Thoughts 11.8.12

Thursday 11.8.12
Last night I woke up almost every hour on the 02 min to check to see if a trade was valid. I went into AUD/USD twice and both were stopped out. It traded in a range (which later on I figured that I could have used the Horizontal Lines from 12am to 4am and wait for the 5m chart to show that the resistant became support and went in AFTER #41 h1 had triggered a buy or sell). Then I started to watch the DOW and since yesterday it fell a lot after Obama was re-elected I assumed I knew what it was going to do (which it did) but doesn't fit into the strategy so I should have kept the guessing completely separated from the strategy. I lost a total off -80pips since my first trade at 1108pm last night. I should have kept the size of the trade small since I was in a wary market. I know some greed played a part because I missed taking profits on 1 of these trades which added to my losses.

Friday 11.9.12
Analyzed all my trades from the time I started to loose myself emotionally and not following the strategy, I started to analyze the market from my own perspective (it fell the morning after Obama was elected 300 points).

Monday 11.12.12
My job is to get all the trades I can from the strategies I have back-tested and feel confident with. And then in my lab work on finding another strategy thru searching and back-testing. I am watching Lord of War and when he is asked to quit he says its not about the money "I can't quit because I am good at it".

Tuesday 11.13.12
I like to wake up with the desire to win in this game and to become a competitor that can use failure to the most advantage miraculously possible and use success strategically to make acquaintances that are with people who I can learn from. I lost twice this morning already and it didn't get to me I see it as part of the success, since on my back-testing I had many losses but the gains over-came it to put me in the positive. This morning I sold and then shorted from the droid, then came home to set SL and PT (Profit Target). Lost this trade too, feel so discouraged.

Thursday 11.15.12
Did work today because had to go to Blnd. But while I was there I checked for any strategies and one showed up on GBP/USD so I put on the trade, although it didn't work out and I lost (-11p). And again when I was at walmart I looked and mis-read and took the trade before it closed (it was breaching the BB) but when I realized what I had done I had already lost (-15p). Really bad mistake on my part, but I told myself that even mistakes work out in my favor. I have lost a lot all week and last week but I learned one thing which would have slowed my loses and that is not to trade on Tuesdays (which was -52p of my current -59p loss).

Friday 11.16.12
I lost on GBP/USD twice already and just realized that it is trading at the 200MA on the daily and this may be another time that you do not trade because so much of up an down action is happening that you will get stop out many times more than you may profit.

Tuesday 11.20.12
I measured the percentage of drop to last drop on the DOW. I can use Oil etc to predict wars end etc. Didn't take the trade on AU/US this morning because of what I learned last Tuesday about not trading on Tuesday and right now I would have had a small loss.

Friday 11.23.12
This week has been really good to me, +140p (a few of those trades are where I sold 2/3 of my position and then took the rest later). Last night was the first time where I went into the Fib 25/75 strategy (AUD/USD). I am close to breakeven where my account was up and then that week where I learned Tuesday is not a good day for my strategy (last week). I have to remember that success can cause you to relax in your motivation and I have to accept this and then go after win. Looking over my trades PnL since my deposit a month ago today (10.24.12) my account went as high as 285.22 and then fell as low as 233.71 and now I have one trade open with +55p (1 lot) and my balance is 266.74. I am satisfied with how I am growing.

Saturday 11.24.12
Dow went up last week (it tends to do this on holiday weeks). Most of the major pairs I check were up against the trend (150ma and ema's). EU/JP triggered a buy a few hours before close on Friday and AU/US is uptrending after crossing 75 Fib but I think it will pull back where I can probably buy more since I am already 1 lot in it.

Sunday 11.25.12
I am watching a WallStreet (Chicago Pit) movie and this guys says he loves the game. I like to love this game, I have already decided what I want to do forever so I like to fall in love with this. Somehow my subconscious find a way to fall in love with this Trading (Strategizing, Reseaching, Action, Trading). I like to start trading big, with more money and taking on bigger profits. He said; when things are slow in the market sometimes then you start thinking and you're thinking why do I take this trade, when should I.....and whenever you start thinking you're fucked, really fucked and from this I got "Trade your strategy down to the tee" and back-test as actual as possible and this may help when it comes to think in market.

