Tuesday, August 31, 2010

End Of Month: Gloom and Survive


My TOS charts slow, crash and lagged for the last 2 days. Reason to stop trading right :)

Anyway, I was shock when realized I just gain slightly more than $1000 this month, with the last day trade of the month booked bigger profit than accumulated profit of the remaining days this month. Crazy job right?
If I just trade week 1 and week 4 plus last 2 days, I may booked $4500!!! That's interesting.

No more trade, cause of bad chart. Have a nice trade everyone :)

Monday, August 30, 2010

Monday Result


Start bad on London session, then my chart crash. Managed to breakeven, end of day :)

PS : Where can I get reliable chart provider? I don't mind paying if <$50 per month. :) Tq

Friday, August 27, 2010

ADJUSTING THE SYSTEM


Here's what you can do if you have a good system. You can modified for into multiple modes.

My regular trading based on breakout, showed by the arrow. My SL no bigger than ten ticks, sometime less. Now here's the example of modifying the system.
- On volatile market, means big volume, I might want to be more aggresive. So I entered on No.1 Signal immediately.
- On quiet or choppy market I maight want to enter the No.2 Signal, neglecting the No.1 Signal.
- On a very low risk mode I might enter on the No.3 Signal, not caring both of the previous signal.

The modification keeo going for example: entering 5 ticks better price or even 10 ticks better price for lowering stopped out risk.
Or after third failed, you might want double the position since the odds are getting higher and higher after failure. But I didn't really want to do it.

Sometimes I did the 10 ticks better price and if the price moved and breakout the regular setup, I adding size, while keeping the risk at the regular size.

Entering on better price had lot of chance to not get filled at all, but there's always price for everything we do.

-- Some people hate to miss opportunity but okay being stopped out a lot.
-- Others hate to lose but not too worry missing the opportunity.

If we can trading based on what we comfortable, I believe we can become a better trader. :)

Friday and Weekly Result



I almost bored to death on London session. And shock to death on US session.
Got out Crude Oil inexcuseably early :( and words from Mr. Ben freaked out the market, including me though I didn't listen his words.

Overall a good week from me and finally having positive month :)
Hopefully I still keep my pace and increasing my performance.

Thursday, August 26, 2010

Thursday Result



Harsh day for me. I made lot of scalping, breakeven effort, scalping again, and so on. I even took two discretionary trades until I realized the danger and closed it on scratch.

I hoped the breakout on AUD. I accumulated the position but it never happened. It happened, but I will be stopped out first and I likely wouldn't re-entry.

Wednesday, August 25, 2010

PERFECT FLIPPING : MY FUTURE SYSTEM


The Chart is 5min EUR/USD. For who don't know my trading method, I used the wedge. I trade breakout consolidation. Pure Price Action, No indicator, No Bias.

Until now, I trade the futures. I like futures since it's fast and liquid. Though it's risky and dangerous. I want to trade FX Spot for the reason below:
1. Futures is not flexible, especially for my thin capital :) 20ticks/pips SL worth more than 2% of my capital. While 20pips is sometimes isn't sufficient.
2. Long Screen Time. Though I can leave it mechanically, I couldn't rest assure. If my SL failed I could blew $500 or even $1000 in just 5min. No choice I have to keep eye my position.
3. Unstructured Stop Loss. If the Consolidation Zone is too wide, I can Stopped Out multiple times only later re-entry at the same price. This things sometimes annoying especially in chop and slow market.

Now, the method of Spot Trading is because of the flexibility and easy adjustment. Here's what I can do with Forex Spot:
1. No more re-entry...If I long one on breakout, I'll put two short at the opposite side. No worries for wide range since I can adjust my lot for example:
Long = 26554
Short= 26550
Wide = 4pips
Lot = 0.5% Capital Risking 4pips let's say = 100lot

Long = 26466
Short = 26334
Wide = 13.2pips
Lot = 0.5% Capital Risking 13pips let's say = 35lot

And so on...

