usdchf market buy 26.03.07 @ 14:00

@ 14:00
usdchf
market buy 1.2216
0.2
S/L 1.2179

opern reason:
usdchf 26.03.07 4h

gbpusd market sell 23.03.07 @ 16:49

@ 16:49
gbpusd
market sell 1.9596
0.2
S/L 1.9673
T/P 1.9514

@ 17:20
another 0.2 contract added

gbpusd
sell limit 1.9617
0.2
S/L 1.9673
T/P 1.9514

@ 18:07
gbpusd
market sell 1.9596
0.2

 closed -$60.20

gbpusd
sell limit 1.9617
0.2

 closed -$33.60

open reason:
gbpusd 23.03.07 1h

eurusd market sell 22.03.07 @ 18:48

@ 18:48
eurusd
market sell 1.3325
0.2
S/L 1.3373
T/P 1.3253

@ 18:57
another 0.2 conract added
eurusd
market sell 1.3331
0.2
S/L 1.3373

open reason:
eurusd 22.03.07 1h

eurusd market sell 22.03.07 @ 16:59

16:59
eurusd
market buy1.3365
0.2
S/L 1.3349
T/P 1.3385

15:05
eurusd
market buy1.3365
0.2

 closed @ 1.3557 -$16

open reason:
eurusd 22.03.07 15m

gbpusd market sell 21.03.07 @ 21:17

@ 21:17
gbpusd
market sell 1.9661
0.2
S/L 1.9691

22.03.07 @ 11:30
gbpusd
market sell 1.9661
0.2

 clsoed by S/L -$61.60

eurusd market sell 21.03.07 @ 20:46

@ 20:46
eurusd
market sell 1.3373
0.2
S/L 1.3400

22.03.07 @ 01:50
eurusd
market sell 1.3373
0.2

 closed by S/L -$54

eurusd market buy 21.03.07 @ 20:13

@ 20:13
eurusd
market buy 1.3305
0.2
S/L 1.3288

open reason:
eurusd 21.03.07 15m


@20:24
eurusd
market buy 1.3305
0.2

 closed @ 1.3353 +$96

as the momentum and the volatility of the move was unexpected, my price targets were passed therefore I closed the position as the movement paused.

usdchf market buy

saw the 4h chart channel break through late,
first reaction got right in, soon as saw eurusd on the channel line
expected pullback from usdchf, got right out and set a buy order on the
channel break point.

9.03.07 @ 15:38
usdchf
market buy 1.2330
0.5
S/L 1.2226

9.03.07 @ 15:44
usdchf
market buy 1.2330
0.5

 closed +$4

9.03.07 @ 15:46
order set
usdchf
buy limit  1.2293
0.5
S/L 1.2193

set reason:
usdchf 10.03.07 4h

eurusd market sell 9.03.07 @ 15:51

@ 15:51
eurusd
market sell 1.3095
0.5
S/L 1.3197
T/P 1.3049

open reason:
eurusd 9.03.07 4h

eurusd market buy 9.03.07 @ 03:54

9.03.07 @ 03:54
eurusd 
market buy 1.3145
0.5
S/L 1.3116
T/P 1.3156

@ 04:58
eurusd 
market buy 1.3145
0.5

 closed by T/P +$55

eurusd market sell 8.03.07 @ 13:03

thoughs:
it seems Ive built up a great risk position on this sale,
though I have been long trough with risk control problems.

I have felt strong on this position, and tried to put the S/L right next to the each full contract sale Ive put.

though I have left the position having an overall 2.5 contract on sale with a risk of about 18% of the capital. Either this is a new stage for me where I decide to push the limits on some moments or simply having risk problems.

