Perfwill's Journal- Profitunity Short-term Trading

Hello everyone, I'm a teen trader from Asia, born in 1995.
After weeks of loss, since the beginning, only losing, totally losing, no single winning week, after weeks of seeking and finding a good way to trade,

a big thing happened.
I started learning the Profitunity trading method from Bill Williams's book. Then it totally changed my trading life. I started to trade profitably, and fairly consistently.
And I found the first winning week ever .
I am just halfway through the book, there's still a lot to learn. And my trading skills are still very immature.

So I decide to start this journal, to write down the progress, the charts, the judgements, the decisions, the analysis, and the lessons I learn from trading, daily, and to grow faster, to learn from myself and from you - the great guys at forex factory .

Wish this will be a helpful thread


Note: Just training myself with demo trading

Analysing the Profitunity MACD in M1, I could see I'm in wave 4 of EW in a downtrend. So I expect a new wave 5 down.
Looking at M5 (my main TF)
A bull candle is finished and the MFI shows a squat (orange color).
So I decided to give it a short.

Short, entry triggered on 25/1/2011, at 15:11 GMT.

As expected, it made a wave down, the wave didn't last long, a truncate happened (I anticipated it and didn't target much). The price almost reached my TP, I should have set my TP level a litte bit nearer . I had to close it prematurely and get 3 pips bcz the Elliott Wave ended.

LESSON #1 for me (learned 3 times already ^^!): don't be greedy (even a little) when you're in the end of the trend, after a strong wave 3 and expect a truncate of wave 5.

More posts to come with better screenshots and better description

Hey, keep on trying Perfwill

I have a lot of stuff on your chart. Maybe in the beginning less is sometimes more (I don't know how much experience you already have.)

Furthermore, maybe you try to start off with larger time frames, which of course means less action. However, you will have clearer signals and in the beginning its easier to trade on 1h + instead of 5m time frame.

And yeah, I suffered from greed and other emotions so much. It is really important to improve there, so keep on practicing and note everything like feelings and reasons for entering or exiting a trade.

GL!

Hey mate, you're the first guy on my thread .
Yes I agree with you that trading larger time frames is better, less action, less stress, less time consumed. But now i'm just learning and developing my trading plan and my skills, more action means more experience, more stress means more practice for my mind. So I choose the M5 . When I am successful and start to trade live, I'll shift to a bigger TF, it's no problem for the Profitunity approach.

Looking at your blog, I could see you're trading Price Action, right? How long have you been trading? If you've just started, you are so amazing to get those high returns ^^! I've been a consistent demo loser since the beginning

LESSON #2 for me:
I got up today, read my beloved Bill Williams trading book. I realized that, I got too conservative in the last 2 days, 2 days of trading without any losses, but the winners are very small (1 pip, 3 pips, 7 pips and 13 pips), I set smaller TP and smaller SL, and I targeted only wave 5, when the EW is more obvious.
That doesn't hurt, I am still winning consistently with good TP and SL, and high precision in predicting. But it limits my profitability, I cannot win much with that kind of conservative strategy.
I should target bigger, set stops bigger, catch the big "sexy" wave 3 to maximize profit, and I should accept risk.

Just catched a big fish this afternoon (my timezone). Very happy about this trade, 23 pips .
A big and very powerful wave 3 . I was patient enough to wait for my TP to be hit.
Very precise analysis, thanks to the great Profitunity method by Bill Williams. But still, I feel a bit regretful bcz I jumped in too early when the was no real signal. And I forgot to post my analysis on this journal