My Journal - Pathways to Improvement

[keen246]

To sun and all the other beginner traders.

When it comes to the internet and boards like these, you need to be very careful who you listen to regarding trading advice. For every 1 trader who can offer something of value, there will be 50 who don't have the foggiest idea what they are talking about. You need to remember that uneducated uninformed opinion is in the ascendancy. People love to offer up all kinds of advice to help you, but the truth is, most of it could hold you back years and at worst be detrimental to your trading account.

Now, I tell you all this so that you can start asking the serious questions of these so called experts and guru's. If you don't get satisfactory answers from them, then you need to wonder why !!!

So, the first question of any "self proclaimed expert" trader should be....prove you're an expert !

Hope it helps.
cv

I just came back from some holidays. I’m catching up with this thread and just saw this excellent post. It totally summarizes my observations.
I hope Sun read the highlighted parts. That let me to have that “aha” moment a couple of months ago.

Cheers,
Keen246

 

[Forexmospherian]

I just came back from some holidays. I’m catching up with this thread and just saw this excellent post. It totally summarizes my observations.
I hope Sun read the highlighted parts. That let me to have that “aha” moment a couple of months ago.

Cheers,
Keen246

Hi K

I too would agree with C_V - generally 80 -90% of all traders who teach can do you more harm than improve your chances of making it.

One trader / teacher I now who can talk the talk and walk the walk is a guy called Charlie Burton - he featured on a BBC Documentary.

He trades - both his own account and for Funds - as well as teaches using live seminars and also as taken a 10k live account up to approx 100K in approx 2 years - all in front of his followers.

I think he's fairly expensive - and tells it like it is - ie it takes years to develop your skills and all he can do his show you a choice of profitable methods that might suit different traders etc.

I would rate him good - not brilliant - but he can hack it on any size and of course having 15+ years of FX experience - its bound to help.

What you don't want is trainers / guru's with less than 5 or 7 years of history - they need to trade live in front of students and they need to do it on a live account - ideally on a minimum 1 lot size.

If a trainer is not prepared to trade live with ideally 1 to 10 lots per pip - then he cannot be that good. Ideally you need to see his last 2 or 3 years of live accounts - forget sim / demo stuff - they dont count.

Its very rare for any guru / expert to share all the secrets - I maybe share 80 -90% - and then someone like Major Magnum after 18 months started to work the rest out himself.

What everybody forgets on this forum - is I give out my knowledge totally free of charge - and you dont get many traders who have taken over 22k live trades and been scalping for nearly 10 years doing that.

I am sure it really annoys many - but then that's life - I got help on my initial journey - and was grateful for it - and no matter how many traders say it all free on the internet - its like learning to pass your driving test with out any instructor - just reading books - nearly impossible

Regards


F

 

[Fugazsy]

Pl : -19.5
No of trade: 9
Win rate: 30%
View attachment 215374

Lost 10 pips in 3 trades on AU.

Why it happened cause 6994-6979 it created a range. Can I predict the range in advance. No..! That's why when I lost 1st trade on same pair on same zone. I shouldn't be taking the rest of the 2 trades in there.

Lets see, tomorrow I may not be to able to trade. Then wednesday perhaps.

A range is a just a phase where both parts are settling in and nothing more.

Best is to fade the new extremes, many will fade the new extremes in the direction of the least resistance but not all (some will fade both extremes), here you can cover partial at the opposite extreme and let some run in case it was just a pause.

Classic technicality.

For what I can see you entered the market where others where offering to you for a profit.

 

[sun11]

Real 26-01-2016

No of trades:23
PL: -31
Win rate: 43%

We had a talk about it on F's thread.

Today sharing an interesting statistics with time profitable , Entry & exit accuracy & profit missed.




Just look at those profit missed section, I had 15 pips hard stop loss on trades.
It shows that I missed total, 45 pips ! Thats something...

 

[Forexmospherian]

No of trades:23
PL: -31
Win rate: 43%

We had a talk about it on F's thread.

Today sharing an interesting statistics with time profitable , Entry & exit accuracy & profit missed.

View attachment 215576
View attachment 215578

Just look at those profit missed section, I had 15 pips hard stop loss on trades.
It shows that I missed total, 45 pips ! Thats something...

