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Jake's Live Trading Results

  • #21
  • Jul 19, 2006 6:16pm Jul 19, 2006 6:16pm
Day 9 (Wednesday, July 19th): Increased to $2608

Increased account by $128 today.

This makes a 30.4% return so far which is acceptable. My demo account was at 37.26% by this point so I am slightly behind schedule -- see Day 3 for the main cause of this.

Made 15 pips on USD/JPY today.

No loss trades today.

Once again, calling it a night very early. I am uncomfortable with some of the behavior in the market right now so I will stay away until tomorrow.

****

TRADING COMMENTS:

I departed from EUR/USD and EUR/CHF entirely today. I failed to get a feel for them in order to acquire confidence in channel development. I did not attempt any entries in these two pairs today.

USD/JPY caught my eye this morning so I watched it's behavior throughout the day. I made my first entry at 12:40 PM EST today after watching it's chart for a little over 4 and a half hours. I stayed away from the market for the big movements of the day and settled into my channels once the dust cleared.

BROKER COMMENTS:

Re-quoting was a problem today but not as bad. Last week the re-quotes seemed to decrease as the week went on. I wonder if this is how it is with MIG? I missed only a few entries and a few exits at profit (had to break even) due to re-quoting today.
  • #22
  • Jul 20, 2006 5:14am Jul 20, 2006 5:14am
what is your trading volume? 1 Lot each time?
  • #23
  • Jul 20, 2006 5:53pm Jul 20, 2006 5:53pm
Quoting tradeigel
what is your trading volume? 1 Lot each time?
Yes, so far all trading has been with one lot.
  • #24
  • Jul 20, 2006 10:02pm Jul 20, 2006 10:02pm
Day 10 (Thursday, July 20th): Decreased acccount to $2333

Decreased account by -$275 today.

Made 14 pips on USD/JPY.

Made 2 pips on EUR/USD.
Lost -43 pips on EUR/USD.

I might close my log... I am very discouraged. At the end of my work day I was up 14 pips on USD/JPY and I foolishly kept going.

I got into a short on EUR/USD based on what looked like a doji on the 4H chart, I then added another lot on my short at a higher price. I made two pips on two other assorted short lots I entered. Apparantly I was wrong on the doji and should have admitted it much earlier and saved myself much loss. I wiped out all of my gains for Tuesday, Wednesday, and today with this stubborn mistake. I failed to stick to my system and failed to set a proper exit point.

I am very discouraged and up very much past my bed time only to see this loss.
  • #25
  • Jul 21, 2006 2:17am Jul 21, 2006 2:17am
Hi Jake,
Quoting sundownz
Day 10 (Thursday, July 20th): Decreased acccount to $2333

...
I am very discouraged
Umm ... haven't you just increased your account by 17% in 10 trading days?

Best regards
Alan
  • #26
  • Jul 21, 2006 5:44am Jul 21, 2006 5:44am
Quoting firehorse
Hi Jake,
Umm ... haven't you just increased your account by 17% in 10 trading days?

Best regards
Alan
Alan,

You are right. I was just very mad at myself and very tired last night. Thank you for the level headed words.

All in all my results are good but I let myself break my maximum loss rule yesterday. On demo trading it was easier to cut my loss and move on... I never allowed a loss to run over more than one day of trading. I let it run through two previous days and all the profit from that day yesterday.

I should have closed the trade much earlier but I wanted to be "right" about it -- and that is a huge mistake in FOREX trading as we should all know. I know this but was unable to apply it in the heat of the trade yesterday, so I suppose I am more discouraged with my lack of discipline than anything!

I am going to write this down is several spots that I can see, "Do not let a loss run over more than one previous trading days profits."

****

On a final note. I am filling out an application for FXDD since I have discovered that my method works equally as well for USD/JPY and EUR/USD as it does for EUR/CHF. MIG Investments set the spread to 4 pips on EUR/CHF *again* yesterday so trading it with them is useless half the time anyway so I won't hold on to them for that reason anymore.

