Page 1 of 8 123 ... LastLast
Results 1 to 10 of 74
  1. #1
    Solid Member Daniel Rea's Avatar

    Dan declares war on himself !!!

    Dan declares war on himself – The trading diary of a man that sometimes wants to hit himself back to yesterday so he can start again.

    The reasons I wish to make a trading diary is to hold myself to account to a set of rules that I establish. I tend to make set of trading rules and the after a week or two I break them and get burned.

    I also wish to keep track of my trades per week and though I do not tend to post pictures of each one. I also want to keep a record of what books I read and my thoughts on them and how they apply to me.

    The books I have read so far are

    Rich Dad Poor Dad – 9/10
    I really wish I read this book when I was 18. I would be in a very different financial situation if I did

    Reminiscences of a stock operator - Edwin Lefevre – 8/10
    I found it great how he gives you insight into your trading self through his experiences. Some bits are repetitive and a bit drawn out and he does blow his own trumpet. It is an older book but it is fascinating to show that the markets have not actually changed that much at all.


    Naked Forex High-Probability Techniques for Trading Without Indicators -Wiley Trading – 7/10

    Some great examples on how to read candles without the use of indicators. Although I do use indicators, this has helped me learn to get better entry points or avoid false indicator entries.

    My Strengths
    • I enjoy fast trades and can make decisions quickly
    • I enjoy learning and researching
    • I find back testing fun
    • Learning to draw better trend lines and S/R Lines
    • I prefer the 1, 5, and 15 min charts
    • Completing Binary Options that Suck Trade school
    • Being a part of Community Traders and the Forums
    • I can adapt and learn new strategies easily
    • That I will be brutally honest in this diary. Including account balance from week to week


    My Weaknesses
    • I get crazy confident when I win a a lot
    • I revenge trade
    • I cant sleep if I have any open trades that are loosing even if they do not close for 4 more days
    • I don't tend to learn a lesson properly unless I loose actual money



    Goals
    1. To operate a profitable binary options account
    2. To learn more about trading
    3. To have fun
    4. To follow my rules


    Although I am writing this diary mainly to hold myself to account, please if you have any questions etc, just let me know.
    Right - Onto the Rules

  2. Thanks Pinayito, Martin Kay, JulietIndia4572 thanked this post
  3. #2
    Solid Member Daniel Rea's Avatar
    The Rules

    Balance with weekly stop trading limits
    At the start of each week I will list my account balance, along with my stop trading limits. These will be as follows. 10% positive and 3% negative. If I pass through one of these limits I am to stop trading and spend my time on back testing, researching and reading. The aim of this rule is to stop me from revenge trading and also to stop me from getting to cocky when I am on a winning streak.

    Only trade back tested strategies
    Pretty self explanatory but I was finding that I was spending any profits I had recently made in a lump sum on a "gut" feeling. I must of been eating a hot curry because most of the time I was wrong.

    Don't listen to tips or opinions on stock movements
    It makes me trade longer term which I am really not comfortable with. Also I tend to place to much faith in the opinion of someone who I never have met before. Also lets be honest, there are some flaws with this. It stops people learning. If they were actually consistently good tips they would just make more money than they care about and would not waste their time giving tips. Your entry time and expiry can be hugely different than a tip giver.
    This does not mean that I will not accept advice from people, but that advice needs to be either in the form of education with the goal of improving the trades I actually make, or a new strategy that I can back test for myself.

    Be feed and watered properly when trading and don't drink alcohol
    Again pretty obvious but one I broke often - Better to have a beer after some successful trades

    Maximum of 2% in any given trade
    This will be to a minimum of $12 as that is the smallest amount for Stockpair. This will not change up in value until the end of the week but it can change down.

    Avoid trading the news
    I am just not good at it. This means no trading 30 mins before news and 60 mins after. The only exception is trading a low range KIKO in the direction of move immediately on news release.

    Check Mental state before trade
    I need to make sure that I am on top of my emotions while trading.

