Even with the pause for the news, been fairly active today. 7 closed trades and 3 still running.
Still working on some statistical data display (ie Weekly % change based on previous weeks balance) on the Spreadsheet.
Not a bad day…still 2 trades open and another 5 hours of possibilities. Both Trades are hovering around 0 atm.
Nice and easy. Love it!
How do you approach our stops and decreases position size?
Keep up the great work!
i would estimate that 95% of my stops are manual. I do set a Hard SL on every trade, but it is to avoid catastrophe (between 2-5% depending on the strongest RL). More times than not, when I do “Staggered” trades, adding to them, I usually close all as a whole. This is since I manually Stop most, and if I’m closing for one, why would I not close for all.
I do set Resist levels which I pay closer attention to when they are in the range, and it is during these times that I reevaluate the strat and make sure I still agree with it.
I definitely need to get in the habit of this. It’s a hard task for me stay on top off.
Not sure if Tom Hougaard said it first but…Best Loser Wins. My last 2 trades of the day misbehaved long enough to no longer comply with the strat. They had to go. Can’t win em all, but I can be proud to follow a strict strat. Time for some sleep and see what tomorrow brings.
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Man, that’s the common theme I’m hearing from everybody. It should be like the trading mantra. Cut the losers. Live to trade another day. Keep losers small. All the same advice.
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Interesting start to the day…My dog let me sleep in? My timing is completely thrown off, lol. Went for a walk with same and made morning coffee…all before turning on the computer.
Time to get to work.
Morning Coffee Trades…
I was a touch late grabbing these, but they were still within the entry parameters of the strat. Worth sleeping in and missing a few pips.
See an entry set up on a Aud usd short…lets see how this plays.
Edit…Closed at a profit…will post when History populates
It finally updated…
Snipped a quick scalp on Eur Jpy on an overextension retracement. This is not part of my Strat, but it was too perfect not to take a few pips.
Hmmm…Tastyfx seems to have small issues updating Transaction history. Not that it’s a huge deal, but I use the report to update my spreadsheet and journal. Sometimes its immediate and others can take an hour or more to update. Is it a Wednesday thing?
It finally updated…33 minutes later.
I do not focus on a specific pair, far from it.
What I do is analyze 17 pairs. When a pair starts to show signs of becoming compliant to my strat, I slide that tab Left. This way, I can start from the left and move to the right along the tabs to see progress.
Conversely, if a trade is moving away from my strat or is nowhere close, I slide that tab to the right. I say first 3 because I limit myself to 3 open trades at any given time.
When a trade is entered, that tab will be one of the first 3 looking from left to right.
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When I journal, I write down ALL my thoughts, trading and personal…some of the pages look like something out of A Beautiful Mind scene. This does several things for me. 1. It’s an outlet to emotion…good and bad. 2. (an more importantly) It makes for a great reread for myself.
example…"My trade is doing well and I’m feeling great. Strat parameters have me holding for the next 2-4 candles, but it could just be this cheesecake. God I love cheesecake! Even plain cheesecake
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Time to walk the dog…1 trade open EurUsd long currently profitable. HARD SL adjusted to 1.0455.
Edit…Nice long walk which takes me a little too close to what I call the Doldrums of the day (Mountain Standard Time 1430-1630). My strat restricts me from opening new trades within 30 mins of the doldrums and closing only if the trade is breaking a rule. At the moment, the trade is slightly down but not breaking any rules…see you at 1630.
Edit…Small profit as it was starting to disagree…so closed
Had about as bad as a night my system will allow. 3 trades were all in good shape when I went to bed. Woke up to all 3 past their hard SL and closed. The movement was well before the release of the Prelim GDP…so…
Now…I could be all bitter and panic trade, OR…run through my pairs, find a great set up, and keep on trucking.
“Revenge is a dish best served Cold”, a quote most people misinterpret. It means do not react without thinking it through (allowing a hot meal to chill). Avoid the Road Rage trade!
Then “this” might happen…
This still has me down a little from my high…but it certainly helped ease the sting.