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Chris Lori has a bunch of great free videos that does from time to time. I usually learn a lot from them. The most recent one features Craig Carmichael and his analysis of gold. As you know, the price of gold affects the currencies of countries that are large exporters of gold. Click here for a free membership to his website, chrislori.com. June was a positive month. Unfortunately, it was because of one trade that was a mistake. To me that is unacceptable because it wasn’t really because of my skill. I am feeling more comfortable reading price levels and have been studying Chris Lori’s Pro Traders Club more intently as of late. Here are my trades for June 2009:  Click above for larger image Here are my results thus far for the year. That blowup month in January is killing me. Right now, my goals are to get back to breakeven and add money to my account so I can make more substantial sums. Two winning months in a row, I want to make it three!
In looking at my results for June, I have realized that I don’t take enough risk on some trades. When I am right on these trades they don’t pay enough to make up for the losers. I have to make my risk per trade more consistent so I can pay for the losers. I also have to find a way to maximize my winners. This can be done by stacking positions or leaving a little of the position on. There was only one trade this week. There were other trades that I almost executed but price didn’t get close enough to the levels I was looking for. I still need to have more trades in a week, but I’m glad that I was profitable. It was about a 0.5% gain on total equity. A squeeze box trade opened up yesterday and I just closed the last of it. Short 1 (200 units) GBPJPY @ 5726 Confidence level: 6/10 As soon as I put the trade on, price moved swiftly away from the box, then stalled. I was up about 100 pips at one point, so I decided to move the stop loss to 5721 or +5 pips. The trade then became risk free.  Click above for larger image Price started to move again, so I took profit on 50 units at 5672 for a +54 pip profit. Price continued in my favor so I closed out 100 units at 5595 for a +131 pip profit.  Click above for larger image At that point, I still had 50 units on. I wanted to let it run for a bit to possibly capure more proft. It was a risk free trade anyway, so I had nothing to lose. Price finally showed this twin tower formation so I figured there was a good chance of reversal and closed the final 50 pips at 5565 for +161 pips. Mission accomplished, I captured 30 more pips with that last lot.  Click above for larger image This was a good trade. I followed my plan and bagged a good number of pips. Final count was +120 pips when you average out all the exits. Here is a very simple Excel spreadsheet that you can use to figure out how much you want to risk per trade. I keep it open as a quick reference because sometimes I get so caught up in getting a good trade entry, I risk too much or not enough.  Mmmmm...pizza There it sat, the answer to my prayers. A delicious looking pizza pie just calling my name. I picked up a slice and I could see the heat waves radiating. Mushrooms, olives, pepperoni, garlic…it will go so well with my beer. Then I took my first bite. Blah, what is this crap? I put the slice down and I sat back for a minute. My first reaction was that of irritation. How could they sell something so bad? This feeling then turned to fascination. How hard is it to make a decent pizza? Not that hard, I have made better pizza myself and I am no chef by any stretch of anyone’s imagination. So I got to thinking, what makes a good pizza? I just got an email that there is a new version of ForexTester available, version 2.1. Click here to download it. The upgrade is free for existing owners of ForexTester. I just downloaded it and I am going to install it now. Hopefully it solves the problem of taking several hours to load a saved project. Pretty crazy if you ask me. That has been my only gripe about the software thus far. I’ll see how it goes! Hi Everyone, I took a small scalp trade last night. Long 1 (500) GBPJPY @ 5727 Looking for a bounce off the trendline and the M2 pivot. Since this wasn’t what I would consider a really “hard” level where price would bounce significantly, I was cautious.  Click above for larger image I closed out the position at 5730, for a quick +3 pip profit. Price action wasn’t favorable in the long direction, so I decided to take what I could get. I have been finding recently that I am pretty good and picking bounce levels and fading them but my weakness lies in not taking profit soon enough and having the market come back and take out my stop. In this case, the market did move lower, so I am glad I took my profit. If you remember in the last trade, I set a limit sell to take off 500 units of the 600 unit trade. Well I forgot to cancel the trade!! So the sell limit kicked in with no stop loss. This could have been a disaster. Short 1 (500 units) @ 5875 As soon as I saw what happened, I closed the trade. I had no business being in that trade and even though I could have possibly milked a couple more pips out of the trade, it goes against my rules to stay in a trade where I do not know what is going on.  Click above for larger image As it turns out, this was my best trade of the week, closing out at 5835 for a +140 pip winner, which was a 1.5% gain on the account. I will never let this happen again, it is sloppy trading. In the future when I set an exit limit stop like that, I will put in a very tight stop loss just in case I forget to cancel it. But I should be canceling the open orders anyway. The one positive thing that I can take away from this is that I am getting better at reading levels and 5975 was a key area where the market decided to turn. Hi, There were multiple reasons to enter this trade, looking for a bounce off of:
Long 1 (600 units) GBPJPY @ 5900 Here is what the trade looked like when I entered:  Click above for larger image I planned to take off 500 units at the target and move the stop on the remaining 100 to +5 pips. I put in a limit sell for 500 units @ 5975. Here is the final result:  Click above for larger image As you can see, price just missed the target. I should have taken my profit when it got near the target. No sense in getting greedy. I was already at a favorable risk/reward outcome at that point. Here are the trades for this week:
Grand total: -197 pips. How can I get better? This is so frustrating. This is ridiculous. I don’t have any records of these trade except on my account statement.
The grand total is a -161 pip loss. This is unacceptable. All of my trades must be logged and screen prints must be made before and after each trade. |
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