I did some extra trades without the model

Made $110 just now and gave back $30 due to my itchy fingers. Had nothing to do, but adrenaline was pumping through me. So I gave back 1%. Crap. will NEVER do this again.

Current P&L $480.

MTD profit is 16%.

Lets hope this keeps up.

Lacking of Discipline..FOLLOW the model

I missed out on trades late Tuesday and Wednesday due to trying to put in better orders in the market.

The signals were generated however I missed the entries and decided to enter later on at a better price but it did not come back. Potentially missed out on 7-8% of profit.

Current P&L is $400. Current MTD is 13.3%

Lets hope this month ends well. I have put in all the orders and we shall take note of how month end will end. Will there be manipulation or profit taking?

Strategies that only work on certain open and close

I have found that some strategies are very sensitive to the data that you use to back test. For examples using the close/open to determine your entry. Somehow for some of the strategies I backtest, it sorts of acts as a filter for better "quality" trades.

I am hesitant to believe so. I guess back to more back-testing.

Zero trades today.

Stumbling blocks in new strategies.

The couple of strategies that I have been testing out, has given me very high winning ratios.. However when it goes against you, the drawdown is quite huge thus making the gains negligible... Making it feel like it's a random.. Possibly I might start using a few indicators to see if it makes sense to trade that way..Never used indicators before. Never really get to do any backtesting given all those chart drawings seem so subjective. I have recently googled and found an interesting character in TheRumpledOne. However I can testify that, TheRumpledOne and his strategies, never did work out well. Although, I must add that he does preach some common sense and it will be useful to traders.. He sounded very much like my previous boss in a way.. But all in all, the strategies doesn't work. I have recently talked to someone and he testifies that you can actually pay and buy profitable EAs for metatrader. But they cost a few grand each.. Maybe once I get to a certain size, I will invest and backtest a few.

Week recap - 21st May - 25th May

Volatile week. Weekly Profit + 3.1% Roughly $92.50

Current MTD +11.81%

On a large drawdown day

The unrealised P&L went as wide as -10% capital for a period of 8 hours.

Unfortunately I could not resisting to intervene when the P&L came back to -1%. I chickened out and close the positions.

As this is a testing period for this strategy, I should have just let the model run with minimum intervention as the final goal is an automated trading strategy.

Current P&L is 318.28/3,000 standing at 10.6%.

Always follow the model

I went out for dinner with a friend and I forgot to put in my orders before I left. Missed out of 5% profit. The capital now is down to 3,350. Lost in an EUR/GBP trade. Second time I lost in this pair. Time to check the backtesting again.

Journey to a million dollars starts with 3,000 dollars.

I have decided to document my journey on FX trading to aim for a million dollars.

I started actively trading FX on 1st May 2012. At that time my account had 3,000.

As of today 23rd May 2012 the account is standing on 3,370 dollars.

Currently I am engaged in only 1 strategy of trading FX. There is another couple of strategy under development and backtesting.

Thus my May 2012 MTD P&L is 12.3%. Current leverage used is roughly 3 times.

As you can see I am still abit cautious about my leverage as I am still testing out this strategy after running the backtesting.

The target is to reach 1-2% profit a day consistently.

I believe diversification is the way to go with totally uncorrelated strategies and possibly different asset classes once the capital grows to a certain amount.

For now I will stick to FX trading.