3 Ducks Demo journal

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 ?

hey S - your doing fine (y)

Stop getting hung up on system titles and descriptions .....scalping , Swing Trading......blah blah blah

if more newbies followed gut instincts and experimented more it would save them a lot of time in their Journey

keep playing and keep experimenting and find your own path ;)

I would also recommend some broader reading though to back this up

at the end of the day trading is very simple...........its just that thing on the top of your head that complicates things !!!

N
 
Hi NVP,

Many thanks for the excellent food for thought .It is always nice to read what a well intentioned and more experienced trader has to say. (y)
 
I have taken on board what NVP said :


'...if more newbies followed gut instincts and experimented more it would save them a lot of time in their Journey

keep playing and keep experimenting and find your own path.'

and have moved slightly away from the 3 Ducks method and I have bought the CHF/JPY @ 95.281 because I feel that we are going to see a rally by the CHF against the yen ,
 
First journal loss. Closed my buy of the CHF/JPY @ 95.102 . - 18 pips. :mad:
I went in for a quick scalp of this pair and made 4 pips on a buy of the CHF/JPY CLOSED THE TRADE @ 95.189 [I should have just stuck with my first trade].

After entering the trade I felt un easy about going against the 3 Ducks system.

Agg journal profit + 231.
 
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As a result of a shooting star candle on the 1 hr chart and the 3 Ducks system , I reversed my earlier long on the CHF/JPY and sold @ 95.186. I also took on board that once the yen moves against you - don't fight the critter - but go with the move.

Famous last words , but I have a good feeling about this trade . :clover:
 
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Three lessons from my recent trades :

[a] Don't trade when you are tired. :sleep:
Don't snatch at trades.
[c]Don't trade against 3 Ducks signals.
 
I am making a pigs ear of the CHF long.I should have stuck to my original long..

Closed my short @ 95.380 for a 19 pip loss.

Journal agg + 212.

Went short on the CHF/JPY @ 95.348.

:cry:

I am back to my old habit of quickly switching a position.
 
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Lost a total of 33 pips in the CHF/JPY debacle - it will be worth it , if I learn not to panic and change sides when a trade starts looking a bit iffy.
 
Closed my short @ 94.748 for a 60 pip profit.

In the end the saga of my recent CHF/JPY trades ended with an agg profit of 27 pips.

It was not a good sequence of trading. Primarily for the following reasons :

a] I opposed a 3 Ducks signal [which was to go short on this pair].
b]I traded when I was tired.
c]I traded what I thought rather than what my charts were telling me.
d]My trade was poorly thought out.

Agg profit + 272. :)
 
SBN,

It's a mistake to measure your performance in terms of pips. Not all pips are made equal.

2cents.
 
Interesting point D70 - how would you measure performance ? The rationale behind my agg profits for my journal is to determine if my spread betting is producing a profit or not.
 
A couple of questions that I would like to ask anyone who is reading this journal - is how much of your trading bank would you risk per trade ?

I have read of % figures that range from 1 % to 5 %. :confused:

I have also read that you need at least £ 10,000 as a starting bank - do you think this is a realistic amount ?

It will be interesting to see if there is a wide range in your answers .

Thank you for your time.
 
It's a mistake to measure your performance in terms of pips. Not all pips are made equal.


"We are all inventors, each sailing out on a voyage of discovery, guided each by a private chart, of which there is no duplicate. The world is all gates, all opportunities."

-Ralph Waldo Emerson
 
I don't know what relevance these quotes are to the job at hand, namely trading the 3Ducks method to see if it can be used with success. However!!
“Men at some time are masters of their fates, the fault dear Brutus is not in our stars but in
ourselves, that we are the underlings”.
William Shakespeare - Julius Caesar
 
Good luck with the journal... I've been looking at the 3 ducks for the past 3-4 months and plan to start using it in the next week or so... :)
 
I thought that I would try the 3 Ducks method on a slightly unusual pair.

Sold the USD/DKK @ 5.59120 :clover:

The spread was 25 pips
 
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