UPDATE: OCT 29, 2012
OANDA link is no longer relative , I am questioning wether a retail forex broker can provide the information I need (or want) to help me be successful.
vvvvv ----- OLD STUFF FROM 2010 ----- vvvvv
UPDATE: PRIVATE LINK TO MYFXBOOK
Oanda System | Myfxbook
Please don't share outside of VIP section, thanks!
Hello all. I am starting a journal here in the elite section so I can take advantage of the one on one coaching offered by Big Mike. I really need to put myself in a position where my trading actions are public and I have some accountability. I'm a little bit embarrassed to admit my level of discipline is almost non existent when it comes to trading, but I also want trading success bad enough to put myself out there in public. I welcome all constructive criticism from those who care to read this journal and offer it.
A little bit about my trading so far;
- I've been trading live for about 18 months now, with over 3000 trades, all in currencies. I'd like to get into trading everything someday, but right now my focus has been in currencies because the barrier to entry is so much lower, and with my Oanda account I can trade units and keep an exact %R per trade, down to the penny.
- I had success early when I first started, but it seems the more I trade the worse I do.
- I don't think I trade for the thrill, I am trading to make money, however to this point I have been unable to keep the possibilities that consistent profitable trading can bring separate from the act of trading. The 'financial freedom' aspect has a definite effect on my actions during a trade, whether a winner or a loser.
- I have tried everything under the sun, from fancy indicator systems to naked trading price only, and lots and lots of crap in between.
- I finally came to the conclusion that my current beliefs about how markets work make it impossible for me to use indicators and have any confidence in a trade whatsoever, which of course causes second guessing and changing of plan while in a trade.
- I over trade. Like a freak sometimes. Over trading while scalping can be great when I'm on a win streak, but after a few losses my discipline falls apart, and I keep trading. And that can be devastating to risk capital.
Where I Want My Trading to Go;
- My #1 priority is building discipline to follow my plan, even when I'm losing. I believe I am taking the losses personally, which creates an emotional environment conducive to the loss of discipline. So my first approach to fixing the discipline issue is to drill it into my head that my individual trade results do not reflect who I am as a person (again, embarrassing to admit but there it is). I need to get to the point where I fully understand at a subconscious level that it's impossible to have 100% winners, and even when I lose a trade or string of trades that it has no effect on my worth as an individual.
- The second priority is to come up with some sort of edge (or combination thereof) that allows me to be consistently profitable. I'll be looking into using futures volume, supply and demand, price action, personal psychology and market psychology to try and find this combination.
- As far as gains go, my first goal is to stop the capital bleed. I want to string together 6 months where I don't have a losing month.
- I'm not going to deposit any more money into my trading account or buy any more trading related crap, including systems, books, indicators, chat room subscriptions, signal services, or anything else. I will make an exception to giving more donations here to stay in the Elite Circle.
I'll be posting a link to my oanda account on myfxbook, with everything public, to aide in the accountability to the conditions I am placing on myself. It's a small account, but there is no issue with risk as I can trade units. I'll also be doing Daily, Weekly and Monthly pre session and post session reviews, as well as posting each individual trade with reasons for entering and exiting. I give my word now …