EUR/GBP Short
Entry 1: Price 0.83277 SL 0.8358 TP 0.8298 CLosed SL
Entry 2: Price 0.83520 SL 0.8379 TP 0.8298 Closed at TP
I was freaking out on this one. I was dancing around my total SL but i just held on and wow did it take full profit. That was really really nice. Totally worth it, turned a full on loser into a total winner even with the 1st order being SL’d
Daily Level:
Entries:
Risk per Entry : .375%
Net: +.31% +24.3 pip
USD/CAD Short
Price: 1.02726 SL 1.0313 TP 1.0233 Closed at TP
MeiHua, I have been a long time lurker on your thread and I just wanted to say keep up the great journal and the good work! I rarely ever post on here ( spending time learning all the gold resources on this thread and forum) but I always enjoy coming to your journal. Since you started the journal close to the time I found this site, I find inspiration in the discipline and organization you uphold while keeping this journal. Reading your posts and analysis I’m sure you can see your improvement and so can I. So keep up the good work and I wish you great success for this coming year
Thank you so much. To be honest I never really thought anyone looked at this. Really I have found this journal to be very important to my trader development. I feel that without having a journal especially one that was completely honest and was analyzed for mistakes in earnest was the only way do really do this. I felt it was kind of like trading weight watchers. But its great to see that other people are getting value from it. I am sure that since you made it this far you will have a lot of success in the next year as well. Also keep posting in the forums, and making new trading buddies is fun :29:
[B]Weekly Results for Trade Week Jan 9th 2012
[/B]
This week didn’t go as well as I had hoped. I did make a trading error by not being as thorough as I should have been. Therefore it cost me. Here are the stats for the week.
Win rate Overall: 62.5% out of 8 trades WEEKLY GOAL ACCOMPLISHED (60%+ win rate each week)
Supply Demand Win rate: 80% ( out of 5 trades)
Entry 2: 33% (out of 3) OUCH!!!
So we can definitely see that Entry 2 type trades were really dragging me down. But I was also making errors trading that so we could have had a winner instead of a loser, or at least a BE in that. Gotta stay vigilant ALL THE TIME.
Average Winner: 28.00 pips
Average Loser: -34.48 pips
Wow OK that explains everything. We can not be having this. If i continue to have my avg winner be smaller than my average loser we have a BIG PROBLEM. I am going to have to keep monitoring this and hope to rectify my mistakes.
Profit factor: .55 (low but still positive)
Expectancy:-3.2 pips (yeah obviously cause i had a losing week)
avg trade length: 6h 33m
Well this week has been a disappointment mostly due to myself. I admit that I was the weak link in this chain. But we always have next week, I survived and still have enough capital to come back.
Yes I use 1:1 with a profit squeezing method after we pass the 65% mark. it does mean i am having a problem with those losers recently. This usually hasn’t been the case. But it is going to be investigated over the next month or so. Thank you for cheering me on, i need it :P.
Finally done with my weekly prep today it only took 6.5 hours woot!! I am getting faster, 86 resting limit orders in the market now. Phew…
USD/JPY Short
Price 76.8 SL 77.1 TP 76.50 Closed at SL
I got short here on friday. IT moved into profit but then was lingering around 50% of my SL. We gapped up and took me up pretty much to the pip then moved back down. Unlucky I guess.
Net -.75% -30 pips
GBP/AUD Long
Price 1.4850 SL 1.4830 TP 1.4890 Closed at SL
This one was weird my MT4 had gaps that didn’t exist. I checked this on the Java platform of Oanda but I cant really show that chart as well. So i am not going to blame my platform cause i cross checked it but here is the java chart. Stupid MT4 i hate this thing it constantly costs me money and hassle.
EUR/JPY Short
Price: 97.302 SL 97.6 TP 97 Closed at 97.512 (40 pip trailing)
Net -.53% -21 pips
AUD/NZD Long
Price 1.28923 SL 1.2852 TP 1.2932 Closed at squeeze 1.29032
This trade was complete BS. Oanda did screw me here. So the normal spread is 5pips then it widened to 7.5 pips which was fine. But then when i started to squeeze profit it widened the spread to 40 pips!!! that’s completely unacceptable. of course i picked the bottom of a 100 pip move but of course i couldn’t squeeze much out of this. really pisses me off about my broker.
