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Thread: Trading Diary

  1. #11
    Rookie Member
    Quote Originally Posted by Annovdbos View Post
    Now, I reviewed your trade on EURGBP and the first thing I want to say is: DON'T use the broker charts. Get MT4 or cTrader or tradingview or some other charting software, but don't use IQoptions. There's a reason most traders here use charting software instead of the brokers charts. Broker charts are inconvenient because you can't really switch between timeframes clearly and as you can see in my review of the trade they seem to reflect some incorrect information from time to time. So my first advise is: get MT4 or something like that. It's free and much better than the brokers charts.
    I think this is a very wise advice and I will definitely look into MetaTrader - thank you.

    As regards stop losses I agree that it is better to do proper analysis in the first place but I would argue that when it becomes apparent that the decision was incorrect it is better to lose 50% than prey for a miracle (that is my point of view but I am open to arguments).
    Last edited by MaciejD; 07-03-2017 at 11:02 PM.

  2. #12
    Senior Member Annovdbos's Avatar
    Quote Originally Posted by MaciejD View Post
    I think this is a very wise advice and I will definitely look into MetaTrader - thank you.

    As regards stop losses I agree that it is better to do proper analysis in the first place but I would argue that when it becomes apparent that the decision was incorrect it is better to lose 50% than prey for a miracle (that is my point of view but I am open to arguments).
    That's good! Metatrader will be much better for doing your technical analysis. If you run into any problems with the software, just ask. And there are plenty youtube videos about MT4 as well.

    About the stop loss. Well yeah, it might seem like that. But my opinion differs from that actually. I don't know how others look at it though. But I think that if you enter a trade and keep watching it the whole time, it will mess with you psychological.

    Let's say you opened a call for like 20 minutes and keep looking at it the whole time. It's OTM for the first 10 minutes and you think: oh well, this trade isn't gonna be ITM anymore so you close it with a loss, however a smaller loss than when it would be completely OTM. Now, with one or two trades this might seem innocent, but if you do it all the time you will probably get more negative results than when you wouldn't do this.

    Why you ask? Because it will mess with your head. When you do that, you will get stressed when price will be OTM for a minute or so and close the position because you get anxious. This way you'll stop out almost all your trades that are only OTM for a (couple) minute(s) and it messes up your profitability and it definitely messes with your head when it turned out to be ITM after all. Now you might say: "Oh I won't do that, I don't get scared that easily". You might be right about that, because I don't know how you are as a person. But a lot of people struggle with such psychological things. And what I do know is that you need strong discipline and a good mindset to see the difference between when it's better to close the trade earlier and get a smaller loss than when it would be OTM all the way and when you shouldn't close it if it's OTM for a while. That's why when I open a trade I mostly don't look at it anymore until it has expiried and also have a broker that don't allows me to resell the position. So I know it's pointless for me to watch the trade.

    Anyway, that's my opinion. I'm sure others might think entirely different about this. But I just wanted to give you my opinion about this, so you can think about it too.
    "You think I ain't worth a dollar, but I feel like a millionaire!" - Queens of the stone Age

  3. #13
    Rookie Member
    Quote Originally Posted by Annovdbos View Post
    Anyway, that's my opinion. I'm sure others might think entirely different about this. But I just wanted to give you my opinion about this, so you can think about it too.
    I respect that completely and quite possibly we might both be right. I am currently reading The New Market Wizards (a series of interviews with worlds mot succesfull traders)and the methodologies described there are often not only different but straight contradictory.

    Fortunately I did not have to consider any stop losses today on my two trades:

    1. USDJPY 30min call - price broke through a significant zone and I jumped in at a retest.
    Entry: https://prntscr.com/frpcjt
    Result: https://prntscr.com/frpckc

    2. EURUSD 15min call - Yesterday I came across a setup called 'Last Kiss' and this seemed like a good example. It turned out really good as the price quickly jumped deep ITM.
    Result: https://prntscr.com/frpck7 (I have used MT for entry but I have not made a screenshot)

    Good green day overall.

