Some lost trades:
EURUSD:
USDCHF:
EURUSD:
USDCHF:
Knowing is not enough; we must apply. Willing is not enough; we must do.
Start of my journey towards profitable trading with PA
- #521
- Apr 25, 2013 9:09am Apr 25, 2013 9:09am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
- #522
- Edited Apr 26, 2013 8:30am Apr 25, 2013 9:12am | Edited Apr 26, 2013 8:30am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: AUDUSD
Update 1: Stopped out on the first demand zone. Buy limit on 2nd demand zone hit. Will monitor as supply zone is near.
Update 2: TP hit. Placed another buy limit above newly formed demand zone, but cancelled the order as price was basing above my order. Turned out to be a good decision made.
Update 1: Stopped out on the first demand zone. Buy limit on 2nd demand zone hit. Will monitor as supply zone is near.
Update 2: TP hit. Placed another buy limit above newly formed demand zone, but cancelled the order as price was basing above my order. Turned out to be a good decision made.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #523
- Apr 25, 2013 6:33pm Apr 25, 2013 6:33pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #525
- Apr 25, 2013 8:39pm Apr 25, 2013 8:39pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Hi K, Thanks for your response. I also use Luktom’s visual ordereditor… I use a trade size manager for variable contract size where the risk is fixed and the stop size determines the contract size. I would be happy to PM you the excel spreadsheet and explanations as I understand them if you are interested (or formulas for you to look at). I think you are smart by recognizing that you should stay on demo as long as you need to be until you are consistently profitable ( most people’s egos get involved and they get overconfident and...
Nice points you made there. Bout the spreadsheet, I don't think I need it as I can almost know what size to use depending on how many pips of SL that I have. It's simple to calculate... 1000 units = $0.1 per pip. Using this, I'll simply vary the contract size to fit my risk appetite. Nothing complicated.
Regarding the plan of controlling losses, yes I've made some ammendments. Previously, I had been taking ALL the setups that I thought worth taking. But there is a problem. I was trading the positively/negatively correlated pairs also. Example: EURUSD is negatively correlated to USDCHF, so in a setup where I long EURUSD, I would also see a setup to short USDCHF. Thought it's not 100% correlation, I'm still doubling my risk exposure due to the correlations. Therefore, I've reduced the pairs that I watch. Currently, am focusing on AU,EU,GU, EJ, UJ, UCAD. So far AU is my favourite. I use EURAUD/EURGBP for correlation study, and if an awesome setup presents, I may take a trade on these 2 crosses as well.
Yap, I agreed about the doctor/lawyer thing, where I studied it somewhere too (don't remember where
). Yap, it IS a business, and it SHOULD be treated as such. Too many ppl had too high expectations for too little efforts. It's just not realistic. This is a cruel world, those who didn't realize it will not survive. It's dog eat dog, so to speak.Well, you can bet that I won't give up, that's for sure. I'll always be here (at least until I'm 100% confident that I don't need a journal to improve myself
)Till then, I always welcome your participation my friend. Always happy to see others interested in my progress. Like you said, it's a lonely business.
Hope you'll come with your charts soon enough.
Chao
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #526
- Apr 26, 2013 8:37am Apr 26, 2013 8:37am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New closed trade: USDJPY
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #527
- Apr 29, 2013 5:34am Apr 29, 2013 5:34am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Still flat, patiently awaiting favorable setups.
Today's actions:
USDJPY
Today's actions:
USDJPY
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #528
- Edited 7:09am Apr 29, 2013 6:58am | Edited 7:09am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
A new trade: AUDUSD
Manual short after spotted possible double top formation at 4H supply zone, with bearish divergence. Tight SL used here.
Update: I'm out unfortunately..
Manual short after spotted possible double top formation at 4H supply zone, with bearish divergence. Tight SL used here.
Update: I'm out unfortunately..
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #529
- Edited 11:10am Apr 29, 2013 10:03am | Edited 11:10am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
A new trade: AUDUSD Manual short after spotted possible double top formation at 4H supply zone, with bearish divergence. Tight SL used here. {image} Update: I'm out unfortunately..
update: Out again. Not a good idea to go against the trend after all.
