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

A Reasonable Way To Approach Risk

He who will not reason, is a bigot; he who cannot, is a fool; and he who dares not, is a slave.

- Sir William Drummond -

Investing is a risky business. Compared to common everyday decisions, the decisions we make as traders are far riskier. The decisions we make in everyday life involve relatively small sums. And if you buy something that turns out to be totally worthless, and for some reason you can't take it back for a refund, you're usually out only a few bucks, a few hundred dollars at most. Buying a car is a little bit more of a risk, but you're protected by warranties and by "lemon laws." Even if your house burns down, insurance often covers most of the damage. When it comes to trading the markets, however, we must take a little more risk. Sure, there are ways to minimize risk (protective stops, options), but in the end, we have to take responsibility for our decisions. The buck stops with us, and when we are wrong, we pay the price. Unfortunately, when it comes to risks, there is no way out. You have to risk money to make money. And the minute you open yourself to that risk, a whole new and unfamiliar set of emotions come into play. If we aren't careful we can experience a rollercoaster ride of
emotions: Feeling great after a win and beaten after a loss.

If you are an active trader, you know that you are likely to see many more losses than wins. We are often so consumed with losing that we feel great relief when we do win. Indeed, after making a series of wins, it's natural to feel a little elated, high, and invincible. But soon reality sets in and we find that a hot streak may end as quickly as it started. And that's why we should never let our guard down. Managing risk is a trader's secret weapon. Trading is a game of survival, and by managing risk we increase our odds of success.

What are some basic rules of risk management? First and foremost, it is essential that you trade with money you can afford to lose. Don't trade money that you need for basic living expenses. When you risk money that may impact your safety and security, you put added pressure on yourself to perform. It isn't surprising that under these circumstances, you may trade on edge and get thrown off track by even a minor setback. Ideally, you should trade with a sufficiently large trading account. A large trading account allows you to risk as little as 1-2% on a single trade and still make a substantial profit. If your account balance is low, you can't afford to risk only 1-2%, and realistically make a profit. You must risk more and there is a real chance that you can easily wipe out your account after a dozen losing trades. You can't beat the mathematics. You need money to make money. If you don't meet these conditions, then you'll have trouble trading freely and openly. You'll worry about losing and you can't take the big risk when you hit upon a winning trade setup.

A winning trader manages risk. When you take big risks, you may also make big wins, but in the long run your odds of success are limited. If you do whatever you can to manage risk, though, you will trade more safely, calmly and profitably.

usdx overview 13.02.07

usdx weekly chart


usdx daily chart




 

gbpusd overview 13.02.07

gbpusd weekly chart

 
gbpusd daily chart

 
same situation as with chf. I shall be looking for sales at the cross of the trend line, but will not hold them for long as an up trend (6 red) is perhaps not over

usdchf overview 13.02.07

usdchf weekly chart


usdchf daily chart

 
not too sure if the red 1-2 wave has finished or as on the chart is still going for (vi)

after all this overview is to give me an understanding of where the price is at, the trading system should not be influenced much by my analytical capabilities.

eurusd overview 13.02.07

eurusd weekly chart


eurusd daily chart



 

Psychologically Aware and Financially Successful

Trust not yourself, your defects to know; make use of every friend and every foe.
- Alexander Pope -

The vast majority of market participants naively believe that trading is merely about finding profitable market opportunities. Although it is necessary to find high probability setups to make huge profits, shrewd, winning traders know that their personal psychology is the single most important factor in holding onto them. Trading experts will tell you that the proper mental edge makes all the difference. Many traders know what they should do when trading the markets, but somehow they don't do it. Instead, they hesitate. They are overconfident or not confident enough. They are afraid yet deny their fear and mask it with a false sense of omnipotence. They succumb to strong emotions that overpower their rational mind. The possible psychological ailments that prevent trading success seem endless. If we survive in the markets long enough, though, we eventually come to understand the importance of personal psychology.


