Day 3
8 trades (Two BAD TRADE Collections)
20 pips
.5 Percent
NY session
What went well:Made good commerce selections after two poor trade options and four consecutive losses. Exited on spikes. Good scanning and identifying strong/weak currencies and staying alert to fluctuations. To enhance:Move to b/e on all transactions by 15 to 30 pips, even on days when nothing may occur. Not late entries! There will be more excellent deals to come. Let winners go (use wider Stops in powerful trends--give it room).
What went well:Generally identified good transactions Great Stop positioning Good mixing Stop Orders on News with System Entries on strong/weak news pairs Exiting transactions on big candles/spikes What to improve:Attention to detail: first two transactions I was calculating risk off of a $520,000 account instead of $250,000 account, and wondered why my dimensions was so huge! HOLD Great TRADES. Rocky had 150 pips on three transactions, 1/3 the chart time, and 1/3 the Number of transactions. If I'd held my good transactions 200 pips were available. If I depart on a spike/big candle, then return into strong trending transactions on dips! Pay better attention to choosing the BEST pair to exchange (I knew N was weak if E removed, however traded EU simply because I was looking at it) GET MORE SLEEP (I was trading from London available to mid NY with 3 hours sleep)
What went well:Held no more than two open trades concurrently Identified strongest/weakest pair following news and entered trade Maintained Stops Risked no greater than 2 percent each trade What needs improvement:Exit, or move to b/e fast, on slow-moving or unprofitable trades (especially trades made before NY available) Wider Cease positioning Exiting technically (not on overall trend idea or oil, or anything, and trusting it continues!) More discerning trade entries (GN--following USD news, was a excellent selection), the others not so much better. Don't open any trades following 10.30ET unless there's huge movement.
Daily Review:
Woke up (exhausted) for London, got captured in many ranges, over-traded to return, held good trades too long and then changed exit rules and transferred Stops, held transactions into news that weren't Stopped at b/e, greater Risk past two %. Ultimately favorable for the day, but improper trading.
Re-starting that the 30 trading days, no-breaking-the-rules period again tomorrow. Will limit chart time to only 6-11 NY time (must return to a normal sleep schedule). No more than two transactions open concurrently. Aim to trade a minumum of one of Rocky's daily transactions.
I need to visit a therapist to discuss my aversion to shorting the JPYs. Tonight I was short from 109.74 but got out early because I didn't await the Nikki to open (down) and for the UJ fall (thanks, N. Korea Trump, along with the Dow pre-market at -60 pts.) . There were 50 pips just waiting for me to scoop on UJ. Next time.
I seen GN 7, now. Bought it....and compensated 13.5 pips! I neglected to test it through this US Holiday. Yikes! Fortunately, the trade kept shing and I got out with a few pips. With 5 minutes to go before NY close the GN distribute is 30 pips!
Reminder to self: when setting up charts on Sunday night, do not get seduced into trading anything going that is near Resistance. Better to view a movie, listen to songs or clean the house instead of $^@$ around in a slow market, seeking amusement.
After final two large losers that I had initially planned to hold, I've spent a week making little, consistent profits and reunite on FF. Although I enjoyed the idea of planning to hold losers for several weeks I found that I once I had been lying in bed during the night I imagined that the worst--Trump attacking N. Korea along with the JPYs falling countless pips. Now I am sleeping better having all of my trades closed by mid NY, and using the afternoons free.
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