A Honest journal
Aug 10, 2011 at 20:23
Chikot posted:
Oracle, are we related?
we both leave too much on the table , LOL.
Anyway, you are a scalper. so, it is ok to pick your goal. i know how dangerous it is to try and change one's nature. i tried to turn swing/ trend trader last fall/ winter. It was bad. It is not who I am, so , i am happy with less pips. although yesterday I should have picked more 😕
what I want is to improve my hit rate. I can be right but get kicked out at first attempt like yesterday and today and make up and gain on second attempt. may be stop is too tight or first entry is too early.
it kind of hold me back.
my account is small $1090 original and with oil current volatility it is not easy to find entry with smaller stop. just 2 weeks ago 30-40 pips was enough, now even 90 pips is nothing. hence I am sitting on my hands until see something within 50 pips risk.
I don't consider myself a scalper Chikot. I consider scalpers people that aim for the sub 20 pips profit. I try to get over 20 pips in my trades, my minimal daily result is supposed to be 20 pips but I always aim for more.
My problem right now is focus. i'm not being able to trade the way i wish because of parallel activities.
I'm in a battle to finish everything i need so i can trade from 5am to 12pm without distractions. Ah ! that will be paradise 😁
Forex or bust!
Aug 10, 2011 at 20:27
BTW, Oracle, if you made first trade and you won your daily goal. will you be looking for another trade or call it a day?
I usually stop trading after I made some good trade and up for a day. Now there was excellent short opportunity again when price failed to break yesterday's high. But I just watched it and did not take the trade. My thinking was, it is good probability and risk is ok, but still there is always a chance to loose and I am up today. so let it be. I think after that upper line of triangle was broken you could be 90% sure that price went to test that broken trend line. way more than 20 pips.
I usually stop trading after I made some good trade and up for a day. Now there was excellent short opportunity again when price failed to break yesterday's high. But I just watched it and did not take the trade. My thinking was, it is good probability and risk is ok, but still there is always a chance to loose and I am up today. so let it be. I think after that upper line of triangle was broken you could be 90% sure that price went to test that broken trend line. way more than 20 pips.
Aug 10, 2011 at 20:30
(編集済みのAug 10, 2011 at 20:30)
My trading time is usually from 4:00 a.m. to about 6:00 a.m. when i work and then from 9:30 a.m. to 1:00 p.m. this is why I trade only oil. Perfect timing. I get up all alone, take coffee and start watching, no one bothers me at night.
But we are having baby coming within 3 weeks and wife is going to be at home for the whole year so I am bracing for some disturbances during trading hours 😄
But we are having baby coming within 3 weeks and wife is going to be at home for the whole year so I am bracing for some disturbances during trading hours 😄
Aug 10, 2011 at 20:34
(編集済みのAug 10, 2011 at 20:37)
Being inside my window of trading ( 5 to 12) I would trade any and all legitimate signal.
After I make my minimum I discard high risk or average trades and I concentrate only on the best ones. Any extra pips will help to cover some losses further down the road.
After I make my minimum I discard high risk or average trades and I concentrate only on the best ones. Any extra pips will help to cover some losses further down the road.
Forex or bust!
Aug 10, 2011 at 20:38
(編集済みのAug 10, 2011 at 20:39)
To be frank, I would do same but say would risk half of my daily gain I made before. Unfortunately, I cannot take trade with less $0.01 per pip, so, I cannot do it. I was reading statistics. Many traders start day positive but then hunting for more lose their wins and then some. so, I prefer to bag profits and move on to the next day. To start taking further trades I need to improve my hit rate to say 70% at least.
The most important is consistency.
The most important is consistency.
Aug 10, 2011 at 20:39
Chikot posted:
My trading time is usually from 4:00 a.m. to about 6:00 a.m. when i work and then from 9:30 a.m. to 1:00 p.m. this is why I trade only oil. Perfect timing. I get up all alone, take coffee and start watching, no one bothers me at night.
But we are having baby coming within 3 weeks and wife is going to be at home for the whole year so I am bracing for some disturbances during trading hours 😄
LOL! You are lucky Chikot I have 4 kids after 7:30AM it is very noise around here 😁! thats why I'm working to retrofit my garage in to a office.
