Very helpful. I must memorize that.
I'm out of USD/JPY at BE
Bit of a shame being 32 pips up at one point but that's the way I'm playing it.
Just one little bet in oil to add 10 pips gained
That's the end of my first proper (trade with a brain) week.
15 bets
10 winning
4 Break even
1 lose
gained 276
lost 52
balance = 224 for the week
Quite a successful week I would say.
Although the results seem to suggest very successful first week they don't tell the full story.
Positives
By using methods described in my initial post I was able to call bets very successfully. I got the direction completely right 90%.
I was patient. (when looking for setups)
I only made 15 trades.
I allowed some trades much more time than I did in the past.
Negatives
Although I called the direction 90% I never always benefited from this as much as I should. Virtually every trade I was out too soon. I moved to BE very early and although it felt good to be at BE (almost with a free bet) it cost me many pips because 3 out of my 4 BE bets moved more than 60 pips (one of these over 100) the way I had predicted.
I was unable at times to control the FEAR of losing. I took myself out of winning trades (at times) just because I wanted the pips on offer. I'd say I cost myself somewhere in the region of 600 pips for being out too early (possibly alot more).
one example springs to mind. The last bet I did which was about 6.45 yesterday was in oil a pin was forming and I was convinced it was going to rise. After the bet the market suggested it might fall and hit my stop. I felt the fear, I didn't want to ruin another positive day. As it approached and then turned 7pm I snatched at the 10 pts that was on offer - excuses were 'I need to eat'. 'I don't to roll over with the bet' (7.30pm). I took about 2 seconds to decide not to move my stop to BE and have a free bet (I feared losing the 10 pts). So i took the money, broke my rules and felt pretty darn pleased with myself. After eating I came back had a quick glance at the computer. Shock horror. My intital thoughts that oil was about to rise (the reason I had taken the bet) had happened. Oil had risen 160pts. A lesson learned.
My moves to break even or slight profit did cost me dearly this week. The good news is I am aware of what has happened and I will be working on these particular problems with my trading.
It's better to have 4 stops of 25 hit and one big move of 200
Than to have 3 BE's and 2 15 pip wins.
Obvious I know but damn hard to do.
Anyway a fantastic first week. Not because of the pips and money I have made but because of the experience gained.
That's the end of my first proper (trade with a brain) week.
15 bets
10 winning
4 Break even
1 lose
gained 276
lost 52
balance = 224 for the week
Quite a successful week I would say.
Although the results seem to suggest very successful first week they don't tell the full story.
Positives
By using methods described in my initial post I was able to call bets very successfully. I got the direction completely right 90%.
I was patient. (when looking for setups)
I only made 15 trades.
I allowed some trades much more time than I did in the past.
Negatives
Although I called the direction 90% I never always benefited from this as much as I should. Virtually every trade I was out too soon. I moved to BE very early and although it felt good to be at BE (almost with a free bet) it cost me many pips because 3 out of my 4 BE bets moved more than 60 pips (one of these over 100) the way I had predicted.
I was unable at times to control the FEAR of losing. I took myself out of winning trades (at times) just because I wanted the pips on offer. I'd say I cost myself somewhere in the region of 600 pips for being out too early (possibly alot more).
one example springs to mind. The last bet I did which was about 6.45 yesterday was in oil a pin was forming and I was convinced it was going to rise. After the bet the market suggested it might fall and hit my stop. I felt the fear, I didn't want to ruin another positive day. As it approached and then turned 7pm I snatched at the 10 pts that was on offer - excuses were 'I need to eat'. 'I don't to roll over with the bet' (7.30pm). I took about 2 seconds to decide not to move my stop to BE and have a free bet (I feared losing the 10 pts). So i took the money, broke my rules and felt pretty darn pleased with myself. After eating I came back had a quick glance at the computer. Shock horror. My intital thoughts that oil was about to rise (the reason I had taken the bet) had happened. Oil had risen 160pts. A lesson learned.
My moves to break even or slight profit did cost me dearly this week. The good news is I am aware of what has happened and I will be working on these particular problems with my trading.
It's better to have 4 stops of 25 hit and one big move of 200
Than to have 3 BE's and 2 15 pip wins.
Obvious I know but damn hard to do.
Anyway a fantastic first week. Not because of the pips and money I have made but because of the experience gained.
A quiet week for me trading. Just one trade Monday. A nice one though 109pts on oil.
Currently looking at CHF/JPY short. Thinking about placing an order 8635 with 30 pt stop.
will probably leave it though. betting down into potential resistance and 50% fib and I can't monitor it.
So see you all tomorrow
Currently looking at CHF/JPY short. Thinking about placing an order 8635 with 30 pt stop.
will probably leave it though. betting down into potential resistance and 50% fib and I can't monitor it.
So see you all tomorrow
Little update
I did 5 trades on Friday for a loss of 48pts.
So overall on the week gained 61pts.
Even though just a small gain last week I feel that I learned more and developed as a trader. I am more than half way through an amazing book called 'The Disciplined Trader' by Mark Douglas.
I can't wait to finish it (and probably read it again).
