23 Trades
15 W - 8 L
+63.8 pips DEMO
10.12.09
I'm going to start keeping track of some longer term demo trades.
+63.8 pips - Stop loss ~42 pips away from entry.
Will record exact stop loss level from here on out.
I'm going to start keeping track of some longer term demo trades.
+63.8 pips - Stop loss ~42 pips away from entry.
Will record exact stop loss level from here on out.
Bank Holiday?
10.12.09
I didn't trade today because it's a bank holiday. I opened my charts to see what went on during the session and there was plenty of opportunity and the spread on the EUR/USD as of 9:55AM PST is still at .9.
I think I'm gonna have to re-think this idea of no trading during bank holidays when its only one country that is having a bank holiday.
I didn't trade today because it's a bank holiday. I opened my charts to see what went on during the session and there was plenty of opportunity and the spread on the EUR/USD as of 9:55AM PST is still at .9.
I think I'm gonna have to re-think this idea of no trading during bank holidays when its only one country that is having a bank holiday.
Rule 53
As I mentioned I picked up The Tao of Poker by Larry W. Phillips and so far I've been finding lots of great information and being able to relate it to trading is quite easy.
Rule 53 in particular jumped off the page at me today.
Rule 53 in particular jumped off the page at me today.
Fine-tuning your game; it's in the details.This sums up my current attitude towards trading perfectly. I know all the general principles I could ever need to know about trading. If I'm going to take my game to the next level... otherwise known as consistent profitability then its about time I pay attention to the details every day.
It's relatively easy for any intelligent person, in any area of life, using broad general principles to make decisions that are fairly close to optimum. Any improvements that take place after this point, however---any subsequent fine-tuning that occurs--- must come in individual decisions, rather than generalities. In other words, to move up to the next level, each individual decision has to be looked at and considered on a case-by-case basis. This is generally the case as we move up the ladder of expertise in any field, and it is also true in poker. It means breaking the game down into individual hands and looking at them. A well-informed overview is no longer enough.
- No hesitation
- Adding to winners when it's time to do so
- Prudently trailing my stops
- Staying focused throughout the entire trading session
-7 pips = -7 cents
10.09.09
20 Trades - 12 Wins - 8 Losses
I went out and purchased The Tao of Poker by way of Don Miller's recommendation and have started reading it. It's been easy so far to relate whats in the book to trading and I've enjoyed it thoroughly so far. One quote in the book that I've written on an index card is "Money flows from the impatient to the patient." - Warren Buffett.
20 Trades - 12 Wins - 8 Losses
I went out and purchased The Tao of Poker by way of Don Miller's recommendation and have started reading it. It's been easy so far to relate whats in the book to trading and I've enjoyed it thoroughly so far. One quote in the book that I've written on an index card is "Money flows from the impatient to the patient." - Warren Buffett.
LOL
10.08.09
I made over 90 trades today. Mostly losses. Not gonna post the charts because w/ over 90 trades on a chart you know its just a mess.
I've recently felt very lost as a trader.
Lets see if I can find some balance.
3:49 PM EST - Update - Change of heart. Below are the charts from today. Silliness everywhere. But I have some positives I can take away from it all. The most important is I knew going into it I was going to be trading dangerously and continued to drop my position size down to even smaller levels.
This blog has been a documentation of extremes. When I first began the blog I could hardly put on a trade because of fear. Then I began putting on trades but cutting my profits so quickly that it's as if I didn't even put the trade on to begin with. Over the past few days I've put on every trade imaginable.
Lets see if I can find some balance.
I made over 90 trades today. Mostly losses. Not gonna post the charts because w/ over 90 trades on a chart you know its just a mess.
I've recently felt very lost as a trader.
Lets see if I can find some balance.
3:49 PM EST - Update - Change of heart. Below are the charts from today. Silliness everywhere. But I have some positives I can take away from it all. The most important is I knew going into it I was going to be trading dangerously and continued to drop my position size down to even smaller levels.
This blog has been a documentation of extremes. When I first began the blog I could hardly put on a trade because of fear. Then I began putting on trades but cutting my profits so quickly that it's as if I didn't even put the trade on to begin with. Over the past few days I've put on every trade imaginable.
Lets see if I can find some balance.
-12 pips = (12 cents)
10.07.09
47 Trades - 23 Wins - 24 Losses
Continually making adjustments. Stay tuned.