Sorry to hear that. Today could be a day of retracements, anyway, and it’s a Friday anyway, so you won’t be missing much, and you can hit it next week refreshed and refocussed. We all have the odd backward step, even within successful periods.
Thanks Simon for the reply. Also glad to see your back in my thread. Yes I have been having a rough start to this year. So I am going to go back and see if I can find any common themes in these failed trades. Sure we have to take that backward step, but that means we took some steps forward
Presumably you keep a log? I have a record of every trade I have ever placed, invaluable when I hit a losing streak. I would be sure to look at themes through your winning trades, as well as themes that run throught the losers.
The market has shifted a little, so far this year - we ended last year with volatility that was more unpredictable than we retail traders might like, in my opinion. Big moves but not necessarily always where we would expect them. It took time to get our eye in for what approach was needed in those conditions. Now this year we have, so far, a more conventional market, with similarly decisive moves but following more conventional patterns. So personally I have simply reverted to my old style of early last year, throwing out some of the the tweaks and extra conditions I put in place over last Summer and held until Christmas, and the year has started okay. I’m always a little cautious out of the blocks early in the year, but January has started in line with previous years.
So hopefully the world has got used to the recession and we can have a more predictable year. Maybe!!
Yes I definitely take a log of each and every trade. I guess since I have only traded that other market its time for me to adapt to what others thing of as conventional lol . Well I did dissect some major errors on my part, but a majority of it was psych. Once the bad streak started I just made it worse. Really in reality that’s what happened, There were 1 or 2 real losers that probably could have been avoided. But that just spiraled out of control. I did stop trading and pull all my orders. But since they were good trades in those orders that were set and forgets, it ends up costing me opportunity to make up my losses. Even compounding the recovery period. Going to get more in depth and do a fresh step forward in the week to come. A lot to take care of.
Hey Meihua, I made that same exact mistake too this week. By the look at your trading methods, there isn’t fundamentally wrong with it, but it is just the little things like this that makes the trading system falter.
I came to the conclusion 6 months ago that the only thing stopping me from making good dough was my lack of mental discipline when facing 2 or more losing streaks.
That is something I always thought was a great helping factor to put your mental state back to normal before trying to claw back to breakeven.
However, when I looked back at them, had I just continued trading per normal, I would have been okay, and would have gotten back to breakeven after a couple weeks.
That is something I need research more on, how wide should that trading limit be? 5%? 10%? 15% before one should stop trading?
Hey Hikapo cool to see you posting, appreciate the discussion points because I think we are going along the same lines here. I had a psychological reaction that allowed a normal draw down and trade losses. This just made me draw deeper into a hole. Actually I even felt bad that I was having these types of problems. But I have to figure out some rules for pulling the plug and managing my psych and how to keep myself out of trouble. Currently my daily loss limit is 2.5% . I would love to hear how other people do it, facing draw downs and other outside stresses.
Thanks for the link. I looked at the vid and it is solid. It just reinforces why having rule based stop gaps for losses is so important. Actually I risk much less than ICT recommended which i thought was pretty cool. My average risk is less than 1% so i should be really happy about that
I am sure you guys are saying, hey wtf. where are your trades. Well i am taking the week off, and it feels GREAT! I feel refreshed and its only been 2 days. I had a lot of BS behind me and just mellowing out and allowing my emotional batteries to recharge. This is definitely a great thing, i feel amazing. Still going to stay out but just knowing that I can take a break when i need to is great. I know I may not be making money but i sure am not losing any. So to all of those traders out there who are having outside stresses affect your trading, take a break. My biggest problem was giving myself permission to take a week off. I felt like i was weak, or not dedicated enough to trading because I was letting these outside things affect me. What a huge load of horse SHEET. you gotta let yourself go and just mind erase. Honestly I feel a million times better now. The losses of last week are well behind me and I don’t even feel them weighing on me. the feeling to get back to even doesn’t even exist. Just a load of energy to get ready next week and excitement to get back in the game and perform. Its like a drastic shift in perspective. To survive this game you have to know yourself but then ACT on that information. My motto is BE AS RESPONSIBLE AS POSSIBLE if i am off kilter even a little I can not do that. I will never feel bad about taking time to recenter myself again. It seems I am learning all the lessons about being a trader other than having lots of big winners and raking in the dough. Its like i am learning the nitty gritty survival skill first, but hey at least i know my longevity will be there. Now we just gotta work on profitability
