Tuesday...LOL

http://www.forexfactory.com/showthre...09#post5966509
Ghost Rider - WWTBMD?
  • #93
  • Aug 29, 2012 4:29am Aug 29, 2012 4:29am
Bawoooosh


Ahh, the sound of a toilet being flushed mimics the sound of my trading tonight!

Go short, triggers and reverses. Go long, triggers and reverses.

The scalpers are playing around tonight with no clear direction, well, a nice little trading range.
Everything easy was hard at first
  • #94
  • Aug 29, 2012 5:22am Aug 29, 2012 5:22am
Quoting ocd
Bawoooosh


Ahh, the sound of a toilet being flushed mimics the sound of my trading tonight!

Go short, triggers and reverses. Go long, triggers and reverses.

The scalpers are playing around tonight with no clear direction, well, a nice little trading range.
Agreed. LOL...we think alike.

Thanks for stopping by.



Quoting albchr
Sure is tempting to practice scalping in this nice, SLOW moving market today... ....LOL


Quoting albchr
Which mouse can break out of it's cage first? LOL (I think GU down)

A rough idea of today's possibilty for an expert scalper on just these two pairs. If one could have caught every top and every bottom perfectly, as of now there was was roughly 141 pips on GU and 195 on EU today.

Knowing that catching every top & bottom "perfectly" would be very slim at best (or an amazing stroke of luck), let's pull 50 pips off each and say there was 91 on GU and 145 on EU.

So for a great scalper, a possible 236 pips so far....LOL
Ghost Rider - WWTBMD?
  • #95
  • Aug 29, 2012 11:44am Aug 29, 2012 11:44am
Many people think that a DEMO account doesn't offer the same realization as a LIVE account. I have agreed in the past. This is not correct though.

By doing a journal/diary AND adding the "Trade Explorer" it has created an equal effect on my mindset. Each successful and failed trade is magnified. This method exposes a trading strategy's flaws and potential.

More importantly, it exposes a trader's strengths and weaknesses. I firmly believe a strong trader can take any system given him and make it work after he gets his sea legs with it. Conversely, give a weak trader a solid, proven system and he will fail because of his own defects...it is those defects that create the failed trader. If he got rid of those defects, think of the possibilities.
Everything easy was hard at first
  • #96
  • Aug 29, 2012 11:57am Aug 29, 2012 11:57am
Now that being said, I clearly need to vomit a particular weakness out of my trading personality.

If I think tonight it's gonna be both bullish and bearish, then the heck with it. Skip the trade. Conviction = pips, uncertainty = false triggers.

I need to be confident enough in my market assessment that if little old Aunt Betty says, "Here...this is all I have and I need a transmission." then we can help. She would not be asking me to take her money down to the roulette table and put it on Black 13...there must be a clear difference.

That being said, I will no longer trade each night because I think I have to trade so I can prove I know what I am doing.

Forcing trades proves just the opposite.
Everything easy was hard at first
  • #97
  • Edited 3:37am Aug 30, 2012 3:22am | Edited 3:37am
Well, I feel like I just went through an audit from the IRS. At one point I was down $11.00, didn't even look at the percentage.

What happened? Okay, last night I had made my decision to short the market and watch it...big MISTAKE! As the market McFluctuated, I McFreaked out and exited my position way too early. For a loss of course.

Then, thinking I was wrong, I went long and it reversed. The correct market direction was to go short.

The problem was a comical one where both orders I put in were pending orders but the price spiked to each one triggering it and then retreating.

So to go from an $11.00 loss to a $3.00 loss is a major victory. I have a strong feeling had I hung in there a little while longer the loss would've been even less...but that was a stupid trade based on panic and I deserve a penalty as a lesson.
Everything easy was hard at first
  • #98
  • Aug 30, 2012 3:34am Aug 30, 2012 3:34am
I'm going short.



I just put in a pending order with an entry at 1.25400 and an exit at 1.25264.

Reason?

Entry is at the Pivot point, just under the 61.8% level and exit is at 50%...I don't think it goes to Support 1.

It will probably go up more tonight before it corrects.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour, 8-29.gif Size: 38 KB
Click to Enlarge Name: 1 hour, 8-29.gif Size: 36 KB
Everything easy was hard at first
  • #99
  • Edited 10:50am Aug 30, 2012 10:41am | Edited 10:50am
Well, I woke up to a bearish candle as long as my leg...pretty cool. Looks like once the data started coming, negative momentum started rolling like a snowball going downhill in a cartoon.

I hit a little single and after my day yesterday, I'll not only take it but I really appreciate it. Here's the charts...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour, 8-29b.gif Size: 34 KB
Click to Enlarge Name: 1 hour, 8-29b.gif Size: 36 KB
Everything easy was hard at first
  • #100
  • Aug 31, 2012 2:55am Aug 31, 2012 2:55am
Ben Bernanke has taught me a valuable lesson. When he speaks, the market reacts with intensity. If his comments are bearish, the market tanks. The opposite is true.

So I'm gonna play this trade just like I really would. I'm gonna go long the EURUSD and I am also gonna go long the USDCHF. These two pairs are just the opposite so it's a perfect hedge.

I placed the orders far enough away from where they are that they will trigger only when Bernanke gives the market the info it needs to take off...and take off it will! Either bullish or bearish. Since IBFX won't allow me to make a hedge order I will do it this way.

here are the pending orders, both going long...

EURUSD...Buy Stop entry at 1.25410 and exit at 1.25956 (entry is based on 61.8% Fib level just below Resistance 1 and exit is at the resistance 3 near 105% Fib level)

USDCHF...Buy Stop entry at .96273 and exit at .96980 (entry is based on Resistance 2 just below the 38.2% Fib level and exit is at the 61.8% Fib level)

In the morning I will just canx out the order that doesn't take and, hopefully, both entries should be set far enough away so as NOT to get triggered prematurely...

Here's the EURUSD chart (again, USDCHF is just the opposite)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour, 8-30.gif Size: 33 KB
Click to Enlarge Name: 1 hour, 8-30.gif Size: 35 KB
Everything easy was hard at first
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