remulix
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Monday... only lasts one day...
Agreed....hopefully tomorrow will get some consecutive profit
...or loss again...lets see...:whistlingForexmospherian
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Hi Sun
Sorry to hear about your very bad start to the day. Unfortunately I am not around all morning as have a couple of appointments - one I am off to in 30 mins.
First thing - you have forgotten some rules here.
1. When you have 3 consecutive losses in a row - you stop and have either a 30 or 60 min break and refocus etc. I am pleased you did stop - but far too late - as the main nice moves started after LO at 8 00am - you basically finished by then.
2. We know the Asian session is rarely ideal - but after 7 am and 8 am UK time - then the moves normally start. You have missed the important part of the morning session - after 8 am to maybe 9 30 am - so trying to get your trading completed before the LO was maybe not a good idea today.
3. I agree that some days 6 am to 8 am can be OK - I made over 30 pips before 7 30 am today on 7 scalps with one bad scalp.
4, Looking at your trades - your entries are far too late and you are maybe targeting small swing trades rather than scalps of 3 - 5 pips. Normally you dont get the 5 to 20 pip moves on the pairs you were looking at until after LO - yes maybe on the beast like the EA / GA / GJ etc.
5. I will say - I dont think you could have been ideally focused this morning - your assumptions etc dont seem that good - OK the 2 / 3 quick Lrs can get you scalps for 2- 5 pips - but you ideally dont sell into more LR supports - or buy when you have alot of LRs over price ?
6. Pace yourself. By starting off with 3 bad scalps - if you had a refocused and had 1 hr off - you might have been OK - and if not on your 4th consecutive loss - you should then have thought - I am not in sync with the market - have another 30 mins off.
7.I am sure after 8 00 am LO ( UK time ) you would have caught a GU sell - that dropped over 35 pips in less than 30 mins and was nice PA.
Similarly the EU dropped over 40 pips after 8 00 am - again nice PA
So in conclusion - a very bad morning - but one you can really learn off
1, Timing and time of session - when its really slow - wait
2. Dont allow yourself to have 7 consecutive losses - stop after 3 - and have 30 or 60 mins off - then again 30 mins off until you are in sync with the moves
3. Pressure - I appreciate after 4 consecutive losses you would be under stress and on a live account - then you dont think straight. It happens to all traders - but you learn to have answers for every occasion - keep calm - you need not have had a bad day - I still have at least 8 hrs of trading ahead of me - you could easily with your time difference have another 3 or 4 hrs - so you could have 3 great trades and still make your target.
Remember so much is down to discipline and your mindset.
You have marked yourself as a failure on a live account.
Please Please Please - say - NO I am not a failure on a live account and kid yourself to not let bad vibes effect you trading logic and mindset.
Sun - you can do it - that's for sure.
The problem now is you must learn from our mistakes - move on and remember yo know so much more than 2 months ago - but you still have more to learn - and whilst you improve your skill level you will make mistakes - its all part of the learning curve.
Please dont go back to demo
You will always be good or very good on demo - but that's no good - it as to be now the same on a live account.
Please review every trade and say why ? yourself - and then pick yourself back up and don't think to yourself - I cannot do it - you can - I know that - and you do really ;-)
Sorry out now back later
Regards
F
Sun
Sorry to hear that, looking at the charts seems like you are entering where others are taking profit.....only my view.
Fugzs
Agreed ...thank you for post...yes 2-3 trades were like that...
Thank you Forexmospherian for the time to post in details & well pointed.
Need to change my mindset about live account...you are right...
Session timing & break got it.
About LR, today for some trades Price was above lots of LR & still those trades failed like in case of UJ & EJ.
For some trades, when it was breaking trendlines or intraday high/low I placed trade early with 2 LR just to get a better price or entry..but it seems patience is virtue....
From tomorrow I will trade in live again.