2. Flipping and Structured Stop Loss. I can limit my trade only 2 trades per setup. Means only 1% risk per setup. I can flip exactly the place where price confirm reversal. No bias, just flow with the market.

3. Risk Reward Ratio also adjustable. More likely 3:1 or 5:1. For the wider range, the RR may 3:1, narrower range 5:1.

This method adjustable and based on pure price action. The theory is when consolidation it mean buyer and seller fighting and the price represents the result. If bull win, it mean the upper breakout and the seller may fight back or give up. If fight back, the price may go back to consolidation area again. If give up, they will cover their short and won't do any fighting, while the winner will pump their position until they want to keep profit. This momentum give a very good profitability trade and it pure price action. I have convicition this system will prevail through any market condition.

Wednesday Result: Tricking The Algo



I was tired stopped out from CL dozens of time, so I modified my plan.

-- I ENTERED AT THE POINT WHERE I SHOULD BEEN STOPPED OUT --

There's risk I didn't ride the big move, but there's no big moves for one and half weeks!!!
I knew I just profit scalp the entry. It's just some safe experiments..much safer than my regular setup.

Today I trade defensively. I even got out the JPY when there's only 6ticks profit. I breakeven on AUD, and so on.

Current market felt like it wanted to eat day traders out there alive. They identified your entry, tracking your stop, teasing with S/R, lure you to re-entry and slammed the stop again. And then make you losed your mind entry with full power not realizing market gave you the worst price and soon killed you in an instant. The algo is evil for day trader :)

PS : Want to find market with little algo? Currency still lies humanity in it. Doesn't mean it easier, just feel more 'human'.

Want to scalp against the algo? It's like fighting IBM super computer with your ancient chinese sempoa*.(*it's counting tools with bides in it)

Tuesday, August 24, 2010

Tuesday Result : The Only Human Trade



I felt like the only human trading especially on CL. Market move like it had eyes on my position. I should be glad for today's result, but I couldn't. With this kind of result, I might blow up in the future. Well, maybe tommorrow :)

Monday, August 23, 2010

Monday Result



First Week, chopped out by JPY twice. Then entered the CL also stopped out again. Last CL was a discretionary trade. I was planned to reach at least 50cents from this position. But even until pit session closed the max profit was 30cent. I can't believe it!!!. By far the most slow CL market I have ever witnessed.

There's thousands of busted signal. Good signal wouldn't let me enter at better price. For my system, this market is dangerous. There's lot of choppiness and stopped out trap. Today's currency did the same today. Thanks to ZS I can survive and booked decent profit. Harsh day for me. Thnking to stop trading right until labor day.

ZS did a good job breaking the wedge, though not so far.

Thia August is very frustating for me. I was glad I gave up on JPY today. I would chopped to death if I was persistent.

TF gave good signal for 10++pts movement, but the entry is very tight. I would definitely miss it. And after lunch my setup was all busted. Only slide 10ticks++ and not more.

Sunday, August 22, 2010

Weekend Thought

Week 3 Sep 2010 looked choppy and quiet especially on TF,CL,ES. While in the same time, ZS,6E still going crazy up and down. I reviewed the one week signal, there's lot of opportunity on 6E and ZS.

Summary:
One market down, there's big chance the other market still active. And logically currency will still go directional since it's traded by the world, unlike the TF and ES. Crossover strategy is vital in this current market. I'll going back trading currency and on US session, I'll look forward if the market is tradable. My filter right now is Volume and VIX.

Friday, August 20, 2010

Friday and Weekly Result




Another loss. Not trading the US session.

Thursday, August 19, 2010

Some Ideas About My Wedging Method


I trade wedge and from this simple method, produce lot of strategies.
For example:

1. In a volatile market, the first signal of breakout either way is entry. Enter the first arrow breakout.
2. In Sideway Market Enter the second arrow.
3. In quiet Market and choppy market, enter the third arrow.

