Tuesday, September 22, 2009

Trades for 9-22-09

After a talk with my dad over the phone last night I almost decided to paper-trade today. However, I thought it would be ok to trade for real and it was (though I am down its almost breakeven and a “normal” down day). What we came up with is that my #1 mistake has been for a long time basing my sizing on how well I think the trade will do. Like for example I would do a ½ sized trade on something I think would have about 60%-75% of being correct. Instead I need to go back to how I used to do it which was basing it on my stop-loss. I only adjust my sizing according to how much my stop is upon entry of a trade, this way my stops are always a certain percentage of my account value. Before today I was just willy-nilly guessing sizing based on how I felt about the trade, instead being more technical about it by basing it on my stop.

Overall I feel I’ve improved a lot but as you can see in today’s charts I still need to work on not having my stops so close.

Totals for the day
Forex: (-.15%) Real Trades
All times on the charts are Mountain Standard Time

6 trades, 2 losses, and 4 gains

No comments: