Newb trade log, advice needed-pix fixed

S12 - Survey - Evaluate Trading Performance
1

Hello, I’m a new trader doing 5min binaries and I’ve logged a couple days of trading and would appreciate some help with what I’m doing wrong please. Thank you.

Edited, hope that helps! The upload function is very picky about words and spaces around the url but i think i got it. Thanks. trade log 1 http://content.screencast.com/users/escalate1/folders/Trading/media/d7bab00f-5f0f-4f53-bc4f-68898cab8b02/nadex_orders_5-5-15.png trade log 2 http://content.screencast.com/users/escalate1/folders/Trading/media/11d87034-31b7-409f-9e2d-53a2bf201ac1/nadex_orders_5-5-15_02.png trade log 3 http://content.screencast.com/users/escalate1/folders/Trading/media/f8b9aed8-6d62-405e-bdc1-bc4b7bff9233/nadex_orders_5-5-15_03.png ------- below are screen shots of the trades-----------

  1. AUD_USD_5-5-15_2242pm http://content.screencast.com/users/escalate1/folders/Trading/media/b0acd210-47c2-41d5-be89-9957c2e7cf96/AUD_USD_5-5-15_2242pm.png
  2. AUD_USD_5-6-15_2146pm http://content.screencast.com/users/escalate1/folders/Trading/media/92da1b78-7fc4-49ae-b9c0-a6bafe131994/AUD_USD_5-6-15_2146pm.png
  3. AUD_USD_5-7-15_0637Am http://content.screencast.com/users/escalate1/folders/Trading/media/173fbf20-472f-47e6-b831-fc87544df350/AUD_USD_5-7-15_0637Am.png
  4. EUR_USD_5-5-15_2145pm http://content.screencast.com/users/escalate1/folders/Trading/media/5e11480e-9499-4991-af0f-3c5270d1f378/EUR_USD_5-5-15_2145pm.png
  5. EUR_USD_5-7-15_0659am http://content.screencast.com/users/escalate1/folders/Trading/media/d908dbab-beb9-4789-9bdc-abdfb41d4593/EUR_USD_5-7-15_0659am.png
  6. GBP_USD_5-5-15_2156pm http://content.screencast.com/users/escalate1/folders/Trading/media/f1ff13f9-7b7d-43c6-9a03-cf42131f1448/GBP_USD_5-5-15_2156pm.png
  7. GBP_USD_5-6-15_0752am http://content.screencast.com/users/escalate1/folders/Trading/media/12679ef1-5a41-4d83-b265-5f9739c93286/GBP_USD_5-6-15_0752am.png
  8. GBP_USD_5-7-15_0552am http://content.screencast.com/users/escalate1/folders/Trading/media/1c1260a7-71ad-4dd9-9b29-ad3104575bc1/GBP_USD_5-7-15_0552am.png
  9. GBP_USD_5-7-15_0642am http://content.screencast.com/users/escalate1/folders/Trading/media/c3bb3a2c-9e29-4b3b-914c-fbfd3298ae58/GBP_USD_5-7-15_0642am.png

10.JPY_USD_5-6-15_1929pm http://content.screencast.com/users/escalate1/folders/Trading/media/6195f98b-3185-45e9-868b-0dae07bc52a7/JPY_USD_5-6-15_1929pm.png

1 Like
2

Click the link click the picture then you will have the long url. Please edit post or we will have to open 20 tabs to view :slight_smile: I look forward to helping you out great job on keeping logs and screenshots.

3

Need to use the image button just to left of indent justification buttons and inages will show in thread

4

Can anyone provide some advice? I’ll be honest, i’m frustrated at this point. I think the TC system is fairly easy to understand but I find myself not getting the trades I think i need, then try to force a trade which is usually a bad idea.

I need some direction. Should I hang with TC or find a new system? Find a new time frame to trade?

5

Post some pics, let us see what you are seeing… It will help if we know what the problems are that you are having

6

Hi @escalate just got back from the money show saw you got all your pics fixed and posted. I will review and reply in detail for you by Monday. Great job logging everything.

Quick question how much time do you have to trade each day? What hours?

7

I work 8-5 central time. I’ve tried afternoons and even woke up early a few days. I can trade a couple hours early morning and potentially 3-4 late evening.

8

at about 3 am to 4 am, currencies that work with the asian session, and the london session trend well, because both are open for this hour in the middle of the night. Other than 8-12 in the morning, when London and New York Session are both open at the same time, this is the only other time that I know currencies trade well. You can do a half hour before, and a half hour after, from 230-430 am, and get good movement. These are the only two times that I know of to get good consistent movement with currencies, without depending on news announcements. Hope that helps!

9

Request - for your benefit and ours when helping :slight_smile: Please change your computer clock to ET so time stamps match up. It will keep you from making errors (trust me its expensive). And helps when lining up trades with logs.

Grouping screenshots of just one instrument and logs together will also speed up replies

And to make it even faster put the log for each trade on the chart. This is not required but instead of it taking an hour or two to review it all it will take minutes so you will get much faster feedback.

On Aud USD Short -22:42 you entered before the confirm arrow bar closed correct… So it did not break the low. AUD USD long 22:50 (main caution on this is your well outside the expected range and should expect the market to return back inside that range.