I will continue with MIG while my application is processed but I will experience a few days of transition as I wire money back from MIG and into my new FXDD account. I will simply not post at this time, and continue the log as "the next day" from the day I stopped trading with MIG.

I hope FXDD executes faster. I am a little worried since I will only have a "mini" with them as they require $5,000 for a full size and I don't have that much to put in at this time. I have heard that a mini executes slower since it cannot be fed straight through to the interbanks.
  • #27
  • Jul 21, 2006 11:14am Jul 21, 2006 11:14am
Game Over for a while for me.

I did it again... I am all messed up mentally on trading and let my losses slide AGAIN today. I was in "need to catch" up mode and wouldn't take the small loss at first.

I guess I need to take a break and think about this stuff again and get back in my winning mind set while I set up my new account with FXDD. Hopefully I can get my psychological game back and recover from all of the negative feelings these losses have dealt me in the next week or so.

I took a heavy loss draining the account down to $1593.24 on a USD/JPY short today. Departed from my method to try to catch up from yesterdays loss, again, a bad move on my part... I need a break as I am making too many mistakes now that I'm in a losing mindset.
  • #28
  • Jul 21, 2006 12:12pm Jul 21, 2006 12:12pm
Goes to show how tough trading can be psychologically.
  • #29
  • Jul 21, 2006 12:56pm Jul 21, 2006 12:56pm
sundownz, thank you for your honesty. I hope a lot of traders can learn from your experience. I have tried it myself, over-trading, over-expecting and over-leveraging. A broker change and a break can be just the thing you need to regain your perspective. Do stuff not related to the fx markets. Take care and I hope we will soon see you back here as a winning steady trader.
Always wait for the opportune moment… just be careful not to miss it.
  • #30
  • Jul 21, 2006 1:48pm Jul 21, 2006 1:48pm
One third of the forex game is gaining a working knowledge of the market, having a working computer or two, a working internet connection, working charts, a working broker, and some money. All these are no small feat.

The next third is learning how to trade. This is a nearly impossible feat.

The third requirement is psychology - becoming a master of one's mind, gaining self-awareness, and tuning one's psyche up mentally, spiritually and psychologically to near perfection. Once one has achieved the Zen state of perfect mental poise, the task begins of stabilising one's mind, imagination, intellect and emotions so that it is an integrated adamantine crystal consciousness, unswervable and unshakeable - fearless, objective, disciplined, honest, precise, positive and unwilling to hallucinate.

This last third is the hardest part for most of us.

No wonder so few people profit in this market!
  • #31
  • Jul 21, 2006 2:03pm Jul 21, 2006 2:03pm
fxvision,

I have learned alot from this incident. I think it still needs time to soak in, though, hence my mistake two days in a row! In the future I should take a day off after making such a loss to clear my head. Thanks for your words, I will be back soon enough to start a new log I too also hope that someone has learned something from my errors!

I believe part of my difficulty was the frustraton with the low return compared to how I was doing with demo trading. This is related to the slow order execution (re-quoting) I am experiencing with MIG. I was so frustrated with the small return in comparison to my demo that I was careless and unwilling to accept a loss on any of my trades -- until it was too late.

****

itme,

You are correct, ideed. My method works very well when I stick to it... but I am still lacking on the discipline part. I hope that when I return I will be able to achieve a better mental state from the lessons I have learned due to this loss.

I do very well intend to be one of those that makes it I've got many years ahead of me to work on it, starting this at 23 years old now.

Thanks for the good advice. I also appreciate your log, it is very educational and I read it often!

- Jake
  • #32
  • Jul 22, 2006 10:26pm Jul 22, 2006 10:26pm
I am over being mad at myself for my mistakes. My mind is back in tune after taking just one day off. In the future, as I have mentioned, I will make a policy to take a day off if I do make a loss like I did here again in the future. I hope to avoid such a situation...

