Reading Charts in Real Time

[Cory2679 11]

The week is over.

 

I traded this week on an FXCM demo account...I posted every single one of my trades to this thread...I was ever so slightly down for the week...

 

 

I would type up a little bit about what I did wrong, what I could have done better, the shouldawouldacoulda's, etc., but I'm afraid I'd get carpal tunnel. One thing, among many, is what's already been brought up...squeezing stops too tight, too soon, and getting to break-even too soon. I was a bit more pleased with how I managed my last couple of trades, however.

 

I think what it all boils down to is that I'm a bit out of practice. I really struggled this week. I didn't do my best work (which isn't all that to begin with!). I haven't been trading very consistently for a while...I've been allowing myself to be distracted by other things in my life and I think I've kept a little distance from trading because I've felt a little discouraged. I've been working on it a long time, and, well, you know...

 

I set and have so far acomplished a goal of putting an end to that trend. I've had monk-like dedication to trading and posting my trades to this thread this week. Posting to the thread helps keep me disciplined and focused. It's also nice to be able to look back and review the week that way. Plus, as a bonus, maybe someone out there could possibly be getting something out of it (what not to do! ). I intend to continue.

 

I think part of my problem over the past months or even year(s) is that I expect to already be able to trade wildly profitably, and then when I don't do as well as I expect, I get angry and stomp away. Then, I'll build myself back up, study and read, etc., and do the same thing again. What I need to do is trade consistently to practice, practice, practice, and to learn...I need to keep an open mind, keep my emotions in check, and make the most of every hour.

 

In other news, it looks like the blue bar under my name is 100% now...all I got was "Complete." Why don't I get something fun like everyone else?? (ie Market Wizard, Guru, etc.) :o

[todds 10]

The week is over.

 

I traded this week on an FXCM demo account...I posted every single one of my trades to this thread...I was ever so slightly down for the week...

 

 

I would type up a little bit about what I did wrong, what I could have done better, the shouldawouldacoulda's, etc., but I'm afraid I'd get carpal tunnel. One thing, among many, is what's already been brought up...squeezing stops too tight, too soon, and getting to break-even too soon. I was a bit more pleased with how I managed my last couple of trades, however.

 

I think what it all boils down to is that I'm a bit out of practice. I really struggled this week. I didn't do my best work (which isn't all that to begin with!). I haven't been trading very consistently for a while...I've been allowing myself to be distracted by other things in my life and I think I've kept a little distance from trading because I've felt a little discouraged. I've been working on it a long time, and, well, you know...

 

I set and have so far acomplished a goal of putting an end to that trend. I've had monk-like dedication to trading and posting my trades to this thread this week. Posting to the thread helps keep me disciplined and focused. It's also nice to be able to look back and review the week that way. Plus, as a bonus, maybe someone out there could possibly be getting something out of it (what not to do! ). I intend to continue.

 

I think part of my problem over the past months or even year(s) is that I expect to already be able to trade wildly profitably, and then when I don't do as well as I expect, I get angry and stomp away. Then, I'll build myself back up, study and read, etc., and do the same thing again. What I need to do is trade consistently to practice, practice, practice, and to learn...I need to keep an open mind, keep my emotions in check, and make the most of every hour.

 

In other news, it looks like the blue bar under my name is 100% now...all I got was "Complete." Why don't I get something fun like everyone else?? (ie Market Wizard, Guru, etc.) :o

 

Cory, based on the number of trades you took I would say you did ok. There is a certain level of skill required to be in the market a lot and end up near break even. I know it is frustrating, I am in the same boat. You are pumping the pump and not much water is coming out, but keep pumping and soon it will flow!

 

I too am wrestling with trade management and when to move stops. At this stage though tightening the stops has been beneficial in most cases. My goal is to get to where I am taking more trades that get to +1R before they get to -1R. Until I see that happen regularly I will continue to be tight on the stops. This week I took four trades with the 123 method (all posted) and ended the week -.03R. Only one of the four trades got to +1R before -1R so the tight stops worked in my favor.

