NeverQuit's Trading Journal - page 9
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Today was my first losing day of 2012. I had 2 losers and 1 winner. I ended up losing -2.07% on my account for the day and I'm done trading for the day.
I hope those who did trade made some profits today.
My account balance currently stands at $87.47
First off, no offense taken. I'm 29 years old but just a old soul. Also I want to say that if my post came across as you not providing for your family, then I want to say sorry for that. I was just trying to get you to get over that hump and give trading a shot. Yes, just the those who are negative be negative in their own world and not in yours. Trust me, it took me years to get to the point that I'm at but once I got there I have not looked back since. I suggest that you open an account with a broker who lets you trade at 1 cent per pip. I trade live with Oanda and I can make a deposit of $1 and trade at 1 penny per pip. The reason I say this is because I don't believe in demo trading but that's another topic of discussion. Just put a very small amount of money into your trading account and just trade. Get the feel for the market, your platform, your reaction to things and such. Do that for one month. If you feel that you can be elite enough to trade, deposit a few more bucks if you can. If you had an amount of money set aside to trade with, don't deposit it all at once. Slowly make deposits until you have deposited all of your funds. That way you will have be gaining valuabe experience and by the time you made your last deposit, you should have a better feel for things. I'm not big on reading trading books or anything like that. I've never even read one before. There is a book however that I suggest you read. It is a novel and has nothing to do with trading but it's the best book I've read because of what affect it had on me. The name of the book is The Alchemist. The author is Paulo Coelho. Trust me, this read is well worth it. It will make you think about things in a different way and open your eyes to certain things you may not be really thinking about. Even if you decide to not trade, still stay in touch and chat. I enjoy speaking with you and seeing things from other points of view.
Embarrassingly, I have to say I'd never heard of the man before. However, the small synopsis of him on Wikipedia has already shown me that I'll like his work, since there was something he said,
"I was working, I had a person whom I loved, I had money, but I was not fulfilling my dream. My dream was, and still is, to be a writer."
That's really it right there, man. Truth of the matter is: I hate money. I hate the system, the people who created it and the same people who manipulate it for their gain, at the expense of you and I. I'm a hard worker, I always liked laborious work, because it produced a result, but I've always been somewhat of a dreamer. A musician.
I write music, I'm introverted, rarely leave home, and my Wife doesn't even know everything about me. My interest in FOREX stems largely from how the manipulators of money have been able to devise a system which is just as fake as the currency they're building it on, and then sell it to us as a vehicle of financial emancipation.
I've always understand that there are different types of people in the world, and material wealth and possessions are truly the sole goal of some people; but what about people like myself, and perhaps Paulo Coelho? He just wanted to be a writer. I just want to write music. Being rich or having a lot of money isn't in that equation for me.
So, enough blabbering and philosophy, lol.
I can understand everything that you are saying my friend. Money is not in the equation for me either. Just like you just want to write, I just want to trade. Not worried about how much I make or anything like that any longer. I will admit, I used to be concerned with that but that is not the case any longer. I just want to trade as I have a passion for it. I just love the challenge.
If I make $1 or $1 million is no longer important to me. Trust me my friend, once you begin reading that book, you will not be able to put it down. I was glued to it. I've read it a few times.
I think we both have our heads on correctly and we will see our dreams come true. I truly have no doubt in my mind about that one bit. Continue to believe in yourself and it will all happen for you. It's nice to have a fresh mind around, especially one who is not corrupted by the system.
