Eur Simple Trades High Risk Journal
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thread: Eur Simple Trades High Risk Journal

  1. #1
    Junior Member inaoxlkrayda's Avatar
    22

    Eur Simple Trades High Risk Journal

    this is it, my new enterprise.

    Basically I'm a bit of forex enthusiast whose aquired a good number of skills over some time, but has not really put a lot of trading area together in order to turn a profit. I find deals that I back out of wind up in profit. . .Without a framework the market spit you out and will eat you up like a lawnmower. My complete losses in fx are only about 250$. I really wish to flip this around so I'm starting this diary to structure my Euro trades.

    Once I commit to a transaction, entry dimensions, tp and sl, thats it, its getting carried through.

    Nothing new here, my idea is to get behind the market and only trade once I place something strong. Another terrible trait to get rid is trading too much. Many traders, for me, can place good trades, but after they money in they believe that they have to away even if they don't have a sense of where the price is going from there.

    I use, BB's, RSI, chart patterns, and price levels.

    I'm going to be operating a high risk short pile egy. My account balance is around 96$. Try to gain around 20% per transaction at 100 pips or with a sl up to approximately 15%, nothing so set in stone but thats the idea. Risk to me can be expressed or interpreted in a lot of ways. Largely I see risk not as much of your account you risk each transaction, but taking the trades you know are best for you. No big thing was if it gets busted by its short pile. But if it grows I can lower the risk size.

    Thanks for reading, first post done, trades to follow...

  2. #2
    Junior Member inaoxlkrayda's Avatar
    22
    Hi Steve,

    Nice that you realized the large risk issue, I´m going through precisely the exact same thing. The problem by risking a lot of is that following a few loses you get started doubting on your system and it affects your confidence if you try something new. I feel that the key is currently taking it serious how large is your account, sometimes we could say: oh it´s only 100 bucks. . But when we can conserve that 100$ how could we do it

    That´s a fairly wonderful system you designed, stay with it long enough and operate...
    Yes thats the truth Red. Couldn't have said it better myself. I plan to stay with this, refine, improve in all facets of trading, my system-it and MM does have real promise. Thank you for stopping by my buddy!

  3. #3
    Junior Member inaoxlkrayda's Avatar
    22
    This is an open diary, anyone can post here, criticism, comments, and dialogue are welcome.

  4. #4
    Junior Member anarenedo's Avatar
    2
    Gday steve good to see you putting a diary here bit of a newbie aswell. .there is its a great tool for both eduion and its free and some great info oncliqforexto assist you. .

    To me personally give away them BB they get annoying after awhile and put in a auto pivot so that you dont need to map them regular there's a couple on here and its only me but but try removing the grid and adjusting the properties to black on white charts I can say that this has improved my trading alot its appears thinner,,cheers and best of luck. . .trev.

  5. #5
    Junior Member inaoxlkrayda's Avatar
    22
    Gday steve good to see you placing a diary here piece of a newbie aswell. .there is some information oncliqforexand its a fantastic tool for eduion and its free. .

    To me give them away BB they become annoying after awhile and add a auto pivot so that you dont need to map them everyday there is some on here and its only me but but try removing the grid and adjusting the properties to black on white charts I can say that this has enhanced my trading alot its looks thinner,,cheers and best of luck. . .trev.
    Hey thanks, theres a significant discrepancy between Action's DP and your own, 10 points. I'll certainly look into finding a instrument for autoprinting them. I'll feel naked without my BB haha, they're like my security blanket. I only use them to verify trend/directional movements and potential potency of those tendencies although truthfully. They give little hints here and there....Thanks for posting, charts will improve!

  6. #6
    Junior Member inaoxlkrayda's Avatar
    22
    Closed two longs at 2210, 39x2= 78 pips
    Rebought for 1/2 pos. For recovery from Burn DP In waited patiently and 2205, did not pan out so closed at 2189= -15 pips.

    Complete = 63 pips.

    Account balance = 101.02$.

    More admissions for long may still develop. Awful bounce off DPgt;gt;rear to range.

    No I did not stick with egy to hold to 2275-but-was effective in holding my position much more than normal. Scary countertrend a little spooky and only before NFP commerce. Do not mind leaving not a fantastic thought to rebuy just. Those things don't usually work out. A trade needs commnt and assurance to work. This journal is currently helping me to create commnt.

    Fundamental goal here would be to 1) learn to stick to trading egy. 2) eliminate compulsive/revolving door type trading. Simply trade set-ups.