So far it's taught me how to trade without fear. It's funny the past month during my trading efforts I have had what most people would called amazing success. 32 trades with just 2 lose trades and 4 BE. Problem for me was it never really felt good. I new I was cutting my winners too early. I new I was often taking winners just to have another win and not as part of an amazing system.
On a positive note I was calling the direction right like 90% of the time. But I am very aware that as soon as this % would lower that my tactics would cost me.
So the real funny thing was after reading half a book I immediately went and lost 3 trades out of 4. 3 lost trades in a matter of hours when I had only lost 2 in the previous month. It felt great because I worked exactly to the system (my plan) that I had laid out. Time will tell if this particular system is workable. One thing is for sure that there are plenty of workable ways/systems out there if we can only get our mind right. If the things I am trying right now don't work, so what, it doesn't matter. I will move on and find something that does work, each day growing and gaining valuable experience.
I feel liberated from my past trading mishaps and I am really looking foward to my next trading exploits.
I did 5 trades on Friday for a loss of 48pts.
So overall on the week gained 61pts.
Even though just a small gain last week I feel that I learned more and developed as a trader. I am more than half way through an amazing book called 'The Disciplined Trader' by Mark Douglas.
I can't wait to finish it (and probably read it again).
So far it's taught me how to trade without fear. It's funny the past month during my trading efforts I have had what most people would called amazing success. 32 trades with just 2 lose trades and 4 BE. Problem for me was it never really felt good. I new I was cutting my winners too early. I new I was often taking winners just to have another win and not as part of an amazing system.
On a positive note I was calling the direction right like 90% of the time. But I am very aware that as soon as this % would lower that my tactics would cost me.
So the real funny thing was after reading half a book I immediately went and lost 3 trades out of 4. 3 lost trades in a matter of hours when I had only lost 2 in the previous month. It felt great because I worked exactly to the system (my plan) that I had laid out. Time will tell if this particular system is workable. One thing is for sure that there are plenty of workable ways/systems out there if we can only get our mind right. If the things I am trying right now don't work, so what, it doesn't matter. I will move on and find something that does work, each day growing and gaining valuable experience.
I feel liberated from my past trading mishaps and I am really looking foward to my next trading exploits.
Dougals's book is not worth one penny! It is a COMPLETE rip-off!!!
I read it- It is rehashed garbage and NOTHING in that book will make you a dollar.
Douglas sells books because he can't make money trading.
"Those who tell don't know and those who know don't tell!!!"
timsk
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Hi mrsoul,
You're entitled to your views as much as the next person, but your comments are very extreme - to say the least. Given that Douglas's books are international best sellers and among the most frequently recommended in their field, you hold a minority view.
Your claim that his work is 'rehashed garbage' is also surprising. It implies that Douglas is plagiarisng other people's work and that the original work has no value. Can you provide any evidence to support this? Your point that there's nothing in the book that will make the reader any money may or may not be true. That depends entirely on the reader. I accept fully that you haven't profited financially from the book, but that doesn't mean that klastica and others won't either. Be that as it may, your assertion misses the point of what Douglas's work is all about, which is how to get a mental 'edge' over other traders in the market. Even if this doesn't help traders make money directly, for many people who read his work, it does something much more important: it helps them to minimise their losses. Before worrying too much about how to make money, all traders have to learn how to control their losses. As for your comment that Douglas sells books because he can't make money trading himself - this is pure speculation on your part and, unless you're privy to his accounts statements - there's no way on earth that you can support such an outlandish claim.
Tim.
Tim,
If you think that a knowledge of "Trading Psychology" is going to pay your mortgage, you are sadly mistaken.
ALL the "Trading Psychology" knowledge in the world will NOT make you a dime UNLESS you have A SYSTEM THAT WORKS.
Converseley, if you have a trading system that WORKS it is VERY EASY to manage your emotions and you will not have to spend a penny on "Trading Psychology" books.
The bottom line is this Tim, the ONLY thing that will make you CONSISTENT money year in and year out is having a method that works and if you do find this method "Trading Psychology" is irrelevant.
Unfortunately, Douglas and all those other "Trading Psychology" book writers are just snake-oil salesman trying to sucker the newbies.
I bought Douglas's book and it was the biggest piece of useless GARBAGE that I have ever read.
I still maintain that Douglas is a fraud in a two-piece suit who MOST PROBABLY could NOT trade his way out of a wet paper bag!!!
"Those who know don't tell and those who tell don't know"
I think both have something to play in actually being successful, as i've seen someone with a system that works still be unprofitable, but depending on how good it is, you soon learn how to stick by the rules.
I haven't read his book but from what i've read most of these books are the same and the guy is more than likely a better writer than trader.
I went to a seminar the other day about trading with charts and most of the idiots there couldn't understand why this guy who was teaching them how to use resistence and support to make trade decisions couldn't teach them how to make 50% a day. The guy holding the seminar said, "If i was that successful, i wouldn't be teaching you how to trade with charts". This guy has even wrote his own book and said he will not write one again due to the royalties from a book being so bad.
0007
Senior member
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Sounds remarkably honest - care to name him?
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