Friday, July 22, 2011

Experimenting with rules

Maybe I'm simply not good enough at scalping. Today I traded inside borders that I decided in advance. Take profit was set at +6 pips. Even though for some trades it did good job it doesn't suit me so much. Reason why I put it in is because I was gunning only for big gains lately and making bunch of stops in between. Maybe whole my trading now isn't so realistic because of extra small size (feels like demo) and trading for entertainment value while having free time between meals and beach.
Every day I sit in optimistic with some changes implemented and result is poor. I must say that today I knew my limits were +- 20 pips (or so depending on last trade) and I don't feel that frustrated now like other days this week. I did in advance put in rules and everything was by the book.
-25 pips

Thursday, July 21, 2011

Failed mission of catching up to feel good

I'm on vacation and it looks to me that I'm trying really hard to succeed in trading really quick so I can feel good about myself. I'm tying to catch up or just to have some success to have god feeling about it. Well it's not going that way. I see now that I shouldn't be trading at all because instead of good feelings I get more and more frustration.
Well it's fair enough to feel frustrated over trading and to feel it intensified after years of trading and nothing to show for it.
-52 pips


Wednesday, July 20, 2011

I'm frustrating myself

I refuse smaller profit and wait for bigger one, messing it all up in process. As more degrees of freedom I give to myself as worst outcome come out of it. I'm thinking that maybe I should go back to exercise I had with s/l -6 pips (as is now) and t/p fixed at +6 pips. Maybe with that I could still not miss out on runs by taking next trade after first is closed at tp. On situations where there are no runs of price but just small move I will bank on them without thinking what should I do.

-8 pips

Monday, July 18, 2011

Friday, July 15, 2011

Mixed direction

It felt like lot's was going on so it wasn't easy to get direction and have simple trades. After few losses I noticed that I want to make it up with big reversal trade. So I asked myself why not instead to make it up with scalps? Somehow I felt laziness, no not scalping (work). It was quite surprise how I consider scalping as work (that I'm sometimes lazy to do) and looking for reversal trade that I will hold as shortcut to avoid work.

In gbp/usd it was close to break of yesterday's low. I was very fortunate to not get stopped on third trade so I covered my previous losses. It was close to break down but it didn't so I closed in profit after giving it chance for downside.

+10 pips


Wednesday, July 13, 2011

Smarter trading

Today I tried just to take high probability tiny scalps. Not much drama, it's going my way or not immediately. Grab few pips and get out without much consideration what will happen next. I imagine that's the way A pip throwing party is trading, thanks to Harvey over at Trading is Fun for introduction to that blog.

+11 pips