Wednesday 11.28.12
Missed a AU/US trade where I could have went in earlier, I did lose -14p (#41)on it from a short trade right before. I also did well by not trading yesterday. And I did go in on GB/US on the #41 and Fib 25/75 on AU/US. I assumed that when the AU triggered the trade I look the 1-4 candles and thought that it will reverse since it was near resistance but it went thru all the above the other side. I did a small test on GB/US with Fib 25/75 and came to the conclusion (keeping in mind the small amount of data used, 1 month / 4 Trades) that it doesn't work well and that can be of benefit to me; since I do DP #41 on this pair it shows that it can work better with this than it can with the longer strategy. Important: I have to have my strategies written down and what has been back-tested and proven so far I have to stick to that, don't assume from what you see and don't get greedy to get more because I missed on 2 trades and the 2 I took cost me and if I would have stuck to my strategy then I would be up in positive right now. Until I got back and re-test with the new idea or what I see it is not going to work and that is that. Write your strategies out and follow them exactly.

Thursday 11.29.12
I feel like shiz again on my strategies just taking loses and missing out on a few trades. I am currently down  -45 pips. I have back-tested a new strategy on EUR/JPY (Fib 25/75) such promising results and I already lost on it, -41pips today. I have to understand that all strategies take loses and gains, if I have back-tested it will pay unless something brand new comes into the market (as a pre-caution I should also start taking in how much draw-down happens on a strategy and how many loses happen consecutively so that I don't run into these feelings). I have to be patient with this and I have to be fast with trading when a trade is triggered with a strategy that has shown good results.  I also feel that two of my strategies are conflicting (Fib 25/75 on EUR/JPY and #41 AUD/USD) since they seem to be bullish together and bearish together, to get rid of this doubt or have proof I need to back-test them and not just stay with this feeling like something will happen, remember "Once you know how it works, then it becomes easy". I can't think about correlations until they are back tested, right now the EUR/JPY trade is up +50pips and the AUD/USD (which I have been stopped out of with -5p loss from earlier is making brand new lows, its 907pm.

 Friday 11.30.12
(857am) GBP/USD is down a lot, but since my strategy hasn't triggered I don't go in nor do I get excited at all. So last 30 mins I spent searching thru my data to see what happens on Fridays, does the trend continue into next week and do candles at 9am (like right now) profit or turn around and are mostly loses. Candle after 1pm usually do come back on Sunday but most times the trend continues, so if I go in I will be holding all thru the weekend. Does certain RSI number show better trend like 37 or so? I am also up on the EUR/JPY trade now at +70pips was up +105pips earlier (gotta learn when it takes off which Fib should I take profit at before it retraces and where to go back in maybe. (1043am) I have been seeing that the faster I go in at the begining of an hour I always see a loss where I could have had a  better entry. (1101am) Just loss on GBP/USD, should not trade when it is around 200MA on 4h. (932pm) Got angry just now or maybe frustrated that my account is back to where it was when I started, pretty much giving up all the gains for last week and then this morning I was up to almost a new record and made two bad trades and lost half on the new strategy trade, +110pips are now +55pips.

Monday 12.3.12
(1215pm) I realized that back-testing may have an advantage to where when I am about to put on a trade I can check the data for this day and time to see what the chance of success is and put on the quantity according to that. 

Wednesday 12.5.12
(135pm) Patience is most important (Im said that the reason you loose in gambling is because its impossible to be patient and I realize that when I went to AC and played roulette I saw patience paying off on the table since I was willing to bet many numbers for that few again everytime or more times than I would loose).  Patience is very important in everything we do also. (959pm) I did a new table twice and then the second one I copied the data to with the Fib levels. I have realized that its about getting myself programmed as a routine to disect data like this is important since this is how I come up with strategies and becoming habitual with this will gives me new insight into trading and PnL and also getting new strategies. Right now until this becomes a habit it is most important to pull this data and it is hard because its new and you get excited by something new you discovered and in your mind you want to pull the data but then when you actually pull data its so different and you have to change the table on how you pull it but this is good for you and you should continue this every single day that you program is open to research.

