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Start of my journey towards profitable trading with PA

  • #761
  • Aug 16, 2013 6:26am Aug 16, 2013 6:26am
Quoting Quidsey
Great journal keroroOoOo, all the best.
Hey Q, thanks man. Feel free to drop some charts whenever you feel like it.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #762
  • Aug 16, 2013 7:45am Aug 16, 2013 7:45am
Quoting keroro0o0o
{quote} 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. {image}
UPDATE: Stopped out at BE.
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #763
  • Aug 16, 2013 8:40am Aug 16, 2013 8:40am
Alright. Calling it a week now. Feeling "unsync'ed" with the markets currently, so not gonna force anything out of it.


Trading can really be a roller coaster ride. My account was up 10% with average 0.8% per trade, and now back at almost BE (one of the trades I took was at 4% without me noticing it, a.k.a the doom bringer for me this week).

Anyway, I've learnt a great deal within these 2 weeks, and I'm definitely confident, that I have an "edge" over the herds. (hope I don't sound cocky). What's left to work on is to strengthen my psychology and mental fortitude. Of course, I'll review the trades over the weekend, and make some slight adjustments to my entries/SL's as I still have too many missing trades/perfect stop outs.

To anyone who visits, please feel free to drop any critiques/comments to make this journal less boring, and alil more interactive. Well, trading is a lonely business.

Best trading to all!

Regards,
Chao
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #764
  • Aug 16, 2013 9:30am Aug 16, 2013 9:30am
Oh boy...I couldn't help it when I saw something good on the charts, right after I said i was taking the week off...I found something that I liked on both DX/Yen futures, which brought me to watch USDJPY, and i saw a short setup.


Open trade: USDJPY short

m30
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m5
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #765
  • Aug 16, 2013 9:38am Aug 16, 2013 9:38am
Quoting keroro0o0o
Oh boy...I couldn't help it when I saw something good on the charts, right after I said i was taking the week off...I found something that I liked on both DX/Yen futures, which brought me to watch USDJPY, and i saw a short setup. Open trade: USDJPY short m30 {image} m5 {image}
UPDATE: Obviously was a bad idea to trade right after "calling the week off". Simply not worth it.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #766
  • Aug 16, 2013 10:54am Aug 16, 2013 10:54am
Summary for these 2 weeks trading:

First week: Awesome week, with clear mind, clear trade decision, good patience with a brand new account. Excellent results.
Second week: Started off confidently, Equity shot up 4% with Monday's trading, and disaster came on Tuesday, with the doom bringer x10 lot size trade. Forced trades followed, without clear trade decision. Wiped out everything from the first week.

Attached Image



Will regroup in the weekend, go through all the trades that I took, review properly, and I'll come back stronger in the following weeks.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #767
  • Aug 17, 2013 10:25am Aug 17, 2013 10:25am
Quoting keroro0o0o
{quote} 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?

Sometimes yes, as you know my trading tf is pretty high too so they are pretty big. If I have the direction right-which I usually do-I can survive shake outs etc so it really doesnt matter how big my stop is as long as it isn't clipped with some nonsense. It is there in case of a catastrophic event etc to save me. The easiest way for me to find a stop is to jump to a higher tf and look for a tech place. It helps to get creative. I learned this from Welshguy2000...although he hasn't been around for a while.
  • #768
  • Aug 17, 2013 11:31am Aug 17, 2013 11:31am
Sorry to hear about your "doom" trade. Been there, done that more than I care to admit over the years. The way that i find eliminated the human "DOH" errors like going long instead of short, wrong size, wrong pair etc... is to create an execution "ritual".

I go through the boxes in my brokers order entry screen THE SAME WAY EVERY TIME...anti-clockwise and my ritual goes like this:

Correct Symbol/Pair Loaded?
Correct Size Set?
Correct Order Type Set?
Correct Trigger Level Set? (For Limit and Stop Market orders which I use 99% of the time).
Correct Direction? (Buy or Sell)
Push the button to send the order to the broker.....
Then double check the symbol/size/order type one last time.

Even after executing 10,000+ trades in my career I STILL catch mistakes in order entry using this execution ritual at least twice a week. It has saved me thousands over the years.

