My Journal - Pathways to Improvement

[Forexmospherian]

View attachment 204092



I don't know what to say about this result. One side its hows 31 pips profit & but in another side it shows -5 pip loss in money value. EU, UCHF was being real bad for me. But JPY was nice. Obviously in this stage not in everyday all the pairs will be profitable. I have no problem with that, diversification is nice.

But my problem is adding positions. In real account I generally stop trading after -10 pips loss & retry later. But in this demo case, need to set up my mind in similar way.

Being reckless is bad thing. Its my problem from the first day I started trading. So will find a way to control it.

If I see -20 pips loss in my account. It starts to freak me out.

Hi Sun

Any chance of checking that result against your broker statement - as something not quite right off the calculations ?

I think I know what it might be - but also 67 trades ?? too many I reckon and if you had a lot just 1 or 2 pips positive - commissions might have made then a minus money amount

I thought you might have done OK on EU after say 8 10 am UK time - but no problem - we can exam what went wrong and then fix it

Its all fixable - thats for sure - and I think you have good disciplines - maybe too many multi stakes etc etc

Regards

F

 

[sun11]

Hi Sun

Any chance of checking that result against your broker statement - as something not quite right off the calculations ?

I think I know what it might be - but also 67 trades ?? too many I reckon and if you had a lot just 1 or 2 pips positive - commissions might have made then a minus money amount

I thought you might have done OK on EU after say 8 10 am UK time - but no problem - we can exam what went wrong and then fix it

Its all fixable - thats for sure - and I think you have good disciplines - maybe too many multi stakes etc etc

Regards

F

Yes of course. I attached the big list.






yes its many multi stakes & small pips.

Regards

 

[keen246]

View attachment 204092



I don't know what to say about this result. One side its hows 31 pips profit & but in another side it shows -5 pip loss in money value. EU, UCHF was being real bad for me. But JPY was nice. Obviously in this stage not in everyday all the pairs will be profitable. I have no problem with that, diversification is nice.

But my problem is adding positions. In real account I generally stop trading after -10 pips loss & retry later. But in this demo case, need to set up my mind in similar way.

Being reckless is bad thing. Its my problem from the first day I started trading. So will find a way to control it.

If I see -20 pips loss in my account. It starts to freak me out.

Hi Sun,
One question...you don't take into account the broker's commission?
With my abusive broker 67 trades would add up 67*0.8 = -53.6 pips and your net result would be some -22.2 pips.
With a big number of small trades, the only one that wins is the broker. That's why I'm struggling lately to make fewer trades with higher amount of pips. But that's very hard....very hard.
Cheers,
keen246

 

[sun11]

Hi Sun,
One question...you don't take into account the broker's commission?
With my abusive broker 67 trades would add up 67*0.8 = -53.6 pips and your net result would be some -22.2 pips.
With a big number of small trades, the only one that wins is the broker. That's why I'm struggling lately to make fewer trades with higher amount of pips. But that's very hard....very hard.
Cheers,
keen246

Hello Keen,

I agree with you.
That's my mistake. This is where I need to improve. Currently making 3-5 pips is ok with me. But above 5, like 7-10 is rare case. So need to improve there. Once i'm done,then I don't need multi stakes any more.

Also I have noticed, other members are easily making 10+ pips on volatile pairs like EA. I trade only low volatiles pairs at this stage, until I get comfortable. So I feel if I improve with my current set up. Then reaching daily targets will be easy.

Regards
Sun

 

[remulix]

Sun is right

Also I have noticed, other members are easily making 10+ pips on volatile pairs like EA. I trade only low volatiles pairs at this stage, until I get comfortable. So I feel if improve with my current set up. Then reaching daily targets will be easy.

Hi Sun,
I absolutely agree with you.
High volatility pairs are, IMHO, much easier to trade than low volatility ones.
Even if the spread is higher they "give" many pips very fast.

Here are my stats for the day, now stop as I'm exhausted !


Kind regards.
R.

 

[sun11]

Hi Sun,
I absolutely agree with you.
High volatility pairs are, IMHO, much easier to trade than low volatility ones.
Even if the spread is higher they "give" many pips very fast.

Here are my stats for the day, now stop as I'm exhausted !
View attachment 204108

Kind regards.
R.

