My Goal for 2007: Break-Even

[datamerc]

7/2/2007
+$398.25, 1 trade (1W)
USDJPY: +61/83

C
After the Tankan index came out in-line (read: not bad) and possible reduction in risk exposure, I looked for JPY to recover a bit. Although single the trade came out in my favor and is a nice way to start the month (in dollars), I did not base this trade off my system (lacking discipline). With no losing days last month, I need to be especially careful not to get sloppy this month.

 

[datamerc]

7/3/2007
+$109.67, 5 trades (3W, 2L)
EURUSD: +10.5/38
USDJPY: +6/19

D
Started out feeling perfect, but hesitated on a good USDJPY setup and then slowly began to lose focus. I'm in the process of selling our house and buying a new one, so that has been at the back of my mind. Shouldn't have put on this many trades and held on too long to the ones I did take today. Need to give myself a chance to deal with other stuff, so taking an early holiday to work on house details and will probably get back to the screen again on Thursday depending on how I feel.

 

[datamerc]

7/5/2007
+$57.50, 2 trades (2W)
EURUSD: +7.5/20

A
Clear head this morning and followed the rules as planned.

 

[datamerc]

7/6/2007
No trades today.

 

[datamerc]

7/9/2007
+$54.41, 2 trades (2W)
EURUSD: +5/7
USDJPY: +3/48

B
Clear head, but just got stuck in sideways EURUSD trend. USDJPY position was held overnight and didn't reach target or stop. Closed positions when I had to leave for work.

 

[datamerc]

7/10/2007
+$4.79, 3 trades (2W, 1L)
EURUSD: -5/8
USDJPY: +7.5/16

B
Got stuck in a sideways trend on the single EURUSD trade and took the loss rather than being on the wrong side of a breakout.

 

[datamerc]

7/11/2007
+$131.20, 4 trades (3W, 1L)
EURUSD: +7/36
USDJPY: +13/32

C
I have gotten better since starting this journal, but it is sometimes difficult dealing with the thoughts and "what ifs" when I was on the right side of both pairs before the big moves yesterday but closed everything because my session was over. I just have to keep reminding myself that I only have so many hours for trading in a day and that is how the quality of my trading is based. Regrets can only make me screw up. Rolling over two USDJPY positions.

 

[datamerc]

7/12/2007
+$156.00, 2 trades (2W)
USDJPY: +24/77

B
Only intermittent trading time today, so can't complain too much with the results. Rolling over two USDJPY positions.

 

[datamerc]

7/13/2007
+$45.50, 1 trade (1W)
USDJPY: +7/17

B
Like yesterday time was limited and the single position was actually taken last night, didn't watch in the morning. Rolling over two USDJPY positions that have yet to reach targets/stops.

 

[dejatrader]

datamerc, how do you determine your stops and targets?