Tuesday, October 28, 2008

Trades today II

Add to today -52 pips more, yes I can see that I was shorting strong uptrend. This is not good scalping nor trading. It looks like I'm just testing me in regards stops. I lost near 100 pips today. Maybe I'm trying to convince myself not to have stops and sabotaging myself with awful trading. Whatever.

Or maybe there is no difference how I lose, with averaging or like today, I lose.

I'm not in a mood to think about that all, I'm just documenting how it is.



I am not trying to give you a hard time my friend believe me, and I know you don't want to think about it right now so I do not expect a response. The one good thing about these charts I see is that you decided to trade in one direction based on your idea.

Aside from that, you are still way too concerned with being right. You cannot control price, so why don't you let price tell you what is right. If you are going to choose one direction to trade in, let the price come back down to your original entry price. If price was REALLY going to go down, wouldn't it have to pass through your original entry? YES. If you don't have the conviction that it will do that, then maybe you should go long and only use one price as a long entry.

What happened to your interest in the casino? I have compounded amazingly in just this last week man. I am up over 20% in 10 trading days.

Why don't you demo trade it and get out when you are up 1R. If you stick to the rules I think it will be hard for you to lose.

If you choose to continue doing what you are doing, I suggest that maybe you either reverse after you are stopped out, or use way smaller stops. You have to keep in mind the Average daily range.

My 5 pip range has a much better shot at seeing a profit from a 150 pip day than a 20 pip range. Especially if you are only looking to book 1R.

Hope im not bothering you man, its all friendly advise.

FX said...

Orion I have no problem with your advice and suggestions and I'm not down as I should be by circumstances. Today I realized that averaging isn't my problem. I can easily lose without it.

I don't know what is the problem, probably something around motivation why to trade at all. Making money isn't good enough answer. I don't make money by trading so why I stick to that. I'm not goal oriented right now and I'm entering trades without any good reason. I could take profit on some of my trades today, or take stop more quickly but I didn't know what I want. I wasn't responsive to the price action.

I'm little fed up with how things are going and I will probably take bigger brake. This is not trading, it's random hitting buy or sell.

I really do like concept behind your casino method, and I don't know why don't I try it. Probably because I like doing things my way and that is more important to me than be successful.

After my second stop in eur/usd there was 100 pip reaction down. That is good point about shorting at the same level that you said, if it's really going down it would go first through it. I could also take b/e or 15 pips of profit.

What's done is done. I was destructive today, better 100 pips loss than 200 or 500. Without averaging I'm little more conscious but I'm losing to much relative to my gains when I have them.


fully understand all you have said. Keep in mind that when I place a trade at the open, it may not necessarily be because the chart gives me a reason. The very reason I place the trade is simply because I know the price is more likely to move the most distance from opening price.

4x For Life said...

Intervention time, you seem to be a counter trend trader? Use a simple ma cross to follow price? Or some kind of trade plan? Listen we all care that is obvious.You have 2 choices, quit, or get a better plan end of story. Your trades are random and yes to you like a flip of the cards. But something as simple as a cross or what ever you will see better results. Hell what do you have to loose?

StockHunter said...

Just my $.02, but you should check into using something like RSI to spot over bought/sold levels if you’re going to continue trading counter to the trend.

My best advice would be not going opposite the trend, but start going with it. I used to counter the trend and it lost me money so I found a way to go with it instead.

This comment is only ment to help, and I don't mean any offence by it. #1 thing I can say is keep at it, if it was easy everybody would be doing it.

FX said...

Thanks 4x, yes it is intervention time.
@ Stockhunter thanks on comment no offense why would there be any.

I know how to trade counter trend and I didn't do it yesterday that way. That is, if it's working take the scalp, if it's going against you run away quickly. I wasn't quick, I didn't take scalp profit.

I'm just off my base (if I have any) in trading and I'm way off. If I didn't do anything right than I wouldn't be able to write on this blog for near to two years, I would be out of the money on account long time ago.

When situation is like this it's always obvious on chart what are mistakes, but important mistakes are in mind setup that led to it all.

Maybe you can say that I don't have good plan, but there were nice periods of profitable trades and weeks that you could witness here. I didn't have better plan then, just better setup in me.

I don't have good idea what to do next but to take a step back.

Thanks you all on your support.

StockHunter said...

Guess I wasn't paying enough attention :D. Glad to hear that’s all it is, and have a good weekend!

Also, I've been dabbling in forex lately (thanks to your blog for sparking my interest :D) and find that trading forex after the US markets close on Fridays seems to be slow. Would you agree or have you seen the opposite? I ask because I've only been able to observe 3 Fridays :).

FX said...

As far as I know stockhunter that's about the time that forex market close also, it's close of NY session. Than it comes around back on next first session and that is Asia starting with Australia's market first at Sunday your time early evening or something. From that point it on 24h until Friday.

Cool that you've been looking at forex. For a stock trader like you the difference is there is no buying power as in stocks. You can trade any volume that you want not only 1:2 or 1:4. Also there is big leverage available.

It's much like trading YM I think, as much friend that now trades it told me.

I follow your blog on a feedreader and think that it's great that you are able to stick with much discipline to your methods. I mean, you don't get angry after few losses and throw 10 revenge trades or something. That's what I really like, because trading is 100% psychological.

StockHunter said...
This comment has been removed by the author.
StockHunter said...

Thanks, I try to keep the emotion out as much as possible :), and have been getting better as time goes on.

So far my chart reading skills from stock trading as been good for forex, but it's only been about 3 weeks. I baiscaly treat it just like stocks trading 200k untis. It's too bad I can't get volume data for forex otherwise I'd try my stock strategy on it.

Here is a chart of how I'm doing with it so far: http://i109.photobucket.com/albums/n48/breckskibum0/forex/Forexchart10-31-08.jpg

As you can see it looks as if I'm getting better as time goes on.

FX said...

Well your doing great as much as I can tell from that chart :D

There is no unified marketplace for forex so there are no volume data, can't use that stock trading tool.

StockHunter said...

bumer :(, guess i'll have to come up with something else then hehe :). thanks for the help!

Mike K said...

Stockhunter, there are some brokers who publish "volume", but I think those figures are pulled out of thin air. You could use currency futures volume numbers. I would not pay attention to the number itself, but rather in relation to previous ones- increase or decrease. At any rate those would be only "representative" numbers and nowhere near as useful as volume in trading stocks.

StockHunter said...

Thanks mike!

mike k said...

No problem.