250 pips!
I guess you used 5-7 pips SL on those pairs.

 

[remulix]

250 pips!
I guess you used 5-7 pips SL on those pairs.

Sometimes more, it depends on the entry "quality".
And sometimes less as I find these pairs quite "predictable"

Moreover, trading high volatility pairs is much more exciting :cheesy:

GJ is very scary to trade as it seems to be absolutely wild and dauntless but with some practice it's a good friend

Ciao.
R.

 

[Forexmospherian]

Hi Sun - K and R

First of all - WD - excellent figures off R

Now - pick at random 4 FX pairs - say 1 or 2 slow pairs - like AU / EG / UJ or even EU

And then pick 2 more fast pairs - beasts - like the GJ and GA or the EA

Next step - chose 4 trading days in last 3 months at random

then between say 6 am UK time to 6 PM uk time - check on their movements

You will find prices at interim lows and highs - that can always be scalped with a stop just 3 pips more than the spread.

I guarantee this always happens

the trouble is to catch an interim high or low - takes a special skill

I have it - but there again after 20K of live scalps - i should have it - but even now I might only be 70% correct and I am aware every day I could have 3 or more consecutive losses - and then on really good sessions or periods - i can have 25 -30 + consecutive winners

To get to the skill level you require takes time - at least 2 yrs plus of scalping - maybe over 5k trades - BUT - you can there

I would agree when you are more experienced - then scalp the better movers - you might need 5 to 7 pip stops - but no more - otherwise - you are wrong

I think what we will do is next week have some LIVE call sessions

please you chose the pairs - 1 or 2 and then a 2 hr session - i will help you take them - and I can call them LIve - to see if you agree

Its no problem - everybodies progress will be different - and on the journey you will have ups and downs

Regards


F

 

[keen246]

Awesome

Hi Sun,
I absolutely agree with you.
High volatility pairs are, IMHO, much easier to trade than low volatility ones.
Even if the spread is higher they "give" many pips very fast.

Here are my stats for the day, now stop as I'm exhausted !
View attachment 204108

Kind regards.
R.

Awesome results R. I can see why you're exhausted....I'd be dead!

 

[remulix]

Awesome results R. I can see why you're exhausted....I'd be dead!

Thanks K,
Finally got a beer and restarted trading; now 273 pips

What a waste of time and energy (and beer) to trade a demo account...
Gonna go live and trade at 0.01 because of fear; will make 250 pips and get 14€ return !

All the best.
R.

 

[keen246]

My results for today: -10.7 NET pips. Win%=38%.
Losing day, but I didn't feel so miserable as previous losing days(getting used to it?).

 

[sun11]

What a waste of time and energy (and beer) to trade a demo account...
Gonna go live and trade at 0.01 because of fear; will make 250 pips and get 14€ return !

Yes and with 14 Euro you can buy more beers to get the energy..:cheesy:

 

[remulix]

Yes and with 14 Euro you can buy more beers to get the energy..:cheesy:

Good morning Sun,
You're right it's an endless game.
Shall ask my broker for beer sponsoring

Have a nice day.

R.

 

[sun11]

Day 56

Win rate: 61%
No of trade: 33 (half then last day)
Largest win: 8.8
Largest loss: 6.4
Pl : Break even (without commission 20 pips.)

Was trading EA. (inspired by Remulix )
I think counting pips without commission is useless.
So back to my old methods other than algo stat indicator.
When i will earn 25 pips after deducting all commission, that would be the real achievement.

All right done posting my boring stat.
Good night...

 

[sun11]

Hello Forexmospherian,

From next week, it will be new month. If you think I have reasonable performance to move to stage 4. Then we can start it from next week. Otherwise no problemo, I can continue on current stage.

Regards
Happy Weekend

 

[remulix]

Win rate: 61%
No of trade: 33 (half then last day)
Largest win: 8.8
Largest loss: 6.4
Pl : Break even (without commission 20 pips.)

Was trading EA. (inspired by Remulix )
I think counting pips without commission is useless.
So back to my old methods other than algo stat indicator.
When i will earn 25 pips after deducting all commission, that would be the real achievement.

All right done posting my boring stat.
Good night...

