Ended this week with a slight loss due to Tuesday.
I got another 20pips yesterday and 30pips today (+37 on Wednesday) giving the total to 87pips. Though up in pips, but a bit down in value.
The best part was that the last three days was a complete joy to trade. I took the safe trades, did proper money management. I was relaxed. The trades were well planned.
Most of all I'm really happy about the way I traded. It was fun to trade.
Some lesson to take home would be that
a) price will always always always retest, don't hurry to jump in or chase
b) the market acts like a casino always tempting you in
c) my analysis is usually correct but i jump the gun too fast... way too fast.
Lets see what next week brings.
Saturday, August 23, 2008
Wednesday, August 20, 2008
Blowing up!
Yesterday I blew up!
I lost 80pips! I did all the stuff I shouldn't have done-- all in one day. Jumping in too early, over trading, overly aggressive. You name it, I did it.
One thing I did not do. I didn't panic which I am quite happy. I genuinely thought that I traded well.. except that the results didn't agree with me. lol.
So what really were I doing wrong? BK analysed my trade and said I definitely over traded and jumping in too early. I'm thankful that he's so patient with me.
I felt that, that was the symptom but not the root. After some praying and thinking about it I think it's definitely me lacking patience. Had I waited 1 or 2 more candles before jumping in, I would have stayed away from a lot of the trades and there would not be a 'over trading'. Had I waited, I would also see more clues as to the trade will happen or not which will lead to more profit.
Most of all, I also think that I was being overly confident. Because I could see so many setups that can support my trade I became bias in what I see. Bk's advice is to get at least 4-5 reasons now to get in. For me, I tell myself to stick with the simpler setups and have very strong support with my indicators.
This article is written to remind me what I learn so that I may not repeat it.
Don't chase the pips. Chase the trades.
today's results -9+4+17+25 = 37 pips.
Not bad for a come back.
I lost 80pips! I did all the stuff I shouldn't have done-- all in one day. Jumping in too early, over trading, overly aggressive. You name it, I did it.
One thing I did not do. I didn't panic which I am quite happy. I genuinely thought that I traded well.. except that the results didn't agree with me. lol.
So what really were I doing wrong? BK analysed my trade and said I definitely over traded and jumping in too early. I'm thankful that he's so patient with me.
I felt that, that was the symptom but not the root. After some praying and thinking about it I think it's definitely me lacking patience. Had I waited 1 or 2 more candles before jumping in, I would have stayed away from a lot of the trades and there would not be a 'over trading'. Had I waited, I would also see more clues as to the trade will happen or not which will lead to more profit.
Most of all, I also think that I was being overly confident. Because I could see so many setups that can support my trade I became bias in what I see. Bk's advice is to get at least 4-5 reasons now to get in. For me, I tell myself to stick with the simpler setups and have very strong support with my indicators.
This article is written to remind me what I learn so that I may not repeat it.
Don't chase the pips. Chase the trades.
today's results -9+4+17+25 = 37 pips.
Not bad for a come back.
Sunday, August 17, 2008
What I learnt this week is...
to never go on 'revenge' mode!
I started the week fairly well and was up about 40-50pips by Tuesday. Took Wednesday off (and missed the huge moves). Thursday I suffered a huge blow and was sent back to just +20pips for the week.
I was so dissapointed. I wanted to make all the pips back... really badly.
In the end I went on revenge mode. I made all the mistakes listed in the books of 'things you should not do as a trader'. The scary thing was - my emotions were so strong I didn't even know I was not thinking straight.
All I wanted was to 'get it back'!
It was horrible. At then end of Thursday, I lost all my profits and more. Thankfully, wife was there to support me.
On Friday, I started calmly. I traded well. It was night and day difference. I was so calm when my SL was hit, I wasn't too bothered.. because I knew I traded well. It's funny how that sounds but that's how I felt. I just kept going. When a trade presented itself, I took it. It was almost fun.
In the end, I made back all that I lost... and a bit more.
Emotions... are powerful things. Do not undersestimate it.
I started the week fairly well and was up about 40-50pips by Tuesday. Took Wednesday off (and missed the huge moves). Thursday I suffered a huge blow and was sent back to just +20pips for the week.
I was so dissapointed. I wanted to make all the pips back... really badly.
In the end I went on revenge mode. I made all the mistakes listed in the books of 'things you should not do as a trader'. The scary thing was - my emotions were so strong I didn't even know I was not thinking straight.
All I wanted was to 'get it back'!
It was horrible. At then end of Thursday, I lost all my profits and more. Thankfully, wife was there to support me.
On Friday, I started calmly. I traded well. It was night and day difference. I was so calm when my SL was hit, I wasn't too bothered.. because I knew I traded well. It's funny how that sounds but that's how I felt. I just kept going. When a trade presented itself, I took it. It was almost fun.
In the end, I made back all that I lost... and a bit more.
Emotions... are powerful things. Do not undersestimate it.
Thursday, August 7, 2008
Practice makes perfect
This week didn't start off too well with me. I am in a slight loss practicing the risk/reward thingy. Sometimes I go into a trade without a SL set other times I go in with too small a profit target. Either way it was a difficult monday/tuesday.
I was getting upset too. And the worst thing while trading is being upset.
However halfway through Tuesday I calmed down. I looked back at my journal and colleted myself. Slowly but surely the winning trades came back. My winnings are marginally bigger than my losses now. A small step towards the big goal.
I think the biggest difference I made was to take my time to plan for a trade. To calculate the spread, the SL and the profit. and guess what? It acts as a last filter to take a trade or not... and many times although the setup is right, the risk is just too big.
I'm glad I'm learning this now. :)
I was getting upset too. And the worst thing while trading is being upset.
However halfway through Tuesday I calmed down. I looked back at my journal and colleted myself. Slowly but surely the winning trades came back. My winnings are marginally bigger than my losses now. A small step towards the big goal.
I think the biggest difference I made was to take my time to plan for a trade. To calculate the spread, the SL and the profit. and guess what? It acts as a last filter to take a trade or not... and many times although the setup is right, the risk is just too big.
I'm glad I'm learning this now. :)
Saturday, August 2, 2008
Risk Reward Ratio
The last week was a good one.
I am up in pips, confidence and consistency. Thanks to everyone who's helping me :) I love it!
However as I'm glancing through my trade journal I found out that my losses are still high as compared to my wins. It's because I tend to take out portions of the profits as it goes up to hit my target. I guess there's nothing wrong with that but it screws up the initial Risk/Reward ratio.
I spend some time thinking about why this is so and I think and come to the conclusion: my trade pschology.
With some practice, I'm getting there... I believe this could be the last peace of the puzzle before I start trading mini lots!
I am up in pips, confidence and consistency. Thanks to everyone who's helping me :) I love it!
However as I'm glancing through my trade journal I found out that my losses are still high as compared to my wins. It's because I tend to take out portions of the profits as it goes up to hit my target. I guess there's nothing wrong with that but it screws up the initial Risk/Reward ratio.
I spend some time thinking about why this is so and I think and come to the conclusion: my trade pschology.
Im too chicken to let the trade ride out hit the target
With some practice, I'm getting there... I believe this could be the last peace of the puzzle before I start trading mini lots!
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