3 Ducks Demo journal

.Hi Msetai.The trade is now - 38 pips 1.30582.I am using a mental stop of about 120 pips due to the fact that I think that the Euro is fundamentally weak against the USD.

I have a floating profit target of about 30 - 50 pips.

I appreciate that from a traditional perspective this R.R. is manifestly wrong - all I can say is that it seems to work for me.

I like to keep my stops and profit targets fluid.[and view them against broader macro economic news for each individual currency in any given pair] and think of my trades as part of a 'portfolio' of trades which range from short to long term.
 
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Message to self : take a couple of days breather from trading or else you will fall prey to the dangers of 'over trading' and feel overly confident.

Spend the time reviewing your trades and concentrating on quality set ups. :rolleyes:
 
spreadbettingnurd said:
:clover: Sold GBP/AUD @ 1.43970

RR 1:1
Click to expand...

A well deserved loss - as has been kindly pointed out to me I sold into a long held Support line and boy did I get what I deserved :eek:

- 50 pips .

Agg profit -477 pts.

Note to self, keep away from this pair - the spread is too large.
 
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spreadbettingnurd said:
Buy of USD/JPY @ 96.473.

Floating Stop/Profit Target about 150 pips on each.:clover:
Click to expand...

I would of thought looking at the weak movement that putting a buy at the high on the 1hr ( about 96.706) chart might of been more prudent. Still 3 ducks but wider picture used to see if the highs can be broken
Just a thought from a fellow newbie.

Stefitch
 
stefitch said:
I would of thought looking at the weak movement that putting a buy at the high on the 1hr ( about 96.706) chart might of been more prudent. Still 3 ducks but wider picture used to see if the highs can be broken
Just a thought from a fellow newbie.

Stefitch
Click to expand...

Very fair point and I thank youfor it Stefitch.
 
Just wanted to say that i'm loving the journal.(y) It's inspiring me to get back on focus with the three ducks and try and achieve my dream of trading for a living
 
stefitch thanks so much for the positive comment.Good luck with your dream of trading for a living.Please feel free to post your trades on this journal or to comment on my trades should you wish - The Three Ducks live in a large pond. :)
 
I currently have a BUY order on the EUR/USD @ 1.29080 SP1.29763 and TP of 1.30029 hoping to catch a few pips whilst i'm asleep. If the EUR/USD drops over night i've picked a previous support as entry of the 1hr chart.
This is still on my demo account as well.
 
stefitch said:
I currently have a BUY order on the EUR/USD @ 1.29080 SP1.29763 and TP of 1.30029 hoping to catch a few pips whilst i'm asleep. If the EUR/USD drops over night i've picked a previous support as entry of the 1hr chart.
This is still on my demo account as well.
Click to expand...

Hope you wake up to a pleasant trade and result (y)
 
Fingers crossed. I'm trying to develop it as set and forget so being asleep should help curb the emotion and give the system chance to prove its validity.
 
stefitch said:
Fingers crossed. I'm trying to develop it as set and forget so being asleep should help curb the emotion and give the system chance to prove its validity.
Click to expand...
A good idea .I personally find that a negative mindset -almost an expectation that I will lose is one of my greatest dangers.

I find that a mechanical system ,such as the Three Ducks helps to reduce an overly emotional reaction to trading.
 
exactly. time and again i enter a trade, see it reverse, panic and close out early only to see it do exactly what the ducks predicted.
 
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