@ 13:03
eurusd
market sell 1.3145
0.5
S/L 1.3185
T/P 1.3109

@ 15:42
eurusd
market sell 1.3145
0.5
 
 closed manually -$110
(the price broke through the channel on 15m chart (was a false break))

picture where the sell was closed, and got envolved in "scalping lags" :)

eurusd 8.03.07 15m(2)


from 15:45 to 16:40
noticed my dealer lagging,
using the other data provider tried to use the lag to profit, as having no expirience in this had an overall loss, there fore:
6 trades closed overall -$15

@ 15:57
seeing a good breakthrough, and confirmation
on the second data provider selling late:

eurusd
market sell 1.3137
0.5
S/L 1.3171
T/P 1.3025

@ 16:00
adding on the possition a full contract

eurusd
market sell 1.3141
1.0
S/L 1.3171
T/P 1.3025

@ 16:10
adding on the possition a full contract

eurusd
market sell 1.3132
1.0
S/L 1.3171
T/P 1.3025
(very soon putting a S/L in +1 point) stoped out @ 16:40 +$10

@ 18:14
adding on the possition a full contract

eurusd
market sell 1.3134
1.0
S/L 1.3133
T/P 1.3025

open reason:
eurusd 8.03.07 1h

gbpusd market sell 8.03.07 @ 2:16

@ 02:16
gbpusd 
market sell 1.9304
0.5
S/L 1.9357
T/P 1.9241

9.03.07 @ 23:59:
still holding the position
gbpusd 9.03.07 1h


12.03.07 @01:35:
gbpusd 
market sell 1.9304
0.5

 closed by S/L -$185

open reason:
gbpusd 8.03.07 1h

eurusd sell limit 8.03.07 @ 03:10

@ 03:10
eurusd
sell limit 1.3171
0.5
S/L 1.3185
T/P 1.3156

@ 10:38
eurusd
sell limit 1.3171
0.5

 closed by T/P +75

open reason:
eurusd 8.03.07 15m

eurusd sell stop 7.03.07 @ 19:00

@ 19:00
eurusd
sell stop 1.3140
0.5
S/L 1.3153
T/P 1.3127

@ 19:34
eurusd
sell stop 1.3140
0.5

 closed by S/L  -$65

(the oreder was too close, there was no break through)

