Dons trading journal GBP/USD

[Don4 10]

short looking for tp at 1.9693

[Don4 10]

Stoped out today for -2%(auctually a little more was slipped 3 pips when i entered) be back later for the totals.

[PYenner 10]

People are getting hurt in PY too.

The longer term rise I was trading got to 70% ok but then they got ugly.

50-100 pip backswings and recovery for a couple of days.

My trade got swaps but no progress, didn't have enough equity to trade the recoveries as well so missed out on those.

There are good rises coming in PY and GBPUSD but they are delaying it and making so much drawdown mischief it has got me a bit scared about buying back in after the weekend.

[Don4 10]

Pyenner,yea i know what u mean these are trying times. The markets has people scratching there head and second guessing there systems and theirselves. Thats why i quit trying to predict where the market is heading(try and save myself a few gray hairs:D) but anyway here are my #'s.

 

 

 

 

Total Pips- +186

Equity- +16.7%

Win%- 41.67%

[Don4 10]

I found these steps while surfing the web it did not list a author,so i have no idea who it was,but i thought it would fit perfectly here since it fits the same steps that i have taken to where i am now.Here is the link REALTRADER : 38 Steps To Becoming A Successful Forex Trader

 

 

38 Steps To Becoming A Successful Forex Trader

 

1. We accumulate trading information - buying books, going to seminars and researching.

 

2. We begin to trade with our 'new' knowledge.

 

3. We consistently 'donate' and then realize we may need more knowledge or information.

 

4. We accumulate more information.

 

5. We switch the currencies and time frames we are currently following.

 

6. We go back into the market and trade with our 'updated' knowledge.

 

7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.

 

8. We start to listen to 'outside news' & other traders.

 

9. We go back into the market and continue to donate.

 

10. We switch currencies and time frames again.

 

11. We search for more trading information.

 

12. We go back into the market and continue to donate.

 

13. We get 'overconfident' & market humbles us.

 

14. We start to understand that trading success is going to take more time and more knowledge then we anticipated.

 

--------------------------------------------------

Many Traders Will Give Up At This Point As They Realize That Forex Is Not As Easy As It Looked And That Hard Work and Study Will Be Required

 

But Some Do Not Give Up ...

--------------------------------------------------

 

15. We get serious and start concentrating on learning a real methodology.

 

16. We trade our methodology with some success, but realize that something is missing.

 

17. We begin to understand the need for having rules to apply our methodology.

 

18. We take a sabbatical from trading to develop and research our trading rules.

 

19. We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute.

 

20. We add, subtract and modify rules as we see a need to be more proficient with our rules.

 

21. We go back into the market and continue to donate.

 

22. We start to take responsibility for our trading results as we understand that our success is in us, not the trade methodology.

 

23. We continue to trade and become more proficient with our methodology and our rules.

 

24. As we trade we still have a tendency to violate our rules and our results are erratic.

 

25. We know we are close.

 

26. We go back and research our rules.

 

27. We build the confidence in our rules and go back into the market and trade.

 

28. Our trading results are getting better, but we are still hesitating in executing our rules.

 

29. We now see the importance of following our rules as we see the results of our trades when we don't follow them.

 

30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.

 

31. We continue to trade and the market teaches us more and more about ourselves.

 

32. We master our methodology and trading rules.

 

33. We begin to consistently make money.

 

34. We get a little overconfident and the market humbles us.

 

35. We continue to learn our lessons.

 

36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our position size.

 

37. We are making more money then we ever dreamed to be possible.

 

38. We go on with our lives and accomplish many of the goals we had always dreamed of.

 

 

Well monday will make 2 months for this journal and i am very pleased so far there have been 2 times that i have deviated from my plan, one was a trade taken from a different system,with a very high R/R(which i will take again if the opertunity happens again) and the other was last week when i woke up late and thought i could jump in and take the trade anyway.(I only lost a little over 1%,but emotionally it was a desaster). Right now i feel as though im on step 36 and have know idea how long it will be before the last 2 steps are completed(could be a seperate journey within itsself) it doesnt matter though wheither its 6months,2years,10years. As long as i am alive, I will persue this,until one day i will hold my hands in victory.

[Don4 10]

No trades today!!

[Don4 10]

Short today stoped out -2%. This is = to my biggest losing streak in a row 5 losing trades since starting journal. Not the biggest drawdown yet but as far as trades taken, consecutive losses. But still confedient in my system and my plan.

[Don4 10]

I have taken a short position looking for tp at 1.9716. should find out in about 9 min if it will make it or not BOE meeting at 4:30 eastern

[Don4 10]

Well never mind tp hit 5 min before news.

[Don4 10]

Im short looking for tp at 1.9822.

[Don4 10]

news out at 4:30 eastern, just have to wait and see what happens!

 

4:30am GBP Business Investment q/q (p)

4:30am GBP Total Car Production 3m/3m

[Don4 10]

Stopped out today -2%.

[Don4 10]

Was short today stopped out -2%.

 

 

 

 

Total Pips- +146

Equity- +14%

Win%- 40%

[PYenner 10]

You are not alone Don.

Got burnt a few weeks back, bone headed stubborn stupidity in my case.

You have a robust system, it is the market that is shifty.

Good luck

[Don4 10]

Ok, Ive been short all day not much movement (holiday). Looking for TP of

1.9807.

[Don4 10]

Yesterdays trade stoped out, had long sig this morning with tp of 1.9906

had a high of 1.9899 but could not get that extra push up,price is now back around 1.9852.

[Don4 10]

Todays trade stoped out,this is now my biggest drawdown since starting this journal. Its tuff to see so many trades in the green only to turn and be stopped out, but like i said at the start i knew this going into it. So i just have to stick my plan.

 

 

MaxDrawdown.xls

[Don4 10]

No trades today!

[Don4 10]

been long most of the morning looking for tp of 1.9805 was close within 6 pips but no cigar. Just have to wait and see what happens.

[Don4 10]

TP hit at 1.9805.

[Don4 10]

Today, i was long stoped out before the news, be back later for my weekly wrap up.

[Don4 10]

Pretty tuff week, monday and tuesdays trades was well in profit but didnt make it, on top of that im now facing my biggest drawdown since starting. I do have a set limit of loses that im willing to take before i step back and take another look at my system to see if some changes need to be made but i dont want to change it prematurely. As for now im still a good ways off, so on with my plan and we will see what happens.

 

 

 

 

Total Pips- +132

Equity- +11.4%

Win%- 38.64%

[Don4 10]

While i was surfing some trading forums today i came across this free e-book called Mental Fitness For Traders by Norman Hallett so i just thought i would pass it on, a very good read, enjoy!!

 

http://www.tradingsuccessroadmap.com/mentalfitness.pdf

[Guest cooter]

While i was surfing some trading forums today i came across this free e-book called Mental Fitness For Traders by Norman Hallett so i just thought i would pass it on, a very good read, enjoy!!

 

http://www.tradingsuccessroadmap.com/mentalfitness.pdf

 

Nice find, Don4. Could you post it in the new "Ask The Trading Doctor" forum too?

 

http://www.traderslaboratory.com/forums/f96/

[Don4 10]

Sure,cooter.