Home-Based Trading Career Pathway & Journey...

[WklyOptions]

Hi WO,

Thank you for the suggestions, will start implementing on the next trade.

Shouldn't be too hard to secure any open orders or trades. The way I've trained myself is to put pending orders in, and they NEVER go in without having a stop and target tied to it.

For example, if my lot size is 1.0 (full size forex lot) and I'm placing them 50%, 25%, 25% per your suggestion, then I'll place 3 seperate pending orders with stops and targets tied to each individually.

I like to be sure and thorough with my orders.

Once I start checking into options later after I get my head wrapped around the entire method, then I'll have to experiment (with a demo of course, at least until I know the platform) with that side of the process. Once I do know the method and feel comfortable and completely natural with the process, then I'll be looking at subscribing to their market scanners.

So I know I got work ahead of me, but it's nothing that can't be worked through.

Hard work doesn't guarantee success, but without it you don't stand a chance...

Onward and upward...
KC

Hi, KC,

Great, longer-term I think the higher +R at Target 3 will help increase Net profits.

Regarding the orders - what I mean is that as you place all 3 Target profit orders (limit order presumably), the Stop-Loss will be adjusted accordingly.

If - let's say Target 2 is hit - then don't forget to adjust the Stop-Loss.

If - the Stop-Loss is hit at any time - then don't forget to cancel any remaining Target limit orders.

I've seen too many traders get stung badly because they "forgot" they had a standing open order(s) in the trading platform(s)!

I'm certain you would not make such an execution error - but in any case - I've always had it as part of the Standard Operating Procedures (SOPs) to always check off on all Open orders, etc. :smart:

Well, let's see if we can find some TC setups that will go to Target 3 (+5R)! :clap:

Regards,

WklyOptions

 

[kc8flq]

I've seen too many traders get stung badly because they "forgot" they had a standing open order(s) in the trading platform(s)!

I'm certain you would not make such an execution error - but in any case - I've always had it as part of the Standard Operating Procedures (SOPs) to always check off on all Open orders, etc. :smart:

I've made plenty of those errors! :cheesy:
I think that's how we learn the best, by making mistakes. I should be a perfectionist by now!!

KC

 

[WklyOptions]

End of Wk Binary Trading = Net (+41u)

T2W traders,

I have posted the end of week results comparing the Nadex and Eurostyle binary options trading results for this week in its own sub-threads.

To summarize briefly: Total Net = (+41u)

Nadex (+11u) in < 3 sessions.
Eurostyle (+30u) in < 7 sessions.

Lessons Learned:

(1) Results in bankroll equity, momentum "Bursts", price volatility = all behaved as per back-tested results and according to its respective Binary Options Trading Plans.

(2) T2W traders can develop the SKILL to "see" and isolate T1 Momentum "Bursts" for low-risk Binary Options campaign starting points.

(3) T2W traders can develop the SKILL to "execute trade management" following a series of wins/losses to achieve Target of Net (+5u) per session.

(4) T2W traders can develop the SKILL to learn, apply, execute w/o errors, a systematic, robust, Trading Plan(s) with well-defined criteria and structure.

Any questions? Obseravations? Ideas to improve upon?

Have a terrific weekend! Off to travel/vacation until Tues next week! :clap:

Regards,

WklyOptions

 

[kc8flq]

Evenin' WO, fellow T2W traders,

Here's the latest greatest trade opportunity on AudUsd, I forgot to put the targets on but I'll post it with targets on the update when it hits targets or stops.

Entry was 0.9330
S/L @ 0.9340
T1 @ 0.9320
T2 @ 0.9300
T3 @ 0.9280


KC

 

[kc8flq]

A-U Update

Target 1 hit. Now running in a free trade.
Awaiting the other 2 "halves" to hit targets or stops.

KC

 

[kc8flq]

Here's another trade that set up and was triggered in to.

KC

 

[WklyOptions]

Here's another trade that set up and was triggered in to.

KC

Hi, KC,

Thanks for the "heads up" on the two running setups/trades.

