Tuesday, November 30, 2010

Tuesday ZS

Got 5 cent worth $250 flew in front of my nose. Stopped out for 1 cent profit :(

Monday, November 29, 2010

Monday's TF

Today's great day to trade. Missed 8 pts TF to downside, waiting dozens of faked out until have courage to enter. 3.1 pts :)

Thursday, November 25, 2010

Why I was Busted These Days?

I want to record my thought my reflections when trading. I encountered many obstacles so much that it effect my trading consistency.

I remembered at the beginning start of July, I trade good. This month I trade most of signal without thinking of failure. Entered almost every signal appeared without slightest doubt. I put Stop Order, so when the price came to me, it's filled. Put my Stop Loss in tact and let the market decided. My winning ratio was horrible. In fact, it's only around 40% or less. I was not afraid to be wrong. I trade trade and trade. There's almost no single day without losing trade. No afraid being stopped out. Some days I just lose so big at start but in the end it kept me green. Winning ratio per day almost 100% perfect. The result was marvelous, I was on top of my performance (I think).

Come August, at first I trade good as usual. Until one day I blew out, breaking the rules against the trend. Need many days but surprisingly I recovered with quarter profit of previous month. I though nobody on earth can stop me profiting in this market.

September was the outlier month. I trade with discipline, undiscipline, everything and the result : incredible. Of course my winning ratio per trade never improved. Still around 40%-50%. I didn't care less. Every time it stopped out, I was ready for the next setup. 2,3,4 even 10 losses didn't budge my emotion. I kept trading and the result astonishing. I felt like a money magnet. Everything I touched become $$$.

October came, smacked me to earth. I trade against the market and losses big. Everytime I recovered and trade with my old setup, the market like knew my Stop Point and blasted it there. This is when my mental barrier crushed. I couldn't stand losing 10 losses in the row. In fact, I couldn't trade well after 5 losses. I was down a lot. I scared to make mistakes as it costs me more money. So I just letting dozens of opportunities walked away in front of my eyes. Just staring this price soared and if it's September, I would gladly enter those profitable trades. After watching that my edge still working without actually doing it, I collected my strength, and began to do it again. I was crushed again. Scared, missed opportuinites, Got up, Crushed, missed opportunities.

September, after started with big losses, I thought I was get overed with it. Wrong, the cycle wtill continues. Worst, after wining streak, I sabotage myself with agains the trend setup. Until now, I couldn't resist temptation to buy low, just use Micro Lot to minimize losses.

" Danger from wrong doing is always come when I don't realize it "

Lots of missing opportunities, bad trades, poor executions. I will be back in basics. But today, Bank Holiday, I still don't trade. Reading Trading In The Zone Again by Mark Douglas.

Tuesday, November 23, 2010

Should Avoid Crude Oil Definitely

This is madness. I can't identified wheter Crude Oil tradable or chop chop around. This was my last trade of Crude Oil. I can't stand this beast. No more crude oil for me.
I am at the edge of desperate here. Crude Oil Trading with discipline is not enough. It need luck and massive amount of capital. How can I trade these choppy beast? Sigh... sorry for being desperate here. I was good on Currencies I think. Yesterday's blowout definitely my mistakes and I can take it. But this....this...beast is killing me.
I hoped I still have courage to trade Currency. Oh God, these blowout destroyed my confidence. Afraid these losses affect my currency trade :(
Aaargh, I am very frustrating right now. I will erased all my Crude Oil Quotes, everything. Should have done it long long time ago. I can managed well without Crude Oil.
What should I do? I still have confidence in Currency. But now, I don't know what to do now. I am tired, exhausted, and feel so much failure in me.
Now I must only focus on Currencies and Currencies only. I have suitable Time (London Session = Afternoon), working multiple pairs, and longer time to trade. For the last 11 days if I kept my discipline, I had decent result. Focus only at monthly tick target. Blew out once and now in recovery mode. Today, I thought if I could trade Oil with discipline, I may get decent profit. I was wrong. Very very wrong. Poor execution, slipped entry and exit, missed signal, forget-to-cancel-order, become one big mistake in today's trade.
Hope that tomorrow I will trade with discipline and careful. Eliminate all thinking about making money. Just trade well, and the money will follow. Like I did on Currencies these days.
If I can survive in Sideways Currency Market, then I can survive in trending market. Prepare for tomorrow.
Since I won't trade other than currencies, then this blog will be un-active. Please visit my currencies blog here.

Monday, November 22, 2010

Just 1 Cent Oil Profit Monday

No worth to upload :)

Thursday, November 18, 2010

No Trade Again and Again

CL chopped, TF chopped, ZS wild...(maybe)
I was thinking about counter-signal on CL. If it said long, we short, vice versa. 5 times success with 10 cent PT

Wednesday, November 17, 2010

Another No Trade Outside Currency and Little Inspiration

I watch on youtube Mind over Market, guest: Mark Douglas. There's some inspiration and maybe worth to share to all of you.

