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jwpdad's Journal

  • #61
  • Mar 11, 2013 4:07am Mar 11, 2013 4:07am
Sell EURAUD @1.2708, SL 23, TP 107
  • #62
  • Mar 11, 2013 9:52am Mar 11, 2013 9:52am
Hey jwp,

I stumbled on your journal, and love the trading approach. I'm a huge advocate of Trading in the Zone and tell people to read it all the time. I read it for the first time about 7 years ago and it completely changed the way I thought as a trader.

Keep up the good work and discipline, I'm rootin' for ya!
check out my blog: forexmademillionaire dot com
  • #63
  • Mar 11, 2013 9:58am Mar 11, 2013 9:58am
Quoting jwpdad
Sell EURAUD @1.2708, SL 23, TP 107
Change SL to 15 and TP to 115 (from original entry), new signal in same direction.
  • #64
  • Mar 11, 2013 10:15am Mar 11, 2013 10:15am
Quoting Geppy
Hey jwp,

I stumbled on your journal, and love the trading approach. I'm a huge advocate of Trading in the Zone and tell people to read it all the time. I read it for the first time about 7 years ago and it completely changed the way I thought as a trader.

Keep up the good work and discipline, I'm rootin' for ya!
Thanks Geppy, I have read your thread many times, especially as I have made some trades on GBPJPY. Sometimes I have been wrong on my picks, but overall that pair has produced my best returns as of right now.

There are a lot of things in Mark Douglas' writings that can be applied to life in general, and business in general, not just trading. Certainly as it pertains to trading his stuff is tremendous. The one thing that was always tough for me, as I read Trading in the Zone several years ago but was unable to achieve consistent profitability for a couple years, was that he talked about using your edge and sticking with it, which of course is essential to success in the markets. But I can't tell you how many times I thought I had an edge only to be proven wrong seemingly over and over again. Now things are working for me, the edge has been working for 4 months in live trading and I have 2 years+ of solid manually backtested data. I am still skeptical even of myself as I have seen things go good for a while only to come crashing down, but when I say "go good for a while," I mean maybe a couple weeks in live trading as opposed to 4 months. I am still an infantile newbie but I have put in a lot of screen time so hopefully it is starting to pay off, we will see.

I appreciate your encouragement, good luck to you as well.
  • #65
  • Mar 11, 2013 11:08am Mar 11, 2013 11:08am
Quoting jwpdad
Thanks Geppy, I have read your thread many times, especially as I have made some trades on GBPJPY. Sometimes I have been wrong on my picks, but overall that pair has produced my best returns as of right now.

There are a lot of things in Mark Douglas' writings that can be applied to life in general, and business in general, not just trading. Certainly as it pertains to trading his stuff is tremendous. The one thing that was always tough for me, as I read Trading in the Zone several years ago but was unable to achieve consistent profitability...
Good stuff, man. I actually make an effort to re-read the book about once a year just to keep me grounded. It's a pretty dense and overwhelming read the first time!

It sounds like you've made a break through; you should be more confident in yourself. But I'm sure that will come with more time. Just keep doing what you're doing.
check out my blog: forexmademillionaire dot com
  • #66
  • Mar 11, 2013 12:22pm Mar 11, 2013 12:22pm
Quoting jwpdad
Sell EURAUD @1.2708, SL 23, TP 107
Exit @1.2686, +19 net.
  • #67
  • Mar 11, 2013 12:24pm Mar 11, 2013 12:24pm
Quoting Geppy
Just keep doing what you're doing.
Thanks, I intend to. Also, many thanks for the vouch, I am humbled and honored to gain the respect of someone like you who has been a great contributor here for a long time.
  • #68
  • Mar 11, 2013 12:36pm Mar 11, 2013 12:36pm
Quoting jwpdad
Thanks, I intend to. Also, many thanks for the vouch, I am humbled and honored to gain the respect of someone like you who has been a great contributor here for a long time.
No problem, dude. I like what you're doing and I think you've got the right idea.

The only thing I'd examine (in terms of your strategy) is the early exits. You do a great job setting your targets and SLs, but you tend to exit early nearly every time. Consider what this does from a risk/reward perspective. You aren't actually risking 20 pips for a chance to make 100 if you exit early nearly every time. You're really risking the 20 pips for whatever you manually exited for.

Doing this really erodes your risk/reward ratio and might get you in trouble in the long run.
check out my blog: forexmademillionaire dot com
  • #69
  • Mar 11, 2013 3:13pm Mar 11, 2013 3:13pm
Quoting Geppy
No problem, dude. I like what you're doing and I think you've got the right idea.

