I started my trade journal today. With each trade I entered why I entered and why it failed or lost and what I felt during the trade. I’m finding that a trade journal is a great learning tool. It has already corrected me of my tendency to let losers run in hopes that they come back.
If you are new like me, I highly recommend doing a journal as you demo. I feel I learned a lot just from todays journal. It regurgitates things you’ve already learned and helps shapen your system.
My journal went something like this today:
Trading journal
Tuesday Nov 24th, Up and in front of the computer at: 7:42 AM Got up later than usual and missed the beginning of a BIG up trend. Now I�m not sure when it�s going to fall.
System: still using my version of TRO, 1klots
Trade #1 : LONG/WIN: In later than I wanted. Had over 10 pips and let it go back down wanting more.
Next candle after starting candle went red, then back in my favor and I took profit +21Pips or $2.10
Again broke my trading rules. Got greedy. GET 10 AND GET OUT
Trade #2: Short/Win: In later than I wanted. Had to wait until next two candles for it to go in my direction. Took 3 pips as per my plan. +3pips or $.30 cents
******no trades: Looking for trades GPD/USD seemed to stall a little before 9:00 A.M. 8:58 Not entering any trades. 5M candles getting thin, turning to small tops.
Got in long thinking it�s going back up, not sure if it�s a good trade. H1 candle says long though. Still not much movement.
Trade #3
Long/Win: Took 8 pips because price seemed to stall. +$.82 cents
9:17 went to breakfast, candles moving sideways on five minute chart.
Came back from breakfast saw 5M candles still more or less sideways with low volatility. Decided to take a shower and come back.
Came back from shower at 10:52 started watching charts again. Remembered I have to make call came back to charts at 11:09. Past time I said I would be done trading, but it appears there is some decent volatility. So, I am watching again.
Trade #4
Short/Win +12 to 15 pips.
Good entry. Was Only 4 pips against me when I got in. Entered where I wanted.
Trade #5
Short/Win +12pips
Good entry, but trade went against me 10 pips. Hanging on to it because H1 candle is down.
Lots of back and forth while bulls and bears fight. Green candle developed right above fib resistance.
Had my 10 pips but then I got greedy, thinking it would keep going, because all the candles were down, then all but H1 flipped. Staying in because short trend seems to be downward from huge up spike earlier. Started going my way, then back so, so I exited. Did not want greed to get to me again. Good thing I did as next candle went up far past my entry point for the short, even though H1 candle is still currently down.
******************************8no trade
No, trade, but missed an awesome long, I suspect traders were waiting for stochastic to cross signaling oversold. Dogs want lunch back in few.
Noticed I missed a big short while feeding dogs. O well, always more opportunities.
Trade#6
Short/Lost -23 pips
H1 candle down, had my 10 pips, and stayed in too long, went against me. Hasn�t hit SL of 20 pips so staying in hoping it goes back down because H1 is still down. Trade shot very quickly up past my Stop limit (manual) while I was typing last sentence. �.so I closed.
Trade #7
Short/Lost -20 pips
Entry Ok, H1 down hit one of my lines. Quickly reversed. Backed up on the 5minute chart and noticed that price is moving sideways. Got caught in a whipsaw.
Trade #8
Long/Win +11 pips
Traded with H1 at line. Price whipsawed, went against me then back up. Got out when I get my pips. Then of course it shot up big.
Trade #9
Trade/Win +10 pips
Traded with H1 at line. Stochastic was in oversold range and price seemed to stall. So, as soon as I got my 10 pips I got out. Not sure where price is going.
Results / Conclusions: +34 pips. 9 trades. 7 winners, 2 losers.
Losers lost total of: -43 pips
Winners won a total of: +77
Stop loss was 20 pips. Perhaps keep it at 15? Or make better/tighter entries that start in the positive.
I felt I got better as I went. I was getting entries closer to my limit and some started positive.
Remember you: SELL AT THE BID ���and���… BUY AT THE ASK
So when shorting watch bid price at the entry and watch ask price when selling.
Lessons learned from losses: When it hits your TP, TAKE IT. One of my losses could have been a win. Avoid whipsaws altogether, or change TP to 3 pips.
Lessons learned from wins: get up early get in the trend. First TP could have been much bigger.
Learn to enter better. Second take profit could have been bigger if the entry was better.
Trade 3, did good got out with profit when price stalled.
Trade 5, could have same profit sooner, had I not waited for it to get bigger. Also, lucky I got out because it went against me.
Trade 8, got out of a whipsaw.
Trade 9, again price stalled got out with profit. Moral of the story, if you are uncertain where price is going and your are in profit take profit.