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Cory2679

Cory2679's Log

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Update

 

I'm going to go MIA from TL (and any other forum) for a while.

 

Well, we'll call it semi-MIA...I may just not be posting as much. I couldn't stay gone for long! :o

 

First, I'm taking MidKnight's/thalestrader's advice...

 

Just a thought man, but if you are feeling that you are overtrading, drop some of those currencies and only trade 1 or 2.

 

I agree, and I MidK's suggestion should be given serious consideration.

 

...I'm only trading 1 pair, now...the EUR/USD. I chose this pair just because I'm already really familiar with it, it's generally the most traded, most liquid, etc...

 

When I do someday go back to trading multiple pairs, I'll carefully work them in, one at a time!

 

Let me tell you, this has already made a world of difference. I've traded this way yesterday evening/night and this morning...not only have I done well $$ wise, but everything's changed...lately I felt like I almost couldn't "see" anymore when I looked at my charts...I'd just take every 123 I saw, without any context. Now, studying just one pair, it's back to the way it used to be and I'm soo happy!!

 

I just wish I'd listened a little sooner...shame on me...:embarassed:...

 

I'll make a post a little later of an annotated chart with my trades from today...I even successfully let a trade run overnight...something I'd been afraid of...

 

Second, I hear you guys' constructive criticism, and I'm working hard on my trading plan.

 

I'm working with the objective of having a plan that I could go over with another trader, we go our separate ways, and take basically the same trades.

 

However, I am not aiming for a plan so comprehensive and exact that it could be programmed into a computer, for reasons already discussed in previous posts.

 

Third, I've changed my goals.

 

If you'll recall, my original goal was basically as follows...

 

"3 weeks in a row with at least +2.5R each week, with an average of at least +5R per week over those 3 weeks."

 

Once I achieved that goal with my $5,000 demo account, I'd move to the $500 live account, achieve the goal, and finally move to a $5,000 live account.

 

While I still have my "goals," my plan is different, now...

 

Now, all that it takes for me to advance to the next account is 3 weeks in a row net profitable, period.

 

My reasoning...

 

I'm still pretty new at this..."it is a matter of time and experience to sharpen (my) focus and attack"...I can't expect to be excellent/making as much as I'd like to make in the long run right away...I will continue to improve. I think it's silly of me to continue demo trading as long as I'm net profitable...I find value in demo trading...if you can't make money demo trading, you can't make money live...but I feel like, for me anyway, the longer I demo trade, the more harm it can do...it will make going back live harder and harder...that's why, rather than continuing to demo trade, I'll move to a small live account (before finally moving to my "full-size" live account).

 

I believe my proverbial grey skies are beginning to clear up! :)

 

-Cory

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welcome back Cory - you were away for wayyyyyy tooooo long - (sounds like a friendly drug dealer :))

 

Someone made a great suggestion in another post of recording versions of the trading plan - that way you can see what improvements you make in your ideas. eg; version 1.1, 1.2, 1.3 and not to just over write them as I usually do.

Also while you are new to trading I hope this puts things into perspective - I have been trading for 17 years now.... and still learning things. (do you know the old joke about the young bull and the old bull looking at a herd of cows?)

I am adopting more intensive day trading ala thales style (similar to what I did but on the dailys) The point is I am writing a whole new trading plan of setups ideas and rules for this - even though I know what I am looking at in my head -- its always a good idea. Additionally due to the more intensive nature of trading intraday and constantly adjusting the advice of 1-2 instruments is spot on.

There are too many distractions otherwise. When I used to market make options trading anymore than 6 stocks was pushing it mentally - and generally only 2 were busy and kept the majority of the focus....

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Someone made a great suggestion in another post of recording versions of the trading plan - that way you can see what improvements you make in your ideas. eg; version 1.1, 1.2, 1.3 and not to just over write them as I usually do.

 

That is probably a good idea...something I will now do.

 

(do you know the old joke about the young bull and the old bull looking at a herd of cows?)

 

No...but I looked it up. :)

 

"One day, there was an old bull and a young bull grazing in a field. Down in the valley, far below them, they see a herd of cows grazing contently on equally lush grass. Not to miss a golden opportunity to exercise his manhood, the young bull quickly turns to the old bull and frantically says, 'Let's run down there, jump over the fence and make out with one of the cows!' The old bull slowly rises up from his meal, turns to the young bull and replies: "No. Let's stroll down there, walk through the gate and make out with them all."

 

With the point being...

 

"So which bull are you? Are you the slow, methodical old bull, steadfast in your ways and consistent in your approach to life? Or are you an adrenalin-filled, darting-all-over-the-place young bull?"

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I'll make a post a little later of an annotated chart with my trades from today...

 

Well, I had 3 trades...1 winner (+1.53R) and 2 BE's.

 

Sorry, I realize the chart is a little messy...

