journal of trader formally known as wasp

[Lightning McQueen]

Thank you wasp for a very enlightening journal, well done on your achievements

It just goes to show what a little application and hard work can achieve, every noob wanabee trader should read this thread to help them on their way I think.

cheers

Don

 

[dbphoenix]

Thank you wasp for a very enlightening journal, well done on your achievements

It just goes to show what a little application and hard work can achieve, every noob wanabee trader should read this thread to help them on their way I think.

cheers

Don

I agree. Good job.

 

[laptop1]

I don't like it when everything looks all wonderful, There is a high chance the market will take his 10k or 70% of it, off him. He only traded it for 1 month, with a few months back testing, this is not enough. Sorry to sound so negative,....seen it before

 

[wasp]

Laptop1,

Its in there somewhere, not sure where but I backtested it for over 3 years. I then paper traded it 3 months plus 2 months of live trading with somewhat dire discipline until the final month of August herein. I've gained 200 pips already for this month and I have contingency plans for the worst case scenario. Don't worry, I'll be fine. thanks for the concern though.

wasp

 

[Crawsthorne]

Laptop1,

Its in there somewhere, not sure where but I backtested it for over 3 years. I then paper traded it 3 months plus 2 months of live trading with somewhat dire discipline until the final month of August herein. I've gained 200 pips already for this month and I have contingency plans for the worst case scenario. Don't worry, I'll be fine. thanks for the concern though.

wasp

Well done Wasp. Like many I suspect, I read these posts but don't comment very often. As someone who is a little way behind you, but defintely on the same path, and slowly realising that my plan does work, you have been an inspiration.

Thank you!

 

[wasp]

Well done Wasp. Like many I suspect, I read these posts but don't comment very often. As someone who is a little way behind you, but defintely on the same path, and slowly realising that my plan does work, you have been an inspiration.

Thank you!

A pleasure and good luck to you.

 

[dbphoenix]

Laptop1,

Its in there somewhere, not sure where but I backtested it for over 3 years. I then paper traded it 3 months plus 2 months of live trading with somewhat dire discipline until the final month of August herein. I've gained 200 pips already for this month and I have contingency plans for the worst case scenario. Don't worry, I'll be fine. thanks for the concern though.

wasp

And even if you do trip, as we all do from time to time, so what? You know how to fix it because you built it in the first place.

I repeat: good job.

 

[wasp]

And even if you do trip, as we all do from time to time, so what? You know how to fix it because you built it in the first place.

I repeat: good job.

exactly and thank you.

 

[trader79]

Very nice journal. You are definitely an inspiration to aspiring as well as other traders.

 

[firewalker99]

If I could offer advice to anyone else it would be thus -

> Devise a plan (based on any methodology) which provides more than it loses.
> Trade it on paper or live until you prove it works.
> Just keep trading it thereafter.

IMO if you cannot do the above and keep trading that plan regardless, you have not done the above correctly or your just not right for trading.

Thanks for sharing your valuable insights wasp. I appreciated your public and private feedback on more than one occasion and am sure I'll come back at a later time to look back at your journal when I'm in a further stage of my trading attempts. Your three steps actually make it sound easy
and I guess it is, once every piece of the puzzle falls into place. Good luck to you in your trading and other endeavours.

 

[Quercus]

I echo those sentiments, and your documented experience has led me to be currently paper trading a forex system in an effort to reap the rewards of insight, confidence and discipline which I now feel to be a pre-requisite to re-enter the fray.
Well done again wasp, and keep up the postings!
Cheers
Q

 

[wasp]

Thanks for sharing your valuable insights wasp. I appreciated your public and private feedback on more than one occasion and am sure I'll come back at a later time to look back at your journal when I'm in a further stage of my trading attempts. Your three steps actually make it sound easy
and I guess it is, once every piece of the puzzle falls into place. Good luck to you in your trading and other endeavours.

I echo those sentiments, and your documented experience has led me to be currently paper trading a forex system in an effort to reap the rewards of insight, confidence and discipline which I now feel to be a pre-requisite to re-enter the fray.
Well done again wasp, and keep up the postings!
Cheers
Q

Cheers guys,

Thats the thing, at the end of the day, although a thorough understanding of the markets would and will be a wonderful thing, its also a business and a way to earn a living and as any business, you have to sit down and decifer a way to keep your costs low and your profits high. I definately stand by the 3 point plan thing and by doing that and doing it until you can't understand why you wouldn't do it and then proving it with real money, you can then move on to basically trading and not giving a ****, or as it should properly be said, 'trading without emotion'.

