Week P/L +2.9%

The week P/L:  +1'187 $  slightly less than 3%

The dollar number itself is irrelevant I guess for readers. Slightly comforting for me after the June 23rd -8'000 $ "maximum pain" day though. But I've been clawing back since then. At the moment I've been able to get the account loss down to under -1'000$. But still 5'000$ below my peak.

I was just going to write; I'm not going to change anything going into next week, but I don't really want to wake up and have that roulette moment of looking at the screen to see if I was lucky or not. The house wins in the long run - I can't expect to be lucky too many times in a row!

So I will need to change something, cos looking at the entire month of August I haven't really done much trading and haven't been taking much risk. And with so small risk, there's only going to be small gain/loss.

Divine Intervention +1061$ (50pips on 200k)

Just to make this clear. I don't advise anyone to do anything like what I did last night.

I was in bed and couldn't sleep cos it was so damn hot. Bored with playing yazzy on facebook against myself I decided to try my luck in the biggest, most liquid casino out there: FX

My plan was to take a 100k position short and hold it for 10-20min. However the initial position went against me by 23 pips when I decided to load up some more short. Then it went to up some more. I decided I take a quick nap and hope it would get back to around my b/e in 30min or so.

Well. I went fast to sleep and only woke up 8 hours later. First thing I thought: Oh shit! My position! I looked at the P/L area of the software and instead of finding the ugly 350$ in red I found 1061$ in the black. I closed it of course. 50pip gain on 200k...

Lesson of this: Luck, luck and more luck. Don't try this at home!

Last Weeks P/L FLAT. Today +126$

Just a quick update; last week was non-existant trading wise. You can see the P/L below.






Today I reckoned 1.4050 was showing good support after a big move. I was pretty sure it would bounce off that level. Actually I had looked at chart and seen it bounce already before I entered my buy order. I got in around 1.4064 and shortly after it went back to test 1.4050, but with benefit of having seen it go down there 3 times - well 3 10minute bars - it looked like a decent risk reward to buy some when it go down to 1.52.

After that I left my screen for 15min. When I came back instead of being in the red for 140$ it was in the black with 126$. Decided to take profit and run.

Just Dipping A Toe In The Water

Just felt like putting on a small bet. Actually I felt lucky and put on 2 trades at once with 8% of my margin at risk. The pairs didn't really move for 40min though - not that it's that surprising in Aussie trading! - so I decided to get out and go to sleep instead. It's probably not a bad idea to put some trades on just to feel the rythm or what it's like to have position.

So the result was a net gain of just 28$ (about).

One lesson I did notice again: I took off the trade which showed me the larger profit first. That was a mistake cos as soon as I had locked in that small profit EURUSD went a tick down showing me a small loss. GBPCHF went up and would have given me a 60$ gain. Classic mistake that. Always cut the losers they say. let the winners run. I did opposite. Just another small example of how my personality gets in the way of good trading.

Annoying Start To Week (updated)

Price was 1.4168-78. Then -765 - 74 - I press buy and get filled at 78.
Position showing me 100$ loss right out the gate.
Got out as soon as bid came in above my entry. 5$ profit! Haha. Useless. Breakeven.
Nevermind.

I took trade cos I have strong feeling 1.42 will get touched NZ, Asia-session. But nothing in charts to convince me really, except that momentum down has stopped, base-building.

Tuesday Update: Well I had been right about 1.42 getting tested. So IF I'd just kept that position till that target I'd have had my 20pips. :S Just trying to figure why I sold. I think it was because I didn't have the entry price that I wanted (i.e. 1.4174). I can also be thankfull my bias for yesterday wasn't STAYING long. Didn't do any other trades. Summer doldrums for me :)

Week P/L +171.5 + 0.4%

Quite Week - No More Trades Since TUE

Glad I stayed out on Friday. My Bias was for a bounce from 1.4220 level back towards 1.4300. Instead we're below 1.4200. Maybe I'll give long EURUSD a shot Monday.

Even though from a macro point of view you could argue that all these "good" economic figs hitting wires and US president talking of worst being behind, could put more pressure on EUR.

Just goes to show I'm a sucker for playing the bounces. I'm always looking to pick a bottom or a top. Note to self: Must change this!

Close Call - 2 Days +0.4%

Wheewww! I shorted into a much too strong upward movement yesterday that continued for another 30-50 pips. My trade was in the red most of yesterday by over 250$.

In my mind I was already thinking, the first trading day of the month is always catching me on the wrong foot or maybe I just go into the month with more appetite for risk.

I just didn't want to close the position and decided to roll. I thought if at least I've shown the self restraint of not increasing the little bugger, then I should have the right to see where he goes tuesday.

Even though in hindsight, it would have been smart move to load up another 100k around 1.4420 or above and wait for the (in my mind) highly likely testing of 1.44 - where I could then get out with a net 10 pips profit. Instead I've had 3.5$ roll cost and a profit of 175$ so a net for the 2 days of 171.5$ (which is better than 10 pips :P actually 17.15 pips).

I ask myself: Is it really bad to double up on a losing postion. I guess it's like with most of my trades. It will work 75% of cases, but when it DOESN'T it will cost me 5x as much maybe. And temptation for 3rd and 4th lot would suddenly pop into my mind.

PS: Below is in different colors today because yesterdays trade wasn't in my usual trades overview - it being overnight etc....

Week P/L +408$ +1% / Month +1100$ +2.75%

July recap: +2.75%
The month started on a bad note: namely a large loss. The next day brought a small loss. Then the turnaround occured. A period without a losing day has since begun. Up 1'100$ on the month. Still down around -2'200$ though since end of May.

Week recap:
+408$ so about 1%.


Thoughts:

1. I take large losses on probably less than 5% of trades
2. I've lowered trading size in July from +300k (June - 10-20% margin) to 100k at most times (4% margin)
3. I've been trying lately to really wait until a strong impulse, urge hits me before I put on a trade. These urges are basically based on action around strong resistance or breakouts.
4. I make money on 95% of trades (sadly, that's more or less irrelevant if "risk management" fails on the other 5%)
5. One trade cost me -110 pips (July 1st)
6. My average winning trade is probably 5-10pips
7. Shame my broker doesn't give me statistics on average winners absoulte, % and same for losers etc, also commission paid for in spread would be interesting. (I'm pretty sure I paid over 830$! this month - 8.3 Mio turnover...)