I believe that within daily sentiment there is pockets of + and - sentiment. Obviously, the more important question is “how big is your stoploss?” If you had say a 10 pip stoploss, within the daily sentiment there are 10 pip spikes going the opposite direction, whereas if your stop loss was 100 pips instead, then these spikes won’t take you out the trade. Since I am a tiny stop loss trader, I am more focused on the current sentiment and looking for changes in the immediate picture, but my belief is that your gains will be higher going with “daily trend” versus counter trend trading. That and knowing micro-sentiment and daily sentiment can help you spot real/false breakouts within the context of a trading session.
This friday would be a good example. Even a risk-off day, with temporary bullish sentiment due to remarks about banks aiding euro blah blah blah, you had a brief and strong upspike, which faded back down. If you were paying attention to the newsfeed, You could “possibly” predict that this is not a direction-changing breakout, but a temporary spike as banks bought up euros.
Well we have hit a record number of profitable weeks in a row. 3 weeks!!! YA gotta love trying to build consistency. Admittedly the profits are small but not having losing weeks are more important. Not only did my returns increase this week but so did my win rate. I feel much more confident in my trading, relaxed and just vibeing it. I am looking to add additional capital to my account in the next week or 2.
Net % capital: +2.08%
Total Win rate: 57.1% (+14.1% change from previous week)
Alright So i developed a new spreadsheet to help journal my trades. The last 3 weeks i have been completely dedicated to becoming a profitable trader. I know the stats below are not going to be stellar, but its the real deal. Coming from where i started as a complete noob to someone who in the last week has increased his winrate and had more success that he has ever had before. I am quite proud. But here is the results of the live trading i did with this new plan over the last 3 weeks. I hope to make my spreadsheet more sophisticated over time but again i spent like 7 hours on this bad boy so its just going to have to do.
of Winning Trades 10 # of Losing Trades 9 Total Trades 19
Largest Winner PIPS 87.9 Largest Loser PIPS -43.6 Total Pip P/L 60.9
Average Winner PIPS 30.33 Average Loser PIPS -26.93333333
Average Reward:Risk 1.71 Largest Reward:Risk 4.72 Smallest Reward:Risk 0.94
Goodjob. Planning to do the samething in the coming year. Even when you become more successful you will still remember these times most. Other than the major success milestones like 100k, 1m. Hope you get there man.
I took 3 shorts today, 2 in AUD/USD and my first ever trade in NZD. they were all 1:1 for 30 pips. Nothing really spectacular i have posted several of these types of trades before. But i have hit a record today. I have a 100% winrate and made 3.25% so i hope to continue this journey moving on up. We have no idea what the rest of the week will bring. But i hope it keeps on trucking. To be perfectly honest there is a psych reason i am not posting charts. To post charts i have to open my client. I know I am out of bullets right now and i know i am missing a lot of great set ups. If i open it and start looking i might tempt myself. Hopefully Another day i will post it when i dont feel this way, tempted.
Thanks guys for all the support but as usual the market has riped the success from my fingers. I have given it away and a little bit more. I had 4 trades resolve to day the UJ short i been holding since last week but the BoJ scare today has stopped me out.
Here are some of the charts from today.
USD/JPY short
Price: 76.8 SL:77.1 TP: 76.5 Closed at SL
Here we can within 6.5 pips of my target but i held out for longer and let a winner become a loser. Not a good thing, i have to work on a better strategy then that. This was put on before my account deposit so now it is only -.1% but before it was worth -1.25%
Cable short
PRice: 1.56317 SL:1.5662 TP: 1.5602
Here i took the break out of the 1h range as we are in a massive down trend, it ripped back up and proved to be a fakey. Anyway it looks like it will hit my TP soon.
Net -1.25%
USD/CAD
Here I did the exact same thing, except i bought at the pip high of that swing, got stopped out within 3 pips of my line then it takes off to my TP. Awesome trade MeiHua!
Net-1.25%
AUD/USD short
Price 0.98317 SL: 0.9862 TP: 0.9802
same type of trade but i cant post any more images according to the notice so i deleted it. I don’t feel like going through the trouble right now as i psychologically feel horrible about my trading. I am definitely going to review these trades and see if i can dissect an answer from my records before i try them again, also due to thanks giving it gives me extra time to digest.
Net:-1.25
TOTAL LOSS: -3.83% so i am not down too much over all but still feels really bad
I am done for the day and just going to relax. Thanks everyone again for the support, I hope to keep improving my self and my trading. Cheers and good Pippin’!
