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Trading Journal (only my take)

  • #141
  • Jan 7, 2018 6:43pm Jan 7, 2018 6:43pm
Quoting stevepatt
{quote} Hi Landline, Happy New Year to you. I think, eventually most people, who are going to be able to Trade successfully, get to a point where they realise they have to work things out for themselves and stop relying on others to do it for them. Once they are aware of their Trading Style they can start to pick and choose different elements that they make work for them, as individuals, and eventually stream line their Method of Trading. People who are new to Trading will follow the more popular threads and try to emulate what they see the thread...
I second that.

however; people may have different reason why they troll on forums. I personally lurk in the forums to get new ideas; and to get lols. I laughed out loud last week from reading FF forums; which was good for my long day of trading

There are gold nuggets in the forum for sure; from worthy contributors; who liked to share some knowledge; or perhaps were showing off. either way; when you find a good idea; research it; and use it.
  • #142
  • Jan 9, 2018 6:41am Jan 9, 2018 6:41am
Quoting stevepatt
{quote} Hi Landline, At the end of the day everyone has to follow their own path and make their own mistakes on the way. It's only by making mistakes, on the way, that we discover what works for us. It's no good being told what to do we have to discover it for ourselves.
Agreed, ref my comment earlier....everybody will find out the hard way.....

Oscillators are always the perfect example of that more than anything else. How often do we see an oscillator indicating an ob or os level, but the market couldn't care less, and is clear evidence that using that stuff is untrustworthy, and can never replace the main chart info.
  • #143
  • Jan 14, 2018 4:49am Jan 14, 2018 4:49am
Having the odds in our favour is the basic key to successful trading once certain rules have been applied, and of course those rules are different for each trader.

For example, I have 6 pairs only at this point that fulfil my initial requirements for this week on the daily charts, and will be looking to trade them when they are ready, which I anticipate will be after Tuesday probably.

I know that I therefore have plenty of time before then, which means no need to be glued to the screen, and will be taking a look at these pairs with a view to getting involved via h4 and would expect to be in any of the trades for several days minimum.

Obviously trading is speculative, but good rules increases the chances of a good trade, bearing in mind that a losing trade or two is inevitable. Planning always helps to maintain focus and patience!
  • #144
  • Jan 16, 2018 8:54am Jan 16, 2018 8:54am
Quoting Landline
Having the odds in our favour is the basic key to successful trading once certain rules have been applied, and of course those rules are different for each trader. For example, I have 6 pairs only at this point that fulfil my initial requirements for this week on the daily charts, and will be looking to trade them when they are ready, which I anticipate will be after Tuesday probably. I know that I therefore have plenty of time before then, which means no need to be glued to the screen, and will be taking a look at these pairs with a view to getting...
I have 2 pairs now in play where the pieces fit my criteria. A couple of others will no doubt follow soon enough I think.

Here's a UC long I've just got involved in, nothing spectacular is likely to happen immediately, give it some time (which is the most precious aspect of trading) and we'll see how it's fairing in a couple of days, and then I'll decide what to do based upon how the market is shaping up.

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  • #145
  • Jan 16, 2018 9:45am Jan 16, 2018 9:45am
Following on a bit from previous, I will have 5 perhaps 6 of my planned pairs in play during this week and 1 perhaps 2 of those pairs may not work out...it's impossible to know which (if any) will fail out of my planned pairs. In any event, I am unconcerned because I know that statistically my approach always produces more winners. Obviously, I can never know for sure in advance what ones will work out better than others, sometimes they all do, the point being though, that with a sensible method, and a sensible trading management approach, then the odds I've spoken about before are nearly always favourable for a positive outcome overall, and in my case, with little stress because I don't get involved in any of the scalping type stuff that is most popular on most of the threads. There is a small lesson in there somewhere lol
  • #146
  • Jan 17, 2018 8:31am Jan 17, 2018 8:31am
Still just the 2 pairs in play at present, nothing significant has happened in the markets this week yet, sideways stuff only...of course the scalpers can capitalise on those things, but it's not for me for various reasons, it's often 1 win then 2 losses, or 2 losses then 1 win and more often than not just causes unnecessary stress in my view, without really making any profitable progress, but each to their own.
  • #147
  • Jan 20, 2018 6:34am Jan 20, 2018 6:34am
Quoting Landline
{quote} I have 2 pairs now in play where the pieces fit my criteria. A couple of others will no doubt follow soon enough I think. Here's a UC long I've just got involved in, nothing spectacular is likely to happen immediately, give it some time (which is the most precious aspect of trading) and we'll see how it's fairing in a couple of days, and then I'll decide what to do based upon how the market is shaping up. {image}
OK...a couple of days have elapsed on UC. No real move as such, which means I need do nothing in terms of managing the trade yet.

