Thank you for starting this thread! I share the same issues it sounds like. Last year, I had a deposit of $500, grew it to $900 and blew it up all in 1 day. Decided since then to just stay in practice mode. I look forward to seeing how you do. As for USDJPY I am def. seeing a short this week.
Today has been...
Death of a thousand cuts...
Have fed one third of my losses in commission which is embarrassing and a true sign of over trading. In case you're trying to count how many trades, I will tell you. 25!!! 25 trades, mostly in groups of 3. I started the day well and got a nice profit in the bag buying UJ yes that's right, going with the trend. Then I TP, and looked for non existent reversal and did some prolonged trading self harm. #sigh. $100 or 10% loss today but my worst loss was only $14 (itself an ok loss, there were just too many of them)
Back to work tomorrow and I need to go clean my house for guests now, which is also annoying but at the same time we are now entering the dead zone for a few hours and another one of my rules is not to trade this time of day. UJ is now ranging sluggishly.
Hi there ! May you learn lots ! Don't pick up habits from my trading today though, all very bad!
I just wanted to add these charts. Besides my issue with general trading ability, finding the right comfort zone platform to grow from has been a bit of an issue.
Finding flow and minimising the risk of flood, whilst continuing to evolve. I'm happy with my account size atm so what I want to do is work on consistency. Previously I have traded at levels that have put me firmly in the emotional flood zone, so stressed that I've been completely unable to perform, and I don't want to trade smaller. I accept my position and trade sizes and risk.
I also want to add this. Besides the fact that I find the Asian session is optimal to trade 2-5 hours into session, I also know that after 3 hours trying to scalp my skill deteriorates markedly. Part of the reason I performed so badly having time off work to trade full time was that I thought I needed to trade all day. Inevitably I would do ok in the morning then lose it all in the afternoon.. HALT explains a lot
Hope you're killing it today. Down she goes.
Yes indeed , reasonable room to move, to breathe. Cheers
I'm back at work today so no trading but I wanted to write down my initial success story.
So 3.5 years ago now (give or take) I went live with a $500 account. I placed a .4 lot sell on UJ with a 5min bear candle break down after a tight range (2 hours into Asian session), set a SL probably 5 pips up, and walked away. I literally walked away. My first day, first day live trading, I made my decision, place a trade, set a SL, and went for a walk. 2 hours later my $500 account was at $750. The next day I did the same again. I doubled my account in 2 days and laughed at my beginners luck.
Now of course I know it actually wasn't beginners luck, not really. It actually had some fantastic core rules for an excellent system.
My experience that floats in my head (and may be wrong) is that after the first 2 hours of the Asian session a yen pair
-approx 2 days out 5 move in 1 direction 15-25 pips then stall and retrace
- approx 1-2 days out of 5 trend for minimum 4 hours (>25pips)
-approx 1-2 days be range bound and challenging and annoying within 15 pip range
Please don't jump on my approximations, I'm going to put them to a test in an experiment. I'm just not sure how atm . Contributing to my initial success was the fact that I only placed 1 trade (no over trading), and the high RR 1:20 approx.
I'm at work atm and have a job to go to. TBC....
I'm stuck between conscious competence, and conscious incompetence. Still over-trading, and I was stupid enough to try EU longs during the doldrums today, akin to water torture. Then I had to abort and try sleep before work. My trades can be assessed via the TE, but I can't recommend it. In fact, don't look.
A bit like my romances...
well yes. I bought EU at resistance, with 4 trades instead of none, and killed the little daily profit I had.. and it was torture for 2 hr 10min. I suppose it would count as a very bad date. Fortunately it wasn't a sleepover.. no extreme morning regrets.
Daft dates can still have moments of fun, even if you now you're highly likely to regret them ... unless the date is EU, which is a dud date. It definitely needs to work on performance.
I always thought that Ambo's would make great traders.....
Think outside the box
Calm under pressure
Patient (trade) management
You should be a bzillionaire by now.
At least your equity curve is heading in the right direction now. Perhaps you need to go back to "setting and forgetting". Go for a walk. Get away from the trade once it is on.
There is nothing to be gained (apart from stress) by riding every tick as if your life depended on it.
If you have set your stop and a take profit when you were thinking clearly, then nothing has changed once the trade has triggered.