Psychological ailments are powerful, but most of us can beat them. It isn't always easy. It requires a desire to improve and a long-term effort to let the change sink in and have lasting effect. It is vital for you to be aware of the psychological ailments that may plague you, and work steadily to overcome them.


Winning traders are logical rather than emotional, for example. You must learn the ways in which your emotions can play a significant role in your investment decisions. Fear and greed drive market decisions. When most people are afraid they impulsively sell prematurely or hang on to a losing trade with a sense of false hope. You cannot allow emotions to impact you. You must develop emotional control and self-discipline that keeps you taking the most prudent investment choices instead of the emotionally satisfying ones. Accomplishing this is not impossible, but it does take time and effort.


A successful trader is confident and decisive. Although many traders know exactly what they want to do in critical situations, very few can actually follow through and do it. The rest don't, mostly because they freeze. The disciplined approach is to increase your position sizes slowly, so you're emotionally comfortable at the levels you're trading, and also to consider your alternatives in advance so you know what to do, without having to think on your feet, in response to every market eventuality.


With the pressure and the high stakes involved with trading the markets, even the most well adjusted trader can fall prey to emotional decisions. But allowing emotions to influence you will interfere with following your plan, which will in turn diminish your account balance. To prevent this, psychologically sophisticated traders work to gain self-awareness and use tried and true psychological methods to hone and keep their mental edge. They develop relaxation techniques, for example, and practice them regularly before, during, and after the trading day. They also pay close attention to the reality of the markets, and let the fantasies sent forth by their anxieties wither on the vine. They don't dream of vast riches, but stay focused on day to day issues, such as what setups to take, where to exit, and how to control their risk. Finally, they learn to recognize when their instincts or subliminal perceptions are telling them correctly that something is amiss, and to temporarily step back from trading to deal with the issue. Don't let psychological issues get the better of you. If you gain psychological awareness, you will trade more profitably.

 

innerworth closed

As the innerworth project has been recently closed.

I shall be putting some of the valuable work that they have done in inspiring me
and others during the life time of the project under the label of "innerworth"

So that we can go back to the valuable thoughts and insights.

standing now on 12.02.07

Since the 26.01.07 am going through a series of losses due to my own mistakes ($-2581.00)
and right now standing at $11.007.81. I am still looking forward at coming out positive at the end of the month.

I am not going to copy paste the done trades during this period, I shall simply go on with my trading journal here.

After all, I am here to learn

summ up

I have been monitoring a demo account on the investo.ru forum
The forum is in Russian but it is basically plane and easy to understand as I have only been putting entry price, S/L, T/P, type of order and a picture explaining the trade (at least to myself)

The first trade was on 11.09.2006, but I have been actively trading and monitoring the account since the beginning of 2007. (26.12.06)

Here is the result of the month (26.12.06 - 26.01.07)

equity 26.12.06 - 10,432$
equity 26.01.07 - 13,558$

equity growth - 29.9%
max DD for the month - 10.57%

Gross Profit: 6 772.82 Gross Loss: 3 532.77 Total Net Profit: 3 240.05
Profit Factor: 1.92 Expected Payoff: 135.00
Absolute Drawdown: 1 053.20 Maximal Drawdown: 1 099.20 (10.57%) Relative Drawdown: 10.57% (1 099.20)

Total Trades: 24 Short Positions (won %): 14 (64.29%)
Long Positions (won %): 10 (40.00%)
Profit Trades (% of total): 13 (54.17%)
Loss trades (% of total): 11 (45.83%)

Largest profit trade: 1 360.60 loss trade: -1 099.20
Average profit trade: 520.99 loss trade: -321.16

Maximum consecutive wins ($): 5 (4 808.10)
consecutive losses ($): 3 (-272.50)

Maximal consecutive profit (count): 4 808.10 (5)
consecutive loss (count): -1 099.20 (1)

Average consecutive wins: 2 consecutive losses: 2