Thursday 12.6.12
(229pm) So frustrated and sad, total loses amount to -72pips account balance back down to $231, that is 5 lossing trades and 1 winning trade on the EU/US and got out too early (too early meaning my other trade on the EU/JP was following this EU pair and I sold at the 1.6 line and then a few minutes later EU/JP SL hit and they were both equal on pips so I sold early and could have waited for EU/JP SL to hit first, and on top of this I was already in 2 other trades when I took this so I only had 2 lots on the EU/US trade that paid. I realize I have to be patient there is no other way, my frustration should make me work more on researching data this should fuel me to do more and to always keep in mind that my work may come right back to where I started which I am feeling on the new table I made "Sheet 3" for Tgt to be at fibs rather than candle pips. Did a search on google "Forex Frustration" and read some posts. This has to be part of my growing and thus its important for me to see this also as growth, I have figured out another way that DOES NOT work which should lead me to what DOES work by revising my mistakes, planning more intelligently this time and acting on that plan as action. I also missed a trade on the GB/US, same bs where I would say that don't go in right away and you will have a chance but no exactly this time it decides to just keep falling, what I figure from this is that it may be certain days where it keeps falling or times. And my trade on the AU/US that was up 44pips (P 1.6) is now breakeven from 2 huge bearish candles.

Tuesday 12.18.12
I emailed two people today regarding working with them or asking them to help me learn more strategies or at least how to make new strategies.

Wednesday 12.19.12
(1017am) Realized that the 200MA plays a roll on almost every level (30m, 1h, 2h, etc etc) at least on the AUD/USD it did and this may be another way I can develop the strategy to take profits. Also, another strategy is playing the #41 and then once cashed out or wanting to add more on the way up on longs is to draw fib and buy once the 75 fib is crossed after a pull back / retracement. I am also learning to let winners run, e.g. currently I am in AUD/USD trade and it is up 30+ pips and I have brought my SL to at least break-even but I will not take profits on this and I will let this run and I may get stopped out but it won't be a loss, I should not fear loosing profits rather concentrate on letting profits run while bringing SL to breakeven. (1142am) Looking at charts with 200MA on all time frames and seeing new ways I can view the market, as it runs towards certain MA on different times, what I had thought way before as the banks and computer trading systems were set up to trigger trades both buy and sells at these points but doing it on different times frames so they can go in and out of markets quickly. This gives me this feeling that I will succeed, I just have to be patient with this so that I can build the strategy inside myself that gets me here and that can get me out of any trouble I could run into in the future because we are not perfect and things can change emotionally for me if a whole bunch of people started to praise my trading and depending on me.

Thursday 12.20.12
(1006pm) I realize that the more I have worked the more bigger I have been paid and lost thus it seems that working more (habitually) can get me more and more gains overcoming the loses and becoming wealthy. I woke up this morning and put on a trade and then a couple of hours later I took a -62pips loss and was frustrated and I realized that I should use this frustration as fuel to work continuously instead of wondering why I am missing out on good trades. 

Wednesday 12.26.12
(106pm) I have a vision that I am getting the right ideas for a profitable strategy which I am back-testing and having confidence to use in my trading (taking away that frustration feeling or using it to my benefit). (855pm) This morning you got frustrated over pairs taking off without you, I like to realize that every move in this market is not for me sometimes those moves are to take out trades that weren't meant to be there and other times to make dumb money think it knows what it is doing. Remember, this is a tough business and the whole point to making profits is to remain calm and learn from every trade. Everything in this market has to be so systematically engineered and I like to do all the hard-work involved.  I see myself happy making windfall of profits, I can see this I can feel this I can taste this I can smell this success. I decided to read strategies because I am happy to learn something from just reading and I am happy that I clicked on exactly what I needed to read regarding the thought that was on my mind for a while "All strategies may work, but they may not work all the time thus when to trade a certain strategy is of importance". 

Sunday 12.30.12
(403pm) Should I use bigger time frames on #41 (especially when markets are going up and down a lot taking my stops out too many times)? Is finding out which are trending indicators and sideways indicators (RSI, Stochastics = sideways etc etc). Like Friday could I have a table that I can write in what I see to help me follow the markets more closely?  Is reading every strategy worth the effort involved? Should my plan be: first back-test a strategy, if I don't do that then proceed with real-time testing? (608pm) This work is very meaningful, a lot of people give their money away in hopes to multiply their networths thru investing (you see all types of articles and look around you and you have friends that have done so), I like to understand this and go after this work as any other great job you have had where you think you made a difference. I like to be the one that brings actual profits to people because their money is the most important thing in their life and I have the courage to over-come the fear of working with THEIR money as I was born to do this because this comes natural to me. (731pm) Do I have to create a actual profit and loss sheet? Do I mark important lines (confluence Fib levels, H4 support and resistance etc etc).