Leave it alone and get away from it, otherwise you will get that "should have done this/why didn't I do this" feeling....and as you probably know.....it's not healthy.
Good luck Mate.
Hi Michael thanks for your response. I have related trading to work and come up with some pros and cons
At work I assess a patient in about 2seconds . 2 seconds is all it takes to see if a patient needs immediate intervention or is compensating adequately. I can look at a chart and in about 2 seconds see if theres a good looking trade or not. That bit is fine.
My problem is more overtrading/ too many trades at once/ trying to snatch a few quick pips inevitably buying at resistance or selling at support. I was super super lucky with my account yesterday. I was really tired between shifts (again a time I should NOT have traded) and lost emotional control and 20% of my account !!! My partner came home I was distracted (and lost another 5% for good measure).. it was all a disaster. I came out of it ok by holding NZDUSD longs into a big upswing, and holding out for bigger pips to cover my losses whereas I wouldve normally have TP a lot sooner. A big problem yesterday was that after I saw the fantastic 4H bull candle for NU and I thought it looked like a great potential long, I over traded in the range pre breakout. I should've been more patient for an optimal entry on higher TF as I was looking at 4H candle, not swamped poor entries . Poor execution after identifying a good potential trade. Already in my journal I've dealt with this same situation over and over and my account is only 1 month old. I feel a bit like an addict repeatedly making the same mistakes and then breaking promises. My course needs to be smaller/fewer trades for longer TF bigger pips. Anyway it's my battle with myself and it's a big one.
I guess even the logical and methodical can struggle with poor impulse control at times. That's my kryptonite, impulse control.
On the upside (and it's a poor upside at that) I know im not alone on FF with my issues, I am POSITIVE theres a whole swag of similar numpties sabototaging their accounts. Next week is a new week, here's to moderation and control, and only trading in optimal emotional conditions!
Thanks for the kind words and support,
Sorry to bother you again, but you mentioned the NU H4, so I thought I would have a look...(as I do....nosey bugger)
I looked at it from a couple of methods.Obviously not from the M5 level.....I just have never been able to get my head around those lower time frames. My brain has been well fried over the years, and "apparently" I'm not getting any younger according to my Wife.
Anyway.....I don't know if you have ever looked at TooSlow's 1-2-3 thread.....
A quick look at the H1 chart....
Candle A made a new low for the day.
Candle B did NOT make a new low for the day.
Enter at the OPEN price of Candle B when price moves back over that level.
In this case, a 5 pip stop is all that was required.(below the days low)........a 10 pip trailing stop would actually still see you on the trade, as you wouldn't yet have been stopped out.
And a look at the H4.....
Candles W & X formed an Inside Bar setup.
Candle Y then proceeded to "false break" the lows of that setup.....and finished off closing within the parameters of the Inside Bar setup (very important that it closes there)
A "safe" entry level would be at the break of the Highs of the Inside Bar setup....or the High of candle Y......or, in this case, the Open price of candle Y.
Price then HAS to be going in your required direction to trigger the entry.
And similar to the previous setup....a trailing stop of 10 pips would still see you on the trade.
Pretty much "set and forget" trading. You can go and clean up after those pesky B&Bers.......go to the pub......go to work.....and just let those puppies go.
Best of all....if you aren't in front of your monitor.....it's a bit hard to overtrade, and even easier if you pick just (maybe) 4 pairs.....and don't look at anything else.
Sorry mate, but I am a big advocate of TooSlows method, and I just can't help myself. (the H4 method is a whole different kettle of fish again)
Have a great weekend. I'm off to the pub
Cheers Michael. Yes I stalk the 123 thread and the highest open thread . TBH I havent tried the system as I have a sense of my trading style forming rather elusively through the fog of my brain and I'm trying to focus on bringing it into some form of meaningful fruition.. so I havent tried the 123 yet. In my head I have it as trading triple candle hour reversal.. I hope my head hasnt got that wrong. I'm on my phone atm so I will review your post in full later. I took a screenshot of my trading seconds from disaster, on a rather hectic 5min TF. I will retrieve it and post it. A good lesson..
Great day for the pub, beautiful and sunny here in nsw.
Last one....I promise
If you wanted a bit of a clear picture about the 1-2-3 method, I posted an explanation for some people on post #8167 if you get bored with life
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