5/29/2007 +$16.17, 3 trades (2W, 1L) EURUSD: +9/12 USDJPY: -3/23 C Very frustrating this morning - Fought USDJPY most of the time. Opened EURUSD positions right before what turned out to be 2 hours of a 6 pip range. They never reached stop or target by the time I was ready to leave, so I closed them - within a few minutes after closing, EURUSD exceeded my original target. Rolling over some good USDJPY shorts.
5/30/2007 +$66.58, 1 trade (1W) USDJPY: +28/34 A Didn't get to watch much today, but held the one trade for a nice profit (maybe a bit too greedy). Holding good USDJPY shorts from yesterday that didn't reach targets.
haha. the title of this thread is funny enough. who aspires to break even. why get involved in the market if all you want to do is break even. obviously people trade to make profits. not as a pass time that will make them have the same amount of money that they had at the start.
His goal is to not lose money. If you had a real account you might try to do the same. If you ever get any real money and open a real account then maybe you can try.
Curiously, there are no small losing days, only big ones, and mostly small winning days, but nothing bigger than the biggest losses. It makes me wonder if the risk / reward is out of wack, as in not only letting losers run but also not letting winners run. I caution that "letting winners run" is an often-abused bumper sticker expression. But there should be some instances where there is no reason to close a trade for some time.
You're right PetaDollar and that has been my downfall thus far. I can make consistent progress for weeks (or longer) straight, but then something changes in my attention/attitude/etc... Normally it is the result of reading or hearing something; or more dangerously, it is because I will want to hit a home run and ignore stops in pursuit of bigger targets. During the time I make steady returns, my trades are methodical and set with reasonable targets and stops. I am hitting my singles and doubles. This feels good and boring - just as it should be. It is my hope that this journal will eliminate/reduce my nasty habit of wanting to be a home run hitter.
2 ways to describe this very common phenomenon: 1. Eat like a bird, shit like a moose. 2. Trading is like trying to fill a bucket with an eye dropper. Then when the bucket is almost full someone comes along and kicks the bucket over!