A strange fact, as I said earlier that I do manual backtesting to practice. This weekend i did that, I got 68% win rate & earned 401 pips in 12 days trading avg 4/5 trade per day trading one single currency EU. For proof I have the hard copy. Focusing one pair one at time is good thing for me. Lets see..
Regards
Need to change my mindset about live account...you are right...
Session timing & break got it.
About LR, today for some trades Price was above lots of LR & still those trades failed like in case of UJ & EJ.
For some trades, when it was breaking trendlines or intraday high/low I placed trade early with 2 LR just to get a better price or entry..but it seems patience is virtue....
From tomorrow I will trade in live again.
A strange fact, as I said earlier that I do manual backtesting to practice. This weekend i did that, I got 68% win rate & earned 401 pips in 12 days trading avg 4/5 trade per day trading one single currency EU. For proof I have the hard copy. Focusing one pair one at time is good thing for me. Lets see..
Regards
Forexmospherian
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Hi Sun
No problem - but i will explain later a bit more about back testing
A waste of time unless it covers way over 200 trades - ideally 500+ trades and goes back over 1 to 3 years.
The market's supercomputers used by the big banks will never make it easy - they need to fool all and sundry - and so back testing for just one month or less or under say 100 trades is a waste of time in my opinion.
It's yet again another reason why 80 -90% of traders fail - the market is always trying to fool and mislead and the majority of the time - it works
I can assure you my method as worked for well over 10 years - month in - month out and for over easily over 50k trades - of which I have only taken about 21k of and add approximately 5k not work out.
That gives me a lot of confidence - as you can imagine - but I always remember - I too can still have a run of 5 or 7 consecutive losses - but at least you know how I handle it ;-)
Regards
F
NVP
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hang in there Dude
see my comments from early today ......it was a little sticky post 6am but it takes a lot experience to dance through the b*llsh*t and wait for the moves....... which came when the usd and then yen really went bull
such is life...........weve all been there dude ..even F (yes even F !!) :smart:
N
Forexmospherian
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More Tips for Sun
Hi Sun
You are now on stage 4 of 6 stages
By now you know at least 70% of the method
You should be able to get your scalp entries timed good for results of 3 to 7 pips - ideally off quick LR's
From then you use price structure from a multi LR 1 min chart to get the FX pairs bias etc for the session
Clearly today on the EU and say UJ and UCad etc we saw the real change come in after London open at 8 00 am UK time
Its important you dont start before say 5 am UK time - ( would than be 10 00 am your time) as before then it's not so good
6 TO 8 AM - Out of a 20 day month you will find maybe the most activity from say 6 30 am to 8 am - some days it can be from 6 am but its slow
Really from 8 00 am to 9 30 am UK time is critical
This is the make or break 90 mins
I many times can get my daily target covered before 9 00 am - even if I am out on a college / train station drop off for 30 -45 mins.
From after 10 am to 11 30 am can be slower again - but many days 11 00 am time is good and then news hour from 1 to 2 pm is good - which might be too late for you
So if you pace yourself - make sure you cover say 6 30 am to 9 30 am if you can
That 3 hrs is your main window of opportunity to get your 25 pip daily target.
I am pleased you are not taking 30 -40 trades - but still look at normally 10 to 25 trades - all depending how you are doing.
Try and work out is dollar strong or weak
Try and calculate your LiTs area for 7 30 - 8 00 am UK time - ie important levels
Cover 4 or 6 pairs - whilst ideally scalping just 1 or 2 pairs
Cherry pick according to PA and your own set up
Don't get caught in real noise of a BTTZ zone - ie no new interim high or low in last 30 mins
Try and correlate - if AU and GU strong - maybe EA and EU weaker is Swissy falling or rising as this is opposite to EU
remember the AU and UJ are slower than the EA / EJ / UCad / even EU some mornings
The devils is all in the detail
I had taken 7 scalps in under 90 mins this morning - some mornings I only take 4 or 5 in 2 hrs
I know I have 3 x 2 to 3 hrs sessions over my day - and rarely do I take under 13 trades and rarely do i take over 25 trades - and most days I will have 1 to 5 bad trades - Every day is different - i would prefer just 2 bad scalps and 10 + good ones rather than 6 bad scalps and 14 good ones - BUT if I make more money even with 6 bad scalps - then I am not worried at all.
