My journey to long term consistency

This is a discussion on My journey to long term consistency within the Trading Journals forums, part of the Reception category; Real Account I opened 3 other long positions of which 2 got stopped out already 2 days ago. The Ca ...

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Old Oct 9, 2015, 8:11am   #33
Joined Aug 2015
DrSafari started this thread Real Account
I opened 3 other long positions of which 2 got stopped out already 2 days ago. The Ca trade was legitimate but was just a losing trade. However, I entered Me again also. It was a mistake. I was trying to look for a good entry point but it kind of screwed me over. It was rallying up so I thought let's have some patience and enter when it goes down a bit. Except it didn't go down. It kept going up. And each time it went higher and higher I resisted the temptation to enter the trade. I kept my descipline until the 4th time I had the urge to enter it and then I actually entered the trade. Of course it was on the high point, figures lol, but serves me right. It really is your emotions what makes the difference in the market. Either I should have entered it immediately or not at all.

Also the minimum amount to buy was rather a lot so my stop loss was probably a bit too tight for the volatility but didn't want to risk too much either. Everything about that trade screams extremely bad trade and the worst thing is that I knew it. I told myself that I shouldn't entere because it's a bad trade a couple of times and then I did it anyway. Well I can only learn from it. I should be happy to learn these lessons now that i'm trading with a small amount rather than my full capital.

Anyway the result of that bad trade was € -87,50 rendering me break even if I count my winning trades and the uninevitable (but not necessarily bad) losing trades of this month.

The one other trade I reopened (Ko) is still in the running making a modest profit. One other position out of my 4 earlier mentioned candidates is Kon that one is still in the running from the beginning. I didn't talk about that one yet but it's also making a modest profit.

On to the technicals I guess. I will post charts of the Ca trade and maybe the very bad Me trade just for fun

As I'm in the process of posting the technicals the market has opened and both my positions are making more profit.

Positions still open:
Long Ko
Amount: 100 shares

Opening rate: 37,11
Opening time: 7/10/2015 9:10:03 AM
Stop loss: 37,14 (re-adjusted twice already)
Amount risked: initially around €80

Current rate: 37.98
Current Net P/L: € +88,88


Long Kon
Amount: 50 shares

Opening rate: 23,78
Opening time: 6/10/2015 10:36:43 AM
Stop loss: 24,18 (re-adjusted twice as well)
Amount risked: initially around €30

Current rate: 24,76
Current Net P/L: € +47,98



Positions closed
Reason = stop loss got hit
Long Me (the bad trade)
Amount: 250 shares

Opening rate: 21,71
Opening time:7/10/2015 11:49:28 AM
Stop loss: near the closing rate of course
Amount risked: near € 87,50

Close rate: 21,36
Close time:7/10/2015 5:07:11 PM
Net P/L: € -87,50

Short term 15 minute chart, green line is where i entered, red is where I exited:
me_long.jpg

Long term hourly chart:
As you can see, my trade idea was correct but I put a too narrow stop loss because I took too large of a position (couldn't go smaller). If deciding to enter the trade anyway I should have entered where i now exited, afterwards it went back up nicely. I could have made nice profits with this one, but alas
me_long_hourly.jpg


Long Ca
Reason closure = stop loss got hit
Amount: 100 shares

Opening rate: 28,04
Opening time: 7/10/2015 10:01:53 AM
Stop loss: near the closing rate of course
Amount risked: near € 41,80

Close rate: 27,63
Close time: 8/10/2015 11:02:37 AM
Net P/L: € -41,80

Last edited by DrSafari; Oct 9, 2015 at 12:39pm.
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Old Oct 12, 2015, 12:09pm   #34
Joined Aug 2015
DrSafari started this thread Real Account
My two open positions are now closed as well. One hit the stop loss and the other one I closed myself on friday as my soft target was reached and didn't want to hold it over the weekend.

Long Ko
Amount: 100 shares
Reason of closure: stop loss got hit

Opening rate: 37,11
Opening time: 7/10/2015 9:10:03 AM
Stop loss: 37,56 (trailing)
Amount risked: initially around €80

Close rate: 37.56
Close time: 9/10/2015 11:46:21 AM
Net P/L: € +42,88


Long Kon
Amount: 50 shares
Reason of closure: profit target reached and didn't want to hold over weekend

Opening rate: 23,78
Opening time: 6/10/2015 10:36:43 AM
Stop loss: trailing
Amount risked: initially around €30

Close rate: 25,00
Close time: 9/10/2015 2:50:17 PM
Net P/L: € +59,98

Currently not holding any positions anymore.
Current equity: € 4.650,95
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Old Oct 12, 2015, 12:48pm   #35
Joined Jan 2006
Nice to see that you continue updating here, and that you are keeping good records. I believe this shifts the odds of becoming a successful trader in your favor.

Keep up the good work!
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Thanks! The following members like this post: DrSafari
Old Oct 13, 2015, 4:23pm   #36
Joined Aug 2015
DrSafari started this thread
Quote:
Originally Posted by options-george View Post
Nice to see that you continue updating here, and that you are keeping good records. I believe this shifts the odds of becoming a successful trader in your favor.

