p-lab
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Hi JD, just checked out your journal well the FX link. Is this a live current account?.
I was thinking of calling it $600 but I don't think it would be fair because I will be adding funds to the account as much I can.
I will be trading on the daily and on the hourly when I have a chance.
I think it's fair enough. People would see a new thread entitled $600. The old thread, seeing as how you lost it all, is history.
That is not a dig. The thread lasted a long time on little funds which shows good money management. Something to be taken into consideration this time around.
trader_dante
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I think it's fair enough. People would see a new thread entitled $600. The old thread, seeing as how you lost it all, is history.
That is not a dig. The thread lasted a long time on little funds which shows good money management. Something to be taken into consideration this time around.
Is the journal meant to record your progression as a trader or is it simply meant to show how much you can run an account up?
If its the former then I would continue it in this one as it will be more interesting and easier for both yourself and others to reflect the pitfalls you have along the way.
If it's the latter; start a new one.
Don't be discouraged by having to start again.
It's very hard to build a good stake from next to nothing (£80) and will take you a very, very long time unless you use agressive risk management.
I'm behind you all the way mate and if you need any help, you know where I am.
Tom
I want my journal to record my progression as a trader because with that comes growth in my account. I want my journal so that I can learn from my mistakes.
Thanks to everyone for your support
HawkTrader
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That could be good, daily may give you more time to consider each trade and react to the individual trade management. Also I sometimes feel the higher time frame candle patterns seem to have more validity.
If I remember correctly you were trading MMT, T.D style, if this is still the case with this $600 account, may I make a suggestion.
What is on my mind is if you are trading daily charts then there is not much room to be wrong on many trades before a blow-out. So I wondered if you may benefit by using James’s personal stop strategy. Which is much more conservative, than that taught on the rest of James16 thread and T.D's MMT thread. This is due to James16 personal risk tolerance with his larger lot size.
This may help you stay in until your pot is bigger and your experience is greater. Then you could revert back to the usual more generous stops, which will of course give you more trades that develop.
Just my thoughts on it and Good Luck.
Jason
Ps I came very close to starting a journal called £78, (just to be cheeky say £80 was to easy!) but I got caught up in my trend trading and never got around to it.
I don't know James's personal stop strategy but to be completely honest I really don't want to trade any other way than the way I have been trading. With this new account I want to eliminate the mistakes I have made, if my trading does not improve I will then change the way I trade. To me the only things I have to improve on is my discipline and money management.
If you guys see anything else that needs improvement please let me know and I will try my best to improve it.
Thank you very much for your thoughts Jason I do appreciate it. I like the fact that I can explain exactly what I want to do because it makes me more confident.
trader_dante
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That's a really good point that Jason makes.
There is a video that J16 released on his Guest section (http://www.james16group.us/Guests/guestmaterial.html) is extremely insightful. It's the one at the top of the list called "Rants and charts".
It pretty much cites the differences between the way I taught and the way he trades.
What is most interesting about it is he notes the phenomenon I've talked about where the market comes back to test your entry point. He said this happens more than 9 times out of 10 and I would totally agree.
So you have a few options:
a) take your profits on that first push (either full or partial)
b) prepare to take one hell of a lot of breakevens whilst then having to deal with seeing the trade go your way eventually (this is very, very hard to do emotionally)
c) do what I taught which is just leave your stop where it is and start trailing uaing the close and appropriate s/r. (outlined in MMT)
All of these ways have their advantages and disadvantages.
As a word of advice though, J16 says regarding my way: "you better be new to this because you should know better"
LOLJust see what works for you dude.
I'm doing one on the side from £20 at the moment. That really takes the p*ss!
That's a really good point that Jason makes.
There is a video that J16 released on his Guest section (http://www.james16group.us/Guests/guestmaterial.html) is extremely insightful. It's the one at the top of the list called "Rants and charts".
It pretty much cites the differences between the way I taught and the way he trades.
