My Journal - Pathways to Improvement

[Oscar Reed]

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.

Go one day live, next day demo then next day live.
So forth.
Then after while they might become the same thing.

Might take the pressure of turning up every day and trying to perform to the full.
But keeps you in touch and getting experience every day.

 

[sun11]

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 ??

Good Morning Forexmospherian,

Thanks again. Among those questions.. Question number 1,2 & 3 is major issue.
Sometimes i find difficult to understand the sessional trend. I only trade near to lits zone..so i have weak point in breakout trading too.. I buy on breakout & stopped out...sell then...& stopped out again...buy on breakout again...stopped out again...& Stopped for the day...like last day on EU.

I need to understand how to efficiently trade break out & understand trend...
I will not say it is very crucial to know how much it will move...cause its market wish...simple....I just need to close trade if Lr changes. Correlate my trade with it.

For example...EO is coming up...after an hour..london session..
I setup Eu chart. No major news during this time.
I am mostly interested to buy above intraday high...but if market stays within the range..then..inside range..i can't target large....so many halting zone in there..on the way down...this is how i think...:!:

ps..haven't slept last night due to some unavoidable reason....so feeling
lets see how it goes....

Happy trading..
Good day..

 

[sun11]

Go one day live, next day demo then next day live.
So forth.
Then after while they might become the same thing.

Might take the pressure of turning up every day and trying to perform to the full.
But keeps you in touch and getting experience every day.

Morning Oscar Reed,

Thank you for dropping by...
Actually if I trade on demo I will perform best..i know that...so it will be something like this...I lost in real account..shift to demo made profit..went back to real again lost...so this way...my real account loss will never get recovered & my demo account profit is useless...

So have to continue on real...:|

Regards

 

[remulix]

Morning Oscar Reed,

Thank you for dropping by...
Actually if I trade on demo I will perform best..i know that...so it will be something like this...I lost in real account..shift to demo made profit..went back to real again lost...so this way...my real account loss will never get recovered & my demo account profit is useless...

So have to continue on real...:|

Regards

Good morning Sun,

What you can also do to make tour demo account helps you to recover real losses is to publish it as a signal at MQL5.
As you make consistent profits, people will pay every month to copy it and the collected money will help you to recover the real...

Sleep well

R.

 

[sun11]

Good morning Sun,

What you can also do to make tour demo account helps you to recover real losses is to publish it as a signal at MQL5.
As you make consistent profits, people will pay every month to copy it and the collected money will help you to recover the real...

Sleep well

R.

Excellent idea! Thank you Remulix...
But then i will not learn anything & will not be a real trader isn't it.

Trade well...

 

[Forexmospherian]

Good Morning Forexmospherian,

Thanks again. Among those questions.. Question number 1,2 & 3 is major issue.
Sometimes i find difficult to understand the sessional trend. I only trade near to lits zone..so i have weak point in breakout trading too.. I buy on breakout & stopped out...sell then...& stopped out again...buy on breakout again...stopped out again...& Stopped for the day...like last day on EU.

I need to understand how to efficiently trade break out & understand trend...
I will not say it is very crucial to know how much it will move...cause its market wish...simple....I just need to close trade if Lr changes. Correlate my trade with it.

For example...EO is coming up...after an hour..london session..
I setup Eu chart. No major news during this time. View attachment 208704
I am mostly interested to buy above intraday high...but if market stays within the range..then..inside range..i can't target large....so many halting zone in there..on the way down...this is how i think...:!:

ps..haven't slept last night due to some unavoidable reason....so feeling
lets see how it goes....

Happy trading..
Good day..

Morning Sun

First comment - please take the pressure of yourself this morning and try and relax for 30 -60 mins etc - even if you take no trades - we are in no rush and we can work at any pace you prefer or chose etc.

Next point - I think i need to spend some time with you taking some live scalp trades to get you back into the zone and for you to maybe step back and go back to some of my scalp basics etc etc.

One important question - are you OK with the 30+ min time rules on interim highs and lows and the theory etc behind that clue ?

Also lets look at a pair in detail - not the EU as its played with too much - ideally the EA or even the GU this morning - as both pairs have been great for my method

Please let me know when you have say 30 mins for us to go through either pair along with what should happen next etc.

I am 100% confident we can overcome your concerns etc - there are so many ways to do it - but its important we take the pressure away first - as that is not helping you. If you have had a really bad night's sleep and need today off even - no problem we can do it tomorrow or Friday - I am easy and have all the time in the world atm - so its no problem for me


Regards


F

 

[Fugazsy]

Excellent idea! Thank you Remulix...
But then i will not learn anything & will not be a real trader isn't it.

Trade well...

I think you are right.

Be aware of this PA, especially on EU, here is where most traders lose their pants.

 

[sun11]

I think you are right.

Be aware of this PA, especially on EU, here is where most traders lose their pants.

Not trading EU ...1st trade loss & 2nd trade BE..then saw the zigzag & i'm out.

Hopefully will do something better in US session.

Good day..
Sun

 

[sun11]

Morning Sun

First comment - please take the pressure of yourself this morning and try and relax for 30 -60 mins etc - even if you take no trades - we are in no rush and we can work at any pace you prefer or chose etc.

Next point - I think i need to spend some time with you taking some live scalp trades to get you back into the zone and for you to maybe step back and go back to some of my scalp basics etc etc.

One important question - are you OK with the 30+ min time rules on interim highs and lows and the theory etc behind that clue ?

