FX 200MA journal

Quote from iceman1:

just curious since I didn't trade futures much this year... but will begin in earnest in 2004 (although I have traded equities/options for many years)....

....when and where do you take profits???!! :p

When do you add on or average up, if at all?

Your posts are concerned with stop-loss... but make no mention of profit targets/goals! Coin flip? You ARE interested in, and expect to have profits... NO? :eek:

So..... what are you "accountable" to?!! Only the loss side?!


bonne chance in 2004!

ICe
:cool:
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It's an MA cross over system :) He's always in the markets, he pivots when the MA's cross, any profit/loss would be taken there
 
Hi dnaj, great to see a journal! Make sure when you post an entrance that you also post your stop loss point.

Take care,
corvus
 
To Iceman1: This current system that I'm committed to trading does not average up or down into a trade. Future optimizations of this basic strategy might include multiple entries to build positions. As for profits, it is taken when I flip being long/short. And yes, I am only really concerned about the loss side. "Take care of the pennies and the pounds will take care of themselves." or "amateurs focus on how much they can gain, while professionals focus on how much they can lose." are 2 quotes that describe the philosophy of this system.

ElectricSavant: I haven't found an oscillator that can filter out chop and not miss a big move. However, I haven't spent any more than 2hrs looking into the RSI and Stochastics during my backtest. This is opposed to about 50hrs of research on the MAs. If you have one in mind and would like to share the setting you used, I would like to hear from you.

ig0r: It's almost a MA crossover but not quite. Entries and exits are when PRICE crosses over the MAs, not when the MAs cross themselves. I find this approach to help counteract the lagging nature of MA crossover systems. By the time the MAs crossover, the price could be significantly far from the crossover point. Also, I am not technically always in the market although I am almost always in the market. The time that I'm not is the space between the 200 and 250SMAs.

corvus: Please pass on my apology to your g/f that I never got back to her about the 20MA extension. I never got around to testing that indicator out. Good point about posting my stop loss when I enter. I will do so in all future trades.

DNAJ65000
 
After failing to break 0.7475 and currently trading at 0.7465/67, I am moving my trailing stop very tight to 0.7460.

Since this is my first trade with this system, I am locking in a 70 pip profit to give me a cushion for future losses.

If my stop is hit, I will re-enter long once it breaks 0.7480 to get back into the trend.

A decision to re-enter long below my stop price is a possibility, but I will wait to see how it trades.

DNAJ65000
 
Quote from shellback:

What's happening? Gave up already?
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Yeah,
I didn't follow my own rules so the journal's purpose to help me be accountable didn't work. Obviously I need some more maturing to do before I can trade mechanically and unemotionally. I am happy to see that the system is working out well even though I am not making money from it. My research is forward testing with positive results.

As a measurement of my own development as a trader, I am now confident that I can (and currently have), and can forever research and develop, an edge. The next step is executing that edge flawlessly...to compound it. As I have experienced, "knowing what to do" and "doing it" are separate things for me.

Joining that elite 10% or 5% of traders who can make a good living from trading shouldn't come easy. Anything worth striving for shouldn't come easy. But when I get there, I'll appreciate it and not take it for granted.

DNAJ65000
 
Sorry, I meant it was a good move by aussie, not you. It's still early, but next meeting on 22 Jan? I will post on MoneyTec in a week and a half.
 
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