Spot FX Day Trading: The Jigsaw - futures io
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Spot FX Day Trading: The Jigsaw


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Spot FX Day Trading: The Jigsaw

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  #41 (permalink)
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mokodo View Post
Thursday 6th September

Your screen shots did not work.

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  #42 (permalink)
Bridgwater, UK
 
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Uploaded those again - tested on a couple of browsers, hopefully available now

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  #43 (permalink)
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mokodo View Post
Uploaded those again - tested on a couple of browsers, hopefully available now

Yup all good now.

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  #44 (permalink)
Bridgwater, UK
 
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Friday 7th September

Will usually be engaged on other work on Friday's from now on. Wow there were fireworks today. My short stop entry on the EURUSD (SIM trade testing a new swing set-up) at 1.2625 was not triggered so that is canceled. Price well and truly rejected the two Resistance channels and invalidated my trade idea so glad to be away without a loss there.

I have started keeping a portfolio of interesting set-ups and other price activity where I think I can learn something and (hopefully) help develop me as a trader. It feels like I am scratching away at a picture to see if another has been painted underneath. After a week of doing this it definitely feels like it has value, only downside is that it is another element of journaling which is sort of taking over my life.

I have read and re-read Brett Steenbarger's 'The Daily Trading Coach' in the past and now make a point of referring to the notes I took of the book to do (or re-do) exercises that are relevant to my current trading. The ones about finding patterns in past journals of behaviour, thoughts, emotions or externalities that then led to either to good or bad trading periods have been excellent and I absolutely know that when I journal well I trade well - and vice versa. This even seems to work if I have losses, as the journaling helps be dig out of the hole quicker.

But now I think I have a problem of excessive journaling! I use a trade card for each trade which is really an aid for making sure I follow my rules and execution, holds the order info and gives a commentary of the trade itself. At the end of the session the order info is then transferred to my excel trade log, with links to screen shots etc.

Then I have my hand written journal which is at least 2 sides of A4 for each trading day and sometimes much more.Then I keep this futures.io (formerly BMT) journal going. And my portfolio of trades and price action.

I trade a 5 hr slot in the morning and a 3 hr slot in the afternoons on Tuesday, Wednesday, Thursday (Mondays is a later start and I am not trading Friday at the moment). During trading I just watch, get in the flow and trade. So all the journaling tasks (except the trade cards) are completed outside of these sessions.

Just venting my emotions over this here. I think a bit of rationalisation needs to be done to keep the benefits but cut back on the time demands. And if that's not possible just keep on trucking with things as they are and hope that experience will lighten the loads as time goes on.

Got to love that journaling though!

Until Monday...

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  #45 (permalink)
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Hello, I am new to forex and trading in general, looking for tips and advice. I have used Trade Station and love its charting but don't have the $2000 minimum to open a forex account. I opened a Oanda account a few weeks back and have been having some success but feel the charting is lacking. What platform do you guys recommend for day trading forex? I have a written trade plan and have started a journal so I will try and keep a journal here as well. I am trying to keep my trading as simple as possible, currently just trading support and resistance levels. I was up 30% in my first two weeks of trading and gave back 15% in my third week trading. I'm looking for consistency trying to build my account to switch to Trade Station for their charting, and hopefully replace the 9 to 5, which is more like 9:30-11:00pm job. I want to continue to focus on forex while learning more about futures and options. I have had great success with a practice futures account but again lack the capital to open a futures trade account.

Any advice and wisdom is welcome.

Cheers
Todd

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  #46 (permalink)
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carbazzy View Post
Hello, I am new to forex and trading in general, looking for tips and advice. I have used Trade Station and love its charting but don't have the $2000 minimum to open a forex account. I opened a Oanda account a few weeks back and have been having some success but feel the charting is lacking. What platform do you guys recommend for day trading forex? I have a written trade plan and have started a journal so I will try and keep a journal here as well. I am trying to keep my trading as simple as possible, currently just trading support and resistance levels. I was up 30% in my first two weeks of trading and gave back 15% in my third week trading. I'm looking for consistency trying to build my account to switch to Trade Station for their charting, and hopefully replace the 9 to 5, which is more like 9:30-11:00pm job. I want to continue to focus on forex while learning more about futures and options. I have had great success with a practice futures account but again lack the capital to open a futures trade account.

Any advice and wisdom is welcome.

Cheers
Todd

I use Ninjatrader(NT) and trade spot FX with MB Trading. NT is quite popular because it offer a relatively straight forward way to start coding and is free for SIM trading with a compatible broker. They offer micro lot sizes so that may work for you.

I would say that if you starting with a very small amount of capital the temptation to use high leverage to make money is a usually a sure fire way to lose the lot. Just to make a comparison, you made a 30% increase in your account in two weeks and gave half back in a week. If you look at the other end of the spectrum of hedge funds, etc 30% IN A YEAR. Is high performance. So you get the point about high leverage = high risk.

I do not want to discourage you at all, just bear in mind staying in the game is the No. 1 concern for all successful traders, everything else is secondary to that.

I wish you the best in your endeavor's.

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  #47 (permalink)
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Family crises stemming from my father's business getting into difficulties hit the fan this weekend. He has asked me to help him sort it out. Pension, savings etc. all on the line for mum and dad, so trading will be on hold for at least a few weeks whilst I try to resolve it for them. Very disappointed about the timing as I really feel like I have made breakthroughs in the last few months - but this is far more important. Hopefully I can just get back to trading when the time is right.

Until October?....

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  #48 (permalink)
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Hope you can work it out for him, good luck.

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Life is what happens to us while we're busy trading. Best wishes.

b.

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  #50 (permalink)
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Looks like trading may be part of my work schedule from October, albeit only perhaps 2 maybe 3 days a week. Outside commitments are likely to be ongoing for the foreseeable.

Patience, patience, patience. No good running for the bus, sit tight there will be another a long shortly no doubt.

Will take a bit of adjustment as I had developed a good daily / weekly routine that was starting to work. I also found it invaluable to be able to watch price action for hours and hours and that, I felt, was contributing to a growing sense of 'market feel'. Clearly don't want that to evaporate due to stop/go trading sessions.

But very, very glad to know I'll be back in the saddle shortly. Don't think I had appreciated how much fun I have when I'm trading. There were a few moments in the last weeks that it looked like my trading career would be on a permanent hold - and I had a feeling my favorite toy was being locked away in a cupboard.

Until next week (hopefully)...

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