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In an attempt to trade every day (that I can) from now on, I traded today. After all, the world of FOREX never sleeps or takes Holidays.
I've had 3 losing days in a row and am not shaken.
As I've written earlier, I hate my job and want to trade full time. But here's where it gets crazy. I have only $1,200.00 in one Forex account, $1,000.00 in another and a few hundred in the Forex checking account.
I know that is not enough to make a living on, but I was doing ok before the margin requirements changed and I had that nasty margin call. I had a $5,000.00 balance in my account and was very close to replacing my income. Of course, I was a crazy man in the risk/reward category.
I don't care though. This is my Odyssey. This is my salvation from a very unfulfilling life.
I Love Trading.
This Journal will be my accountability partner. I used to trade in the wee hours of the morning with a friend from Rhode Island but he stopped and I didn't have the discipline to continue on my own.
I'm on my journey home from the Trojan War (unpleasant job situation). I've been given an opportunity as I'm not working and will be able to trade during the day.
This is the chart for trades made on Thursday September 1, 2011
The price action was choppy and I made 4 trades before going to work.
1) I entered a short position with the current trend but was stopped out.
2) I re-entered short because the price was at a resistance level in an overall down trend. I was also angry (Bad reason to enter!)
It worked out though.
3) I was stopped out of trade 2 (in profit, I move my stops when in profit) and re-entered short. I was stopped out again.
4) I entered a long position when a long counter trend indicator appeared and I was stopped out again.
3 trades today. It was a little later in the morning as I had a very short day at work.
1) I entered a long position above a pivot line after receiving a long counter trend indicator. I was stopped out.
2) I entered a "double" position (2 mini contracts with 2 targets) with the trend. Stopped out again.
3) I was at my loss limit so I entered a paper trade. It was another "double". The first target was triggered but I was stopped before hitting the second target.
The irony of this is that I labored today to get out of my job as a Union Electrical Technician.
Today I made 2 trades before the volume dropped off.
1) I entered a long position on a long counter trend indicator. This trade was made in accordance with my rules despite a little nervousness. (I was in a losing streak beginning in August).
It was a "double" trade and the first target was triggered. When the red candle formed I moved the stop to breakeven and was stopped out at breakeven.
2) I entered another "double" on the red short indicator but moved both targets to the first target. I took profit on both but the price continued down in a long spike. I would have triggered the second (10 pip) target easily.
This is a weakness that I have to overcome. I have a method that will give me much better profits but I don't stay with the trade. It's a fear thing.
One thing you may need to evaluate is that you may love trading, but if you have other negativity in your life then it will impact your trading.
I am not trading as well as I have in the past, but when I felt that I was at my peak, then I became somewhat disconnected with the world and found it very difficult to even interact within my job.
All I am saying is that what would it take for you to enjoy your job or enjoy it 'long enough' until you built up reserves or enough or whatever?
It's quite amazing that you would address the negativity in my life. That is a major problem and I've been trying to address that very thing. I'm currently reading a book entitled "The Power" by Rhonda Byrne to work on the negativity.
In order to "enjoy" my job I think I would have to disconnect from it or learn to push aside the negative parts of it.
You wrote:
"but when I felt that I was at my peak, then I became somewhat disconnected with the world and found it very difficult to even interact within my job."
Do you consider that a bad thing or is it something I should strive for?
I have a thing to do this morning so I sim traded today.
1) I entered this first trade with the move already in progress. I chose a short trade because of the red short indicator.
When I received the long counter trend indicator I got out losing 4 pips. This was a "Stay with the trade" rule violation.
Very often a move ignores the counter trend arrows.
2) My long reversal was stopped out toot sweet!
3) Having seen the error of my ways I re-entered on the short side, triggered both targets (the second because I walked away from the computer for a few minutes) and recovered some of the loses.
Some traders consider the backtested/forward tested (simulated) results of a system meaningless or of little value. I somewhat agree because IMO, when transitioning to "cash," things get very real and most traders get emotional when entering trades, in the beginning at least. But on the other hand I need proof or reassurance that the system/edge actually works and fits within my personality/trading style and/or comfort zone if you will. I have to ask, what is the percentage of wins vs losses over a period of say 100 trades of your system? Did you devise this system yourself and has it proven to you it's overall profitability is worthy of your time? To put it bluntly I don't see it. I do believe you have the makings of a trend following system, but I think (from very limited observation) it's curve fitted VERY tightly and generates opposing signals during normal market rotation/noise. I've also noticed one day you have an indicator on the chart and the next day it's gone, this is a red flag to me that you may be trading a work in progress (not good, IMO). I'm a firm believer the work of trading is finding that "comfortable fit" between system and trader. Of course the inner work (the psychological part) seems to drag on forever, but I don't think I could start on that until I knew I had a profitable method to adhere to. IMO, from what I've seen on your thread, you're swimming in quick sand and desperately need a lifeline, I hope you're open minded enough to take this post as constructive criticism and nothing more. Oh, BTW I grew up in NW Ohio and have many memories of Wauseon,,, Wow it's been 40 years.
Here's a link to a very insightful webinar presented by "Da Big Dawg" himself, I invite you (or anyone else) to view it if you haven't already, Big Mike covers a lot of ground in over 2 hours!