Those three strategy also can be added with price entry.
-- On volatile market/directional market, enter at the breakout price, even the worse price is okay.
-- On sideway market, enter at the better price, 1 or 2 ticks from the breakout price.
-- On choppy market maybe 3 to 4 ticks is okay.

There's a lot more strategy can be applied.Like Profit Taking, Stop Loss, Scaling Up, and so on. There's a of lot modification in just one simple system.

A. In the quiet and cchoppy market, you may want enter at the third opportunity to reduce being chopped out. You may lose some opportunities but at least you don't chopped to death.
B. In Volatile market, you may want enter at the first sign of breakout. You don't want to miss the train for bigger profits.

One more thing, a system or setup should not be treated like a crystal ball. It's merely tools for trading so you can review it objectively, backtested it systematically. A good system/setup should be applicable to other people at the exact spot. The reason for this so we can review and backtest it without discretion and subjectivity. For example: If you draw a channel, mostly 10 people drew 10 different channel. A good system should be 10 people drew 10 similar or exact channel. That's how all Turtle Traders ( From the Turtle Trader Book ) is so successfull when they're active. They learnt exact same system, plan, so if one of them long soybean for example, guaranteed that none of their partner shorting soybean at the same time. They're either long or do nothing. That's what a good system should be created.

Thursday Result


Back in he sadle. Should waiting longer for CL but I traded according to plan, except for JPY I bailed out earlier and CAD was a human error.

I couldn't see signal on TF so let it be.

Summary : After a decent profit of $300 on London session, I was ready to have a maximum drawdown at -$200 today ($500 max losses - $300 profit).
And it gave me peace of mind. I just trade with no fear of giving the profit back. I lowered my BE when the CL went 20cent (usually I just bailed out there and have a nice $400 profit).
This time, I took my plan accordingly and reap bigger-than-usual profit.

Wednesday, August 18, 2010

Wednesday Result and Some Thoughts


It's not I was afraid to trade today. It's because it's the only signal appeared for half of the day. Well after that there's some counter signal but I can't get in since my first TF long not yet reach my PT. I got out too soon since I didn't want to be trapped by lunch break.

CL surprisingly moved, maybe due to inventory report. I didn't want to enter before the report. But the shocking thing was: With CL crazy movement like "south : 80cents, north >100cents", there's no single signal showed up.

I intended to trade the currency again. But this time with trade limitation and this is my rules for currency:
1. Max SL per trade = 10 ticks
2. Max Trade per setup = 2 trades
3. Max Loss per day accumulated = $500
4. Only trade the second entry unless it's double/triple wedge
5. Minimum Profit Taking per trade = 20 ticks
6. Max Trade per instrument = 5 trades
7. Minimum Trade per day for currency = 3 trades*

*Unless there's less than 3 signals

There you go. It's quite a low risk system. The no.7 rules is the reason why I took the beating these days.

I had a bad habit for stopped trading after a decent profit, or if I was still trading, I would take profit too early, feared that I would give back my previous profit.
In contrary, I will keep trading if I was in red hoping to have at least a breakeven day.

With the No.7 rules, I negated the fear effect and just trade. Whatever the result, I'll took it. At least I already limit my daily losses :)

I know that doesn't make sense for keep trading if one trade already give you 100 ticks, but this system objective doesn't intend to maximize my profit it's about:
1. Eliminating the fear of giving back the profit.
2. Eliminating the desire to keep trading until it's profit/breakeven.

Please share your thought about my rules on currency. Every opinion gladly welcome. :)

Tuesday, August 17, 2010

Tuesday Result



Normally I would fight back to get a green result, and with this condition, I would have $1000++ losses again. Today's market is impossible for my setup. Except last Crude Oil which I didn't participate.

Is there some theory to identify Market Sentiment, choppy or directional? I think opening volume is a good indicator for market movement.

