My Goal for 2007: Break-Even

8/20/2007
+$753.76, 9 trades (6W, 3L)
EURUSD: -3.5/48
USDJPY: +91/137

D
Today was the sort of day that I really shouldn't have even turned on the trading software. But I couldn't resist - and I was placing trades without using my system rules, just watching the numbers and the way they were acting. It felt like I couldn't open my pockets wide enough to catch the money that USDJPY was throwing my way.

Throughout the day I couldn't help but think how much more I enjoy placing trades based on the rules - they seem to create stability and order. This is something I really need, because I could not consistently reproduce these results they way I traded today.
 

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Have you ever considered the possibility that you DO trade based on rules even on days like these? Subconscious rules that only appear to be gut feeling because you haven't quantified them.
 
Quote from dejatrader:

Have you ever considered the possibility that you DO trade based on rules even on days like these? Subconscious rules that only appear to be gut feeling because you haven't quantified them.
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Probably deep in my subconscious - but I shouldn't fool myself into thinking that, because as soon as I get my office setup again I can get back to my normal schedule and place trades based on my system. Although the money has been good, I can't let myself get addicted to trading this way - that is why I treat it more as luck than skill.
 
8/21/2007
+$621.01, 1 trade (1W)
USDJPY: +71/121

D
More of the same. I had considered putting on a limit (at +100) on this position but didn't, and turns out it would have gotten hit. Oh well.
 

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Quote from datamerc:

8/22/2007
+$540.20, 2 trades (2W)
EURUSD: +55/102

C
I miss the volatility already, especially in USDJPY.

Hey,

Looks like you spoke too soon. The USDJPY is having some volatility now. Major upside move in the last few hours.

I see you've had quite a streak of consistency here. I don't know how far you were down, being up roughly 10K since you began this. Hopefully it has been a boost, account wise and confidence wise. Just keep doing what you're doing and you'll keep getting these results.

Take Care and God Bless!

P.S. If you dont mind sharing, keep us posted on your progress as far as nearing breakeven. I know how it is to have a very large loss, and then have to start over again.

Kelly
 
Quote from glassinc:
Hey,

Looks like you spoke too soon. The USDJPY is having some volatility now. Major upside move in the last few hours.

I see you've had quite a streak of consistency here. I don't know how far you were down, being up roughly 10K since you began this. Hopefully it has been a boost, account wise and confidence wise. Just keep doing what you're doing and you'll keep getting these results.

Take Care and God Bless!

P.S. If you dont mind sharing, keep us posted on your progress as far as nearing breakeven. I know how it is to have a very large loss, and then have to start over again.

Kelly
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Thanks Kelly! Basically this entire month has been luck - I say this because I have been too busy to really follow anything closely and very few of the trades were based on my system. This month has given me a nice kick towards the goal, but I am only thanking Lady Luck and not my trading skills (what few I have) for the profit.

The past months since I started this journal have not had as much profit as this month, but they provided a smooth upward slope; and I was much happier with those months because following my system returned consistent daily results.

I have been hesitant to post a running total, but as of today my YTD loss stands at $8,366.99. This figure does not include interest (+/-) and today's gain. My goal is still definitely achievable, but I avoid looking at it for fear of taking on too much risk and doing something stupid (like today's trades).

I did speak too soon about the volatility ... and it really took advantage of me last night/this morning (I'll post later).
 
8/23/2007
+$149.17, 3 trades (2W, 1L)
USDJPY: +17/233

F
Wow. This is how I used to trade before I came up with my system and it is just plain stupid. Like I've been saying in past posts this month, my gains have been mostly luck. I barely got out ahead today and for the first time in a long time, I felt fear. As a result, I will not even turn on the trading software until I know I have the time to trade my system.
 

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Quote from datamerc:



A little background...
I began trading (forex) in September 2005 and love it for the opportunities and challenges. Since I began, I have been good about keeping records of my trades. There have been times at which I become very disappointed in myself, but I never blame the market or fool myself with excuses; and the many losing months are just a cost of my education. I have tried many different ways of trading forex, and have become comfortable with what I feel is my edge.

What I trade...
I have a full time job and a family, so I limit my trading hours to 4am-7am CST Monday through Friday, except on Wednesdays when I can watch all day. I trade spot EURUSD and USDJPY off the 3 & 9 minute charts using IB's TWS and Sierra Chart. The size of my positions and maximum daily loss is based on my account balance. My system usually only gives me a few trades everyday.



Thank you for reading.
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A few questions:

1) How much leverage do you use on your fx trades?

2) Have you traded (or would like to) anything other than fx?

cm
 
Quote from cashmoney69:

A few questions:

1) How much leverage do you use on your fx trades?

2) Have you traded (or would like to) anything other than fx?

cm
More...
Hi CM,

1) IB allows 50:1 margin on the pairs I trade. To calculate the lot size I take my available balance * 0.001, round it down, and multiply by 10K. This is my simple Excel formula:
Code: 
=(ROUNDDOWN(AVAIL_BAL*(0.001),0)*10000)
Limiting my lot size has been very helpful and I also give myself x number of dollars to lose each day, based on the available balance:
Code: 
=ROUNDDOWN(AVAIL_BAL*(0.02),0)
Also, if I know I will be putting on a lotto ticket position (most of this month for instance), I will reduce the lot size from what the formula recommends.

2) I've only ever touched forex, but am open to trading anything if the terms are right.
 
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