My Goal for 2007: Break-Even

Quote from nzbryant:

Youre screwed. The comm (from the frequency) and the slippage (have you measured the slippage) on 3 and 9 minute charts will reduce your account no matter how you well you trade.
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Hi nzbryant. I may be screwed, but not for the reasons you suggest:
1. Commissions - You may not be familiar with IB's forex commissions so you can review them at http://www.interactivebrokers.com/en/accounts/fees/commissionForex.php?ib_entity=llc. Some simple math works the minimum RT fee to be $5.00 (this is less than 1 pip). So between the commissions and the spread (normally at 1 pip on the pairs I trade) I think the fees are quite fair.
2. Slippage - this has not been an issue. If it were, I would adjust my style and/or indicators.
 
5/16/2007
-$648.00, 6 trades (2W, 1S, 3L)
EURUSD: -113.5/90
USDJPY: +10/21

F
This was a blow-up day that basically wiped out this month's profits. I considered holding the losing positions overnight in the hope of the trend turning back in my direction; and worse yet - try to hide these positions from this journal while I waited and hoped to break even. But I felt that closing the positions is the first step in correcting my problem(s).
The cause of the loss was when I was long EURUSD and it dropped. Rather than closing, I added to the losing position in the expectation/hope that the trend would reverse back up. Obviously it didn't and I ended up holding 3 losing positions.
 

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5/17/2007
+$75.42, 4 trades (4W)
EURUSD: +13/31
USDJPY: +15.5/30

B
A little cautious after yesterday's blow-up. Decent trending in both pairs this morning. Rolling over 4 USDJPY short positions that I am happy with. Accidentally closed SC before printing and saving charts.
 
5/18/2007
+$59.94, 4 trades (2W, 2L)
USDJPY: +13/48

C
The 4 USDJPY positions from yesterday weren't doing as I anticipated so closed them; turns out I closed way too early because it eventually hit my original target. Quit early before I do something foolish.
 
5/21/2007
+$178.55, 5 trades (4W, 1L)
EURUSD: +10/65
USDJPY: +25/30

B
Too aggressive with USDJPY positions, which caused me to miss out on some good EURUSD moves. Held USDJPY positions longer than I like, but not much happening.
 

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5/22/2007
+$24.89, 2 trades (2W)
EURUSD: +2/11
USDJPY: +3.5/11

B
Pretty slow morning, limited range. Neither of the positions hit targets or stops, just closed out before leaving.
 

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5/24/2007
-$491.40, 3 trades (1W, 2L)
EURUSD: -79.5/87

C
Closed my long EURUSD positions from yesterday. Could have been worse, but was smart enough to get out of the bad situation. Rolling over short USDJPY positions that negate today's EURUSD losses.
 
5/25/2007
+$602.04, 2 trades (2W)
USDJPY: +122/94

B
Closed out of all USDJPY positions (to book a profit for the past 3 days) on Thursday eve. Not going to trade Friday morning. Luckily I closed these positions rather than holding them overnight - the downward USDJPY trend popped up about 80.
 

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5/28/2007
+$32.05, 1 trade (1W)
USDJPY: +6.5/10

A
Opened a lotto ticket position before dinner on Sunday night, but got out when I came to my senses about 30 minutes after opening it.
 

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