Check out my day today on the EA - I majored on it
See if it all made sense etc
stay relaxed and dont worry - you will have a good December
Regards
F
Hi Sun
You are now on stage 4 of 6 stages
By now you know at least 70% of the method
You should be able to get your scalp entries timed good for results of 3 to 7 pips - ideally off quick LR's
From then you use price structure from a multi LR 1 min chart to get the FX pairs bias etc for the session
Clearly today on the EU and say UJ and UCad etc we saw the real change come in after London open at 8 00 am UK time
Its important you dont start before say 5 am UK time - ( would than be 10 00 am your time) as before then it's not so good
6 TO 8 AM - Out of a 20 day month you will find maybe the most activity from say 6 30 am to 8 am - some days it can be from 6 am but its slow
Really from 8 00 am to 9 30 am UK time is critical
This is the make or break 90 mins
I many times can get my daily target covered before 9 00 am - even if I am out on a college / train station drop off for 30 -45 mins.
From after 10 am to 11 30 am can be slower again - but many days 11 00 am time is good and then news hour from 1 to 2 pm is good - which might be too late for you
So if you pace yourself - make sure you cover say 6 30 am to 9 30 am if you can
That 3 hrs is your main window of opportunity to get your 25 pip daily target.
I am pleased you are not taking 30 -40 trades - but still look at normally 10 to 25 trades - all depending how you are doing.
Try and work out is dollar strong or weak
Try and calculate your LiTs area for 7 30 - 8 00 am UK time - ie important levels
Cover 4 or 6 pairs - whilst ideally scalping just 1 or 2 pairs
Cherry pick according to PA and your own set up
Don't get caught in real noise of a BTTZ zone - ie no new interim high or low in last 30 mins
Try and correlate - if AU and GU strong - maybe EA and EU weaker is Swissy falling or rising as this is opposite to EU
remember the AU and UJ are slower than the EA / EJ / UCad / even EU some mornings
The devils is all in the detail
I had taken 7 scalps in under 90 mins this morning - some mornings I only take 4 or 5 in 2 hrs
I know I have 3 x 2 to 3 hrs sessions over my day - and rarely do I take under 13 trades and rarely do i take over 25 trades - and most days I will have 1 to 5 bad trades - Every day is different - i would prefer just 2 bad scalps and 10 + good ones rather than 6 bad scalps and 14 good ones - BUT if I make more money even with 6 bad scalps - then I am not worried at all.
Check out my day today on the EA - I majored on it
See if it all made sense etc
stay relaxed and dont worry - you will have a good December
Regards
F
Forexmospherian
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hang in there Dude
see my comments from early today ......it was a little sticky post 6am but it takes a lot experience to dance through the b*llsh*t and wait for the moves....... which came when the usd and then yen really went bull
such is life...........weve all been there dude ..even F (yes even F !!) :smart:
N
So very true N
I spent 3 yrs scalping the EU for a 20 pip daily target and then another 2 yrs on just EU and GU. That was even before i went full time and i look back and realise out of those 5 years - I wasted at least 2 years not progressing enough
In those days a 30 pip day was massive
Nowadays - by being able to cover 6 to 8 pairs and scalp 3 pairs simultaneously ( not as good as with just 2 pairs ) and leaving partial stakes on a some levels I am seriously thinking 50 pips is just too low - I should target 80 pips a day - but then I would have to work longer etc etc and might unbalance my routines .
