Mike's journal

[babymonkey]

Well, at this point, my strategy is changing minute by minute... I've become fixtd by the daily pivot points. This article pretty much sums it up: How to use Pivot points in Forex trading? The strategy. - Forex Trading | MetaTrader Indicators and Expert Advisors

I'm testing out my new strategy now. We shall see how well it holds up, and for how long. Either way, my mental state is starting to be really good, despite the fact that I have been losing big lately. It's a new sense of calm. I feel like the market is teaching me.

Current equity: $79.22

 

[babymonkey]

Just rode my first trade with the new system through. I can't believe I had the courage to do it. I am trusting in the pivot line from now on. We shall see how this holds, but at the moment I am excited and that is fun.

Current equity: 85.82

I think the coolest thing about the new strategy, is it's daily cycle. After all, I got in this to be a "day-trader" so it just fits.

 

[babymonkey]

Got another sweet one. That is 2 for 2 with the new strategy. I really owe malaguti for shaking me out of my box. Sheesh, 2 winning trades and I am giving an awards speech! Lets see how it works out tomorrow. I am eager to find out.

Current equity: $87.41

I just started thinking. With my last system I would win $.20-$.30 each time, make about 10-20 winning trades and then lose $3-$5 on just one bad one. I am thinking that with my new system I'll make $2-$3 and lose about $20 every ten or so. :drunk:

Keep your friends close, and your stops, closer.

 

[babymonkey]

Keep your guaranteed loss tight, I mean your stop loss aka "risk protector". It's like wearing a freaking condom. You want that baby skin-tight. /jk

Current equity: $89.38

That is 3 for 3. Keep 'em rolling baby.

I feel like I have joined some kind of club. I'm very excited now. 4 for 4.

 

[babymonkey]

The really funny thing is, I am sure that one day I'll be looking back and laughing at my current strategy. Just like I am laughing now at my one before today.

My current feeling is that the greatest indicator is.... pressure.

What a difference a day makes.

 

[babymonkey]

I also understand now that the spread is irrelevant if you are looking at the right time frame.

6/6 Equity $90.87

Gentlemen, I... am on fire.

Playing AUD/JPY and EUR/USD. Literally placing opposite positions and watching them both make money at the same time.

What a great day this has been $7.17 profit in one day. Best week ever!

 

[babymonkey]

Okay, I am going to do it. Going to bed, letting my stops ride. Every time I have done this before, I have awoken to bad news and an absolute mess. Let see if tonight can hold out. 7/7

I also don't want to forget that my time frame has changed dramatically. I'm looking at the daily pivot set by New York. We have to play before the 50% mark, otherwise it looks dangerous.

Edit: 8/8 Profit $8.05 Record.

Equity: $91.75

Jon, your advice did not fall on deaf ears. Thanks man, you have turned me around. (for now)

I am promising to ride out the next 12 hours of action and learn from it. Only then will I truly know how risky this beautiful string of winners has been.

Edit 2: Well the Japanese Aussie decided to go north, unexpectedly, I have a yen for yen you might say, so I have reached back into the coffers. I am riding this one, come hell and high water. Good night to you.

 

[babymonkey]

Go to bed. Now. Why are you typing this? You need to sleep. It is ridiculous to be awake at this hour, you are not accomplishing anything by looking at the screen. If you sleep, then you can see if the system works. Otherwise you are bound to interfere with it.

Edit: Well I am back up, and nothing has gone wrong. Surprisingly the trade is still riding. Looks like I get to watch it go into the black...

 

[babymonkey]

Looks like EUR/USD has proved my new "theory". Still waiting for AUD/JPY to get its act together. Come on. Don't end this streak now. I want my strategy to remain intact for at least 24 hours!

 

[babymonkey]

I want my strategy to remain intact for at least 24 hours!

It didn't.

Readers of this thread should by now be seeing a cycle. I get excited, start doing well, then I get busted back down. I am proving the theory that there will always be lower lows...