open reason:
eurusd 7.03.07 15m

usdchf buy limit 7.03.07 @ 18:18

@ 18:18
usdchf
buy limit 1.2210
0.5
S/L 1.2193
T/P 1.2222

@ 20:08
usdchf
buy limit 1.2210
0.5

 closed by S/L -$69.71


open reason:
usdchf 7.03.07 5m

eurusd market buy 6.03.07 @ 16:15

@ 16:15
eurusd
market buy 1.3107
0.5
S/L 1.3089
T/P 1.3117

@ 20:25
eurusd
market buy 1.3107
0.5

closed +$50

open reason:
eurusd 6.03.07 5m

eurusd sell stop set 6.03.07 @ 14:28

@ 14:28
eurusd
sell stop 1.3091
0.5
S/L 1.3130

@ 22:58
eurusd
sell stop 1.3091
0.5

 closed by S/L (1.3130) -$195

set reason:
eurusd 6.03.07 15m

eurusd market sell 5.03.07 @ 12:00

@ 12:00
eurusd
market sell 1.3116
0.5
S/L 1.3167
T/P 1.3067

@ 16:33
eurusd
market sell 1.3116
0.5

 closed 1.3116  $0

open reason:
eurusd 5.03.07 4h

usdchf market buy 5.03.07 @ 11:05

@ 11:05
usdchf
market buy 1.2191
0.5
S/L 1.2106
T/P 1.2243

@ 11:27
additional order set
to hold for strategic target

usdchf
buy stop 1.2185
0.5
S/L 1.2153

additional order reason:
usdchf 5.03.07 4h


5.03.07 @ 12:05
usdchf
market buy 1.2191
0.5

 closed by S/L (1.2192) +$4

usdchf
buy stop 1.2185
0.5

 closed by S/L (1.2192) +$28.71

open reason:
usdchf 5.03.07 1h

usdchf market sell

2.03.07 @ 18:34
usdchf
market sell 1.2155
0.5
S/L 1.2222
T/P 1.2092

5.03.07 @ 10:30
usdchf
market sell 1.2155
0.5

closed manually -$65.73

open reason:
usdchf 2.03.07 1h


reason for closing:
usdchf 5.03.07 30m

usdchf market buy

@ 16:48
usdchf
market buy1.2208
0.5
S/L 1.2191
T/P 1.2226

@ 17:03
usdchf
market buy1.2208
0.5

 closed by S/L -$69.72

openreason:
usdchf 2.03.07 5m

eurusd market sell

@ 16:12
eurusd
market sell 1.3165
0.5
S/L 1.3185
T/P 1.3148

@ 17:12
eurusd
market sell 1.3165
0.5

 closed by S/L -$100

open reason:
eurusd 2.03.07 5m

eurusd market buy

@ 11:52
eurusd
market buy 1.3163
0.5
S/L 1.3149
T/P 1.3173

@ 15:51
eurusd
market buy 1.3163
0.5

 closed by T/P +$50

open reason:
eurusd 2.03.07 15m

How Am I Doing 2.03.07

Statement

Equity Change: +8.61%
21.02.07 $5044,79
02.03.07 $5479.57

Max. Drawdown: 784.57 (14.72%)


Gross Profit: 1 557.35 Gross Loss: 1 122.57 Total Net Profit: 434.78
Profit Factor: 1.39 Expected Payoff: 21.74
Absolute Drawdown: 499.52 Maximal Drawdown (%): 784.57 (14.72%)
Total Trades: 20 Short Positions (won %): 14 (50.00%) Long Positions (won %): 6 (66.67%)
Profit Trades (% of total): 11 (55.00%) Loss trades (% of total): 9 (45.00%)
Largest profit trade: 370.00 loss trade: -301.57
Average profit trade: 141.58 loss trade: -124.73
Maximum consecutive wins ($): 5 (934.30) consecutive losses ($): 3 (-561.07)
Maximal consecutive profit (count): 934.30 (5) consecutive loss (count): -561.07 (3)
Average consecutive wins: 2 consecutive losses: 2

gbpusd market sell

gbpusd
market sell 1.9612
0.5
S/L 1.9640
T/P 1.9590
 
 closed +$77

open reason:
gbpusd 1.03.07 5m

usdchf market buy

usdchf
market buy 1.2202
1.0
S/L 1.2146
T/P 1.2293

usdchf 1.03.07 15m



basically, I was obviously right with the previous trade, didnt expect the price to go that low though, back in to the trade from here

2.03.07 @ 20:47

 closed by S/L $0

 stoped out, still sure in the direction, could not risk there

eurusd market sell

eurusd
market sell 1.3212
0.5
S/L 1.3233
T/P 1.3195

  closed maually -$95

1.03.07 @ 13:41

eurusd
market sell 1.3213
1.0
S/L 1.3233

 another try

2.03.07 @ 00:49

eurusd
market sell 1.3213
1.0

 closed manually +$370

open reason:
eurusd 1.03.07 15m

The Worthy Trader

Confidence is contagious. So is lack of confidence.
- Michael O'Brien -

Jack has been on a winning streak, and his account balance is up, way up from where he started. He has generated more in a month than their parents ever earned in a year. He now has a lot more money than his neighbors, friends, and relatives. He is on top of the world, but is he satisfied? No, he can't believe his good luck. He feels his good fortune is just a fluke that could end at any moment. Have you ever felt like Jack? If you have, you're not alone. Many successful people feel they are unworthy of success. They feel they are imposters, as if they will be caught for being a phony at any moment.

Trading the markets is difficult. It requires rock solid confidence. Market conditions are constantly changing. If you have wavering confidence, you may find that your trading acumen abandons you at the slightest disappointment. Suddenly, you give up on winning stocks too early. You back losers or take the wrong side of what could be successful trades. At other times, you simply can't maintain your sense of conviction about what to trade, and when to trade it.

It's vital to have rock solid confidence. You can't be easily swayed. A winning trader doesn't waver when faced with seemingly impossible challenges. He or she is stable, calm, and objective, even under the most chaotic market conditions.