Hi Sun

We need to speed you up

Maybe on demo - you are more relaxed and you enter quicker etc and so make profits

On real live account - you are too slow for the method - awaiting confirmations and missing the lows and highs of wave movements

Its an art and skill and by going on a tick chart - we might be able to speed you up - meaning on good scalps you make and extra 2 -5 pips - and you get out bad trades quicker - under minus 3 or 4 rather than 6 or 8 pips

Also after using a tick chart - a 1 min will appear slow - and thats what I need - you to feel the 1 min frame is slow - that means then you are reacting to price as it happens and then with earlier entries - and you are up say 5 pips a 3 pip retarce will not throw you out etc

If you can always get near to an interim high or low - great example on UCad - 4220 price as a sell - then you are in a position to leave part stakes on

OK that dropped over 140 pips and did not need any more than a 5 pip stop - because once you are up say 25 or 40 pips in profit - 7 or 12 pip pullbacks are no worry - you are still in profit etc

I have posted a t13 tick chart on other thread

It will seem strange for a start - but it should get you reacting quicker

See when you came out the UCad buy with a small loss - you should have then thought - i need to sell - - instead your reaction would be - oops - another loss and your mind would freeze and not look at the sell opportuntity

That sell lasted so far over 3 hrs and still going on

They are the moves you want - not small counter bias trades for 3- 7 pips

Remember - we get bias off the longer LR's and LiTS LEVEL

Once we are in a bias price section - then we should aim to take scalps in direction of the bias - even if we miss out on some counter scalps of 3 -15 pips etc - wait to those finish and then join the bias trend

Also the 30+ time rules can then be breached after 50 -60 mins

Ideally lows or highs holding need over both 30 and 60 mins to be firm - and the 30 min rule only helps from say 25 to 45 mins on a direction - thats if the move carries on

If an interim high or low is breached in under 30 mins - then you know anyway the move is still on going etc.

There is a lot to get your head around in the heat of the moment - but its like anything - the more you get used to it - the better you cope and the easier it gets etc etc


Regards

F

 

[sun11]

Hi F,

Thank for your posting the chart on your thread. I read all your post.
Today I setup my chart on T13 as you shared your chart. Now during this Asian session, i will just look at it & will do little practice. Then from the london opening i will trade on my real account. I have couple of questions regarding lits & last day highlow price. I will post about it in next 60 minutes.

Regards

 

[sun11]

Questions

1. About 20D angle. It get changed every time I zoom in or out. I need to zoom out every time I like to see the bigger picture.

2. So far observing your commentary. You mostly said, buy above lits & sell below lits. What is litz. Line in sand, i know. But any exact definition?

I generally observe that lits are those lines where market change reacted mostly. For example a line of support which became the new resistance. Sort of this,

Am I right?

In general sense, do you buy above last day high & sell below last day low? Cause that generally it make sense in terms of intraday approach.

Your targets are upto next lits area or old top or bottom. But to see the old top or bottom on at tick chart.I need to shift to hourly chart sometimes. Cause I hardly see last day top/bottom on tick chart or even minute if it's one directional.

Last day you said that i am still on swing trading mindset. Not a scalper yet. But being a scalper I barely get a good R/R ratio to draw a positive curve on my account. If i got loose trade for 5 pips & gain trade for 3 pips. R/R is too low. I need atleast 15-20 pips per trade to make it happen. That's why I want to pick those trades which can provide such target. Is this thought it right? In your last post you said similar thing.

No hurry. Answer me at your pace.

Good day
Regards

 

[sun11]

Remember - we get bias off the longer LR's and LiTS LEVEL

Once we are in a bias price section - then we should aim to take scalps in direction of the bias - even if we miss out on some counter scalps of 3 -15 pips etc - wait to those finish and then join the bias trend

Also the 30+ time rules can then be breached after 50 -60 mins

Ideally lows or highs holding need over both 30 and 60 mins to be firm - and the 30 min rule only helps from say 25 to 45 mins on a direction - thats if the move carries on

If an interim high or low is breached in under 30 mins - then you know anyway the move is still on going etc.

Working more on 30 minutes rule.

 

[sun11]

Difficulty on trendline break trading

This is a EJ chart trade taken just now.


Please have a look at it. When you get time. Just to share my understanding about targets & other thing. It's a t13 chart.

 

[Forexmospherian]

This is a EJ chart trade taken just now.
View attachment 215702

Please have a look at it. When you get time. Just to share my understanding about targets & other thing. It's a t13 chart.

Morning Sun

Yes will do

I will explain what you are doing a lot of which is easy to change etc

Going to busy over next 90 mins - but will then spend more time on helping you

I hope you got the EU buy after 7 00 am ??

And even better EA buys - i wanted to sell under 75 - but its shot up


Have a good day - and relax - no pressure or rush - be happy if you only take 2 scalps and hr - dont think you have to hit 4 or 6 an hour


Regards


F

 

[MajorMagnuM]

1. About 20D angle. It get changed every time I zoom in or out. I need to zoom out every time I like to see the bigger picture.

2. So far observing your commentary. You mostly said, buy above lits & sell below lits. [B]What is litz. Line in sand, i know. But any exact definition?
[/B]
I generally observe that lits are those lines where market change reacted mostly. For example a line of support which became the new resistance. Sort of this,

Am I right?