Now I have done just that, I don't even think or care what happens, I just the press the mouse button at the right times because I know it will work out sweet at the end of the week/month/year if I stick to my business plan.

Instead of fear, I know trade with anticipation

Keep at it and good luck to you both

Cheers

wasp

 

[jacinto]

Excellent job Wasp. Congratulations.

 

[wasp]

horizons

A thought on the DOW..........

Reading the old darkside threads and thought I'd give it a go... No money on the line, just looking :cheesy:

 

[firewalker99]

A thought on the DOW..........

Reading the old darkside threads and thought I'd give it a go... No money on the line, just looking :cheesy:

Just having a peek in your journal, I was wondering what meaning would you attribute to that 'flag' you indicated. It reminds me of something I used to do in the beginning of my trading attempts actually, which was drawing diagonal lines and channels... but they kept me wrongfooted on more than one occasion.

Anyway, just taking a look at the chart, I think there are some clear signals on it. Although I don't pay any attention to single candlesticks (perhaps I should), on a larger time frame and in the right context they can provide for something obviously...

 

[wasp]

The old flag setup, consisting of the flag pole, the period of congestion followed by an opposing equal breakout, goes back to my old days in Asia and it was one of the first things I learnt about along with head and shoulders etc. They can work really well in FX but I've never had much luck with the DOW full stop so had no faith with this to put money on it. (see current DOW level!)

As for candlesticks, they IMO, are as reliable as anything else, sometimes they work, sometimes they don't... Not enough edge on their own at least.

 

[firewalker99]

The old flag setup, consisting of the flag pole, the period of congestion followe by an opposing equal breakout, goes back to my old days in Asia and it was one of the first things I leaarnt about along with head and shoulders etc. They can work really well in FX but I've never had much luck with the DOW full stop so had no faith with this to put money on it. (see current DOW level!)

As for candlesticks, they IMO, are as reliable as anything else, sometimes they work, sometimes they don't... Not enough edge on their own at least.

True, as is with most elements. On their own they probably don't hold much, but together - as part of a plan - they can work as magic for some...

I didn't know you were in this business so long...? (your "old days back in Asia...?")

Edit: this spell check button seems to be malfunctioning so forgive me, but in contrast to you I have an excuse, English is not my mother tongue

 

[wasp]

I had a brief spell working as an FX broker in Asia mid 90's but I wsn't there long enough really.

It always amazes me how Europeans can apoogise for not speaking English properly, I don't think I know more than a handfull of Europeans who can't only speak their native language but English fluent and another on top... We English should pull our fingers out and make more of an effort, the great British Empire doesn't stretch far enough these days to justify eveyone speaking English alone.

(jeez, even the grammer in this is poor but I can't be bothered to chage it now!)

 

[Jyde]

Hi Wasp,

thanks for sharing your thoughts and daily struggle to 'keep it clean', very inspirational.

Since this is all about self disciplin, I have a question for you:
How do you handle the situation where in a trade and an opposite signal occurs?

Obviously you might have an exit precluding such an occurance (eg. when price crosses the faster MA), or you could simply exit, or you could even stop & Reverse.
Would the situation where you are running with a trade, you rules tell you to stay in, and an opposite signal occurs, happen to your system, and if so, how do you handle it?

All the best...
CJ

 

[wasp]

Hi Wasp,

thanks for sharing your thoughts and daily struggle to 'keep it clean', very inspirational.

Since this is all about self disciplin, I have a question for you:
How do you handle the situation where in a trade and an opposite signal occurs?

Obviously you might have an exit precluding such an occurance (eg. when price crosses the faster MA), or you could simply exit, or you could even stop & Reverse.
Would the situation where you are running with a trade, you rules tell you to stay in, and an opposite signal occurs, happen to your system, and if so, how do you handle it?

All the best...
CJ

Hi Jyde,

Not sure how you mean? I have either a reason to be long or I have one to be short.

For example, right now I am long cable since just before the news this morning so I have my SL behind previous s/r and I'm not just watching and waiting for one of 2 things to happen... It will either retrace to my SL in which case I'll sit out till the next signal or, as I think your saying, I get an opposing signal. If I get a signal to go short, then short I will/must go. It is nigh impossible to have 2 opposing reasonings, the strat says short or long, end of, despite what I may think!

HTH?

wasp

EDIT: Actually 3 things obviously, the other alternative is it continues up which is always preferable