My mistakes:
1. Adding previous day's price to the setup. Sometimes it worked, but most of the time it didn't linked at all.
2. Tick Chart on TF only bring misery. Stick to 1min TF chart.
3. Modify the CL, waiting the better price for CL. Most of the time when the setup worked, it's even hard to fill at the worse price.

Next trading system (hope it's the best) :)
1. TF 1min chart exclusively, no Tick Chart anymore.
2. No using yesterday's price setup. Only today's.
3. CL's better price for 5 cents is too high. Lower it to 3 cents/2 cents. It's just to avoid the exact tick Stopped Out.

Monday, August 16, 2010

Monday Result: The Right Setup


I could easily got more than $200 profit today. Instead I stayed with the plan and loss -$85. Not too discipline as I bailed out TF less than 5 pts Profit Target. CL as a dead chopped market these days.

End of Monday, but quite satisfy with the result. Should do the trailing stop for CL next time.

I should stay on plan. As market was dead recently. The more it's dead, the higher it'll directional soon. While it's in dead condition, most of the time I'll be at negative result, like today.

No more chasing profitable every day :)

Sunday, August 15, 2010

Trading Limitation, My Important Discovery

As a day trader, it's very necessary not to just have a max daily loss limit, but also a Number Of Trade. I realized this very important thing this week.
I suggested that profit target per trade the same or bigger than max daily losses.

Example :
- 5 trades per day with $100 Stop Loss per trade = $500 max losses per day
- Every trade Profit target = $500 with Trailing Stop at Break Even
- If $500 on 1 trade achieved, then the next trade is lowering the target. Assumed that today's big move already happened.

a. Now, if I made $500 on first trade, then the worst day for today will be plus $100
(1 trade = +$500, 4 trade losses = -$400).
b. If all my 5 trades = loss, my losses will be $500.
c. If I can get $500 on first trade, $300 on second trade, then the worst could happen today will be $500 profit.

This is exactly what I was looking for (Thanks to MBAGearHead for showing his trade management :) ) Now all af you may think that Risk Reward Ratio 5:1 is crazy but it's reasonable if applying like this:
20% winning ratio of 5:1 RR ratio (Primary Profit Target)
30% winning ratio of 3:1 RR ratio (Trail To $100 Profit Target Minimum)
50% winning ratio of 2:1 RR ratio (Trail to Break Even)
Then this is what'll happened
20% of the time I'll reach $500
30% of the time I'll reach $100
50% of the time I'll reach $0
50% of the time I'll losed -$100

In 100 trades, it will be like this:
10 times x $500 = $5000
15 times x $100 = $1500
25 times x $0 = $0
50 times x-$100 =-$5000
Total = $1500 profit in 100 trades

It's lesser than just taking ever 2:1 Profit Taking which can profit $5000, but market is not a fixed job income. You may want profit as high as it can when there's opportunity and loss as low as it can when there's quiet market.

Oh and by the way, it's already worth 15 points TF per month. That's very good business plan I must say.

If some of you suggest taking the 2:1 ratio, that's not gonna happen. Market is unique. Profit used for windshileding the bad day. On a good day, you may want profit as high as it can. In a bad day you may want losses as low as it can. That's how the trade is. You can't expect small profit every day. Unless you want a big loss that wipe out 2 weeks worth of trading in 2 days, suit yourself :)

Saturday, August 14, 2010

Next Step

This weekend I reviewed my setup and found an obvious surprise.
I haven't set rules for trading limit. Here's what I do on next Monday.
1.No Currency for a while. Low risk but pain in the a** waiting the price moved.
2. Only trade TF and CL
3. Limit each of the trade = 5 trades per day at maximum
4. Target for 5/50 for TF/CL per day. Let the market decide
5. $500 max losses per instrument.

If I was disciplined applying this rules, I may get more than $2000 this week. I already didn't feel pain cutting losses, but I still frustrated for having a losing days. This rule will be a next step to become a consistent profitable trader.