I may add on if I see a retracement early next week, alternatively I will take 50% if the market hits 1.25200, and then adjust stop on remainder.

Either way, the position is still quite favourable to me, patience is all that is needed for now. Chart attached
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I ended up with 3 pairs in play in total this week, I've closed one of those out for profit, leaving me with the UC and one other pair, which is in a similar kind of place.

I will assess all pairs as usual tomorrow, and decide on what ones interest me enough to focus on, much the same as last week, and will take entries when my conditions are met and then manage accordingly. Jumping in does not pay!
  • #148
  • Jan 21, 2018 6:44am Jan 21, 2018 6:44am
To those that have asked via pm about the other trades taken.

Firstly, I'm not interested in PM's, if something is worth saying then say it here where one answer covers all.

Anyway, regarding my trades, I only post detailed trades accompanied with a chart, with stop, entry and tp. I don't post charts and details on all trades taken, but may make a summary comment sometimes on the others I'm involved with, but nothing else.

By now, most should know that I've no interest in bs FT's....if it's not laid out the way that I do at the point of entry, then forget it.

Similarly, I'm not interested in bs TE's, which can be manipulated, and serves no purpose other than to try to big themselves up, and has zero educational value whatsoever, because without a chart showing entry, stop and tp makes it useless, and is only for bragging purposes, nothing else...so forget about them as well.

That should clarify my realistic take which most won't like...too bad, but that's not my problem lol
  • #149
  • Jan 22, 2018 8:00am Jan 22, 2018 8:00am
Rather than clutter SP's trading the numbers thread, I'll post my own extended view here instead.

Each one of us believes that something or other helps the decision making part of the trading process. Tap happens to be my primary belief to help my decision making, whereas others have their beliefs in a multitude of other different ways.

We can boil it down simply therefore by saying...just believe in something and strictly follow it.

If results are then consistently profitable, irrespective of whether your beliefs are frowned upon by others or not, simply doesn't matter, it's the results and the profit in your pockets that count.

But, what I think does matter, is anyone trying to forcefully impose their own belief on anyone else, and more to the point....why, after all we are completely anonymous people to one another and only cyber connected electronically...nothing more, so why worry what anyone else is doing...you don't know them personally, so why should it matter....
  • #150
  • Jan 28, 2018 3:01pm Jan 28, 2018 3:01pm
Stopped out on UC, it had every chance, but the sellers were having none of it. 4 trades were taken for the week, 2 lost, 2 won, and I came out slightly ahead, which is ok given the fact that the markets did not react predictably, so far as I was concerned at least.

It looks to me like the markets in general could be in some kind of transition, which makes timing of entries more difficult if that is the case, and on that basis, I will be wary and reduce my targets on any trades taken for the time being until direction is a little clearer to me.
  • #151
  • Jan 29, 2018 8:55am Jan 29, 2018 8:55am
A few pairs of interest for this week. GJ is one of them on D1, and I'll be looking to short in a couple of days time I anticipate. My ftl shows when and where I expect to find an entry level, and I'll post the trade etc if and when I do get a trade going. A couple of other pairs are also awaiting entry, but I'll focus on GJ this week for the purpose of posting a chart.

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  • #152
  • Jan 30, 2018 5:16pm Jan 30, 2018 5:16pm
A thread a while back caught my attention because it seemed there was some similarity to my approach. I watched for any developments, but I haven't seen any more
posts and my guess is that it became too cumbersome for them the way they were going about it.

I have just seen another thread which is dealing with trend lines, and which are also combined within my own approach, but again that thread is looking like it has become a little cumbersome and subjective.