USD/JPY 19:29 nothing really wrong on this one just super light volume overall not a lot of consistently exceeding. But that one just turned.

http://content.screencast.com/users/escalate1/folders/Trading/media/d7bab00f-5f0f-4f53-bc4f-68898cab8b02/nadex_orders_5-5-15.png

http://content.screencast.com/users/escalate1/folders/Trading/media/b0acd210-47c2-41d5-be89-9957c2e7cf96/AUD_USD_5-5-15_2242pm.png

http://content.screencast.com/users/escalate1/folders/Trading/media/6195f98b-3185-45e9-868b-0dae07bc52a7/JPY_USD_5-6-15_1929pm.png

USD/JPY 19:25 why did you buy back to close at 96.50 at that point your risking 3.50 to make 96.50 and paying .90 to close it. http://content.screencast.com/users/escalate1/folders/Trading/media/11d87034-31b7-409f-9e2d-53a2bf201ac1/nadex_orders_5-5-15_02.png

19:30 volume was not exceeding expectations

20:15 volume was not exceeding expectations

Reminder it must exceed expectations as of the bar close. its on a rolling 4 minutes so as time passes so will the expectation of volume until the bar closes. The alert is to give you a heads up of the potential that it will exceed expectations on the close.

http://content.screencast.com/users/escalate1/folders/Trading/media/6195f98b-3185-45e9-868b-0dae07bc52a7/JPY_USD_5-6-15_1929pm.png

AUD USD 2154 correct bar timer exceeded 3 min AUD USD 22 10 (again closed out with $5.00 of value paid .90 cents - last 30 seconds could reverse your saving $5.00 on would could be a $95 profit not worth closeing it). Entered market at edge of range expect it to oscillate pull back. http://content.screencast.com/users/escalate1/folders/Trading/media/92da1b78-7fc4-49ae-b9c0-a6bafe131994/AUD_USD_5-6-15_2146pm.png

5-7 6:37 sold right at bottom of range - good trade just selling at bottom of range expect a slight pull back those ranges are very spot on same with trade after that entering outside of ranges

Many of our traders literally just fade the ranges with ITM when they are hit (boomerang P4 trade)

http://content.screencast.com/users/escalate1/folders/Trading/media/173fbf20-472f-47e6-b831-fc87544df350/AUD_USD_5-7-15_0637Am.png

not sure what your question is here - late entry but it worked

http://content.screencast.com/users/escalate1/folders/Trading/media/5e11480e-9499-4991-af0f-3c5270d1f378/EUR_USD_5-5-15_2145pm.png

not sure question here?

http://content.screencast.com/users/escalate1/folders/Trading/media/d908dbab-beb9-4789-9bdc-abdfb41d4593/EUR_USD_5-7-15_0659am.png

not sure question here can’t find log http://content.screencast.com/users/escalate1/folders/Trading/media/f1ff13f9-7b7d-43c6-9a03-cf42131f1448/GBP_USD_5-5-15_2156pm.png

Again having a hard time lining up logs with dates/time stamp being different - buyt looks like t his one just flipped if doing trend continuation trade. Flip with it next trade was profitable.

http://content.screencast.com/users/escalate1/folders/Trading/media/12679ef1-5a41-4d83-b265-5f9739c93286/GBP_USD_5-6-15_0752am.png

Sorry I’m trying just geting lost on what log what time stamp :frowning:

On this one long - did you take profit like we teach? if so it shoul dhave been hit

2nd trade trade was great long exceeded volume

third trade volume did not exceed expectations not sure why entered

http://content.screencast.com/users/escalate1/folders/Trading/media/c3bb3a2c-9e29-4b3b-914c-fbfd3298ae58/GBP_USD_5-7-15_0642am.png

Summary

  1. Make sure volume is exceeding expectations
  2. Use caustion entering trades outside of the range or near the high low of the range in (ie buying tops selling bottoms)
  3. Take profits
  4. Don’t exit with a few dollars left just one turn around if you exit for $5.00 would pay for 1/20 turning around. and your paying fees to exit a binary that will probably expire OTM with no fee if it expires OTM

I know this was not a perfect feedback but I hope you did receive some valuable insight.

Again please change time zone on your computer to ET

Also you can use jing or snaggit to edit on the chart itself this will make is 100x easier to review for you. I prefer snaggit (they give a free trial) it keeps every image in a library of images and they are super easy to edit and upload to screencast. Its the easiest way to make a trading journal and worth every penny.

Kudos on putting all this together. Not easy the first time around and if you will push forward and your willing to dig in like this you have a ton of potential as a trader and I look froward to helping you.

Darrell

10

Darrell, Thank you very much for taking time to review this, I realize this was a difficult and time consuming task (I wont make u guys suffer like this again :smile: ) but I have learned a lot after reviewing everything. Since I posted this log, I’ve noticed that sometimes I try to force the trades because the rules are not frequently met in the evening time. The system is fairly easy after you get the hang of it, its just a matter of having discipline to stick to the rules. Would you suggest a different system for the evening trading time? I realize there are hundreds of ways to trade and I really don’t have a defined direction after this TC system. Maybe spreads? Something longer than 5 min perhaps. Again, I really appreciate your help and thank you Yoshi54 for the info on the times.

1 Like
11

Spreads on the regular TC are 100x easier to trade than binaries.

Binary trades are almost by nature impatient and do have more of a problem than most in trying to force trades so your not alone but now that you recognize it you can fix it :smile:

Evening on 5 minute contracts is going to be a lot more ITM trading unless there is news.

Glad I could help and again total kudos on the post just a little clean up and it would be easier to analyze. Keep posting you learn so much by sharing your charts. As you have seen you can learn more in a post sharing trades than you can in a month of mistakes without anyone seeing whats happening.

12

What is the regular TC? Nvm trade room answered.