Keep up the good work!
I believe so too, thanks
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Old Oct 15, 2015, 2:43pm   #37
Joined Aug 2015
DrSafari started this thread Demo account
Consistently losing money with my new trading system. I am executing very mechanically and not looking at anything else than the indicators. I'm not going to dismiss it entirely but I'm going to look for cleaner charts when I'm choosing trading candidates, a bit of a hybrid between my real account system and the one I'm testing. I'll probably start with it next week.

I also tested Mr Charts day trading rising/falling candles system two times. Once it worked really well and the other time it didn't. However doing this I learned something really important. The spread of my broker is WAY to high to use this kind of technique. If I ever want to use this system for real I have to use a different broker. I guess to test it properly this counts as well. I have a gut feeling the system could work well and it suits my style too. The fact that you never hold anything overnight also appeals to me. And, there is a common theme with the system I'm currently using for real money.

As I'm writing this I'm in the process of the administration of registering with a different broker. I guess I'll have to withdraw my equity from plus500 and wire it to my future account. The only problem with that is that my loss of around €4400 becomes real then and that it stings to walk away from them with a loss letting them have made easy money from me. Then again, I'm sure that I will make it back sooner or later and I realise this is only my ego speaking so logically there is no reason not to do it. Emotions are the enemy so once everything is set up and I've gotten used to the new platform I surely will transfer my funds.

Real account

Short Mel
Amount: 1000 shares
Reason of closure: stop loss got hit, stop loss levels were at +€5 at the time but due to slippage I ended up in the negatives a bit.

Opening rate: 267,96
Opening time:13/10/2015 10:39:34 AM
Stop loss: near close rate after adapting
Amount risked: initially around €30

Close rate: 268,19
Close time: 15/10/2015 9:09:04 AM
Net P/L: € -2,38

Not a bad trade in my opinion but i highered my stop loss after it was making nice profits of around €30 to reduce risks. Not much after market opened today the stock gapped and went beyond the stop loss which caused me to lose a small amount of money.
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Old Oct 19, 2015, 12:43am   #38
Joined Jul 2015
Quote:
Originally Posted by DrSafari View Post

I also tested Mr Charts day trading rising/falling candles system two times. Once it worked really well and the other time it didn't. However doing this I learned something really important. The spread of my broker is WAY to high to use this kind of technique. If I ever want to use this system for real I have to use a different broker. I guess to test it properly this counts as well. I have a gut feeling the system could work well and it suits my style too. The fact that you never hold anything overnight also appeals to me. And, there is a common theme with the system I'm currently using for real money.
I look forward to any further comment you have on this system as I am actually taking a bit of a hiatus from my trading/system development to test this out myself. For me though, I am going to spend some time automating it since manual trading this way will not be practical for me. I have come to the realization that an automatic system is probably the best way forward for me and this system in particular lends itself very well to that. Probably will be a month before I have time to get it coded and start testing it out myself so any insight you provide on it will be very useful to me.
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Old Oct 21, 2015, 12:21pm   #39
Joined Aug 2015
DrSafari started this thread
Quote:
Originally Posted by Dr. Toad View Post
I look forward to any further comment you have on this system as I am actually taking a bit of a hiatus from my trading/system development to test this out myself. For me though, I am going to spend some time automating it since manual trading this way will not be practical for me. I have come to the realization that an automatic system is probably the best way forward for me and this system in particular lends itself very well to that. Probably will be a month before I have time to get it coded and start testing it out myself so any insight you provide on it will be very useful to me.
It will probably have to wait until I've got my other broker set up, but i'm in the process of doing that. To be continued
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Old Oct 21, 2015, 1:03pm   #40
Joined Aug 2015
DrSafari started this thread Real Account
Internet at work was down so couldn't trade european stocks this week. But before that there was still one trade I haven't documented yet.

Short We
Amount: 100 shares
Reason of closure: wanted to reel in my modest profits and didn't want to hold it over the weekend. Looking at the chart I made a good decision. Cause right after I closed my position it went up again. Of course it might just as easily have gone down but then I would have re-entered my position on monday. It didn't do that because it stagnated around the level you can see at the end of the chart... and I also didn't have internet at work

Opening rate: 1.183,83
Opening time:16/10/2015 3:27:24 PM
Amount risked: not sure anymore but looking at the technicals and the price it was probably around 30€

Close rate: 1.164,67
Close time: 16/10/2015 4:48:39 PM
Net P/L: € +26,01

Current equity: € 4.674,58

Chart is a 15 minute chart
we_short.jpg


It was also risky because it was so close to the weekend and when I was considering doing the trade I wasn't rushing in and checked all the parameters I could think of, except that it was friday lol. That was the only mistake I made.


Demo account testings are still on hold due to this week being mad busy for me.

Last edited by DrSafari; Oct 21, 2015 at 1:09pm.
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