He told us about slot machine. People playing the slot machine if lost or didn't hit the jackpot won't be frustrating. Because s/he know that the outcome is random. In fact most of them know that the winning is not at his/her favor (the casino has it). They insert the coin, press the button/pull the trigger, and if it missed, they do it again. Over and over again. Interestingly, most traders don't have this slot machine mentality. If the position is failed, they may frustrating and angry. The expectation is too high. Worse, unlike the slot machine, the market may eat all of our coins in just one trade if we let it loose aka. no Stop Losses.

In fact that, unlike slot machine, trading if we do it right, the winning is in our favour. Let's say, we have the edge. Backtested it and it works. So we apllied it on market. Overtime, guaranteed, we will make profit. Of course Money Management also played in this part. Then why most traders still losses while in theory it's more profitable than the slot machine?

This idea cross my mind, why don't we treat our trades like slot machine? We prepare our coin (money that we risk per trade or Stop Losses), sitting and waiting to hit the button (click the mouse). And if it fail, well like slot machine, nothing to be angered, wait again, looking the signal, hit button again. Over and over. In today's trading especially in Forex, we can even risk $0.01 or 1 cent per trade. Cheaper than slot machine. I strongly believed that this type of mentality will make us money in the long run. If it failed let's say after 20 trades it doesn't give good outcome, we can always tweak or improve our edge to sync with current market condition. Let's say we risked $1 per trade. 20 streak losses in slot machine won't upset us. 5 losing streaks in trading definitely made us mad.

Expectation sometimes a deadly pit in trading. Me too countlessly fell into. Hope it useful :)

Tuesday, November 16, 2010

No Trade Again

My confidence lies on Currency. No TF today, saw lucrative ZS but looked at bid ask sometimes jumped 2 cent, that's $100 slippage. Too volatile, maybe later

Monday, November 15, 2010

Excuse Excuse

Not trading US session. Internet jammed at opening US session.
TF,ES,CL diving while I was busy connecting.
Then dead movement. Three of Them.

Waiting for ZS, the chart won't open and, it's also dead. Maybe alive later.

Pretty satisfied with my Currency Trade.

Friday, November 12, 2010

Friday's TF Trade

I made my decent profit from TF. Also paper-trade the ZS soybean before dancing with the farmer:)

TF moved 4 pts and I only reached 2.7 pts. Not bad since price slammed deep. The regret, I was not taking the signal to short and it moved further than 4 pts.

ZS 1st entry should be breakeven. Paper trade was way way too easy comparing to real trade. 2nd trade was a real deal. Price never moved above my SL point and 9pts from ZS surely something I can be proud of :)

All trade purely based on CM Pattern by Austin.

Wednesday, November 10, 2010

Outside Currency

My nerve can't afford losses. Not in my best shaped, big losses from choppy market haunted me and stomped my heart. Result: Missed 2 times more than 40cent Crude Oil worth $800!!!
My currency trade doing pretty well so far. Tomorrow will be light to none trading.

Friday, November 5, 2010

Make A New Blog

I will used this blog as trading journal other than currency.

For my currency trade I created a new blog.

Based on business Plan, structured trading, and tidy.

No Oil Trade Today, have a nice weekend everyone :)

Thursday, November 4, 2010

Thursday Result : Definitely avoid CL for a while

Maybe I'm just pissed off missing last 2 days move of CL. Not in mental state trading Oil. Meanwhile I can afford to trade currency.
If somebody can identified CL- day or not please let me know :)

Wednesday, November 3, 2010

Wednesday Result: Fed Mess

I forgot about Oil Inventory..sigh :(
Consolidation with 5th times breakout, I entered after the 3rd time faked. Suddenly remember about the inventory schedule and got out in a flash.

Tuesday, November 2, 2010

Tuesday's Scalp

I think it's better called scratch, but it's still bigger than most of daily salary in my place.

6E just premature signal. It became one but failed. Then it gave short signal, another failed. I guess I'm lucky today. My another weakness: can't stand 3 hours movement of 20ticks. CL still a darling instrument. Hope my new system will prevent me to overtrade :)

CL drove another 15ticks but I'm not buyin'

Prepare for tomorrow. Today's election day just wait and see.

CL System Found!!

Found the New System. It's wedge breakout confirming with bullish candle. Do the trade starting today. Pretty unique coz I entered at the counter-trend but with trend direction. I justwant to scalp today since it's pre-election days. With this method, I definitely have to limit my trade since the signal not very often appeared. Follow the system, impossible to overtrade.

Monday, November 1, 2010

Fighting All Day

I was trading from 08.00 pm EST to 08:00 am. It's very stressful, tiring, especially on chopped market. I tend to overtrade again with par result.

Trading should be less time consuming. 12 Hours trading not resulting big profit.

Should backtested at peak time only. 7.00 am EST and 2.00 am EST