Lusan's trade Journal

Easy. I had the same problem until I figure out something.

Consider this: the market is split 30% trend and 70% consolidation...So the market will either stop going in a particular direction and pause or revert...either way...there is the solution of the problem.

For example:

1. Scout long....
2. Market goes against you
3. You rescue with 2nd wave...and do not capture...2 positions open
4. Market still against you
5. You rescue with 3rd wave...and do not capute....3 positions open
6. Market still against you
7. You must decide....NOW...eithe pull the plug or do nothing and wait for the retracement...

What is the best decision? To hold or to surrender?
Check the 15M and 1H...
is the market with you?
If not?
Surrender if your rescues where done closed to each other, because you are overexposed. pull the plug and you lost a dance day...go for a walk...cry...whatever...take 24 hours brake.

Hold and wait if your rescues where spread out...
That is what I do now.
How to spread out?
Easy.
1. Enter scout...
2. Market against you...
Question...is it more than 30 pips? If so, you might attempt rescue on the next strong spike against you
Is it less than 30 pips....wait and see...maybe is coming your way..
3. let us say you enter the rescue and if fails
4. Wait another 30 to 40 pips and repeat step 2.
5. let us say you have already 3 waves out and losing by 20 pips
6. Decision moment...

Now notice this
1st wave - 90 pips/troop
2n wave - 60 pips/troop
4th wave - 20 pips/troop
Total pips at lost =(90+120+40)= 250 pips/troop lost

Now compare this to my standard daily profit range...Lost just a day of work...meaningless...so you will be happy.

You see, there is not need of flips!
Of course, I cannot post this in the forum..
I would called a fool!

Now let us supposed I want to hold on and stay...if I took it from the bottom..the market is away already by 90 pips...how likely is that a reversal is not coming?...very unlikely...so I could just wait it out...still that is the riskier thing to do...if you I have only wave 1 and 2 then...I surely will wait for the reversal/congestions to start my 3 wave rescues...See not flips...

In sum: Safety is found in keeping as large gap as possible between your different rescue waves.

Enjoy it.

Note: this is how I think...what my mindset takes as the truth at this moment...I give myself the right to change my mind as I keep learning from my teacher:PA.

don't flip yet. first, learn how to bite the bullet.

rescue, bite, flip. in order of complexity.

if you are in red and flip and the market will turn back and you will be in red again, it's gonna be devastating for the mindset.

luSan, keep up the good work. I read somewhere your age.. by the way you write, trade and act I was sure you were 29 or so.

Thanks Man nice explanation this is what i do my only rigidity is rescue will come atleast after 25-30 pips then i look at the PA and see if i can wait for more time to do a rescue to get better entry....

One thing let me ask

Lets say market did halway what u want then changed...you are short EU


Scout 1X 1.3000

market goes more down and you put a attack

Attack 2 *1.2980


then suddenly market moved back to 1.3050... this is where i think i loose my mindset most...

Any inputs on this,....


V

No problema...

1. scout 1.3000
2...all is ok then I in at 1.2980...but why?
the right timing would be on a retracement...so 1.2980 means that already it was 1.2975 or 1.2970...
so I would be already out with my scout...profit at home
and the 2nd wave would never happen!

Do you see my point? No...I already tried this problem...

Check this dance and you will see it clearly...it is almost what you said:

http://www.forexfactory.com/showpost...&postcount=372

Enjoy it.

To all visitors...

What a day,,,what a week,,,what a month,,,2009....

After a long walk and some thinking, I have decided to severe all my relationships with fti's teachings.

My reasons:

1. According to him, I am not doing what the teaches...I do not understand him...so it is fair that I either change to his ways of doing things or I move on...I chose to move on because I feel confortable with my own way of doing things, I like it, it makes sense, I learned with thousand of hours of screen watching and analysis, etc...if he says that I am off, then I must be off...he is correct...so I am out.

2. Because of my poor understanding, I am confusing those that want to follow his teachings...I am not helping to learn his teachings...so the best is that I stop sharing my views of his teachings...so I am out...no more discussion of his teachings...enough...those that want to learn more about fti's way should go to the fountain.

3. All the emotional discussions going lately around his student community, I believe, hurt my trading mindset. I want to learn and grow as a trader. I do not want to follow anyone but my own self. If open discussion are not possible, if the truth is already presented and own, then there is no space for growth. I am not into a cultish adoration of individuals or ideas. I want to explore all that Forex have to offer. I find that as a student of fti strategy that is not possible for me. I was wrong when I thought that there was an open space. I am dissapointed...so it is time to let go and stop.

So...what?

There are consequences...and, my friend, you know that I like clarity.

1. I am closing this journal
2. Those that want to learn about his teachings should go to TAF
4. I will not visit anymore TAF or TAF forum...I am out...I unsubcribed myself...out..out
3. I opened a new journal and a new page on my Forex trading life: Lusan Journal II

I will continue my Forex studies and posting my dances there.

In my new journal,
all discussions will be welcome with the understanding
that they might/might no follow some of the prescribed TAF's teachings.
I am not a teacher nor a guide,
I am just a beginner dancer,
sharing my trading experiences.

Good luck to everyone...a new day starts...

I will peruse your new journal whenever I'm at FF, luSan, just to see how you are doing. I consider you my friend, and I care that you do well.

I feel you have the makings to become an awesome Trader.

Keep up with your fantastic returns, I am very impressed!

Much success to you!

Hi, Lusan:

Life goes on. Wish you a successful 2009.

The world is changing, so do people.

Hi LuSan,

Wise words. Prudent decision. Remember though that fti has no copyright to the concepts he taught. They are as old as the market. There is no need to rush into a "get rid of" attitude (I think you are not doing this). Do it your own way. Use what you think is good for you. Stay focused to your chosen way of doing things and keep your mind open to possibilities as it has always been. I am sure you are in the right track to success.

Hi LuSan,

We all read fti's thread with interest and enthusiasm even though we all may not have been able to learn what he was wanting to teach.

fti's way of trading is not the only way to trade - you have your way to trade as you have been showing us.
I shall be visiting your new thread from time to time.

All the best on your journey.