In general sense, do you buy above last day high & sell below last day low? Cause that generally it make sense in terms of intraday approach.

Your targets are upto next lits area or old top or bottom. But to see the old top or bottom on at tick chart.I need to shift to hourly chart sometimes. Cause I hardly see last day top/bottom on tick chart or even minute if it's one directional.

Last day you said that i am still on swing trading mindset. Not a scalper yet. But being a scalper I barely get a good R/R ratio to draw a positive curve on my account. If i got loose trade for 5 pips & gain trade for 3 pips. R/R is too low. I need atleast 15-20 pips per trade to make it happen. That's why I want to pick those trades which can provide such target. Is this thought it right? In your last post you said similar thing.

No hurry. Answer me at your pace.

Good day
Regards

come on

 

[sun11]

come on

I just wanted to verify my understanding..

 

[Forexmospherian]

1. About 20D angle. It get changed every time I zoom in or out. I need to zoom out every time I like to see the bigger picture.

2. So far observing your commentary. You mostly said, buy above lits & sell below lits. What is litz. Line in sand, i know. But any exact definition?

I generally observe that lits are those lines where market change reacted mostly. For example a line of support which became the new resistance. Sort of this,

Am I right?

In general sense, do you buy above last day high & sell below last day low? Cause that generally it make sense in terms of intraday approach.

Your targets are upto next lits area or old top or bottom. But to see the old top or bottom on at tick chart.I need to shift to hourly chart sometimes. Cause I hardly see last day top/bottom on tick chart or even minute if it's one directional.

Last day you said that i am still on swing trading mindset. Not a scalper yet. But being a scalper I barely get a good R/R ratio to draw a positive curve on my account. If i got loose trade for 5 pips & gain trade for 3 pips. R/R is too low. I need atleast 15-20 pips per trade to make it happen. That's why I want to pick those trades which can provide such target. Is this thought it right? In your last post you said similar thing.

No hurry. Answer me at your pace.

Good day
Regards

Hi Sun

9 03 AM

Having a 15 min break - then with you

Done my trading for this morning - so can concentrate on your questions and assist you next on timings and bias etc etc

Regards


F

 

[MajorMagnuM]

come on

it was just a play on the last sentence of your post!

 

[sun11]

Real 27-01-2016

It was a battle.

No of trade: 38
PL = -19 (I was coming around this -15-19 zone many times)
win rate: 52%

Can't share the statement its too big. Good thing is i will get rebate on this. So, my actual pl in money value is -14.

Today myfxbook showing that i missed 12 pips profit.

I should say today it's comparatively better than last day. Honestly today i had 4-5 freaked out times. But handle those by talking with F..:cheesy:

otherwise day could have ended with -30/40 pips loss.

 

[MajorMagnuM]

It was a battle.

No of trade: 38
PL = -19 (I was coming around this -15-19 zone many times)
win rate: 52%

Can't share the statement its too big. Good thing is i will get rebate on this. So, my actual pl in money value is -14.

Today myfxbook showing that i missed 12 pips profit.

I should say today it's comparatively better than last day. Honestly today i had 4-5 freaked out times. But handle those by talking with F..:cheesy:

otherwise day could have ended with -30/40 pips loss.

sorry sun how do u get rebate on this?

 

[sun11]

sorry sun how do u get rebate on this?

For ECN Pro Account Type you will receive Auto Discount of 5% on all commission charges from TickMill + Cashback of $1.00 per round turn lot traded in your Balance from us

Hi MM,

This is what I get. My calculation can be wrong though. I'm no expert. Every time I lost an account, I get 10% return on total deposit back.Only if i purely trade fx market. Offer is not valid for other instrument. So generally I loss 90% of my account balance...:whistling.

 

[sun11]

Real 28-01-2016

PL: -35
No of trade: 17
Win rate :35%

I missed many profit today, Sometimes trade was 2-3 pips. But i didn't close. Expecting 5-7 pips. Silly me, cause this.

This week I am 91 pips loss. I thought i was 100+ pips loss. Anyway. Worst pair was EJ for me.

 

[sun11]

Self analysis.

I was checking something, I made a calculator along with my requirement.

But fact is my avg win rate is 44%
Avg win is 3.5 pips
avg loss is 4.75 pips

Based on all past trade records, almost 700+ real transaction.

in case of demo, 1500+ transaction.
Avg loss is 5.93 pips
avg win is 5.59 pips.
win rate 47%

Means in this 6 months of training, i am able to keep my avg loss around 5 pips. I can be happy with that.

 

[remulix]

Hi Sun,

Your 90% strategy remembers me some Monty Pythons movie...

I'm not absolutely sure that it will bring you consistent return for long term investment.

Have a nice day.

R.