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TOPIC: Live Trading Blog

Live Trading Blog 22 Jul 2013 10:57 #51

  • gclark25
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Thanks Remo, really looking forward to your input as this goes along.

I completely agree regarding lot sizes etc. I certainly will not be going anywhere near £10/point that is for sure, on no instrument. That would only give me approx 4/5 pips SL and that is FAR to small.

Another thing I wanted to work on was widening my stop loss, I think I can strangle trades far too often through fear.

I have also noticed I am result orientated instead of thinking about whether it is the "correct trading method" so to speak. I also have a habit of thinking abut the reward too much in a trade rather than the risk, and I know this is not correct. You should always always consider the risk more than the reward if you want to be truly successful and hold on to that success.

I agree that £1500 is not ideal - but this is my challenge, and I want to make it work, and I want to do it from the bottom. I want to start with a low bankroll because I want to firmly set it into my brain the importance of controlling risk. I simply cannot afford to not consider the risk in every trade, and I am hoping that bankroll will firmly instill this in me.

Once I have proven to myself I definitely can be a winning trader (which I am not at the moment), then I will start to look at bigger numbers. I have belief in myself, but there are missing ingredients and I want to use this to find them.
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Live Trading Blog 22 Jul 2013 10:47 #52

  • remo
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hi gclark25
only thing id say is turning £1500 into £8000 by december requires leverage trading ;)
Normal trading will be very unlikely as thats a return of over 400%. Most people struggle to get a return of 25% per year. :unsure:
your risk trade of 3% per trade is good but you can even lower that level by entering trades at support or resistance levels rather than break outs. This way you can have a risk of less than 1%.
£1500 starting capital is not really enough but if you are going to use this then make certain your trades are very small.you cant do £10 a point trades or higher :angry: You have to do the minimum points possible.
Also consider using cfd but with £1500 starting capital it wont be enough. CFD will mean mega tight spreads.So ideal for day trading shares. Use spread betting for trading the indexes and currency as its the same as cfd for spreads and its tax free.
when trading the whole market there is no need to rush trading as there are plenty of opportunity out there so patients is the key to making money. You dont have to be in every trade. waiting is your best ally.
looking forward to your trades :cheer: :cheer: :cheer:
Information Purposes Only, Do Your Own Research
remo
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Live Trading Blog 22 Jul 2013 10:19 #53

  • gclark25
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PS - I am really hoping for some good interaction on here, I know this is not a section of the forum that everyone visits, but I feel like detailed chat about trades on here, and also money management discussion can really benefit me, and hopefully some others out there.

I think it would be really beneficial to see some big names post in here too.

I don't mind constructive criticism at all, at the end of the day, we are all learning, or should be, every single day. I know I have a LONG way to go, I just hope this could bea huge stepping stone for that.
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Live Trading Blog 22 Jul 2013 10:15 #54

  • gclark25
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Hi Guys,

I have threatened to do this before, but I feel the time has come where I really need to start a live trading blog.

I feel like committing to a live blog would create an air of accountability taht may help control some of my more reckless trading habits like chasing losses through overtrading and trying to catch tops and bottoms with no real discipline. This is the habit that most hurts my trading I feel.

Another thing I want to work on, which I have mentioned before, is letting profits run to a predetermined level. I think too often I snatch profits, but let the losses hit the predetermined stop loss. I have found quite often a level of frustration when I do try to do this, I have got better at it, don't get me wrong, but I still feel a level of frustration when I have a winning trade that seems to suddenly turn against me. That level of frustration drives indiscipline back into my trading. This is the key thing I want to work on. I shouldn't be feeling frustrated, and if I do, I should have the discipline not to let it effect me. So this is the reason I want to start doing this properly, through this channel. I feel I will get BOTH constructive criticism AND encouraging acknowledgement on this site on any trades put up. Not just internet criticism for the sake of it.

I haven't thought through the plan exactly yet, but it will go along the lines of this:

Trading pot: £1500
Risk trade: 3%/trade (no risking over 10% of account at any one time)
Instruments: Aud/Usd, Eur/Usd,USD/JPY, GBP/USD, GOLD, DOW, FTSE and Equities (not very often)
Strategy: Combination of S/R levels (both MA's and Oblique and horizontal), Fibonacci, and EWT to determine trades
Risk/Rewards will change I think dependent on trades - open for discussion.
Targets: Still to be determined. I would like to have a pot of 8k by December this year (still to determine how feasible that is with a plan etc, would like to discuss that here, but also have my first baby due in August. Although I anticipate this will have a massive effect on my spare time, I still hope to trade enough around the baby and work to achieve my goal)

I will also post up reasons for the trade via screenshots, and commit to putting up an excel log file of all trades.
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