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Start of my journey towards profitable trading with PA

  • #741
  • Edited 9:16am Aug 13, 2013 8:20am | Edited 9:16am
Made a TERRIBLE TERRIBLE TERRIBLE mistake!!!

Took a trade with 10x the normal lot size, without even noticing it. Realized it AFTER i got stopped out, leaving a BIG hole in my P&L. OMG!!!!

STUPID MISTAKE!!!!!!!!!

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And this was what happend, even with a 3 pips loss.

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UPDATE: Perfect reversal at my SL to hit my first TP for 4R. Final TP at 8R, interesting to see if that hits. LOL.

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UPDATE: It continued to move south to hit my final TP LOL.!!!!!

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #742
  • Aug 13, 2013 10:03am Aug 13, 2013 10:03am
OPEN trade: USDJPY short

H1
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m1
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #743
  • Aug 13, 2013 4:22pm Aug 13, 2013 4:22pm
Quoting keroro0o0o
OPEN trade: USDJPY short H1 {image} m1 {image}
UPDATE: Stopped out in BE after missed my first TP by 1 pip.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #744
  • Aug 13, 2013 4:35pm Aug 13, 2013 4:35pm
Quoting keroro0o0o
Made a TERRIBLE TERRIBLE TERRIBLE mistake!!! Took a trade with 10x the normal lot size, without even noticing it. Realized it AFTER i got stopped out, leaving a BIG hole in my P&L. OMG!!!! STUPID MISTAKE!!!!!!!!! {image} And this was what happend, even with a 3 pips loss. {image} UPDATE: Perfect reversal at my SL to hit my first TP for 4R. Final TP at 8R, interesting to see if that hits. LOL. {image} UPDATE: It continued to move south to hit my final TP LOL.!!!!! {image}
This mistake really hit me hard... I had a nightmare (of getting a margin call), and I woke up 2 hours earlier than usual, couldn't sleep... When everything was going perfectly, with all the MM/Risk management stuffs, 1 mistake could possibly wipe out all the efforts. That's the trading world.. So explains why, discipline, focus, pscyhology, all these 3 have to be in sync, and solid AT ALL TIMES. any one of these elements go missing would mean disaster to a trader's account.

It was a painful, but a great lesson learnt from that trade. Though it's a hard journey, towards being a great trader, I'm well prepared for it!
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #745
  • Edited 9:50am Aug 14, 2013 9:29am | Edited 9:50am
Open trade: AUDUSD short

m30
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m5
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UPDATE: Stopped out with a 5 pips slippage.
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #746
  • Aug 14, 2013 9:31pm Aug 14, 2013 9:31pm
Open trade: AUDUSD short

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #747
  • Edited Aug 15, 2013 7:09am Aug 14, 2013 10:47pm | Edited Aug 15, 2013 7:09am
Quoting keroro0o0o
Open trade: AUDUSD short {image}
UPDATE: Scaled in the position, with all SL's above swing high. Be good now..

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UPDATE: Stopped out at BE-1. NEXT!

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Here's the trade shots now that I'm home.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #748
  • Aug 15, 2013 7:21am Aug 15, 2013 7:21am
Open trade: AUDUSD long

m30
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m5
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #749
  • Aug 15, 2013 7:29am Aug 15, 2013 7:29am
Quoting keroro0o0o
Open trade: AUDUSD long m30 {image} m5 {image}
UPDATE: Stopped out. Pretty quick.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #750
  • Aug 15, 2013 7:36am Aug 15, 2013 7:36am
Loss trade: GOLD long

Was an epic fail as I took the trade just ahead of BIG news. OH MY...

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #751
  • Aug 15, 2013 8:59am Aug 15, 2013 8:59am
Took a beating, after making that mistake 2 days earlier, where I mistakingly took x10 normal lot size, and price stopped me out, just to reversed perfectly to my final target which would've yielded 6R (23% on that trade). Add that with some missed perfect trades, my psychology got messed up, and I started forcing trades, and doing stupid things.

I'm gonna call it a day, or maybe even a week, to regroup, and come back stronger next week. THe pips can wait, coz i'm gonna freaggin GRAB EM ALL once I fix my psychology!!