47 Trades - 23 Wins - 24 Losses
Continually making adjustments. Stay tuned.
Apology to Myself
10.06.09
I'm sorry because I should have traded yesterday & I should have traded today. Laziness crept up on me in a very sneaky way. Bad news is it'll probably happen again someday. Good news is it won't be anytime soon.
I'm sorry because I should have traded yesterday & I should have traded today. Laziness crept up on me in a very sneaky way. Bad news is it'll probably happen again someday. Good news is it won't be anytime soon.
38 Trades
10.02.09
I made 38 trades today all at 1 cent per pip. I'll resume posting charts & results on Monday. Today I was focused on trying new things.
I made 38 trades today all at 1 cent per pip. I'll resume posting charts & results on Monday. Today I was focused on trying new things.
1 cent per pip day
10.01.09
I traded well for a period of time and then I started making adjustments and figuring stuff out about Oanda's platform that I didn't know about.
When I was deliberately making trades today I either ended BE or slightly up.
Market orders are back! When I first started trading forex some years ago I totally f'ed up my trading psychology early on by losing big and bad. I placed a market order that when against me immediately and I started adding to a loser instead of cutting my loss quickly. Had I cut my loss quickly it would have been a large loss...... instead my actions turned a large loss into a gigantic one from my perspective. It was money that I couldn't afford to lose either. The entire situation didn't deter me from trading but it did a number on my mindset.
Additionally the broker I was using at the time didn't give me the option to automatically enter a stop loss w/ a market order. Therefore I either had to enter the market with no stop loss protection until I could quickly enter one - or - I could use a limit order that allowed me to pre-set my stop loss.
The problem with a limit order only approach is that often the market is moving too swiftly and doesn't leave the few seconds needed to enter a limit order. - BUT - The problem with the market order approach is that with no stop loss, in swift markets, price can turn on you in an instant leaving you no time to enter a stop. By the time you enter a stop the market has already burned you for double, triple or even more compared to a normal loss size.
I chose awhile back to only place limit orders because they offer the most safety in my opinion. I've been a limit order freak. I switched brokers a couple months ago and didn't really think about changing my entry style. However, my recent lackluster performance has really been irritating me and that lead me to look into market orders again.
Market Orders are back! I'll still use Limit Orders when they're called for but I'm excited that I can stop having to worry about entering my limit orders so damn fast. Oanda offers the ability to place a near instantaneous stop loss on Market Orders.
I've made some more tweaks here and there but nothing worth noting yet. I'll be trading 1 cent per pip again tomorrow but I should have some charts to post as well.
I traded well for a period of time and then I started making adjustments and figuring stuff out about Oanda's platform that I didn't know about.
When I was deliberately making trades today I either ended BE or slightly up.
Market orders are back! When I first started trading forex some years ago I totally f'ed up my trading psychology early on by losing big and bad. I placed a market order that when against me immediately and I started adding to a loser instead of cutting my loss quickly. Had I cut my loss quickly it would have been a large loss...... instead my actions turned a large loss into a gigantic one from my perspective. It was money that I couldn't afford to lose either. The entire situation didn't deter me from trading but it did a number on my mindset.
Additionally the broker I was using at the time didn't give me the option to automatically enter a stop loss w/ a market order. Therefore I either had to enter the market with no stop loss protection until I could quickly enter one - or - I could use a limit order that allowed me to pre-set my stop loss.
The problem with a limit order only approach is that often the market is moving too swiftly and doesn't leave the few seconds needed to enter a limit order. - BUT - The problem with the market order approach is that with no stop loss, in swift markets, price can turn on you in an instant leaving you no time to enter a stop. By the time you enter a stop the market has already burned you for double, triple or even more compared to a normal loss size.
I chose awhile back to only place limit orders because they offer the most safety in my opinion. I've been a limit order freak. I switched brokers a couple months ago and didn't really think about changing my entry style. However, my recent lackluster performance has really been irritating me and that lead me to look into market orders again.
Market Orders are back! I'll still use Limit Orders when they're called for but I'm excited that I can stop having to worry about entering my limit orders so damn fast. Oanda offers the ability to place a near instantaneous stop loss on Market Orders.
I've made some more tweaks here and there but nothing worth noting yet. I'll be trading 1 cent per pip again tomorrow but I should have some charts to post as well.
