The witch now looks like it even going to hold that level.
I'm done for a few hours and will be back at the charts again later on. Going to get some dinner.
PP2 trading journal
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20/01/2012 Going through trades in my head finishing off the week of 3% gain.
Abysmal showing today, 3 trades, three losses.
1st mistake was not taking trades going down --- I had long trades in my head, probably because of yesterday bias and I couldn't/didn't become flexible enough. I'm making a note to chant something before I trade to remind myself to be flexible.
2nd mistake was taking the first trade, chasing price, lets not do that again!
3rd was not following my trading plan, I did for entry, it was a nice signal. But I had a potential winning trade of 20+ pips turn into a -6 pip loser. So much for holding for longer!
4th was another losing trade and last one for the day. Could've been a revenge trading trying to claw my losses back.
I was looking at my 15 chart. In the yellow oval there was nice price action, then I noticed the size of the long candles.
Then in the red oval I can see the long candles are smaller. What does that tell me??
Now there are bigger long 15 min candles in the green part reversing from an extreme. What could that mean?
So much more experience needed to do this job. Risky giving up right now but what can you do --- let's solider on for a while longer and see what happens
Abysmal showing today, 3 trades, three losses.
1st mistake was not taking trades going down --- I had long trades in my head, probably because of yesterday bias and I couldn't/didn't become flexible enough. I'm making a note to chant something before I trade to remind myself to be flexible.
2nd mistake was taking the first trade, chasing price, lets not do that again!
3rd was not following my trading plan, I did for entry, it was a nice signal. But I had a potential winning trade of 20+ pips turn into a -6 pip loser. So much for holding for longer!
4th was another losing trade and last one for the day. Could've been a revenge trading trying to claw my losses back.
I was looking at my 15 chart. In the yellow oval there was nice price action, then I noticed the size of the long candles.
Then in the red oval I can see the long candles are smaller. What does that tell me??
Now there are bigger long 15 min candles in the green part reversing from an extreme. What could that mean?
So much more experience needed to do this job. Risky giving up right now but what can you do --- let's solider on for a while longer and see what happens
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TygerKrane
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bettlebox wrote:Hi PP2
Remember focus on mastering your trading technique. Don't slip into trap of chasing money, or putting undue pressure on yourself .
BB
Totally agree with this. For example, one of my written down statements says:
~Krane
**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!
Thanks for visiting guys
Confusing, how can not have a target in head every day and aim for that target like so many advocate, here there and everywhere?
There are some camps that say don't thinking about money, trade to trade well.
On the other hand I see some traders thinking about money ... and doing well.
All I can say is that thinking about money whilst trading is 'pointless' because why do you need this added stress when you are trading in real time?
yep, logical BUT honestly applying this thinking takes time and discipline, time and effort on my part, something I'm not giving up on
(no determined smiley so use the evil one )
Confusing, how can not have a target in head every day and aim for that target like so many advocate, here there and everywhere?
There are some camps that say don't thinking about money, trade to trade well.
On the other hand I see some traders thinking about money ... and doing well.
All I can say is that thinking about money whilst trading is 'pointless' because why do you need this added stress when you are trading in real time?
yep, logical BUT honestly applying this thinking takes time and discipline, time and effort on my part, something I'm not giving up on
(no determined smiley so use the evil one )
The one constant that keeps you from climbing higher is not maximizing your returns.
Any oaf can stay at break even or make a few percent per year, but if you want to grow a small account you had better learn to absorb those lots when you can afford to.
If you need to make more pips than you lose then you are in for a rough ride.
Any oaf can stay at break even or make a few percent per year, but if you want to grow a small account you had better learn to absorb those lots when you can afford to.
If you need to make more pips than you lose then you are in for a rough ride.
HI PP2
The way i see is these more exprienced traders like Manta and MO have thier trade plans locked down. Its become so ingrained in them that its become reflex action. They know it works and have confidence in there abilities. This frees them to made comments throw your trade plans and focus on money.
Now for me im still learning and developing my trade style i need my trade plan i need statements like "focus on your trading instead money. When i become a more skilled trader and have things become so ingrained.I will be able to make comments like manta and MO. When i have built my confidence in my trading style then and only then will i start focusing on streamling how i make money.
You more exprienced guy got to remember im still learning and developing a trade style. How the hell am i going to make money if havent got trading principles ingrained in me?
Making comments like this just adds to peoples confusion and development. Just ego tripping.
i am sorry for ranting , i really hate it when more exprienced people make assumptions and think everyone is on there level. I seen and suffered from it in job as network engineer.
sorry but it needs to be said.
Please dont take it heart and have a go at me. Or think im disrespectful because i have deepest respect for everyone here at kreslik.
BB
The way i see is these more exprienced traders like Manta and MO have thier trade plans locked down. Its become so ingrained in them that its become reflex action. They know it works and have confidence in there abilities. This frees them to made comments throw your trade plans and focus on money.
Now for me im still learning and developing my trade style i need my trade plan i need statements like "focus on your trading instead money. When i become a more skilled trader and have things become so ingrained.I will be able to make comments like manta and MO. When i have built my confidence in my trading style then and only then will i start focusing on streamling how i make money.
You more exprienced guy got to remember im still learning and developing a trade style. How the hell am i going to make money if havent got trading principles ingrained in me?
Making comments like this just adds to peoples confusion and development. Just ego tripping.
i am sorry for ranting , i really hate it when more exprienced people make assumptions and think everyone is on there level. I seen and suffered from it in job as network engineer.
sorry but it needs to be said.
Please dont take it heart and have a go at me. Or think im disrespectful because i have deepest respect for everyone here at kreslik.
BB
pp2 wrote:Thanks for visiting guys
Confusing, how can not have a target in head every day and aim for that target like so many advocate, here there and everywhere?
There are some camps that say don't thinking about money, trade to trade well.
On the other hand I see some traders thinking about money ... and doing well.
All I can say is that thinking about money whilst trading is 'pointless' because why do you need this added stress when you are trading in real time?
yep, logical BUT honestly applying this thinking takes time and discipline, time and effort on my part, something I'm not giving up on
Last edited by bettlebox on Sat Jan 21, 2012 7:17 am, edited 1 time in total.
There are two forces acting upon us: Suffering pushes us forward from behind and pleasures entice us and pull us forward.
MightyOne wrote:The one constant that keeps you from climbing higher is not maximizing your returns.
Any oaf can stay at break even or make a few percent per year, but if you want to grow a small account you had better learn to absorb those lots when you can afford to.
If you need to make more pips than you lose then you are in for a rough ride.
Yes Mightyone, I agree!
I'm adding to winners when I can and increasing lot size per account. I'm not adding to losers though.
I would say that's the best I can do for now but I know I have to get better.