I took this as a lesson and wrote down a set of rules.

1) I will NOT allow a loss to take me back more than ONE day of trading. I will be setting a fixed stop loss and will not change it in the future. I relied on myself to close the trade before and I found that when I was frustrated I would let losses run too long.

2) If I make 10 pips and don't feel extremely good about the market I WILL stop trading that day. Upon further reflection I have realized that 10 pips really is a pretty good result if it is consistant day to day!

3) If I break my rules and make a big loss I WILL take one day off to reflect on why I did as such.

4) If I sustain a "regular large loss" -- as in at or near my maximum allowable level... if I can reach break even of even slightly positive for the day that is good enough to stop trading for the day. If I just take a loss of 2-3 pips as can be expected fairly often in my system I will keep reaching for 10 pips for the day.

5) Any profit is better than none. If I make 1, 2, 3, or whatever number of pips that is sub-par that day and just feel out of tune I will quit for the day and be content with a positive result instead of a loss on a bad trade.

****

Thanks to everyone on the forum for taking the time to post in response to my frustrations. It really did help me gather my wits and regain my will to move on with my trading. I appreciate the comments from everyone who took the time to respond to my journal or to PM me with level headed advice.
  • #33
  • Aug 4, 2006 9:43am Aug 4, 2006 9:43am
Quoting sundownz
I am over being mad at myself for my mistakes. My mind is back in tune after taking just one day off. In the future, as I have mentioned, I will make a policy to take a day off if I do make a loss like I did here again in the future. I hope to avoid such a situation...

I took this as a lesson and wrote down a set of rules.

1) I will NOT allow a loss to take me back more than ONE day of trading. I will be setting a fixed stop loss and will not change it in the future. I relied on myself to close the trade before and I found that when I was frustrated I would let losses run too long.

2) If I make 10 pips and don't feel extremely good about the market I WILL stop trading that day. Upon further reflection I have realized that 10 pips really is a pretty good result if it is consistant day to day!

3) If I break my rules and make a big loss I WILL take one day off to reflect on why I did as such.

4) If I sustain a "regular large loss" -- as in at or near my maximum allowable level... if I can reach break even of even slightly positive for the day that is good enough to stop trading for the day. If I just take a loss of 2-3 pips as can be expected fairly often in my system I will keep reaching for 10 pips for the day.

5) Any profit is better than none. If I make 1, 2, 3, or whatever number of pips that is sub-par that day and just feel out of tune I will quit for the day and be content with a positive result instead of a loss on a bad trade.

****

Thanks to everyone on the forum for taking the time to post in response to my frustrations. It really did help me gather my wits and regain my will to move on with my trading. I appreciate the comments from everyone who took the time to respond to my journal or to PM me with level headed advice.
Just wondering if you were still going to keep trading. Been watching this thread on hopes you will continue with your live account. Thanks,
  • #34
  • Aug 5, 2006 8:23am Aug 5, 2006 8:23am
I will be back pretty soon. I just got through with opening my account with FXDD. It took a good bit of time for the wire transfer to clear back from MIG Investments. Hopefully I will have better luck with FXDD

I'll update when I get going!
  • #35
  • Aug 5, 2006 11:08am Aug 5, 2006 11:08am
Quoting sundownz
I will be back pretty soon. I just got through with opening my account with FXDD. It took a good bit of time for the wire transfer to clear back from MIG Investments. Hopefully I will have better luck with FXDD

I'll update when I get going!
Awesome, can't wait!
  • #36
  • Last Post: Jul 21, 2007 3:24am Jul 21, 2007 3:24am
sundownz WE ARE waiting for you to come on track...

i can add only one advice to u...u have been up 30% one time so take the experince from it and i think u have done enough introspection....u know what not to do...and stick ot it...


you can make it!!!!!!!!!


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