My journey towards consistency

[gftrader32]

short eu ej at 7 03

 

[gftrader32]

short eu ej at 7 03

eu 0

 

[gftrader32]

eu 0

ej +9.9

 

[Forexmospherian]

GM to you and WD

Been some nice moves last hour

Have a good session

Regards


F

 

[gftrader32]

today's stats...


11.1 pips of 5 trades in the morning...

I watched out +15 turns to +6.2...maybe i should've existed it, maybe not...

hopefully more screen time in the afternoon

 

[Forexmospherian]

Remember the great quote --

Failing is always only temporary - it's giving in that makes it permanent ;-)

You will see improvements every week - yes you will have set backs - the market will make sure of that - but with perseverance and study and commitment - you will get there

Have a good week G


Regards


F

 

[gftrader32]

Remember the great quote --

Failing is always only temporary - it's giving in that makes it permanent ;-)

You will see improvements every week - yes you will have set backs - the market will make sure of that - but with perseverance and study and commitment - you will get there

Have a good week G


Regards


F

Many thanks F, will probably get more screen time in the coming days...i hope..


when are you going to be away? when you will be back?

cheers

 

[Forexmospherian]

Many thanks F, will probably get more screen time in the coming days...i hope..


when are you going to be away? when you will be back?

cheers

Away from the 15th - should be back W/E 25th - off Sailing round Greek Islands - done it a couple of times now - and looking forward to it

 

[gftrader32]

Away from the 15th - should be back W/E 25th - off Sailing round Greek Islands - done it a couple of times now - and looking forward to it

seems nice and refreshing...enjoy it F, you deserve it...

hopefully by the time you return, my win % will be over 60%

AND got rid of the short bias...

best wishes

 

[Forexmospherian]

seems nice and refreshing...enjoy it F, you deserve it...

hopefully by the time you return, my win % will be over 60%

AND got rid of the short bias...

best wishes

You will get there - I feel sure of that

Trouble is you might then think - OK but how can I do it live with say $20 or $40 a pip on ??

Its a case of the more history and proof in your locker from loads of trades that will give you the confidence.

You will have losses - get used to them - keep them small and then enjoy the wins that make over 15 and 25+ pips - because you will also have them everyday.

I have not seen MM around - dont know if he's back this week - but when you see him about - he can offer you some more info on what he went through - and he was pulling his hair out many times - on his last 6 months journey Live

Step by step and one day when you make a live $500 or $1000 - always remember that day - and think what I told you ;-))


Regards


F

 

[gftrader32]

You will get there - I feel sure of that

Trouble is you might then think - OK but how can I do it live with say $20 or $40 a pip on ??

Its a case of the more history and proof in your locker from loads of trades that will give you the confidence.

You will have losses - get used to them - keep them small and then enjoy the wins that make over 15 and 25+ pips - because you will also have them everyday.

I have not seen MM around - dont know if he's back this week - but when you see him about - he can offer you some more info on what he went through - and he was pulling his hair out many times - on his last 6 months journey Live

Step by step and one day when you make a live $500 or $1000 - always remember that day - and think what I told you ;-))


Regards


F

Not sure if you read it in my thread somewhere, but my plan is to stay on sim 6-8 months..trouble is every day i get this question demo vs live even the smallest size...

i guess here you give me the answer of that question....so i am gonna stick to my plan... no need to rush it...as you say "more history and proof in your locker from loads of trades that will give you the confidence"..

i'll check with MM when he is back...

re $500 or $1000..consistency is my goal regardless of the $, i wanna day in day out with $X... many say it's impossible... i will have losing days, weeks, month...i don't believe it is the case..you gave example that is possible..so this should be cleared from my head....

the other thing is drawdown... many say each method/system will have drawdown no matter how good the system is...well again... i don't think you every had drawdown? maybe you comment on this? so for example... do you have a graph for p/l? not in terms of $ but like it shows drawdown etc?

 

[Forexmospherian]

...................................