Forex or bust!
Aug 11, 2011 at 01:18
Chikot posted:
That's pretty far behind schedule I suppose.
Wish you to end it asap :)
yep! the problem is that i had to fix so many stupid things people did in the construction of this house before even starting to work.
I will get there , eventually 😀!
Forex or bust!
Aug 11, 2011 at 09:48
People use to say that the early bird gets the worm. Thats my case today got a good entry @ 4273 ( re test of session high) and now i'm having a strong exit sign so I'm banking +56 pips 😁 that put me more inline with my weekly goal.
Forex or bust!
Aug 11, 2011 at 16:09
(編集済みのAug 11, 2011 at 16:10)
Holy volatility Batman! 😁
I'm so glad i traded early today. Got only 56 pips on this ocean of volatility but I'm happy. i'm 6 pips from my weekly goal and in a day like today is better stay away.
I don't trade well in such wild market and if I was out there trying to grab some i would lose my shirt.
Lets see what tomorrow will bring.
I'm so glad i traded early today. Got only 56 pips on this ocean of volatility but I'm happy. i'm 6 pips from my weekly goal and in a day like today is better stay away.
I don't trade well in such wild market and if I was out there trying to grab some i would lose my shirt.
Lets see what tomorrow will bring.
Forex or bust!
Aug 11, 2011 at 17:46
(編集済みのAug 11, 2011 at 17:47)
Yes, volatility a way too much for small accounts unless that account is with oanda. I like trading it this way but prefer to bag some pips and stop.
Generally it is preferable to wait until real good opportunity presents itself. Those who trade long enough can distinguish by that time.
Generally it is preferable to wait until real good opportunity presents itself. Those who trade long enough can distinguish by that time.
Aug 12, 2011 at 01:12
(編集済みのAug 12, 2011 at 01:13)
Chikot posted:
I was away and just checked. I would have only taken that short trade I was discussing on my thread. The rest is either against my method or volatility is a way too much like stops of 120 pips make no sense.
Looking back when price re visited 4273 it was a good opportunity for another short. My stops would be tested really hard but would stand, and my first signal to get out would be at 4211 for 60 something pips.
That would be a high risk trade. If I was up 150 or 200 pips I would definitely jump on it but at 94 thats gambling.
Anyways I'm grateful! 😁 I still remember days like this ending with my account down by 2 or 3 thousands dollars and praying for the market to come back to me because I still had positions open.
what a difference now! All my positions squared, this thing can go 1000 pips up or down and I just don't care.
Ahh ! the wonders of day trading!😁
Forex or bust!
Aug 12, 2011 at 11:29
TheOracle posted:
Chikot posted:
I was away and just checked. I would have only taken that short trade I was discussing on my thread. The rest is either against my method or volatility is a way too much like stops of 120 pips make no sense.
Looking back when price re visited 4273 it was a good opportunity for another short. My stops would be tested really hard but would stand, and my first signal to get out would be at 4211 for 60 something pips.
That would be a high risk trade. If I was up 150 or 200 pips I would definitely jump on it but at 94 thats gambling.
Anyways I'm grateful! 😁 I still remember days like this ending with my account down by 2 or 3 thousands dollars and praying for the market to come back to me because I still had positions open.
what a difference now! All my positions squared, this thing can go 1000 pips up or down and I just don't care.
Ahh ! the wonders of day trading!😁
Yes, but it took years of trading and practice.
I think technically day trading is the second hardest style after scalping but most newbies start exactly with scalping.
It is easier for starters to trade longer term than intra day as stops are wider and market is more forgiving.
Aug 12, 2011 at 14:05
(編集済みのAug 12, 2011 at 14:07)
Not a lot of opportunities today, I thought that the day would be a no trading day for me. Than I decided to jump on the re test of 4287 and so far it is paying of 😁!
there is absolutely no way that I'm letting this thing go against me. I'm placing my TP @ +10 and I'm not moving it.
4230 would be a good target
4220 area even better
Lets see!
there is absolutely no way that I'm letting this thing go against me. I'm placing my TP @ +10 and I'm not moving it.
4230 would be a good target
4220 area even better
Lets see!
Forex or bust!
