The impatient gambler!

[rc450]

It is probably better to look for these EMA crosses on a MUCH larger time frame. Also, you haven't mentioned any backtesting. That will give you more confidence to Stay in your trades when you need to.

Try backtesting manually or with software to see if your system is to blame as well. (Can't win with a broken sword)

hi lbranjord, the trades i take are more feel than system taking into account the usdx and uj for direction. having stared at charts for over a year i feel i can spot good trades however when i put money on the outcome i change and if i have a few losers that's when i really lose the plot and start to hit n hope and overtrade. that said this week i have only taken 3 trades (passed on 5) so perhaps keeping this journal will set me straight.
thanks for the input

one trade taken this morning a long on cable with a d/b on the 5m with usdx just broken through the 60 20ma looking like it needed a rest and with eu having a good run down also looking tired. gu was not breaking down and with the usdx needing a rest i took a trade (crap entry ) with a 12 pip stop just below the 5m low looking for a pullback to the 5m60. target hit +26pips.

 

[rc450]

frustrating morning having as usual missed a couple of good trades, i've reduced the risk on each trade so hopefully i won't be so reluctant to pull the trigger. writing this journal and putting it out there has certainly had the desired effect as now i've gone to the other extreme just need to find the fine line between the two.

one trade this am, short gy i entered on the 60m 20ma (15pip stop) with the price stalling saw a few pips profit but took a manual exit with cable looking strong.
-6pips. was looking to reenter short 133.52 but will stand clear and wait for the us session.

14:50 just taken a r/r punt on gy, short at 134.70 (15pip stop above highs) with cable breaking 1hr resistance and then quickly falling back was banking on gbp weakness closed for +1 and walking away for the day as i can see it all ending in tears.

 

[rc450]

so this week i've managed to wait patiently for trades to come my way and of the five taken, three were excellent entries ahead of some big moves, one hit my stop after a poor entry and one i closed before it would've hit stop.
i now need to work on hitting every trade i see as this week i held fire on some potential trades which would of gone on to make profit, i also need to work on holding the trades i enter as i took single digit pips profit on two occasions ahead of 100+ moves (all good in the rear view mirror) perhaps i'll try banking a high percentage when profit=stop and then let the remainder run.

totals for week

mon +9
tues -17
weds +26
thurs -5
fri couldn't see beyond the end of my beak so i stood to the side.

bringing the total to a massive 13 pips!

roll on next week.

 

[rc450]

just taken a short on gy at 137.30(just liked the look of it) 8 pip stop, taken half off at +10 so removed the risk from the trade. one that i should of left with uj sideways and cable strong, lets see where it goes.

exit second half at 137.06 for 24 pips.

just hit a long on gy at 136.65 (off 60m20ma)with a 15 pip stop looking for a move back up 137 but will bank 50% at 15pips.
manual stop for -5 only 2.5 full pips as thankfully i hadn't changed the units from banking on the last trade (lucky).

 

[rc450]

this morning i placed an order on gu just below 1.4976 looking to continue the move down, 15 pip stop nailed within a couple of minutes. needed dollar index to break up and gy to continue down, both bounced.
in future i'll leave orders for major levels on higher tfs.

 

[rc450]

had a little relapse this am and kept fighting cable (long,3 entries) for a total loss of 26 pips (idiot)
the only real trade was a bounce off the 133.88 on gy from the 1hr with a nice candle forming on the 5m and with uj breaking down and then pulling back in i jumped in long at 134.04 with a 20 pip stop below .88. closed for 23 pips but leaving a 3 pip hole for the morning with mr impatient returning.
currently 3.5 pips down for the week.

 

[rc450]

this morning i took a long on eu at 1.3625 with it bouncing off of the 4hr 20ma and looking good on the 5m also usdx had stalled, 8 pip stop, chopped it for +2. if it's anything like the other trades i've taken and then chopped it'll more than like be good for 100pips.

 

[Sang Froid]

this morning i took a long on eu at 1.3625 with it bouncing off of the 4hr 20ma and looking good on the 5m also usdx had stalled, 8 pip stop, chopped it for +2. if it's anything like the other trades i've taken and then chopped it'll more than like be good for 100pips.

Hey RC,

I'm curious to know, and this is something I've been struggling with myself of late, I notice you close trades manually, i.e you have a T/P say 25pips, the price gets to 15 pips and you think I'll bag that.

The problem I've found myself in is that I ALWAYS let the price take out my S/L but more often than not will take the profit before it hits my T/P, this I feel is negating my RR ratio.

What do you think?

 

[rc450]

hello sir

sometimes i'll have a target usally an ma or s/r, other times i'll look to bank 50% = to stop. i.e 15 pip stop, 15 pip tp for 50% and then let the rest run and then possibly close a further 50% of remaining stake and so on, at least that's what i'd like to do but i still close too early even though the intial risk has been removed from the trade.

if you had a tp= to stop and you were banking early that would start to eat away at your account, you'd need to be right most of the time to make that work. looks like we both need to work on letting our winners run, perhaps banking a % at the point where you would like to tp would help?

looking at euro now it would be nice if i could practice what i preach.

 

[Sang Froid]

I got in on eur/usd earlier still in with 25+ so far but my T/P should be triggered any minute.

I tend to have rigid S/L and T/P so normally 15 S/L with 30 T/P and try not to close out manually at all rather let these get hit so 1:2 RR. I found closing manually did exactly what you said, eat away at my profit because I always closed too early yet let my stops get hit.

Just something I'm trying to force myself to do by being disciplined.

 

[rc450]

nice one on eu. have to have a look at that based on trades so far doing what you suggested would of given me 70 more pips last week, no doubt i'd of had to poke my nose in though. discipline,patience,confidence.... the holy grail.
cheers

 

[rc450]

had a couple of days without any trades for various reasons. this am i took a r/r punt on gu with dollar index looking strong and gy stalling after a run up, i entered short at 1.5056 with a 6 pip stop at 1.5062 luckily it moved so quick that i didn't have the chance to chop it for a few pips and managed to bag 32pips.

 

[rc450]

couple of trades today firstly a gu short from 15292 with a ten pip stop was looking for it to take out the lows but was stopped for -10.

second trade was a short on gy from 138.19 with a 17 pip stop was also looking for this to take out the lows but chopped for 25 pips.

 

[nine]

if ur trading 1m and 5m you are not showing "patience" my friend

 

[rc450]

if ur trading 1m and 5m you are not showing "patience" my friend

hi nine,
i'm looking at 4h,1h and then looking for entries with tight stops on the 5m,1m then i'd like to move back up the tfs, but i still sit glued to the 1m. i see where you're coming from i still need to be in and out quick and it's something i need to work on but at least my account is on the up for a change just need to work on holding onto the trades i enter now.
cheers