  7. #7
    Junior Member inaoxlkrayda's Avatar
    22
    Crazy NFP craziest I have seen. Market began tanking a great 90 minutes before US data was released, supposely from CAD job amounts. Traders in the Eur thread had been only many willing, and associations positioning early to enter in hopes of cashing in on the retrace. But bear was shown to be serious as a heart attack. Bickering and hair pulling Eur/Usd thread. Just a remarkable shift in the normal patterning of NFP times that I've experienced before....

    1)No longer countertrend trades. That is limiting but I'm sorry its just not worth it. I've been in days past a contrarian in spite of myself, also contrarians lose, lose, lose....Its better to learn that with infant pips than with big pips-I don't think demo trading will really teach that...

    I went against my own rules and paid the price for it today, anyhow, with a 19$ reduction. It was I had set one of my Euro MT4 charts with a lot size and forgot about it-I have like 4 Euro charts available. So my commerce had been by accident. Of course the hammer comes down, and instead of cutting off the finger, I'm forced to cut the street off. Then after I do market comes back of course. Its at a point like that you feel the market is somehow dogging youthough you had a curse. However, its only the dynamics working-the market assembled 100% to consume people in that kind of situation and frame of mind for breakfast and is made. Thats why trades have to be structured, and exchanged with assurance and commnt in order to do the job.

    Waste but not a waste if the lesson is learned. So here I'm being honest about it, although it's difficult to be. The more experience I gain with the dreadful doubts of the market the more convinced I become that 90% of the gap between success and failure is in the very simple trading integrity and grounded or ungrounded methods of this individual trader, rather than with ultimate technical or fundemental analytical experience.

    You can read this material but you must go out there and find out on your own, is what it really boils down.

    I may in the future be incorporating other crosses in order to take more trades, if I could find one satisfactorily decorrelated to the Eur.

    Anyway, AC balance: 82$. Never give up, only learn from your mistakes. Bliss may follow....

    So:

    1)Only trade with this trend.
    2)Just trade planned set-ups, no more on the fly trades.

    Be back later with some tech analysis.

  8. #8
    Junior Member anarenedo's Avatar
    2
    hey steve bad luck you understanding your mistakes and learning. . .my pivots might not be the forex and im not disputing there but my levels are close as per price I come out the nfp with close to 670 pips so yea its possible. . I was at a week PPX but shut for 50 that has been 350 pips past that was my error. . .cheers.



  9. #9
    Junior Member inaoxlkrayda's Avatar
    22
    hey steve bad luck you realizing your learning and mistakes. . .my pivots may not be the Currency Market and im not disputing there but my levels are close as per price I come out the nfp with close to 670 pips so yea its possible. . I was short eur/usd at PPX but closed for 50 that has been 350 pips past that was my error. . .cheers.
    Quite pleasant trades thanks for sharing them, and congrats. Trading in management of placing and trends trades when PP's get busted, easy as it can be! Thats how it should be performed, where I'm trying to go. Your comments are most welcome here. .

  10. #10
    Junior Member inaoxlkrayda's Avatar
    22
    Okay got some rest, getting my head on straight. This is precisely what I am looking at for the upcoming week. This chart defines tendency concerning different time frames from 15 minute up to Monthly. I've taken this technique out of the other traders journal that was good enough to discuss it. I like it a lot since it provides some insight about how different TF's are trending compared to one another, also concretises trend definition.

    We can see just 15 min. TF is bullish (corrective), 1hr is square, and what else is bearish. Worth noting that 4hr TF is the initial bearish TF to be encountered. I've added a couple of extra 4hr resistance points into the chart than I would, since they might serve as rebound points during consolidation. I do not plan on scalping but the reduced 4hr points may create scalp.

    Anyhow since main trend is understood to be bearish we will just SELL this week, anything else we do....

    The hieght of retracement, which determine our entrance point can only be guessed at, though other quotes I've read come in at 2150 to 2175, and my work has led me to develop with 2120 into 2180 zone as a fair expectation.

    There is an area of confluence approximately 2120(year 2000 50% fibo, should be a price magnet) into 2139(50% fibo local move down from DP), additionally including 2132 the H4 R2. This zone would be my entry area that is SHORT. The second would be approximately 2173, the Daily R1 and yesterdays Daily opening price.

    Stops placed behind the Daily Pivot, 2225. TP is available. I'd be inclined to be liberal with it as it might run but lock some in.

    Another scenario is Price (PA) retraces minimally and runs down hill, in which case we're out of luck. Need to wait for a pull back to ride this pony. Have a fantastic week.

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