itspossible
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I need to read the whole thread-keep up the good work and be disciplined .Whats your daily target?
I need to read the whole thread-keep up the good work and be disciplined .Whats your daily target?
Hi itspossible, I do not have targets, I take what is given to me, today is a kind of break even day, I made a few mistakes here and there (normal stuff) but I recovered with the EU trade....
There is also lot of rubbish in the thread, I would not take it too seriously but if I have to give you and advise is this: the best move happens at the opening, in our case at London opening, before London opening draw technical analysis from the day before coming in today like trend lines, flags, channel lines and so on.....
if the market the day before into today has formed a bull flag and in the first hour or so of today breaks above the flag and then prints a nice reversal bear bar, it might be the high of the day, place a sell stop order 1 pip plus spread below it and protect you 1 pip plus spread above it, that is the signal bar, if triggered strongly you might want to trail your stop above the entry bar, now your risk is minimum.....
leave the computer and take your love one for lunch.....you never know you might have gained 5 times your initial risk when you come back after lunch before NA opening......here I would just close the trade and take your love one to do something more.....
That is a fail break out.......if the fail break out fails, you can trade a break out pull back......also mark the swing high low of the previous day with the high/low of the previous day and trade fail break out and break out pullbacks in the first or second hour of the opening.
trade more than one pair, 3 or 4 will do because some will move more than the others in a particular day.... look for 1 to 3 trades per day and once you feel you are in line with the market increase your volume and NOT the number of trades.
Fug
the test is when it doesnt.a small loss and preserving capital is the keyDoes it work all the time? NO, but works enough.
the test is when it doesnt.a small loss and preserving capital is the key
guys, I think they have changed my setting in my journal, I think I have to place you guys in my contacts for you to be able to post........I will do it tomorrow...... and if I do not know you and you would like to post just send me a private message and I will add you.
Fug
testingShaky has changed the setting the way I like......it should work now...
im sorry for being a negative nellie but lack of sleep, anxiety worry,win lose,breakeven was the reason that i stopped and just watch.it was like a massive weight lifted from my shoulders.im still observing patterns etc but unless you can handle those factors i think that there is more to life.Many if not all are searching for a system or method and mostly fail because a trader needs to find a style that reflect his own personality.
There are numerous questions a trader needs to ask herself before she search for a method that is compatible to her own personality.
I strongly believer this is the key.
For example I like the idea of scalping, but my character does not respond well to it, the too close vicinity to the market startles me and as a consequence I make many mistakes which brings also a lot of emotions from me, I do not sleep well and makes me tired being watching the screen for hours and I am not enjoying siting for long on a chair....
This is just one example but many more questions needs to asked....
im sorry for being a negative nellie but lack of sleep, anxiety worry,win lose,breakeven was the reason that i stopped and just watch.it was like a massive weight lifted from my shoulders.im still observing patterns etc but unless you can handle those factors i think that there is more to life.
reply later m8I agree with you, I do not think you are negative nellie, I think you are given an honest perception which is very unusual in this environment....
I also think your honest expression is a step forward in knowing and searching your own style of trading, once you find it your taking trades will become effortless.
You probably will not find it straight away but will come you it in little steps if you monitor your emotions and realise what is not appropriate for you.
Of course a bit of work in changing the mindset for trading purposes is needed as in accepting losses and monitoring emotions, here Mark Douglas can help.
Intraday trading does not mean trading only on the 1m or 5m, it can be done very well trading the 30 or 60m and at times can deliver better return if your exit is based on time at the end of day.
The larger time frame can help create that distance to keep emotions at bay as with an injection of objectivity into the system, creativity can be used in creating the method and update it when necessary, but objectivity is required when to get into trading on the daily basis, second guessing is best to be avoided. If we are right that is good, if we are wrong that is also good, it is only part of the costs in running a business in which we had the courage to initiate.
A trader does not have to start with $10000-100000 account and a $500 is more then enough, by risking 1% per trade and taking max 3 trades per day and exiting at the end of NA session I doubt you will lose that $500 unless you become reckless and if that is the case you know what to work on.
Having multi pairs to trade helps me to be choisy (I trade 8), I mostly take trades in the direction of strength with the use of two emas taking reversal patterns from the time of London open, but I also trade against the trend if divergence is showing with reversal, here you can use a simple indicator, macd is good, if they are backed up by a wedge, channel line overshoot, previous resistance/support or a false trendline break, the better but not necessary, TA is good but you do not want to get lost in it. The 15 or 60m TF are good but I prefer the 30.
Usually there a only one or two day in the week when market is most generous, the other days will give some small profit or same small losses.
Please do not allow this toilet on hereWell no wish to get banned fighting with some of your lurkers/nutters.
So I will be vague, how about bigger than $5k and less than $14k. 600% in 6 weeks.
I have a few accounts so not all trades went there.
Will hope to start new in Sept with 5 figs and go for a double each month for 5 months.
I was reading that thread and you mentioned sizes etc, obviously it would be a 'do not try this at home' thing and I wont be overly worried about my Sharpe ratio, lol bet that made you chuckle.
I will play around with stake sizes and likely pips a week and when to step up within a month.
Anyway nice to have an aim to go for. I am sure you can advise/comment when I get to specific lot sizes etc.
Oh well easy knowing I am bored today.
Hide my ip and I can watch the golf later.
GL all if you don't die a slow death atm.
Cheers
good disciplineUJ 30m
Only one trade, risked 13.2 (0.5%) made 10.
On most of the 9 pairs I trade the daily has finished with a doji bar, not generous day...... unless we faded the recent high/low on a TF not bigger than 5m which I am not trading atm due to other commitments.