From $0 to $100k (whilst working full time)

[tr1ps_master]

Things to for me remember:

Markets can stay irrational than you can stay liquid.
Don't lose 30 points within a 10 point range.
Play the stats - get your sample of trades, review and adjust.

 

[tr1ps_master]

Results - using my new rules, see post #18

15th July 2024 to 19th July 2024

Everything is net of comms.

• 3 trades
  • 1 Winner - USDCAD +£8.58 / +1.97R (risk was £4.35)
    • T2 - Trend reversal
  • 1 Loser - Silver - (£5.39) / (1.02R)
    • T1 - Trend continuation
  • 1 BE - GBPAUD - (£0.41) / (0.08R)
    • T2 - Trend reversal, entry conditions not quite fulfilled, so cut this manually.

Net £2.78 / +0.87R

My winner, USDCAD, entered Tuesday, closed Friday.
This is one of the longest trades I have been in.
Really practicing my patience and sticking to 2/3 trades a week.

Why do I have a BE if one of my rules are to not manage a trade? My GBPAUD entry, was a premature entry based on what I am looking for. It fulfilled half my entry criteria and when I realised this, I exited the trade. Which ended up being a good decision as it would have hit SL. Therefore, this was an error and I corrected this quickly. Because of my rules, I penalised myself to not make another trade, I have reached 3 trades. Next time I will make sure I wont waste a 'bullet' incorrectly.

My risk on the USDCAD as you can see was slightly less than £5, which is just what the lot size allowed me, going higher would mean I go way over my risk. Remember I do not care about the profits, I care about the R return, this is the true metric that one should use to judge how profitable a trader is.

I had a Silver trade which turned into a loser,

I am super proud this week for sticking to the process. The positive R return is a bonus.

Let's get a decent sample and go from there.

Have a good weekend.

 

[tr1ps_master]

Working on a weakness

Just putting a spotlight into an issue I used to have (and still naturally do which I try to suppress) and what I've done do improve.

I don't know about others, but I have a tendency to want to reverse trade because my brain says..."that's gone too far", especially when I see the price has done 1.5x or even 2x of the ATR.

I've realised I have this and have stopped trying to do this.

On some days like yesterday, GBPAUD - it has gone one way one - and my brain just couldn't wait to go Short.

I mean seriously look at that bastard...just tempts you every time.

Anyways I stood on the side lines, but I soooooooo wanted to short this...and boy am I glad I did not.

I used to do this before quite frequently and doing my arse most of the time.

I couldn't keep doing this and it was just utter stupidity, so I approached the situation like this:
Problem - wanting to reverse the crap out of (what I perceive) to be over extended moves)
Result of the trades - get my arse handed handed to me 80% of the time
How will I improve this - I will stop taking blind reversal trades when it's not off a level or structure.

Firstly this type of setup is not in my playbook anymore - this sounds more dramatic than it is. My playbook consists of 3 setups.
T1 - Trend Continuation
T2 - Trend Reversal
T3 - Range Reversal

My T2 - Trend reversal trades now have a specific structure I look for, nothing exciting, but it simply means I stay away from majority of the fakeouts.

PS - look at how the candle closed yesterday. it did actually end up doing slightly over 2x ATR. And I said to myself I bet when the market closes 10pm London time, it will close near its highs. I think I've got a better feel for these things, because I fought the market so many times.

Anywho, just thought I'd share that.

That's one of my weaknesses that I've tried to address.

-------
Markets can stay irrational than you can stay liquid.

I am sure it is a rational move based on fundamentals - but its a reminder to Not fight the markets.

 

[tr1ps_master]

Results

22nd July 2024 to 26th July 2024
Trades actually from Monday to Thursday, Friday 26th I will be away from markets.

Everything is net of costs.

