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.
Tuesday, March 31, 2009
Monday, March 30, 2009
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....
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.
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.
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.
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.
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