:)

Friday, August 13, 2010

Friday Result...Second Disaster



By Far, the worst month of discipline trading. Well, not really discipline actually. I was overtrade again... This time was not very worst but still bad thing.

I was down around 4% this month. Not that bad actually. But if I still trading like this, there'll be financial disaster.

I remember the best month (last month) and I'll take the good thing about it:
1. Stop when already have decent profit (around $200 - $300)
2. Single size on every trade
3. Not squeezing too much ticks (exit too early but still in good reward ratio)

And what's bad today and I won't do it anymore:
1. Overtrade, too obvious
2. Crazy target, $10000 is too high for me. $5000 is decent
3. No max limit loss. I kept trading until see a profit
4. Too long letting profit run.

How to do it on next Monday:
1. Mechanical CL and TF system with little profit taking. Around 2:1 Risk Reward Ratio.
2. Limit Maximum loss on $500 per day. No question asked!!!
3. Taking minimum $200 profit.
4. Only trading 1 contract, no question asked!!!
5. Reasonable Profit Taking and each day performance is treated separately.

I realized this loss because of pressure at least I have a Break Even Week. Unfortunately, the market won;t allowed it. Worse, I don't took the $500 max limit loss per day.

So I will adjust the profit objective:
12 remaining trading days : $200 minimum profit target per day = $2400 - $700 (current losses) = $1700.
A very modest profit, but achievable.

See you next Monday and have a nice weekend :)

PS: Please share your worst week for applying the discipline trade. MBA, do you have similar experience with me? your share will be very valuable :)

Thursday, August 12, 2010

Thursday Result Return to Normalcy




I'm glad I didn't do revenge trade. No more overtrade :)

Wednesday, August 11, 2010

Only One Last Trade

It's not my setup that's failed. I analyzed the wednesday's setup and it still worked. It only need one last trade for CL and TF to come back profitable, especially TF. My overtrade for TF today that ruin everything. If I sticked to one contract size, then there's big chance I'll ride the true downtrend. And definitely would wipe clean all my previous losses. Hell, even two contracts still reasonable to stay at the game.

The only regret was CHF. It's dead end, zero posibillity for profiting.

I resetting my account back to July's number. No intention to chased the losses. My objective is trade well and only God Knows if I can reach the $10000 marked.

Wish you have a good trade

Wednesday Disaster


Overtrade at the wrong time. Disciplined and Patience, just overtrade and overconfidence. The only remaining profit this month is around $200 :)

Lesson :
1. There's chance to get chopped more than 5 times especially TF
2. Too early profit taking on previous trade, not saving me from 1 big losses

Next action:
1. Heavily on Crude Oil, it still my saviour these days
2. Mini size for TF and limit the number of trade
3. No more currency trading for a while, focus on crude oil and little on TF

Tuesday, August 10, 2010

Tuesday Result


I think it's related to FOMC. I couldn't stand the slowness of GBP.

Monday, August 9, 2010

Little Contribution To Community

After 24 consequtive winning days, I want to share for all of you who interested with my style of trading. If you see my trades, you will notice there's lot of in-out trade. Enter - Stopped Out - Re-entry at same or worse price.
Today's last trade happened like this again.

Maybe some of you think how stupid I am stopped out and re-entry at the same price. Why don't enter and not having or further SL so the first trade will succeed. The reason I was doing that all the time because of:

1. "I DIDN"T PREDICT THE MARKET MOVEMENT, I GO WITH THE MARKET"

If there's a consolidation, I entered every breakout of it. I got out on small loss so I can bet the winning side. I never predict today's market direction. I don't even care where the market will go today. All I know I want to be in it when it move.

2. "I WON'T PICK THE TOP/BOTTOM OF THE MARKET"

I only enter if there's some confirmation from breaking out. Most of the time it's a fake and I have to cut loss. But still, most of the time I will make profit.

