February 2008. results

-177 pips

-9 %

I destroyed all my profits from January and more in 2 or 3 days. Last week was ok, I'm up 45 pips on smaller size. Well it's all trading process and learning.

Lately I don't trade beautiful trades, I just scalp a lot. On the other hand I can see the light in the tunnel regarding averaging and running small losses in wiping month of profits. I can see that any small loss will be gained in good trades and it's only trouble when I don't want to take it. It's all about self esteem in trading.

I still get mad on some losses and usually those are the trades that I didn't plan to take a loss on them. Yes, there are two types of trades now. Trades on which I plan to take a loss and the ones that I don't. It's stupid I know, but those compulsive trades just sneak in. Sometimes I plan to take a loss than change my mind, lol.

I'm also thorn between swing trading look at things and scalp trading the trades. I still want to take big profits but always just scalp. Why than I don't just scalp and take many scalp setups? No, I wait for in my mind swing setups and make scalp trades of them. The thing is that maybe they are not so good for scalping and there are more less risky just scalp moments.

Other thing is that I should stick more to wait for 1R on taking profits. I don't even talk about more than 1R.

The biggest issue of all is so strong reversal and fade the trend attitude. I really don't have the idea how to cope with that, I don't even try. I noticed that only when I'm in just scalping frame of mind I can take the signals of b/o or trend continuation. I must say that it's easier to spot moment for reversal because you just had action and some kind of reversal is reaction. There is always reaction only the size of it vary. On the other hand trend develop out of the blue. Many times something that look like possible trend in developing or something like that just happen to be nothing. In the end what is the use of trend trades when I can't stick in open profit and let it run.

Reckless

First I got caught reckless in spike for -26 pips loss in gbp/usd, too wide s/l and no clear plan for exit. After that I was scalping all over the place with clear s/l levels but with less discipline on t/p part. On some trades exit was ok although it wasn't 1R but things just changed. Last trades in gbp/usd I had s/l at 38 and t/p 18 but I couldn't wait for it, too bad.
With scalping I gain back big part of initial loss for day end with -2 pips.

I start to use again 1min candle charts wit b. bands on it for my primary trading screen.

First thing in the morning I didn't want to trade, I was fed up with yesterday trading for a whole day. I think it would be wise to listen yourself, on the contrary I started trading and got big loss.



Eur/usd scalps were sweet with 0.5 pips spread much easier than 2.5 in gbp/usd and usd/chf. I was hesitating in that last short but I short it, quick exit saved me.

Sometimes I enter the trade because it's near support but trade doesn't cooperate at first. While it head in my direction in the end I'm full of it and totally change my opinion. Now thinking why did it come to support in the first place and I forget on my reversal plans.

Nervous scalping

Not nice trading but +28 pips.

Long trading day

For me it's better not to do any long term TA if I'm not prepared to trade that. Yesterday I was busy with analyzing the markets. Today when setups came I didn't want to take them and what I do in situation like that I take opposite trade.

First in aud/jpy I found 99.50 as big resistance point, there was action around it and I didn't take side in direction of break out. Luckily I got out on b/e on minor reaction. Also in usd/jpy bigger time frame chart reveled that break out through trendlines failed and that market is heading up. I short it because it's up too much. +1 pip




Not very clever trade in usd/cad, no reason for it. +2


This was best trade of the day. I sensed that market is in for break out up at the right moment and follow that information with the trade. It staled for too long for a b/o and I took +5.


Here I was betting on possible melt down, because it started nicely to go down and than bounced near 800 level. Too long, I was happy to take out something. +5

News feed earlier said that market is heading to take out option barrier at 160. When action stopped I was hoping on fast reaction back to 160. +5

For me very ugly day for trading and I was in the morning totally in bad mental state for trading decisions. It's always better for me to scalp fast and don't think too much.
+18 pips for a day

Oanda eur/usd spread down to 0.5 pip

Well Oanda gives another nice surprise. Just now spread on my platform for eur/usd pair is down to 0.5pips. It's quiet day and probably that kind of spread is unrealistic for every day. Current 0.9 regular spread on eur/usd is quite small, but 0.5...

Back to trading

I had nice rest from trading. I didn't even look at charts for the whole time. I cut my regular size for 1/3 and got to get about 60 pips to go back to previous size again.

-6 +8 pips