 

Trade 1:

 

Took a short last night...I was trailing my stop, but at about 11pm (quitting time) I decided to set my stop at BE, my PT at +50 ticks, and just let it run.

 

Trade 2:

 

After price had retraced back to my short entry, and reacted strongly, I got short...ended up taking BE.

 

Trade 3:

 

I thought the trend looked like it was slowing down and getting choppier...we had a strong bounce off of support, a retrace and what was perceivably going to be a higher low, so I got long (off a low-high-lower high on a smaller degree of swing)...ended up taking BE before price progressed to PT1 without me.

 

(Trade 3's lines are bolder to distinguish it from Trade 2)

 

-----

 

Now, all that it takes for me to advance to the next account is 3 weeks in a row net profitable, period.

 

I am now profitable this week...but I'm not going to start counting until next week...I've just been a mess/all over the place this week working out exactly what I want to be doing...

 

-Cory

EU15M.thumb.jpg.4fc0ba31aa11fd251c3afb6c9cb413bd.jpg

EU15M2.thumb.jpg.fb569d7e10b75a65f139b22260343627.jpg

EU60M.thumb.jpg.25262457463589db83092611bbd75840.jpg

Edited by Cory2679

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Just a quick little couldawouldashoulda...

 

I was actually in this short yesterday...but I pulled out for <1R...just because I was a mess and was desperate to lock in some profit...

 

If I would have held on and even taken it all out at PT1, that would have been a solid +3R.

 

Oh well. :) At least I think I'm doing better now, though.

EU15M3.thumb.jpg.affb9d4646718b08ce0e676b34644a5f.jpg

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One last couldawouldashoulda...

 

With Trade 1...if I had entered the same move on a smaller degree of swing...10R+ was available! :rofl:

 

Actually, though, I got to my computer a little late yesterday and missed that.

 

All right, that's my last couldwouldashoulda and last post for today. :)

 

-Cory

EU15M4.jpg.0439c89589939422a671eedecda4f542.jpg

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Trade 3:

 

I thought the trend looked like it was slowing down and getting choppier...we had a strong bounce off of support, a retrace and what was perceivably going to be a higher low, so I got long (off a low-high-lower high on a smaller degree of swing)...ended up taking BE before price progressed to PT1 without me.

 

One last post...

 

Looks like the downtrend is losing steam (for now)...I'm not long, though...I'm flat (I'm done for the day).

EU60M2.jpg.3e9beebc9afba34c75e7ab52caf8b0c4.jpg

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Today's Trades

 

It's a little early, but I'm done for the day. My plan is to trade until as late as 3pm EST, but I'll just make the call day to day...I start getting less and less willing to take a trade after the London close at 12pm.

Trades1.jpg.332be16b87a72ca8707002ca9d64eed0.jpg

Trades2.thumb.jpg.8f2faf426f8daa51352512b9f6017d81.jpg

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Today's Trades

 

It's a little early, but I'm done for the day. My plan is to trade until as late as 3pm EST, but I'll just make the call day to day...I start getting less and less willing to take a trade after the London close at 12pm.

 

Here's a chart... :)

Chart.thumb.jpg.dfd562d7f64adfe027e3528b7a6b6800.jpg

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Today's Trades

 

I'm done for the day...unfortunately, that's all I have time for this morning. I'll be back on this evening, of course.

 

I want to comment on "Trades 7-8"...unfortunately, I was too aggressive with the second half of my trade and turned what could have been a good winning trade into a mediocre winning trade.

 

Also, it looks like I should have reversed and gone long after the "Trades 9-10" short. Oh well, shouldawouldacoulda.

 

Also, I've revised my "Trades" spreadsheet...

 

Thales,

 

Just a quick question...

 

When you enter a trade, pull out/stop out for a very small loss, and re-enter on new lows/highs, do you "count" that all as one trade for the sake of winrate/average win/average loss/etc.? I've recently been keeping careful track of that sort of thing, and I've counted it as one trade when I do that.

 

Just curious.

 

Thanks,

 

Cory

 

I'll start counting it as one trade only when my broker offers to rebate my commissions and lost equity from the first position. Until then, for my records, it is two trades.

 

Best Wishes,

 

Thales

 

Sound logic. I will adjust my spreadsheet. :)

 

-Cory

5aa70fdf31641_Trades1.jpg.44ad6466adf0ce4670e0c34861f9bef2.jpg

5aa70fdf36c73_Trades2.thumb.jpg.f70f51f0cf7886a09eca6573a55766c1.jpg

5aa70fdf3c07a_Trades3.thumb.jpg.7bdb2276a50cdebac4a88fd30329f28e.jpg

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... Oh well, shouldawouldacoulda...

 

Now don't let the shouldawouldacoulda over shadow two back-to-back, according to plan days of solid performance.

