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chrisperruna.com » Blog Archive » 10 Steps to Profitable Trading
Great article on the 10 steps to profitable trading
chrisperruna.com » Blog Archive » 10 Steps to Profitable Trading
chrisperruna.com » Blog Archive » 10 Steps to Profitable Trading
Thursday, June 26, 2008
The TraderInterviews.com Show for June 26, 2008: Trader Profile: Wayne McDonnell
Fantastic interview with Wayne McDonnell about how he trades the currency markets, how he finds opportunities each day, and the various timeframes he uses for confirmation that it's time to execute. We also discuss why he sets goals in terms of "pips" rather than dollars or percentage gain. A good interview for traders of any market, but especially forex. Find out more about Wayne and his methodology at FXBootcamp.com.
The TraderInterviews.com Show for June 26, 2008: Trader Profile: Wayne McDonnell
The TraderInterviews.com Show for June 26, 2008: Trader Profile: Wayne McDonnell
Wednesday, June 18, 2008
April 2008 King of the Mini Contest - DailyFX Forum
People are doing it, it can be done
Each month over $4,000 will be awarded to the top 5 mini account holders with the highest percentage gain. This is NOT a demo contest — this is a live trading competition open to all live mini account holders. At the beginning of each month, the slate is wiped clean and traders have a new opportunity to win the monthly prizes.
April 2008 King of the Mini Contest - DailyFX Forum
Each month over $4,000 will be awarded to the top 5 mini account holders with the highest percentage gain. This is NOT a demo contest — this is a live trading competition open to all live mini account holders. At the beginning of each month, the slate is wiped clean and traders have a new opportunity to win the monthly prizes.
April 2008 King of the Mini Contest - DailyFX Forum
Demo trading for now
I am going to demo trade for a couple of weeks now.
I need to refine my trading plan. Though I think you can learn things about trading a real account that you can never learn from trading a demo account, dealing emotions, I need more grounding in the fundementals.
At this point, here is what I believe is the process that a new forex trader should go through on his journey with respect to trading from demo to live.
first, trade demo only until you can show consistency over some reasonable period of time
Second, once you have show consistency over some reasonable period of time, switch to a low balanced mini or even micro account. I believe that there simply are things you just cant learn trading a demo account. It has been revealed to me that one of the largest factors in trading success is dealing with emotions. You simply arent going to have the same emotional investment and thus not have to learn to master your emotions with a demo account as you would with a real live trading account.
What is a "reasonable period of time"? I think this would change from trader to trader depending on what you are comfortable with. This is where self knowledge and self honesty become the key. I would think that it would be a minimum of two weeks at the very least.
Third, it is only when you have shown consistency over a reasonable period of time that you should increase the balance of your mini account or switch to a non mini or standard account.
I also believe that at any given time if you experience a major set back you should rachet it down. For example if you blow through your mini account go back to demo and start the process over again, trying to learn from your mistakes.
I need to refine my trading plan. Though I think you can learn things about trading a real account that you can never learn from trading a demo account, dealing emotions, I need more grounding in the fundementals.
At this point, here is what I believe is the process that a new forex trader should go through on his journey with respect to trading from demo to live.
first, trade demo only until you can show consistency over some reasonable period of time
Second, once you have show consistency over some reasonable period of time, switch to a low balanced mini or even micro account. I believe that there simply are things you just cant learn trading a demo account. It has been revealed to me that one of the largest factors in trading success is dealing with emotions. You simply arent going to have the same emotional investment and thus not have to learn to master your emotions with a demo account as you would with a real live trading account.
What is a "reasonable period of time"? I think this would change from trader to trader depending on what you are comfortable with. This is where self knowledge and self honesty become the key. I would think that it would be a minimum of two weeks at the very least.
Third, it is only when you have shown consistency over a reasonable period of time that you should increase the balance of your mini account or switch to a non mini or standard account.
I also believe that at any given time if you experience a major set back you should rachet it down. For example if you blow through your mini account go back to demo and start the process over again, trying to learn from your mistakes.
Tuesday, June 17, 2008
spastic monkey trading
Yes, this is my current trading style and guess what, I lose money when I do it.
I lost money last night. Over the last two nights I have lost 300$. Yes, as the blog says, I am a bad trader. I am bad right now but I am willing to do what it takes to get better.
I lost money last night. Over the last two nights I have lost 300$. Yes, as the blog says, I am a bad trader. I am bad right now but I am willing to do what it takes to get better.
Its not that I dont start out with a plan, but when I sit infront of the computer looking at the screen, I am just too tempted to trade. I think thats why I had such good luck last week. I would create order entries at obvious points of support or resistance then go to bed. Sure there was big draw down at some point over the night but the trend would continue and by the time I woke up at 6am, I was positive for the evening. I saw this 4 nights in a row. I thought I was a genius. I was even thinking about what the lifestyle of having a second home in Asheville, quiting my job and making a living trading from my home in the mountains. Wow what crap.
Actually, I shouldnt shoot that down, it is possible but one good week doesnt equal great trader.