Hello Sun,*
Happy to be an inspiration source
EA is interesting and GA or GN will give you 2x more pips at same risk.
You're right: we are traders and are working for money, not for pips

all the best.

R.

 

[remulix]

30 last minutes stats :

 

[keen246]

Win rate: 61%
No of trade: 33 (half then last day)
Largest win: 8.8
Largest loss: 6.4
Pl : Break even (without commission 20 pips.)

Was trading EA. (inspired by Remulix )
I think counting pips without commission is useless.
So back to my old methods other than algo stat indicator.
When i will earn 25 pips after deducting all commission, that would be the real achievement.

All right done posting my boring stat.
Good night...

Hi Sun,
Totally agree with your comments. A meaningful deliberate practice has to be as close to the real live account experience as possible. That's why I always just pay attention to the NET pips taken in relation to the risk. That's what makes the money, not a bunch of pips.
Let's keep practicing.
Cheers,
keen246

 

[keen246]

Hi Sun - K and R

First of all - WD - excellent figures off R

Now - pick at random 4 FX pairs - say 1 or 2 slow pairs - like AU / EG / UJ or even EU

And then pick 2 more fast pairs - beasts - like the GJ and GA or the EA

Next step - chose 4 trading days in last 3 months at random

then between say 6 am UK time to 6 PM uk time - check on their movements

You will find prices at interim lows and highs - that can always be scalped with a stop just 3 pips more than the spread.

I guarantee this always happens

the trouble is to catch an interim high or low - takes a special skill

I have it - but there again after 20K of live scalps - i should have it - but even now I might only be 70% correct and I am aware every day I could have 3 or more consecutive losses - and then on really good sessions or periods - i can have 25 -30 + consecutive winners

To get to the skill level you require takes time - at least 2 yrs plus of scalping - maybe over 5k trades - BUT - you can there

I would agree when you are more experienced - then scalp the better movers - you might need 5 to 7 pip stops - but no more - otherwise - you are wrong

I think what we will do is next week have some LIVE call sessions

please you chose the pairs - 1 or 2 and then a 2 hr session - i will help you take them - and I can call them LIve - to see if you agree

Its no problem - everybodies progress will be different - and on the journey you will have ups and downs

Regards


F

Hi F,
I hadn't seen that post. Seems like T2W is working weird lately.
I would love to have that practice. I think it would be very helpful for our learning to have your calls while we watch our charts and see if our judgment agrees with your calls.
I'm looking forward to practicing live.
Cheers,
Keen246

 

[Forexmospherian]

Hi Sun,
Totally agree with your comments. A meaningful deliberate practice has to be as close to the real live account experience as possible. That's why I always just pay attention to the NET pips taken in relation to the risk. That's what makes the money, not a bunch of pips.
Let's keep practicing.
Cheers,
keen246

Hi All

i would totally agree

I think you may have heard the story about a scalper who made a net 40+ pips on day - but lost money

In this case it was because he got his stake sizes wrong and added at wrong intervals

So he gross total winning pips was like 78 pips - and his losing pips were 38 - so net pips 40 pips

Trouble was - all his winning pips were at 1 lot - $780 in total

BUT

His 38 losing pips ranged from 2 lots to 3 lots and so his 38 losing pips lost him over $900 - so even with 40 winning pips net - he was down $120 in money

Money takes first priority

Now with my Live account set up and a negotiated deal with spread + commission - i only need above 1.2 pips in profit on the EU to make profit and cover both costs - and thats worse case scenario. When the spread is as low as 0 2 of a pip then + commission I pay less than 0 7 of a pip fees.

This is important of 3 lots plus - as even half a pip profit is then $15+

On other pairs I need really over 1 7 pips clear to come away after costs with a profit

I think SUN you may be needing 2.5 or even 3 + pips to clear all your costs - so 3 scalps of just 3 pips - might not make you any profit at all .

Its no problem on scalps making 4 pips or 8 pips or even better 20+ pips - the commission then is very small and your net gain is higher as a %

Thats why ideally dont take scalps or add multi stakes unless you can make over 3 pips - you will be working for nothing

I think when you move on to stage 4 you will start to see the difference more - as emphasis is not just quick scalps - but entries and disciplines are still key components .


Regards


F