 

I shouldawouldacoulda re-shorted when price retraced back to my initial disaster hard stop on this 6E short, but I was too busy reading you Log ...

 

attachment.php?attachmentid=19759&stc=1&d=1267545959

 

attachment.php?attachmentid=19760&stc=1&d=1267545959

 

 

Best Wishes,

 

Thales

5aa70fdf418f3_2010-03-026E12.thumb.jpg.be8e7e7b7d00b0b97d2ab84919a3a253.jpg

5aa70fdf4706e_2010-03-026E13.thumb.jpg.746c75a3b0637fa0d25766b503f7bb36.jpg

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I have to vent a little before I go to bed...

 

I'm pretty frustrated with this evening...

 

I missed the opportunity at "1" on my chart. It makes no sense...I saw it, thought about it, but didn't act...no excuse...could have gotten over +1R out of that.

 

Then, at "2," I took a long...obviously not going anywhere...not a superbly ideal situation for me anyway...but I moved my stop tight, but I meant to make it even tighter to take a max of -0.25R, but little did I know I had messed my numbers up and took -0.4R.

 

I'm worried about myself because I'm pretty frustrated and I feel like when I get this way everything goes down hill...I just don't know how to break free...I guess I'll just try my hardest...

 

I've been relatively happy with this week thus far...I'm doing OK, certainly an improvement, but it's still a little discouraging when I'm currently up <2R, and meanwhile I see people raking in 3-5R+ on single trades, trade after trade it seems. I guess maybe I'll get there someday...my experience is still fairly limited I suppose (I'm trying be positive amid lackluster trading performance).

 

-Cory

Chart.jpg.70e7abe062f2c56ebe8ce8dbc0b092cf.jpg

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I have to vent a little before I go to bed...

 

I'm pretty frustrated with this evening...

 

I missed the opportunity at "1" on my chart. It makes no sense...I saw it, thought about it, but didn't act...no excuse...could have gotten over +1R out of that.

 

Then, at "2," I took a long...obviously not going anywhere...not a superbly ideal situation for me anyway...but I moved my stop tight, but I meant to make it even tighter to take a max of -0.25R, but little did I know I had messed my numbers up and took -0.4R.

 

I'm worried about myself because I'm pretty frustrated and I feel like when I get this way everything goes down hill...I just don't know how to break free...I guess I'll just try my hardest...

 

I've been relatively happy with this week thus far...I'm doing OK, certainly an improvement, but it's still a little discouraging when I'm currently up <2R, and meanwhile I see people raking in 3-5R+ on single trades, trade after trade it seems. I guess maybe I'll get there someday...my experience is still fairly limited I suppose (I'm trying be positive amid lackluster trading performance).

 

-Cory

 

Hi Cory,

 

Just a few comments. You are still very focussed on the outcome of your trades. I would suggest that it is more important to rate yourself on how well you followed your plan and the accompanying discipline.

 

I believe (and I think you know) that trade no 2 is a late entry and should rather have been avoided. Secondly you will drive yourself nuts if you try and achieve perfection and also to try and get every swing. This is impossible to achieve.

 

Trading is a game in which mistakes will always be made and as long as the damage is limited it is ok. Following your trading plan is a non-negotiable.

 

Cheers,

eNQ

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Amen to to that eNQ. I'd also recommend comparing your results to your own historical results rather than to others. Seriously man, competition is generally considered healthy in society, but when you are trading on your own from home, I think it is a huge detriment. Compete with yourself, not with others.

 

With kind regards,

MK

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Competition between traders is irrelevant - pick YOUR plan and stick to it.

Remember Thales told us about him and a few of his trading friends who entered the trade with the same levels - different trailing stops - different results. Its about the series of trades your plan gives you not one off trades.

 

Also Cory on the last trade, there is one thing I have learnt over the years is "dont chase a trade" if you missed it the first time and you are kicking yourself about it - One suggestion I occasionally follow when I feel like this - I will place a limit order to buy at the original level and wait for a pullback - I feel its a 50-50 chance you get set and it rallies again (as it did in your case) or it fails. Either way you will take a small loss - however it will stop you from chasing it as you have a resting order, and it can help reinforce the idea of waiting for a trade to come to you rather than forcing it. Just an idea.

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You received some exellent advice and comments from fxThunder, MidK, and DugDug .... don't just read them and forget about them.

 

I think you are feeling pressure to perform every session of every day, and this business does not work like that - if you try to make it work that way you will make too many mistakes. As fxThunder said, mistakes will be made, and if you limit the damage, you will be ok. In her seminar manual, Linda Raschke wrote that "[m]uch of trading is learning how not to beat yourself. Oddly, the majority of traders know when they're making mistakes or taking trades that they don't truly have any confidence in. Traders beat themselves ..."