3. "STOP LOSS AT THE LEVEL OF NOT HURTING MY MENTAL"

If there's a setup but the SL is too far away, I won't enter it. I'll wait until the SL is at reasonable spot. Because my winning ratio is not so high so every trade I took, there's big chance to being Stop out. Stop out doesn't mean fail. Get ready for the next setup.

4. "NO BIAS = EASY TO FLIP POSITION"

Consolidation mean there's a fight between buyer and seller. If a buyer seemed having an upper hand, I'll go long and vice versa. Sometimes the upper hand suddenly losed by his opponents, I'll go with the opponent. It happened many many times South, North, South, Back to North. But when the true winners showed, I'll have a good profit in it.

Summary : I suggest you search the best trading setup. And IMO, the best trading setup so far is the setup of breakout consolidation. Why?
1. You entered early.
2. Every MACD, Stochastic, etc will enter after you. They will give you more profit in your direction.
3. Breakout if suceed means one side is loss. The loss side will give up and hand more booties to the winning party aka Stop Loss.

Hope this posts help :)

Monday Result



...

Friday, August 6, 2010

Weekly Thought I was trade not to lose

My last CL trade (not shown) is the best example. I took 2 losses around $300++ and my short positioned at 81.80 kept chopped all the way. I was scared waiting and finally some movement, I was out with little profit. And CL kept diving like his old habit. I was frustrated. This setup I waiting for one week and I just missed it. I was so afraid giving back my decent profit today and the result is bad. I was afraid to lose, get out too soon, and losing opportunities.

This happened yesterday and today. My two biggest flaw:
1. Overtrade tempting
2. Trading not to lose

And I did it. I wasn't lost for the last 23 consequtive days. But I could trade only one day for gaining my weekly profit if I trade to win, instead of not to lose.

Friday Result, End of Week


Not much to say, text book trade, great result despite of slow market. No complaint here :)

Time to shut down chart and have a nice weekend for all of you.

My weekly result, good for staying motivated :)


Thursday, August 5, 2010

How to make 22 consequtive winning days

Thursday, August 5th is my 22nd winning day streak. Last losses on July 6th, a small size of loss around 0.75% of my capital. And every winning trade I make have more than 1% gain of my capital, sometimes reach 3% like Tuesday Trade.

So what's the secret?
Truth is, I don't know! I didn't even care about winning every day. The last time I remembered that I sticked to my system and my plan, 95% discipline, the 5% were semi-discipline I think. I wasn't tempted to trade against the trend. Because the last time I did that, it's like drug to me. I kept fighting and fighting like playing video game, game over restart, game over restart and so on.

I am not proud about winning 22 consequtive days. I will be proud if I can discipline with daily losses just half of my average daily profit. Right now, I can't stand the small winning. All I need is a healthy losing day and no effect with my psychology. Funny to hear someone want to have a losing day huh?

A small losing day kept me to the ground, remind me if I trade excessively. It's kind of down to earth moment. A big losing day will crush my confidence, paralyzing me from trading for days. Today I was overtrading. I am in danger area. I think it's time for a small losing day, rather than no losing day at all.

I am sorry if this post not fulfil your need. For those of you who want to be profitable every single day and hate losing, don't do it. Small losing day is healthy part of the journey.

"You should be proud from losing because you're stick to the plan rather than winning because of you're lucky. Sooner or later, your luck will become disaster. Mostly sooner"

Wish a good trade.

Thursday Result


My PC has been very noisy for a long time, and I become very erratic.So I decided to change the Power Supply and CPU Cooler. I bought the items and installed it by myself. The PC won't start at all :(
I skipped the London session and trade Crude Oil with my laptop. Today is the worst trade for me. Plus Crude Oil chopped all the way. Urgh... keep discipline and take my share of the day.

I overtrade today. I have to remember this day from now on.

