Quote from wallstreetwarrior87 If you learn from the journal, great, keep going and I sincerely wish you all the best. But most journals keep going until the aspiring trader blows up, or gives up because they are so stubborn and dont learn from the journal and the mistakes that are being made on a daily basis.
On a serious note, not taking losses in the manner of the mentioned journals always leads to disaster. This is something we can all avoid but seldom do because of the need to be right.
On a serious note, not taking losses in the manner of the mentioned journals always leads to disaster. This is something we can all avoid but seldom do because of the need to be right.
Eur/usd - margin call & why
Wednesday 1st Sept 2010
Pre market thoughts
EUR/USD
On a rebound R1.2734 then 1.2770, S1.2663 & 1.2635
(Error 1) I recognised this pair was rebounding but did not act on this.
Open £59.14
Started off ok up to £60.92
Then the road to hell:
http://www.youtube.com/watch?v=1EBw_da7BZk
08.58 SELL @1.2720 Got in to early on a false signal from MACD.
09.01 SELL @1.2734 its at my R line, MACD showing divergance but volume not dropped (Error 2)
09.04 SELL @1.2731 yep I'm thinking I got this right and changed take profit to 1.2665 just above support line.
But continues to go up now I move stops to above my next R line (Error 3) 1.2775
10.01 MACD shows a turn around coming and volume drops its just below my R line
10.01 SELL @1.2766
It starts to go up, the first three positions I move stops to match my 4th position stop at 1.2786 as it climbs further I move stops to 1.2900. Now I know why I moved stop so wide.
I had already calculated my profit to put the account to £75+ (Error 4) so I transferred £25 to my Oanda account as I posted that I would top up account to £100. I'm thinking start off next week with £100+ balance.
14.00-15.00 it tops off at 1.2850 and over the rest of the day drops back to 1.2793. at this point I should of CUT rather than hold into the next day.
Thursday 2nd
I get past the Euro news and thinking the Non Farm Payroll will push my shorts back to black. But hold on I'm still learning the Fundamentals of Forex who am I kidding I don't know this for sure. Its my emotions telling me hold on, I should of CUT. At one point I see my account -10.00 and think its only a tenner CUT and move on to the next day but no held on thinking of the profit and my deposit to £100 (Error 5)
Friday 3rd - MARGIN CALL DAY
http://www.youtube.com/watch?v=xiNQSbcOYNQ
13.30 NFP comes in it spikes up and sipkes down and then goes further down and I feel yep its on its way but no it turns and over the day goes up up up to hit my account on a Margin Call at 1.2899
Wednesday 1st Sept 2010
Pre market thoughts
EUR/USD
On a rebound R1.2734 then 1.2770, S1.2663 & 1.2635
(Error 1) I recognised this pair was rebounding but did not act on this.
Open £59.14
Started off ok up to £60.92
Then the road to hell:
http://www.youtube.com/watch?v=1EBw_da7BZk
08.58 SELL @1.2720 Got in to early on a false signal from MACD.
09.01 SELL @1.2734 its at my R line, MACD showing divergance but volume not dropped (Error 2)
09.04 SELL @1.2731 yep I'm thinking I got this right and changed take profit to 1.2665 just above support line.
But continues to go up now I move stops to above my next R line (Error 3) 1.2775
10.01 MACD shows a turn around coming and volume drops its just below my R line
10.01 SELL @1.2766
It starts to go up, the first three positions I move stops to match my 4th position stop at 1.2786 as it climbs further I move stops to 1.2900. Now I know why I moved stop so wide.
I had already calculated my profit to put the account to £75+ (Error 4) so I transferred £25 to my Oanda account as I posted that I would top up account to £100. I'm thinking start off next week with £100+ balance.
14.00-15.00 it tops off at 1.2850 and over the rest of the day drops back to 1.2793. at this point I should of CUT rather than hold into the next day.