Good mgmt and Target "R" levels on charts!

Please keep us updated on how the trades unfold. It is important for T2W traders to be able to "see" - and follow along - trading setups that continue on towards (+5R) Target 3 (or beyond).

Appreciate your time and effort - and for having another set of highly focused, disciplined "eyes" on low-risk setups!

Hopefully other traders here can learn and appreciate the power of using multiple time frame analysis - using T1, T3 so far! :clap:

Regards,

WklyOptions

 

[kc8flq]

Here's the latest update on both trades:

AudUsd - After hitting target 1 it reversed and stopped out the remaining half for break even. 2nd shot not fired, as I was in the land of nod.
Here's a question WO, the large bullish candle at 0400 hat stopped me out, the control candle or master candle as some call it due to the following being I.B.'s, I know you had mentioned inside bars before. Would this be a case that this trade could legitimately still be setting up? Or would the bearish candle 2 bars after the master candle be our entry candle? (always trying to learn from master professional traders :smart

UsdCad - Trade hit target 1 while I was dreaming of.... never you mind! :whistling
Hit target 2 while I was sipping my first cup of java. So when I seen it after opening my charts I rolled the final position S/L to the T1 level @1.0925, I'll check back on this one periodically until target or stop is hit.


KC

 

[WklyOptions]

Here's the latest update on both trades:

... Here's a question WO, the large bullish candle at 0400 hat stopped me out, the control candle or master candle as some call it due to the following being I.B.'s, I know you had mentioned inside bars before. Would this be a case that this trade could legitimately still be setting up? Or would the bearish candle 2 bars after the master candle be our entry candle? ...

UsdCad - Trade hit target 1 while I was dreaming of.... never you mind! :whistling
Hit target 2 while I was sipping my first cup of java. So when I seen it after opening my charts I rolled the final position S/L to the T1 level @1.0925, I'll check back on this one periodically until target or stop is hit.


KC

Hi, KC,

Hope u r enjoying the java. Personally I just love the Haagen Daz coffee ice cream method of getting caffeine! :whistling

AUDUSD - see attached chart on H1. On Inside Bars (IBs) - I do prefer to wait until that "moment" of indecision has passed. I have circled the SELL Entry Bar off the H1 chart - as you indicated it is a strong/valid SELL bar.

Then when it was STOPPED OUT - as long as the T1 and T3 setup criteria remained valid - there would be a 2nd SELL Entry Bar (circled) later. :whistling

Remember - in all low-risk setups that the Trading Plan has validated the low-risk criteria - do not hesitate to fire a 2nd or even 3rd trade into the valid setup.

This is a critical Lesson to really internalize - we are NOT trying to be correct every trade. But we are trying to be able to capture +3R and +5R Targets. :idea:

So - take the 2nd SELL entry bar - and manage again at +1R, +3R, and +5R.

Nice work on the USDCAD trade management! :clap:

I see your trading "eyes" and skill-set growing with every trading setup you monitor and follow-thru! Excellent work ethic.

KC - can you "feel" the "freedom" when you release yourself from:

"having to win every single trade" (and avoid looking like a "loser" if loss)

to a new trading perspective:

"track and measure performance on 20 Closed Trades"

and

"look to capture +3R and +5R...." (large wins easily pay for 2nd, 3rd bets).

You are on a very precise - well proven pathway - towards the trading career journey!

Hopefully you will gain even more "internal momentum" to really pursue the very best trading setups! Great work.

Regards,

WklyOptions

 

[kc8flq]

Then when it was STOPPED OUT - as long as the T1 and T3 setup criteria remained valid - there would be a 2nd SELL Entry Bar (circled) later. :whistling

Remember - in all low-risk setups that the Trading Plan has validated the low-risk criteria - do not hesitate to fire a 2nd or even 3rd trade into the valid setup.

