Tuesday, March 31, 2009

March 2009. results

This month can be divided in two parts. In first part I lost -17% or around -250 pips of full size that I was using at that time. Then I made turnaround, changed my trading and recovered a lot. Total loss for a month is now -7%, -109 pips. When I count loss in new bigger size loss is -43 pips.

As you can see my size is up substantially now with 100 pips worth right now 17%. That's also around how much I'm down for a year. Getting my size bigger is one of my general goals this year. I intended to do it gradually with increase of account but things turned other way.

Monday, March 30, 2009


Not much to report. Trades with 2/3 size. +8 full size pips

Friday, March 27, 2009

Old game is in town

Yesterday I averaged on one of my losers and in no time I'm doing it today in full speed. It was nice last two weeks, as good trading as I can do it. Some mistakes also. Now when I'm averaging it means things are not good and red flag is up. Don't know exactly where things got wrong. Maybe in the fact that I wasn't trading at all in that new full size. So basically my plan of 100 pips a month with nice scalps and being able to afford all stops wasn't put in action. I was trading first with thirds and now with halves. So that means I need 200 pips if I want that satisfactory monthly income goal. If that is a case then nice scalp today of 12 pips wasn't enough. I "needed" more from it. Then soon enough I don't want to give away just earned profit in new trade entered just two minutes after. When it approach -30 pips I average to get advantage of situation, like I have guarantee that thing will not go against me. Well how can they go against me when I need more profit? Good thing from that decision two weeks ago is that I had no more margin to add few more positions because I certainly would. When you average you lose all sense of proportion so it's not a problem when first position is 50+ pips in red.
I was lucky and stupid enough to ride position back to profit and exit at b/e. Well I gave it a shot to break down previous low but it didn't. So now with +6 full size pips I call it for a day because I can see what am I doing and I know that I will continue with it.

Maybe the problem is in last few days when I started to push myself to make a profit. Like I need profit to feel good and I started to get addicted to it. Again, I don't know. This are just first thoughts. Now it's time to think, not to trade. Good thing it's Friday.

In the end I'm up around 50 full size pips in last two weeks, so I'm on the target. Just I don't like some ways how I came there. But I must not be too harsh to myself because I've done some very good trades over last two weeks. Like I said maybe my best trading so far.
Gbp/usd is down now 100 pips from my trades. Well on first day of my new plan I had some swing plays where I wasn't uncomfortable with big moves. Then 1/3 size was just that and I could risk 60 pips on it without a problem, but then I wouldn't be happy with 12 or 4 full size pips of profit.

Also I have a thought that last few days I was looking for big brake. Trade that will move 50 or more pips in my favor and I would have full size position on. I was really trying to find it. Things just don't work that way.

Now when I look at 5min chart that I uploaded after 60 minutes of action I can see that it was very nice positioned for swing trades on 5min chart. But I'm mixing styles. I'm scalping using 1min and 10 sec charts. With scalping 50 pips against you can't be tolerated however bearish things look at 5min chart. Maybe it's just a greed, I want to catch 5min chart swings using 10 sec chart. Instead of 10-20 pips on profit or loss side I look for 100 pips on profit side but don't want appropriate R. I want 10R profit!! Well....

Thursday, March 26, 2009

Chewed up

Day started long on possible b/o up. After first at b/e I opened another one. It was the case when b/o can be any moment but market is slowly drifting lower. It's not for short and I don't want to abandon position and be sorry later. I averaged on it when it bounced over at eur/jpy!!! Well I really had the plan to cover if that wasn't the low, but it's not good to start with that averaging thing again. On this one and all other positions I gave plenty of room to market to go in my direction. It wasn't working. Again move up started and I add to position, b/e.
I was pretty much frustrated but things just were not moving.
Than I catch nice short on gbp/usd. Again I add to position but it came back so I exit them both. That was really high probability opportunity that it will break down nicely but it didn't this time. I was at b/e for the day. Then news came for gbp and it started to fall heavily. I entered short when spread came back from 20 to 7. It was just first minute and I wanted to catch the move. It was exact bottom. With 7 pips spread on I couldn't get out at -20, but I didn't expect that it will came all the way up without the test and second leg down. At least I was lucky with a pull back. I was deep in red around 60 half size pips on highest point. I had some scalps in gbp/usd. Again I was giving room to go more.
Finally I had mistaken trade in eur/usd. Instead of long I pushed short??!! I got out at b/e from it. While I was writing I had brave long that was haunting me from 8:30 in the morning. You can see that on 5min chart. 620 held at that time so I didn't want to push it, like I was pushing whole day today. That last trade put me in positive of +3 full size pips for a day.