Update2: possible cause of losing trade:
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #530
- Edited Apr 30, 2013 8:35am Apr 29, 2013 5:55pm | Edited Apr 30, 2013 8:35am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: USDJPY
Edit: Made a mistake on the first position, where I miscalculated the total pips risked, and took smaller position than usual, when I should have taken 0.1 lot. Anyway, let's see where it takes me.
Update 1: second position stopped out to the exact pip, and price turned. hmm...first position still running, with SL now at BE.
Update 2: TP hit. Would've been awesome if my 2nd position wasn't stopped out by the spread...anyway, first position ended up near 5R, so am satisfied.
Edit: Made a mistake on the first position, where I miscalculated the total pips risked, and took smaller position than usual, when I should have taken 0.1 lot. Anyway, let's see where it takes me.
Update 1: second position stopped out to the exact pip, and price turned. hmm...first position still running, with SL now at BE.
Update 2: TP hit. Would've been awesome if my 2nd position wasn't stopped out by the spread...anyway, first position ended up near 5R, so am satisfied.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #531
- Apr 29, 2013 10:20pm Apr 29, 2013 10:20pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #532
- Edited 9:38am Apr 30, 2013 8:38am | Edited 9:38am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: USDJPY Edit: Made a mistake on the first position, where I miscalculated the total pips risked, and took smaller position than usual, when I should have taken 0.1 lot. Anyway, let's see where it takes me. {image} Update 1: second position stopped out to the exact pip, and price turned. hmm...first position still running, with SL now at BE. Update 2: TP hit. Would've been awesome if my 2nd position wasn't stopped out by the spread...anyway, first position ended up near 5R, so am satisfied. {image}
Update 1: Took half position off at support, but price just strike through it. Good thing for me anyway. Got a new sell limit at newly formed supply zone. ride the pigs!!
Update 2: TP hit for a quick 3+R trade.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #533
- Apr 30, 2013 8:46am Apr 30, 2013 8:46am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
A missed trade on EURUSD:
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #534
- May 1, 2013 10:38am May 1, 2013 10:38am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
{quote} Another trade on USDJPY: {image} Update 1: Took half position off at support, but price just strike through it. Good thing for me anyway. Got a new sell limit at newly formed supply zone. ride the pigs!! {image} Update 2: TP hit for a quick 3+R trade. {image}
Took off my sell limit order as it took a little too long, and made a slightly higher low. Nevertheless, it worked perfectly.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #535
- Edited 11:07pm May 1, 2013 10:48am | Edited 11:07pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: USDCAD
Update 1: Accidentally closed my full position at 1.0058 when I intended to close only half, so re-entered 0.05 lot at 1.0061, as per planned. However, SL is now at BE of my first position @ 1.0095.
Update 1: Accidentally closed my full position at 1.0058 when I intended to close only half, so re-entered 0.05 lot at 1.0061, as per planned. However, SL is now at BE of my first position @ 1.0095.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #537
- May 2, 2013 7:36am May 2, 2013 7:36am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Well done for keeping faith through that drawdown. Serious momentum on your trade explorer now, I'm adding long positions!!!
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #538
- Edited May 3, 2013 5:50am May 2, 2013 10:35am | Edited May 3, 2013 5:50am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: USDCHF
30mins:
5mins:
Update 1: Price didn't have the BAM effect for a quick drop after the compression, instead it looks like forming a bull flag. Better safe than sorry, moved SL to BE since it's a CT trade on the 30mins.
Update 2: TP hit for a nice 3R profit.
30mins:
5mins:
Update 1: Price didn't have the BAM effect for a quick drop after the compression, instead it looks like forming a bull flag. Better safe than sorry, moved SL to BE since it's a CT trade on the 30mins.
Update 2: TP hit for a nice 3R profit.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #539
- Edited 9:33pm May 2, 2013 5:24pm | Edited 9:33pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: USDCAD {image} Update 1: Accidentally closed my full position at 1.0058 when I intended to close only half, so re-entered 0.05 lot at 1.0061, as per planned. However, SL is now at BE of my first position @ 1.0095. {image}
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #540
- May 2, 2013 5:36pm May 2, 2013 5:36pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
A missed trade: GBPUSD
Knowing is not enough; we must apply. Willing is not enough; we must do.