Giorrgi
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In my humble opinion only the second chart displayed a decent setup. Didn't take it though.
Actually, looking back at chart 1, the fact that there was no double bottom in the block isn't that bad. You can make out an SHS variant which is good too.
Actually, looking back at chart 1, the fact that there was no double bottom in the block isn't that bad. You can make out an SHS variant which is good too.
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Giorrgi
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A lot of charts today, but only one trade (last chart).
There was some movement but maybe only one other tradable chart (from what I've noticed). The rest fell short either because of a lack of a clear barrier, or squeeze or clustering.
I've started being much more calm and relaxed in my decision making. I think putting numerous annotations on the chart (while trading) helps to balance the pros and the cons and therefore avoid emotional decision making. Hopefully this will continue.
There was some movement but maybe only one other tradable chart (from what I've noticed). The rest fell short either because of a lack of a clear barrier, or squeeze or clustering.
I've started being much more calm and relaxed in my decision making. I think putting numerous annotations on the chart (while trading) helps to balance the pros and the cons and therefore avoid emotional decision making. Hopefully this will continue.
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BLS
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Good catch on the last chart. I was a bit distracted with my broker feed since it wasn't lining up well with the PRT feed. The spread appeared to be 0 but it was be 1-3 pip off the mark.
Giorrgi
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Not trading with a broker yet so those worries remain unknown to me :smart:.
BTW, I wanted to ask : does trading with a real account make things harder ? On PRT paper trading my order always get filled 1 pip above the current price and usually takes 1 second or so after the click to get filled + there's 2 pip broker fee. All of those things are supposed to emulate reality. But for one, the 2 pips are excessive imo, most brokers usually promise 1 pip.
So I guess my question is, except for the fact that trading real money might be more stressful, is it harder in any other way?
BLS
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2 pip does seem excessive but I guess if you're going with a broker like FXCM (no dealing desk regular account) then that sounds about right (spread is ~2.6 pip on EUR/USD). There are cheaper brokers of course.
It depends mostly on which broker you're using so you should do your own research when choosing one. You won't always get a good fill on your market order. There will be times when you get hit with slippage (both positive and negative) If you go with a market maker you might get re-quotes where the market maker won't fill the order that wanted. There may be technical issues like the one I was having or issues with connection to the servers etc. Basically more things can "go wrong" but if you choose a good and reliable broker it shouldn't be that big of problem.
BLS
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Week 21 charts added:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
matty_dunn
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Giorrgi
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Hello.
So I decided to really mark and save every setup, even those that I don't trade, in order to compare them later with Bob's charts. So today I have 6 charts, only the second and the last one were tradable in my opinion. I missed the first one of those
So I decided to really mark and save every setup, even those that I don't trade, in order to compare them later with Bob's charts. So today I have 6 charts, only the second and the last one were tradable in my opinion. I missed the first one of those
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garageboyFUJI
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BLS
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Probably because you would be shorting into previous resistance to the left. You have to remember that Volman trades mostly based off his own personal views of the market.
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Giorrgi
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Yesterday's charts...
There were some textbook setups that just wouldn't work out and one had to wait out for a reentry. It's funny, this week Bob's chart featured plenty of "Reentry" types of setups, things I wouldn't usually take. So I decided to work on it and lo and behold the market gave me the chance to do so.
There were some textbook setups that just wouldn't work out and one had to wait out for a reentry. It's funny, this week Bob's chart featured plenty of "Reentry" types of setups, things I wouldn't usually take. So I decided to work on it and lo and behold the market gave me the chance to do so.
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Giorrgi
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Yesterday's charts
I was especially disappointed by the last chart, not because of the loss but because I have a habit of falling into this "trap", ie. shorting before the actual break because I don't set the barrier right.
Edit: the last chart is actually the first one chronologically
I was especially disappointed by the last chart, not because of the loss but because I have a habit of falling into this "trap", ie. shorting before the actual break because I don't set the barrier right.
Edit: the last chart is actually the first one chronologically
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matty_dunn
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Hey Giorrgi,
I understand your concerns. I think the best way to play it is as conservatively as possible - meaning waiting for a nice squeeze against the ultimate barrier, or what you have labelled a tease break. I think they have earned their place as the barrier from which to trade at the time you took the trade.
There really is little point trying to push for a trade and only taking the best set-ups, even if it does mean missing some opportunities.
This is what I find the most difficult - say you have been closely following the price action for a number of hours and perhaps not taken a couple of trades that ended up reaching target - to remain in the same unaffected, calm state of mind, and continue to wait patiently for a high probability set-up you can justify with heart and soul. To me this is what makes the difference between success and defeat. And also, how one responds to a mistake - i.e. taking a non-valid trade.
Would love to hear how other traders who are learning work with this issue. I have taken to curtailing my trading for the rest of the session if I take a non-vaild trade. It is very difficult when you alone are the judge and the jury, and as Bob says - it is all too easy to live in fantasy land and imagine that some day soon the profits will just come falling from the sky.
It is quite a challenge....thoughts???
I too am struggling with this, It seems the safer I try to play it, the more disappointing the result. I am surprised at how conservative I find myself trading now that I have gone "Live" and am trading real money. I really thought I had conducted my paper trading as though it were for real. I think Bob had it right when he suggested that you should trade for reel with small lot sizes. There's nothing like the real thing.
For what it's worth I will share my trading plan with the community:
My goal is to earn 20 pip per week
My market is the EUR/USD
My method is the Bob Volman Scalp Trade
I will trade only when I am confident of the dominant market pressure.
I will trade only DD, FB, SB, BB, RB, IRB, and ARB set ups.
I will not take a trade unless the path to profit is clear.
I will trade between the hours of 06:30 and 11:00
I will not multitask
I will fund my account with $500 .
I will trade 10,000 unit lots only until:
A. I am down $250 at which point I will abandon this concept
B. I am up $250 at which point I will fund the account with $2,000 and begin a 1% position sizing strategy.
I will risk 10 pip per trade
I will target 10 pip per trade
I will comply with the following limits:
• If my first trade of the day is a winner I will stop for the day
• If I am up 20 pip for the day I will stop for the day
• If I exceed 15 pip in losses in a day I will stop for the day
• If I have 3 losers in a day I will stop for the day
• If I am up 40 pip for the week I will stop for the week
• If I am down 30 pip for the week I will stop for the week
Hopefully the plan will keep me in the game for 13 weeks at which point I will assess my ability to succeed at this. At this time I am 4 weeks into it and in the red.