Ok - recovered 700 of the lost 850
so doing very well over the past 7 days, more than 100 a day
should be even by Monday or Tue
Congrats blue,
Are you trading bigger now or taking more risk?
If one of the above…are you going to go back to pre incident levels having achieved your goal?
No. trading more or less the same
but i transferred a lot more into my account
very slow week indeed.
almost recovered all my losses, around $40 still to recover.
Balance 7825 (2425 of the original amount)
will continue now as if this is my balance though at some stage i may want to withdraw some.
anyway - all things considered - just glad to have recovered losses.
I may just set the 5400 aside, and continue as if I had the 2425 to trade with
Well, as you could guess, silence meant failure.
yes I completely stuffed it up.
starting again - on practice account.
so I am going to post practice account balances here and lets see if i can be profitable in practice first.
In all seriousness - it was the recent 18c rise of the dollar against the yen which drowned me. mainly i just refused to believe that it would continually rise. Lesson learned (I hope), so i just carried on taking loss after loss trading against the trend.
No need to lecture me - I know i know!
So OK - since I wont be starting again with $5000 I am not going to practice with $5000.
I have set myself the task the turn $10 into whatever I can, and then start with a few 100.
so here we go.
In about a week I am at $18. could have been more but a number of stop losses hit. In the beginning obviously I am doing higher risk, which will tone down as the balance improves. happier with general approach, but risk management needs to improve. Also finding that trading half as often is yielding far better results.
Hey Blue Henry, just found your journal and thought it was interesting, specifically since you focus on the psychological aspect of trading.
Anyways, i agree with you on this one. I’ve noticed that consistent wins could be as dangerous as consistent losses. When you win multiple times without ever incurring losses, you start to become overconfident. Once you do find yourself in a setup that is going against you, you find it hard to believe and as a result move your stop loss further down, which make the wounds deeper and deeper on your account.
Allowing small losses occasionally sounds like a stupid thing to do in a business of making money, but it can definitely be beneficial in my opinion.
This sounds very interesting, would you be able to tell me more about your new or old approach to managing risk? I am on the lookout for something better. I was just thinking about the max risk high return trading you were doing; it actually sounds quite appealing to me, if you have a system with more positive that negative trades and or more profit than losses on bad trades. I think that would be a winner actually.
if i could potential x10 my account balance in 2 weeks. I could risk a small amount of money and try to x3 my account balance, then pull out all profits and try to do it again. When the inevitable disaster trade happens I should still be up overall…having segregated out my profits.
Ok - been practicing with many practice accounts, only half heartedly though since it was holidays.
need to transfer some real money again and start afresh for the new year.
I have been practicing with many “scales” of account size, $10, $100, 500, 1000, 5000, 10 000, 20 000, 50 000, 100 000, 200 000, 1 mill and 2 mill.
Just to try and get the feel of the progression and to, just in general, see what i thought.
I will still keep all the practice accounts going through the year, definitely helps me.
Transferred a bit of capital for my live account. Lets get this year going with all the good trading habits in place.
Great work sir. A new year with a new set of goals !!! hope everything plays out well. I personally am starting to lose patience with FX trading, the reality of consistently good performance on demo versus the impulse to go live as soon as possible.
With the rewards/profit potential of trading being so great. I don’t think waiting to get it right at least in theory first is a bad thing before going live; though frustrating when you win.
Hi Ropunzel.
This year I am focussing on Risk managment since thats where it all falls apart. I dont think anyone gets it right consistently - its what you do when you dont get it right! Dont get frustrated.
You will make gains. you will ALWAYS make gains, and … of course losses.
Anyway - as of today - I have $750 live. Lets see what this year brings. My number 1 goal. Conservation of this capital amount - rather than any specific daily gain.
after 1 week of trading, had some good ups and then unfortunately downs, and now once again at break even. Biggest fault. over eager and impatient to follow my strategy. Lets see if I can be more patient in this next week
Another week and much better now. Up to $900
Can still improve. lets see what next week brings
up to 970 but now im taking a day out. for some reason just feel like it. Need to learn not to trade all the time.
psychological is very important. we need learn and research it. i think we can get better decision
I am following you thread. Just wondering, When you are going to show us your strategy?
Up to $1200 - nice positive growth. Just continued small gains.
no real whopper moves or anything.
Risk management ok - but needs to improve
Regarding the psychological side of things.
I am being more patient - waiting for better entry positions rather than just feeling I need to be in trading all the time.
Strategy is very simple - no great secrets here, and probably similar strategy to a great many traders.
Firstly I only trade one pair $US/yen as I like the volatility, and i can focus and concentrate on 1 thing 
Secondly - I do not worry about news events at all, there tends to be too much unpredictability and opposite reactions to some news events etc etc. In the end I just do my thing.
My take profits are at 0.5 but i often take profit sooner than that. Mostly the 0.5 take profit is to capture gains overnight or due to news events.
Stop losses at 0.1 commonly, sometimes 0.2 or 0.3 which means they get hit more often if I do’nt make wise entries.
Actual entries and strategy. simply selling high and buying low on cycles on the 15min to 1hour chart.
So I am scalping and making many trades per day.
smaller entries and as each one becomes profitable - move stop loss into positive, then add more.
like I said - nothing new - all just stuff im sure most traders do.
about 1 out of every 3 trades I dont put in a take profit - just on the off chance that a large move allows it reach better gains.
I do use orders but more for weekend trading
Thats it