These are definately not standard SnD levels. It’s fairly new I guess I have been doing it for the past month or so. It has had pretty good success. To be perfectly honest I have had more chances to take this type of trade then the standard SnD trades these last few weeks. So we will see how this all progresses I have a very good spreadsheet now so the results will be plainly seen at the success or failure of this entry type. Although I believe in it my implementation is still very crude. I am not filtering out the entries as well as I could be. So I need to work on that over the holidays.
Yesterday was cool. I reduced my risk size to .5% until i had my first winner which is my standard operating procedure. I believe in earning the right to trade larger. After that i traded 1% and another 1% for the rest of the session. Here are my 3 trades which after a dismal day like the day before, i get 3 winners. Wow trading sure is a roller coaster.
Fiber Short
Price: 1.34 SL: 1.3469 TP: 1.34
+.5%
AUD/USD Short
Price: 0.97303 SL:0.976 TP: 0.97
+1%
Took 2 trades today a winner and a loser, my winner was smaller than my loser. But I was playing in a thin market and i knew that going in. So i kept my position size low and made sure that the end of my week would be a gaurenteed profit. Now i am not posting great returns or anything but this has been the 4th straight week of profits I have had in a row. I really hope that i am breeding consistency that’s the goal. Yes i may only be booking 1-2% a week, but its recurring over and over again. Assuming 50 trading weeks a year that’s doubling your money every year.
USD/JPY long
Price:77.103 SL:76.983 TP:77.303 Closed on squeeze at 77.198
Net:+.2%
USD/CAD Long
Price:1.04699 SL:1.044 TP:1.0500 Closed at 1.04399
Net:-.47%
I will come back and post my charts later, I am getting ready to get to bed. But happy thanks giving everyone!!!
Ok so today I had to resist the urge to trade, We had several set ups. All which would have been successful in hindsight but I made a promise not to trade. But boy was it difficult. Ended up costing me more than my entire weeks earnings in potential profit. I am currently looking at a final set up now but i have to keep away. I am going to post the charts for the last trades i took yesterday.
My overall win rate this week was 58.33% over 12 trades. That’s a 2.1% ( 57.1% previous) win rate increase since last week. Also booking my 1st entire profitable month ever which is a milestone for me. Its quite amazing not only am i becoming more consistent but I am also winning more frequently. I don’t think anyone can ask for better progress. I only had a half week stopping trading on Wednesday due to the thin markets of thanksgiving but still made almost a whole weeks profit of +1.7%.
My overall stats for the month so far:
Largest Winner PIPS 87.9 Largest Loser PIPS -43.6 Total Pip P/L 108.6
Average Winner PIPS 29.53 Average Loser PIPS -28.10
Largest Reward:Risk 4.72 Smallest Reward:Risk 0.94 Average Reward:Risk 1.46
I just finished reading Beat The Forex Dealer by Agustin Silvani , It was really quite informative. I didn’t put it down once. He really has an understanding of how the professionals and dealers play the market, and using MM brokers to your advantage. Can you imagine that? Actually having a reason to have an MM over an ECN? This was really good stuff, there was a lot that opened my eyes and reinforced a lot of the ideas I had. His graphs and explanations are very clear cut and don’t need to be re read over and over for you to comprehend them. With a brief overview of the tiers of the Forex structure then diving right into applicable ways to trade was very good. Definitely incorporating some of these ideas into my trading for the next week.
DAMN this weekend prep is taking me SOOO long, i just have to vent now. Damn. I mean sure trading 23 sounds like man you really can navigate so many pairs. how do you do it? Well i have just spend 3.5 hours and have only gotten through 11 pairs. That doesn’t include previous trade reviews from the last week, plus reading 1 book to increase my knowledge. I would say this weekend i am going to top out at about 20 hours spent doing things trading related. Good thing my social life comes to me, otherwise i would be some kind of mole man. LOL anyway. Back to work. Oh and i need to document this, I made a mis click and it entered a market order, so i just lost some money due to ****ing massive spreads. You know one of my core rules is double checking. I dont know what the **** went wrong there. I checked the order and it must have been a MECHANICAL error (as in i ****ed up the trading platform) and pressed like market or some crap. ****ing hell. its a small loss. But still I am going to go take a break and finish the rest of this crap up later. I may post up my entire analysis on here depending on how i feel.
Starting the week off poorly. Down about -1.6% overall. I have recovered that before, but its discouraging. Here are the trades I took today.
Eur/Usd Long
Price: 1.33501 SL 1.3320 TP: 1.3400
-.75%
I risked less here because sentiment was not as solid as i wanted it to be. Coming into the Italian bond auctions and the EURFIN meeting which was an unknown quantity. The results of the auctions which were occurring could have really made price get really volatile.
THe only trade i made any money on was the USD/JPY short and i still only made a little more than half my TP because of squeezing. down -1.65% this week and it sucks. anyway see you guys tomorrow i am sure.
