So a couple of things. First, I did really well with taking most all of my signals. Second, I missed the best winning signal of the day (would have been good for +15). Lastly, I didn't keep my cool on the second to last trade and sat through a 22 pip drawdown. Yep, that's $%&! trading right there in a nut shell. I didn't get burned today but that doesn't mean squat. I coulda got out at -6 pips.
Losers average losers.
Overall -1.3 pips. Yeah no biggie, except I surrendered +23 pips to the market by failing to take 2 trades. Stupid, huh?
On the plus side, I am starting to get over my fear of trading. Yep, I'm convinced, I'm a afraid to trade at the moment. Gotta chip away at that. I'm a good person, I deserve to trade. Must keep telling myself that...
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Positive Trading Psychology - III: Framework
20 hours ago
8 comments:
Of course you deserve to trade LT. You're a GREAT person :-)
Maybe lowering your profit target might help? Market's really not offering much. It's been like this for a while now. When you see a really good run, it's mostly really bears and bulls RUNNING. Sometimes I wonder if I should really just trade the exact opposite of what I think is the right direction. Should be a lot more profitable. :-)
Jules,
Great point. I've actually been implementing that starting today. I'm taking what the market offers. That being said there are some good moves there if you can be patient.
I think there may be a secret part of my mind that sees a great setup and gets scared of making money. That is the only thing that explains why I failed to take the 2 best setups offered to me today, but confidently took the rest :P
LT
LT,
Nice blog! It's always cool to find those willing to post there trading results.
I'm not familiar with Forex trading, NQ for me, but it's all the same in the end IMO. Remove the labels and numbers and it's all about the signals.
As far as signals go, it looks like you are using an 89 tick chart to locate entries that align with the 60 min. trend. Correct? Waiting for patterns and setups. Just trying to get a handle on what you're watching for as an entry signal. Appears to be a sound strategy. One question...in a buy setup,do you wait for price to move above your moving average, the moving average has turned green, and the candle is green before you buy? Or do you buy a red candle? Just curious about how you enter a trade.
Good luck going forward!
Oops! Sorry. Now that I take a 2nd look at your charts and see that you use red candles for UP and gray for DOWN...the question should be, in a buy setup,do you wait for price to move above your moving average, the moving average has turned green, and the candle is RED before you buy? Or do you buy a gray candle?
:o)
Daytrader,
The Moving Average is simply a visual guide to see the waves. It's totally unnecessary to my setup.
I have 3 different setups. My bread and butter setup is the 3 Higher highs or 3 Lower lows setup. Once I see this I look for a bounce off of S/R, where the open of the candle is above (for a long) or below (for a short) the previous touch off of S/R. Once it starts showing me momentum, I enter the trade.
It is actually easier to see than describe. I am going to try to post a video soon to explain this setup.
LT
LT,
Forgive my ignorance, but what is the value of each pip when trading the EUR/USD pair?
Daytrader,
It depends on your broker's minimum value. A standard lot is 100,000 units and represents $10 per pip on the EURUSD. Many brokers offer mini lots of 10,000 which makes each pip worth $1.
LT
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