-Bo Yoder

P.S. one last step... ALWAYS after taking profits or taking a loss, double and triple check that you have canceled any outstanding orders. Nothing worse than making a good trade, taking profits, then logging in the next day to see that a rogue order has executed overnight and you are down a bunch!
  • #769
  • Aug 17, 2013 10:44pm Aug 17, 2013 10:44pm
Quoting calderone
{quote} Sometimes yes, as you know my trading tf is pretty high too so they are pretty big. If I have the direction right-which I usually do-I can survive shake outs etc so it really doesnt matter how big my stop is as long as it isn't clipped with some nonsense. It is there in case of a catastrophic event etc to save me. The easiest way for me to find a stop is to jump to a higher tf and look for a tech place. It helps to get creative. I learned this from Welshguy2000...although he hasn't been around for a while.
Hey Mike,

I hear you. So your SL is a catastrophic SL, which protects you from unexpected events. For now, I will stick to my original placements of SL, but give slightly more buffers to avoid shakeouts, coz I'm not good enough to predict the directions like you do, and I think it's best for me to get stopped out if the zone i've selected is wrong, rather than placing the SL far far away, and let them get stopped out for a big loss.


Anyway, your insights are greatly appreciated. Thanks buddy.

regards,
Chao
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #770
  • Aug 17, 2013 10:48pm Aug 17, 2013 10:48pm
Quoting 3DApex
Sorry to hear about your "doom" trade. Been there, done that more than I care to admit over the years. The way that i find eliminated the human "DOH" errors like going long instead of short, wrong size, wrong pair etc... is to create an execution "ritual". I go through the boxes in my brokers order entry screen THE SAME WAY EVERY TIME...anti-clockwise and my ritual goes like this: Correct Symbol/Pair Loaded? Correct Size Set? Correct Order Type Set? Correct Trigger Level Set? (For Limit and Stop Market orders which I use 99% of the time)....
Hey Yoder,

Excellent advice. I'm the same as you, who use limit orders 90% of the time. I don't use stop orders though.

I'll make sure I be MORE careful with the lot size/orders to make sure I don't repeat the same stupid mistake again in the future.

Thanks for dropping by with your valuable advice. I appreciate it.

Regard,
Chao
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #771
  • Aug 18, 2013 10:52am Aug 18, 2013 10:52am
Interesting scenario observed in EURJPY, a diamond, or....a coffin LOL.

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Similar pattern was observed in EURUSD last week. But diamonds can breakout both sides, and I'm more bearish biased on EURJPY. Would be interesting to see how it plays out next week.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #772
  • Aug 18, 2013 7:35pm Aug 18, 2013 7:35pm
New PO: AUDJPY short

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Yen futures
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #773
  • Aug 19, 2013 2:17am Aug 19, 2013 2:17am
Open trade: USDJPY short

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #774
  • Aug 19, 2013 5:32am Aug 19, 2013 5:32am
Quoting keroro0o0o
Open trade: USDJPY short {image}
Stopped out, should've managed it better..

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #775
  • Edited 6:09am Aug 19, 2013 5:49am | Edited 6:09am
Quoting keroro0o0o
{quote} Stopped out, should've managed it better.. {image}
Re-entered short at the completion of bearflag, with PA of DX/YEN futures in favor of the trade.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #776
  • Edited 6:42am Aug 19, 2013 6:01am | Edited 6:42am
Quick loss: GOLD long

Took a long at the source of engulf, with the uptrend, but failed instantly. This was because the drop was from the H4 supply. Should've been more careful.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #777
  • Aug 19, 2013 6:36am Aug 19, 2013 6:36am
Quoting keroro0o0o
New PO: AUDJPY short {image} Yen futures {image}
UPDATE: Missed it by 4 pips.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #778
  • Aug 19, 2013 6:55am Aug 19, 2013 6:55am
Quoting keroro0o0o
Interesting scenario observed in EURJPY, a diamond, or....a coffin LOL. {image} Similar pattern was observed in EURUSD last week. But diamonds can breakout both sides, and I'm more bearish biased on EURJPY. Would be interesting to see how it plays out next week. {image}
and so it turned out to be the same as EURUSD...

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #779
  • Aug 19, 2013 8:45am Aug 19, 2013 8:45am
Quoting keroro0o0o
{quote} Re-entered short at the completion of bearflag, with PA of DX/YEN futures in favor of the trade. {image}
UPDATE: Added at m5 FTR, with tightened SL's.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #780
  • Aug 19, 2013 9:54am Aug 19, 2013 9:54am
Quoting keroro0o0o
{quote} UPDATE: Added at m5 FTR, with tightened SL's. {image}
UPDATE: All positions stopped out. Was careless in this one.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
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