Casual Trader's Journal

[wackypete2]

Before I left for work yesterday, I placed a limit sell at 1.2925 - just below that 1.2930 level I've been watching - I missed catching this latest plunge because my limit order was 1 lousy pip too high

Likely that wasn't bad luck. Check a few other brokers quotes around that time frame and see if they all went through your limit price by a pip or 2.

Peter

 

[RockyRacoon]

Snagged another 4% gain on yet another good guess

Only $49.05 away from tripling the account. I was hoping the latest move would have done it, but price reversed for me right at European open so I'll watch for a bit before I go back to bed.

 

[herronryan]

yea my sell order is still on. i am hoping that support will break down.dud i cant wait till you 10 fold your account!!!

 

[RockyRacoon]

I agree that 1.2790 support area is due to crack already, but now 1.28150 area is a new short term support.

 

[advfntrader]

hi Rocky, you are doing very well so far ! do you take trades based on hourly for trigger ?

 

[RockyRacoon]

Thanks advfntrader,

My signals are based on price action and multiple time frames combined with pivot levels and daily, weekly etc pivots and moving averages...........then I just guess which way to trade lol ....kidding.

I miss way more profitable trades than I can count with this methodology, but, well, look at my account lol - - it's been working for me.
Plus I'm either sleeping or working when I miss the really sweet moves........I've yet to determine if that's a good or bad thing for me lol.

I always start at the monthly chart and work my way down to see what I think are going to be important levels for me to watch............see the chart I attached - many of those green lines I put on there weeks or months ago. That chart is a 4 hr chart just to show all the lines, I changed it back to 15 min as my primary trading time frame chart.

I just noticed - looks like a bonified H&S on that 4 hr chart.

 

[RockyRacoon]

Made another $5.50 and that's my last trade of the week.

Happy trades to all!

 

[Chartsy]

 

[bangkoker]

Good work Rocky:clap:

 

[RockyRacoon]

Thanks you guys!

Grabbed another +3% and have now officially tripled this account in just about 10 weeks! :clap::clap:

 

[RockyRacoon]

Up a total of 8% for this session. Not too crazy about the moves this morning so I'm happy to be done with it for now.

I don't see much to stop us from falling more and considered holding this last position down to the 1.263 - 1.264 area, but I'm not changing what's been working.

 

[Shikamaroo]

u sure u're a casual trader? lol
good job, keep it up mr. Account trippler
party time!

 

[Chartsy]

good stuff!

 

[herronryan]

hey there great job! dude i am in amazement everyday with your account! keep on a rollin and soon, you will wipe your tears with $100 bills like on dumb and dumber! ha!

 

[advfntrader]

Rocky, how much are you risking per trade ? It seems you are scaling into winners, right ?

 

[RockyRacoon]

u sure u're a casual trader? lol
good job, keep it up mr. Account trippler
party time!

LOL, I really am only a casual trader ~ most of the time anyway. In between working and sleeping and doing other stuff, I trade when I see a setup I think I can make a few bucks at.

In my past, I used to lose my ass thinking I needed to be in the market every moment - HA! That did not work for me at all - - - damn shame it took some 10 years to figure that out lol.

A really great friend of mine suggested I go for 1% per day profit - and I laughed at first.......now we are both smiling

 

[RockyRacoon]

hey there great job! dude i am in amazement everyday with your account! keep on a rollin and soon, you will wipe your tears with $100 bills like on dumb and dumber! ha!

Thanks man!

 

[RockyRacoon]

Rocky, how much are you risking per trade ? It seems you are scaling into winners, right ?

I risk about $100 per trade - give or take $50 depending on price action......I will bail at a $1 gain / loss if things don't move as I wanted when I entered the trade.

Next understand that with VERY FEW exceptions, I do not use price action, MAs, Pivots etc etc the way popular trader mentality thinks they should be used or otherwise typically attempts to use them.

The short answer to your question is yes, the long answer is no. I will scale into a position that is initially a loser because I entered the trade early, but I initially and intentionally plan for exactly that - 3 months ago, I tried to explain my methodology here: http://tinyurl.com/38lnsqp - scroll down to the last post (#72)

For my own sake, I will repost what I wrote in the above link:
**********************
**********************
Averaging or scaling into a position is a strategy in trading that when done properly, is very powerful and can exponentially increase your profits, it can also keep you out of losing trades - or when improperly applied can hand you your head on a tin platter like it did to me for a long time!

It’s all about risk management, so with that in mind, I will outline only one method of how to properly scale into and / or out of a trade.

1st: I am speaking about a day trade, not a swing or any other type of trade, tho I suppose the same methods can apply.

2nd: You need an account size that will allow you to scale into a trade and possibly take a “little heat” for a bit.

3rd: Do not attempt this method if you are trading Counter Trend or a non trending market or you WILL get killed! You only trade this method in the direction of the trend – that means WAIT FOR A PULL BACK to an established support or resistance area.

4th: Start your first position small, very small. Remember that this is a strategy where you are confident that you are on the right side of the trade – and reasonably close to the best possible entry – but you are admitting that you just may not have the best entry. Rather than miss the trade completely should it move immediately your way, you choose to open ONLY A SMALL POSITION initially, then scale in at better prices should price go against your initial entry. Remember that you took the trade on a pullback because you expected for the trend to resume and were willing to accept only a small profit.

It is a strategy, much like any strategy that one needs to practice imo.

Of course, if you’re able to consistently enter at the best possible locations, then jump right in there with a full position and exit with a profit – or stop out with a loss - by all means do not scale in.

 

[RockyRacoon]

Close enough to say ~ made another 2% profit!

That 1.263 - 1.264 area looks to be an area of resistance now - another great move that I missed completely!:|

 

[RockyRacoon]

Was down about $70 but ending this session before the jobs report down $50.

Ehh, win some lose some.