  4. #14
    Legendry Member Michael Hodges's Avatar
    Well, you have to use what works for you but I think Anno is right. You don't want to close trades too early, you want to give them time to move in the direction you choose. You chose it for a reason, a signal or a hunch or something so give it a chance to work. If you want to control losses make smaller trades, use a size you don't worry about losing.

  5. #15
    Rookie Member
    So this Friday (yesterday) did not go very well.

    I started it looking at just under 6% profit which at that time looked rather low. Well, as I write this on Saturday I would have gladly taken the 6% profit as I am now looking at a 10% loss. I obviously broke my rule of not taking more than 2 trades on one day, but I have also done an even more dumb thing which is sending good money right after bad money effectively doubling the loss.

    Reflecting on this mess I think the major cause was that I was quite busy that day and did not have an opportunity to properly analyse the market. Whenever I had 'a moment' to trade I would quickly check the platform and finally on one occassion I 'jumped in'. A good proof of how wrong this approach was is probably that I did not think that I have time to take a screenshot. Following a loss I got cought up in the retaliation cycle (lower timeframes on elevated heart beat etc) and it went downhill quickly from there.

    This slightly waffling post will hopefully serve me as a reminder for the future and I intend to read this from time to time, especially when I begin to feel too greedy.

  6. #16
    Legendry Member willyw's Avatar
    Quote Originally Posted by MaciejD View Post
    I think this is a very wise advice and I will definitely look into MetaTrader - thank you.

    As regards stop losses I agree that it is better to do proper analysis in the first place but I would argue that when it becomes apparent that the decision was incorrect it is better to lose 50% than prey for a miracle (that is my point of view but I am open to arguments).
    Stop loss is advisable if the trade goes wrong. There is no miracle. There is a saying; Cut your losses sheort and let your profits run.
    Willy Twitter: Hidden Content

  7. #17
    Rookie Member
    Today's Trade:

    AUDUSD - the entry was late but fortunately closed ITM
    entry:
    https://prntscr.com/fvtmhi

    result:
    https://prntscr.com/fvtmi2

  8. #18
    Junior Member DivisonOfLabor's Avatar
    I'm no pro, but reading through your diary I have noticed something consistent. You're disobeying your own rules, a lot.

    Read over your first entry, and adhere to them. They sound solid enough, but you are taking a 10 pound sledge to your structured support.

    Hope all goes well, and follow your rules.

  9. #19
    Rookie Member
    Quote Originally Posted by DivisonOfLabor View Post

    Read over your first entry, and adhere to them.
    I think this is a good advice. I have also updated the rules to exclude the CCI criterium. I found myself not using it at all as I put greater significance on the price action and interpreting the strength of significant levels.

    My trades today:

    EUR NZD
    Entry:
    https://prntscr.com/fyp5fp
    Result:
    https://prntscr.com/fyp6xb

    GBP USD
    Entry:
    https://prntscr.com/fyp76o
    Result:
    https://prntscr.com/fyp7e6

    My main problem is that the only time I have to trade now is around this time when IQ option has very low rates - below 50%. This puts odds too far against me and I should probably try to look for another broker offering opportunities that better suit my availability.

  10. #20
    Solid Member arrais's Avatar
    MaciejD, don't use any indicator in your chart. Just try to read price action. My advise is, first put support and resistance lines on high timeframes likes weekly, daily, 4hr and 1hr charts. After that see if the trend is bullish or bearish. Always trade in the direction of the trend. Now switch to 5min chart and look for any trendlines to put on your chart.
    You trigger will be on 1min chart. When you get two or three trade confirmations. Usually I am using two confirmations, the breaking of the trendlines and R&S. You have to practise a lot. Like this you will easy recognize high probabilities patterns/setups because there are repeating again and again.

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