Newark18's trading journal

[newark18]

Mistakes that I still make (or have made in the past):

1. Watching too many pairs. I think things slowed down for me by focusing on one pair. It helped me see the bigger picture better instead of reacting to every momo or close over something.
2. Targeting too much - Instead of taking 1x, I would try to target ZLs (that were very far away). It would eventually get there but not before I was stopped out.
3. Reacting to every close over something. I needed to filter out noise. I am doing that by focusing on major pivots and S/R areas.
4. Getting in too early - I would be afraid that I would miss it so I would get in early. But I would also want a small SL. So I would get in too early and get stopped out. Now I scale in a little. If my first entry is aggressive, I will use a bigger SL. But usually, something clear shows up and I wish that I had just waited for that. So FOMO (fear of missing out) is really one of my big problems.
5. I still don't have conviction. But as I get more consistent, I think it will come. But sometimes I get scared out of trades still.

My main goal is to be more patient and wait for something clear.

[aliassmith]

I was watching S/R area in highter TF. Went down to M1 TF and waited for a clear close under. Waited to the retrace and entered short. Took 1x to be safe since UC is showing signs of being in consolidation here.

Looks like you are doing well

[newark18]

Doesn't it seem so much easier when using low leverage?

I am trying to be super selective, which is something I really lacked before. And I think this journal helps with that.

[aliassmith]

Doesn't it seem so much easier when using low leverage?

I am trying to be super selective, which is something I really lacked before. And I think this journal helps with that.

It is easier. If you are always trading on the edge of ruin it makes it more challenging. I find using .25% to .5% risk per trade sufficient. Keeps you in the game and less stress.

People tend to blow up accounts when they are over leverage especially because most are under capitalized and shooting for the fences.

[newark18]

alias, I don't suppose that you are a US citizen. I am trying to figure out my brokerage options. I don't really like forex.com or oanda (would prefer an ECN). Currently using an offshore but worried about putting too much in any one of them. I heard that I could open an offshore company, register it as a foreign entity doing business in my state, get a US bank account, and sign up with a regulated offshore broker. But I haven't been able to confirm that.

[aliassmith]

alias, I don't suppose that you are a US citizen. I am trying to figure out my brokerage options. I don't really like forex.com or oanda (would prefer an ECN). Currently using an offshore but worried about putting too much in any one of them. I heard that I could open an offshore company, register it as a foreign entity doing business in my state, get a US bank account, and sign up with a regulated offshore broker. But I haven't been able to confirm that.

I live in Ohio. I use Oanda and another account I I can't publically discuss. You can confirm a lot if you read the Frank Dodd documents instead of second hand information. Their legislation was bad for traders.

[newark18]

This entry on UC was sort of a feel trade. I saw LLs but not a lot of momentum down. Then I saw a close under and close over (ie blind mouse). I took somewhat of an aggressive entry but was able to keep SL below the recent low. I didn't wait for confirmation. I just set a limit order. I only targeted 1x even though I thought price would go back up to previous SR area.

Trading by feel has been one of my problems. I tend to overtrade. So I will try to limit these kinds of trades especially if I start losing.

[newark18]

Completely missed this one on EU. EU was at support. I was worried that it would potentially retrace more so I didn't really look for entries. But when I looked closer, I missed a clear one.

I think EU will break thru resistance and keep moving up.

[newark18]

Close under and close over on M15. I think I will wait for more confirmation (ie, close over on bigger TF or bullish momo) before I look for long entries.

[LeMercenaire]

Completely missed this one on EU. EU was at support. I was worried that it would potentially retrace more so I didn't really look for entries. But when I looked closer, I missed a clear one.

I think EU will break thru resistance and keep moving up.

That's a pretty classic Supply Clearout scenario.

Not before the Easter Holiday is out the way though, probably