............................................

the other thing is drawdown... many say each method/system will have drawdown no matter how good the system is...well again... i don't think you every had drawdown? maybe you comment on this? so for example... do you have a graph for p/l? not in terms of $ but like it shows drawdown etc?

OK - will explain my last 5+ years whilst been in full time mode

I have in well over 10k + live trades never had more than 7 bad consecutive losses or trades.

Many days I might have 2 or 3 - but after suffering 7 bad trades in a row when on larger stakes sizes - I knew I could never allow that to happen again - and did something - that will not stop it all together - but makes the chance of having more than 6 bad losses in a session fairly remote.

At one stage I was using 2% + stake sizes - so knew I could risk a 14 -15 % drawdown

On larger Capital accounts - I mainly stay under 1% stake on a scalp and even as low as 0 3%. So if I had 7 bad losing trades all stopping out at 5 or 7 pips - the maximum I would lose in a day session would be say 7 -8% - max

Ok if I had 2 or 3 bad days in a row - then a worry - but in last 3 years never had 2 losing days in a row anyway -in fact rare to have a losing day - even if I only end up with 3 or 5 pips - its still not a loss.

The main reason is I treat my day - like some traders treat a week or month. I split it up into 30 min sessions and if i have to would work over 20+ of them - just to make sure i remained with a few positive pips.

Normally though - 3 or 4 x 30 mins sessions and i can make my daily target of 50 pips - which was for years originally on 25 pips then 30 pips.

So I factor in - I might have 3 or 4 or rarely 5 losing trades - but that's still maximum only say 20 pips

I get anything from 10 to 30 consecutive wins many 2 or 3 day periods - I believe MM has already had a total of over 40 or 50 wins in a row with no loss.

I will only leave trades on longer than 30 mins with stops in profit - so its a win / win - ie after 2 days I will either be stopped out with just a few pips - or I might make 70 or 150 pips - BUT - I will not come out minus 20 or minus 35 pips

So consistency for me - is making 1% to 10% per day - anything more is really too larger risk or stake size and not having a losing day - and if i do have a losing day - it probably only going to be minus 1 or 2% not 8% or more as i am bound to have some winners over a 10 -12 hr session

Its very rare any retail trader even tries this - as they are "brainwashed " by the industry that it cannot happen and you will have losses. YES - I have losses - sometimes 2 or 4 a day - but my wins will be more.

Also you have to have a very disciplined approach - I would never have spent so much time blogging in my first 2 years full time - as I needed 100% focus - but nowadays its a lot easier - and I don't push myself so much as also not trying to make over 200 pips everyday .

Blogging has helped me progress - but everyone is different - i like pressure - but it as to be positive pressure - ie not risking say 50 or 100 lots on a scalp - but just catching falling knives and jumping on moving trains etc - with stakes I can easily cope with. - ie 7 bad consecutive losses on scalps at minus 3 - ie minus 21 pips at $30 or $50 dollars a pip is not nowadays going to give me sleepless nights

Losing $10k plus in a day a few times - would ;-))

Hope that helps G


Regards


F

 

[gftrader32]

OK - will explain my last 5+ years whilst been in full time mode

I have in well over 10k + live trades never had more than 7 bad consecutive losses or trades.

Many days I might have 2 or 3 - but after suffering 7 bad trades in a row when on larger stakes sizes - I knew I could never allow that to happen again - and did something - that will not stop it all together - but makes the chance of having more than 6 bad losses in a session fairly remote.

At one stage I was using 2% + stake sizes - so knew I could risk a 14 -15 % drawdown

On larger Capital accounts - I mainly stay under 1% stake on a scalp and even as low as 0 3%. So if I had 7 bad losing trades all stopping out at 5 or 7 pips - the maximum I would lose in a day session would be say 7 -8% - max

Ok if I had 2 or 3 bad days in a row - then a worry - but in last 3 years never had 2 losing days in a row anyway -in fact rare to have a losing day - even if I only end up with 3 or 5 pips - its still not a loss.