Wednesday, March 25, 2009

Intellectual vanity

Well many mistakes. Primary my attitude was poor because I wasn't in it for the money, playing the game by the rules of a game. I was in it for intellectual stimulation. I wanted to be right. It wasn't enough when I was right I wanted more. Just look at my first trades in eur/usd. I'm leaving 20 pips on the table in first move to get wiped out. Then when I get second move I'm around +30, I'm adding. It's not going my way, close both. Then open short again and lose it all.
In that pink move I was up 20 half size pips at that point before a loss. Eur/jpy was a greed and then when they both turn against me I didn't have balls to take a loss until the top. After it I was in "get it back" mode trying through gbp/usd. Good thing that I didn't get hurt doing that. By various scalps I got back around 30 half size pips to end the day at -42 half size pips or -21 full size pips. So bad when you take in consideration that I was up +12 full size pips at 9:30 in the morning.
Like MarcoA says there are other challenges that I have to encounter not just taking stops.

Tuesday, March 24, 2009

Comedy scalping

Today I realized what is that with me wanting to swing trade sometimes. It's laziness. I wasn't in the mood for trading and then after scalps in eur/usd I wanted to catch big move on a hunch in usd/jpy. Well big move happened but in opposite direction. When I'm "swing trading" I have no idea where to get out. So I lost really nice chunk. I made something back in scalp after it and nice scalp in gbp/usd.
Then comedy begin. First eur/usd scalp after break of up chanel was ok. After it I was trading using 10sec chart and couldn't see forest for the trees. In the end +10 full size pips, trading with half size. It's not bad when you consider that I lost -27 half size pips on that usd/jpy loss.

Monday, March 23, 2009

Action Monday

Many, many sets of trades. I tried to prolong my concentration and calmness beyond first couple of trades. All trades were half size and in the end +60 half size pips or +30 full size pips.

I had few relatively small losses and I can't tell you how much they hurt. First after up 33 half size pips I lose 4 half size pips and I'm mad and angry. Ridiculous. No wonder that I fly into emotional madness if this affects me so much.

First set I made mistake going short gbp/usd in moment of eur/usd weakens. In the end it was positive trade but wrong first foot. You can see on charts how eur was falling down and gbp was in range.
Then I made scalp short in usd/jpy because of resistance that was working and immediately add eur/usd long based on presumption that usd will get punished. Eur/usd wasn't flying as supposed to so I exit it after I took usd/jpy profit.

Second set 4 pips loss in eur/usd that hurt my feelings :))) and nice breakout play in gbp/usd.

Again loss in eur/usd in a try to short break of trendline support which didn't go as it was planned. Again anger like I suppose to only win every time.

I'm glad that today I was also trading other pairs and not only eur and gbp. Usd was strong in usd/jpy and was slowly breaking level after level. So first I had little late scalp at break of previous high at 96.60. When things started to go up after consolidation I went long in usd/jpy and eur/jpy expecting big break out move. Well I didn't get it, but some nice scalps. Interesting in gbp/jpy break came at the same time moving it really strong, thing that I wanted in eur/jpy and usd/jpy. Jen pairs are interesting to trade and they move really different then for example eur/usd and gbp/usd.
Later I had two trys in eur/usd which you can see down on big 5min chart but I noticed that I'm not any more fresh to trade on optimal level so it was it for a day.

Friday, March 20, 2009

This is also reality of my trading

First bad thing is that today I was in swing mentality. From the first trade I didn't want to take profit immediately but was in bigger swing mode, which isn't good for me. As I showed today I exit before bigger swing materialize. Big mistake was trade no.2 where market retraced, made nice little support candles on 5 minute and bounced from trendline. When violent push down again happened I didn't fly to safety(yellow mark on 5min chart). I lost on that trade and went into fight mode. Again mistake on trade no. 3 where I didn't take scalp profit because I wanted full profit back. So I let profit go and took full stop. From that point it's emotional trading, wanting to find a bottom, wanting to get back what is lost. Finally when I found it I didn't hold. Again example how I always scalp so there is no point in wanting bigger moves. Well unfortunately today I wasn't trading with 1/3 size but 1/2, I found right day for that. In the end -28 full size pips.
Positive thing is that I didn't fell in averaging trap. So loss for the day isn't that bad like it would be with averaging. How big would it be if I averaged after second trade and hold all the losers? Minimum 100 full size pips. That's exactly what I used to to previous two months.
So I ended week positive but it would be better if this didn't happen, but I can't deny that this is also me and level of my trading performance.

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Thursday, March 19, 2009

Whatever works for me

I'm now trading 1/3 size. Don't know is it because I don't like the charts so I don't want to trade new full size or is it just too big for me. It works so why bother about reasons for this or that. I remember last year my best results were when I was trading "half size". I just like that feeling that profit or loss is smaller than it says. I got to divide it with 3 in my head and that calms me.
Mistake today was second trade in gbp/usd where I shake myself out. I guess I didn't divide that paper profit with three and question taking 2 pips profit.

