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jwpdad's Journal

  • #121
  • Mar 24, 2013 7:09am Mar 24, 2013 7:09am
Quoting jwpdad
"Last week I posted about striving for better discipline, and instead went off track.
//----

........ i know that road..... we all go down it time to time..... some of the best lessons learned are from going down the road of hard knocks.....

and have the scars to prove it.....h
to trade and code, keep both simple... no call to impress....h
  • #122
  • Mar 24, 2013 7:38pm Mar 24, 2013 7:38pm
Quoting jwpdad
"I have seen the light!"

Attachment

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...
I don't see this as a bad thing or a departure from your strategy. You're simply diversifying your risk by taking more trades and giving yourself more opportunities. I think that's great, and I'll be watching with the same level of interest.
check out my blog: forexmademillionaire dot com
  • #123
  • Mar 24, 2013 9:06pm Mar 24, 2013 9:06pm
Quoting hayseed
//----

and have the scars to prove it.....h
I definitely have lots of scars, not so much from this past bad week but from many previous attempts with trading methods. I agree that sometimes things are best learned the hard way.
  • #124
  • Mar 24, 2013 9:11pm Mar 24, 2013 9:11pm
Quoting Geppy
I don't see this as a bad thing or a departure from your strategy. You're simply diversifying your risk by taking more trades and giving yourself more opportunities. I think that's great, and I'll be watching with the same level of interest.
The key is diversifying the risk to offset the losses with hopefully enough winning trades to overcome them. I have found that there should be some very strong winning days, several good days, some days where everything about breaks even, and a bad day or two here and there. This way even the bad days won't cause too much damage, and the overall curve should start looking smoother.
  • #125
  • Mar 25, 2013 12:51pm Mar 25, 2013 12:51pm
Attached Image


Looks like I picked a bad day to reduce leverage.

Seriously, it's just one of those days today where the bears are having a field day across the board. I actually set the SL wrong on the EJ short, it also would have been a big winner. Overall this approach should work well, we shall see.
  • #126
  • Mar 25, 2013 1:05pm Mar 25, 2013 1:05pm
Quoting jwpdad
Attachment

Looks like I picked a bad day to reduce leverage.

Seriously, it's just one of those days today where the bears are having a field day across the board. I actually set the SL wrong on the EJ short, it also would have been a big winner. Overall this approach should work well, we shall see.
Nice job today, dude. Regardless of how leveraged you were, I'm sure it feels good to start getting some winners banked. Keep it up!
check out my blog: forexmademillionaire dot com
  • #127
  • Mar 25, 2013 1:05pm Mar 25, 2013 1:05pm
Also I wanted to mention that instead of tracking trades in a series of 20, I will now be tracking results by days, so every 20 trading days will now be a new series, the first day in this series is today, March 25, 2013.
  • #128
  • Mar 25, 2013 1:09pm Mar 25, 2013 1:09pm
Quoting Geppy
Nice job today, dude. Regardless of how leveraged you were, I'm sure it feels good to start getting some winners banked. Keep it up!
Thanks, yes it feels good, but sticking with it when it feels bad is the key. All of these trades started with a pretty strong move against my positions, GJ almost hit SL.
  • #129
  • Mar 25, 2013 8:10pm Mar 25, 2013 8:10pm
I like to keep track of pips in a weighted fashion so that the gains and losses are more standardized. I size positions based on SL and TP levels, my lots on GBPJPY will be less that with EURUSD because I use a wider stop on that pair, so I weight everything to be equivalent to EURUSD. So today I gained 175 pips on GBPJPY, that is the equivalent of getting 117 on EURUSD, in other words, I gained the same percentage of my account as I would have if it would have been an EU trade for +117 according to the way I choose lot sizes. The actual pip gains are recorded on the Trade Explorer, but in my reports I will give the weighted number to more accurately reflect how things are progressing.

So for today, the pip count was +329 weighted. I hope that makes sense.
  • #130
  • Edited 9:16am Mar 27, 2013 4:20am | Edited 9:16am
Yesterday was pretty much a BE day, EURAUD from yesterday just resolved about an hour ago. The market seemingly wouldn't go anywhere all day. Pip count was +7 weighted.
  • #131
  • Mar 27, 2013 10:20am Mar 27, 2013 10:20am
Good day today, pip count is +179 weighted.
  • #132
  • Mar 27, 2013 10:30am Mar 27, 2013 10:30am
Quoting jwpdad
Good day today, pip count is +179 weighted.
Very nice jwp... you're back green for the month now!
check out my blog: forexmademillionaire dot com
  • #133
  • Mar 27, 2013 12:48pm Mar 27, 2013 12:48pm
Quoting Geppy
Very nice jwp... you're back green for the month now!
Thanks!
  • #134
  • Mar 27, 2013 7:58pm Mar 27, 2013 7:58pm
hi jwpdad,

first of all i've got to say you got things working out for you!

Can I find out from you the amount of risk you take per trade? it seems like you might be risking at least 2%? Thank you!
  • #135
  • Mar 28, 2013 9:28am Mar 28, 2013 9:28am
Quoting tgxworld
hi jwpdad,

first of all i've got to say you got things working out for you!

Can I find out from you the amount of risk you take per trade? it seems like you might be risking at least 2%? Thank you!
Hey tgxworld,

Things have been going good overall but I have had a few losses today. I am currently risking 2% or less per trade. I will have no more than 6 trades open at any one time, most of the time there won't be that many trades at once. Thanks for stopping by.
  • #136
  • Mar 28, 2013 1:29pm Mar 28, 2013 1:29pm
Pip count -87 weighted today. Overall good week, I am done for the week as tomorrow is a bank holiday in most countries. Happy trading and wishing many green pips to all.
  • #137
  • Mar 28, 2013 3:59pm Mar 28, 2013 3:59pm
Weighted pip count for the week is +428.
  • #138
  • Mar 30, 2013 1:09am Mar 30, 2013 1:09am
As a thought for the weekend, I made this post in the thread "Why Do Newbies Lose?"

It lays out a process that I feel most if not all successful traders go through to achieve consistent profits in the markets.

Happy Easter to all!
  • #139
  • Apr 2, 2013 8:06am Apr 2, 2013 8:06am
No trading again yesterday due to the holiday. I'm in the market today, weird day so far with not much movement on my trades, we'll see what happens.
  • #140
  • Apr 2, 2013 10:25pm Apr 2, 2013 10:25pm
Final pip count for April 2 is +25 weighted.
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