Thread: Statics Place

Well, I've finally decided to do it. I've begun a trading diary. I'm going to upgrade it as my time permits, also it ought to keep me honest. The purpose of this diary is to keep tabs on my emotions in addition to my progress as I (hopefully) construct my trading into a dependable source of income for myself with minimal strain and worry. Trading ought to be fun ? .... right?

My story: I started trading about 2Â 1/2 years back having an MA cross system on a GBP/USD 15 minutes and 1 hour chart. Obviously with a little trading account and more balls than brains, I blew up my account within a couple months (looking back I am surprised I managed to hold on to it for that long). I funded another account and managed to convince myself that Vegas tunnels had been the answer, I exchanged that system with limited success, but I did find myself improving as a trader. I found that my entries were overly nervous with an MA cross or a price break of an MA (tube ) so I started entering only on pullbacks. Fast-forward through a lot of studying and screen time (while maintaining an equity curve which seemed like a sine wave) and that brings us into the current phase of my trading eduion. I'm now a trend trader that has been trading profitably for just over 6 months.

Thus, what would I be searching for in a trade?

I shall use just some fundamental technical resources in order to provide myself the confidence to pull the trigger in the right direction. They're as follows:

1. Trendlines

2. S/R areas

3. Fib retracements

4. Price action (pin bars outside bars)

5. Round numbers

Basically, the further confluence in an area the better. Occasionally I shall enter on non-round amounts but all my entries and thoughts will be contingent on round numbers. I will often wait to see the reaction a particular round number and start buying after I visit the reaction (usually a bit above the actual amount ).

However, I've found that usually I would have been better just entering with a limit order, rather than trying to fine tune my entrance. While I try to fine tune, or try to get in at a lower price, I have a tendency to panic and buy higher compared to the number, or wait too long trying to get a lower price and watch the market take off without me. This is something I need to utilize, but inputting with limit orders suits me just fine... less stress!!

I shall only be entering with only limit orders, I am looking to buy on dips and let the TSL shut out my trades for me.

I have an order to buy at 1.5300 with a 100 pip TSL.

I consider this to be somewhat aggressive, but I have been left behind too many occasions within this uptrend. The 1.5300 area is a 50 pip retrace from the current high and a nice round number. The market is having a difficult time even putting in a 50 pip retrace. There is also a minor region of support there from both attempts to break out earlier in the week. I simply can not find a 100 retrace any time soon. We will see how this plays out. If it fails, I have the AH to help out me.

I do not risk more than 2% of my account according to the 100 pip stop. My account is currently in profit, but maybe not as much as it should be. I don't yet feel comfortable risking more than 2% (though I have made the mistake of doing this previously ). For now I'm quite comfortable with 2%. \\

Once I work out how to article well sized charts, I will be posting some. If anyone has any hints, it would be appreciated.

My order was filled at 1.5300. The market has since climbed to 1.5370. My TSL is currently at 1.5270 therefore my risk is currently only 30 pips. I shall let this run before the stop takes me out.

Update Mar. 7: Stop moved to 1.5329 - 29 pips locked in. Seems like my first trade on document will be a winner!! Yippeee

Update Mar. 7: Stop moved to 1.5359 - 59 pips locked in. And going.

Man, the strength of this market is really surprising me, though maybe it should not. We have seen only 2 - 100 pip retraces in over a month. Maybe a fantastic time to go short... haha... (I am kidding) Must be an interesting NFP evening however.

Since the point of this thing is to keep track of my feelings while trading, I will do something that I've never done before.

I have opted to always follow a mechanical method to exit my trades (based on Jacko's method of course), however, I have discovered at times I'll manually close the trades believing we have noticed a moderate term top. Sometimes this works, sometimes not.

So, what am I going to do about that? I believe it is annoying to be second guessing myself, when I made my egy. From now on I will record every time I feel like violating the principles and we will see over time that method works best... the mechanical method (TSL).... Or my. I have my money. However, we will see.

For the record: I wished to close now at a price of 1.5416 later viewing the spike around 1.5459. We will see what could have happened.

On a different note: It looks like I may be taken out shortly at 1.5359. Profit following a looooong week probably. I am so funny...

OK, commerce # 1 stopped out at 59 pips. That's alot to return percentage-wise, but what is my alternative? Sit and stare at the screen hoping to ch every pip. I only have to repeat this 4 times a month at 2% risk for a 30 percent (roughly) gain annually.

My purpose is to approach the market by first proving to myself that I can be consistent, then by stepping up my leverage to improve my risk rather than raising my risk by taking more transactions (in different tools ).

During my previous couple years of trading, I have always wished to search for ways to provide myself more opportunities to exchange because I though it meant more opportunities to earn money. Insert another indior here, expand my trading parameters into in include X and Y.. . blah blah blah. Now I'm concentrating on looking for opportunities to stay out and wait for a much better price. I think my equating trading (as in being in a commerce ) with having a higher probability of earning money was among the major things holding me back. . . Just let it go man... hahah

Trades Taken: 1
Winners: 1
Losers: 0
P/L: 1.18Percent
My Entire demeanor: Life is good!

Had I closed commerce #1 at 1.5416 since indied I would have made 116 pips. Almost double!

Running price of not following my intuition: 57 pips

I want to remind everybody that might glance at this diary that my transactions don't represent those of Jacko's group. I trade at my discretion, and that I do a few things differently. Thus, follow some of what I say at your personal risk. I am relatively inexperienced.