Mike's journal

[babymonkey]

Okay, I'm in it to win it. I've calculated all the odds (n my head) Things seem right. I'm going to let my stops and limits ride. Heaven help me. (squeak) $99.22

 

[babymonkey]

Was wrong. Just barely got my stop cleared out. I am learning, I hope.

Account Balance: $96.38

Building it back, one baby scalp at a time. Account Balance: $96.97

 

[Jason Rogers]

Gotta turn off the screens and get to work. Been a great day. I am up in both my forexdesk practice accout and on FXCM.

$99.79 Real

$1069 Practice

Hi BM,

Do you keep track of your Equity as well? That's really what's most important, because it takes into account your floating profits and losses. The Balance is just a look into the past. It doesn't tell you what's going on with your account right now.

As an example, suppose someone opened an account with $5000. He then places a trade which goes very badly. Unwilling to close the trade because he doesn't want to see his Balance go down, he keeps the trade open hoping the trade will recover eventually. It doesn't and the trade continues to move against him. The trade is now floating a $4000 loss. His Balance will still be $5000 because the trade is still open, but his Equity will be only $1000 to reflect the $4000 floating loss. Which is the truer indication of how this guy's trading is going?

I actually disable the Balance column entirely, so it doesn't not influence my trading decisions even subconsciously. If you'd like to do the same on your Trading Station, right-click on the Balance column and then uncheck Balance in the menu that appears as shown above. You will then only see the Equity column. If your Equity is going up, then you know you're really making money.

Good trading!

Jason

 

[babymonkey]

Hi BM,

Do you keep track of your Equity as well? That's really what's most important, because it takes into account your floating profits and losses. The Balance is just a look into the past. It doesn't tell you what's going on with your account right now.

Thanks Jason. I totally agree, I should post my equity as well. With my trading style I never have anything floating though, I get in and get out. I always bank my losses, as well as my wins. So my Balance posts are equal to my equity.

 

[malaguti]

Was wrong. Just barely got my stop cleared out. I am learning, I hope.

Account Balance: $96.38

Building it back, one baby scalp at a time. Account Balance: $96.97

BabyMonkey..would you tell me what market you trade. I'd love to see if I can help in any way possible. Just maybe another set of eyes perhaps.
Tell me the instrument and timeframe and see if I can see where you are going wrong perhaps. I trade possibly different from most, but im getting bloody good results so there has to be a reason

 

[Jason Rogers]

Thanks Jason. I totally agree, I should post my equity as well. With my trading style I never have anything floating though, I get in and get out. I always bank my losses, as well as my wins. So my Balance posts are equal to my equity.

:smart:

 

[babymonkey]

BabyMonkey..would you tell me what market you trade. I'd love to see if I can help in any way possible. Just maybe another set of eyes perhaps.
Tell me the instrument and timeframe and see if I can see where you are going wrong perhaps. I trade possibly different from most, but im getting bloody good results so there has to be a reason

Thank you very much for your interest and advice. I am trading fiber on the 5 minute chart.

I think the best way to show you what I am doing is here: https://www.forexdesk.com/traders/babymonkey/ (T2W-NOV12)- These trades mirror my live account fairly closely, only last night I had a stop at 1.2790 that got triggered around 12:30 AM EST. Unfortunately it was right before the plunge in my direction.

Account balance: 97.55

 

[babymonkey]

I trade possibly different from most, but im getting bloody good results so there has to be a reason

Again, I am sincerely interested in your take on things. I am ready for my own results to be "bloody good". I would appreciate a mentor. Thanks.

 

[malaguti]

Again, I am sincerely interested in your take on things. I am ready for my own results to be "bloody good". I would appreciate a mentor. Thanks.

I was able to turn someone else's around on these forums, but wont call myself a mentor!! Let me take a look over the weekend, and see if I can spot anything on your link as to clues. I'll PM any analysis I have. If it works...tremendous.
Lets get a couple of winning trades going

 

[babymonkey]

I was able to turn someone else's around on these forums, but wont call myself a mentor!! Let me take a look over the weekend, and see if I can spot anything on your link as to clues. I'll PM any analysis I have. If it works...tremendous.
Lets get a couple of winning trades going

Sounds good man. Thanks again.

 

[malaguti]

Sounds good man. Thanks again.

Mail sent, target 1.261 in the short term

 

[babymonkey]

Mail sent, target 1.261 in the short term

Thanks again for your insight. just talking to you has had an amazing effect on my mental state. I am taking your advice to heart, and attempting to turn around my trading strategy.

 

[babymonkey]

Account Balance $99.73

Nice easy day today.

 

[SavantK]

In the end of the day your goal is 100

 

[babymonkey]

In the end of the day your goal is 100

You are so right! And it was, I made my $100.

Now here is the bad news.
on 11/12/2012 at 20:45 I went short 2 lots at 1.267. This was to be my first real swing trade. I set my stop at 1.275, planned a 1 to 1 risk/reward and rode it out.

On 11/14/12 I was stopped out. Total loss of about $12.86

Current account balance $87.14 :-(

I am not upset, these are the lessons that come with experience. I have learned through the help of malaguti that my trading system, wasn't really a system at all. I have also learned that I have no stomach for swing trading.

Currently I am revamping my trading strategy. I am looking at the tried and true pin-bar method. We will see. Hopefully I have some positive news soon.

 

[babymonkey]

Several small successful trades today with my new system. I am quickly setting up new rules for myself, I'll post them once they work themselves out.

Balance $87.71

 

[babymonkey]

Well the new system is still being refined. Balance $87.66

No major action, small gains, and small losses.

Here is the breakdown of my new system:
Standard Pin-Bar setup. Nose must be twice the length of the body, must stick out from recent price action. Must be near a pivot point or close to one side of the Bollinger Bands. 1/1 risk/reward, move stop to protect profits.

I think I am maturing. My recent loss has helped to relieve the pressure. I had won consistently for so long that I was starting to believe...

 

[babymonkey]

Another small step in my growth: I have started watching several pairs at once. Staying trapped in EUR/USD was causing me to take trades that were less than perfect, simply because of the lack of action at times. I have expanded to also include AUD/JPY and USD/CHF. My new time period is 15 minutes. 5 minutes is not good for my blood pressure.

 

[babymonkey]

Wow. I am such a complete newb. I have been trading this whole time without looking at pivots. Now that I am seeing them in action, I realize that not marking these on your charts is like driving blindfolded.

 

[babymonkey]

Been on a major journey lately. I thought that my education was fairly complete. Now I am starting to understand price action, and how much more I have to learn about it.

I am posting this chart for further reference.