Today I did a total of 13 trades. My net loss was 1.2R (after commission costs). There were 5 trades on Cable, netting 1.95R, and 5 trades on the DAX, triggering a loss of 2.14R. Trades on EURUSD, USDJPY and FTSE100 lost 1R.
I have just put up snapshots of DAX and Cable for illustration purposes.
Pick yourself – who did what? The Proficient Trader or the Destructive Trader
T217: Was able to get stop above the pivot, managed to get 7 extra pips by managing the target level. And got in on a good retracement at 4865.
T218: Breaking of the 1.48 handle – this was excellent anticipation
T224: Good counter-trend trade. Had to exit ahead of the Bank of England rate announcement.
T226: Always try to get in a good level, don’t settle for a bad level. Don’t go chasing things if your order didn’t get filled. The entry level must allow for good stop placement and reasonable RR.
Getting in at a good level will save me heartache. T226 gave me a lot of heat, and when it did finally roll over I exited, because that in conjunction with a short trade on the FTSE100 burned a lot of emotional capital.
So in summary Cable had some good setups because there were some key levels to play with and there was a lot of momentum in the instrument.
The DAX on the other hand was fairly tight most of the day. Is that why it resulted in losing trades?
Will have another look at this chart today. And also take another good look at the other trades that I took today.
I feel I am getting much better as a trader – it feels like that. I am putting on a big load of trades, and am getting better at reading the market, primarily at dollar-based correlations. It feels like it’s only going to take a couple of more adjustments, and then it will start producing consistent profits.
It seems that the main thing that I have to “battle” is actual myself, rather than the market. How do I feel? When should I step back? When should I go for it?