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Trading is sometimes boring, what you do while waiting to trade? 3 replies

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Simple Boring Daily Trading 5 replies

Questions to Analyze a Trading Plan (boring bit that actually makes you profitable) 0 replies

StewartR - I want my trading to be boring. 4 replies

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StewartR - I want my trading to be boring.

closed trade at +14 pips
entry was early, but the stop was far enough away to survive.
I thought the trade was just churning rather than rocketing off like I hoped it would, so I exited quickly

.2R win
Daily setup .
Downtrend
Pull back
REsistance area
Pin bar
Oscilator

stop at top of pin bar
entry on 50% pull back
Nearly stopped out.
Left TP at 2:1

TP hit just minutes ago for 2R gain.

Last night I went to bed with the trade at .7R. I was tempted to close the trade because it had almost been stopped out previously. I decided to let the trade play itself out and completely accept that the loss was possible and 'acceptable'. I awoke just as the trade had exited for 2R gain.
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I saw this trade but did not take it.

Trend is down.
Pull back to prior area of supply (resistance)
Oscilator hooking.

There was no pin bar or outside bar, but I watched price retrace to the 61% fib and then fall away.

I think one of the reasons I didnt trade is that my last trade was a decent win 2:1 and I emotionally checked out and decided to watch the markets instead of trade the markets.

This gbpusd setup was worthy of a small position in my 'agressive' account.

It went 2:1 within hours.
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entered short on break of pin bar.
woke up to .5R and closed the trade
only used small position in agressive account. did not use full position in my normal account.

downtrend
pull back
pin bar
oscilator
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Downtrend
Pull back
Oscilator hooking
Pin bar from area of resistance
Entered on close of pin bar
Stop at top of pin bar.

Exited for .25% (Still errors in my psyche. Just let the trade play out. The bottom line will benefit so much more if I let the win/loss ratio decline a bit and increase the risk reward ratio instead)

Just about as perfect a setup as I could take. Took full position in the large account. (I was nearly at my goal for the month and was scared. I didnt want this winner to go against me and set me back. So the very thing I feared (missing out on reaching my goal for hte month) may well have been brought about with this trade (because I didnt capitalise on teh profits, which would have taken me past my $ goal this month. Perhaps this is why Ed Seykota says that the best traders are profit oriented (rather than win oriented).
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Quoting stewartr
.............
The bottom line will benefit so much more if I let the win/loss ratio decline a bit and increase the risk reward ratio instead)...............
If 50%+ probability of a favorable outcome is my edge, I go for 1:1 risk:reward. Any reward beyond 1:1 will reduce my proability of a favorable outcome

Quoting stewartr
....I was nearly at my goal for the month and was scared. I didnt want this winner to go against me ................
This race has no finish line (..............and therefore no stops or benchmarks).

Quoting stewartr
.....Perhaps this is why Ed Seykota says that the best traders are profit oriented (rather than win oriented).
If my number of winners are more than my number of losers, I am in profit. Each winner produces a fixed percentage of my capital and each loser snatches away the same amount, regardless of number of pips involved in a trade.

Kindly feel free to differ and correct me if I am wrong. I learned most of my basic lessons from you and want to learn more.
The Thief of Wall Street
This is a daily chart.
3 bars back we have a small pin bar at a lower high, after a strong move up. The pin was followed with a bearish bar that formed a DBHLC and the oscilator was hooking.

At the time I said "this is going down and retracement entry would be good". But the 4 hour chart was not supporting the trade, so I didnt take it.

Price retraced to 61.8% exactly and fell 130 pips in the next 8 hours. This was a perfect setup but I let the 4 hour scare me out.

Logging it here for future review.
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  • Post #348
  • Quote
  • Edited Aug 27, 2009 4:38pm Aug 26, 2009 8:27pm | Edited Aug 27, 2009 4:38pm
not a trend trade.

good pin bar
oscilator hooking and diverging
there's been a big run up without a pull back
price stopped dead on teh big round number (.8800)

Higher risk trade - not taken in the big account. Took it in my aggressive account.

EDIT - Result 1R loss. It never saw a profit at all.
Review: looking at the entry point, the oscilator was already showing that it had moved to extreme and was ready to hook. THis was an agressive trade that reflected my psychology at the time of taking it. My agressive account had grown significantly in recent weeks and I got a little reckless. There was not enough going for this trade.
What I did well: 1. I recorded the trade. 2. I pulled the trigger. 3. I kept my bet size ok so it hasnt damaged my account. 4. I reviewed the trade.
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  • Post #349
  • Quote
  • Edited Aug 27, 2009 4:54pm Aug 26, 2009 8:32pm | Edited Aug 27, 2009 4:54pm
currently in this trade
shorted at 1.5221
pin bar
downtrend
pull back
oscilator

Result: 1.5:1 win
The top of the pin bar was 1.5235 and I put my stop at at 1.5246. Price went to within 1 pip of my stop loss and then reversed to offer 2:1 (but I had my TP at 1.5:1).

