RockyRacoon
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Casual Trader's Journal
- Thread starter RockyRacoon
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RockyRacoon
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RockyRacoon
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Made about 12% thus far - gonna try to hold a partial position for a swing trade.
Currently short 20 micros from an avg of 1.27641 with a stop to ensure I make a profit of about 3 pips on the 20 micros I'm still holding. At this point, I see no sense in placing my stop at a loss - so for now, it is a stop to lock in profit that I will most likely trail down till I go to bed.
If it looks like my stop is gonna be taken out while I'm still awake, I'll simply close my position and take whatever I get - no risk at this point and that's the way I like it (uh huh uh huh)
Currently short 20 micros from an avg of 1.27641 with a stop to ensure I make a profit of about 3 pips on the 20 micros I'm still holding. At this point, I see no sense in placing my stop at a loss - so for now, it is a stop to lock in profit that I will most likely trail down till I go to bed.
If it looks like my stop is gonna be taken out while I'm still awake, I'll simply close my position and take whatever I get - no risk at this point and that's the way I like it (uh huh uh huh)
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RockyRacoon
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Screw it, I'm back to all cash, made about 12% ($222.25) and will see if that was a good move or not in the morning lol.
advfntrader
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rocky what are all the green arrows on your charts ? I mean why do some point UP if you are pyramiding in short
RockyRacoon
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That's FXCM's "trading history". They don't seem to have history with actual entries and exits, so green arrows are simply winning trades, red arrows are losing trades and the arrows are shown approximately at the times the trades were executed. On the 4 hr and 30 min charts below, you can see it a bit more clearly.
As I understand it, Pyramiding is adding to a winning position, while I will do that occasionally, that's not usually how I trade. Most of my trades are scaling in as price goes against me, allowing me to get better prices and improving my average entry price significantly.
I call it scaling in (and out), some call it averaging in......when done improperly, it's called adding to losers.
It's a strategy that can be very powerful when used properly - see pg#15 post #118 of this journal.
Any how, as this account grows, I'm working on increasing my position size so I can continue making my goal of 2% per day.
As I understand it, Pyramiding is adding to a winning position, while I will do that occasionally, that's not usually how I trade. Most of my trades are scaling in as price goes against me, allowing me to get better prices and improving my average entry price significantly.
I call it scaling in (and out), some call it averaging in......when done improperly, it's called adding to losers.
It's a strategy that can be very powerful when used properly - see pg#15 post #118 of this journal.
Any how, as this account grows, I'm working on increasing my position size so I can continue making my goal of 2% per day.
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advfntrader
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I understand now, I take it that you close ALL positions if it gets past the support / resistance point
I looked at FXCM but was not keen on the flexible spreads.
I see your charts above, a spread of 2.7/2.6 on EUR/USD. This is the most liquid pair so this is not a competitive spread.
I'm paying 0.9-1.8 on Oanda and on Capital Spreads, Smart Live Markets 1 pip. Also the idea of lots, American trading lol I want to know how much per pip plan and simple......like me lol
I see your charts above, a spread of 2.7/2.6 on EUR/USD. This is the most liquid pair so this is not a competitive spread.
I'm paying 0.9-1.8 on Oanda and on Capital Spreads, Smart Live Markets 1 pip. Also the idea of lots, American trading lol I want to know how much per pip plan and simple......like me lol
Just reading your Journal, up to page 3 but have you thought of linking your account to:
http://www.myfxbook.com
It tracks your trades and performance.
http://www.myfxbook.com
It tracks your trades and performance.
Ok having read the journal can i first say
Now sit down and think about risk and reward.
Scalping is a great way to build a balance but remember to cut losers don't hold on. FXCM the spread is not great and you would be better off on another site for tighter spreads.
But the golden rule - do what works for you !
I'll pop in and I don't wish luck, but have good trading days my friend, remember
WELL DONE !
Now sit down and think about risk and reward.
Scalping is a great way to build a balance but remember to cut losers don't hold on. FXCM the spread is not great and you would be better off on another site for tighter spreads.
But the golden rule - do what works for you !
I'll pop in and I don't wish luck, but have good trading days my friend, remember
ITS NOT A SPRINT
ITS A MARATHON
:clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap:ITS A MARATHON
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RockyRacoon
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First, I wish that I woulda held on to those 30 micros - man, I was short right at the top! AHHHHH!!!