 

Right now it is all about waiting for quality set ups. If the set up is good the trade management will be easier.

[thalestrader 14]

Weekend Reading

 

 

Here is an essay I read as a young college student that launched me on a life-long quest.

 

Best Wishes,

 

Thales

Leo Strauss - Jerusalem and Athens.pdf

[Cory2679 11]

Potential EU long...the green line is profit target 1 of 2...

[Cory2679 11]

Potential EU long...the green line is profit target 1 of 2...

 

Short, instead...not a great start with the short...

 

UPDATE: Stop moved down...

 

FINAL UPDATE: Taken out...

Edited May 2, 2011 by Cory2679

[Cory2679 11]

Potential short on the UJ...

 

UPDATE: Stop at break-even...fingers crossed...

 

UPDATE 2: Stop moved down on the first half...

Edited May 2, 2011 by Cory2679

[Cory2679 11]

Potential short on the UJ...

 

UPDATE: Stop at break-even...fingers crossed...

 

UPDATE 2: Stop moved down on the first half...

 

UPDATE 3: PT1 filled...stop at break-even on the second half...

[Cory2679 11]

Potential short on the UJ...

 

UPDATE: Stop at break-even...fingers crossed...

 

UPDATE 2: Stop moved down on the first half...

 

UPDATE 3: PT1 filled...stop at break-even on the second half...

 

UPDATE 4: Moving stop down...I unexpectedly have to quit for the day now, so I won't be moving my stop anymore...stop-loss and profit-target orders are in and I'm shutting down...

[MadMarketScientist 11]

The week is over.

In other news, it looks like the blue bar under my name is 100% now...all I got was "Complete." Why don't I get something fun like everyone else?? (ie Market Wizard, Guru, etc.) :o

 

I'll check with the TL Traders Committee to see if we can promote you!! Stay tuned ... :haha:

[MadMarketScientist 11]

Hi Traders,

 

The original thread is getting huge! Let's start a new one and continue the discussions and learnings here instead?

 

thanks!

MMS

[Cory2679 11]

Potential short on the UJ...

 

UPDATE: Stop at break-even...fingers crossed...

 

UPDATE 2: Stop moved down on the first half...

 

UPDATE 3: PT1 filled...stop at break-even on the second half...

 

UPDATE 4: Moving stop down...I unexpectedly have to quit for the day now, so I won't be moving my stop anymore...stop-loss and profit-target orders are in and I'm shutting down...

 

FINAL UPDATE: Got taken out of the second half...

[Cory2679 11]

Fellow posters,

 

MadMarketScientist would like us to continue our posting at a different thread...

 

http://www.traderslaboratory.com/forums/f208/reading-charts-real-time-may-2011-a-9696.html

 

Hi Traders,

 

The original thread is getting huge! Let's start a new one and continue the discussions and learnings here instead?

 

thanks!

MMS

Edited May 3, 2011 by Cory2679

[Cory2679 11]

Currently long the EUR/USD...

 

----------

 

Since this is the first chart posted to this thread, here are some notes for my charts:

 

Blue line = entry, red line = stop-loss, green line(s) = profit target(s), dotted magenta line = move stop to break-even, if not already there.

 

Other lines on the chart are generally lines of support/resistance, trendlines, etc.

 

NOTE: The original thread can be found here: http://www.traderslaboratory.com/forums/f208/reading-charts-real-time-6151.html

 

-----

 

UPDATE: As price approached and almost touched PT1, I squeezed my stop tight and was taken out. Second half's stop at break-even, holding for PT2.

 

UPDATE 2: Stop on second half moved up a little...

Edited May 3, 2011 by Cory2679

[Cory2679 11]

Currently long the EUR/USD...

 

UPDATE: As price approached and almost touched PT1, I squeezed my stop tight and was taken out. Second half's stop at break-even, holding for PT2.