What is most interesting about it is he notes the phenomenon I've talked about where the market comes back to test your entry point. He said this happens more than 9 times out of 10 and I would totally agree.
So you have a few options:
a) take your profits on that first push (either full or partial)
b) prepare to take one hell of a lot of breakevens whilst then having to deal with seeing the trade go your way eventually (this is very, very hard to do emotionally)
c) do what I taught which is just leave your stop where it is and start trailing uaing the close and appropriate s/r. (outlined in MMT)
All of these ways have their advantages and disadvantages.
As a word of advice though, J16 says regarding my way: "you better be new to this because you should know better"
Just see what works for you dude.
I'm doing one on the side from £20 at the moment. That really takes the p*ss!
I've just been listening to some of that video and I have to say that I don't have a lot of patience when someone starts rambling on about things. I gave him ten minutes and could not take any more of that!
Watch out for my new journal I am calling it "£19.99"
Thanks Tom and Jason
Thanks very much Tom and Jason for recommending the James16 video. I just finished it now and to be honest I have not learned a lot but what I liked was that he pointed out that the way he trades is not perfect. When the market starts to go against him he gets out with a small loss rather than his full 3%.
I personally like trading from a support/resistance area and making the next area my target, I think it is much simpler.
What I need to do is learn to be picky, only trading the candles that stand out to me. This is probably my biggest problem at the moment.
Now I have not learned a lot but it is that tiny bit that I have learned that will make a much better trader.
Thanks very much Tom and Jason for recommending the James16 video. I just finished it now and to be honest I have not learned a lot but what I liked was that he pointed out that the way he trades is not perfect. When the market starts to go against him he gets out with a small loss rather than his full 3%.
I personally like trading from a support/resistance area and making the next area my target, I think it is much simpler.
What I need to do is learn to be picky, only trading the candles that stand out to me. This is probably my biggest problem at the moment.
Now I have not learned a lot but it is that tiny bit that I have learned that will make a much better trader.
Part 2 of my journal
This is my next step! With this part of my journal I intend to improve my trading and grow my account slowly. In the first part of my journal I had my first profitable month and then my head got too big for my shoulders. I started talking about about ridiculous amounts of money I was going to make by the end of this year with a starting capital of £80....what an idiot.
Anyway it's about time I start this journal. I deposited $639 exactly I placed a few trades....made some lost some before I thought it would be a good idea to do this journal.
This is my next step! With this part of my journal I intend to improve my trading and grow my account slowly. In the first part of my journal I had my first profitable month and then my head got too big for my shoulders. I started talking about about ridiculous amounts of money I was going to make by the end of this year with a starting capital of £80....what an idiot.
Anyway it's about time I start this journal. I deposited $639 exactly I placed a few trades....made some lost some before I thought it would be a good idea to do this journal.
Aud/usd
I placed an order because of the inside bar that appeared but my order was placed below the previous bar. I waited 3hours before my order was filled because of the flag like pattern that reached S/R level and 50% Fib I was sure I was going to make money on this trade
I placed an order because of the inside bar that appeared but my order was placed below the previous bar. I waited 3hours before my order was filled because of the flag like pattern that reached S/R level and 50% Fib I was sure I was going to make money on this trade
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trader_dante
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Usdcad
I placed an order last night and got filled in the early hours of the morning. I placed this order because of the pin bar in a downtrend on a 50% fib and around 4 hour resistance.
My target was the daily support around 1.0424. I didn't want to take any chances so I got out at break even because of that pin bar that formed. I broke my exit rule because I got out while the bar was still live with 10 minutes till it closed instead of waiting until it closed and moving my stop.
I placed an order last night and got filled in the early hours of the morning. I placed this order because of the pin bar in a downtrend on a 50% fib and around 4 hour resistance.
My target was the daily support around 1.0424. I didn't want to take any chances so I got out at break even because of that pin bar that formed. I broke my exit rule because I got out while the bar was still live with 10 minutes till it closed instead of waiting until it closed and moving my stop.