• 2 trades
  • 1 Winner - GBPUSD +£10.46 / +1.99R (risk was £5.25)
    • T1 - Trend continuation
  • 1 Loser - Silver - (£6.21) / (1.07R) (risk was £5.80)
    • T2 - Trend reversal

Net £4.25 / +0.92R
Once I have a decent sample size of say 20 trades or more I will tally my T1/T2/T3 and total R returns.
---------
My winner from this week - GBPUSD

As you know I am practicing my 1:2 without trade management (this will be reviewed after a decent sample size).
Entered trade on Tuesday, Wednesday morning I wake up absolutely delighted that I am almost at TP...having my breakfast and probably made it taste nicer also! but then by the time I was at work and checked on the trade, it completely reversed. I was 2.5 pips away from TP!
It was incredibly difficult to not close the trade at BE or slightly in profit.
But what would be the point of my rules if I will not follow them... so I let it ride.
The next morning at breakfast it closed at TP.
Very satisfied of me sticking to my own rules.

 

[tr1ps_master]

Results

29th July 2024 to 2nd Aug 2024

No trades.

We all need to regroup every now and again.

 

[tr1ps_master]

5th Aug 2024 to 9th Aug 2024

The JPY caused havoc on the charts - and in the real world. The charts are looking very overbought/oversold and left large wicks on the HTF.

I was quite careful this week, expecting volatility to still be heightened and not to get whipsawed out of my position, so I found a chart which looked like a clear reversal on the Daily TF, GBPCAD.

It was a shame I could not enter on WTI due to my min risk per trade which is £5-£6 (sticking to my guns on this), it setup really nicely for another trend continuation and that would've hit 2R also. Mentally I have 2 winners this week

Everything is net of costs.

• 1trades
  • 1 Winner - GBPCAD +£12.05 / +1.99R (risk was £6.06)
    • T1 - Trend continuation

Net £12.05 / +1.99R

 

[tr1ps_master]

Time for some thoughts

The first two weeks from 15 July 2024, when I implemented the self-imposed rules (2-3 trades max a week, with a 1:2 RR and no management) was mentally quite difficult to sit on my hands, however, knowing I will be reporting the results in this forum has really made stick to it for fear or looking like a tit. Well one could say...well then just don't post that result its only a forum nobody will know, that is just simply not my mentality. If you cannot be truthful to yourself then you won't be successful in general let alone trading.

I am my own worst critic and pretty harsh on myself so not being truthful is just not an option, not because of you reading but because I will know, me. And I've always had that approach to everything, I don't care who's looking, I will not miss any steps in any development (sport/career/family life). Side note - I would be lost without YT home DIY videos!

So in the interest absolute transparency which is what this journal is supposed to be please see the results from 15th July as posted:

GBPAUD trade was wrong sizing hence 3 entries - which I cut manually, see post #22.

6 trades:

• 3 winners
• 2 losers
• 1 BE

= +3.78R net

The last two weeks, have been much easier mentally, I have missed 1 trade last week, which I would be previously get really angry about. But now my mentality is that, I have a full time job and family - this is my absolute priority - therefore trading was here before me and will always be there in the future, but it won't be there if I cannot stick to a plan. So in the limited time I have, if I see a setup which I try check for regularly I will take it but if not, sticking to the plan is really what we can only do. After a certain amount of sample trades I can refine this.

So at the moment - the plan is again 'To Stick To The Plan' of just trading with my rules, and reevaluate what works and what doesn't.

 

[tr1ps_master]

Mid week thoughts and progress
So far this week has been tough mentally, something is off. For some people it may be work / family or something else. In either case for me it has been a grind, my desire to force the market as opposed to taking what the market offers seems to be present.

I missed two trades which both went to 2R and this is definitely affected me.

I guess that's just part and parcel of trading this way.

I took a Silver trade this week which was a loss, I will post about this at the end of the week.

If you ever get to this situation, which you would inevitably if you trade long enough - you just know you are not firing on all cylinders. For me I am mentally starting to stray away from the main setups and the basic market structure.

A note to self - Stick to the simple Market structure setups.

Let's see if there will be a nice setup tomorrow or after tomorrow.

-----
Just a reminder to myself, that progression is not linear in trading.

Things to for me remember:

Markets can stay irrational than you can stay liquid.
Don't lose 30 points within a 10 point range.
Play the stats - get your sample of trades, review and adjust.
-----