+13 pips

Wednesday, March 18, 2009

Mind games

It's interesting how suddenly when I changed my size in trading what last week were full size trades now are 1/3 size trades and I really feel they are. I'm not nervous when they are 15 pips against me because it's only 5 pips. Before I would rush to average at that place. When I'm looking to take profit I'm saying it's better to be 21 pips so it is 7 full size. Before I was ecstatic with 20 pips. What has changed? Nothing, just the way I interpret things.

This plays with gbp/usd were after the news with 1/3 size. Today eur/gbp is leading action on gbp/usd so they were based on it. At second trade I had opportunity to take same profit in 30 seconds after the entry but I give it space to go more down and it changed it's mind. When I was like 20 pips in loss I wasn't worried it's just 7 pips and I had previous profit to offset it partially. I guess anything up to -30 is ok because than I approach -10 full size pips and it's a lot, reason to throw in the towel. Best thing was that I didn't have a need to average, not a bit. That's great.
Later I shorted eur/usd with 1/3 approaching 3070 resistance but I just didn't like it. It could spike in whichever direction. I remember from the past this kind of plays when it's so ugly in uptrend that I can't find opportunity for going long and then I go short. Ugliness of the move is not a reason to go against it. Well later it did go my way but I was to nervous at that point so I just didn't want to hold that position and trade any more.

In days like this when I don't see opportunity for nice scalp I'm happy to trade opportunities that I don't like so much with 1/3 size.

+7 pips

Tuesday, March 17, 2009

Nice little trade

Morning was quiet and with random action. At 11:00 there was EU news. It was positive above expectation, interesting gbp was reacting even better to it with eur/gbp falling. After nice retracement it started to go up again and I entered with 1/3 size. I wasn't willing to risk on gbp/usd with 3 pips spread and funny action much. I rode it while it lasted. +8 full size pips

Monday, March 16, 2009

Fresh start

First of all I think that I cleared some things with myself that are not trading related but I believe that I mirror them in my trading. If I see that I'm getting back to old habits I will stop trading again.

Today I started with that new plan I mentioned before. It's not different in how I trade but it's different money related. As I was talking with HPT in his post good idea is to have enough money in account just for one trade. On that way averaging is impossible. His other good idea is that you have broker platform that will cut you off for a day if you get past some lost amount. Oanda doesn't provide that, so I chose first option. I removed all excess cash in subaccount and it will not be that easy to average even if I want to. But than if I do that I'm doing all as before and I would shut down again my trading activity.
Other thing that is pretty much personal is the size of position. When I've done averaging in past three months I get size that is 5-6 times bigger than my starting size. That means size of that kind isn't too scary for me. In other words I trade to small for my income level. I have a pressure to make some reasonable amount in a month but with my current size I need 200-400 pips. That is unrealistic if I'm scalping and if I will take all the stops. That's why I push myself and try to avoid getting stopped out because I can't afford that if I'm going to earn something. So in a new plan my size is three times bigger than it was when I started the year. With that size 100 pips gain for me is real money in my world. I'm too insensitive for smaller amounts and I then tend to risk too much. Now with that size I can afford to take all the stops, trade as well as I can and have real opportunity to get those 100 pips a month and be happy and satisfied with dollar amount. 100 pips a month or 25 pips a week open me up to take only the best, to do nothing but scalping.
As I was emailing with one of the readers of the blog over weekend I realised that I always try to grab too much. I see opportunity in the market but that doesn't mean I know how to exploit it. When I look at Lord Tedders and Capital is Scarce blogs I can see that they are only scalping. They are not kicking their head at the table how they took 10, 15 pips in a day and there was so much other opportunities. Opportunities to ride 50, 100 pips move, pyramid position and earn month worth of profit in a day. Well I do that and it's just costing me a lot. That illusion of lost opportunity, lost profit is dangerous and toxic.

Let see how was trading today.
First I came late in break out so I was really close to get stopped out. I would most definitely be out by -20 because that is a lot of money for me with new size. Finally it continued up, I was patient but I could see real resistance below 980 by the way 10sec chart was moving. So after I gave up on holding long because it wasn't successful in going more up I shorted with idea to lose small if it break 980. When you are scalping then 5 pips means a lot so it was little to low for short. Better if I waited for price to come back up. In the end both trades finished positive. +5, +10 pips

After first gain I guess that I lost my emotional composure and I started to trade nervously. With smaller size but nervous. I came late in this break out which was mistake and I started opening 2/3 size positions. I just couldn't hold them. So I had three times 2 pips that way.

