My Journal - Pathways to Improvement

[sun11]

7 Sins in Trading

Something came into my mind...

Lust: Being lustful by seeing attractive trades, specially when market is in too high or in too low mode. Selling before the boom & buying before the crash.

Gluttony: Over Trading, needs of taking more trades, feeling more hungry.

Greed: Risking more than one can afford. Possible chance of getting Margin Calls.

Sloth: Not giving time on studies & learning the market, practice, demo etc.

Wrath: Trading maniacally like gonna kill the market. Which eventually causes over trading, over risking & market actually kills you in return.

Envy : Feeling jealous about other successful traders & their money/profits. Not focusing on own self.

Pride: Having a feelings like "I know everything", "I'm great". Which is impossible, one person can't know everything. Cause knowledge has no limits.

 

[sun11]

Day 24

Wow, today also market gave me lots of time to study again.

PL: 28
Total number trades: 49
Win Rate: 63%
Largest Win: 9.9
Largest Loss: 6.9

To be honest, i actually reached the daily target on 1st 27 trades. But i was still making trades. Just for practice. As its on demo. No problem. But if it was on real, no way making so many trades.

Today whole credits goes to UJ...
Good day...

 

[Forexmospherian]

Wow, today also market gave me lots of time to study again.



To be honest, i actually reached the daily target on 1st 27 trades. But i was still making trades. Just for practice. As its on demo. No problem. But if it was on real, no way making so many trades.

Today whole credits goes to UJ...
Good day...

Well Done Sun

We will work on your patience and your disciplines more this next few weeks - not as though they stand out - but you mention them as possible weaknesses etc

Always do a S.W.O.T analysis every 3 months on your trading - ie strengths / weaknesses / opportunities / threats etc - as self analysis of you / your mindset and your method is so important to stay at peak levels

For now - you are doing extremely good - proud of you - you will have blips etc - but keep those stops tight and all will be ok

Regards

F

 

[sun11]

Well Done Sun

We will work on your patience and your disciplines more this next few weeks - not as though they stand out - but you mention them as possible weaknesses etc

Always do a S.W.O.T analysis every 3 months on your trading - ie strengths / weaknesses / opportunities / threats etc - as self analysis of you / your mindset and your method is so important to stay at peak levels

For now - you are doing extremely good - proud of you - you will have blips etc - but keep those stops tight and all will be ok

Regards

F

Thank you..F...
S.W.O.T analysis...mba stuff...that's a great idea! :idea:
I will think & post about it.

Regards

 

[sun11]

Trading from home is hard work

Trading from home is very difficult.
Today I made some silly loss because of the environment.

Staying home doesn't means that I'm available all the time. Its really hard to live & trade under such environment, where people think you are looser & against everything what ever you do. In short, doesn't care.

Sometimes, I think, what I'm trying to prove & why i have chosen this career.

Fire walking...

 

[sun11]

binary

Anyway in this sadness...
little fresh air...

 

[sun11]

Day 25

PL: 18
Total number trades: 35
Win Rate: 65%
Largest Win: 6.5
Largest Loss: 7.4

Done for the day..one loss is bit large today..uchf...volatile.

 

[Forexmospherian]

Done for the day..one loss is bit large today..uchf...volatile.

Hi Sun

Don't want you getting carried away - but again another winning session and WD - again

The key is those tight stops and timing along with PA and KT's in TW's at the "coalface" - ie right in there at the start or end of every move in a wave.

Practice - Practice - Practice - - I can honestly say it get easier every 1000 trades - but - you will still have really good and bad sessions - all depending on your actions and your mindset along with the market's own mentality etc

Before I go away next week - will set you up with more tips and things to carry out over then the next 7 - 10 days

Regards

F

 

[mightyal]

Wow, today also market gave me lots of time to study again.



To be honest, i actually reached the daily target on 1st 27 trades. But i was still making trades. Just for practice. As its on demo. No problem. But if it was on real, no way making so many trades.

Today whole credits goes to UJ...
Good day...

