"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Saturday, September 26, 2009

Discipline + $ Management

Yes its good to hear good stuffs from u Black, its always great to learn from profits like i said before.
Well losing trades are frustrating and once again, i would like to emphasis on the above..

As we both know we started to trade with micro lots, which i found to be a very effective way of removing stress from every trade that we enter. (no increase of heartbeats to 100000/sec kinda stuff)
We were at ease when entering trades. Set T/P and S/L systematically (ratio 1:2). Thats it. Watch it. Nothing else... no manhandling of our settings. VOILA! Results were often positive so far.

What im trying to point out is, with small lot, we tend to follow thru and not exit prematurely. Even with a good system.. without following thru it, its simply like no system.. its like gambling!

I did a bad trade ytd, i entered trade even before candle close (which i often say WAIT FOR CANDLE CLOSE BEFORE ENTER!) and the position is quite in the grey area (as in a 50-50 chance position)
And wat happen is that instead of a Breakdown which i hope(According to fundamental), and it also shows a Breakdown BEFORE the candle close (crossing below fibo n trendline that black drawn). The candle chose to be funny and close right above trendline... next instance crossing above fibo... and there is goes.. hit my SL.

I cursed at myself for doing this against wat we always told ourself, DISCIPLINE! I go in just because i think candle will close below fibo and trendline, hence fulfilling the NEWS that got me into thinking that a breakdown is coming.
I THINK... thats the rope that i chose to hang ard my neck that night.


But Preseverance and Determination are the only weapons that Black and I have when we started this trading journey.
Vow to learn from every mistakes and "well dones" we encounter. Tonight before i post this entry. I ripped a 50+ pips profit with our own system. And of coz.. with my title, Discipline and $ Management. I did 3 trades, 2 profits n 1 loss. But due to the ratio 1(sl) : 1.5(tp). I got back more profits of coz. For the first time, i did a profit wipe out loss. Tell u one secret... FkingCB my loss is due to discipline problem again... BUT! I can feel that i m starting to get a control over it. Soon, it will be gone!

The techniques that i used for these trade are basically trendline + Fibo and bollinger for confirmation.
Will post it up next.

As we can see from my inspirational post above, we have 2 more weapons in our possession now...
Lets gun down the forex CHART!! AHH WOO AH WOOO!!


No comments:

Related Posts Plugin for WordPress, Blogger...