What is the secret behind rock solid confidence? What all confident people know is that the only opinion that matters is their own. Instead of caring what anyone else thinks, they look inward. Looking inward for guidance and direction is unnatural for many people, however. Throughout most people's lives, significant others have tried to place conditions on whether they will receive approval or disapproval. Parents imply, "I'll love you, but only if you do what I say." Teachers warn, "I'll give you a good grade if you follow my instructions," and supervisors control workers by saying, "I'll give you a good performance evaluation if you meet my expectations." It is reasonable to start looking toward others for a sense of personal value. For some people, the need for recognition becomes extreme, though. Some people let others define their self worth. If others give them approval, they feel good. But if they meet with dissatisfaction, they feel poorly about themselves. Over time, one may get into the habit of looking toward others for approval. Some traders, for example, may even be motivated to trade in order to gain approval. They may think, "If I can make a fortune trading, I'll get the love and respect I've always wanted." Although such thoughts may be motivating, they can be a hindrance to profitably consistent trading. First, one is often disappointed to find that money isn't usually associated with respect and approval. And even when it is, most people find that they never get the level of respect that they had hoped to find. In the end, one usually becomes disappointed and loses the motivation to trade over the long term. Second, if you tie your winnings to your self worth, you put an extreme amount of pressure on yourself to perform. And when the stakes are that high, one usually chokes under the strain. Trading is difficult enough as it is. Putting on extra pressure makes a challenging task almost impossible.

Rather than look outward toward others for a sense of self-worth, it is vital to look inward. The only opinion that should matter is your own. Trade because you find it personally rewarding, not because you think you'll eventually gain approval from others. Focus on the immediate experience of trading. You'll find it more enjoyable, and feeling a need to live up to societal expectations about what is "right" or "wrong" won't distract you. If you allow yourself to set your own personal standards, you'll feel a sense of freedom, and this sense of freedom will allow you to trade effortlessly and creatively. So avoid looking toward others for approval and self-definition. The more you can look inward, and think independently, the more confident you will feel, and when you feel confident, you will trade more profitably.

gbpusd market sell

gbpusd
market sell 1.9581
0.5
S/L 1.9628
T/P 1.9552

 closed by S/L -$164.5

open reason:
gbpusd 1.03.07 30m



 

gbpusd buy stop

gbpusd
buy stop 1.9600
1.0
S/L 1.9567
T/P 1.9652

gbpusd 28.02.07 15m


emmergency reverse order. will be canceled if not needed.
canceled

the emergency reverse entered manually
gbpusd
market buy 1.9595
1.0
S/L 1.9561
T/P 1.9619

 closed by T/P +$168

gbpusd market sell

gbpusd 
market sell 1.9547
0.5
S/L 1.9604
T/P 1.9487

 open reason:
gbpusd 28.02.07 1h


28.02.07 @11:26
gbpusd
sell limit 1.9562
0.5
S/L 1.9604
T/P 1.9487

if the target is reached before the order is activated, shall cancel

28.02.07 @14:55
gbpusd
market sell 1.9547
closed manually -$164.5

gbpusd
sell limit 1.9562
closed manually -$112

close reason:
gbpusd 28.02.07 15m (2)

usdchf market buy

usdchf
market buy 1.2226
0.5
S/L 1.2180
T/P 1.2292

 closed by S/L (moved) 1.2150 -$312.76

open reason:
usdchd 28.02.07 1h

gbpusd market sell closed

gbpusd
market sell 1.9624
0.5
S/L 1.9653
T/P 1.9572

 closed by T/P +$182

eurusd market sell

eurusd
market sell 1.3202
0.5
S/L 1.3225
T/P 1.3154

open reason:
eurusd 28.02.07 1h


28.02.07 @ 08:34
eurusd
market sell 1.3202
0.5

 closed by S/L -$115

28.02.07 @ 08:34
eurusd
market sell 1.3205
0.5
S/L 1.3228
T/P 1.3158

 (another try)

28.02.07 @ 13:57
eurusd
sell limit 1.3206
0.5
S/L 1.3228
T/P 1.3158

 (if the target is reached before the order is activated, shall cancel)

eurusd 28.02.07 30m


1.03.07 @ 17:03
eurusd
market sell 1.3205
0.5
 
 closed +$235

eurusd
sell limit 1.3206
0.5
 
 closed +240

gbpusd market sell

gbpusd
market sell 1.9624
0.5
S/L 1.9653
T/P 1.9572

gbpusd 28.02.07 30m

eurusd market sell

eurusd
market sell 1.3205
0.5
S/L 1.3216

27.02.07 @ 13:02
eurusd
market sell 1.3205
0.5

 closed by S/L -$55

open reason:
eurusd 27.02.07 30m


reason: though there has been no breakthrough yet, all the aims for this wave are reached, and I am expecting a change in the direction, the S/L is not far.