There is an obvious common denominator in both cases ie ambiguity, which is not uncommon with many methods, and they usually end up running dry eventually.

The trick with any successful strategy is to have defined rules, which cuts out that ambiguity, all of which means that any trade taken will by definition therefore, always be the correct decision, and the irony is, (in my case that is), that the simpler the method is, the better it is, because less can go wrong.
  • #153
  • Jan 31, 2018 4:57am Jan 31, 2018 4:57am
Quoting Landline
A few pairs of interest for this week. GJ is one of them on D1, and I'll be looking to short in a couple of days time I anticipate. My ftl shows when and where I expect to find an entry level, and I'll post the trade etc if and when I do get a trade going. A couple of other pairs are also awaiting entry, but I'll focus on GJ this week for the purpose of posting a chart. {image}
Tap conditions on GJ D1 have changed the last couple of days for me. Still looking to short, but different area now and there may well be no entry this week on this pair.

The moral here is straightforward......tap must occur only under my conditions, or there is no trade, and that ensures good quality rather than high quantity of trades are taken!

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  • #154
  • Edited 3:14pm Jan 31, 2018 1:09pm | Edited 3:14pm
Quoting Landline
{quote} Tap conditions on GJ D1 have changed the last couple of days for me. Still looking to short, but different area now and there may well be no entry this week on this pair. The moral here is straightforward......tap must occur only under my conditions, or there is no trade, and that ensures good quality rather than high quantity of trades are taken! {image}
A surge up has got me in the trade now as previously shown

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  • #155
  • Feb 4, 2018 9:07am Feb 4, 2018 9:07am
A quick look around some threads.

The usual culprits bragging away with useless te's etc, all designed to just big themselves up, nothing more, never anything useful...surely I'm not the only one who can see that rubbish.
  • #156
  • Feb 5, 2018 7:02am Feb 5, 2018 7:02am
Quoting Landline
{quote} A surge up has got me in the trade now as previously shown {image}
Update

GJ didn't go exactly as I'd expected and I needed to adjust my stop to allow more breathing room. Trade now in positive territory. I've taken 70% off, so pretty safe now either way, and will be looking to make further adjustment to stop level at close to protect gains made so far. I'll update again in due course.

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  • #157
  • Feb 5, 2018 2:15pm Feb 5, 2018 2:15pm
Quoting Landline
{quote} Update GJ didn't go exactly as I'd expected and I needed to adjust my stop to allow more breathing room. Trade now in positive territory. I've taken 70% off, so pretty safe now either way, and will be looking to make further adjustment to stop level at close to protect gains made so far. I'll update again in due course. {image}
TP hit +180...happy days, had to endure the initial dd but a good end result, probably much more in the tank tbh, but a decent profit is a decent profit, so I'll take it. I may short again on any pullbacks tomorrow.

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  • #158
  • Feb 6, 2018 7:37am Feb 6, 2018 7:37am
I don't anticipate a whole lot of movement today (famous last words haha).

Anyway, I have a GA trade that satisfies my conditions on h4 and just entered long...nothing too ambitious in terms of targets so far as I'm concerned today.

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  • #159
  • Feb 6, 2018 10:14am Feb 6, 2018 10:14am
Quoting Landline
I don't anticipate a whole lot of movement today (famous last words haha). Anyway, I have a GA trade that satisfies my conditions on h4 and just entered long...nothing too ambitious in terms of targets so far as I'm concerned today. {image}
An opportunity occurred to add a 2nd position, which gives me more flexibility to manage both positions now.

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  • #160
  • Feb 6, 2018 11:32am Feb 6, 2018 11:32am
Quoting Landline
{quote} An opportunity occurred to add a 2nd position, which gives me more flexibility to manage both positions now. {image}
Ok, final update today.

I've closed out 2nd entry +100

I've taken 50% off the initial entry also.

Initial tp stays the same, but s/l adjusted....it is a completely safe and profitable situation now even if s/l is hit, and yet I'm still in the trade with a reasonable chance of going on to reach initial tp.

This is a typical example of managing a trade when having the added flexibility of more than 1 position in play!

2nd image shows where I now am after taking the actions above

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