Also in gbp/usd where I was trading with 1/3 of position I hold too long first trade in a loss. It was a momentum scalp, again too late entered and I made just big mistake not exiting that position in 10-15 pips range loss. I hold it 25 pips on account of smaller size and previous gains in the day. It was wrong. Only reasoning was that it was eur/gbp war going on and that gbp wasn't weak. I was long after 50 pips in 10 minutes, that isn't cool scalping. I got out at b/e in that trade. I gave it a chance after it broke previous high but it started to come back which wasn't good. That was good decision and I don't mind that I gave it a second chance to go up.
Later I started to try out shorts on gbp/usd because it was 300 pips up from Sunday low and eur/gbp wasn't breaking down. So there was real opportunity for eur/gbp bounce from the support that was holding. As before I wasn't cool enough emotionally. That last trade later went 60 pips down.
That is example of me getting the bigger picture but not being able to exploit it. I just have to say "So what, stick to scalping, don't even try them".
There is danger for me to not get carried away trading with 1/3 size where I can average and leave position to go against me a lot.

In the end +19 full size pips today of new three times bigger size. I just need to continue with scalping, afford taking stops with small pips monthly target but monetary satisfactory one.

Thursday, March 12, 2009


Yesterday I had another irrational development in trading accompanied with a sizable loss. I made new plan after that, but today I realized that nothing was wrong with my previous plan. If I enter in a state off unconsciousness when I trade and do stuff against my will no plan will help me overcome this. It's more structural. So I'm from this morning in shut down mode that I had few times before. That means I'm not trading, I don't have time schedule when will I start trading or will I start trading. That doesn't mean that I don't want to trade. Deprivation of that kind is doing me good. I'm not feeding my problem with new energy and also I'm more arouse of dealing with it because I'm deprived of something that I love.

Friday, March 6, 2009

I broke the rules

I can't be to harsh to myself because I was trading by the rules majority of the day and it wasn't easy. In the end I was probably too emotionally drained and it would be better that I didn't trade any more.
On my first trade I was so in the rules that I cut the trade -8 at the spike. So in next trade I had to recover that and make more. I was so mad when it reversed from 65 the first time. I was positive that it will broke down. Well it didn't for the whole day.
Marked with yellow is where I slipped. I didn't cut the trade at -10 and I let it go -25. When you brake one rule you will break them all. So I let it past -20 which is second violation and finally I averaged in that trade. It got to train myself to follow rules. It will not happen over night. I made exceptions and I got rewarded for those bad decisions.
-8+17-6+6+2-7+16 = 20

Thursday, March 5, 2009


Today I approached trade like I had no trade before, like it's first one. It was experiment because I made decision that it will be scalp with 5-6 pips stop. I would exit it if it come back to 590, except if it is just a spike in 10sec move. So I had my finger on the trigger and no hard stop on that level. I need to see that I can exit where I say so before the trade. There was spike next minute approaching my level and in following minutes I had thoughts to close it because it's not performing. But I than came back to the fact that it is 5pips s/l so b/e is not an option now. I was looking to 5-10 pips and was lucky that first wave pull down nicely so I took 17 pips. It's like 3R on stated stop.

Wednesday, March 4, 2009

Reasonable but bad

I could exit second position at some point because it didn't work, trend didn't pick up after it. Also I could just cut first position when it didn't work in first place. Third I didn't need those second set of trades but I opened them because I got shaken at the low and I gave them 5 pips s/l, they could mean -10 pips more.

On a good note I was using stops and didn't get too frustrated over all this. Small steps.

-18-10+5+5=-18 pips

Monday, March 2, 2009

Business as usual

Trade in red, maneuvering around stops. Digging in deeper. Averaging, bigger positions. Wrong decisions. End of day -130 pips. Thinking that I can't do it like that any more and that I need to change things.

It's inertia that is driving me now. I can't stop this so easily.

Dark clouds over Europe

Today news in Europe were not so bad but feeling of kind of dark clouds was present. So I opened charts and saw that Oanda lowered their spread from 10 to 3 very early and I decided to maybe try my "feeling" trade. In that moment chart started to fall so I enter immediately. It was smaller size trade with R of 30 not usual 20 pips. Target level on first chart was based on next support level on second 1h chart.
I guess that I got tired sitting in it after one hour and things didn't really fell apart like I had idea that they will. So I took profit of 30 pips or 1R. I had feeling that after 580 560 will come in a spike. It didn't and I closed. Now while I write after 10 minutes price is down 10 pips more but I really expected big spiky fall from the start. Maybe I don't know how to trade on this longer term charts. I'm satisfied with profit and maybe things are not so doom like. Also I can't trade as Masteroftheuniverse and skip sleep sometimes.

31 pips, 1R