This is a critical Lesson to really internalize - we are NOT trying to be correct every trade. But we are trying to be able to capture +3R and +5R Targets. :idea:

If I hadn't been off in la la land dreaming of scantily clad......ummm, on second thought never mind... :whistling , I would have re-entered. If only we didn't need to sleep...
Something that I have been noticing is the times that most setups occur, they seem to happen around 2-5a my time, just when I'm in a dream state. They also happen around 2000-0000 but not quite as frequent. At the moment the early morning hours arent an option but they will be WHEN this turns full time. As will signals for setups. But I'm happy with my progress while learning this method and style. It seems more natural to me than anything I've tried thus far.

KC

 

[kc8flq]

Evening T2W Traders,

Here are 2 pairs that set up and have entered orders or are filled.

First one is AudChf.

Second is NzdCad.

I'll post updates along the way as they happen.

KC

 

[kc8flq]

Well that was quick!

AudChf stopped out, on to the next!

 

[WklyOptions]

Evening T2W Traders,

Here are 2 pairs that set up and have entered orders or are filled.

First one is AudChf.

Second is NzdCad.

I'll post updates along the way as they happen.

KC

Hi, KC,

A couple of quick pointers on these setups:

(1) I would not take both setups - they are analogous opposites of each other on the H4-M15 time frames. If you were trading this - you would only choose the best one.

(2) On both pairs going to the H4=T1 charts, note that you got "caught" by the dreaded "inside bar" trap again! :whistling

The AUDCHF H4=T1 chart should show a red bearish bar (that is NOT an inside bar however) to qualify for the start of the "orderly pull-back" criteria. Likewise on the NZDCAD H4=T1 chart, it should show a bullish H4 bar (not an inside bar however).

(3) On the AUDCHF M15=T3 chart - note that the M15 "low pivot" you selected to set your Entry & Stop-Loss levels - was not correct b/c of the T1 inside bar trap! Looking to the M15 chart going left - there is a LOWER M15 low-pivot setup back at 20.40pm GMT on 08.06.2014. The earlier LOW PIVOT was 0.84797 while the Entry LOW PIVOT you selected was at 0.84813 (it should be the LOWEST low pivot for the orderly pull-back phase).

Understand item (3)? Not sure if I described it clearly or not!

Remember - for the T1 (let's say bullish trade setup) chart - we want to see a one bar lower close, lower low (and preferably lower high) to clearly indicate a temporary orderly pull-back on the T1 chart - BUT - still maintain all of the T1 criteria that indicates a DOMINANT TREND in progress.

Then - after a pull-back close on T1 is formed - then go down to the T3 criteria to begin the stalking/entry process of the Trading Plan.

It is precisely this T1 "inside bar" trap which created the non-qualified Low pivot swing at the M15=T3 point when the M15 MACD crossed < 0.

Please go over the above details again - I have included the M15 chart highlight the key LOW PIVOTS for the discussion above.

Well, at least it is a good Lesson Learned item. If using additional time frames of T2 and T4 - this T1 "inside bar" trap/error would have been entirely avoided. :idea:

Keep up the great effort to continue to train your "trading eyes" to spot the EDGE setups! Aside from using an automated Alert technology-based platform, it really comes down to having to "experience" trading setups in all of its variants, including all traps, errors, "weak" setups, etc! :whistling

Great work on doing your "homework" to gain the trading skills necessary to consistently pull $$$ from the marketplace! :clap:

Best regards,

WklyOptions

 

[WklyOptions]

Watching the Clock across Time Zones & across trading platforms...

Hi, T2W traders,

Recently I received an email with a few basic questions on trading FX and related Binary Options. In the email itself, it was obvious that the sender was not fully aware (nor focused) on the various geographical and trading-platform clocks and time zones.

My focus on trading US listed-options, weekly options, and Nadex binary options, make it easy for me to maintain a NY-based time zone (except my ThinkOrSwim platform shows times on CST instead). My laptop and PC clocks are all NY ET zone. Nadex binary options all have Expiry times scheduled in NY ET.

However, for FX trading on the Eurostyle binary options, unfortunately my FXCM MT4 platform is on its own "server time" - and I have not been able to successfully convert it to a NY ET zone. I know there are a couple of MT4 apps that can provide "indicators" which can display alternate time zones.