Review: I thought this trade was lost. However (like Jacko says) "I left it to play itself out". Happy ending.

Note: it seems the best trades have the slow oscilator AND the fast oscilator already hooking. I went early on this one and got lucky.
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pin bar
oscilator
daily uptrend
4 hour trigger

Edit : 1R win
I took 1R but you can see that it went miles bigger. BUT notice how it retraced the entire gain back to almost 0 pips before taking off again. So it looks better on paper than my method or psychology could capture. I am happy with this 1r gain. (Nb, a pull back entry would have yielded 1.5 or 2R before the pull back began.
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placed this trade before going to bed.
fxpro data feed
oscilator hooking
downtrend (no pull back) but resistance looked strong and bearish outside bar made it look like price was breaking down again.

the pin bar low was an indication that rice might now break to new lows, but I was prepared to take the trade anyway.

it went .5R in favour of the trade and then reversed for a 1r loss.

Review: this was not a pull back trade, which is my break and butter. This was a break out trade (but I didnt think about that at the time). Subtle changes in my psychology in recent days (related to wanting a $ goal for the month, and my account being in decent profit) openned the door for recklessness. I've had two losses in recent days from trades that (on reflection) did not meet the criteria for my set up.
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Quoting Chicky

This race has no finish line (..............and therefore no stops or benchmarks).
.
Well said Chicky.
I've been thinking about your comments and reflecting on my performance.

My journey has led me from:
1. reckless trading because I didnt have a clue what I was doing,
2. lots of research to find a method that works
3. disciplined execution to prove the method in live trading
4. consistency and growth in the account

but this week
5. overconfidence, leading to a mindset that openned the door for trading errors.

I like your comments. My trading should be about humble following my method.
Not a 'Stewartr' trade.
This is a jacko style trade. I believe Jacko is in this trade now, but I entered a few hours before he did. Its a simple support/resistance trade.


Edit:its friday night. I have just closed this trade.
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downtrend
pull back
oscilator at extreme (would be better if it was hooking over)
pin bar

took the trade

stop above the pin bar
tgt 1:1

Result: stopped out by two pips.
This was my error. I put my stop at x.99 on a short trade! I actually realised my error while I was away from the market and came back to the screen to move my stop to x.10 (at least 10 pips above the round number). By the time I got back to the screen to fix this up - I was stopped out by 2 pips.
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Quoting stewartr
Well said Chicky.
I've been thinking about your comments and reflecting on my performance.

My journey has led me from:
1. reckless trading because I didnt have a clue what I was doing,
2. lots of research to find a method that works
3. disciplined execution to prove the method in live trading
4. consistency and growth in the account

but this week
5. overconfidence, leading to a mindset that openned the door for trading errors.

I like your comments. My trading should be about humble following my method.
Stewart,

I found the right way of trading only from this journal and from your advises, rather, you gave me confidence. I read the word "boring" in the title of this thread as "consistent" and believe this is the thought behind.

Your method is one of the most refined ones. I like your method and consistency of execution.

I too have now finally settled on one method. Everytime I get a temptation of deviating from my rules, remind myself of the time and money I have invested in this method. This puts me on back on track.
The Thief of Wall Street
Quoting Chicky

I too have now finally settled on one method. Everytime I get a temptation of deviating from my rules, remind myself of the time and money I have invested in this method. This puts me on back on track.
You took my thoughts right out of my head! I was thinking exactly that as I was falling asleep last night. Thanks for your thoughts.

This week I have been been too active in my mind. When Jacko wins or loses he often takes a few days off to clear his head. I feel like I need to do that too. I'm glad the weekend is almost here.
  • Post #357
  • Quote
  • Edited Sep 1, 2009 4:36am Aug 31, 2009 8:07pm | Edited Sep 1, 2009 4:36am
Blind entry
Strong run up.
Price at significant resistance.

No trend, no oscilator - just a blind entry off resistance.

Update - moved stop to break even and now up 30 pips.
Update 2 - closed for +69 pips. Time to go to bed.
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Prices have been ranging.
I sold blind, as price reached resistance.
Set my TP just above support.
Got lucky.

Did it in my aggressive account.
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Possible double bottom.

Price declined to area of support.
Outside bar indicated demand had overcome supply.
Oscillator confirming.

Long on break to new high of outside bar.
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overhead supply
oscillator hooking

....playing bounce off s/r
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