I have been there - got the T shirt - had the palpitations and sweats on 22+ lots a pip - had fear for 6 months that it had beat me - thought nothing worked at times etc etc - and then slowly over 1000's of trades and chart hours - realised the game made sense in my mind
Accept you will have losses - just get out ASAP
I can even work on a 40% win rate and make money - but that would say I am not timing my entries right and so strive for 70 -80% - thats the cream on the cake
Profit is profit - I prefer a 25 pip scalp in 15 min - but if it only moves 7 pips - I take it - I adjust to the conditions - its a skill like riding a unicycle whilst juggling 3 or 4 balls - it can be done - but how long would it take you to learn that skill ??
Stay dynamic and think just profit - positive pips etc etc
Never have fixed targets in stone - just fixed exit stop prices ideally all under 5 pips - under 3 pips even better - get that wrong 3 times and then catch a 20 pip move and on a 33% win ratio you still make money ;-)
I am proof you can all get there - but whether it takes another 3 months or 3 yrs or 5 years - that's the bit nobody knows
I peaked after 8 years and 2 years full time
I expect to slow down next year ( age) now - but had 5 great years coining it in ;-)
Regards
F
itspossible
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Forexmospherian
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IVE SEEN NO PROOF YOUR HONOUR
Well IP - I would always expect doubters
10 Points / questions in my defence
1 Have you never checked out any of my calls - ones made before they happen in a intraday session ?
2.Have you not noticed I am full time and generally spend anything from 3 to 10 hrs a day over last 2 years giving FX trade calls - a few every day in advance of moves taking place - ie EA buy today from after 11 00 am this morning and GU from pre 7 00 am on early morning scalp buys. I don't want to be a trade alert service - so will never just dish out loads
3. Statements are a waste of time - check out this thread IP -
http://www.trade2win.com/boards/stocks/20089-grey1s-approach-trading-us-stocks.html
Even this member - Grey 1 who was witnessed at home taking live trades and posted over 20 + daily statements etc - was challenged with a suggestion they could be "photo shopped". The fact that Trader 333 and Timsk both had witnessed Grey1's trading skills ought to have been enough - but there will always be doubters - its peoples nature.
So unless you see 3 yrs statements - audited by an accountancy group - never believe in statements
4. Please tell me how many losing days I have had in the last 2 yrs - you should know ?
5. My trading qualifications make me fairly unique.- ie 13 yrs - now 8 yrs full time - over 21K live trades - approx 5k trades failed etc - if you say it could all be lies and untruths etc - fine by me - the proof is in the pudding and If you had not noticed my special skill acquired by all the time I had spent learning - well then nothing else will convince you.
6. My "students " of the method. Best one so far Major Magnum - he produced over 35 statements over last year - at least 7 on a live account all with great results - all using my main method. Like anything in life not every student will succeed - maybe out of every 10 who try it - less then 5 will spend the time and commitment to get there.
7. My method - please tell me the part that does not make both trading and accounting / money management sense ?
8. Have you noticed I don't trade indices or stocks etc - purely FX - there is a reason for that - again have you thought why ?
9.Do you know of another method with as many "edges" as the one I have put together ?
10 - Lets say 95% of all FX retail traders fail or don't make consistent ongoing profits. The 5% remaining could be in number between 2000 and 20,000 + FX traders around the world - I just happen to fall in that number.
Bearing all these points in mind - if you are not convinced by now - you will never be - and I suggest you will never ever find a trading method and have confidence to trade it. That is surely your own prerogative and really is of no concern to me - that's life
Regards
F
PS - one more I forgot - I am not on all the natural places one would be - if i just wanted to be a vendor and sell courses or dvd's etc - ie not on Facebook / Twitter / instagram / copy sites etc etc. Surely if I was a total fake and my method does not work that good and I cannot make decent money from it - i would want to sell etc and make money that way ?
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itspossible
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You are an interesting person.I study people.Its a hobby.
Forexmospherian
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You are an interesting person.I study people.Its a hobby.
Hi IP
I am a bit of an oddball - that's for certain.
I was a workaholic in business for many years - and now at my age still need challenges and reasons to get up everyday etc etc
I reckon I cannot be pigeon - holed into a normal "trader category "
(ie - I could not even use computer until I was in my late 40's - had a PA and secretary in my business life for over 15 yrs.)
