DislikedPrice took my SL and I have resumed my short trades. Here is the statement;
http://machiavelly7.mt4stats.comIgnored
RT
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DislikedPrice took my SL and I have resumed my short trades. Here is the statement;
http://machiavelly7.mt4stats.comIgnored
DislikedHi Machiavelli,
Yes PA is the backbone of my trading and i have mastered it well. I am also very happy that my accounts are growing. That article you have put(Its Not The System or The Market) is fantastic,especially patience, which most people lack and that is what blows accounts. This week i watched my colleague at work who was fighting the market saying that the market has taken her money. I usually say that losing is part of trading and succeess if you analysed the market very well and had reasons of putting the trade. When i lose these...Ignored
Dislikedohwell, a bump in the road. The better countertrend option was funnily at the bottom with the Pin Bar then IB combination (a personal favourite) that had a very small risk and would have run at least 3x R/R. Back to it I see your short again. Daily has a Pin bar, albeit very small in comparison to the larger move the day before but it is at a PZ of previous S/R. I hope it works out well for you
RTIgnored
DislikedHi Razor. Please explain this post. I am a little behind with these terminologies. Thank youIgnored
DislikedComments were just observations.
For me the better entry long would have occured at the base of the swing with the Pin bar and then Inside bar following. It is a personal favourite of mine because I like to trade Pin bars that are confirmed by the break or have something that shows there is a better chance that the previous direction has come to a halt, the Inside bar being one of these. The Inside bar offers a variety of trade options when combined with a swing low/high pin bar but thats a different topic and while it all looks good in hindsight,...Ignored
How then should a trader deal with these issues? My opinion would be to have a system with a defined edge as the first step. Know the mechanics of your system. Know why it actually works. Know when it's most likely to lose and avoid trading during those times. The reason traders lose sometimes is because they are using the wrong system for the prevailing markets e.g., using a trend-following system during ranging periods.
Once you have the system with clear entry point, define the exit strategy. Know the exact reason why you will exit your positions. Having a stop loss set somewhere is not anywhere close to having an exit strategy. Knowing why the Stop Loss is where it is, is the strategy. That way, even if price moves against you, you will be patient until the SL is hit or until the trend signals it has changed direction to your satisfaction.
The issue of Take Profit is one of the hardest nuts to crack. Now, there are several ways to take a profit
My take on these two issues is to have a sober mind. Have a really good reason why you have entered a trade and how and why and sometimes even where you plan on exiting that trade. That way, your emotions wont come into play in between. However, if you just enter trade because there is a nice entry set-up, you might find yourself losing it when price goes against you. You will however keep your cool until you have a reason to exit. A reason you had before you clicked BUY.
I hope this article helps someone someday.
Anyway, back to my trade. we are now at -26. I know very very very well where I will exit that trade with a loss. However, I am yet to decide where I am going to exit with profits. i have already made my 45% for this week so Im just using these trades to learn and get a feel of the markets. I have very many hours on the charts but I never get bored with them. I sometimes even look at the charts at the weekends. Just to see how it went down,hahahaha.
Oh my, seems like price really wants to go the other way. No wait, I cant exit until price closes in the direction of the reversal. As I always say, and I repeat here for emphasis, wait for the close. Always wait for the close. Let this phrase reside in your heart and soul and mind. Say it over and over again to yourself. I know some of you don't work with closes and it's alright but I need to remind this to myself over and over again.
I will be giving some pointers later on in my blog about stops. Topics covered will include:
1. Going Beyond The Noise
2. Maximum Adverse Excursion
3. Tight stops
4. Using A stop that Makes Sense
5. How To take profits
6. Purpose behind profit-taking Exits
7. Simplicity and Multiple Exits
8. Just using Your Stop and a profit Objective
9.What To Avoid
10. Exits Used By Common Systems I and II.
Be sure to join me then.
My exit strategy is for price to close below the BB MA and stochastics to cross below 50. I have to admit, My entry was a little off on this trade. I did not wait for the candle to close when I entered this trade and this might cost me an additional 15 pips. but its fine with me, its the process and cost of learning and instilling discipline.
Well, its now 0338hrs local time. I have been typing for a whole hour and I have to pen off. Let me leave you with the chart as it looks. I am contemplating adding to my long positions if price closes above the Daily Pivot and CCI moves above blue line!!!!!
Happy trading everyone. Happy Thanksgiving!
DislikedMachiavelli,
Thumbs up for you buddie, very organized trading and a very nice attitude.
Your journal is a good example of how it must be done.
I wish you all the best.
Kind regards.
Red.Ignored
DislikedA few pointers about this Journal.
[list=1][*]I started this thread on the...Ignored
DislikedThe weekend is finally here. I've gotta repay myself for all those hours in front of the screen. Not that I hate it, but i gotta remunerate myself,no?
I have closed the short trade and opened a new trade. The trade I closed made me 93 pips equaling $1858. I have entered a 0.2 standard lot trade short on the pair though, just to ride the rest of the trend. Once I go out, i don't like thinking about my open trades and I'm sure a 0.2 trade cant pinch that much. The trade is currently - 20...Ignored
DislikedGood job mate,
I was relaying your story around a few like minded friends during a 5 hour spa session (drinking of course) and the topic got to people who have turned small accounts into phenomenal wealth. It is improbable, I have said it a million times, but not impossible and it takes someone who can step back emotionally from there money and trade. The difference is the risk. If someone was trading you exact signal but with 2% risk they would cop little if no flack at all but because you take the bold stance of risking 10%+ per trade you will...Ignored
You know something Razor, it also has to do with your belief. If in your guts you know you can't do it, don't try it. If you know you can, and you have done it over around 2 years, then why not. I have been doing my maths, since January 2009 when I started with $250, I have made over 10% per week compounded. Well, I didn't make the Milli but one day I will get there. I am only getting better.
If I could do it on a $250 account, I can do it on any account. With a $100 I'd probably go slow, you know, risking around 5% per trade due to the limited space but I believe it CAN be done. I am in the process of eliminating my emotions. Like the last trade I took. It looks very easy from hindsight but it wasn't. But I took it anyhow and went to bed too.
About the time component, I have said its a goal. I could make less or more. I could have a losing week. It doesn't mean I'm not trading well. Its all part of trading. But considering Ive had less than 4 losing weeks in 2010, I would say that is well taken care of.
DislikedHi bro,
I can see the passion you have in writing and trading. I read each and every post you write here.I know that very soon you will become a full time trader. Your journal explains everything you are doing with each and every trade you take and how you manage it. I have the same goal of having an account of 100000$ and above i started with 200$ and now i am over 1000$. Although my journal concentrates on one account i have other accounts.My problem is that i am a bit lazy in updating my journal, but i usually update after taking any trade with...Ignored
DislikedCould you give your indicator settings. I am a bit confused. Thank you. RHIgnored