eurusd sell stop closed

eurusd
sell stop 1.3158
0.5
S/L 1.3178

 closed by S/L -$100

usdchf market buy closed

usdchf
market buy 1.2320
0.5
S/L 1.2296
 
 closed of market +$4
 
 recounted the price aim. the aim is reached.
could hold a strategic position for longer, but the risk is too much.

Still holding eurusd.

eurusd sell stop

eurusd
sell stop 1.3158
0.5
S/L 1.3178

eurusd 26.02.07 30m

usdchf market buy

usdchf
market buy 1.2320
0.5
S/L 1.2296

usdchf

usdchf sell stop closed

usdchf
sell stop 1.2382
0.5
S/L 1.2409
T/P 1.2340

 closed by T/P +$170

usdchf 23.02.07 1h (closed)

eurusd market buy closed

eurusd
market buy 1.3136
0.5
S/L 1.3079
T/P 1.3165

 closed of the market +$100

eurusd 23.02.07 1h (closed)


reason for closing: the price didnt go strate through the channel there fore it is hard to get the correct price aim. On a different data provider the breakthrouhg was only at 1.3120 and by that breakthrough the price aim is around 1.3160

usdchf sell stop

usdchf
sell stop 1.2382
0.5
S/L 1.2409
T/P 1.2340

usdchf 23.02.07 1h (2)

usdchf sell stop deleted

usdchf
sell stop 1.2375
0.5
S/L 1.2425
T/P 1.2335

 order deleted

usdchf sell stop

usdchf
sell stop 1.2375
0.5
S/L 1.2425
T/P 1.2335

usdchf 23.02.07 1h

eurusd market buy

eurusd
market buy 1.3136
0.5
S/L 1.3079
T/P 1.3165

eurusd 22.02.07 1h

New Trading Account

 New Trading Account that I am going to monitor here.
 $5000 real money
 trading 0.5 contract

eurusd market sell closed

eurusd
market sell 1.3133
2.0
S/L 1.2176
T/P 1.3099

 closed - 87

eurusd market sell modified

eurusd
market sell 1.3133
1.0 lot
S/L 1.2176
T/P 1.3099

im putting the T/P away, it got me so drained it has to pay off
there is a risk that we are in a new up trend, and there will be only a short time correction
To protect myself im gonna have to put the s/l in 0 profit as soon as possible.

eurusd market sell

eurusd
market sell 1.3133
1.0 lot
S/L 1.2176
T/P 1.3099

 sold another contract. with short term T/P
the other is to be held a long way hopefully
 

usdchf market buy closed

usdchf
market buy 1.2404
1.0 lot
S/L 1.2352

 closed S/L -42
 

eurusd market sell

eurusd
market sell 1.3132
1.0 lot
S/L 1.2176

(and another try. there's a signal, so I have to sell)

eurusd market sell closed

eurusd
market sell 1.3131
1.0 lot
S/L 1.2152

 closed S/L -21

 

usdchf market buy

usdchf
market buy 1.2404
1.0 lot
S/L 1.2352

usdchf 15.02.07 1h


 

eurusd market sell

eurusd
market sell 1.3131
1.0 lot
S/L 1.2152

one more try :)

pound went off. missed it. good siggn to sell eur
 

gbpusd market sell closed

gbpusd
market sell 1.9632
1.0 lot
S/L 1.9670

 closed of the market -27

(false breakthrough)

eurusd market sell closed

eurusd
market sell 1.3122
1.0 lot
S/L 1.2153

 closed of the market -18

(false breakthrough)

gbpusd market sell

gbpusd
market sell 1.9632
1.0 lot
S/L 1.9670

gbpusd 15.02.07 1h





 

eurusd market sell

eurusd
market sell 1.3122
1.0 lot
S/L 1.2153

eurusd 15.02.07 1h

usdchf sell limit closed

usdchf
sell limit 1.2412
1.0 lot
S/L 1.2408
T/P 1.2350

closed of the market +22

(reason - break through the channels eur&gbp)





