Maple's Trading Journal to Success

[maplegum]

Thanks for the advice IgazI. I'm not familiar with units as such but I will look at your example and see if I can figure out what you mean!

[IgazI]

Thanks for the advice IgazI. I'm not familiar with units as such but I will look at your example and see if I can figure out what you mean!

You have your whole number trade, 5, and you have 'fractional trades': 1 of 5, 2 of 5, 3 of 5, and 4 of 5.

When you buy 1 of 5 lots, your gains and losses are 1/5 of the move:

if price falls against you by 15 pips, then your loss is 1/5 * 15.


You can think of it like losing 20 or 40 cents per pip and then winning 60, 80, 100 cents per pip:
60/40 is +50% gains, on winning streaks.
80/40 is double.
100/40 is 2.5x

- Start with a 1 lot trade.
- If you feel confident that price is holding your level, enter 1 more lot.
- take profit on half, trend line or set a higher TP for half.
- when your profit is such that you can replace 'your money' with 'their money', use profit to trade 3+ of 5 lots.

[maplegum]

Ok I think I understand now. When I move up Lot size I will think about implementing something like this.
For now I think I need to eradicate the basic mistakes and errors!
Thanks for your help

[BambinoFlex]

Ok I think I understand now. When I move up Lot size I will think about implementing something like this.
For now I think I need to eradicate the basic mistakes and errors!
Thanks for your help

Just an opinion, but what Igazi has shared is the answer that you’re looking for, without really “looking” for it.

You said that you struggle with moving stop losses. I’m assuming it’s when you’re in drawdown and you start “hoping” it will turn around.

Solution? Enter in Partials
Why? This will help you in the long run because when you are wrong, since it’s a partial entry, it will be a small loss.

You also said you struggle with strategy.
Solution? Enter in Partials
Why? This will help you build up a good money management strategy in the long run that doubles as a trading strategy.

You said you struggle with over Trading and cutting winners.
Solution? Enter in Partials.
Why? Entering in partials might help assuage your urge to be present in the market. In essence, you will be able to trade more because you entered in partials (not recommending it but everyone needs to start somewhere). Secondly, you become fearful when you are in profit. When you are right and price moves in your direction and you can add more partials, you will start seeing your wins increase hugely.

At least for me, it’s kinda like a high. Dopamine and Serotonin running through my brain, looking to add more positions as price moves in your intended direction. This eliminates fear completely. It’s literally addicting.

[maplegum]

Today's trading:
Enjoyed finishing trading within 2 hours instead of the usual marathon all day event!
Still feeling stressed when I take a loss - I know intellectually its ok and has to happen but somewhere deep down I start to freak out and want to change strategy ...

Anyway stuck to rules (mostly). Doubled up on 3rd trade and accepted 5 instead of 10 to try and make back the 1st trade. not sure if this is ok longer term or a terrible idea in future..

Feel good about ending day in positive. Would be up £0.58 / 10 pips for day but after commissions for those trades its only £0.28 but still up!

Trying to stay the course although head is saying just find that perfect strategy/ better money management system.

Acc = £93.30

[maplegum]

Also later on in the day I practiced some trading on demo and used the Einstein indicator and managed to end positive after 3 trades. Feeling unsure when to take profit at times as price often "stalls" or even reverses a few pips ...

The circle is where I started and the Einstein Indi opened. I used 7 pips for the lines, therefore 7pips for the stop loss and was hoping for 6/7pips TP.

[maplegum]

Hi Bambinoflex,
thanks for adding some more to the explanation. That does make a lot of sense.
Are there any good posts/videos about implementing this idea at all? I'll have a search around kreslik and see what I can find

[IgazI]

Also later on in the day I practiced some trading on demo and used the Einstein indicator and managed to end positive after 3 trades. Feeling unsure when to take profit at times as price often "stalls" or even reverses a few pips ...

The circle is where I started and the Einstein Indi opened. I used 7 pips for the lines, therefore 7pips for the stop loss and was hoping for 6/7pips TP.

Try doing what Yirbu is doing, using the fibo.

PS: I'm done with the forum for today, I forgot already.

[maplegum]

Had a shocking day. Loss after loss after loss. Completely lost the plan and things just spiralled down.
Since I decided to stop at a net loss of £4.66, I've spent the last couple of hours reflecting and thinking about how to avoid this in future.
I am going to reduce the number of trades I take even further. And 2 losses I am done for the day and will reset next day. Its a string of losses that makes me try to make it back and usually by then my mindset is of a losers and I'm making silly errors I wouldn't usually. This will eradicate all of that I hope.

Acc = £88.66

[Don_xyZ]

Decided to start my own trading journal. I've tried for months to stick to rules on my own to no avail so I'm hoping the accountability that posting my trades each day on here will help snap me into gear!

My worst mistakes I need to overcome are:
- Moving Stop Losses once set (= blown accounts and MM out of window)
- Changing strategy after a string of losses on 1
- Overtrading (sometimes 9+ hrs per day and ALWAYS results in losing day)
- Cutting winners early (due to FEAR and stress felt even trading 0.01 lots)


Anyway, thanks TRO for all your videos and posts, I have probably spent 100's of hours over the last year going through your content and it is much appreciated.

Very late but welcome!
Hoping to see your development here.
Godspeed!