Forex Intraday Trading

Short video with $300 budget lands $30 million movie deal in Hollywood

2009-12-19T23:03:00.004+01:00

Fede Alvarez - Ataque de Panico (Panic Attack)

Playing cowboy

2009-12-17T11:34:00.002+01:00

There is no doubt that I would lose much more then I gained if things didn't go my way. First two trades full in eur/usd and half size in gbp/usd psychologically were not enough even that I gained 18 pips on them. I was trading for the rush with two full positions on gbp/usd that were hoovering around my entry.
Let's say it's a therapy for yesterday, even if it could be costly one.

+44 pips

Several problems and mistakes today

2009-12-16T10:46:00.001+01:00

First I had bias that eur/usd will go down, at least to test 4500. I wanted to short at 530 but some kind of uptrend showed. Then I shorted at 550, also too early. After 40 minutes in not performing trade I complicated things with long gbp/usd. It was showing strength and it was like a hedge in case that eur/usd go up more. Well I got bigger losing trade. Somehow I found a moment to cut them both and with small profit on eur it was -5 for all.

So I missed move down in eur/usd that I was anticipated. I shorted eur/usd again and got instant loss -8. Then gbp/usd again fly up and I got in long at the spike. I averaged that trade and was in for 40 minutes with it attempts to break up and building pressure. It wasn't good trading but I stayed. Finally at around 9:17h gbp was at break out point in gbp/usd, gbp/jpy and eur/gbp and it reversed. I didn't cut it on time because I was afraid that it's just spike. Four minutes later I was out. Then I had some nonsense trades that were product of frustration.

Even if eur/usd worked in the end for my anticipated direction that trading is not for me. As I had opinion about eur and listen to it I had later about gbp. When I have opinions I trade by them, good or bad opinions and I ignore the price. So better to skip trading with opinions, I was proved wrong today on account of that kind of trading.

Also I would like to mention that letting loss grow was consequence of building up profits in last two, three weeks. So it felt like I have spare and I can afford to lose. Which is very wrong attitude to have.

-62 pips

Eur/usd breaking down

2009-12-15T09:50:00.002+01:00

Very clean scalping. I like that when I don't even think will it go more or not, what will happen next. I just take small profit and watch for the next one.

+19 pips

Pound scalping

2009-12-14T09:22:00.003+01:00

Very good scalping except last trade. Range got bigger and I was step to lose all profits so far in move against me. I couldn't cut it because range was still valid and in the end downside prevailed but it would be better if that was half size trade. I was mentally tired and took just small profit out of it to quit for today.
Also I would like to mention first trade that was short after 40 pips drop in a less then a minute. It was scary, first and second trade, just because of prior move scale.

+20 pips

Scalping Euro

2009-12-11T16:22:00.004+01:00

On two of those trades I had 5 pips slippage against me at the entry, it wasn't nice experience. First at that third trade which was add on position. I shorted at the same place as previous trade but I got filled deep down. Also at second chart third trade same thing. Oanda's connection was little shaky also. I don't know maybe things are like that in the afternoon which I rarely trade.

+19 pips

Early morning II

2009-12-09T09:16:00.004+01:00

I'm very satisfied with today's trading session. Just out of bed checking charts and short in gbp/usd was laying itself down. I took 18 pips. Second one didn't work out and I was quick to take opposite direction move in third trade.

I'm much like Jules with having strong emotional response because of the trades. I think that is especially prone to scalping. I would like to trade more but I'm not calm any more. Impact of trades is in my mind and my emotional setup is changed. In this new state I'm not optimal for trading. I would like to know how to reset that, but I don't how. It seems to me that I take every day as one session and have a relationship with day's p&l. I almost feel guilt that I'm not trading more, like I should work harder. Well I know myself and that it's better to move away now.

+28 pips

Early morning

2009-12-08T10:41:00.003+01:00

First I had nice trade with half size in gbp/usd of 23 half size pips. I went in half size because it was early and price was jumpy.
Then I shorted eur/jpy and got heat for fifteen minutes. I guess that burned me out. When it finally continued my way I took too small profit. I chickened even though I was looking at 5min chart and expecting break of previous low. Then after 20 pips I re shorted getting nothing.
Then I looked back to gbp/usd that was making lows and shorted at exact low. After another attempt to break it it failed and I didn't get out. I let it go 28 pips against me before I pulled the plug. That is again me getting chickened to take a loss. At that point I reversed expecting really strong bounce from those lows. Well I was expecting getting my profit back to be honest. I even averaged up which was done for wrong reasons especially because I didn't got out of second position after it stop working for me. So there it was pure gambling with double position after having nice profit of 18 pips for a day and then losing 28 giving me -10 plus double sized gamble. It played out in my favor so I recovered previous loss and got some more pips finishing day at +30 pips. I can't say that I'm satisfied with this trading. It's mixed, good and bad. Best thing would be if I finished day after eur/jpy trade because I was worn out being in a loss on it for too long.