    No trading at work
    Although I can trade at work, I do not have MT4 and also I have to many distractions that in the end it just costs me money. Avoid the temptation to double dip earnings

    The Upper Trading limit is not a goal
    The goal each week is not to hit the upper trading limit but to end the week with more money than the last. Important to start each week from anew and to forget the results from the week before, either good or bad.


    These may be updated at time with great thought put into the rule change. I will do this by editing this post.
    Last edited by Daniel Rea; 05-31-2015 at 10:08 PM.

  4. Thanks Pinayito thanked this post
  5. #3
    Solid Member Daniel Rea's Avatar

    Week 1 - 10th till 16th MAY !!!

    Start balance $760

    Trade Limits $737 To $836

    Book of the week
    Millionaire Traders - How Everyday people are beating Wall Street at its own game

    Trades

    Eur/USD - 1 min - Special Strat - 11th 19:20 - Win - $769.21
    Eur/USD - 1 min - S/R Bounce - 11th 21:36 - Loose - $757.21
    Eur/USD - 1 min - Special Strat - 11th 21:40 - Win $767.21
    Eur/USD - 1 min - Special Strat - 11th 22:07 - Win $776.89
    Eur/USD - 1 min - Special Strat - 12th 06:48 - Win $786.73 <----- Would of been better to use a 5min trade on this one even tho it still won.
    Eur/USD - 15 Min - Shakuhachi - 12th 18:30.17 - Win $796.09 - See Picture in post below - Also 15min was best time as 30min would have lost - 60min would of also won
    Eur/USD - 1 min - Special Strat - 12th 22:03 - Win $805.93
    Eur/USD - 1 min - Special Strat - 12th 22:26 - Win $815.77
    Eur/USD - 1 min - Nothing Great - 13th 23:59 - Loose $803.77 < ------ Broke my no trading at work rule. As my punishment, as well as loosing, I am finished trading for the week. First week done and in the green so good start.

    Current Status and Balance $803.77
    Last edited by Daniel Rea; 05-31-2015 at 10:09 PM.

  6. Thanks Pinayito thanked this post
  7. #4
    Legendry Member Okane's Avatar
    Nice diary!
    Would be nice if you described your strategy too!
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  8. #5
    Master Member SeasaltMcFish's Avatar
    Nice plan!

    Going to follow this one

    Maybe a good advice: Add taking a day (or two) off once a month (and I don't mean the week end), to get your mind clear and reload energy. Avoid any trading activities those days, f.i. by gardening or fishing etc...

    Good luck!

  9. Thanks Daniel Rea thanked this post
  10. #6
    Administrator Martin Kay's Avatar
    loving your title. I'll sure follow this thread !
    “Don't believe anything you read on the net. Except this. Well, including this, I suppose.” ― Douglas Adams

  11. #7
    Junior Member rubydragon's Avatar
    I also like this thread. Will be following..

    Would indeed be nice if you could describe the strategy you use.

  12. #8
    Solid Member Pinayito's Avatar
    Wow! Well done Dan! And the title is catchy! I should also start writing my diary. It will not be as organized as yours. I am planning to just write a diary, simple as that and probably I will find my way to it as it goes. Any comment?

  13. #9
    Solid Member Daniel Rea's Avatar
    Thanks for all the comments guys and gals

    Okane - I will definitely get around to describing my strategy.
    SeaSaltmcfish - That is a very good tip. I will need to force myself to do that
    Rubydragon - I will describe the strategy in the next few days
    Pinayito - Definitely start a diary. Even if it only for you to see how much you have grown and learnt

  14. Thanks Pinayito thanked this post
  15. #10
    Solid Member Pinayito's Avatar
    Quote Originally Posted by Daniel Rea View Post
    Thanks for all the comments guys and gals

    Okane - I will definitely get around to describing my strategy.
    SeaSaltmcfish - That is a very good tip. I will need to force myself to do that
    Rubydragon - I will describe the strategy in the next few days
    Pinayito - Definitely start a diary. Even if it only for you to see how much you have grown and learnt
    I will Dan, thanks. I actually started but I am not yet ready to release it. It started with the story of how I got into trading.

  16. Thanks Books thanked this post

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
3