Skaven's Road to the Banks

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SkavenDC
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Postby SkavenDC » Mon Jun 07, 2010 12:10 pm

Well. Week 2 has started off nicely. Traded the gaps on a couple pairs yesterday morning, and put 3.3% into my account. Moves were bigger than I took, but I am happy with the profits. Then soon after, I traded a SweetSpot that I let go against me more than I should have; bang, profit down to +1.71%. Still not bad, but I should have gotten out of that sooner. Luckly I was also into the ever slow-moving EUR/GBP mix (SweetSpot) that was fading in and out of profit. Several times I almost threw the switch on break even or +1 pip, but I decided to ride it out further. I closed with 11 pips more and 3.67% on my account for the day. I was done.

This morning, I and getting a later start. I missed a few moves from earlier on that I probably would have taken. I opened a couple trades and then cancelled them shortly after. I started chasing trades instead of letting them come to me. One of them was even in violation of the simple rules. Now, I am waiting for the next hour to start and re-analyze.

Although I am am excited about my profits yesterday, I actually find that I am not overly excited. For the first time I am making good trades and comfortable with the moves I am making, but I also realize that I can not let my emotions get the best of me. I was kind of upset about the loss from yesterday, but only for a minute. I was still in profit and that's always a good day. Keeping my win excitement under control will help me keep my loss misery under control as well.

That's it for now.

Good Trading
Edward

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TygerKrane
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Postby TygerKrane » Mon Jun 07, 2010 3:42 pm

Glad you enjoy, I was all kinds of nervous about starting my online journal, sometimes I make myself a nervous mental wreck over nothing... I'm now wondering if journaling will help me improve other areas of my life, lol.

You've joined here for awhile, how did you find this place?

I used to have a huge fascination with EURGBP, it was giving $.16 a pip when the other pairs where doing $.10 or $.11. I figured if all trading principles are the same, then I would be aligning myself up to get more bang for my buck, right, like 50% more earning potential over the other pairs I thought. Then I learned about daily ranges, I saw how it's daily range was crap compared to the other pairs.

Maybe I was too much of a novice back then, but I too would hold onto EURGBP trades exactly watching it fade into and out of profit. Losing trades on it were a b!@tch and then by the time something started happening, I was probably just in the mindset to cover the loss from the previous EURGBP trade, so I just wanted to close out of the trade and be left alone...
Maybe months down the line, I'll try zline on it for fun. But I'm learning on the EURJPY and loving it, it gives me MOVEMENT.

Maybe Buy Zone isn't too good for EURGBP...but Rat Reversals off the daily extreme, hmmm... {sorry, talking to myself just there; the learning and innovations presented here at kreslik come out so quickly, I just realized I never actually tried the Daily Extreme Rat Reversals on EURGBP.}

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

SkavenDC
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Postby SkavenDC » Mon Jun 07, 2010 5:09 pm

TygerKrane wrote:You've joined here for awhile, how did you find this place?


BabyPips. Never Lose Again thread. Found it over a year ago and traced TRO back to here. Then I got burned out with Forex and quit, until about 3-4 weeks ago.

TygerKrane wrote:I used to have a huge fascination with EURGBP


I do like the EUR/GBP mix and probably is borderline fascination. I do know the daily range sucks, but up to this point, I have made alot more off it than I have lost. I usually have to give it room to move and be a little "looser" with my S/L's. GBP/JPY has caught my eye and I will be looking at that a lot in the future. Although I have made it up to the zLine part of the NLA thread, I am just keeping it simple for now. I needs some time to process the zLine info.

SkavenDC
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Postby SkavenDC » Mon Jun 07, 2010 5:16 pm

As I was typing this morning's post, I was into two trades that I took for 10 pips and 6 pips. The mix was again EUR/GBP. The 6 came kind of quickly and the 10 took the better part of an hour. Another 2.5% into my account bringing the total for the week to 6.17% so far. I'll be home for the Asian open. I'll watch things for a couple hours, but probably will not make any trades. Tomorrow is another day.

Good Trading,
Edward

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TygerKrane
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Postby TygerKrane » Mon Jun 07, 2010 6:26 pm

SkavenDC wrote:As I was typing this morning's post, I was into two trades that I took for 10 pips and 6 pips. The mix was again EUR/GBP. The 6 came kind of quickly and the 10 took the better part of an hour. Another 2.5% into my account bringing the total for the week to 6.17% so far. I'll be home for the Asian open. I'll watch things for a couple hours, but probably will not make any trades. Tomorrow is another day.

Good Trading,
Edward


Interesting, it looks like we are both east coast, but I base my day and profit targets from what I accomplish 7P to 7P (it just helps me mentally keep track of Sunday evening trading, if any; so I don't wake up Monday morn and trade if I don't have to). (Whatever, just a stupid quirk of mine. :roll: ) You think of your trading day as NY time calendar days?

