Munchie "the noob" dude's Virgin Trading journal

This is a discussion on Munchie "the noob" dude's Virgin Trading journal within the Trading Journals forums, part of the Reception category; hi all, upon useful advice from counter_violet, i thought i'd start a thread for my trading journal here. my strategy ...

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Old Aug 14, 2011, 9:14pm   #1
Joined Feb 2007
Munchie "the noob" dude's Virgin Trading journal

hi all,

upon useful advice from counter_violet, i thought i'd start a thread for my trading journal here.

my strategy is simply to trade MACD crossover on 30 minute timeframe using MA(exponential) crossover fine tuned at the 5 min and 15 min TF. confirmation to be had with stocs.

r:r = 2:5. 10p/point.
stop loss moved to break even if 1.5R reached.(eg if stop loss 2pips, will move stop to break even if 3 pip in profit but of course thats too tight a stop, it will be more like stop loss 8pips, take profit 20 pips with stop loss moved to break even at 12pips)

instruments traded: eur/usd, ftse 100 index primarily until i get the hang of this!

not really sure what im doing here as i am a noob so i will just post my thinking,charts and entry/exits.

if there are any improvements/clarification that needs to be had above, please do let me know as i welcome constructive input and criticism as i fully appreciate that my trading "strategy" is a bit loose but i hoping experience and feedback could improve it!

obviously no trading today but tomorrow(monday i will start and post!)

thanks for reading!
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Old Aug 15, 2011, 9:57am   #2
 
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Re: Munchie "the noob" dude's Virgin Trading journal

Good luck!

If you follow your rules, one of two things will happen.

1-you'll consistently profit over the next few months/years, showing you have an edge, then you can build up size etc etc.
2-you'll b/e or lose money over the next few months/years. In which case you know you want to change something, and can do some analysis and see what needs changing, and adapt.

Either way, you need to stick to the rules for a significant amount of time.
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Old Aug 15, 2011, 10:26am   #3
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread thanks hotch, im not sure if my strategy is robust enough and i guess only time will tell, im watching the mkts live now, waiting for my set up and will announce entr, exit points as they come in!
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Old Aug 15, 2011, 10:35am   #4
 
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Re: Munchie "the noob" dude's Virgin Trading journal

Quote:
Originally Posted by munchiedude View Post
MACD crossover confirmation to be had with stocs.
this is like deja vu, but I shall re-post for you the important message i recently posted for another newbie with similar plans:



no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no

your energy and enthusiasm are admirable, but your plans sucks my friend
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Old Aug 15, 2011, 10:57am   #5
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread
Quote:
Originally Posted by rathcoole_exile View Post
this is like deja vu, but I shall re-post for you the important message i recently posted for another newbie with similar plans:



no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no

your energy and enthusiasm are admirable, but your plans sucks my friend
thanks rathbone, i didnt think that my plan was good anyhow and definitely not as robust as i think it should be. i using small funds and easily something i can afford to lose for the sake of experience and feedback. although perhaps it would be more helpful for a noob like to get an explanation as to why my plan "sucks" rather than state something that i already know? lol

any constructive criticism is welcome, as this is the whole point of this exercise..to find out why it "sucks" so i can improve :~)
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Old Aug 15, 2011, 11:04am   #6
 
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Re: Munchie "the noob" dude's Virgin Trading journal

:-)
you already KNOW why it sucks, you don't need me to tell you
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Old Aug 15, 2011, 11:16am   #7
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Re: Munchie "the noob" dude's Virgin Trading journal

Quote:
Originally Posted by munchiedude View Post
hi all,

upon useful advice from counter_violet, i thought i'd start a thread for my trading journal here.

my strategy is simply to trade MACD crossover on 30 minute timeframe using MA(exponential) crossover fine tuned at the 5 min and 15 min TF. confirmation to be had with stocs.

r:r = 2:5. 10p/point.
stop loss moved to break even if 1.5R reached.(eg if stop loss 2pips, will move stop to break even if 3 pip in profit but of course thats too tight a stop, it will be more like stop loss 8pips, take profit 20 pips with stop loss moved to break even at 12pips)

instruments traded: eur/usd, ftse 100 index primarily until i get the hang of this!

not really sure what im doing here as i am a noob so i will just post my thinking,charts and entry/exits.

if there are any improvements/clarification that needs to be had above, please do let me know as i welcome constructive input and criticism as i fully appreciate that my trading "strategy" is a bit loose but i hoping experience and feedback could improve it!

obviously no trading today but tomorrow(monday i will start and post!)

thanks for reading!
Good luck. The only way you'll find out whether something works or not, is by testing it out for yourself. Even if it's not profitable, you'll understand better what it takes to consistently execute a mechanical system. If this system doesn't perform as you'd like, then the skills you've learnt will serve you well for when you find a more robust methodology.
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Old Aug 15, 2011, 11:20am   #8
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread
Quote:
Originally Posted by rathcoole_exile View Post
:-)
you already KNOW why it sucks, you don't need me to tell you
maybe to clarify the point, i know that its not robust enough but i dont think any noobie would have a hard cast all gun blazing trading plan otherwise we wouldnt be noob.

i know that it sucks possibly, but i dont know WHY it sucks, my only general feeling is that it is not as specific as it should be.

was hoping for some feedback/advice rather than simple negative statements or comments which doesnt further my understanding.

looking forward to any constructive input, but otherwise still watching for my setups!
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Old Aug 15, 2011, 11:36am   #9
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Re: Munchie "the noob" dude's Virgin Trading journal

Quote:
Originally Posted by munchiedude View Post
any constructive criticism is welcome, as this is the whole point of this exercise..to find out why it "sucks" so i can improve :~)
Hi munchie,
I'm of the view that experience is the best teacher. So, even if r_e offers you an explanation as to why he thinks your plan 'sucks', I'd recommend paper trading it for a while anyway. Here's my reasoning. He might reply along the lines: 'you'll get whipsawed to death in rangebound markets'. You might have an intellectual understanding of what that means but, to really learn from it and adapt your strategy accordingly, you really need to experience it first hand.

It's a bit like driving, it's important to learn the Highway Code and know what all the pedals and levers in a car do - and when to use them etc. Ditto with the basics of trading. But, after that, you have to get behind the wheel and put theory into practice. And, when you do, you will make mistakes. Hopefully, the rules you've learnt will help to ensure that they are not serious ones. The same principle applies to trading. So, I recommend following through on your plan and reporting back here what your findings are. To ditch it or change it on the say so of others without trying it out first won't be especially educational for you.

One caveat: until you can prove to yourself that your plan has a positive expectancy, it might be wise to assume that it doesn't. In other words, it might be prudent to paper trade it first or, if you're really keen to put real money on the line - keep the amounts risked very small indeed - in case the losses turn out to be bigger than the profits.
Tim.
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Old Aug 15, 2011, 11:36am   #10
 
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Re: Munchie "the noob" dude's Virgin Trading journal

Quote:
Originally Posted by rathcoole_exile View Post
:-)
you already KNOW why it sucks, you don't need me to tell you
...because it's not how you trade?
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