Trading journal of a discretionary newbie trader

Trading Discussion Trade Journals
41

I am travelling at the moment plus I am very close to my 4th margin call so I guess it is time to take a break from trading.

The real problem is that I can’t accept a lose. I could close the trade earlier and buy back at a better price but not! To my mind close a trade in negative it means I have to bank the lose and see my account get officially smaller. Some part of my mind (wrongly) thing that until the trade is open I am not losing that money and unfortunately I have not idea how to convince myself that this is not true.

Seems like some part of me is trying hard to make me lose. I can’t beat myself at the moment so I guess I need a pause.

Also I have great problems to be elestic and keep an open on my biases. I am long on the pair and it seems impossible for me to change this bais even in the short time.

Friday afternoon after the news I saw the bear moment coming. I saw it going heavily down. I decided to wait the 10am NY time and reverse my position in short. I would have made 120£ if I did but at the end, thinking here and reading there, I decided wrongly not to reverse my position coz it is impossible that someone could buy JPY over USD and not only that, I also dedide to go all the wait without stop lose coz 100 is the real pair price to me! Well wrong again. Keep an open mind and be flexible if you want to make money my friend!

Well that said I am very near to the margin call. I will keep the position open until I will get my 4th margin call. In the main time I will take a break.

I know how to make money. It is so simple. Cut you loses short and let your profit run. Coz it is alwasy coming the time where the pair fly in one direction for 100-300 pips. It is just a matter of time. Just wait for the big move. That is it!

But I am not able to do it at the moment, unfortunately.

Time to take a break!

But hey!, …I will come back…stronger than even… Don’t worry about it…:wink:

Have a nice weekend everyone and a successful trading week!

42

After 5 margin calls, next week we will try again. Some part of me must enjoy losing and getting margin calls. But this time I guess I have learnt my lesson. This time something is different.

We won’t trade only USD/JPD but also other pairs if we see good opportunities.

We enter after considering fundamental, sentimental and technical analysis.

Keep it very simple. Max Stop lose 40 pip. Move at break even as soon as it is reasonable. Take profit at least 1 risk.

43

Open long USD/JPY position at 98.401

SL 98.25

44

Position closed at 98.449

+4.8 pips

It could have been more and better but unfortunately yesterday I couldn’t follow and didn’t almost have a decent connection.

I also think I have to learn to use take profits and include them in my strategy and plan.

45

Open short USD/JPY position at 97.72

SL 97.92

46

position close at 97.717

+0.3 pips

Total: + 5.1 pips

47

Open long USD/JPY position at 97.726

SL 97.60

TP 98

48

Position closed at 97.730

+0.4 pips

Total: +5.5

49

Opened a long USD/JPY position at 97.099

SL 97

50

SL hit. Lost 9.9 pips

total: -4.4

51

Opened a long USD/JPY position at 97.026

SL 96.95

52

Closed at 96.949

-7.7 pips

Total: -12.1 pips

53

Opened a short USD/JPY position at 96.911

SL 97.11

54

closed at 97.114

-20.3

Total: -32.4 pips

55

Opened a long USD/JPY position at 97.089

SL 96.70

I am overtrading and revenging. Not sure where the pair want to go. Ranging? Going down? I should not trade and wait on the sideline.

56

Reversed the position at 97.281 (Now short)

SL 97.35

+19.2 pips

Total: -13.2 pips

57

Shot position closed at 96.60

+68.1 pips

Total: +54.9 pips

58

Opened a short USD/JPY position at 96.718

SL 96.83

59

Position closed at 96.46

+25.8 pips

Total: +80.7 pips

60

Probably it will keep going deeper but I wanted to bank some profits so I moved SL very close and got hit. For today I guess it is enough. We will see tomorrow after the Monetary Policy Statement and BOJ Press Conference.