The main reason is I treat my day - like some traders treat a week or month. I split it up into 30 min sessions and if i have to would work over 20+ of them - just to make sure i remained with a few positive pips.

Normally though - 3 or 4 x 30 mins sessions and i can make my daily target of 50 pips - which was for years originally on 25 pips then 30 pips.

So I factor in - I might have 3 or 4 or rarely 5 losing trades - but that's still maximum only say 20 pips

I get anything from 10 to 30 consecutive wins many 2 or 3 day periods - I believe MM has already had a total of over 40 or 50 wins in a row with no loss.

I will only leave trades on longer than 30 mins with stops in profit - so its a win / win - ie after 2 days I will either be stopped out with just a few pips - or I might make 70 or 150 pips - BUT - I will not come out minus 20 or minus 35 pips

So consistency for me - is making 1% to 10% per day - anything more is really too larger risk or stake size and not having a losing day - and if i do have a losing day - it probably only going to be minus 1 or 2% not 8% or more as i am bound to have some winners over a 10 -12 hr session

Its very rare any retail trader even tries this - as they are "brainwashed " by the industry that it cannot happen and you will have losses. YES - I have losses - sometimes 2 or 4 a day - but my wins will be more.

Also you have to have a very disciplined approach - I would never have spent so much time blogging in my first 2 years full time - as I needed 100% focus - but nowadays its a lot easier - and I don't push myself so much as also not trying to make over 200 pips everyday .

Blogging has helped me progress - but everyone is different - i like pressure - but it as to be positive pressure - ie not risking say 50 or 100 lots on a scalp - but just catching falling knives and jumping on moving trains etc - with stakes I can easily cope with. - ie 7 bad consecutive losses on scalps at minus 3 - ie minus 21 pips at $30 or $50 dollars a pip is not nowadays going to give me sleepless nights

Losing $10k plus in a day a few times - would ;-))

Hope that helps G


Regards


F

every time i think i know how you trade f, you surprise me with new stuff...

never thought of trading as you describe it here...

i need to re-read it multiple times to digest it fully...

cheers

 

[Forexmospherian]

every time i think i know how you trade f, you surprise me with new stuff...

never thought of trading as you describe it here...

i need to re-read it multiple times to digest it fully...

cheers

We are getting down to all the "devil in the detail" stuff here - because many of the things I have been doing in last 3-4 yrs - I was not doing in my first 3 yrs of full time - ie covering more than 3 FX pairs daily and also looking more for the simultaneous - or slighty-sequential multi scalps.

I also never realised until I had been full time a few years how its so important to get points on the board ( pips in the kitty ) prior to 9 30 am and that by doing that i could chose whether I only take 8 or 10 trades in the day session - or whether I might need to take more than 16+ scalps - to ensure I reached my daily targets etc.

Its a numbers game and until I became more experienced - I was not always able to cut losses under 2 or 3 pips and still thought allowing even 8 or 9 pip stops was OK.

Also i have only been pyramiding and peeling more in last 4 years - at one time I was just a straight forward scalper - just entering and exiting with anything from a few pips to 20 pips. Now I focus more on 7 -25 pip moves - but will always try and let them run if I think there is a bigger move there with my stop still in a small profit area. Without 4 -5 yrs of part time scalping - I would have never been able to progress to even thinking of RR trades with a possible 10 or 20+

This is like a speed learning course - ie condensing 13 yrs of experience with 7 yrs full time on to a few traders and hoping they can take it all in under 6 -9 months - and maybe with 2 years max - they should be at a totally different level

GL


Regards


F

 

[gftrader32]

Short uj at 6 30

 

[gftrader32]

short uj at 6 30

+0.1

 

[gftrader32]

short uj long eu 7 53

 

[gftrader32]

short uj long eu 7 53

-2 eu

uj -3.7

 

[gftrader32]

short ej 7 02

 

[gftrader32]

short ej 7 02

and au