Yeah, one trouble with MyFXBook that can really trip up traders is the focus on return and %'s. Without question, that sort of thing is important, but it can be difficult to focus on just your next trade when your MyFXBook page is showing bright red numbers. Less disciplined traders might find this to be a trigger to over-trade, or over-leverage to make up a loss and get back to 'new highs' in their account (or just break even for an account with a negative return so far.)PAtrader said:wow finally got around to sorting out myfxbook bits 'n' bobs... and gota say how depressing.. -87% Drawdown... alas I'm not quitting even though it looks like I should just give up and choose something else for a career....I cant let the 'boss' see the results though.... ;D
Jack thanks for the input.... it means alotJack said:Yeah, one trouble with MyFXBook that can really trip up traders is the focus on return and %'s. Without question, that sort of thing is important, but it can be difficult to focus on just your next trade when your MyFXBook page is showing bright red numbers. Less disciplined traders might find this to be a trigger to over-trade, or over-leverage to make up a loss and get back to 'new highs' in their account (or just break even for an account with a negative return so far.)
Now, I entirely love MyFXBook, and think it's an awesome tool, so I'm not suggesting you ignore it. I'm just saying you can't let the % return get to you, and instead you just need to focus on the next trade and improving your craft. No results, no matter how bad (or good) should impact your next trading decision.
When you can take the same trading setup for your strategy cleanly 100+ times without wavering from your plan, then the results in MyFXBook can be assessed after the fact to refine your strategy or to get a better perspective on the risks of your system as you trade it live. This is where MyFXBook shines, as a stats tool, and it's really awesome for a free service.
So yeah, just focus on trading well. If you get into a positive feedback loop of following your system, seeing results, growing the account, upping your size, then the initial losses you spent learning this craft will vanish.
The way gold, WTI, and SP500 all trade are way different from each other. Entirely different 'personalities' when it comes to price moving.PAtrader said:Okay my plan this week is to watch 6 pairs... AJ, GU, GCAD, SP500, WTI and GOLD.
The SP500 I wouldn't normally watch this week due to it breaking new highs.. I think I will have to employ some kinda trailing stop strategy if I get buy signals.
Analysis on pairs to follow.
Hedging on the same instrument is expensive (causes you to pay the spread one more time for your hedged position.) Partially closing your open position to reduce exposure is way better.PAtrader said:As crazy and unbelievable it sounds Jack... my new found love of pure Price Action doesn't change regardless of what asset class I'm 'attempting' to trade. Because i'm still kinda new to this way of trading I'm still trying to find my feet....however I am starting to employ 2 strategies for the pairs, last week was the first time I tried to implement it but I found it a little confusing to have a position on long and short on the same pair!! Sounds a headache but it did make sense. Your comment about ADR made me smile, I made reference to a few things a couple of posts ago.. Economics, Pivots etc etc... ADR I class in exactly the same way.. Price will tell me when it has had enough of going one way. just because it may have reached it's adr doesn't mean the move for the day is done... Because im starting to do my own thing, I find myself going against most of the teachings offered in both free and paid for tuition that I have come across to date.
Regarding average holding times.. can be a tp in as little as 30 mins to tp 3-4 days time. Again being a relatively new trader I still get a little nervous when I see something come back against my trade hard.. I still struggle not to close out a position and let it do it's thing.. but that was the reason for me to start being accountable to the mrs by doing these posts.....
EDIT: I have never thought of myself as an educator of anything.. cept how to race motorcycles or stunt on them ..... however as time goes on and everyone can see the fxbook thing turn itself around... it will get peoples attention.... PMA and all that ...
Your gold chart looks like it wants to break into new recent highs. (Although, I'm not a gold trader, so don't take it long on my account. ;P ) Got a plan around that upper level?PAtrader said:Thanks for the heads up Jack I appreciate the nudge
Charts with levels marked. I will be watching what PA does around these levels.
NOTE: where price blows through levels such as GOLD... I will just go and plot some more
Added level AJ 91.196