Thursday 2nd
I get past the Euro news and thinking the Non Farm Payroll will push my shorts back to black. But hold on I'm still learning the Fundamentals of Forex who am I kidding I don't know this for sure. Its my emotions telling me hold on, I should of CUT. At one point I see my account -10.00 and think its only a tenner CUT and move on to the next day but no held on thinking of the profit and my deposit to £100 (Error 5)
Friday 3rd - MARGIN CALL DAY
http://www.youtube.com/watch?v=xiNQSbcOYNQ
13.30 NFP comes in it spikes up and sipkes down and then goes further down and I feel yep its on its way but no it turns and over the day goes up up up to hit my account on a Margin Call at 1.2899
GREED + EMOTION + EMBARRASSMENT = MARGIN CALL
The Road Ahead
http://www.youtube.com/watch?v=WlBiLNN1NhQ
Account from £60.92 to 26.80
Monday or Tuesday my deposit of £25.00 will hit the account, bringing balance to £51.80
I was doing well until I moved stops and did not cut so I now I'll make sure I trade correctly from now on with no emotions, call me Spock lol
I won't trade Monday plus I may go back to Smart Live Markets as they have extended there offer to cover losses up to £300 for every T2W member.
Think I will redeposit on SLM and trade there over September, profit or loss I'm covered.
Oanda - the plan now is to trade the account to £320 then withdraw £160. This will recoup all my deposits to this account then I will only be trading with winning money.
So what am I changing to move on:
Only two open trades at any one time
Stop loss 2% of account balance
Use protective stops
Take Profit Targets 50 pips
Ok took it on the chin, seen where and why I got it wrong. Time to move on..........
http://www.youtube.com/watch?v=WlBiLNN1NhQ
Account from £60.92 to 26.80
Monday or Tuesday my deposit of £25.00 will hit the account, bringing balance to £51.80
I was doing well until I moved stops and did not cut so I now I'll make sure I trade correctly from now on with no emotions, call me Spock lol
I won't trade Monday plus I may go back to Smart Live Markets as they have extended there offer to cover losses up to £300 for every T2W member.
Think I will redeposit on SLM and trade there over September, profit or loss I'm covered.
Oanda - the plan now is to trade the account to £320 then withdraw £160. This will recoup all my deposits to this account then I will only be trading with winning money.
So what am I changing to move on:
Only two open trades at any one time
Stop loss 2% of account balance
Use protective stops
Take Profit Targets 50 pips
Ok took it on the chin, seen where and why I got it wrong. Time to move on..........
Sorry on Oanda not able and to do a screen shot needs a photo package which I have not got on this computer.
If you read my report you'll see where I had my Support & Resistance set at.
Short Euro ? read this http://www.dailyfx.com/forex/fundamental/forecast/weekly/eur/2010/09/03/TOF_903_eur.html
Re: My 2 year old trading !
Closed it out for a loss
Deposit has hit my account, balance now £49.91
Back on the desk 6am in the morning.
Closed it out for a loss
Deposit has hit my account, balance now £49.91
Back on the desk 6am in the morning.
Have you kept a running total of how much it's costing you to trade, ie per trade?
The cost of business is often the deciding factor as to whether a trader makes or loses. Most don't think this way and believe it's all about buying/selling at the best locations, of course that always helps
Short term scalping is generally a slow way to the poor house.............
The cost of business is often the deciding factor as to whether a trader makes or loses. Most don't think this way and believe it's all about buying/selling at the best locations, of course that always helps
Short term scalping is generally a slow way to the poor house.............
Have you kept a running total of how much it's costing you to trade, ie per trade?
The cost of business is often the deciding factor as to whether a trader makes or loses. Most don't think this way and believe it's all about buying/selling at the best locations, of course that always helps
Short term scalping is generally a slow way to the poor house.............
I'm coming back from a big pip loss of 639.5 so scalp or no scalp +pips are +pips in my book.
Trading on Oanda where the spread is 0.9 so yes I'm keeping track of the costs. Starting on a low balance and today opened with £49.91 +52.3 pips now £52.30 so just over 4p per pip.
Click the link below to myfxbook and you'll see I use protective stops so a lot of trades scalp but the target is always at the start 50+ pips.
I'm not here to preach or show look at me, I'm a novice and trying to show to myself I can do this and make a profit . I always take on board comments and appreciate other traders views
As per the poll;
Hopefully not Boom & Bust
Hope to be a Day Trader and not a dreamer
And just maybe in years to come a Millionaire lol :-0
Re: Tuesday 7th Sept 2010
FXstreetNews
#Forex: $EURUSD finds support at 1.2735 http://bit.ly/bnTvjP
Yeah Baby !
FXstreetNews
#Forex: $EURUSD finds support at 1.2735 http://bit.ly/bnTvjP
Yeah Baby !
advfntrader
Established member
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how can you be 639 pips down in a few days ! - what were you risking ?