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #752
  • Aug 15, 2013 9:16am Aug 15, 2013 9:16am
Quoting keroro0o0o
Took a beating, after making that mistake 2 days earlier, where I mistakingly took x10 normal lot size, and price stopped me out, just to reversed perfectly to my final target which would've yielded 6R (23% on that trade). Add that with some missed perfect trades, my psychology got messed up, and I started forcing trades, and doing stupid things. I'm gonna call it a day, or maybe even a week, to regroup, and come back stronger next week. THe pips can wait, coz i'm gonna freaggin GRAB EM ALL once I fix my psychology!! {image}
Great lesson. I've been trying to figure out why seemingly "gifted" traders implode after a long period of impressive run. I think you explained that clearly and it all started with a larger-than-normal losing day and it's over.
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No longer trading forex. Looking for full time job.
  • #753
  • Aug 15, 2013 9:20am Aug 15, 2013 9:20am
Quoting mmaker
{quote} Great lesson. I've been trying figure out why seemingly "gifted" traders implode after a long period of impressive run. I think you explained that clearly.

It's true, that psychology is the key that dictates, whether or not the trader will be profitable in the long run. Not saying that chart reading skills are not as important, but if I'm gonna pick the most important element to be a successful trader, it is definitely

ROCK SOLID PSYCHOLOGY!!!
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #754
  • Aug 15, 2013 11:56am Aug 15, 2013 11:56am
Just a quick note on trades where a stop gets hit and proceeds on to your target price....this is psychology as well as you know. Never put your stop in an obvious place. Now an obvious place would be the usual one based on technicals. Think outside the box a bit My stops rarely make sense to anyone other than me. lol Their purpose is to save me when I have overall direction wrong. Just a thought.
  • #755
  • Aug 15, 2013 5:46pm Aug 15, 2013 5:46pm
Quoting calderone
Just a quick note on trades where a stop gets hit and proceeds on to your target price....this is psychology as well as you know. Never put your stop in an obvious place. Now an obvious place would be the usual one based on technicals. Think outside the box a bit My stops rarely make sense to anyone other than me. lol Their purpose is to save me when I have overall direction wrong. Just a thought.
Hey Mike,

Does it mean ur SL is far from your entries? I always emphasis high RR's for my trades, which is why I tend to pick the nearest SL possible. Would you shed some light on this matter?
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #756
  • Aug 16, 2013 12:49am Aug 16, 2013 12:49am
Open trade: AUDUSD long

m15
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m30
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #757
  • Edited 2:15am Aug 16, 2013 1:20am | Edited 2:15am
Quoting keroro0o0o
Open trade: AUDUSD long m15 {image} m30 {image}
UPDATE: Killed the trade manually after the engulf of the zone. Realized my psych isn't where I want it to be at, figured I should be better off staying flat atm.

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UPDATE: Well of course...Price rocketed towards my TP after I exited. That's what I get for not having my psychology at the right place.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #758
  • Aug 16, 2013 2:48am Aug 16, 2013 2:48am
Quoting keroro0o0o
{quote} UPDATE: Killed the trade manually after the engulf of the zone. Realized my psych isn't where I want it to be at, figured I should be better off staying flat atm. {image} UPDATE: Well of course...Price rocketed towards my TP after I exited. That's what I get for not having my psychology at the right place. {image}
The AUDUSD long trade earlier would've hit my final TP, as I anticipated...Too bad my psychology was still a mess, and I couldn't trust myself.

Open trade: AUDUSD short

Now it's at true supply. PO sell hit. Time to go lower.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #759
  • Aug 16, 2013 5:25am Aug 16, 2013 5:25am
Quoting keroro0o0o
{quote} UPDATE: Killed the trade manually after the engulf of the zone. Realized my psych isn't where I want it to be at, figured I should be better off staying flat atm. {image} UPDATE: Well of course...Price rocketed towards my TP after I exited. That's what I get for not having my psychology at the right place. {image}
Here's the trade shots of the AUDUSD long, and a GBPUSD PO long i cancelled coz of messed up psych.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #760
  • Aug 16, 2013 5:57am Aug 16, 2013 5:57am
Great journal keroroOoOo, all the best.
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