Week 3
11/13/11 - 11/18 /11
21 entries
-1.37%
My mind has been revolving around yet another way to use correlations between pairs, I've tried a couple times in the past, this time, I see something totally different from those other times for me to make observations on and react to. Additionally, it doesn't really deviate from the way I try to trade now, so I will integrate what I see with them a bit going forward I think. It is definitely for the purpose of picking pairs with great potential for swing/multi-day moves.
That being said, I need to ground myself first by taking smaller targets, again this week I came across some 10-15pip gains that I never took.
I think because I
knew that I would be trading less for the week that just past, I went a little higher in leverage more often, than I did for the previous two weeks.
Friday was a nice AU trade that helped me out a bit, I'll post that trade up next. But generally speaking this week I was totally clueless with everything, I wanted to turn of my trading station everytime I turned it on, bc things just made no sense to me...even charts that made me naturally go
, the happiness stopped there bc I just couldn't figure out how to merge into the market. So I guess on Friday, charts where as equally nice looking as they were all week, but I felt a bit more in sync with things as the week came to an end. Therefore I would say, unfortunately, b/c of the holiday this week, I don't think I'll really get a chance to ride that "momentum" (if it is actually even there in the first place
), I don't have expectations for doing much this week. Who knows, maybe correlations will prove there point and hook me up regardless
Also, if I can move fast enough tonight, I might put up a few other observations that have made impressions on me... looks like I'll be going contrary to withnail's AU supply & demand observations. I hope time permits and I can put up most of what I am thinking about.
Also, I'm VERY HAPPY with my new FXTS2 setup (took me forever to get the windows rearranged to the right position), and the the latest updates that FXCM put into the program this weekend.........
They're Great!!
[highlight=black][size=117][font=Comic Sans MS]Instant Self-Discipline,[/font][/size][font=Tahoma] trackback[/font][/highlight] wrote:Week 0 wrote::!:
I think that I know what I'm doing, but one of my current weaknesses is that when I'm on my own trading, sometimes I get these megalomaniac visions of grandeur. Definite account killer.
So I figure I might put myself out there for public scrutiny to make myself a bit more accountable for my actions. I remember when prochargedmopar was posting his account (I think sometime last year, or late 2009), I thought that was heroic.
The first two weeks at the very least will start off very slow, as I will feel a bit more cautious/apprehensive at the start of this
Instant Self-Discipline experiment, but there is no doubt that this will be a GOOD kind of caution.
¤I'll do this at the end of each week. I have no idea how this will turn out (I couldn't fully tell you which side of the 95% I am on just yet.)
¤I'll try to limit my losses to -5% a week.
¤I'll go back into the shadows to regroup and reorganize if my balance gets -40% from this starting point.
As LittleKnown pointed out earlier, {paraphrase}"Won't this put unnecessary added pressure on myself?"
I can only say, back in his prime, Mike Tyson was knocking the heads off of 95% of the people out there; so I wouldn't be too embarrassed if I went in the ring with him and people saw me get my head knocked off too.
95% of traders fail, therefore...
Basically, for my
[font=Comic Sans MS]current [/font] level of trading ability, I need to remember to keep a Marathon Mentality, and not the mentality for a Mad-Dash-for-Cash.
I will probably start off each week, and every few days by watching,
We Are Traders - A Tribute to All Those Trading the Markets.
Week 1 wrote::!:
Week 1
10/30/11 - 11/4/11
43 entries
-4.22% First off, I'll start off by saying that it was actually a surprise to me, and that in a little way, I'm kind of glad with the outcome of this week. I maintained a small level of losses each day, but on Friday, I got caught up in some NFP nastiness, and so I was
pretty certain that my losses where somewhere in the -6% area. So I was elated to see that I hadn't even crossed 4.5%.
Probably just goes to show, having the discipline to keep losses small, and a Marathon Mentality
might can help to make things pay off in the end.
I did start this off VERY slow however, I'm not trying to show off and be macho, and
that was a good thing. All my entries were at 1:1 , 2:1 leverage and I couldn't get a damn thing to stick, it was disgusting really, it
could've been a morale killer. It got so much so, to the point that I actually meditated twice this week to try and get back in touch with Whatever-The-Hell-It-Was that made me so confident in the first place
.
This week coming up will be a short one for me, I'm going to Cali for my birthday
, so I'll probably only have two good days to look at the market. {If I trade while on vacation in Cali, then I'm obviously doing something
WRONG } I assume that the week after might be kind of slow as I get readjusted when I come back as well. This is beginning to make my experiment sound very boring isn't it? Slow week this, low leverage that, excuses excuses...
Other than that, been thinking of some ways to fine tune my entry algorithm.
Charts to follow in next post.
Week 2 wrote::!:
Week 2
11/6/11 - 11/11/11
41 entries
-4.02% From what I remember from this past week, I was just being lazy and trying to catch an easy swing move I could hold onto, so I could at least be in a trade while I got ready for my trip. I was definitely overtrading, considering my lack of focus for the week.
Was back in the situation where I had a lot of little profits I could've taken if I wasn't so focused on something bigger.
One morning was looking at M1 charts, I for some reason felt really comfortable with the PA there, felt that if I had profits, I would love to test scalping off of that at a decent leverage, b/c it felt much better for me to just put my stop at the last swing high/low and to respect whatever happened afterwards in my attempt to grab a quick 1-5 pips.
Had another idea to bring me back to trading based on correlated pairs. The reason is to help me try to get into continuation trades more b/c I'm naturally always trying to catch the reversal of a trend.
Other than that, I tried to take more pictures of my trades, but it was actually really disrupting and making things stressful.