- #114
- Mar 21, 2013 3:48pm Mar 21, 2013 3:48pm
- Joined Sep 2007 | Status: Trader | 6,871 Posts
"These are the times that try men's souls." -- Thomas Paine
Tough week so far, but hey, it happens. Lots of things could have been done differently in hindsight, but then again lots of things could have been different previously which would have reduced the overall gains and pip count. We'll see where this series of 20 trades ends up, maybe some tweaking will be in order but not total abandonment.
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"I have seen the light!"
No, I'm not getting the band back together. But I will be doing some things differently going forward.
I am not changing the system. Entries, SL and TP levels, and exits will all be done in a similar fashion to what I have been doing. But instead of going all in on one trade, I will be reducing leverage per trade but taking all trades that appear in the pairs I am watching. Testing shows that I would have had similar good results before March, and much better results in March. There have been many good trades that were not taken due to the all in approach.
I do think over the long haul my original way would work and get back the recent lost profits, but the problem is that so much can be lost so quickly with high leverage used on every trade. Of course I knew that was bound to happen at some point.
I would have gained about the same amount or a little better as I am showing here in December through February. But in March instead of being down I would be up at about the same rate of growth I had been experiencing previously. This past week I would have about broken even or been slightly positive instead of having the large drawdown. This approach should smooth the equity curve going forward. I might still end up blowing the account but at least I'll have fun trying.
Last week I posted about striving for better discipline, and instead went off track as there were some glaring mistakes among the trades. I won't mention which ones or exactly what the issues were, and it still would have been a negative week, but it could have been better than it was.
So, from here forward, I am not going to post trades as I take them. There is no need to do this anyway as the trade explorer will record and display all the trades. My posts were late because of having to enter the trades first so there wasn't much point to that. I will try to comment each day on the results and overall happenings, good or bad. I have mentioned that I use Ichimoku but am not revealing the full method, so I realize I am not going to get the "teacher of the year" award. I could go on and on about support and resistance levels and trendlines and post a bunch of charts but I figure there's plenty of that sort of thing on here already, often one person's support is another's resistance. Each person has to research and implement their own trading methodology. But if I am successful maybe it can inspire others to reach their full potential.
No, I'm not getting the band back together. But I will be doing some things differently going forward.
I am not changing the system. Entries, SL and TP levels, and exits will all be done in a similar fashion to what I have been doing. But instead of going all in on one trade, I will be reducing leverage per trade but taking all trades that appear in the pairs I am watching. Testing shows that I would have had similar good results before March, and much better results in March. There have been many good trades that were not taken due to the all in approach.
I do think over the long haul my original way would work and get back the recent lost profits, but the problem is that so much can be lost so quickly with high leverage used on every trade. Of course I knew that was bound to happen at some point.
I would have gained about the same amount or a little better as I am showing here in December through February. But in March instead of being down I would be up at about the same rate of growth I had been experiencing previously. This past week I would have about broken even or been slightly positive instead of having the large drawdown. This approach should smooth the equity curve going forward. I might still end up blowing the account but at least I'll have fun trying.
Last week I posted about striving for better discipline, and instead went off track as there were some glaring mistakes among the trades. I won't mention which ones or exactly what the issues were, and it still would have been a negative week, but it could have been better than it was.
So, from here forward, I am not going to post trades as I take them. There is no need to do this anyway as the trade explorer will record and display all the trades. My posts were late because of having to enter the trades first so there wasn't much point to that. I will try to comment each day on the results and overall happenings, good or bad. I have mentioned that I use Ichimoku but am not revealing the full method, so I realize I am not going to get the "teacher of the year" award. I could go on and on about support and resistance levels and trendlines and post a bunch of charts but I figure there's plenty of that sort of thing on here already, often one person's support is another's resistance. Each person has to research and implement their own trading methodology. But if I am successful maybe it can inspire others to reach their full potential.