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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

FX trade 29-Mar-2007

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As mentioned in my twitter, I am trading spot forex in demo account to get familiar with the platform and position sizing. This is a dummy trade of USD/JPY. Long position was established around 1am NY time @117.1199. Stop loss was set at the recent swing low 117.056. First target of 117.346 was achieved, stop loss was trailed to 117.279 and triggered.

Closed 2/3 of position at 117.346

Closed 1/3 of position at 117.279

One paper trade with + 1.48 R

[photopress:USDJPY1hour29Mar2007.PNG,full,alignleft]

Journal note: Apparently, the exit was premature. I was over aggressive when trailing stops. To lock in some small profit, I am missing the forest. Well, lesson learnt.

I am starting trading live tomorrow. The risk amount for forex trades are half  of my normal R size, until I see convincing result I will get back to my normal R amount.

Trade 28-March-2007

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I made one short trade on NQ futures yesterday, but I was chopped out. The risk was only half of my normal R. I was trying to join the fun of selling during the second pull back, which was a stupid mistake.

No chart here. Ugly and messy.

As mentioned in my twitter. I saw NQ was setting up a bounce. And I had no idea about Big Ben was going to give a speech (err..I did not listen/read news). and we saw a spike in NQ. Was this just a coincidence? Well….

Quote from MONROE TROUT

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In The New Market Wizards: Conversations with America’s Top Traders, Monroe Trout mentioned the trading rules that he lives by.

Make sure you have the edge. Know what your edge is. Have rigid risk control rules … Basically, when you get down to it, to make money, you need to have an edge and employ good money management. Good money management alone isn’t going to increase your edge at all. If your system isn’t any good you’re still going to lose money, no matter how effective your money management rules are. But if you have an approach that makes money, then money management can make the difference between success and failure.

…

I’m excited and confident about the future. If I ever don’t feel that way, I will stop trading.

My Dummy Trade Fest I

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harvest.jpgOver the past few months, I have made a number of dummy trades. If you’ve read my blog, you know I have posted all my winning and losing trades here. It is very important to note down your bad trades in your trading journal. However, I think it is good to revisit good trades as well. The more you see/learn positive behaviours, the more likely you will act positively. So by reading more good setups and good trades, I hope it will improve my “chart eyes”.

I have chosen some trades that I feel I did well in term of setup, execution, return and ,of course, when market condition was good enough for dummy trades. Still, there are mistakes in them..

[Read more…] about My Dummy Trade Fest I

Dummy day trading #65 26-Mar-2007: NQ Short trade closed

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Short position of NQ was established around 11am. Trade did go in my favour, however, it was slow. I trailed stops and get stopped with -0.27 R loss.

[photopress:NQ3min26mar2007.jpg,full,alignleft]

Journal note: This is a bad trade. Firstly, It was too late for short entry. And subsequently, a long setup was formed and it was not taken. There is a need to establish a method to identify a new setup when one setup failed. Be flexible, I need to learn.

Dummy day trading #64 26-Mar-2007: NQ Long trade closed

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The first trade of the week is a -R loss. I got in long position of NQ a couple of minute before 10am (right before home sales report released). Am I right or wrong for the timing? I don’t know, but I don’t trade on news, anyway.

I am not going to post the chart this trade. Messy chart. One trade closed with -1 R loss.

I did make a mistake in this trade. In my premarket analysis journal, I have in fact, determine some levels of entry. And when I saw an opportunity, I totally forgot about these levels.  So, I wasted the time and effort of my premarket analysis. DUMB.