 

If you approach this thinking that you have to make money every time you log into your trading platform, you will eventually beat yourself. As for myself, last night I saw one opportunity I liked, but it had already triggered when I had finally gotten set and ready to go (it was a short, by the way, not a long). I did place an order below the low of the retest of what was the BO area for your trade #1. And that was the extent of my evening. An hour or so after placing the order I canceled it and shut down. That is how this game is.

 

Also, to reenforce what DugDug said (and fxThunder, for that matter), if you miss a BO, buy the retest of the BO point if you feel you really want to be in that trade. Do not wait for the test, and then enter after that test as a new BO on the way up as you did in trade 2, because you may be buying the 3 of a 123 short sequence. You want to buy the 2, if you are going to enter post-BO at all.

 

Go back to that post in the Real Time thread where I said you had gotten it, and remind yourself why I said that, because last night, on trade #2, you had done the opposite.

 

Best Wishes,

 

Thales

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Today's Trades

 

Well, the only trade I have is the one from last night that I've already talked about...I didn't have any trades this morning...a little bit of shouldawouldacoulda, but that's just how it goes! :)

 

On the bright side...

 

Now, all that it takes for me to advance to the next account is 3 weeks in a row net profitable, period.

 

My reasoning...

 

I'm still pretty new at this..."it is a matter of time and experience to sharpen (my) focus and attack"...I can't expect to be excellent/making as much as I'd like to make in the long run right away...I will continue to improve. I think it's silly of me to continue demo trading as long as I'm net profitable...I find value in demo trading...if you can't make money demo trading, you can't make money live...but I feel like, for me anyway, the longer I demo trade, the more harm it can do...it will make going back live harder and harder...that's why, rather than continuing to demo trade, I'll move to a small live account (before finally moving to my "full-size" live account).

 

...3 days down, 2 days to go for the week...I'm currently up +1.73R...with an average result per day of +0.58R...and my average loss is only -0.27R.

 

So, that being the case, although possible, I think it's unlikely that I will be down at the end of the week...and that's an improvement...that's meeting my weekly "goal." I should be happy about that!

 

I have a little change of plans...provided that I am not down at the end of this week, I'm going to go back to my live account Monday (with only $500).

 

-Cory

5aa70fe0899ae_Trades1.jpg.ea2578d212b99e7793539f8f4d6afe1c.jpg

5aa70fe08e2fc_Trades2.thumb.jpg.51807df032194dadb72c03cc92a16e7f.jpg

5aa70fe0920c1_Trades3.thumb.jpg.5788c19b02c9c11a94cd0a889be6724a.jpg

Edited by Cory2679

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Just to avoid any confusion...

 

The quote in my post above was originally attributed to thalestrader, when in fact I was quoting myself!

 

I'm not sure how it happened, but it's fixed now.

 

-Cory

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...a little bit of shouldawouldacoulda, but that's just how it goes! :)

 

Here's a chart with my shouldawouldacoulda...

 

The first one is what I've already been over.

 

The second one I would have likely taken, except I was getting on my computer a little late, and I was just loading my platform while that was going on, and before I could act it was too late...so I guess the only thing I can complain about there is that I need to get up 15 minutes earlier! ;)

 

The third one was frustrating because the reason I didn't get in is because I was so biased short that I wasn't considering any longs at that point in time. I know better, I just goofed.

Chart.thumb.jpg.8f64cca7c983b1349aa7db1ec49b37bd.jpg

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Sleepy evening for me...no trades...no significant shouldawouldacouldas though, so that's always nice.

 

There were a couple "opportunities," but the swing I would be trading off of would be <10 ticks in size...for me, I think that might be too small...especially when you consider the spot fx spread...and it's difficult/impractical to manage.

 

I had a long order in, but it's quitting time so I've cancelled it.

 

-Cory

EU15M.jpg.0b154fdca146f9c7cbf31113cb854f79.jpg

EU15M2.jpg.5fe507be3ee515d1aef02466d808fcd5.jpg

EU15M3.jpg.d8d1f952ce1cc68d9a18e6f53c0a5e7c.jpg

Edited by Cory2679

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Well, I just now pretty much went from really bummed to pretty excited. ;)

 

It just clicked with me what's "wrong."

 

For the last couple of days, I've, without realizing it, basically reverted back to my "old" ways! (old meaning the last couple weeks)...I'm approaching everything almost the same way I was before I began only trading the EUR/USD, etc. (I won't go into details)...now that I've realized it, hopefully I can get right back on track! :)

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Well, I just now pretty much went from really bummed to pretty excited. ;)

 

It just clicked with me what's "wrong."

 

For the last couple of days, I've, without realizing it, basically reverted back to my "old" ways! (old meaning the last couple weeks)...I'm approaching everything almost the same way I was before I began only trading the EUR/USD, etc. (I won't go into details)...now that I've realized it, hopefully I can get right back on track! :)

 

And THAT is why a trading plan is important.

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