Trading Naked - Part 2

[Vaco]

not questioning your set ups mate, just saying that breakout plays before anouncements generally dont work out.

 

[mb325]

not questioning your set ups mate, just saying that breakout plays before anouncements generally dont work out.

Sorry if i came across a bit aggressively there Ele! I was just a bit annoyed with the markets as what you've said is exactly what I expected this morning i.e. chop...it's just typical that i miss the one blatant opportunity which would've resulted in some +pips!

 

[Vaco]

np mate,

thing is its always easier to spot the set up after the event, how many chop chop trades would have been taken today before the perfect one came along.

I know were looking to trading price in this thread but theres nothing wrong with considering the human element which will effect the behaviour of the market.

It was unlikely that we were gonna get a significant rally before the anouncement.

 

[mb325]

thing is its always easier to spot the set up after the event

I didn't mention it in my original post for some reason but i was actually entering an order to buy at that level when price went through it very quickly. You're right though, should've been sitting it out anyway i think.

 

[Vaco]

now if only the boe had done something unexpected we could have got a nice move going instead of more of the old chop chop, the yanks dont seem to have caused much of a stir with unemployment claims either.

still cant complain we had a great start to the week.

 

[foredog]

Looks like one of those mornings for cable, lots of long wicks and chop. I guess this is why a lot of people don't like Fridays

 

[mb325]

I was in on the drop at around 6.55AM but it stopped about 5 pips away from PT1 maybe should've been aiming at the previous R in case it became S instead.

 

[foredog]

Anyone managed to catch anything this morning. Nothing to catch my attention since 7am break lower.

 

[Bloodhound]

Looks pretty uninspiring to me but a couple of thoughts?

 

[Bloodhound]

Both of the above now invalidated so maybe this instead....

 

[Bloodhound]

Hello Everyone,

Finally moved into new house yesterday and hoping to be back trading full time in the New Year.

Vinnie, not sure if you're still looking at higher tf's for levels with tight M5 entries etc. but these 2 charts may be of interest?





Happy Christmas and prosperous 2010 to all!!

Rob

 

[Vaco]

i stay away the two weeks around xmas.

merry xmas to you and i hope you can start to relax now after the move.

 

[HawkTrader]

Hello Everyone,

Finally moved into new house yesterday and hoping to be back trading full time in the New Year.

Vinnie, not sure if you're still looking at higher tf's for levels with tight M5 entries etc. but these 2 charts may be of interest?

View attachment 72002

View attachment 72004

Happy Christmas and prosperous 2010 to all!!

Rob

Good to see that's all done and dusted and that you're back in business, Rob!! I'm looking forward to the new year of trading, and hearing everyones idea of naking trading. Bit cold a the moment though. :innocent:

i stay away the two weeks around xmas.

merry xmas to you and i hope you can start to relax now after the move.

Yep, I gave up two weeks ago after a loss + everything getting really slow. Since I've only been trading for about 8 months I've never actually experienced trading pre and post Christmas/New Year. Any idea when things will be back to "normal"? 4th of Jan perhaps.

Wishing you all a highly profitable 2010!

 

[Splitlink]

It never is! Always something different.

I trade a bit closer to Christmas than you. I've got friends staying in Barcelona so have to give them some attention. Still, maybe Tuesday and Wednesday might have something tradeable for me, then it's wait until the New Year.

 

[HawkTrader]

Greetings naked traders! I hope you are all having a great time and enjoy your break, it's not long until I'm back trading so I am starting to get thinking about it. I'm going full-time in 2010 so I am planning ahead, some of you won't need to do this as you probably already have goals and risk management set for the new year, and I, on the other hand don't...

So I would like to make a personal trading vow, to and for myself.

I realise that to become a truly professional trader in this business, I must treat each trade as if it is a million pound deal. I have told myself to keep a journal in the past, yet I always strayed away from it, especially in periods of wins. I will now try to remain disciplined, as this is the start of a new year so I feel physiologically fresh. I will also try to keep to a set day plan, to keep my sanity but still remain flexible to some extent.

In this journal I will keep note of every trade I do, and pretty much every intesting move I see even if I wasn’t a part of it. I will pick a few of the most interesting pairs for updates throughout the day, and a final end of day review for all the currency pairs.
I will record my analysis and thoughts of the following currency pairs;

• GBP/USD
• EUR/USD
• EUR/GBP
• EUR/JPY
• USD/JPY
• USD/CAD
• USD/CHF
• AUD/USD

In my analysis I will record where price is and how it is reacting in relation to;

• The previous day’s low, high, open and close,
• The previous week’s low, high, open and close,
• The Tokyo range (low, high, open and close),
• The London range (low, high, open and close),
• The US range (low, high, open and close).

And also other information such as;

• What the average intraday ATR is,
• How price is coming into potentially important longer term Fibs (Daily, weekly),
• How price behaved before and after news releases,
• What the news item was, what were the expecting numbers and actual,
• How FX price action relates to Commodities such as Oil and Gold and Indices such as the FTSE 100, Dow Jones and S&P 500,
• What happened in the Tokyo session, was there a lot of action? What was the overnight range size?
• What happened at the London opening,
• What happened pre-US session,
• How price behaved when the US market opened overlapping the European session.

