If I am following the rules, the stop is 5 pips or a few beyond the mid BB (depending on the width of the upper and lower BBs), and the target is the lower or upper BB of the 3 min chart. Yesterday I did not follow the rules of the system (and a "B" grade was generous) - instead I was looking at the candles a little further out (5-10min) and basing it on strong resistance ~122.50-122.60 area that has been holding for quite a while.
I have read the postings on this thread. Interesting reading. I won't comment on your goal, but I think it might be easier starting out on a clean slate mentally but this is your goal so I am not telling you to change it. Maybe rethink it next year Most important for me when traiding is to make a difference between trading and Lotto. When you break your rules (which happens to everyone) you are not trading anymore. You are just betting without no control. If you win, it is by chance. even if that makes you feel good. If you lose, it is also by chance, and that will probably feel very shitty. Now, if you do not break your rules, you will have to deal with losses and winning inside your system with all your rules. I believe that is enough for me. The day when I made a real difference between trading and lotto, it made a REAL difference for me. Maybe that can help you. And when you break your rules, try to learn from it and make sure you imply systems or routines not to let it happen again. THEN it is worth the money losing them in the first place to educate you. But if you do not learn, it is just a waste of money. Maybe helpful thoughts, maybe not. I have struggled with it myself, even though I will certainly do rule-breaking again, but it has to teach me something nowadays! Good trading to you!
Interesting. How do you execute your targets? Do you watch and exit when you see it hit the BB or do you have it automated somehow?
I am totally automated on my entries, and discretionary on my exits. It is on my exits I have had my issues. And entries discretionary sometimes.
Thanks for reading OnGoing. I think it is really amazing how we (I say "we" as in most traders) have almost identical problems. Trading out of the home limits my exposure to other traders and their experiences and that is why I decided to start this journal here. The people who have posted have shown me that my problems are not unique, and that it is possible to get through them with discipline and time. And although I still break the rules of my simple system (sometimes because I am trying something new and other times because I am just lacking discipline) I can see myself making progress - and this is what I want most.
I am also trading from home and not in the US, which makes it extremely lonely. Even more important that you follow your rules then, otherwise it might get out on your wife, kids, job etc. I am much better trading alone now than before, and much better not beating me down when doing something wrong. It is human to fuck up once in a while, but if one learns from it, it is probably in that aspect where you will be different from others and from people losing money. I am probably not trading what you are trading, but if you want to stay in touch there is always a place on my MSN......if not happy trading!
Nothing is automated, just a bunch of sitting on my hands during the few hours I have to watch the screens. At some point I may attempt to automate the entries and exits.
7/17/2007 +$40.00, 1 trade (1W) EURUSD: +5/22 A Watched briefly this morning with no real expectations. Saw what turned out to be a good move, but was waiting for a few more pips before entering and ended up missing the ~15 pip move. Was able to pacify the feelings of regret and take the next setup that came along.
Regret is a threat. What was, was. I did this a lot. Today I am much better prepared to react when it is time, even though it is hard. Nice talking too you btw!