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Trade Journal for the last few days - Thoughts and psychological part of trading
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Trade Journal for the last few days - Thoughts and psychological part of trading

  #1 (permalink)
Elite Member
singapore
 
Futures Experience: Advanced
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Posts: 11 since Aug 2012
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Trade Journal for the last few days - Thoughts and psychological part of trading

Hi all, just sharing my after thoughts for the last few days.

A bit of backgnd on my trading style : I am a price action trader and I focus on volume a lot. I heavily rely on demand and supply zones and I try to emulate how a wyckoffian will trade. Below are my thoughts after trading intensively in the last 4 days and I hope it can benefit someone here in one way or another.
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Over the last 4 days, i went back into fx and funded a tiny account.. it was really fun and intense and I thoroughly enjoyed though mentally shagged. While the objective is to make money and test my setups and to check if i manage to grapple the emotions side, it got the better of me again in the defining last few trades when i risk more than 7-10% for 3 trades after an EIT(buy became short) which I lost, panicked and elimanted all my gains for my last few days and I decided to call it a day. My balance and equity curve looks shaped from -25% to +25% and then to BreakEven eventually. . I did close to 50 trades for the last 4 days with a 60% accuracy of profitable trades and with that statistics , I expected myself to do much better than breaking even. I am rather fortunate that I didn't incur losses in the end(even though is a small account). Some take away for myself...

1) Risk management : If you can't handle risk, don't bother trade fx. Stick to your desired SL no matter. I don't have a harsh rule on having a favourable risk to reward as I believe that in FX, take what the market can give. Love to trail with profits and shifts to BE and I will continue to do that.

2) Emotionals : No revenge trading. Always regroup, think and talk to someone if u can after u got SL. My best winning streaks was a 13 consecutive winning trades in a single day during the 3 days period, mounting up to 200 over pips. But I remember during then, when I have close to 4-6 conseuctive wins, I keep reminding myself that I will become complacent as the streak continues and this reinforces the mental part of me to only trigger trade ONLY WHEN there is opportunity. I know that losses will eventually come and I will just need to treat them as any other losses which I did. I should have done a lot better by keeping my cool in the last few trades and I would have make back the money anyway. Lost it in the end.

3) Discipline : The best traders that I know only take trade when the signal is alerted. There are times that I try to squeeze out a signal and it fails, it adds up to the emotionals strain because you know what you had done and caused the losses. Even if you manage to escape with a winning trade, there will always be "another time" where you don't follow your trading rules. Strictly No "Over-Trading" and "Trigger Friendly"

4) Sizing : The sizings of my trades became bigger and bigger which I don't think that should be the case. This will lead the trader to fail 3) as they whack a higher trade to recuperate any potential losses. Trading is a game of probability and it is about churning the numbers and not about hitting a home run or jackpot. More good trades will eventually give you a higher EV and when I mean good trades, I mean sticking to the 4 key points, be it a good or losing trades.


Cheers and I will appreciate if any experienced trader shares the mental side of the game

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  #3 (permalink)
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You say you rely on demand and supply zones a la Wyckoff but did close to 50 trades in 4 days. I find it hard to believe as there are not so many supply/demand zones worth trading (read with good enough risk/reward) forming in such a small time period.

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  #4 (permalink)
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Futures Experience: Advanced
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Posts: 11 since Aug 2012
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trendisyourfriend View Post
You say you rely on demand and supply zones a la Wyckoff but did close to 50 trades in 4 days. I find it hard to believe as there are not so many supply/demand zones worth trading (read with good enough risk/reward) forming in such a small time period.


Of course there is, if you look at smaller time frames. There are supports and resistances in a zone of support and resistances as well. I am an impatient and FX suits me well. Tare so many pairs to look at, what is 50 trades? FYI, my pips gains/losses range from -40 -> +40. Meanwhile, I am thinking of scaling down the number of trades and will be doing some back testing on higher TF trades as I find it too strenous on bombarding and consistently monitoring and that might kick the hadbit of me being trigger friendly.

anyone here also had similar experiences in switching styles from small TF to high TF might want to share their experiences here.

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