Embarrassingly, I have to say I'd never heard of the man before. However, the small synopsis of him on Wikipedia has already shown me that I'll like his work, since there was something he said,"I was working, I had a person whom I loved, I had money, but I was not fulfilling my dream. My dream was, and still is, to be a writer."That's really it right there, man. Truth of the matter is: I hate money. I hate the system, the people who created it and the same people who manipulate it for their gain, at the expense of you and I. I'm a hard worker, I always liked laborious work, because it produced a result, but I've always been somewhat of a dreamer. A musician. I write music, I'm introverted, rarely leave home, and my Wife doesn't even know everything about me. My interest in FOREX stems largely from how the manipulators of money have been able to devise a system which is just as fake as the currency they're building it on, and then sell it to us as a vehicle of financial emancipation. I've always understand that there are different types of people in the world, and material wealth and possessions are truly the sole goal of some people; but what about people like myself, and perhaps Paulo Coelho? He just wanted to be a writer. I just want to write music. Being rich or having a lot of money isn't in that equation for me.So, enough blabbering and philosophy, lol.
I'm back trading after getting my laptop fixed. I had to rig it myself but it's working and that's all that matters in my eyes.
I'm looking forward to getting back into the trading groove of things.
I was able to make 2.09% today and take my trading account from $87.47 to $89.31.
I'm a bit tired so before I go on a rampage and get crazy with my trades, I'm going to close up shop and stop trading for the day.
I made a bad decision today. Instead of just quitting for the day, I went to sleep and woke up and tried my hand at trading the Asian session and lost what I had made plus a bit more.
My current balance is $87.20 so I did not lose much but I did lose the 2% I had profited earlier in the day.
No big deal, I will get it back tonight.
Alright my friends, I have to return to the drawing board. I'm not happy with the way that my trading is going so I'm going to strip everything down to the basics.
I'm not good enough to be trading on the lower time frames. This is something that I have to face. I know it sounds crazy because I've been trading for years now but I have to face the realities.
I'm also not good enough to risk more than 1% per trade right now. As time goes on and I build my confidence and my results show that I'm ready to step up then and only then will I make that jump.
My entry time frame will be the hourly chart.
This will teach me to not pay attention to the noise on the lower time frames and just focus on the higher time frames. I won't look at anything lower than the hourly chart. I will look at the higher time frames for areas of importance and then act on the hourly chart.
I also will be a few different pairs. This will help me with the learning process of getting my trading to the positive side. Trading more pairs will give me more trades and since I have lowered my risk to a maximum of 1% per trade, I feel comfortable making these adjustments.
I also have a weekly trading journal that I will continue to keep updated also. The only difference is the weekly trading journal will be demo traded for now as I don't want to take on more than I can handle right now.
So with all of this being said, this is a new beginning for me (I've said this many times before) as I need it. I'm spending too much time trading looking at the lower time frames and it's killing me and also I see myself losing time with my family and that surely is not up for discussion with me. My family will always come first so that's why these changes are needed.
Feel free to stop by my weekly trading journal also and see how things are going or just to chat.
As of right now my trading account balance is $81.85 after a terrible night trading and getting beat up on the lower time frames.
With these new changes I would like to make 10% per month on my trading account. If I can do this consistently I will be able to build my confidence up to the point where I will slowly begin to increase my risk. I will not go back to trading the lower time frames however. I will stick with trading the hourly chart.
I have an order set up for a long trade on USD/JPY. This trade is actually something I'm testing out but I'm still going to take it in my live account
My order is below.
Long USD/JPY at 77.80 / Stop loss at 77.36 / No take profit has been set.
Trade is 285 units which is almost $0.03 per pip.
As of now, this order has not been triggered yet.
My pending entry order on U/J has been triggered.
I will continue to update as the trade progresses.
I have an order set up for a long trade on USD/JPY. This trade is actually something I'm testing out but I'm still going to take it in my live account My order is below. Long USD/JPY at 77.80 / Stop loss at 77.36 / No take profit has been set. Trade is 285 units which is almost $0.03 per pip. As of now, this order has not been triggered yet.
My long U/J trade is not doing very well but this was a test trade and I'm learning from this test. In my point of view U/J was declining on the weekly chart so I took a counter trend trade by going long.
I believe that with trading on the higher time frames now it will be best for me to take trades that are in agreement with the weekly chart.
Lesson learned here!
The long has not been stopped out yet but it is getting close.