West's Trading Journey

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aliassmith
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Re: West's Trading Journey

Postby aliassmith » Thu Oct 20, 2016 4:10 pm

westcountry wrote:Thanks Doji, Alias and V8. Good perspective for me. I appreciate the feedback from you gentleman.

Here is my trades from this morning. I left a lot on the table, I need to get better with that. Or maybe not (I don't know). Sometimes I go for more and things reverse. The key I am focusing on now for Me is ending the day positive (10-20 pips), ... stop when things are positive. So today just a few trades and trade ideas used...

First trade was taken based on noticing movement of JPY pairs across many pairs, it kinda fizzled so I got out (especially as support was not breaking here), of course about 40 minutes later, support broke and I could of made 15-20 pips...but no worries, at least it was not a loss.

Second trade was a break out, just grabbed 10 pips. Done. Up about 13 pips on the day.

Third setup was "the one that got away", I was stalking that setup for a sell at yellow zone, but could not take it as I was already in the trade above. That would have been good for 15 pips.

All the best,
West


As I have been learning different things from algos, I have learned that our advantage as humans manually trading we can take profit whenever we want.

So take what you can when you can because you are not a robot and you don't know what will happen next.
Trade Your Way as Long as It Makes Money!

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westcountry
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Re: West's Trading Journey

Postby westcountry » Mon Oct 24, 2016 1:47 am

Thank you V8 and Alias for your perspective. Really good food for thought and for me to take to heart.
Had a few days off here - and meditated on trading a lot, studied trading. The confidence that V8 mentions is something that has just started to become a new experience for me in my trading. Its slowly building; I have to keep at it.

Here are tonight's two trades.
Attachments
EURUSDproM15 exit.png
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GBPUSDproM15 exit.png
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Re: West's Trading Journey

Postby westcountry » Mon Oct 24, 2016 6:23 pm

Today was a tougher day, hard to share this as I got beat-up, but good experience for me...

Trade #1 (EJ): -12 "Sell". With my H1 analysis I thought EJ would go down. I was wrong.
Trade #2 (EJ): -6 "Sell" (again), "because I can't be wrong!" (LOL), hence re-entered at higher price for a sell. I was still wrong. Finally exited and reversed for Trade #3 below.
Trade #3 (EJ): +10 Took the trade in opposite of analysis above, on strength of the JPY pairs.
Trade #4: (EU): +9.8 "Sell" EU on the price action on my bias downward.
Trade #5: (EC): +6.5 "Buy" on momentum upwards; exited at resistance.
-----------------------------
Total: +8.3 pips

Today, what I learned and need to remind myself:
+ Keep losses small (max 10-12 pips or less)
+ Don't give up on my Self. I know I can come back if keep losses small.
+ Watch some other pairs and spread the love.
Attachments
EURJPYproM15 24oct2016 trade sequence.png
EURJPYproM15 24oct2016 trade sequence.png (34.5 KiB) Viewed 2883 times
EURUSDproM15exit.png
EURUSDproM15exit.png (40.73 KiB) Viewed 2883 times
EURCADproM15 exit.png
EURCADproM15 exit.png (33.74 KiB) Viewed 2883 times

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westcountry
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Re: West's Trading Journey

Postby westcountry » Tue Oct 25, 2016 4:43 pm

Today's update:

After 3 break even trades on EU and AU, I finally got about 10 pips on an breakout 'sell' on EJ.
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Re: West's Trading Journey

Postby aliassmith » Wed Oct 26, 2016 2:26 am

westcountry wrote:Today's update:

After 3 break even trades on EU and AU, I finally got about 10 pips on an breakout 'sell' on EJ.


Thats how you stay in the game. Break even and small losses are wins. :mrgreen:
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Re: West's Trading Journey

Postby westcountry » Wed Oct 26, 2016 1:50 pm

Yeah, thanks Alias. That has been the single biggest game-changer for me lately in what I am doing. If I stretch that S/L with my "I am not wrong" mentality to 20-30 pips or more and take a hit, I really sink myself in a hole and all is lost.

This morning's trades below...
First one a sell on simple breakout and second one is a sell at resistance.
Attachments
AUDJPYproM15 - Copy.png
AUDJPYproM15 - Copy.png (34.58 KiB) Viewed 2765 times
EURGBPproM15.png
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Re: West's Trading Journey

Postby aliassmith » Wed Oct 26, 2016 3:58 pm

westcountry wrote:my "I am not wrong" mentality


Yes sir that is the killer right there. In trading, at least for most people, you must be willing to put your ego aside and take a proper loss.

Focus only on execution and don't worry about goals. As you get better you can go over your data and adjust money management. For the time being trade a size that lets the ego sleep.

When I got really serious about M5 and M15 trading I used:
40Pips= 1% was a good starting point for me, then I worked up to 10pips = 1%

If you read any of my early stuff I did use too much risk. What I learned eventually was to much risk clouds my judgement.

Anyway, you are doing well. Focus on this one idea an master it and yourself.
Trade Your Way as Long as It Makes Money!

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Re: West's Trading Journey

Postby westcountry » Thu Oct 27, 2016 1:19 am

Thanks Alias, yeah I need to take this to heart and keep working it. Lately I am starting to really absorb how important the 'money management' aspect is to me. Its starting to become more real to me, so that's a good thing.

I took one more trade this afternoon in the NY afternoon session...grabbed 6+ pips on that one which was nice.
Attachments
EURJPYproM15 26oct2016 waiting part II.png
EURJPYproM15 26oct2016 waiting part II.png (38.04 KiB) Viewed 2707 times
EURJPYproM15 26oct2016 exit.png
EURJPYproM15 26oct2016 exit.png (39.73 KiB) Viewed 2707 times

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westcountry
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Re: West's Trading Journey

Postby westcountry » Thu Oct 27, 2016 3:04 pm

NY session Trades:

Trade #1: GU, -1 ...got gun-shy, got in my head, and got out fast. Too bad, that would have been easy pips. [-X
Trade #2: EU, BE
Trade #3: AJ, +9.6 ...sell at resistance area (below)

Stopping while up on the day.
Attachments
AUDJPYproM15e.png
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westcountry
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Re: West's Trading Journey

Postby westcountry » Sun Oct 30, 2016 9:32 pm

Update:
I traded thursday night and friday. I made them into tough sessions, and I did not come out on the positive side. Three of my losing trades below.

Week in Review:
Overall I made +53 pips for the week. (Total 37 trades came out to be: 13 wins, 9 losers, 15 B/E)
The "15 B/E" trades I had last week are really making me think. Usually I move my stop to B/E after being up 5-9 pips, so this is making me re-look at that strategy.

Going forward:
Go back to a few clear setups/strategies (no "throwing darts" mode - see Friday trades below...)
Keep the stops small 10-12 max.
Slow down, execute as Best I can.
Stay away from GJ pair (spread too big)
Review my trades. {If I can't figure out from looking back at a trade on why I entered, I am just throwing darts. I need to know why I clearly entered.}
Keep doing the weekly stats, it really helped to look back and see what the heck I actually did in retrospect.

Looking forward to a new week. All the Best!
Attachments
CADJPYproM15 28oct2016 exits.png
CADJPYproM15 28oct2016 exits.png (36.23 KiB) Viewed 2527 times
EURJPYproM15 28oct2016 wip.png
EURJPYproM15 28oct2016 wip.png (35.27 KiB) Viewed 2527 times

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