I have always been a "problem or puzzle solver " - ie find a way around something.
If I had tried retail trading when I was in my 20's or 30's i would have just dropped it within a year or two. The fact that I was semi retired when i started really helped along with money not being too much of a problem etc.
In business - I loved playing games with the competition - both the big boys and the normal smaller companies.( got me even in trouble with the Monopolies Commission with one company i was involved with ) The fact that FX is unregulated full of banksters and money laundering and trickster intrigued me and so that was an added incentive to try and crack the "code". The "Holy Grail" can only be really found by yourself- there is no one "holy grail " FX method that is totally legal - maybe many illegal ones but none normal retail traders will ever find.
Pitting your wits against the supercomputers and clever elite is also a great challenge but my problem nowadays is my own age and my own "weaknesses" ie more of an "accountant" than "gambler" and allowing my family to say - time you slowed down more lol.
PS - Love all sport / motor racing and Tennis ( played county standard table tennis in teens ) I was a jogger for over 20 yrs - done loads of 10K's and half marathons and 5 triathlons since being 50 - but saving my first marathon until I am 70 yrs old - hopefully I will still be here - that's another challenge for the future
Maybe that's the reasons you find me "interesting" ;-))
Regards
F
itspossible
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Ive played tennis in leagues for yrs.Played last night under floodlights-my eyes are pretty poor in those conditions.I also play tt for a club.only started at 49 and really enjoying the competition.i like waldner.
https://www.youtube.com/watch?v=rngeXGGyDBo
I do a little walking but running is too hard on my joints.-
we will have to have a table tennis match m8-its now up to 11 points and 2 serves each lol-did you know that
Forexmospherian
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Ive played tennis in leagues for yrs.Played last night under floodlights-my eyes are pretty poor in those conditions.I also play tt for a club.only started at 49 and really enjoying the competition.i like waldner.
https://www.youtube.com/watch?v=rngeXGGyDBo
I do a little walking but running is too hard on my joints.-
we will have to have a table tennis match m8-its now up to 11 points and 2 serves each lol-did you know that
Last time I played regularly with my son was maybe 8 yrs ago - sold our own table tennis table and also the football table top - was spending too much time on them etc and my son went then heavily into football and cricket.( now it just music/ girls and cars lol)
Yes I go easy on the jogging now on roads- and prefer power walking and cycling and of course regular 2 mile dog walk.
Last went to Wimbledon to watch main tennis over 20 yrs ago - and i always thought i would go more - but instead tried to go to F1 events in Europe every year - with my favourite being Monaco and Barcelona - no more camping at Silverstone - that stopped 10 yrs ago - but got to admit it was fun.
Life is for living - not done half the things on my "bucket list" - but hopefully still got time to get some more in over next 10 yrs ( I hope )
Day 81
Pl = -16
No of trade: 9
win rate: 33%
Max loss: 4.5
Max win: 1.9
When I try go for long target trade...my win rate get decrease & closes day as a looser. When I try go to for short trade...i ended up as a BE.
Total: 38 pips loss in this account. 3 days left to end this week. Let see.
Pl = -16
No of trade: 9
win rate: 33%
Max loss: 4.5
Max win: 1.9
When I try go for long target trade...my win rate get decrease & closes day as a looser. When I try go to for short trade...i ended up as a BE.
Total: 38 pips loss in this account. 3 days left to end this week. Let see.
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Forexmospherian
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Hi Sun
You can see the "fear" in your trading atm with you being on a live account and only you really can resolve it
If we compare today's results with say your average demo trades of say 3 - 6 weeks ago - there is a big difference
Lets look at the difference as it tells me something
Pre live you averaged 25 to even 40 trades a session. For me maybe to many
Now live - too low only 9 trades over a 3 to 5 hr period with none of them being over 10 pips
Win ratio - I appreciate you have averaged around 55 to 65% generally - on demo - some days 70 -75% but a lot of the time in the low 60's
Today 33% - way off the norm - and showing your concern of trading with live money. Dont worry - its all retrievable and you can overcome your doubts and concerns etc etc
High wins - really low - you had on demo some even 10 -20 pip scalps. Now today your average losses are larger than any wins - showing you are not in sync at all with your own trading zone.
