well taking the plunge and starting a journal, not sure how long or how often I will add content, but it should be everyday if I'm to get the most from it !
I trade the aussie 200 , so I don't expect too many people to follow what I"m doing , so if/when I speak it will be mainly too myself to correct a few trading demons that I have, and to drum into myself they need to be erased from my trading .
My goals for my trading are : ( I"m sim trading )
Take more entries - this one issue is the bane of my life , I also think I may need a few loses to get over the feeling that its a bad thing, rather than just something that happens to us all, and just get on with it !
Move from sim trading to live trading ( would like that done by nov if poss )
Become physiologically stronger , MUCH stronger. I had a bad trade on monday last week and that kind of ruined me for a few days , and it wasn't so much the money that was lost , but the fact they were many signals in the opposite direction to take, yet I appeared to either ignore or didn't notice or hid from the facts, and that is what rattled me more than how wrong that trade went , and of course the next trade you take is either cut short or stopped out before need be , so that is the issue to be looked at
no of contacts perday 10.8
ave win/loss per day -$4.72
averages for the week-- 12 sep / 16 sep
no of contacts perday 10
ave win/loss per day $258.80
averages for the week 19 sep /23 sep
no of contacts per day 12
ave win/loss per day $389.10
averages for the week 26 sep /30 sep
no of contacts per day 5.2
ave win/loss per day $6.52
So if nothing else being consistant is also a goal ( take more entries sheez )
I use a method I learnt from an American who now lives in Australia ( Bill Mclaren ) which only uses volume and price bars , I will attach a file of my puter screen to show what I"m looking at when I trade.
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Well haven't journaled for a few days, and its been an interesting few days (if one can of a think knife fight in a phone box as interesting ) because revealling yourself as an idiot takes time digest. Trading last week was trading scared , I can tell by the avg number of contracts per day showed that not enough trades were taken, and I believe this indicate's what that particular problem was/is , and it still goes on , seems to be an under current that through out my trading career.
Dumb plain mistakes, and I'm not sure I have the space or time to explain these other than too say I have seen but not believed !!!!
One trade last week which a total mess actually went my way ( I found this hard to believe BUT )
I was in a short and decided to take modest profit as first trade of the day , but instead of buying I sold again so it was now 2 short contracts , and it went even further my way , so again I decided not to push my luck , and you wouldn't believe I did the same thing again ( so I"m now 4 on the short side ) and again it went my way , but this I got my sh#t together and got out when I should have .
Lets take today as an example --- opens with 30 point gap up ( 1st rule broken don't trade in opposite direction of the gap ) so I take a short ( which surprisingly goes against me ) so because its away from my enrty point next BEST idea is to wait for another short entry and add to my orginal position ( and boy wasn't that a GOOD idea ) this trade isn't over yet , but will post a file to show just how bad it can get .
I believe that trading like everything else is based on knowledge of what the right thing to do is ---- if we imagine that trading is just like learn to drive a car , it can take awhile to learn how a car works when that is mastered , then its onto how to drive with other drivers ( traders) and when its safe to merge lanes ( take a trade) and when its best to wait for the right time, and as we know there are hundreds of different driving situations to master as there is in trading , so since I can drive I may need to do more and more trading for it too sink in, when things are and when they not safe , when I'm going up a one way street in the wrong direction , when I need to be appling brakes and when to apply the accelerator.
STUART MUST DO MORE TRADING ----- now just do it !!!!!!
End of that trade
Now 2 things stand out to me over this trade ,
1 I got it horribly wrong
2 I saved it in the end
Issues : If I don't get things horribly wrong I don't need to be able to save myself ( again)
need to acutally do the physcial act of trading more , so it becomes a natural process , same when we drive , we don't think about the drive we just get in and do it because we have done it so many times before , I need to trade many times .
Last edited by darcy13; October 24th, 2011 at 06:40 PM.
Trading was better today from what it was , but as you will see no where near what it should be , but it was a move in the right direction after the last few days it was a welcome relief.
Still trading scared which is evident by the 2nd trade when I made another simple trading error here I followed the trade down with a stop , which was way to close , and then kind of got the stop level wrong but a point , so it came up to my stop ( which I noted was in the wrong place never mind being to close ) took me out and the file will tell the rest of that story .
So over all pleased with today , but oh so much more to do !