With regard to your quote below:
I'm not going to do any running commentary about how I did this and how I did that nor will I comment on how I did what I did when I did. I’ll just put it down to being lucky, the bottom line is just that, the bottom line and that’s all that matters. I think most of us are pretty bored of hearing what’s what etc, especially when we have our own trades to concern us about. Statements speak for themselves so I have posted mine for reference.
Keeping the journal up to date as best I can but more importantly showing my hand (as best I can), see the following attached for last month’s trades – to keep in with last statement it is dated from 28th March through to and including 30th April 2013.
Total trades = 22
I am a relatively new (and spectacularly unsuccessful) trader; I've come into this primarily because I need to find a new income stream and £6k a mnth would do me very nicely, thanks very much.
However, no-one said it would be easy, despite the fact that there appear to be hundreds of opportunities to make significant dosh every day. Even more apparent is the slipperyness of the market in that, as soon as one enters a trade, the bugger runs the other way! But then I guess most people have been there at some stage.
OK, what I don't understand is the reason for your Blog and please don't take this as a criticism, but if it is is primarily to say; "look at this, I'm making piles of dough and this is my diary, suckers", than that's perfectly OK, everyone's entitled to do that when they're winning.
However, if it is also intended to inform and help newbies as well as keep in contact with your mates across the industry then it doesn't and just frustrates. (We all like to be involved when we're gaining but feel ostracised when not).
So I suppose I'm looking for advice really. I initially went on a Learn2Trade course and, whilst extremely useful, is a seriously expensive way of learning and they, as a company, are designed to leech more and more cash from their 'customers'. Regardless of the fact that I do keep records and interrogate every trade, win or lose, afterwards, I am still making poor decisions both on entry and exit (tending to be an intraday trader) and consequently losing more than I'm winning.
How do I advance my knowledge and change the shape of the graph?
(I think that anything other than 'f*uck off' would be a bonus here )
Wins = 14 @ £9,096.28 average of £649.73
Losses = 8 @ £3,559.43 average of £444.93
Biggest win = £2,231.04
Biggest loss = £824.19
Win rate = 63%
Trade ratio = 1:1.75 R/R
Monetary ratio = 2.55
Net = £5,536.85
PS: Don’t forget to take out or the black swan will fly away with it all
Unfortunately I cannot be as transparent as I would like to be so same as usual I'm afraid when it comes to screenshots - a lot of the data has been removed as certain levels may still be in play.
I've already got some trades built up and stacked for this coming month but as yet have not hit the exit areas so are still in play. NB: These could still produce a loss as most are not locked in yet for profit, although most are locked in for a small loss and/or break even.
PPS: I am expecting drawdowns in June so that will be a good month to see how losses in particular are handled. Although not yet set the drawdowns are expected to be as potentially high as £2k, this is due to the stop areas I have set for the target markets in play.
Lets see what this month brings and always remember that today's trade could be the start of a potential bad run that wipes us out. Having this in mind should help to keep the feet grounded at all times.