The apprentices second journal.

[AspiringTrader.]

Yeah, you'd certainly be very right saying I'm living in hope holding that trade, but there's a little method to the madness. Looking over many of my previous trades I have logged, one of my biggest downfalls is closing out trades before they hit a stop loss, more often than not after I close out the trade, the trade then continues in the direction I wanted. You can even see on here, my last EUR/USD trade, I did exactly that, I closed out for a loss because I thought the trade looked like it was going to turn on me, had I held I would have hit my target.

With my current trade, I did have a big oversight on the daily chart, and really I shouldn't have been in this trade.. Yet, I think the overall direction on the daily suggests it could move lower and therefore this correction may only be short lived, well like you said, I can only now hope that is the case.

So yes, I shouldn't really be in this trade, I made a mistake not looking at the overall picture, but I think to me it's far more Important to stick to my plan, and part of my plan is to not close out trades before they get stopped. If I don't stick to my plan, I'll never learn from my mistakes.

To be honest I'd rather chalk this up as a loss and have it serve as a reminder to be less careless opening a trade next time

Currently with a bit of luck, I've gone from -30 odd points back to +6.. Let's hope the momentum holds.

Thanks again for your wise words barjon!

 

[barjon]

Yeah, you'd certainly be very right saying I'm living in hope holding that trade, but there's a little method to the madness. Looking over many of my previous trades I have logged, one of my biggest downfalls is closing out trades before they hit a stop loss, more often than not after I close out the trade, the trade then continues in the direction I wanted. You can even see on here, my last EUR/USD trade, I did exactly that, I closed out for a loss because I thought the trade looked like it was going to turn on me, had I held I would have hit my target.

With my current trade, I did have a big oversight on the daily chart, and really I shouldn't have been in this trade.. Yet, I think the overall direction on the daily suggests it could move lower and therefore this correction may only be short lived, well like you said, I can only now hope that is the case.

So yes, I shouldn't really be in this trade, I made a mistake not looking at the overall picture, but I think to me it's far more Important to stick to my plan, and part of my plan is to not close out trades before they get stopped. If I don't stick to my plan, I'll never learn from my mistakes.

To be honest I'd rather chalk this up as a loss and have it serve as a reminder to be less careless opening a trade next time

Currently with a bit of luck, I've gone from -30 odd points back to +6.. Let's hope the momentum holds.

Thanks again for your wise words barjon!

Ok, a plan's a plan. So long as it is true statistically that "more often than not" applies and is not just a feeling because one or two have had good fortune.

 

[AspiringTrader.]

Yeah, barjon, it really is more often than not that if i close out a trade early i end up paying for it. I usually let emotion get in the way, there might be a short reversal and ill get worried and close out the trade, but I'm glad i stuck to my plan this time because i closed out with +35 points!

Eur/Usd +35 points!

Although after my bumpy ride last night i moved my first target from 1.0970 to 1.0990 and unfortunately fell and would have hit my second target at 1.0930. But not to worry, im just lucky to have come out with what i did.

 

[AspiringTrader.]

short eur/usd.. again

Open: 1.0874
Stop: 1.0931
Target: 1.0820

currently -7 points as of writing

 

[AspiringTrader.]

Feeling confident, a nice little bearish rejection candle has formed on the hourly. Hope it will hold.

-2 points as of writing

 

[AspiringTrader.]

short eur/usd.. again

Open: 1.0874
Stop: 1.0931
Target: 1.0820

currently -7 points as of writing

Moved to Break Even

Currently sitting +30 points

 

[AspiringTrader.]

closed out or +8.5 points.

It looks for sure going to hit my break even stop so i closed out in a small profit. I was hoping for 1.0820 or so though it didn't quite get there and it looks like it wants to reverse.

Anyway, im happy

 

[AspiringTrader.]

Long Aud/Usd

trying to go long on the back of better than expect AUD gdp figures. It broke through support and has had a small retrace.

open: 0.7285
stop: 0.7233
target: 0.7360 (Coincides with D1)

 

[AspiringTrader.]

Long Aud/Usd

trying to go long on the back of better than expect AUD gdp figures. It broke through support and has had a small retrace.

open: 0.7285
stop: 0.7233
target: 0.7360 (Coincides with D1)

Closed out +26.9 points

Was showing some rejection candles. Will add charts when I get home

** EDIT

Unfortunately my trade eventually hit my target, i have attached the chart.

 

[AspiringTrader.]

I would like to ask, if anyone is reading, their opinions on when they think its good to move to break even or when to take profit?

I need to tighten my take profit/BE strategy. Maybe it's possible to set a percentage of the 1st target to set a BE limit? for example, I i can cover 40% of the 1st target, then mover to BE ? then either hit BE or hit target?

It's an interesting one

 

[AspiringTrader.]

Annnnd i'm back.. I trade mostly oil now.

 

[AspiringTrader.]

Long USOIL

E: 51.30
S: 51.01
T: 51.60

EDIT: Stopped -29

 

[AspiringTrader.]

If current hourly closed below previous candles, i'll be looking for a short.

 

[AspiringTrader.]

S: 51.15 usoil

 

[AspiringTrader.]

s: 51.15 usoil

-45

 

[AspiringTrader.]

I did just have two winners. Honestly haha. But i didn't have time to post them, so i'll leave them out now. Such is life

 

[AspiringTrader.]

Long oil @ 52.51

EDIT +70

 

[AspiringTrader.]

Long AUD/USD @ 0.74862

EDIT +9.2 No Follow through

 

[AspiringTrader.]

Short USY/JPY @ 115.349

EDIT +8.1 No follow through

 

[AspiringTrader.]

Short AUD/USD @ 0.74981

No follow through yesterday above 0.75230. Quite high chances of FOMC rate hike. Gearing up for a short into the rate decision

EDIT -15 Manually closed out early due to poor US retail sales