My Journal for all to see

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Old Aug 3, 2010, 7:30pm   #1
Joined Aug 2009
My Journal for all to see

This will be used as my journal. I want to make it public so that I will check all trades to make sure there is actually a trade there instead of committing suicide from time to time. For the record, I consider myself a flippin great analyst for the longer term (weekly) however I do not hold trades that long even if I may be right. I am a day trader. This journal will hopefully be a record of how I do things. If you want to comment on my trades, feel free. So here we go. made some trades yesterday and today and here are the results...
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Old Aug 3, 2010, 7:56pm   #2
Joined Aug 2009
Re: My Journal for all to see

herronryan started this thread So here are my rules... if i break them, be sure to let me know!!!
1. - Always trade in the direction of the trend unless i have a clear reason for shorting.
2. - Only add to a loser once or twice if i am still confident but have a clear stoploss.
3. - Go for 1% or so profit per trading session. for me, depending on what i will see, this will range from 20 pips to 50 pips throughout the session.
4. - If i lose 2%, then i am done for the day. period!

some of the other things i may be doing on here is backtesting and posting the results. i may write about what i may do but never actually do. y'know whatever. this is my journal so i will just jot down thoughts.

Last edited by herronryan; Aug 3, 2010 at 8:32pm.
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Old Aug 3, 2010, 11:27pm   #3
Joined May 2010
Re: My Journal for all to see

Hey bubba! Welcome aboard!

Looks like you got a great plan, now alls ya gotsta do is stick to it lol

I switched on email notifications so I can follow your trades!

Best of luck to us both!
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Old Aug 6, 2010, 9:36pm   #4
Joined Aug 2009
Re: My Journal for all to see

herronryan started this thread well i said i was gonna post whether good or bad so here goes... before i post this, i must say that i almost didnt. i was so embarrassed. however i need to be true to myself and maybe if i post this, i will recieve some needed feedback on how horrible i did! ha!

anyway here is the deal, i know that the euro is in an extremely strong uptrend right now but i was short on the basis that it broke down out of a 2 day range. the daily stochastic was coming down from oversold. everything was pointing down... for the short term. then things changed but i didnt. i held and held and held till i was at the puke point.

i guess the lesson i learned today was this... if you are wrong, get out! trade what you see-not what you hope. at first i was confident that the longer term trend line was gonna be broken but after watching the market for a while, more and more clues said it wasnt.

i even had the chance to get out at breakeven like 3 times! did i take it? noooo. why? because every time i was in profit a few pips, i always thought, " this is it! here there she blows!"

but i was wrong. dead wrong. here is the chart.
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Old Aug 7, 2010, 1:21am   #5
Joined May 2010
Re: My Journal for all to see

Well thanks for posting that! You are, afterall, human. Be glad it wasn't much worse!

You can make that 8% back in a few weeks - don't try to get it back in one trade is my opinion, that usually only loses more!
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Old Aug 7, 2010, 1:59am   #6
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Re: My Journal for all to see

Quote:
Originally Posted by herronryan View Post
well i said i was gonna post whether good or bad so here goes... before i post this, i must say that i almost didnt. i was so embarrassed. however i need to be true to myself and maybe if i post this, i will recieve some needed feedback on how horrible i did! ha!

anyway here is the deal, i know that the euro is in an extremely strong uptrend right now but i was short on the basis that it broke down out of a 2 day range. the daily stochastic was coming down from oversold. everything was pointing down... for the short term. then things changed but i didnt. i held and held and held till i was at the puke point.

i guess the lesson i learned today was this... if you are wrong, get out! trade what you see-not what you hope. at first i was confident that the longer term trend line was gonna be broken but after watching the market for a while, more and more clues said it wasnt.

i even had the chance to get out at breakeven like 3 times! did i take it? noooo. why? because every time i was in profit a few pips, i always thought, " this is it! here there she blows!"

but i was wrong. dead wrong. here is the chart.
That is such a hard emotion to master. I've also had similar experiences where I've been counter trend trading and in my mindset I knew I was pushing my luck and on several occassions a small profit was available but then greed steps in and you hold it. Sooner or later the trend resumes and you get spanked!

Discipline is the number 1 element to being a successful trader imo.
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Old Aug 7, 2010, 9:51am   #7
 
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Re: My Journal for all to see

Did you not say yourself you did not want to be trading against the trend.

When you went into your losing trade did you have a point in mind where you thought you would be wrong and get out? Did you have a protective stock further away from the market in case it charged off against you?

I will read this with interest as I am starting a trading journal to keep myself true as well.

I know you've mentioned being longer term but as it appeared to bimble along with out falling away for presumably quite sometime did your rationale for going short remain? Just quite often if I am in a trade and it is not doing anything I would generally look to get out and wait for a better spot.

Good luck and will keep reading
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Old Aug 7, 2010, 11:27pm   #8
Joined Aug 2009
Re: My Journal for all to see

herronryan started this thread actually bangkoker, i broke my rules and that is why i lost. i lost my head and it was a terrible mistake. i understand this now. actually i understood it the second i closed my trade. this weekend, i had a 3 hour phone call to my mentor who showed me a thing or two. the biggest thing he said was this...

"ONLY take the highest probability trades."

i love the feedback because it smacks me right in the face and makes me realize that if i have a public journal, i may hesitate to take just any trade just to be trading.

and when you said this... "I know you've mentioned being longer term but as it appeared to bimble along with out falling away for presumably quite sometime did your rationale for going short remain? " ... here is my response. my rationale for still remaining short totally died but i was in too deep so i was praying to the trading god. and i know that praying to the trading god is a sign to get out.

i lost my head on this one. we will see how it goes this week. i have already did my analysis and discipline is key. thanks for the feedback.

mr Dubai- yes i agree discipline is the thing we all need to master!
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