So I am just getting ready to get some rest and I wanted to post my last thoughts on the day. It was another slow day, alot of trends continuing slightly and now falling back down the last few hours. Some new trends have formed on the NZD/USD and EUR/USD. I have trades pending but haven't triggered yet.
I am also keeping an eye on the EUR/JPY but I am very careful around the jpy right now. If I dont see the trade trigger by the time I go to sleep I will be removing the EUR/JPY...
Umm... I did a 5 minute chart trade today for the first time since I started the journal. I was trying out my system on a shorter time frame. So far i am up 3 pips and just seeing where it goes.
All I can say is patience is testing me and that eventually the new trades will form. I am waiting until then
Anyway have a good night all. I haven't posted any charts because if the trades trigger i will post them then.
So i was looking through my charts one last time before bed and realized that there are some potential trades on charts I dont normally trade. I am going to give these a shot.. They are USD/CAD, EUR/CHF, USD/JPY... Also because new resistance levels have formed I have addition trades pending on EUR/USD and EUR/JPY... I am extremely nervous because I know have 7 trades pending... This seems like over trading but I promised myself I would take every trade I saw present itself... Now this could devastate my account or it could do alot for me... I am very nervous currently. I am considering waking up in a few hours to check whats happened.
Oh man what a day it was yesterday. First off, I never had a chance to come on and post my journals for yesterday, it was just one of those busy days.
Anyway I am going to do a double post now and explain everything that went on yesterday.
So I left here not last night but the night before with 7 trades pending. All of the trades triggered over that night and I woke up in the morning down a large amount. I altered some of my stops and then let the trades run.
I ended the day yesterday positive 137 with 3 out of the 7 trades being winners. Not to bad. I was ok with that, but then I had the brilliant idea to add more trades last night before I went to sleep.
Oh man do I feel stupid now. I placed the trades and went to sleep only to come back this morning and realize that I hadnt put stops on and I lost all of yesterdays profits and now I am down 29 pips including the trades from yesterday. Still 29 pips is recoverable.
Anyway I am out of every trade except the USD/JPY which really has gone NO where since it triggered.
Now for some self evaluation.
Mainly the question in my head is: why did I place those stupid trades and forget stops?
The answer is easy I let the emotions get the better of me and i got greedy. I placed trades that didnt follow my rules
1) waiting for the trade to form
2) dont go into trades that are already trending without a clear sign of continuation
3) be patient.
I litterally broke all 3 of these rules last night because I wanted to make more money, instead it hit me back in the face and I am pretty much back down to where i was starting of day yesterday just down an extra 29 pips.
Now I realize that I said before I wasnt going to say the pips and I was going to post charts,
however in this case I needed to post those pips so I can look back and slap myself in the face lol.
Also I am not posting charts for all of these trades because clearly 7 trades woulds be 14 charts and it seems a bit over kill now that they are done and over with and because today is a new day.
Anyway thats all for now and I do have new trades pending.
Current Trades Active: USD/JPY
Current Trades Pending: EUR/USD
Currently Watching: Everything.,.. waiting for new trends
Rough last two days. a couple of trades didnt go my way. Actually all of them didnt. I ended up this week, down about 50 pips. Was a good lesson though, not everything can go my way. Nothing really else to post. Just need to follow my system and let the trades run longer.
have a good weekend all.
No current trades active, watched, or pending.
The following user says Thank You to cgleckman for this post:
So I have been kind of discouraged with trades lately. The market just seems to know when I place a trade and it immediately reverses once it triggers. I know this isnt true but its whats in my head, or was in my head.
I took the last 2 days to really clear my head (I had a crazy weekend so I didn't have time). Anyway I am back and refreshed.
I meant to post last night that I was placing trades but I never got to it due to midterms and what not today. (SPRING BREAK NEXT WEEK!)
Anyway I am currently in a Eur/Usd, Usd/Chf, Nzd/Usd, Aud/Usd, and a Eur/Jpy trade.
I dont have much more to report currently. All i know is I need to just follow my system and let the trades run!
Were your trades on plan? Talk about your entries as well as exits, were they sound? Don't get discouraged, get realistic.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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My entries were all according to the system. I took my entries 10 pips above the closing of the candle that showed the signs of a new trend. My exits are my stops, or I am trying to make it that way. I am focusing this system to be one where I do not have to watch it all day long because I am in college and I cant always be at a computer. So I try and move my stops up to resistances levels as they form and what not. All of my exits were done by stops and it worked out well.
Yes the trades had been up more then what they were when I was taken out but like I said, I didnt have to sit in front of the computer all day since I had classes and what not.
This week ended very weird. I was down a lot towards the start and now I have ended at just about break even for the week. Since it was the last day of the month yesterday, I can say that in the last 2 weeks I have done pretty well. Still Have all of my gains from the first week. and I recovered the losses from last week. So all in all not a bad start to a new system. I am glad that it is starting to show signs of working and working well.
Since its Friday and I have no current trades pending I am just going to say once again...
Have a good weekend all and see you next week! I will not be trading Monday or Tuesday because I will be on SPRING BREAK! Yes I am taking a small 2 day vacation. So Wednesday, its back to business!
Nothing very special to report. Leaving for Morongo with some friends for 1 night for some vacation time during my spring break. I will be back Wednesday and resume trading then! I am going to start using larger amounts at that time.