Missed first exit @ 5010 after 200% profitable. Staying in trade after trade moved in opposite direction. Must fight natural emotion of hope. But now exiting is worthless at this point in time.Overall trend is still downward. Will wait to see if market does drop.
Day #1
Portfolio down by $100, Balance : $230
Entry Strategy : Followed larger down trend set in motion, used resistance to sell Dow & Nifty
Mistakes : Entered other unplanned trades unnecessarily. Did not quit on time / Quit too early.
Remedies planned : Planning on set number of points a day as opposed to targets. Hoping to plan number of points per trade as 35. Sticking to original strategy of going with larger trends only.
Trade timings : Will trade only when market is open. Trading when market is closed, results in bad prices and time expiration.
Portfolio down by $100, Balance : $230
Entry Strategy : Followed larger down trend set in motion, used resistance to sell Dow & Nifty
Mistakes : Entered other unplanned trades unnecessarily. Did not quit on time / Quit too early.
Remedies planned : Planning on set number of points a day as opposed to targets. Hoping to plan number of points per trade as 35. Sticking to original strategy of going with larger trends only.
Trade timings : Will trade only when market is open. Trading when market is closed, results in bad prices and time expiration.
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Now that I have blown my limited capital. I am going back to refine my trading plan before I venture out. Hoping to get a few paper trades in before jumping in head on. Thinking about emotionless trading. If that is even possible. Entry at S/R. With 30 point target on Binary market.
Yamato
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The concept was unknown to me until now. I just did a search and I suppose you're talking about this investopedia definition: Currency Binary.
The concept reminds me of options. I lost money with options for the first 5 years of my trading career, until I decided they were too complicated and with too many variables to worry about, and moved on to losing money in other ways, with futures, which I like much better: they either go up or down, and you don't have to worry about anything else, so you can just focus on picking the right direction (up or down). With options, picking the right direction is not enough. I don't like the fact of losing money just because price didn't move at all. With options it happens, when they expire out-of-the-money. With futures it doesn't.
The concept reminds me of options. I lost money with options for the first 5 years of my trading career, until I decided they were too complicated and with too many variables to worry about, and moved on to losing money in other ways, with futures, which I like much better: they either go up or down, and you don't have to worry about anything else, so you can just focus on picking the right direction (up or down). With options, picking the right direction is not enough. I don't like the fact of losing money just because price didn't move at all. With options it happens, when they expire out-of-the-money. With futures it doesn't.
Hey Travis,
Started on the book. Thanks for that.
I used to lose money doing options. Looked at binary options as a good way to build capital over the short term. Some successful players such as Donaldduke and ninjatrader(here on t2w) seem to have done well. However, they moved to trading the futures market after building capital using binaries. I'm hoping to do the same.
The difference between binaries and traditional options is the assured 100% fixed payout if you are even .0001 over the strike price in binaries. My biggest problems have been
1. Getting into unplanned trades like a mad man.
2. Not holding onto my profits long enough on my planned trades (which usually end up making me 200% - 1666%.
3. Brass tacks, I guess, I need to learn to control my head.
Best of luck to you.
Started on the book. Thanks for that.
I used to lose money doing options. Looked at binary options as a good way to build capital over the short term. Some successful players such as Donaldduke and ninjatrader(here on t2w) seem to have done well. However, they moved to trading the futures market after building capital using binaries. I'm hoping to do the same.
The difference between binaries and traditional options is the assured 100% fixed payout if you are even .0001 over the strike price in binaries. My biggest problems have been
1. Getting into unplanned trades like a mad man.
2. Not holding onto my profits long enough on my planned trades (which usually end up making me 200% - 1666%.
3. Brass tacks, I guess, I need to learn to control my head.
Best of luck to you.
