7/19/2007 +$40.00, 1 trade (1W) EURUSD: +5/18 A Didn't have much time to watch today - just a quick scalp.
7/20/2007 +$234.00, 2 trades (2W) USDJPY: +36/121 C Closed positions from the other day - one was closed at target but the other I closed way before target. I was concerned about the channel that had developed over the past few days and was tired of keeping the position open. Turns out I had I waited <20 minutes my original target of 121.00 was reached... but no regrets!
Your failure actually lies in using short term trading for 3 hours daily and Wednesday "when I can watch all day" There never has been a more stark example of someone who should be trading overnight positions (correctly sized) and staying away from the screen as much as possible. Putting time limits on trades as in 4 AM to 7 AM CST is ripe for failure both in market performance and in your ability emotionally to manage risk. Do yourself a favor and learn to trade so that you don't have to continually watch. My best profits generally come from being in trades that I am paying little attention to.
DM, You seem to be doing well lately, good job. Remember, that all outcomes are acceptable except large losses, small losses are quite alright, no shame in that. Good trading.
7/23/2007 +$259.33, 8 trades (6W, 2L) EURUSD: +5.5/22 USDJPY: +29.5/47 D Today was not good - found myself getting frustrated, broke rules, and over traded... A dangerous combination and should consider myself lucky with the results. Got 15 pips from USDJPY last night (not shown on chart) and the rest is from this morning.
7/24/2007 +$172.99, 5 trades (4W, 1L) EURUSD: +3/31 USDJPY: +20/30 C Felt better than yesterday... clear head waiting for setups. Decent movement in both pairs.
7/25/2007 +$248.33, 6 trades (5W, 1L) EURUSD: +15.5/53 USDJPY: +17/42 C I'm just not feeling in sync right now. Thinking more of reaching my target this month and not of the opportunities. Going to take tomorrow off before I get myself into dangerous waters.
Trading Rules: *FOCUS!!! *focus on one market (YM,ES etc.) *focus on one time frame (trade the moring hour or afternoon etc.) *focus on one indicator or non inidcator method (TA, price action, MACD, CCI etc.) *focus on one chart period (1,5,10 etc.) *Goals...know how many points you want per day and then leverage towards what you want $$ per day...REMEMBER..."goals bring gold"...go for it!!!...these are my opinions