AndreasF wrote:So basically the 1st day with 3-6-20 worked out fine.
I hardly can wait to see MO in action on M1
Uh, Not hardly,
A 60% DECREASE in account is Good?
I was feeling some major anguish, despair, and even some feelings of quiting all together.....
In total disbelief that I would again compromise my capital as I did considering the solid plan of attack.
But, The last few trades showed a little light during London.
The drive home from work and sitting for an hr. in the parking lot at Autozone I learned something about myself and stops.
An arbitrary stop will not cut it.
I've got to go totally on price action. If I wait for 8-10-12 or whatever I focus on the LARGE loss and not what is going on in the market.
I'm either right/wrong almost Immediately. I must trade accordingly.
If not I will anchor in. Add, Hope, ect.
Then lose it.
I know this will work, after taking 3ish, then 6ish, I'm able to really settle down and watch. I still didnt' let it run as I'd liked but getting mid teens to 20's on a few trades would NEVER have happened if I did not have the cushion to let it do it's thing. I'm still inclined to close the third at B/E if need be.
I realized what was going on inside me during the last couple trades this morning NY session...........I would have normally bailed on losers for -1 to -3 pips and not been affected. After knowing I should have and then letting it go 8-10 I couldn't let go.
THE STOP HAS TO BE PREDEFINED ON EACH TRADE DEPENDING ON WHERE I WILL BE PROVEN WRONG OR IF I SEE PRICE DOING SOMETHING FISHY.
It's better that then letting it run.
Here are the morning trades with the couple big losses that taught me what I'm feeling.
See how the bottom trade was good, then the 8.8 pip stop threw me for a loop. I let the next couple trades get waaaay down after going -8. I then went in at $1 and $1.60 to cover the losses. That's very dangerous as you saw last night when I was using $3 pips. While in the larger value trades things changed, I let them run a bit. After realizing what was up I took another trade and it worked out perfect.
I will fund the account with a couple hundred more and then put my 50 allowance in tomorrow to get back to $400.
Then we start. No stops, market tells me when to get out, which I will error on the tight side or if it breaks against me.
WHEW!!!
GBP/USD 1 B 1.58173 1.58368 19.5 1.95 0.00 9/28/2009 09:27 9/28/2009 09:45
GBP/USD 1 B 1.58173 1.58220 4.7 0.47 0.00 9/28/2009 09:27 9/28/2009 09:33
GBP/USD 1 B 1.58173 1.58228 5.5 0.55 0.00 9/28/2009 09:27 9/28/2009 09:31
GBP/USD 16 S 1.58481 1.58294 18.7 29.92 0.00 9/28/2009 09:03 9/28/2009 09:20
GBP/USD 3 B 1.58919 1.58477 -44.2 -13.26 0.00 9/28/2009 08:48 9/28/2009 09:03
GBP/USD 3 B 1.58731 1.58477 -25.4 -7.62 0.00 9/28/2009 08:53 9/28/2009 09:03
GBP/USD 10 B 1.58420 1.58477 5.7 5.70 0.00 9/28/2009 09:00 9/28/2009 09:03
GBP/USD 3 S 1.58671 1.58759 -8.8 -2.64 0.00 9/28/2009 08:27 9/28/2009 08:36
GBP/USD 1 S 1.58836 1.58833 0.3 0.03 0.00 9/28/2009 07:36 9/28/2009 07:53
GBP/USD 1 S 1.58836 1.58782 5.4 0.54 0.00 9/28/2009 07:36 9/28/2009 07:51
GBP/USD 1 S 1.58836 1.58802 3.4 0.34 0.00 9/28/2009 07:36 9/28/2009 07:37
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