Hi Sun, I've been reading your thread along with others which are supposed to be related but can I ask without meaning to sound aggressive
your largest loss is 7.4 today but I keep on reading that the stop loss is supposed to be 3 pips. Is this slippage or are you not abiding to this 3 pip stop rule?

 

[sun11]

Hi Sun, I've been reading your thread along with others which are supposed to be related but can I ask without meaning to sound aggressive
your largest loss is 7.4 today but I keep on reading that the stop loss is supposed to be 3 pips. Is this slippage or are you not abiding to this 3 pip stop rule?

Hello mightyal,

Its was just a sudden move & i had an environment issues , i mentioned already.
When volatility is too high, its hard to keep the SL at 3 pips stops. I close somewhere , broker close somewhere. Its normal. I am not a machine (yet).

Some times, I had to close early for the rule before the PA confirmation. Sometimes i wait for the PA confirmation.

Hope you got my points.

Regards

 

[sun11]

One faith holding trade


This one trade fetched 8 pips straight. I generally don't hold trades more than 3 pips . Anything more than 3 pips I am about to close under this stage. But today, I was confident on the move. So took the opportunity.

It was a nice example along with LR , dynamic & horizontal SR.

 

[sun11]

View attachment 199692
This one trade fetched 8 pips straight. I generally don't hold trades more than 3 pips . Anything more than 3 pips I am about to close under this stage. But today, I was confident on the move. So took the opportunity.

It was a nice example along with LR , dynamic & horizontal SR.

Continue....same chart UJ


More pips.

 

[sun11]

Continue....same chart UJ
View attachment 199710

More pips.

Trend change so chart changed. UJ
Made few more on its way.

Done for the day.

 

[sun11]

Day 26

PL: 40
Total number trades: 44
Win Rate: 70%
Largest Win: 8.5
Largest Loss: 4.2

Hi F,
Today I have taken lots of trade, hope you don't mind, i was actually testing something. From tomorrow, I will try to be selective.
Everytime I get a thought to ask you about some confusion. I get answers automatically by the market.

Today I thought I would ask you about the small trades which worths around 3 pips. I thought to ask you should i be taking the risk to hold the trades for more than 3 pips. Cause generally i did not.

But it seems, holding trades sometimes worth it. Its still a confusion...or could be (possibly) lack of confidence on my SR levels & trades. May be that's why i close trades early.

Looking forward to your view on this. If I hold trades longer than my no of trade will also get decreased, which will reduce over trades. Also that might decrease the win rate.

Regards

 

[sun11]

Trend change so chart changed. UJ
Made few more on its way.

Done for the day.

Not done yet..+5 pips more...



This time seriously done UJ....
Good night..

 

[Forexmospherian]

Hi F,
Today I have taken lots of trade, hope you don't mind, i was actually testing something. From tomorrow, I will try to be selective.
Everytime I get a thought to ask you about some confusion. I get answers automatically by the market.

Today I thought I would ask you about the small trades which worths around 3 pips. I thought to ask you should i be taking the risk to hold the trades for more than 3 pips. Cause generally i did not.

But it seems, holding trades sometimes worth it. Its still a confusion...or could be (possibly) lack of confidence on my SR levels & trades. May be that's why i close trades early.

Looking forward to your view on this. If I hold trades longer than my no of trade will also get decreased, which will reduce over trades. Also that might decrease the win rate.

Regards

Hi Sun

WD

Its your 26th day of trying the stages 1 and stages 2 of the method and I am delighted you are continuing to make progress - with another successful and winning day.

I appreciate you have raised some questions etc - and I will answer and clarify those points later on today.

Please confirm to me now the approximate number of hours etc you have been studying and trying the method ?

Would I be correct to say you probably followed other thread for a few weeks or months first ?

How long did it approximately take for you to read through the info on the basis of the method - ie other threads on profit consistency and LR's etc - 3 hrs - 6hrs + ?

