JDTRADER - Forex Spreadbetting Journal

[JDTRADER]

Thursday 2nd Sept 2010

Still got 4 shorts on EUR/USD Targert 1.2665 but man was not expecting it to pop 1.2850 but holding on as I was away from my desk now locked in. I still think I'm right it will hit 1.2665.

Fundamentals does not explain the massive pop so I see a fast turn around this week.

 

[JRP2891]

Re: Thursday 2nd Sept 2010

Still got 4 shorts on EUR/USD Targert 1.2665 but man was not expecting it to pop 1.2850 but holding on as I was away from my desk now locked in. I still think I'm right it will hit 1.2665.

Fundamentals does not explain the massive pop so I see a fast turn around this week.

What prices are your shorts, and where is your stop?

 

[JDTRADER]

Re: Thursday 2nd Sept 2010

What prices are your shorts, and where is your stop?

nline2lo:whistling


Entry
1.2766 TP 1.2200
1.2734 TP 1.2665
1.2731 TP 1.2665
1.2720 TP 1.2665

Stops: er next question please

 

[JDTRADER]

Re: Thursday 2nd Sept 2010

Still got 4 shorts on EUR/USD Targert 1.2665 but man was not expecting it to pop 1.2850 but holding on as I was away from my desk now locked in. I still think I'm right it will hit 1.2665.

Fundamentals does not explain the massive pop so I see a fast turn around this week.

Well the worst is over as I can see the NFP pushing Euro to my targets

In to Day 2 with these positions

Back on Friday 6am

 

[JDTRADER]

Friday 3rd Sept 2010

DAY 2 of my EUR/USD Shorts

13.30 UK time Non Farm Payrolls will move the market.

 

[JDTRADER]

http://www.youtube.com/watch?v=ktKNEGSqLB4

 

[JRP2891]

Re: Thursday 2nd Sept 2010

nline2lo:whistling


Entry
1.2766 TP 1.2200
1.2734 TP 1.2665
1.2731 TP 1.2665
1.2720 TP 1.2665

Stops: er next question please

Seems like you don't want to take a loss on this one, not a great average is it. Do you think you'd trade the same if this was a £10k account before NFP?

 

[JDTRADER]

Re: Thursday 2nd Sept 2010

Seems like you don't want to take a loss on this one, not a great average is it. Do you think you'd trade the same if this was a £10k account before NFP?

Not that I don't want to take a loss, no one likes that but the fact the outlook is still bearish on EUR/USD.
I don't see a pop above 1.2900 and with all the Euro problems the corrective slip will return.
And yes with a small balance I have taken a gamble and no with 10k I would of cut. Yes lesson learned but think I'm still on the right side medium term

 

[JRP2891]

Re: Thursday 2nd Sept 2010

Not that I don't want to take a loss, no one likes that but the fact the outlook is still bearish on EUR/USD.
I don't see a pop above 1.2900 and with all the Euro problems the corrective slip will return.
And yes with a small balance I have taken a gamble and no with 10k I would of cut. Yes lesson learned but think I'm still on the right side medium term

The Eur could go to 1.32 and still be bearish medium/long term, where do you draw the line? Remember price will lead any news you hear, could this be the start of a more sustained move up? There's always a danger of getting married to positions which it feels like you're doing here.

I admire your positivity, however you need to trade now like you have a £10/20k account, otherwise you're just reinforcing bad behaviour if you get out of this one scot-free.

 

[JDTRADER]

Yes I take on board your comments and your are right. But I will let these positions run and then go over my trading plan to see why I did not cut.

 

[JRP2891]

Good luck anyway.

 

[JDTRADER]

Just to add I did not trade then hope all that has happened has been in my plan for this trade. Although as it hit 1.2850 I did think oh dear. I thought a small pop this week and not such a big jump. All my research and charts told me short for the medium term. With this low balance at 1.2860 I decided to hold on but maybe that was the point to cut. I guess NFP will determine if I was right or wrong

 

[JDTRADER]

Good luck anyway.

Thanks ! See ya at 13:30 lol

 

[JDTRADER]

Non farm payroll

Well at this point I'm right no pop above 1.2900 with no clear direction.

So maybe not today which means I will have to hold over the weekend, (I'm not a big fan of that) but from Monday a slow drop down again I think.

No more for me to do so have a good weekend and see you all Monday.

 

[JRP2891]

Re: Non farm payroll

Well at this point I'm right no pop above 1.2900 with no clear direction.

So maybe not today which means I will have to hold over the weekend, (I'm not a big fan of that) but from Monday a slow drop down again I think.

No more for me to do so have a good weekend and see you all Monday.

I'd focus less on being right, and more on reacting to what the market is actually doing. I think you need to set in stone some risk management rules, e.g - pre-determined stop loss before entering a trade. The fact you don't want to set stops tells me you don't want to take losses. Just observations, you may disagree, you probably will lol.

 

[JDTRADER]

Re: Non farm payroll

I'd focus less on being right, and more on reacting to what the market is actually doing. I think you need to set in stone some risk management rules, e.g - pre-determined stop loss before entering a trade. The fact you don't want to set stops tells me you don't want to take losses. Just observations, you may disagree, you probably will lol.

I do set stop losses which can be seen on myfxbook link below but I made the sin of thinking I was right and the market was wrong so I made the error of moving stops.

YES I KNOW, NEVER MOVE STOPS

Hey I'm not a pro I'm still a novice and I had an error of judgement, should of cut at 1.2780 but now so far in I'll take the hit or it will come back to profit.
This will be a big lesson for me and over the weekend I will go over my trading journal.

I always enter with stop, take profit targets but hey I'm human and moved stop so just another lesson learned in trading.

Appreciate the comments as it does make me look at my trading.

 

[JDTRADER]

£3 away from a margin call

Great last week and this week I made a very poor judgement !

 

[JDTRADER]

Originally Posted by wallstreetwarrior87
Todays trend tends to be journals of wannabe traders who dont like to lose and take quick profits. They last for a few months then wipe out when the big move comes. Then someone else comes along and does exactly the same thing and the circle continues.

 

[bangkoker]

Having recently spent sometime reading Mark Douglas book on trading psychology I think there is an awful lot to be said for happily taking a small loss. The quicker you can get to grips with having a stop and take profit to aim for the better. Obviously with a methology of say being 60% correct but having bigger wins, you can be happy placing your order and if stopped out, not care you were wrong as overall you know you can not predict the market. An edge is an edge, with an edge and good money management, then anything is possible.

The book has really made me think about some things and think it is liberating to learn to be happy to take losses.

Good luck:clover:

 

[JDTRADER]

http://www.youtube.com/watch?v=eVB-SSkkLnY