 

UPDATE 2: Stop on second half moved up a little...

 

FINAL UPDATE: Moved my stop up again on the second half and was taken out...

[Cory2679 11]

Potential short on the UJ...

 

UPDATE: Stop moved down...

Edited May 3, 2011 by Cory2679

[todds 10]

Potential short on the UJ...

 

 

Looking at the same trade. I missed a couple good ones earlier. Nice trade on EU Cory!

[Cory2679 11]

Nice trade on EU Cory!

 

Thanks...it was a nice entry, but a terribly managed trade, unfortunately...still squeezing too tight and cutting profits short! Same deal with my UJ short from yesterday...

[Cory2679 11]

Potential short on the UJ...

 

UPDATE: Stop moved down...

 

FINAL UPDATE: Taken out...

[todds 10]

Looking at the same trade. I missed a couple good ones earlier. Nice trade on EU Cory!

 

Moved stop. This trade is not looking too fresh. Probably should have moved earlier like Cory did.

 

UPDATE: stopped out at -.79R

Edited May 3, 2011 by todds

[Cory2679 11]

Wasn't able to trade yesterday...trading today and kicking myself for missing the drop on the EU...oh well, moving on...

 

Potential long on the UJ...honestly not holding my breath for a fill, though...

 

UPDATE: Moved my stop tight and got taken out...

Edited May 5, 2011 by Cory2679

[Cory2679 11]

Potential long on the UJ...honestly not holding my breath for a fill, though...

 

UPDATE: Moved my stop tight and got taken out...

 

POST-TRADE UPDATE: Shoulda/woulda/coulda filled at PT1...

[Cory2679 11]

Currently short the EUR/JPY...

 

UPDATE: Stop moved tight...

 

UPDATE 2: Stop at break-even...

Edited May 6, 2011 by Cory2679

[Cory2679 11]

Currently short the EUR/JPY...

 

UPDATE: Stop moved tight...

 

UPDATE 2: Stop at break-even...

 

FINAL UPDATE: My hope for a profitable trade here had more or less vanished, so I actually moved my stop to 5 ticks below entry in order to break-even for the week (rather than 1 tick below entry like I usually do when I move my stop to break-even)...whether my stop was at entry or 5 ticks below, it would have been stopped out either way by now...

 

Also, I messed my order entries up and accidently went long a couple of micro-lots when I got stopped out of this trade...closed it right away for a 4.1 tick profit...

 

I added a dotted magenta line to my chart to illustrate why I got to break-even when I did...

[Cory2679 11]

Currently short the EUR/JPY...

 

UPDATE: Stop moved tight...

 

UPDATE 2: Stop at break-even...

 

FINAL UPDATE: My hope for a profitable trade here had more or less vanished, so I actually moved my stop to 5 ticks below entry in order to break-even for the week (rather than 1 tick below entry like I usually do when I move my stop to break-even)...whether my stop was at entry or 5 ticks below, it would have been stopped out either way by now...

 

Also, I messed my order entries up and accidently went long a couple of micro-lots when I got stopped out of this trade...closed it right away for a 4.1 tick profit...

 

I added a dotted magenta line to my chart to illustrate why I got to break-even when I did...

 

POST-TRADE UPDATE: Glad I took myself out, because if I hadn't, NFP would have!

[Cory2679 11]

Well, I think I'm done for the week. I traded this week with a real/live FXCM Micro account, and will continue with the same account next week where I left off. I posted every single one of my trades this week and came out just slightly better than break-even.

 

 

I had some decent entries this week, but I didn't manage them very well. You hear about fear and hope in the market, and how traders usually have them flip-flopped from where they ought to be...I think with me I'm just operating out of fear. I cut my losses but I also cut winners.

 

I've come to the conclusion that at this point, I'm a fair analyst (I didn't say good...just fair), but I'm a poor trader...I definitely need more work on management than picking trades.

 

Have a good weekend!

 

Cory