Keep Calm and Don't Move Your Stops.....

A little risk management saves a lot of fan cleaning!

The Purpose of Life is Joy!!

Thursday, November 21, 2019

I'm back, sort of

Its been almost two months since my last post. I had been winning non stop and I started to feel invincible and then I started losing and I couldn't stop. I drew down quite a bit and did not know why. In real time, the trades looked awesome but in hindsight, I was WTF!!

So I took some time off, came back a week or so later, did some market review, then did some sim trading for a week or so and then I started trading again last week.

Its been slow but good. I am being really picky with the trades and taking conservative exits.

I have been watching Sandy's videos and also this other guy on youtube that trades forex and the explanations between him and Sandy are quite different BUT the overall trade locations are nearly identical with similar results.

I began incorporating more of both of these this week with noticeable results. My second week back and I am up 2% on after having recovered all the losses last week.

Some of the speed at which I recovered losses was using Sandy's method of adding to winning trades. When I was losing, I was losing with small size and when I started winning again, I was winning with larger size. It was nice to see the losses be regained so quickly.

This week I am trading with single lots again. I didnt want to fall back into the trap of feeling like I was invincible so just taking it slow. Funny thing is, I am making way more money trading like this than I was before.

This is a four hour chart with the support/resistance gained and lost marked on it. Yesterday I was long about 40 ticks from the top blue line and took it off near the first untested resistance level inside the green sideways zone. It went a bit further but in all honesty, that was my biggest trade ever.

This was today's trade, much smaller but executed with near perfection. I figured the top of the near term channel would be taken out so I exited just a tick or two below that level and that is where it stopped at least for now. That was around 45-46 ticks I think with only one lot but I am very satisfied with that today. 

I've started using Trading View for charting as I like it very much and connects to my broker easily. I still execute on the broker platform but the drawing tools and visualization are much better on Trading View. 


Tuesday, October 8, 2019

Nickels and dimes

Picking up nickels and dimes are better than nothing. No time to sit around and wait for the trend short and I got a decent counter trend scalp out of it today.

A new equity high for me today. This is new territory for me. I have been in the digging out phase for so long it became natural for me but now, I sometimes think about how high can I go and I get nervous with that kind of thinking.

I see how my own hubris as well as other traders I follow sometimes experience violent draw down when they start winning and thinking they are invincible. I know I am not but after many new equity highs in a short period, that kind of stupidity sets in.

I like very much how Sandy trades for a few weeks and then takes a few weeks off. It prevents in part, a long period of thinking you are the superman of trading.

This year, I think I will trade until early December and then take a month off and come back early January. That is two months from now and seems like a reasonable target. If things go off track before then, I will stop trading for the year.

Thursday, October 3, 2019

One and done

Perfect day, probably left a lot more on the table but done inside the first 5 minutes with very nice 30 tick spike in my direction.

Wednesday, October 2, 2019

flip flop

Yesterday was a full stop out day. Got trapped in the noise with very poor emotional and technical control.

Today was slightly better. Long with poor read went my way 10is ticks then stopped at BE and by then I was looking short so just flipped to short and got roughly 30 ticks.

Not really happy with the intial read though I supposed better late than never. I'm still not convinced we are in an overall short scenario on the higher time frames. Its an inflection point and it might take days to resolve so for the next few days I will be trading very gingerly if at all until I resolve in my mind the correct higher time direction. Either that our just scalp for a few ticks here and there on the very short time frames.

Time will tell.