+30

I got reminded why I shouldn't trade too long

2009-12-07T15:01:00.003+01:00

First in the morning I had very nice scalps even though I missed the biggest move down. Speed of market was just as I like it for scalping.
I had one small try in gbp/usd also but that didn't work. In the morning I managed to collect 18 pips.

Later there were some scalping and half size trade in gbp/usd. Then I shorted eur/usd about 14h and that didn't work. So I changed direction and took to small profits. Again I changed direction and I was wrong. I even averaged down in last short, losing all my morning profits in a move against me.
Then market gave me opportunity to get out. I was already trading very mediocre so I didn't want to check out what will be the next. I think that five hours is too long for me in front of the charts and that I shouldn't trade more after nice sequence like it was in the morning on account of my degraded performance in later trades.
That's why I had in my rules to stop trading for a day after few nice wins

+23 pips

Trending gbp

2009-12-02T11:20:00.003+01:00

In the end I started too micromanaging so I didn't take out much. But it's always like this if I'm scalping so I accept it. Better for me is to miss on potential for more then to look for too much and miss the scalps.

+25 pips

November 2009. results

2009-12-01T22:06:00.001+01:00

-37.5%

- 265 pips

I hate writing this up.

Smallish scalps

2009-11-30T23:20:00.001+01:00

Didn't have time today, so only this little scalps.

+7 pips

Friday

2009-11-27T13:57:00.003+01:00

On second chart trades were with half size. I averaged there, I wasn't really trading good any more but I was in mood to trade so I did.

+28 pips

Learn to lose

2009-11-26T11:23:00.003+01:00

It's therapeutic to take small losses. My problem is because I don't have bad days but blow up days. Today was a bad day. I tilted, having in mind move down that was just prior to my first trade I stuck shorting up move. I don't feel bad about today's losses they felt good because even if I traded bad I knew how to get out and don't lose temper in usual way. I didn't need that last eur/usd trade, but I accept it all with smile. Learn to lose.

-30 pips

Today

2009-11-25T23:37:00.000+01:00

Too bad that in first trades I wasn't in pure scalping mode so I didn't took few pips that were in front of me.
+8 pips

Little self punishment

2009-11-20T15:31:00.002+01:00

I think that I'm holding a grudge against myself because of my recent blow up so I needed a little punishment. I had nice trade in the direction of trend. Then I tried to pick a bottom which didn't play out well. With averaging and not letting myself to close in a loss I managed to make healthy loss.

-54 pips

New trades, trying to get a rhythm

2009-11-17T13:33:00.003+01:00

I had a hard time closing third trade in a loss when it spiked up just after my entry. Eur/gbp changed direction so it was low probability staying in that trade.

Pips are of October size, smaller but very big leverage considering current account size.

+20 pips

Can you believe this chart?

2009-11-08T21:42:00.006+01:00

First thank you all on your comments of support.

This is my YTD performance and it drove me mad few times. Well I drove myself mad with doing mad things in the first place.
This time blow up really surprised me, I wasn't expecting something like this lately. I had very good run and without for me before usual averaging. I was only thinking how much further into positive side can I move account in two months that are left in the year.

After first blow up in the beginning of the year, three times I approached break even and then ensued new big and fast loss.

Problems with trading on positive side is something very subjective and individual to me. I believe that I had blow up because of feeling uncomfortable being on the positive side. Don't ask me why I feel that way, or I felt that way. It's up to me to clear that out however odd does it seems to feel it.

I gambled and lost

2009-11-05T14:47:00.000+01:00

I lost -40% today. Something is really flawed with my attitude regarding trading and money. You can understand that I don't want to talk about it so probably I will not respond to comments. My account dropped little bit below level where it was this summer. This is biggest loss of money with trading I ever had. So all work in last two months is now gone. With first of this month I was at break even for the year and this week I gained 7.5%. It seems that whenever I get back to my starting point I make sure to quickly lose as much as I can. I played that game few times this year. It's like I want to lose. Also it seems to me that I don't value money gained by trading as real value. I guess that deep down I believe this is not work but gambling. I don't know, I'm just thinking out loud.
Funny thing is that I was really on good track last two months. I was thinking that I finally moved away from problems. Well little averaging yesterday was first sign of trouble. You can't run from yourself. If you have problems or issues they will find a way out and materialize themselves. If you are alcoholic it doesn't matter for how long you are sober you are always one drink away from abyss.