+4.6 pips = 30 cents
09.30.09
8 Trades - 4 Wins - 3 Losses - 1 BE
I knew there was a very good chance I would end positive today and voila! 4.6 pips
The last 3 trades today were trading 1 cent per pip. I'm going to continue with 1 cent per pip all day tomorrow.
I think I've come to a realization and the results and charts tomorrow should be interesting.
Here is today's chart in the mean time:
8 Trades - 4 Wins - 3 Losses - 1 BE
I knew there was a very good chance I would end positive today and voila! 4.6 pips
The last 3 trades today were trading 1 cent per pip. I'm going to continue with 1 cent per pip all day tomorrow.
I think I've come to a realization and the results and charts tomorrow should be interesting.
Here is today's chart in the mean time:
-25.7 pips = ($2.57)
09.29.09
9 Trades - 2 Wins - 7 Losses
O.K. - I'm going back to what was working. Being extremely deliberate with entering my trades seemed to work before so starting tomorrow I should be able to stop my losing ways. I've just got to become more proficient in letting my winners run.
_(17.22).bmp)
9 Trades - 2 Wins - 7 Losses
O.K. - I'm going back to what was working. Being extremely deliberate with entering my trades seemed to work before so starting tomorrow I should be able to stop my losing ways. I've just got to become more proficient in letting my winners run.
_(17.22).bmp)
-17.22 pips = ($7.29)
09.28.09
25 Trades - 12 Wins - 13 Losses
I traded like crazy today. I over traded and I did it intentionally. I kept losing money so I again dropped down to 10 cents per pip for the last few trades today. I'll be staying at 10 cents per pip again until I feel like I've earned the right to begin stepping it up.
I learned some good things today. Nothing new in terms of concepts; tight entries, patient w/ profits, keep losses small etc. But I've gotten closer to implementing them consistently. Out of 25 mostly crap trades there were two that were excellent and I'm going to focus on them as what I'd like my trading to look like.
Things for me to remember tomorrow. Tight entries & don't move my stop too quickly.
_(17.22).bmp)
25 Trades - 12 Wins - 13 Losses
I traded like crazy today. I over traded and I did it intentionally. I kept losing money so I again dropped down to 10 cents per pip for the last few trades today. I'll be staying at 10 cents per pip again until I feel like I've earned the right to begin stepping it up.
I learned some good things today. Nothing new in terms of concepts; tight entries, patient w/ profits, keep losses small etc. But I've gotten closer to implementing them consistently. Out of 25 mostly crap trades there were two that were excellent and I'm going to focus on them as what I'd like my trading to look like.
Things for me to remember tomorrow. Tight entries & don't move my stop too quickly.
_(17.22).bmp)
Notes & Observations
09.26.09
I've been trading for years now and one of the simplest things a trader can do is track their results. I've finally moved my pride out of the way and have begun to keep this journal. I've read the advice to keep a journal every where but I never did it successfully. I'd write a few things down for a short period of time but then I'd inexplicably stop.
I really like keeping a public online journal because it gives me a place where I can access my information at anytime and it holds me accountable to whomever stumbles across these entries.
Regarding my current struggles of being patient with my winners I've realized I'm trying to be too perfect and if stop trying to be so perfect that my profitability is likely going to increase allot. Very often when I place a trade it'll be in the correct direction of the short-term trend but I cut my profits so quickly that I don't catch hardly any of the move.
What I'm going to stop doing is taking profits from the initial push I get in my favor once the trade has triggered. Of course there will be some exceptions to this rule but way more often then not I'm going to demonstrate the ability to give my trades time to move in my favor.
I've been trading for years now and one of the simplest things a trader can do is track their results. I've finally moved my pride out of the way and have begun to keep this journal. I've read the advice to keep a journal every where but I never did it successfully. I'd write a few things down for a short period of time but then I'd inexplicably stop.
I really like keeping a public online journal because it gives me a place where I can access my information at anytime and it holds me accountable to whomever stumbles across these entries.
Regarding my current struggles of being patient with my winners I've realized I'm trying to be too perfect and if stop trying to be so perfect that my profitability is likely going to increase allot. Very often when I place a trade it'll be in the correct direction of the short-term trend but I cut my profits so quickly that I don't catch hardly any of the move.
What I'm going to stop doing is taking profits from the initial push I get in my favor once the trade has triggered. Of course there will be some exceptions to this rule but way more often then not I'm going to demonstrate the ability to give my trades time to move in my favor.
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