 

usdchf sell limit modified

usdchf
sell limit 1.2412
1.0 lot
S/L 1.2445
T/P 1.2346

 S/L 1.2408
 T/P 1.2350
 

usdchf sell limit

usdchf
sell limit 1.2412
1.0 lot
S/L 1.2445
T/P 1.2346

 (if the target is reached before coming back to 1.2412. shall cancel the oreder)

usdchf market sell closed

usdchf
market sell 1.2410
1.0 lot
S/L 1.2445
T/P 1.2380

 closed T/P +24

usdchf market sell

usdchf
market sell 1.2410
1.0 lot
S/L 1.2445
T/P 1.2380

usdchf 14.02.07 4h



 

gbpusd market sell closed

gbpusd
market sell 1.9443
1.0 lot
S/L 1.9532
T/P 1.9380

T/P changed to 1.9295

closed S/L -89
 

Winning At All Costs

Among mortals second thoughts are wisest.

- Euripides -

"Damn The Torpedoes" was Admiral David Farragut's famous battle cry, and historically speaking, the decision to risk everything for an important victory during the Civil War battle at Mobile Bay worked out very well. But when you're taking risks to trade the markets, allowing yourself to get caught up in the moment and take on more than a prudent level of risk is almost certain to get you burned, sooner or later.

Many people unconsciously adopt a "damn the torpedoes" approach after either a big loss or a big gain in the markets. After a loss, you might hope to win it all back or even get ahead. After a gain, you might feel impervious to market forces. Either way, there's a possibility you're letting your emotions crowd out your more logical, sensible self, which is always a bad idea when trading the markets.

There's nothing more thrilling than anticipating what the markets will do and making a huge profit off of your astute observation. Not only do you feel on top of the world for getting it right, but the feeling of security from realizing a windfall is nice too. After a winning streak, it's tempting to let loose and start making some big trades. It is tempting to start thinking, "What do I have to lose? I'm far ahead of the game. I can take a little more risk." Although it is often useful to take advantage of a hot streak when you hit upon one, it doesn't mean that you should act recklessly. It's essential for long-term survival to maintain discipline and manage risk (for example, through protective stops, options, or risking a minimal amount of your account balance on a single trade). It is essential that you fight the urge to trade impulsively. You must maintain discipline.

What is the harm of taking unnecessary risks? Market uncertainty is the main reason. You really don't know with 100% certainty that your next set of trades will be wins. When you take unnecessary chances, it's as if you are working under the assumption that you will definitely win in the future. But no one has a crystal ball. Trading is about taking advantage of probabilities, and working under the assumption that if you make enough trades (and manage risk with each trade), the law of averages will work in your favor. That said, from the perspective of probability theory, it's possible that you will hit upon a string of wins, and by making larger trades and lowering your limits, you'll reap big rewards. But at the same time, you may also encounter a string of losers. If you act impulsively, or abandon your risk management plan, you'll tend to give back all your profits and more. It's vital for your long-term survival to continue to manage risk, even after a long string of successful trades.

It is tempting to feel you can abandon risk limits and go for the big wins no matter what the costs. Some of the most profitable Market Wizards have put their financial life on the line and made huge profits, but there are also those traders who spent the rest of their lives trying to pay back losses. In the long run, it's better to survive. By managing your risks, you will increase your odds of success.

 

gbpusd market sell modified

gbpusd
market sell 1.9443
1.0 lot
S/L 1.9532
T/P 1.9380

T/P changed to 1.9295

gbpusd 13.02.07 4h


 

usdchf market sell closed

usdchf
market sell 1.2466
1.0 lot
S/L 1.2505
T/P 1.2400

 closed -10

usdchf market sell

usdchf
market sell 1.2466
1.0 lot
S/L 1.2505
T/P 1.2400

udfchf 13.02.07 4h


 

 

gbpusd market sell

gbpusd
market sell 1.9443
1.0 lot
S/L 1.9532
T/P 1.9380

gbpusd 13.02.07 4h