BTW, I found kreslik through TRO's Never Lose Again thread at FXCM Micro message boards.

::EDIT:: Maybe i count from 5P to 5P, cuz that is when FXCM resets the daily Profit/Loss column. somethin like that.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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SkavenDC
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Postby SkavenDC » Tue Jun 08, 2010 12:44 am

TygerKrane wrote:Interesting, it looks like we are both east coast, but I base my day and profit targets from what I accomplish 7P to 7P (it just helps me mentally keep track of Sunday evening trading, if any; so I don't wake up Monday morn and trade if I don't have to). (Whatever, just a stupid quirk of mine. :roll: ) You think of your trading day as NY time calendar days?

BTW, I found kreslik through TRO's Never Lose Again thread at FXCM Micro message boards.

::EDIT:: Maybe i count from 5P to 5P, cuz that is when FXCM resets the daily Profit/Loss column. somethin like that.


Yes. We are both east coast. I'm about 4ish hours south of you in Maryland (just outside of Washington DC). For now, I base my day off the calendar. I put together an Excel spreadsheet that I use to track my trading progress (lot size, pips needed, percent on account, etc). If I trade on Sunday, it doesn't matter about Monday morning. I'm up early everyday. I am usually on at 7 am and observing the markets until about 9:20 am when I have to go back to prison....I mean work. :? For now, everything is based on 5 days (Monday-Friday) with Sunday either being a bonus to the trading week, or a hindrance to the start.

Edward

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Postby SkavenDC » Tue Jun 08, 2010 2:17 am

So, I found myself "observing" the market this evening during the Asian open. By "observing" I mean I was trading. One trade only, but I let it go against me 15 pips. So now I am watching the market rise and I am thinking to myself, "How much further can they possibly go?" So, I also start thinking, "I bet I can make up those losses and then some." As I watch several pairs blow through another SweetSpot, I figure I may as well jump on the moving train and pick up some pips. As I am getting read to pull the trigger on a long order I stop myself. A few minutes after I did, the price stalled and started moving back down. Soooooo.......

[align=center]IMPORTANT MESSAGE TO SELF[/align]
[align=center] ***STOP CHASING TRADES TO RECOUP PREVIOUS LOSSES***[/align]

Account is still +5.3% for the week. Despite my loss this evening, I am still on track.

Edward

SkavenDC
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Postby SkavenDC » Tue Jun 08, 2010 12:44 pm

This morning, I have nothing to say. I let my emotions get the best of me and my account is suffering because of it. I was just tossing up trades. I completely ignored my important message to myself from yesterday. It's time to me to shut the trading platform down and just step away. According to my money management, I should have done that 3 foul trades ago anyway. Until tomorrow.

Edward

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TygerKrane
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Postby TygerKrane » Tue Jun 08, 2010 1:36 pm

Yep, pretty much everyone goes through that. Then you conquer it. Then you adjust your trading style a bit...and then in trying to adjust to your new trading style, you start doing it again.

Just keep beating that beast back down!

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

SkavenDC
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My eyes are starting to open

Postby SkavenDC » Thu Jun 24, 2010 12:56 pm

All I got to say is, it's starting to get good.

I haven't posted here in a couple weeks because I reverted back to my original trading strategy. It wasn't going great. I did blow about 30% of my account but that's not important, because I still have plenty to work with. Besides, a SMALL deposit would triple my account balance anyway (Trip to McDonalds anybody). Anyway, I will go into greater detail about the past few weeks, what I did and what the outcome was. I am also going to utilize those reserved post in the beginning, posting my current trading stragety as well as a place to post important notes and links for myself (and anybody else crazy enough to look at them).

It is starting to get good though. My eyes are starting to open and I see things and I have to thank TygerKrane. As stated earlier, I do enjoy reading his own journal. In his notes and links section, he has a link to Sam Seiden's videos. He even mentioned "reviewing" the material. Thank you sir. I started watching those and it is helping opening my eyes. Supply and Demand. I have been able to draw a line on a chart, and accurately predict what the price will do and how it will do it. I made a EUR/AUD trade using that info and made some good profit. I entered 1/2 at the line and entered the other half at half way. Made +18 pips and +38 pips (I got scared and bailed after awhile (~4ish hours, not immediately), which turned out to be good since it went against me eventually). I predicted it would take the first half, range in and out of profit, dip to the second, and start to rise. That's exactly what happened. What I was most excited about was my stop loss. Placed perfectly. Got within 5 pips and sky rocketed. First time that's ever happened. Since then, I placed a few lines, and watched the market. I watched the price dip to the line and explode. Then I watched it do it again. And again. These would have been good entry points that just hit the line and then jumped up. Almost looked perfect.

I will continue to read and continue to watch, and I will probably fill up this journal more this coming weekend.

Good Trading
Edward

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