When did you feel you started to see stage 1 start to work for you and for you to start to feel comfortable you were reading PA at the coalface on the 1 min chart - ie after 5 trading day - 10 or 15 + ??

After 26 trading days - do you yourself feel you are ready for the next stage - normally i was looking at after 40 trading days - but you do seem to be progressing extremely well ?

Ok - will start to give you a few tips later on cherry picking the scalps and how to judge whether they are worth holding or not etc ;-)

Again WD - and now dont worry if you have the odd day when you dont make over 25 + pips - you are not even a quarter of the way through yet ;-)


Regards


F

 

[sun11]

Hi F,
Here is the answers to your questions.

Please confirm to me now the approximate number of hours etc you have been studying and trying the method ?

Studying your method since day you said you will help me. 1st day of this thread.
Dynamic S/R levels = Since 2013-14. Actively since last Dec 2014.

Would I be correct to say you probably followed other thread for a few weeks or months first ?

Actually checked your threads actively after you said to study.

How long did it approximately take for you to read through the info on the basis of the method - ie other threads on profit consistency and LR's etc - 3 hrs - 6hrs + ?

Within 3 hrs the basics.

When did you feel you started to see stage 1 start to work for you and for you to start to feel comfortable you were reading PA at the coalface on the 1 min chart - ie after 5 trading day - 10 or 15 + ??

15+

After 26 trading days - do you yourself feel you are ready for the next stage - normally i was looking at after 40 trading days - but you do seem to be progressing extremely well ?

Doing well = luck i feel still.
So lets go with your normal schedule 40 days. Just 14 days left. No problem at all.

Reply at your pace..no hurry...
GN

 

[Forexmospherian]

Hi F,
Today I have taken lots of trade, hope you don't mind, i was actually testing something. From tomorrow, I will try to be selective.
Everytime I get a thought to ask you about some confusion. I get answers automatically by the market.

Today I thought I would ask you about the small trades which worths around 3 pips. I thought to ask you should i be taking the risk to hold the trades for more than 3 pips. Cause generally i did not.

But it seems, holding trades sometimes worth it. Its still a confusion...or could be (possibly) lack of confidence on my SR levels & trades. May be that's why i close trades early.

Looking forward to your view on this. If I hold trades longer than my no of trade will also get decreased, which will reduce over trades. Also that might decrease the win rate.

Regards

Hi Sun

Thank you for your learning stats info - helpful for other students going through similar stages etc.

As you progess from 3 and 4 LR's to 6 and then to 9 LRs - you will start to understand their relationship to each other - which then assists you to form price structure which will help you decide whether the next scalp is just a pullback or small retrace - or whether a larger possible reversal.

Also the previous 9 - 18 mins of movements also gives you clues - whether you will see a "bouncy ball" effect - or whether the it will fizzle out after just 2 or 3 pips etc.

You can never be 100% correct on both the direction - or the size of the move - but as a general rule if we get an interim S or R level holding in a TW after a decent prior move and then see a multi cross over - rather than just 2 LR's but 3 or 4 or more within a few mins - the more likely the move will be larger - ie 10 or 15 or even 25+ pips within 10 to 15 mins. Its then time rules next and all these clues will assist your decision making.

For now if you can hold scalps for say 5 to 10 pips rather than just say 3 to 7 pips then please carry on. As we progress you will also take multi entries and carry out dropping to part stakes that will then have a stop in profit - and so reduce risk and stress - allowing you to carry out other trades and not carrying on babysitting after the initial 10 or 15 mins.

Keep those stops as tight asap try and stay over a 65% win ratio on every 50 trades and then the next stages will take you from being just a lucky new scalper into a consistent ongoing winner that can deal with any FX intraday market

Keep it up

Regards


F

 

[sun11]

Good Morning & Thank you for your reply.

Today could stay out most of the time. Need to go for shopping.

I will post status late today ...

Happy trading...

 

[scholfield]

It's been a very easy day for a Friday. (Often my worst days)
EURUSD and AUDUSD have paid me well.