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Uncle's Trading Journal
- Thread starter Uncle
- Start date
Quote from ammo:
take 5k out of your account and put it somewhere that you won't spend it
Ammo -- appreciate your insights -- know you've been around for long enough that you know what you're talking about. just for background, I have a day job and it pays the bills and I'm comfortable enough that even if I lose this 20k, I am not going to have to skip dinners or have a material life change.
My goal is to get to a point where I know the EUR market inside out and to be trading a 5 million position size instead of 500k.
Just need to find a way to desensitize myself to the value of money. Had the same issue when I first started playing poker -- would get all tense and tighten up when I would get to a final table and end up finishing 4th or 5th instead of going for the top prize where all the money was. my heart would pound with aces and ache when i got sucked out on but later learnt to think of EV and outcome didn't matter only the EV..
I solved my poker problem with drinking (lol) but you had the luxury of a "time" button there. Here I know that I just need to think of pips instead of dollars. Wish they had the option to view P&L in pips instead of dollars.
Quote from oilfxpro:
Uncle
You are clearly over trading for your account size , it may be affecting your trading performance.Try 1 lot for $20k account ,and see if this is your comfort zone , and pips made increases.
as stated on my first page, I intended to trade at close to the full leverage available to me.. first to limit my ability to double down on a losing trade (which i know is a weakness of mine) and 2nd as a way to naturally increase/decrease position size as my account size moves up and down
I control my risk/anxiety by keeping my stops small and sticking to them.. I run into problems when either market gaps over my stop, or when I am not disciplined enough to take my stop (usually when i am tired or lack focus). The first is just cost of doing business but the second is up to me and I can control better..
as I trade for 7-12 pip targets I know I can always quit and tomorrow I will have many more 7-12 opportunities.. I hope to get good enough to recognize when the 7-12 could turn into 20-30 pips and maximize but my goal generally is to be in and out of a trade as quickly as possible (hence my 30 minute pseudo limit) -- I realize that I will miss out on the large trends but I will have a better chance at avoiding the big moves that will wipe out my account..
Quote from ammo:
your goal of knowing the eur inside and out is ,i assume ,part of a larger plan to capitalize on the info,you don't need to spend 20k for the info,nor gamble to achieve it..below is 90% of what u need to know about market profile
So either the ledge at 1.4825 becomes resistance and we head all the way down the cleavage to below 1.47 where the next ledge lies, or the ledge uptop at around 1.4840 becomes support for a further move up?
If so -- do you just wait and see what unfolds or do you go with trend?
that ledge[1.47733] was a large buy order that held the market up ,everyone that got stuck shorting it there will think about breaking even if they are still short,the nips are spots where the price traded the most,leftover shorts or longs,i don't know why the cleavage works but it always has, these are just points ,no matter what direction we are moving they are just targets or temp stops or bounce areas or blow thrus, but they move to there 75-80% {?} of the time