Agent86's Daily Trading Journal

Although I'm making the trades on the 5min charts I do analyze from the weekly,daily,4hr,1hr,15min and then finally the 5min analysis

Ever check 1 minute for trend change warnings on your 5 minute charts?
 
Yes

Ever check 1 minute for trend change warnings on your 5 minute charts?

Yes I've tried a multitude of this too and the 1min charts and tested other features to try and limit risks or see any indication of reversals
However, on the 1min charts with my strategy what ended up happening is jumping in and out too much.

On occasion I would profit early in which a 5min target was not hit which is good in the event that the target never gets hit and then reverses or stops out.

But because I end up taking profits prior to the targets in most cases on the 1min charts the reversals do not end up paying for the short profits.

I have 5 separate strategies that work well, and some of them have been tested with 1min chart features also.

The 1min chart features of my strategies did not produce more pips, however consistent they did produce larger consistent draw downs when those draw downs did occur.

I am still testing a few other feature because I do like trading the 1min chart but I have not found the consistent gains I'm looking for without too many losses.

Thanks for the tip, I'm still looking into that though too because I am fond of the 1min trading I can see huge potential there but have not mastered any consistency on that time so far.
 
That's the drawback when the time frames get too small. Some company actually buys a large amount of foreign currency (as opposed to speculative trades) needed to pay for something and it can cause surprising jitters on the shortest timeframes. It's always good to check timeframes above and below the main one you trade on, but if you are trading 5 minutes, the choices for zooming in farther aren't so nice.

Then again, there are people who make money on 1 minute charts - I just don't pull the trigger fast enough to deal at that level.
:D
 
1min charts

Yep

I like the 1 min charts, but haven't been able to really get away from a sort of 50-50 win/loss ratio

Even though there is somewhat consistent gains with many things I've tried.

But once the loses happen is appears that they happen in a row for both gains and losses

might be something like wins of maybe 8-10 in a row and gives the illusion of consistency, then later gives back about 8-10 losses and those losses end up sometimes more then the gains.

Also it's sort of hard to keep a good risk/reward ratio on the 1min charts especially if you have a 3 pip fixed spread like I do.

But I'll keep testing to see if I can't figure something out on 1min charts.

The thing is I know for sure that if I could figure something that would be consistent then you know you could just pop in for about 15-30 min. anytime and make some pips then call it a day.

Thats the thing that makes the small times so appealing is the amount of pips available and the amount of time you can trade just about anytime at all on the 1min charts not need for special times or set-ups to wait for.

Well, happy trading
 
-31 pips for 5-13-10 I'm a sucker lol

-31 pips

Again with the being lured into a side strategy or other features.

I've now gone back to reading my own rules that I've written; and I use to read these rules regularly each trading morning to force me to submit to my own rules.
And that strategy tested out quit well for 3 years when sticking with the rules

However, when things go wrong or you sustain losses this is where the complications and second guessing comes in.

WOW how hard headed can a guy get LOL

NOTE TO SELF:
Stick with the strategy that you know works and take your lumps and losses until it pays. Don't start playing around with other features or strategies until you have fully tested them in the demo again just like you did with the strategy your using now. Have faith in your testing; and your demo trading.
Remember back that there were losses but overall monthly it paid off.
Don't search for more accuracy unless you do it in the demo or on paper.
END NOTE:

I have other strategies that I have also tested that work too.
So what happens is that when the one appears to fail in a given month, then it would seem it becomes easy for me to try and bailout and go to a different strategy.
The secondary strategy does work on it's own and I have tested it too, however I end up not really fully switching to the secondary strategy I try to combine the two or three together which has not been tested at all.

And sometimes I try to combine features from several of my tested strategies which really doesn't work well at all.

Oh well back to the drawing board.

Hopefully I can pull myself out of the 200 pips losses I've sustained since trading live.

Typically my strategy does pay about 200-400 pips per month regularly, however my first live trading month sustained my first loses and it was live trading so it caused a snowball of doubt which caused me to change things in my second month which is the worst thing I could have done.

Anyhow -31 pips journalled for 5-13-10

BOO HOO I lost some pips, Oh well no big deal probably won't be the last time either.

Now lets see if I can just stick to my strategy or will I keep posting long novels and excuses about my stupid mistakes ?

This should be fun to watch, and yes I do amuse myself sometimes even if no one else enjoys these journals.

:( Back to the drawing board.
 
0 pips no setups today

0 pips

took off at 10am no trades today.

Came back from a nice visit to the American History Museum; and saw the very nice setups and moves on the charts today.
Would have been a nice +59 pips which I really needed that after my mistakes.
But I had things to do so I missed out.

Looking forward to Mon. Trading.

Happy trading
 
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Where's your blog ?

Hi Agent,
I think your showing your integrity by sharing your own personal journey here in public, I feel it's important to keep some sort of record of trading, be it public or private.

You've already answered your own problem with a correct appraisal and decision, but if I can help out in any way let me know, or have a look over on my blog if you get bored.

Good luck with your trading.

Where's your blog ?
Please advise
Thanks
 
+32 pips today

Nice setups today

Missed one good one away from the computer

Got in on the second trade for +32 pips

Happy trading
 
+2 pips 5-28-10

Hi

Up to my tricks again

Took a weak trade for -20 which did not hit my .50 retracement rule was off by 1 pip
Then took a good setup trade for +22, but choked on the target and got out early because it was getting late in the day and I was happy recovering my losses.

Emotions,Emotions,Emotions and sticking with the rules that the name of the game.

If I would have stuck with my strategy I would not have lost the initial -20 pips

And then my good setup did not hit my target but I would have stuck with my reversal rules and would have produced +30 pips even without hitting the target.

So let me see:
Stick with the rules and make +30 pips
don't stick with the rules and either lose -20 or end with +2

Seems simply enough, so why don't I do it since I've been trading it on the demo for 3 years consistently ?

Live trading is definitely different in your mind.

Oh well, lets see how this pans out.

Happy trading.
 
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