This is going to be a journey and I am seeing that the biggest part of this journey is an emotional one. I am also seeing that creating a trading plan or system isnt just about chart patterns but something that takes my emotions into account like, I cant enter orders on the fly. I actually shouldnt be sitting here staring at the screen while I trade, at all if I cant control myself.
Like this monkey trade where I lost about 138$ in about 17 minutes
I was trading by the seat of my pants. I closed out the position I had earlier at a random place in time, and then created a new one at some point that I thought was a good entry point. I probably spent a grand total of maybe 2 minutes arriving at this decision. Its trading on 100% emotions, the exact opposite of what you should be doing when you trade. When you trade like this you are not thinking at all about things like profit targets, where to set stops or god forbid, expectancy
Monday, June 16, 2008
my euro trade
Euro Setup Sunday Night 6-15-2008
My basic trading system is this.
I look at a 15 minut charts, I see clear levels of support and resistance the chart. I think createorder entries just past those levels, taking into account the possible widest spread for that pair
For expample, The possible widest spred for the usd/jpy is wider than the possible spread onthe euro/usd.
I create order entries, add an alert that will be sent to my phone is this entry is reached, then I go to bed.
if the alert is triggered, I should wakeup and check on the purchase. This way, I am only buyingwhen a clear trend in either direction is established by a point where the rate breaks through a point of support or resistance.
I like the 15 minute chart for this at a minimum. I tried the 5 minute chart and thatreally hasnt worked for me.
Thats it, thats my system right now , thats my trading plan.
Now in the case of the Euro/usd, I have create entries to buy at 1.54148 and sell at 1.52976
Ok, I woke up at 3:15 checked my position and panicked. I closed my euro position.
Then I went back to bed. Here is what I saw when I woke up at 6:45
My "take away" from this is that, I might have been right when I picked the correct resistance point. you can see how once broken through, the point of resistance becomes a point of support, to say nothing of the money I lost by closing the position early.
And again, it reinforces by desire to not have stops, and let my position ride to the next morning, I guess playing out the london session.
My basic trading system is this.
I look at a 15 minut charts, I see clear levels of support and resistance the chart. I think createorder entries just past those levels, taking into account the possible widest spread for that pair
For expample, The possible widest spred for the usd/jpy is wider than the possible spread onthe euro/usd.
I create order entries, add an alert that will be sent to my phone is this entry is reached, then I go to bed.
if the alert is triggered, I should wakeup and check on the purchase. This way, I am only buyingwhen a clear trend in either direction is established by a point where the rate breaks through a point of support or resistance.
I like the 15 minute chart for this at a minimum. I tried the 5 minute chart and thatreally hasnt worked for me.
Thats it, thats my system right now , thats my trading plan.
Now in the case of the Euro/usd, I have create entries to buy at 1.54148 and sell at 1.52976
Ok, I woke up at 3:15 checked my position and panicked. I closed my euro position.
Then I went back to bed. Here is what I saw when I woke up at 6:45
My "take away" from this is that, I might have been right when I picked the correct resistance point. you can see how once broken through, the point of resistance becomes a point of support, to say nothing of the money I lost by closing the position early.
And again, it reinforces by desire to not have stops, and let my position ride to the next morning, I guess playing out the london session.
Tuesday, June 10, 2008
To stop or NOT to stop, that is the question
another nice pop last night I made 400$ trading both the euro/usd and the usd/cad.
I think I am developing a system and starting to see what is working and what is NOT.
I set entries for both the usd/cad and euro/usd then let it ride.
I have found that ... inspecting the chart using a 15 minute interval, looking for obvious points of strong support of resistance. I then set an entry point where if that point is hit, a position is opened in the direct of the trend.
I have also been trading without stops, which I know is bad but honestly, I have been consistantly losing money where I pick the trend right but got stopped out in a short term correction.
This is a BIG one here. Obviously I dont want to trade without stops. That is just too risky. It seems I need to have some capital protection and trading without stops is just plain dumb... but ... I am making money.
Unfortunately, I have been consistently losing money when I trade with a stop and making money when I trade without a stop.
I think I am developing a system and starting to see what is working and what is NOT.
I set entries for both the usd/cad and euro/usd then let it ride.
I have found that ... inspecting the chart using a 15 minute interval, looking for obvious points of strong support of resistance. I then set an entry point where if that point is hit, a position is opened in the direct of the trend.
I have also been trading without stops, which I know is bad but honestly, I have been consistantly losing money where I pick the trend right but got stopped out in a short term correction.
This is a BIG one here. Obviously I dont want to trade without stops. That is just too risky. It seems I need to have some capital protection and trading without stops is just plain dumb... but ... I am making money.
Unfortunately, I have been consistently losing money when I trade with a stop and making money when I trade without a stop.
Monday, May 12, 2008
High Probability Trading: Trading against the plan
High Probability Trading: Trading against the plan
This post is awesome because it points out to me one thing I know that will kill me.
Losing it, losing my cool and just blowing it.
When does trading become gambling, an addiction and not something I am doing to try to earn a living?
