A fresh start! Doji's Trading Journal

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MightyOne
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Postby MightyOne » Mon Nov 26, 2012 3:57 am

I don't think that you are a moron Newscalper :)

You have to consider that if you could write it down on paper that a machine could execute it more efficiently.

Money management is based on what you can see.

Your edge is largely implied odds; that which is statistically probable but outside of view at the moment.

Sometimes we make a trade that only makes sense 7 steps into the future:
I am short that price will close over, that it might retrace, that my position might double in size, that I might then follow, that there would be a strong move where I liquidate, where on a large chart price really hasn't moved that far from the extreme...etc.

If you were to write down a system on paper it would fall apart; it is then that you should realize that the edge is not your system, it is YOU.

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bettlebox
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Postby bettlebox » Mon Nov 26, 2012 4:38 pm

EU Trade today, the wicking of the daily open spooked me into closing my trade at B/E.

Looking back at it on 5mins there was signs that price was hold line to down side. I missed this.
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Neo88
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Postby Neo88 » Mon Nov 26, 2012 8:42 pm

It helps to define when you are wrong and put your stop there, like what MO said about swings and how they are good places for landing your position

Though I don't know if you can use space to manage space efficiently on low TFs
A man must believe in himself and his judgment if he expects to make a living at this game. - Jesse Livermore

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dojirock
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Postby dojirock » Tue Nov 27, 2012 3:31 am

good day today!

Added 72 to my cushion today....next step when I reach 400
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"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"

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bettlebox
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Postby bettlebox » Tue Nov 27, 2012 10:27 am

EU Trade - counter trend play of 1hr pivot high. They trapped the daily inside bar breakout people :D from asian session lol. see if they take it pass low yesterday.

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bettlebox
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Postby bettlebox » Tue Nov 27, 2012 4:24 pm

Interesting article from Sam Seiden on the Cycles of the "IT"

http://lessons.tradingacademy.com/artic ... it-part-3/

BB
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Postby Captain Pugwash » Tue Nov 27, 2012 7:11 pm

Very nice trading Bettlebox

I believe my second entry was based on the same criteria you used - although a different pair

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"MOJO 1)Self-confidence, Self-assuredness. As in basis for belief in ones self in a situation. Esp/In context of contest or display of skill such as going into battle. 2)Ability to bounce back from a debilitating trauma and negative attitude YEH BABY

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dojirock
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Postby dojirock » Tue Nov 27, 2012 10:51 pm

I really liked the video posted on KR about "Stop Learning and Start Thinking."

So that's what I have been doing the last few days while trading.

While I have had many new found understandings with clarity the past week, I want to start with MM. I'm a scalper by nature and have always used a 20 pip stop for the most part with a 20 pip goal daily. Many times that is easily to obtain for me. I'm putting the entries aside for now. Looking back the last 15 days, I compiled my pip gain for my trades to a daily subtotal. This is just for illustration purposes. I'm not going into the fib tool Mo uses as of now and a calculation for adding and partial closes of position. The basics must be understood before moving on. All trades will be illustrated as if they were entered and closed completely.

see pic below
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"A small loss is just as satisfying as a large gain" -MO

"Sometimes we need to stop learning and start thinking...."

"Once you stack, you'll never go back!"

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dojirock
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Postby dojirock » Tue Nov 27, 2012 11:01 pm

dojirock wrote:I really liked the video posted on KR about "Stop Learning and Start Thinking."

So that's what I have been doing the last few days while trading.

While I have had many new found understandings with clarity the past week, I want to start with MM. I'm a scalper by nature and have always used a 20 pip stop for the most part with a 20 pip goal daily. Many times that is easily to obtain for me. I'm putting the entries aside for now. Looking back the last 15 days, I compiled my pip gain for my trades to a daily subtotal. This is just for illustration purposes. I'm not going into the fib tool Mo uses as of now and a calculation for adding and partial closes of position. The basics must be understood before moving on. All trades will be illustrated as if they were entered and closed completely.

see pic below


As you can see with my current balance, risking 4 percent yields a $93.45 risk. I have 20 entered in as space because I always used a 20 pip stop max even though when trades didnt look right I would exit with less of a loss often. I also traded the 15 and 5 min on almost all of these trades, so a big stop isnt needed. I never increased my lot size due to emotional issues of increasing to rapidly and stopping out. My daily goal was always 20 pips per day. The numbers on the chart reflect ballpark pip counts actually gained on a daily basis. I say ballpark because I had to adjust them to reflect an accurate running balance on the account due to spread and closing partial positions. So what is accurate is the daily gain.

I hope your still with me....

Due to the fear of increasing my lot size and shrinking my stop, after 15 days I had a 32.60 percent gain. Not bad...I know...but when you see what comes next...you will understand the basics of space and how it benefits. Mo please let me know if I am off base on this. It may be different per Mo's teaching, but, like I said earlier, stop learning, and apply it to our individual understanding. That is where im at and a big improvement from my 20 pip tp and 20 pip sl from the past.
"A small loss is just as satisfying as a large gain" -MO

"Sometimes we need to stop learning and start thinking...."

"Once you stack, you'll never go back!"

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dojirock
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Postby dojirock » Tue Nov 27, 2012 11:24 pm

Now the exciting change for me...

Had I used the same trade data, changing my Money Management plan, this is how it turns out.

Same starting balance.
Same risk of 4 percent, $93.45
Same daily pip gain.

Change in mental thought...why take a 20 pip stop every time?, get some space so I can change my thought process to this. With a 100 pips of space, I can now lose 5 times in a row at a max stop loss of 20 in a row before wiping out my space. Not going to happen. Feel the easing of stress on the emotions yet? In the past losing a trade always made me reduce my lot size or during the trade I would close half of it way to early. My success rate as far as wins vs losses since July is over 86 percent. Pips don't matter! 5 losses in a row highly unlikely. Remember at this point I have no desire to trade up time frames changing my plan. When I do, the space will be there!
Putting in the pip counts, here are the results:

Day one risk of 93.45 + gain of $156.53 = $249.98
My starting space was 40, thinking ok I have to lose 2 trades before my risk is gone and I have to risk more.
I increase my space by 10, giving me 50 for day two.
$249/50 = $5.00 per pip for day 2.
In real life I was still at 2.34 per pip. I have successfully rolled my risk + profits to my next trade.
and so on......
and so on......

After day 15, with the same exact trading data, I have 100 pips of space, and a whopping 62.19 percent increase on my account. Also notice I had to quit increasing lot size to to the account limitations. So I dumped it on my space. Which will enable me to move up time frames...This is wonderful!

Next step..next trade...eliminate my initial risk.
from tomorrow on, I will have to lose many times to deplete my space.
Im no longer trading with my equity...Its OPM baby....Other peoples Money... Where is the stress now..??? Gone...and oh what a feeling.


I will post excel sheet if interested....

Done for now......
Have a great Week!
:D :smt041
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"A small loss is just as satisfying as a large gain" -MO

"Sometimes we need to stop learning and start thinking...."

"Once you stack, you'll never go back!"

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Thank you for your support.


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