Current balance: 72.85

Can you believe it? I bet you can.

I have learned a lot from my latest adventures in losing. The concept of pressure that I was forming is correct, what was wrong was my sense of scale. I am a numbers man, I need to have precise computer generated statistics in order to be happy.

But I am learning that the market is not ruled completely by numbers. It is ruled by emotions and greed and all sorts of other nasty things that don't conform to rules. It is almost like public opinion, you can't predict which way it will go 10 years from now, but you can see the swells, and learn when it is rising and falling.

There is a forum member named counterviolentmoves that I owe thanks to. His nick educated me a lot. The problem with this concept is that it requires human input. I can't find a formula that works consistently, but I can consistently pick trades using my gut. I don't believe in "gut" actually. I do believe in the subconscious power of the human brain though. When I look at a pair for a long time, just keeping a chart up on my right hand monitor while I am working, I pick up a vibe from it. I can feel its ups and downs, and I know when it gets "too big for it's britches". Then I just sell it, maybe I am secretly pessimistic because I always like to sell, and watch it drop gracefully into place.

Sounds good. But when I try to quantify this into a steady set it and forget it strategy, it always goes wrong. If I don't watch it and baby it along, then it goes south. I am in one of my "subconscious" trades now. Have to go to bed and get some sleep, we'll see how this little girl plays out in the morning.

 

[babymonkey]

It went well.

A few more successful trades, using my gut instinct and my concept of "pressure". No losers.

Equity: $76.18

 

[babymonkey]

I have reached a significant milestone in my trading career. I opened a second account with a different broker. Oanda, again just $100.00. I like the super small units that can be traded, it is helping me with position sizing. I think the platform is OK, though I like FXCM's better at the moment.

FXCM: 77.10
Oanda: 99.97

 

[babymonkey]

I do like Oanda's market sentiment analysis. What an easy way to take a look at what other traders are doing. Another piece of data that I would feel blind without now.

 

[babymonkey]

I have closed my first trade with Oanda. I think I mentioned how much I liked scaling in, and now I realize that I Love it. I also like the low spread, makes my dinky little scalping method much easier. I'm excited about this change.

Oanda: $100.14
FXCM: $79.09

Though I find Oanda's platform to be clunky in comparison to FXCM's. Its funny, I am now using FXCM for charts and indicators (their system is really nice IMO), and Oanda to place my trades. We'll see how it goes...

 

[babymonkey]

Artists that use digital software often flip their work and draw from opposite sides. This mirroring helps you see anything that is out of perspective or proportion.

I suggest that trading software should be able to do the same. Why not flip the chart? Take a screenie, then use a graphics application like photoshop of gimp and reverse the chart. Does the trade still look good? I find myself particularly biased towards shorts. It always seems to like to fall more than rise. Or perhaps my head is naturally in the clouds. ;-)

 

[babymonkey]

I am really enjoying OANDA so far! Who knows, perhaps in a day or two my enthusiasm will have tapered off, but right now I am excited.

The flexibility with sizing allows me to be nimble and more interactive with my trade. I feel like I can control it properly at last.

The charts are lacking, but they are clean. And so far my execution has been flawless. The most exciting thing is the spread. I have been happily scraping away at pennies, and the spread makes it easy.

OANDA: $102.23
FXCM: $74.11

I'm liking having two horses in the race.

 

[babymonkey]

So far so good. No losses at all on OANDA using my new methods. I feel it coming though...

OANDA: $103.63
FXCM: $77.16

 

[babymonkey]

Using my little pathetic positioning and not-greedy TP, I have had 40 winners in a row. And counting...

 

[Jason Rogers]

Using my little pathetic positioning and not-greedy TP, I have had 40 winners in a row. And counting...

Hey BM, that's amazing :cheers:

I'm curious though, what's your risk-reward ratio on these trades?

Jason

 

[jungles]

nice work :clap:.........what's the strategy?

Using my little pathetic positioning and not-greedy TP, I have had 40 winners in a row. And counting...