I've decided to post less pics and more description of what I did. Still will post blotter, but not sure if there is much value in posting a chart (since it only shows the last 30 min on the timeframe I trade - 1 min bars).
Had problems with Oanda for first 45 minutes. No trading.
Spotted one valid breakout trade during this time that would have been -6 pips
Second trade was a #6 on the USDJPY for +5.6. Trade taken correctly within the rules.
Third trade sequence on the EURUSD was a valid reversal signal. Oanda froze up on me so I added to get out at scratch. Got lucky and the market tanked and let me out with a nice profit.
Fourth trade - gah. Not even a valid setup by the rules, compounded error by adding. Should have just gotten out. Yeah it didn't cost me much. But I am pissed at trades like this. Need to stop averaging...
Of course as part of this fourth trade sequence a valid signal was missed - was a winner - of course.
Fifth trade, scratch as I didn't like how much we had retraced.
Sixth trade, taken correctly, winner.
Conclusion - 1 breakout - would have been a loss but missed
3 #6 reversals - 3 winners - took 1
3 reversals - 2 taken. 2 winner 1 loser (missed
a winner)
Net pips should have been +15, was actually +29.
However, I'm not pleased. Averaging is what produced those numbers. And while that may work fine on a day like today you can quickly get burned when the market gets into a steady trend.
Posts
The Psychology of Handling Large Drawdowns
6 days ago
8 comments:
Why don't you post Oanda's 1min or 30sec compressed charts where entries can be easily seen?
I like your post today with more explanations of what you do and think about trades.
Finally, LT. I've seriously missed your WORDS! :-)
FX,
Hmm that's a good idea. I'll have to give that a try.
Jules,
Yeah me too! But I was spending so much time finding the right chart shots I didn't have time to write!
LT
And here I am, all prepared to start writing less and trading more :-) Seriously, I talk too much; you, too little :-)
I agree with Jules, nice explanation of trades. It's tough for some traders to explain all the trades when they scalp 50-100 round turns per day,,, but everyone has there own style, some more complicated and costly then others.
lt : on a separate note . i pm'd horton as you indicated, and he refers me to his many posts in kreslick (mostly indicators) but i havent read all as well as stockfetcher. i click oon your link and it seems be a link to the purchase to one of his methods.
am i to assume from his response that the method is disclosed in the posts?.
i heard an interview by him where he explained that that method was developed for stocks and later adapted to forex. could life be so good that i'll be able to save the $500.
i would email you but there is no address.
nice blog
leon,
Not sure what link you are referring to but it certainly isn't mine :) I suspect it might be Avery's but not sure what you are referring to.
Avery gives away a lot of different indicators on kreslik.com for free. He also has a website and sells some.
You really don't need to buy anything to be successful. What you will need to do is spend some time learning the indicators. There are hundreds of pages of examples on krelik.com. You will need to do the homework to find what works for you.
LT
lt: i know you don't neeed to buy anything . al brooks gives you all you need to know. provided you can read his book ten times and understand it. ask jules, i just asked, in order to save time. after thousands what's another $500. and yes, i saw the indicators, but in order to save time. since he is a vendor. i just wanted to clarify if it was there. the choice maybe between hundreds of hours of searching or a few hundred dollars.he'd just be another brick in the wall. thanks
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