Psychological aspects;

• Record my thoughts and feelings about the day, the trade etc,
• Record my opinions of market action.

(Continued into next post)

 

[HawkTrader]

(Continued)

As I said previously, I must stick to some sort of daily plan otherwise I might go insane! Previously I found myself bored when waiting for those levels to be broken or that order to be hit... I sometimes would check my email, do some other stuff and then end up missing things completely. Time to stay more focused!

My daily plan will be loosely followed to this regime;

1) Awaken between 5-6am,

2) Breakfast and/or shower finished by 6:45am,

3) Watch and trade the Frankfurt open at 7am, take a screenshot and post on my journal,

4) 15-30 minute break from PC at around 9:30am or whenever high impact news releases are out to avoid market volatility. Take a screenshot of chart 5 minutes before break/news release and another when back from break. Record in journal which news item it was, what the numbers were and what happened before and after.

5) Have breaks in between Europe lunch time and before US open if markets are slow,

6) Get ready for US open around 11:00am and look back at how price reacted to Sydney, Tokyo and London levels and take a screenshot of the US open

7) Trade the US open from 12pm until London close at 4pm,

8) Look back at day’s trading with screenshots of the day’s close.

My motto is "Stick to the plan, 'cause the market ain't listenin'"!

 

[HawkTrader]

I hope I'm not taking over here (nobody is around anyway!) but I'd like to talk a little about trading goals and risk management of those goals.

I need some goals to work towards, something realistic but not so easy. For example, one of my daily trading goal is to finish the day (profit or no profit) with 100% of the trades exactly to my trading plan. The trouble is, I have no idea how to reward or punish myself, but in the T2W trading plan template I read that a tiny glass of alcohol before bed could be a good reward. So now if I finish the day in my plan, I will have a sip of something before bed, if I chose to. I hope I don't become too good at executing my plan otherwise I might become an alcoholic!! :smart:

Another longer term goal I have to is to increase my wins percentage by 10% and win/loss size ratio by 0.2 by the end of the first trading month. Again, I have no idea how to reward myself for this, or is the fact that I've completed it enough? What if I fail, do I punish myself? I wanted to think of something that doesn't necessarily involve money, something small like the glass of alcohol before sleep. I have thought about involving exercise into it, such as when a soldier in the military doesn't do as ordered, he would have to do 50 push ups even though they already have an exercise plan.

Perhaps a losing week = having to do an exercise that one doesn't want to do? I keep to a fitness plan, but I hate running. Maybe after a losing week it's good for your mind and body to take a run and release some stress over the weekend. Of course, that means I'm rewarding myself with alcohol and punishing myself with exercise .

Any better ideas?

 

[Vaco]

gl mate,

talking of preventing yourself from going insane, you should add a plan for socialising/getting out the house through the week as well, without getting drunk or staying out too late as this would mean you are not at your best for the next day but definately something which involves meeting with other people in non trading activities.

All the best.

 

[HawkTrader]

gl mate,

talking of preventing yourself from going insane, you should add a plan for socialising/getting out the house through the week as well, without getting drunk or staying out too late as this would mean you are not at your best for the next day but definately something which involves meeting with other people in non trading activities.

All the best.

Thanks mate,

Yes of course, socialising is a very important factor since trading at home can get pretty tiresome and very boring at times. I prefer to do something stimulating rather than getting drunk . During the week I tend to just take a stroll and get some fresh air as there isn't much happening. I meet with friends on the weekend to play music in pubs but unfortunately most of the music is happening late on a Sunday and I'm usually in bed by 8pm...

Say good bye to fun, say hello to bloodshot eyes!

 

[blancspa]

(Continued)

As I said previously, I must stick to some sort of daily plan otherwise I might go insane! Previously I found myself bored when waiting for those levels to be broken or that order to be hit... I sometimes would check my email, do some other stuff and then end up missing things completely. Time to stay more focused!

My daily plan will be loosely followed to this regime;

1) Awaken between 5-6am,

2) Breakfast and/or shower finished by 6:45am,

3) Watch and trade the Frankfurt open at 7am, take a screenshot and post on my journal,

4) 15-30 minute break from PC at around 9:30am or whenever high impact news releases are out to avoid market volatility. Take a screenshot of chart 5 minutes before break/news release and another when back from break. Record in journal which news item it was, what the numbers were and what happened before and after.

5) Have breaks in between Europe lunch time and before US open if markets are slow,

6) Get ready for US open around 11:00am and look back at how price reacted to Sydney, Tokyo and London levels and take a screenshot of the US open

7) Trade the US open from 12pm until London close at 4pm,

8) Look back at day’s trading with screenshots of the day’s close.

My motto is "Stick to the plan, 'cause the market ain't listenin'"!

my best trades usually happen when I am not involved too much