Dr Pip

DeeBee,

You are off to a good start this week. Keep it up!

-Dr Pip

DeeBee

Stop/Profit target got thit this morning Closing my two long trades. Click chart for notes.

USDJPY - Entry @ 88.75 stop point @ 88.46 for -32 pips.



USDCHF - Entry @ 1.0085 target hit @ 1.0144 for +58 pips.



Since I'm not going out this morning I've just entered a long on GBPJPY @ 146.82 for a quick intra trade maybe for an hour or so. We shall see...

Always trade responsibly

DeeBee

Quick Update: Sold GBPJPY for -13 pips its been trading sideways since my entry almost three hours ago. I thought ones it past above .80 momentum will take over but it did not happen.

No trading tomorrow. See you next week. Enjoy the long weekend.
"HAPPY THANKSGIVING"

DeeBee

Monday, Nov. 23
GBPJPY - Two long trades
First trade entered last Friday @ 146.79 stop hit @ 146.32 for -53 pips
Re-entered @ 146.64 target hit @ 147.53 for +47 pips

AUDNZD - Short trade @ 1.2664 covered @ 1.2619 for +33 Pips

EURGBP - Short trade @ 0.9028 covered @ 0.9008 for +32 Pips

Tuesday, Nov. 24
USDJPY - Long trade entry @ 88.75 stop point was hit @ 88.46 for -32 pips

USDCHF - Long trade entry @ 1.0085 profit target was hit @ 1.0144 for +58 pips

GBPJPY - Intraday long @ 146.82 sold @ 146.69 for -13 pips

Note: No trading Wednesday, Thursday and Friday

Trade Summary

No. of Wins: 4
No. of Losses: 3
Total Number of Trades: 7

Winning Trades: 170
Losing Trades: 98
Net Total P/L: +72 pips

Assessment:
I'm trading too many pairs recently. I will try to focus on just one to maybe three pairs. I also need to improve my trading management. Yesterday, I've downloaded a free risk/reward FX spreadsheet I'll be using it starting next week.

DeeBee

pmccandless

Dee,

I remember you talking about using a 1:1 R/R for forex and it looks like thats roughly what you're doing. Do you think this is a good approach or do you think you could cut your losers earlier? Just curious.

Pat

Dr Pip

Pat,

I don't mean to put words into DeeBee's mouth but he and I converse regularly about setups so I have some of the same success and failures. I believe what is happening good or bad is the fact that our approach is longer term than what is apparent on here. My problem in particular is narrowed around entry timing and neglecting to see the big picture in several cases. Basically best intentions but poor planning on my part. I'm sure Dee will shed some more light on this though.

Side Note:
The Euro, Pound and Swissy are all setting up nicely if you look at those charts

-Dr Pip

DeeBee

Hey Pat,

I'm not solved yet on my present R/R. Its a work in progress. Your comment is right some trades are roughly close to 1:1 I'm not sure if this is such a good approach. The number of my trades are not enough to warrant a valid conclusion.

About my stop its wider than I want to because I'm not there to watch price actions. I just let my auto stop to take me out of trade. The danger here is that when the trade goes in the opposite direction and it will happen I'll be hit with a much bigger loss. Right now I'm fine tuning my entries so that I'm only risking between 30 - 50 pips.

DeeBee

DeeBee

I first reported my FX trading last November 13 the same day I've ended my paper trading daily practice. My original plan was to implement in day trading stocks what I've learned while studying the Pro Course but along the way there were some issues that have prevented me from doing so in this particular moment. It was a disappointment because I have seriously practiced paper trading for more than a month documenting everything that I need and honestly felt I’m ready to try slowly in a live trading account. The strong urge to put my practice into actual trading has resulted in the re-activation of a dormant MBT mini FX account with the sole objective of trading live what I have learned in my active participation in TradingApples community.

I view this monthly performance as another important document to effectively track my on going progress. I can derive from my own trading data my strength and weakness points. Clearly seeing personal "strength and weakness" will give me the opportunity to adjust my methodology accordingly with the prime goal of employing a well thought, well balanced trading strategy.

There are three trades made on November 12, trading long USDCHF and shorting EURUSD and AUDUSD. I am now including these trades so that I could have a complete November data.



Month of November 2009 Trades Summary
Total # of Wins: 15
Total # of Losses: 11
Grand Total # of Trades: 26

Total +Pips: 1,014
Total –Pips: -461
CasAdj/Roll Over Fees: -9.00
Net Total Pips: +544

FX Pair Brief Evaluation
It’s obvious from the above chart that I have been trading too many currency pairs. I am cutting down the number of pairs that way I can relax and capable to focus in the best opportunities that the market can give.

EURUSD and USDCHF have been my best performers for this month followed by EURGBP, AUDUSD, and AUDNZD.

GBPUSD and EURCHF are considered so-so trades for this month.

AUDJPY, EURAUD, and USDJPY proved to be my toughest trades giving me zero wins. I’m adding extra precaution when dealing with any of these pairs.

Trading GBPJPY also proved to be very expensive. I need to be careful with this particular pair in the future. Actually, I like this pair its volatility is very good for intraday trades. I just need some time to further study its nuances and trading behavior. One thing I don’t have here is the actual trade details but I’m positive that majority of my November trading are from an S/R Range type of trades.

DeeBee

jjones

Great results DeeBee, keep it up.

DeeBee

Thank you JJ.

BTW, if you have not done so I highly recommend reading Mark Douglas "Trading in the Zone" this is Shoot and Brendan's favorite and fast becoming TradingApples banner book on trading psychology.

Well, the last phrase I've just said that its not official. What I'm honestly sure is I've learned a lot reading that book and will read it again and again for years to come.

DeeBee

jjones

Just ordered it off of amazon.jp. I have tried to find that book a few times in Tokyo the last year without luck, and just found out this month I can get stuff from amazon shipped to Japan at a reasonable price. Thanks for the suggestion.

JJ