Conclusion.
If you went back to demo tomorrow - within a few days you would have record days - all the fear and stress would be gone.
Unfortunately it's not the answer.
The answer lies deep in side your mindset. We have to change that by reminding you - you are disciplined - you can do it - the method works when applied correctly - but not when its applied incorrectly etc etc.
So maybe we need to get you having a few winning days next - I can help here - but obviously you know yourself its no good me calling trades to you - you must be the decision maker and so that's the part we will look at more - your decision making today ?
1. Do you feel you get every 30 min and 60 min part session window FX directions correct or not ?
2. Are you trying to enter too early - so not to miss out ??
3. Are you waiting and extra 1 or 3 mins for more confirmation and then entering 3 to 5 pips too late ?
4. Are you not seeing set up's like before - of feeling you are just taking any and hoping ??
5. When you look back at the 9 trades - what went wrong in your eyes ??
6. Do you feel less comfortable now with the live pressure - or are you able to dea with it and put it out your mind and concentrate at the trade you take ??
7. Was you internet connection or your platform slow today ??
Any other points you see yourself - let me know
We will get you there
Regards
F
Hi F,
You have posted several times that becoming proficient with your method takes years and years of experience, so how come you expect Sun to be profitable with just a few days of going live? It doesn't make sense, does it?
Cheers,
Keen246
Forexmospherian
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Totally agree
It does take years and years to become really experienced and end up very skillful at choosing the right trades to make great pips and consistent profits.
I would expect anybody learning the method to need over 2 years to be able to to handle a live account and consistency make say 25 to 35 pips a day 80 -90% of the time with stakes under 1 lot.
During that time they would taken easily 3000 to 5000 scalps and maybe experienced over 1000 to even 1800 losses.
Sun as been trading I think over 3 yrs before and less than 4 months using my method. I certainly don't expect her to to be profitable in her first week or two of going live - but its so important to make her see her previous concerns of when she went live in the past are effecting her present performance - and could therefore set her back another 2 weeks or 2 months etc - which again is no real worry - but could end up as one if it then carried on.
We have agreed already that no loss day would be over 35 pips and over 7 consecutive losses and today her loss is only minus 16 so still in her range.
But - its bound to frustrate her and therefore make her worried that its not working etc - and so with us not being able to sit next to each other at a trading platform we need to try and discover and discuss how she can get her wins back over 7 and 10 + pips and get her win ratio's back over 60% whilst still keeping her losses low - especially whist it's live etc.
I would expect by now Sun having out of a 20 day month - at least 10+ winning days - whether of just 1 to 20 pips does not matter as long as the session is ending up with a win with not just 1 trade - but at least 5+ trades to show its not luck.
With regards to loss days in month - would not expect any over minus 35 - and some may be just minus 7 or minus 10 pips - off yet again more than 5+ trades - ideally 10 to 15+ trades over 3 to 5 hrs.
That would be the plan - I agree every trader is different and a lucky week or 2 weeks can mask then a lot of mistakes etc.
The only experience I have is from Major Magnum and he became consistent on a live account after 6 months - but then had a set back when he tried to higher stake sizes too quickly. Now coming up to approx 2 yrs later ( From his day one start on my method ) he is now getting to the ongoing consistency stages and hopefully this year he will go from strength to strength - although still not as a full time trader - that might be another 6 or 12 months etc
I am no hard task master and so I personally am happy if Sun goes at her own pace - but I also know from whats she's already mentioned that the "live part" is what she feels is her on weakness area - and so hopefully we can help her overcome it - without out taking another 6 or 12 months etc
Regards
F