Lucky to be profitable

2009-11-04T11:21:00.003+01:00

Pretty much mediocre trading today. Market wasn't in break out mode but something different. I'm not comfortable trading from retracement and that was game today. So I would go long when the move is near end, then wait out through retracement to get some tiny profit. On my third trade I had to close in a loss because news time was approaching. After the news I tried to be "creative" with 1/3 trades. I was lucky that market continued my way.
After all I had to be more "creative" and short gbp/jpy. O.k if I short it with 1/3 but when I add one more it's so close to full size in the most volatile pair. Very bad trading on idea that some resistance trendline from 4h time frame is on. Again some luck with really hitting resistance on usd/jpy and eur/gbp so I could close those two shorts profitable. I could get really burned. That 1/3 game would just lead me in averaging problems.
If there isn't trade that I like or market isn't suitable for me, well just don't trade.

+9 pips

20 trades

2009-11-03T12:42:00.003+01:00

Today trading consisted of two parts. In first one I got nice scalp in eur/usd and then I oriented on gbp/usd. It was wrong decision today because eur/usd was trending down nicely and gbp/usd was different. I marked yellow on gbp/usd chart move that wipe out my profits. When you scalp you need to be right most of the time, because all those nice 4 pip scalps are easily taken away by one trade with 3 pips spread and sudden move in opposite direction.

When I realised that I simply missed eur/usd while trading gbp/usd I got back to it. Now it was in consolidation. I had so many trades because it's easy with 0.9 pips spread to jump in and grab few pips. After few successful trades I lost a lot trying to catch next leg down. I really got myself whipsawed. When finally I got right trade on, I didn't catch majority of the move down.
I need to concentrate more on overall picture while I'm scalping. At least on 1min chart time frame so I can trade more optimal.

+20 pips

I overstayed my welcome

2009-11-02T11:44:00.003+01:00

With new month size of my position is up again. It's three times September size. So you can see how in the start I was careful, extra careful. Well market was behaving in a way that 4 pips were most I could capture. As the time passed after few trades my concentration drifted away. The best example is second eur/usd trade where I took just 1 pip. Thirty seconds later I jumped in gbp/usd at the high and I was awaken when I lost all my profits so far. Bad trade, bad mental state in a fifth trade of a day, first losing one. Now bigger size was in my mind again making me reluctant to close this down. I was betting on profits and more. I could close it at the break even two minutes later but I didn't. Twenty minutes passed by with me waiting in a loss. I was lucky, trade finally gave me profit and I was happy to close it.

+18 pips

October 2009. results

2009-10-30T15:44:00.003+01:00

+183 pips

+21 %

Only first ten pips were with previously used size, from that point size was double the one before. So starting leverage for new size was around 12 times.

I'm more then satisfied with results because I didn't expect that high pips win with bigger size. I was mainly scalping and I was satisfied even with 4 pips wins, in the end it all add up. I didn't move from my emotional nature but I'm trying to prevent problems as much as I can. Great thing is that it's shown how only scalping can make very nice profitable month.

So-so trading

2009-10-29T12:21:00.003+01:00

In the start I was overheated from my trading lately so I went in without clear break out of the range. Then I didn't get out on the time, I even moved stop on that first trade. Wanted to move it again farther but stop caught me before. So I wasn't really in the game with right mind set.
I cut loss in half with next trade.
Third trade was very long in duration and market moved nowhere. Then I was shaken out right before move up. Good that I was eager to trade because in fourth trade I covered my loss so far and made seven pips.
Fifth was a scratch and sixth drove me back in a loss for a day. I had cushion of seven pips and eur/gbp was ready to break out to new low. When it did, but stopped without extending I had to get out. That is a catch. Sometimes it fly when level is broken and you can get nice profit in less then a minute. This time it didn't and I luckily saved all of the pips from that move.

+15 pips

Today's trades

2009-10-28T10:46:00.003+01:00

First trade in eur/usd didn't look good after entry. Eur/gbp started going up and I wanted it to accelerate down to give boost for eur/usd short side. So I was quickly out and that was correct decision.

Lately I don't like to trade eur/usd so much because it moves back and forth and it's hard to get clear scalp. You need to get in before move starts because if you go after initial thrust, it stop and go back giving you a loss. Maybe it suitable for daytrading off 1min and 5min charts, but I don't find it attractive for scalping.
Gbp/usd moves clear and smooth. With Oanda's 1.8 pips spread on it, it's great for scalping. When I started trading at Oanda I think that eur/usd spread was 1.8 pips and now it's 0.9 all the time and 1.8 on gbp/usd most of time.

Trade in gbp/usd started tricky. From my entry for next four minutes market didn't move and gbp/jpy at that time drop 30 pips. Usually when Jen is rising and usd/jpy, eur/jpy and gbp/jpy go down gbp/usd go down as well. Maybe not much, depending on it's situation but rarely it just sit still. So it was possible that gbp/usd spike up if gbp/jpy first make bounce. On the contrary, usd/jpy stop falling and then gbp/usd made it's move down. I was out when gbp/usd ticked up at the level of trendline and previous wicks on 15min chart. Too bad that I was groggy after concentrating on the trade and didn't notice 30 sec later continuation of the move.
I had one more short scalp in the end.

+16 pips