Also lets look at a pair in detail - not the EU as its played with too much - ideally the EA or even the GU this morning - as both pairs have been great for my method

Please let me know when you have say 30 mins for us to go through either pair along with what should happen next etc.

I am 100% confident we can overcome your concerns etc - there are so many ways to do it - but its important we take the pressure away first - as that is not helping you. If you have had a really bad night's sleep and need today off even - no problem we can do it tomorrow or Friday - I am easy and have all the time in the world atm - so its no problem for me


Regards


F

Hi F,

Yes honestly there is a problem with 30 min rule...you spot it correctly.
Today I mostly traded on EA.
Taking a break...after lunch..we will talk about it..

Good day..

 

[remulix]

Excellent idea! Thank you Remulix...
But then i will not learn anything & will not be a real trader isn't it.

Trade well...

Wrong !
You trade real and as long as you get losses you trade the demo account and recover.
It's called "best of both worlds".
It can even help you to acquire your start capital.
There are tons of opportunities to lose money, sometimes it's good to earn some
It's now more than 3 years that I'm living exclusively from Forex and I started from absolutely nothing (just after my enterprise crashed and my house burned) and I can swear that there are much more opportunities to make money "around" Forex than "inside" Forex (trading).
The difference in between a "pure trader" and I is simple, I get money even when I don't trade. That's why I sleep so well. :cheesy:

Have a nice day.

 

[Forexmospherian]

Hi F,

Yes honestly there is a problem with 30 min rule...you spot it correctly.
Today I mostly traded on EA.
Taking a break...after lunch..we will talk about it..

Good day..

Hi Sun

I am off out again in a bit and yes we can chat later

I have posted your EA chart and mine on other thread etc

Glad you traded it today and i will go through time rules more as they help with decisions on bias and of course those blooming BTTZ tease zones - when you get them - as Fugazsy has mentioned - it normally when a lot of traders lose their pants - ie not a good time to trade - etc etc

Speak to you later


F

 

[sun11]

Wrong !
You trade real and as long as you get losses you trade the demo account and recover.
It's called "best of both worlds".
It can even help you to acquire your start capital.
There are tons of opportunities to lose money, sometimes it's good to earn some
It's now more than 3 years that I'm living exclusively from Forex and I started from absolutely nothing (just after my enterprise crashed and my house burned) and I can swear that there are much more opportunities to make money "around" Forex than "inside" Forex (trading).
The difference in between a "pure trader" and I is simple, I get money even when I don't trade. That's why I sleep so well. :cheesy:

Have a nice day.

Agreed...well pointed..."Best of both worlds". Your approach is unique...& I must say I'm inspired... . Honestly I never thought that this thing will work for long run specially for living....I started doing this things just for pocket money at first...But you are a great example. I am an IB too...get commissions from my traders & fund it on my real account..P

Got some cheap vps..Will Re think on your point...

Have a nice day you too...

 

[MajorMagnuM]

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

Yes, its worth sticking at. I find finishing a session early to ensure time for review really helps.

 

[sun11]

Day 82

Hi Sun

I am off out again in a bit and yes we can chat later

I have posted your EA chart and mine on other thread etc

Glad you traded it today and i will go through time rules more as they help with decisions on bias and of course those blooming BTTZ tease zones - when you get them - as Fugazsy has mentioned - it normally when a lot of traders lose their pants - ie not a good time to trade - etc etc

Speak to you later

F

I checked out the post about EA...i wish I could hold that trade upto that longer. But I scalped 1 pip by 1 pip which is profitable for broker. But I was not sure how long it will run...I had 2-4 resistance..ahead...I was trading around those levels. So today no of trade is higher. I run that long because..i was always in BE ...so i thought it will worth to try.

No of trade: 30
PL: 1
Max win: 8
Max loss: 5.6
Win rate: 60%

Cad & GU being bad for me today.

 

[sun11]

Last EA trade & 30 Mins

For example in my last EA trade: I predicted the top in advance & enter from a nice point. But scalped out only for 8 pips, marked the exit in my chart. But originally it moved 68+ pips. What a miss.

When market was touching the black thick LR 270. That time it was 30 Mins past from the last top..So obviously can favour the sell. But I entered earlier from before 30 min formation...so was not sure...how far it will run, closed earlier.



Day is done...I will post live charts tomorrow...on F's thread...
This live session is helping me.

Regards

 

[MajorMagnuM]

For example in my last EA trade: I predicted the top in advance & enter from a nice point. But scalped out only for 8 pips, marked the exit in my chart. But originally it moved 68+ pips. What a miss.

When market was touching the black thick LR 270. That time it was 30 Mins past from the last top..So obviously can favour the sell. But I entered earlier from before 30 min formation...so was not sure...how far it will run, closed earlier.

View attachment 208748

Day is done...I will post live charts tomorrow...on F's thread...
This live session is helping me.

Regards

please tell us exactly why you exited there. what were you thinking to take the exit?

 

[sun11]

please tell us exactly why you exited there. what were you thinking to take the exit?

Morning MM,
I had loss on current day...so if I thought if I miss this trade out of greed. Then it will create more loss..so out of fear closed it.

 

[darktone]

Welcome to the other 90% of trading sun. This is where you really start learning.

 

[sun11]

Welcome to the other 90% of trading sun. This is where you really start learning.

Yes you are right..
Really learning...
Thank you DT

 

[sun11]

Day 83

I think i'm done today...not a good session for me.

pl : -19
no of trade: 9
Max win: 4.7
Max loss: 6
win rate: 33%

I will trade tomorrow...