The answer for this to me is when I lose my cool emotionally, dont have a plan, start trading by the seat of my pants.
I made all the mistakes this evening,
Things I did really wrong.
1) I really must admit, I DONT HAVE A Trading plan
I dont have some repeatable plan that once some indicator gets flipped I execute or close a trade
2) I added to a losing position
3) I didnt set a stop.
4) dont fully understand the software a I am using.
Ok, for the next two weeks I am going to trade demo and ... I am going to post my P/L every day with a post, this I atleast I was prepared for this , I knew this wasnt going to be easy. I think I was a little cocky but I am humbled now, for now.
This post is awesome because it points out to me one thing I know that will kill me.
Losing it, losing my cool and just blowing it.
When does trading become gambling, an addiction and not something I am doing to try to earn a living?
The answer for this to me is when I lose my cool emotionally, dont have a plan, start trading by the seat of my pants.
I made all the mistakes this evening,
Things I did really wrong.
1) I really must admit, I DONT HAVE A Trading plan
I dont have some repeatable plan that once some indicator gets flipped I execute or close a trade
2) I added to a losing position
3) I didnt set a stop.
4) dont fully understand the software a I am using.
Ok, for the next two weeks I am going to trade demo and ... I am going to post my P/L every day with a post, this I atleast I was prepared for this , I knew this wasnt going to be easy. I think I was a little cocky but I am humbled now, for now.
I really lost it today
Man I had one shitty day today trading.
I opened a mini account and was noing ok, then I had a decent gain early in the evening, then I guess I got cocky.
I started trading by the seat of my pants.
I doubled the position size I was using, started adding to a losing position, next thing you know I went from being up 30$ for the day to losing 170$
check out this post, its not me but I can relate.
http://209.85.215.104/search?q=cache:qOPIK_sMYZ0J:highprobability.blogspot.com/2008/05/trading-against-plan.html+%22trading+against+the+plan%22&hl=en&ct=clnk&cd=1&gl=us&client=firefox-a
I am not going to give up, I am going to stop trading "real" and go back to a demo account for a little bit.
It really is all about emotions.
I understand position sizing, I probably could get better at technical indicators and I definitely want to understand how to use "metaTrader"
Truth is, I am not that upset right now, I know what I did wrong and I
Wednesday, February 13, 2008
The Kirk Report : Bulkowski's Trading Tips
The Kirk Report : Bulkowski's Trading Tips
Here is a great post on trading tips from a great blog, The Kirk Report.
Here is a great post on trading tips from a great blog, The Kirk Report.
Monday, February 11, 2008
Achieving the Impossible
Achieving the Impossible: "The Power of Maniacal Determination"
Are you Maniacally Determined to be a great trader?
I am
Are you Maniacally Determined to be a great trader?
I am
Self-Respect
This isnt about trading, maybe it is.
Maybe its about deciding you have a right to be happy
Self-Respect
The greatest difficulty is that men do not think enough of themselves, do not consider what it is that they are sacrificing when they follow in a herd, or when they cater for their establishment.
– Ralph Waldo Emerson
man I love this website
Maybe its about deciding you have a right to be happy
Self-Respect
The greatest difficulty is that men do not think enough of themselves, do not consider what it is that they are sacrificing when they follow in a herd, or when they cater for their establishment.
– Ralph Waldo Emerson
man I love this website
Podcast Reviews - PIMCO Investment Outlook Podcast
You say the name Bill Gross and most people will shrugg their shoulders.
That is most people who DONT work on wall street that is.
Bill Gross is easily the best bond trader alive, and has made a fortune to prove it.
Podcast Reviews - PIMCO Investment Outlook Podcast: http://media.pimco.com/audio/io.xml
One thing I do in trying to stay informed with current economic and market conditions is listen to podcasts. Unfortunately its diffiecult to seperate the wheat from the chaff.
But Bill Gross's monthly outlook podcast is simply a gem NOT to be missed or ignored.
That is most people who DONT work on wall street that is.
Bill Gross is easily the best bond trader alive, and has made a fortune to prove it.
Podcast Reviews - PIMCO Investment Outlook Podcast: http://media.pimco.com/audio/io.xml
One thing I do in trying to stay informed with current economic and market conditions is listen to podcasts. Unfortunately its diffiecult to seperate the wheat from the chaff.
But Bill Gross's monthly outlook podcast is simply a gem NOT to be missed or ignored.
Sunday, February 10, 2008
range trading
USB ...
I love this stock...
Why?
Its range bound.
I has low end of 30 and a high of 34.
easy trade.
Its a good company with a good dividend. Its not trending down.
But for now, its range bound.
I have a trade trigger in my tdameritrade account to buy when it hits 29, then I sell a few weeks later at 33.
I love this stock...
Why?
Its range bound.
I has low end of 30 and a high of 34.
easy trade.
Its a good company with a good dividend. Its not trending down.
But for now, its range bound.
I have a trade trigger in my tdameritrade account to buy when it hits 29, then I sell a few weeks later at 33.
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