Another area of potential trading error (like choosing the incorrect Expiry times) involves the Eurostyle binary options platform itself:

(a) Boss Capital - has its platform clock "in sync" to my laptop/PC clock based on the NY ET time zone.

(b) GOptions - it has its platform clock based on the GMT time zone.

So in summary - it is important to have FULL knowledge/awareness of the different "clocks" and Expiry schedules.

Traders that trade across different time zones in geography and trading-platforms vs MT4 clocks, etc. - PLEASE - be sure to WRITE down (perhaps Checklists) and implement into your trading procedures for Entry, Adjustments, Exits! :smart:

It can save you from making - and taking - unnecessary losses from this specific time zone "error trap"!

Regards,

WklyOptions

 

[kc8flq]

(2) On both pairs going to the H4=T1 charts, note that you got "caught" by the dreaded "inside bar" trap again! :whistling

Damn... got caught with my knickers down again... I'll get it one of these days :cheesy:

Understand item (3)? Not sure if I described it clearly or not!

Remember - for the T1 (let's say bullish trade setup) chart - we want to see a one bar lower close, lower low (and preferably lower high) to clearly indicate a temporary orderly pull-back on the T1 chart - BUT - still maintain all of the T1 criteria that indicates a DOMINANT TREND in progress.

Then - after a pull-back close on T1 is formed - then go down to the T3 criteria to begin the stalking/entry process of the Trading Plan.

It is precisely this T1 "inside bar" trap which created the non-qualified Low pivot swing at the M15=T3 point when the M15 MACD crossed < 0.

Yes, understood now that I've looked it over again. And I'll keep looking it over until it's burned into the grey matter upstairs. Another piece of the puzzle fitting snugly into place. :smart:

Well, at least it is a good Lesson Learned item. If using additional time frames of T2 and T4 - this T1 "inside bar" trap/error would have been entirely avoided. :idea:

Keep up the great effort to continue to train your "trading eyes" to spot the EDGE setups! Aside from using an automated Alert technology-based platform, it really comes down to having to "experience" trading setups in all of its variants, including all traps, errors, "weak" setups, etc! :whistling

Great work on doing your "homework" to gain the trading skills necessary to consistently pull $$$ from the marketplace! :clap:

These items are on the to-do list once it all sticks in the right places. I'm slowly getting there... :whistling

Thank you for having the patience needed to deal with me WO.

 

[WklyOptions]

Hi, KC,

"...

These items are on the to-do list once it all sticks in the right places. I'm slowly getting there...

Doesn't it feel good to clearly see and document that you are making steady forward progress on your trading journey?

Thank you for having the patience needed to deal with me... "

Please - NOT a problem. Endless patience for fellow traders who seek out highest Standards and training/conditioning for best trading executions! :clap:

Plus - been there and done that (with making all trading errors and more)!

Regards,

WklyOptions

 

[Jason Rogers]

unfortunately my FXCM MT4 platform is on its own "server time" - and I have not been able to successfully convert it to a NY ET zone.

Our MT4 servers are set to either GMT+2/+3 (to sync with the 5pm New York Close) or GMT. Those are the two most popular time zone settings for our MT4 clients.

However, if you prefer to view your charts in New York Time (GMT-4/-5) then you can use the free Local Time Frames app to view MT4 charts in your preferred time zone.

 

[WklyOptions]

Our MT4 servers are set to either GMT+2/+3 (to sync with the 5pm New York Close) or GMT. Those are the two most popular time zone settings for our MT4 clients.

However, if you prefer to view your charts in New York Time (GMT-4/-5) then you can use the free Local Time Frames app to view MT4 charts in your preferred time zone.

Hi, Jason,

Appreciate the info!

Yes, already have the APP you indicated above. Thank you.

Regards,

WklyOptions

 

[kc8flq]

Evenin' all,

Latest setup I've been watching.
Orders placed, now to just let ir run it's course.


Will post updates as they happen.

KC