Not Following the Rules Can Hurt!

April 28, 2006

I am attaching a PDF file that includes all of my trades this week with date/time, P/L, max drawdown, max run-up, and important commentary about the trade including whether I followed the rules.

While I was putting this together, I realized that I failed to follow the rules 50% of the time. Do you know how many pips I lost because I didn't FOLLOW THE RULES?

113

How many pips did it cost me for following the rules?

This doesn't count the fact that I failed to follow the rules today in my GBP/USD trade that cost me 30 pips or more!

If I would have followed the rules 100% of the time, I would be about even.

I take full responsibility for my trades and blame only myself. I should also note that though this trading system has rules, it is discretionary.

Here is the file:

Forex Trade Report 28/04/2006,00:08 11.74 Kb

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Filed Under Rob Booker Training · 3 Comments

Complete Trader’s Corner

April 2, 2006

I post Steve Shenker’s commentary now and again from his Trader’s Corner column because it’s pretty good. His latest trader’s corner contains the entire series that has been appearing on the front page of DailyFX.com’s Daily Technicals report. It’s 14 pages in length but is worth a full read or a skim. Some subjects he touches upon are:

Don’t blame the market for your mistakes, blame yourself
Never trade without the stop loss
Never trade just to be in the market
Never think that you are better than you actually are, nobody is that good, no one, not me, not you, no one

These are just a couple and it isn’t just a list. He elaborates on everything he states.

Complete Trader’s Corner

Wave Analysis for Multiple Currency Pairs

March 18, 2006

The fibo-group submitted their wave analysis to my forex directory yesterday and it’s pretty interesting stuff. Here’s an example of the commentary and respective chart for the Daily USD/CAD:

The pair reversed sharply, having broken the second critical level. No “Signal line” of the descending “Andrew’s pitchfork” degree Minor is broken. That’s why it is too early to talk about reversal. We see retracement. The depth of the retracement is seen as the “Reaction line 23,6%” of the “Andrew’s pitchfork” degree Intermediate, drawn from the last wave pivots of this wave degree. The pair forms pivot on this “Reaction line” in 80% of all cases.
This suppose is confirmed by the fact that this resistance level is marked by the “Upper signal line” of the descending “Andrew’s pitchfork” degree Minor.

forex wave analysis