Yes, I will close my entire position, often with set limit orders, at a specific level or I may wait to see if price breaks S/R and if not, I'll get out of everything just after the bounce.
Occasionally I will close all but a small position and let that small position run for a bit.
averaging in/down is something i put a lot of time into trying to implement, i came to the conclusion that it's best for when you know you're right, but entry is wrong, for example averaging down into the pullback, you start start size early in the pullback and keep averaging down into it.
i realised my entries were good enough and averaging in, and even pyramiding would only have been a hinderence
i realised my entries were good enough and averaging in, and even pyramiding would only have been a hinderence
RockyRacoon
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Yes, the spread is an added challenge with FXCM but I'm used to it and think that one of these days when I do trade a better spread, I will do just that much better - at least that's my hope lol.
Thats cool
Like I say you have to do what works for you. So many guys read a system and think he is winning and I'm doing the same but I'm losing.
Thats the beauty of trading finding your path. Nice to see your profit but I don't want you to crash and burn on a trade you can't let go. Review your trades if not daily weekly see what is working and cut what is not.
I use protective stops which a simple thing has saved me so much. Nice to see a fellow scalper lol
Keep a cool head, I think your on your way but it takes time unless you got a spare 20k lol
RockyRacoon
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Thats cool
Like I say you have to do what works for you. So many guys read a system and think he is winning and I'm doing the same but I'm losing.
Thats the beauty of trading finding your path. Nice to see your profit but I don't want you to crash and burn on a trade you can't let go. Review your trades if not daily weekly see what is working and cut what is not.
I use protective stops which a simple thing has saved me so much. Nice to see a fellow scalper lol
Keep a cool head, I think your on your way but it takes time unless you got a spare 20k lol
Ha ha! Thank you very much JD!
I crashed and burned too many times over the years, these days my whole trading mentality is completely different as I take only certain trades based on certain signals with a set risk (loss) limit and guard my account with every trade instead of thinking I can play with house money.
The more I make, the more conservative I become, the less anxious I am to put my money at risk until that pristine setup shows itself again. I know only too well that oblivion is always only one stupid trade away!
For now, I will keep my max loss at $150 per session.
herronryan
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Serious! Dude I must say I keep being amazed! I'm watching ur account skyrocket. Keep up the momentum! I'm proud of you, young jedi!
RockyRacoon
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One of the few times I used a stop loss..........got hit for a 7% loss a few measly ticks from the top.
First thing I did after that hit was simply walk away. Turned off my computer said the heck with it for a while.........I just now turned everything back on to see I would have done awesome were it not for being stopped out.
So like has happened a million times already, I got stopped out with a good size loss even though I was right.
Had I not been in with a much larger than normal position, I would not have had a stop in place.
The truth of the matter is that price could have just as easily kept going higher and at this moment I would have been very happy I had my stop in place..............BUT IT DIDN'T AND THEM CROOKS TOOK ME OUT WITH A SPIKE THAT HAPPENED IN LIKE 3 SECONDS! ha ha
Talk about irritating! Damn!!
I know I can make it back - but I still totally hate it when that happens!
First thing I did after that hit was simply walk away. Turned off my computer said the heck with it for a while.........I just now turned everything back on to see I would have done awesome were it not for being stopped out.
So like has happened a million times already, I got stopped out with a good size loss even though I was right.
Had I not been in with a much larger than normal position, I would not have had a stop in place.
The truth of the matter is that price could have just as easily kept going higher and at this moment I would have been very happy I had my stop in place..............BUT IT DIDN'T AND THEM CROOKS TOOK ME OUT WITH A SPIKE THAT HAPPENED IN LIKE 3 SECONDS! ha ha
Talk about irritating! Damn!!
I know I can make it back - but I still totally hate it when that happens!
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Don't worry part of the game of trading I'm on the same boat my friend.
Got 4 shorts on EUR/USD Targert 1.2665 but man was not expecting it to pop 1.2850 but holding on as I was away from my desk now locked in. I still think I'm right it will hit 1.2665.
Fundamentals does not explain the massive pop so I see a fast turn around this week.
Got 4 shorts on EUR/USD Targert 1.2665 but man was not expecting it to pop 1.2850 but holding on as I was away from my desk now locked in. I still think I'm right it will hit 1.2665.
Fundamentals does not explain the massive pop so I see a fast turn around this week.
