4 hour BEEB formed on EUR GBP
Took the short
And stopped out :19:
:31:
Results so far… Okay on 23rd April have bumped up account to E5120
Current balance as at 7 June = E4586
[B]Thus far a 10.4% loss on the account.[/B]
I think this was caused by a few things which I will try to list now:
- Over leverage and large stops on a couple of trades which didnt work out
- Trying to trade PA signals off 5 min charts out of frustration
- Counter trend trades based off a weak opposing PA signal
This is so not turning out to be the successful start I imagined :56:
So in response to the not so great start I have simplified my trading plan. I will read this everyday before my trading to remind myself to: [I][/I][B]keep it simple and never take impulsive trades.[/B]
[B]My rules for trading[/B]
[B]Timeframes to use[/B]
• 1 hour
• Daily
• Weekly
[B]1 Hour Trading Methodology[/B]
• Will trade DOW/FTSE/GOLD with this methodology during the day
• Draw relevant hourly horizontal support/resistance levels and take note of prevalent trend
• Trade ONLY GOOD PA signals off these levels mainly in direction of the prevalent trend
• Can trade against trend but only if PA signal is high quality
• Always trade at areas of value (short at swing high/ buy at swing low)
• Stops and Take profits must be assigned immediately and realistically
• Trade must be held to completion
[B]Daily and Weekly Trading [/B]
• On currency trades in the evening using the same methodology
[B]Loss Rules[/B]
• 4% account loss in one day = stop trading that day (Approx. Risk per hourly trade = 1%)
Adhered to the above rules and sat on my hands all day until I got a decent signal … BEEB on DOW
Also took a similar trade on Gold (BUEB) and made about E131
One small trade yesterday (bullish pinbar on gold) made E31
Today took a BEEB on FTSE and made E55
Was tempted to take preceding two pinbars (long) but held out as it wasnt at an area of value (would have been going long at a swing high)
[B]OK… its around this time I need to remind myself two things when the plan is working :
- Dont go ape **** when the inevitable loss comes
- Just stick to the plan[/B]
I have 2 long term (daily bar) trades going right now. I am currently long AUD USD and short EUR AUD
So basically long AUD
Have had these on for two days now and while initially started in profit are closed this Friday the 14th in a loss. Will see how these go next week.
Yesterday was a good and bad day.
Bad because those long AUD trades took me to the cleaners. I initially based the longs of weekly PA signals against the trend but yesterday daily pins in line with the trend fired off and I decided to throw in the towel.
I made up for these losses (approx E120 with wins form the 1 hour PA signals on the DOW and Gold)
So all in all flat for the day
Lost well over 4% yesterday and feeling terrible.
Two trades went wrong and I decided to leverage up and gamble. Bad idea
Fear and Greed. Im starting to understand what all the fuss is about
Well, I am going to be taking a break for a while.
This is a game for the disciplined and patient