The only thing I'd examine (in terms of your strategy) is the early exits. You do a great job setting your targets and SLs, but you tend to exit early nearly every time. Consider what this does from a risk/reward perspective. You aren't actually risking 20 pips for a chance to make 100 if you exit early nearly every time. You're really risking the 20 pips for whatever you manually exited for.

Doing this really erodes your risk/reward ratio and might get you...
I appreciate that, and I do reexamine things from time to time and will keep that in mind. But the exits aren't arbitrary or because I want to get out early, there is a specific set of circumstances that trigger these exits for me. All of the exits have been per my system except some of them on Fridays as I have mentioned. There was one other exit in the trade list but before I started this journal that was exited before I was supposed to do so, and it would have gained about 30 more pips if I had stayed with it.

The way I am doing things does allow me to stay in the trade quite a while and ride out a few bumps in the road, but as I mentioned in the early part of this journal if conditions are present that suggest a good exit point, I get out at that time. Since I take one trade at a time this might not only help with protecting profit but also being ready for the next opportunity. I could be completely wrong about all of this, but so far things are looking good.
  • #70
  • Mar 11, 2013 3:29pm Mar 11, 2013 3:29pm
Quoting jwpdad
I appreciate that, and I do reexamine things from time to time and will keep that in mind. But the exits aren't arbitrary or because I want to get out early, there is a specific set of circumstances that trigger these exits for me. All of the exits have been per my system except some of them on Fridays as I have mentioned. There was one other exit in the trade list but before I started this journal that was exited before I was supposed to do so, and it would have gained about 30 more pips if I had stayed with it.

The way I am doing things...
Ahh gotcha... it seemed like they were arbitrary exits. But if you're exiting based on a set of rules, that's great.

Looking forward to watching you progress.
check out my blog: forexmademillionaire dot com
  • #71
  • Mar 11, 2013 4:35pm Mar 11, 2013 4:35pm
Quoting Geppy
Ahh gotcha... it seemed like they were arbitrary exits. But if you're exiting based on a set of rules, that's great.
I went back and checked, I would have lost around 400 pips if I had held the trades until the TP target compared to my exits. Of course sometimes the trades would have hit the target, but on several others they would have lost and/or prevented other profitable entries due to holding the first trade.

Quoting Geppy
Looking forward to watching you progress.
Thanks, I will be watching your thread frequently as well.
  • #72
  • Mar 11, 2013 5:23pm Mar 11, 2013 5:23pm
Quoting jwpdad
I went back and checked, I would have lost around 400 pips if I had held the trades until the TP target compared to my exits. Of course sometimes the trades would have hit the target, but on several others they would have lost and/or prevented other profitable entries due to holding the first trade.
Makes sense, dude. Like I said... I didn't know you were exiting on rules rather than arbitrarily. That changes everything.

It seems you know what you're doing so I'll shut up now and leave you to it.

Carry on
check out my blog: forexmademillionaire dot com
  • #73
  • Mar 11, 2013 7:27pm Mar 11, 2013 7:27pm
Quoting Geppy

...I'll shut up now and leave you to it.

Carry on
Stop by anytime, thanks again.
  • #74
  • Mar 12, 2013 3:48am Mar 12, 2013 3:48am
Sell USDJPY @96.19, SL 25, TP 105
  • #75
  • Mar 12, 2013 7:22am Mar 12, 2013 7:22am
Quoting jwpdad
Sell USDJPY @96.19, SL 25, TP 105
Exit @96.09, +10 net.
  • #76
  • Mar 12, 2013 7:48am Mar 12, 2013 7:48am
Buy EURUSD @1.3041, SL 32, TP 100
  • #77
  • Mar 12, 2013 10:46pm Mar 12, 2013 10:46pm
Quoting jwpdad
Buy EURUSD @1.3041, SL 32, TP 100
Exit @1.3038, -4 pips net.

Exit was supposed to be at BE but I didn't catch it in time, after long drawdown price rebounded but was stuck in this range so went ahead and closed near breakeven.
  • #78
  • Mar 13, 2013 3:28am Mar 13, 2013 3:28am
Buy GBPUSD @1.4941, SL 21, TP 143
  • #79
  • Mar 13, 2013 8:50am Mar 13, 2013 8:50am
Quoting jwpdad
Buy GBPUSD @1.4941, SL 21, TP 143
SL Hit -23 Net
  • #80
  • Mar 13, 2013 9:00am Mar 13, 2013 9:00am
Sell GBPUSD @1.4918, SL 35, TP 125
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