My Goal for 2007: Break-Even

7/20/2007
+$234.00, 2 trades (2W)
USDJPY: +36/121

C
Closed positions from the other day - one was closed at target but the other I closed way before target. I was concerned about the channel that had developed over the past few days and was tired of keeping the position open. Turns out I had I waited <20 minutes my original target of 121.00 was reached... but no regrets!
 

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Quote from datamerc:


Where I have failed...
I prefer the short-term trades and that is how I have setup my system. I have had plenty of winning months, but the only thing that has really slaughtered my equity is opening foolish positions and not getting out. I sometimes have put on these "lotto ticket" trades and walk away. I end up adding to the loser because it has just gone way beyond my daily/weekly loss limit. It has been these trades that have taken massive amounts of capital away from my account. More often than not, I have been able to get out of these trades after a few days (with hoping and wishing). But getting out of them successfully is more of a curse than blessing. Because of my last huge loss, I have stopped trading for a while and decided to start this journal. I will begin again on May 1st.
More...

Your failure actually lies in using short term trading for 3 hours daily and Wednesday "when I can watch all day" There never has been a more stark example of someone who should be trading overnight positions (correctly sized) and staying away from the screen as much as possible. Putting time limits on trades as in 4 AM to 7 AM CST is ripe for failure both in market performance and in your ability emotionally to manage risk. Do yourself a favor and learn to trade so that you don't have to continually watch. My best profits generally come from being in trades that I am paying little attention to. :)
 
DM,

You seem to be doing well lately, good job.

Remember, that all outcomes are acceptable except large losses, small losses are quite alright, no shame in that.

Good trading.
 
7/23/2007
+$259.33, 8 trades (6W, 2L)
EURUSD: +5.5/22
USDJPY: +29.5/47

D
Today was not good - found myself getting frustrated, broke rules, and over traded... A dangerous combination and should consider myself lucky with the results. Got 15 pips from USDJPY last night (not shown on chart) and the rest is from this morning.
 

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7/24/2007
+$172.99, 5 trades (4W, 1L)
EURUSD: +3/31
USDJPY: +20/30

C
Felt better than yesterday... clear head waiting for setups. Decent movement in both pairs.
 

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7/25/2007
+$248.33, 6 trades (5W, 1L)
EURUSD: +15.5/53
USDJPY: +17/42

C
I'm just not feeling in sync right now. Thinking more of reaching my target this month and not of the opportunities. Going to take tomorrow off before I get myself into dangerous waters.
 

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Trading Rules:
*FOCUS!!!
*focus on one market (YM,ES etc.)
*focus on one time frame (trade the moring hour or afternoon etc.)
*focus on one indicator or non inidcator method (TA, price action, MACD, CCI etc.)
*focus on one chart period (1,5,10 etc.)
*Goals...know how many points you want per day and then leverage towards what you want $$ per day...REMEMBER..."goals bring gold"...go for it!!!...these are my opinions
 
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