Wednesday, August 4, 2010

Wednesday Result


I was thinking to reduce my monthly profit. $10000 is too hard for me. My mentality is not so ready. However I still increase my performance though not too much.
JPY chopped like crazy
CHF slow but more directional than others
CL maybe of pre-inventory? chopped me to pieces.
TF my saviour for today, fell and never looked back

For those of you who want to specialize in one instrument, think again. If your instrument chopped and lame for in consequtive days, it may affect your psychology. Meanwhile other instruments are glorious, you're stuck with yours. Just piece of advice :)

Tuesday, August 3, 2010

Little About My Trading Principle - REENTRY

Maybe some of you have a sniper habit, shooting after aiming a very long time. But how about your shot doesn't hit? After waiting for 3 hours, you are focus and calculate everything and the environment is perfect, you shot your target and it miss. Worse, after being stopped out exactly in 1 tick, the price goes into your way, breach far above your profit target. Feel exhausted, you don't re-entry. Big chance are you are angry and start shooting spree to make matter worse.

Are you a discipline trader? Yes
Are you a patient trader? Of Course
Are you still lose? Yes

I tell you one thing, no matter how good your entry are, no matter how perfect your execution (admitted by yourself, of course), there's a chance it doesn't work. That's the flaw of high winning ratio setup. That's the cost of pursue the perfection, which is never exist in trading world.

My CL trade today, though it's not a very good example. The pattern gave a Triple wedge which is an almost perfect condition. Plus it already did one time fade break. So I entered, and stopped out at the exact ticks before reversal. I entered again at the same price. I was ready to enter at the worse price than my first entry. If I'm getting stopped out again, I will double my size!!! Since my single size only half percent loss, then my double size will be one percent, which is still rational for me. It can still lose, but everytime it failed, the probablities of success increased greatly. Of course, my setup is a very powerful one that I have faith in it.

You may have a sniper habit, which is a very good principle. However, you also must prepare for the worst and still focus in it. Most of the time, the 2nd attempt worked, if not then the 3rd attempt. A very few days it may not work at all. But those few days will only a fraction loss from your overall profit by doing re-entry.

Tuesday Result



Not good, I'm still on the last month mentality. With this pace, my $10000 target only in my dream. I should add my size to reach those target. If I added size, this trade will be tremendous.

PS : For those of you trading CL, this beast is like broken ATM machine. I'm just too early leaving :(

Monday, August 2, 2010

Bad result for the 1st Day



This time my discipline eat me alive. I wanted to gain $500 per day to reach $10000 target. And that's when the disaster came.
Still discipline in trading. I won't let myself lost control. Then I added contract for 6E. This bugger chopped me alive dozens of time. My only mistake was I took entry too far from my SL. That's one mistake. The other mistake : well, I gave up on 6E around 07.00 EST. Plus my adding size didn't work at all.
Since I already lost >$1000, my survival setup released. It's just usual setup but with more entries at the best setup only plus more aggresive size. The objective was to get par today. And it worked :)
End of day, I have to sustain my psychology state. Learn my lesson, tommorrow for a better result.

Sunday, August 1, 2010

AUGUST PLAN

I have just finished reviewing my system. The problem is my TOS skipped some of the crucial time chart data. So I can't maximize the review. Mostly the final week of July was choppy, especially AUD. Strangely, I profit most from AUD. This isn't good.

So I updated my Wedge Rules:
1. Douple wedge priority
2. 1st Signal entry
3. 2 times flip trading
4. Maximize the flip trade
5. More diversification focus

The Good : SL Disciplined, All Patience Entry, Weekly target reached, No Losing Day (which is not so important)
The Bad : PT way too early especially CL, lack diversification, Monthly target missed

I missed too much in Currency and sometimes it's just one undid step like I happen on EUR and JPY.
It's little harder to fill my $10000 with only trade London session. So I will trade more active in Crude Oil at US session.
Still got a cloudy plan, but I'll find out soon to reveal it.