3 Ducks Demo journal

Many thanks Red 1324. I have two major reasons for writing this journal.One is to try to instil a sense of discipline and structure in my trading[Oh how I need to].The other reason is that I would like to give other traders an opportunity of seeing if a trader given to moments of bizarre lunacy in his trading can discipline himself.

Is it possible to teach an old dog a new trick ?

If this journal can be entertaining along the way - all the better.
 
Fight Over U.S. Debt Limit Intensifies

Obama made clear that Congress must raise the federal debt limit and that the debate was already harming the U.S. economy.

Is the above news release ,partly the reason for the bearish $ sentiment ?
 
I have taken the classic position of changing my mind on this trade and I have decided to become more of a 'positional' trader rather than a scalper.

Since I believe that the UK econ is fundamentally v.weak, I expect the GBP to drop like the proverbial stone in the near future and subsequently I have raised my stop to cover recent R levels to 1.61880 [a stop of 130 pips].I have raised my profit target to 200 pips.

Oh how I can hear the seasoned traders groan. :mad:
 
spreadbettingnurd said:
Btkelly and NVP many thanks for your comments,

NVP the following link explains my methodology far better than I ever could

Using Currency Correlations To Your Advantage.

In essence I do not trade currency pairs in isolation.Rather I bare in mind that a currency is effected not only by it's direct currency partner but also by other major individual currencies .

I hope that the link clarifies my musings.
Click to expand...

yep - ive seen that piece before and Kathy's link is ok as well (y)

personally most currency correlation articles are a little over complicated for my simple tastes but if it works for you then go for it

and post post post here ............genuinely posted threads from inexperienced traders will draw good support and advice

N:smart:
 
spreadbettingnurd said:
Fight Over U.S. Debt Limit Intensifies

Obama made clear that Congress must raise the federal debt limit and that the debate was already harming the U.S. economy.

Is the above news release ,partly the reason for the bearish $ sentiment ?
Click to expand...

dont get to hung up on every news release and media hype..........focus on your evolving trading system and ensuring you EXECUTE your trades correctly regarding Exit and Entry signals

rome is not built in a day ;)

N
 
spreadbettingnurd said:
NVP many thanks for your generous advice.I greatly appreciate it (y)
Click to expand...

I like most of what I'm reading except the part where you extended your s/loss.Mortal Sin:: The advice from NVP sure hits the nail on the head.
Keep it simple and trade what you see not what you think. This is an exceptional good venture and once you keep writing the total facts on here we will all learn.
If you start failing to make profits we can learn as much if not more than if you are winning all the time. Hopefully there will be enough traders to throw questions etc at you. Keep it going and good luck.btk
 
Many thanks for your feedback BK, I appreciate that extending a Stop is a grave error but I can honestly say that I wanted to allow this trade to breath. I am convinced that this sell of the GBP has got 'legs'.

Paper loss currently stands at 20 pips.:(
 
Nice going spreadbettingnurd, keep it up! I trade this strategy myself and with a bit of discretion it can be very profitable. Discretion comes with practice, and over time looking at a chart and determining a trade's potential becomes like second nature.

As you have said yourself already, lengthening the stop is rarely a good idea. I usually cope with this by closing for a small loss, let the market do its thing, then re-enter if and when it is moving in my direction again. Often I find myself getting in a better price than the original position anyway so any losses are quickly made back up. Hitting the close button for a loss isn't nice, but it's a million times better than watching price move further and away from you, chewing up your margin. This often happens when you are positive that price will "come back". That's real trading agony!

Good luck!

Nigel P
 
I enjoyed reading your post Nigel-P and I thank you for it.I totally agree with the sentiments that you have expressed in it.

I don't know if anybody else has this issue , but I frequently find that I do things in trading[like moving stops,refusing to take a small loss or taking a profit too quickly] that whilst I intellectually know to be wrong - I simply find difficult to resist.It is almost as if I have a trading death wish.

It reminds me of something I once read that '... all gamblers secretly want to lose'.

I think I am by nature more of gambler than a trader . I have spent a life time involved in backing/laying slow horses and trading cricket.

Back to my trade, £ 5 up at the mo .

Once again , can I thank all of you for your generous and informative posts.They have certainly taught me a lot and I am sure they will help other traders.
 
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The agony is over !

GBPUSD is closed @ 1.60271 profit + 30 pips.

Agg journal profit + 215 pips.

I am not sure if anybody else has the same issue as me , but I am finding it difficult to determine my profit targets.Should it be set at the 20- 50 mark or considerably higher :?:
 
One major flaw I suffer from is that of ' over trading'.My instinct is to scan the markets and put on a new trade .I am going to rein myself in and give myself the day off.

By the way my bread and butter income is from cricket / sports trading - a welcome relief from a previous purgatorial career as a teacher.
 
Well done. interesting thoughts comparing yourself to a gambler with the usual faults. You need to eliminate all that from your mind and indeed putting it in print is not helpful to you. Why not dwell on what you will do, what you are doing (all the correct things) and not be relating back to what your past faults were.You should stick to the job at hand namely concentrating on this 3 ducks trading method, your results etc and remember you are a trader solely not a gambler.I think that is what would be beneficial to all IMO.
There are 5 definite correlation pairs which I use and 2 anti correlation and find these very handy to work with.It is enough for me to operate with while using the 3 Ducks. I'll name them as they might be useful to have
Correlation =( EUR/USD),( GBR/USD),( AUD/USD),(NZD/USD)(EUR/JPY).
Anti Correlation. (USD/CAD), (USD/CHF).
Good Thread and thank you for it.
 
BTK , I think you make a fair point about my negative sentiments - guility as charged .

Thank you for your input about the correlation of Forex pairs.

My new mantra will be that '....I am a trader not a gambler'.

I hope that this journal will reflect this.
 
The day off has come to an end !

Sell of GBPJPY @ 141.250.

The three Ducks have lined up and there appears to be heavy market confidence after it has been intimated the the Yen will not be devalued in the near future.

Looking for 20 /30 pips profit.
 
Just closed my GBPJYN @ 140.950 . + 30 pips.

This trade has reinforced how quickly the yen moves - it reminds me about how dangerous it is to get on the wrong side of it.

The GBP had fallen heavily during the course of the day - note to self : identify a trend and jump on it.The old cliche of your trend should always be your friend and never fight a trend is so true.

Although the 3 Ducks method is at the heart of my trading I also use the 9 EMA on the Daily chart and the 3 Ducks on the Daily chart.I also try to be aware of candle stick formations..

Agg journal profit + 245 pips.


I must make a point of realistic profit and stop size and placement - I must always keep a focus on S/R zones and the significance of round numbers.It took a while for the yen to break through the 141.00 level.I need to maintain my composure if it takes a while for these points to be breached.
 
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wee question! are you entering your trade on the 5 min chart when the ducks are lined up. If you are entering on longer time frame it means you have gone to swing or position trading the 3 ducks which will cut down your screen time considerably. Set and forget is nice.
 
Hello BTK - I try to enter my trades on the 5 min charts when the 3 Ducks are lined up.

I must admit that I am slightly confused as to the nature of my trading.

Am I a scalper or a position trader ?

I suppose the answer partly lies in : How is a currency pair behaving ?
 
Note to self : stops and p.targets need to be larger when the JYN is part of a trade.The Yen appears to be a fast moving ,trending currency.
 
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