100 Trades Analysis

new s/l on GBPUSD

http://img175.imageshack.us/img175/9582/dailyzu7.jpg

Trades update

Trade #97
NZDUSD
Stopped @ 0.7045
Net pips: 145 pips
R: 2.41

Trade #99
USDCAD
Stopped @ 1.1640
Net pips: -35 pips
R: -0.77

Trade #100
GBPUSD
Stopped @ 1.9560
Net pips: -81 pips
R: -0.66

Summary

Total trades: 100
Net pips: 627 pips
Average R: 0.15
Winners: 36 trades
Winning percentage: 36%

Duration of this thread: about 4 months

System development summary: I have learned a lot about the markets in general with this trades analysis. I began the thread with the simple systems usings common indicators. I then began to understand the power of price action somewhere in the end when I was reading Steve Nison's book and reading various threads on here about price action.

As of now, I have developed a very simple system based on purely price action. Most of the components is taken from the SRDC 1, and I extended it to adding positions on winning trades and creating a 'filter' that would help me avoid insignificant ranging conditions.

Thanks to all of forex factory for their suggestions and valuable information and support. I no longer feel excited about forex like I used to in the beginning. I was quite a naive trader in the beginning, borderline arrogant thinking that I can be a rich quick and conquer the market. Now I can truly say that I am in sync with the market. I no longer feel down on losses (and I have experience many consecutive losses along the way!) and I don't feel excited or relief with the winners.

I learn that each trade is an opportunity, and you must react to the actions of the market. I also learn that pips count or winning percentage do not tell the whole story. These are just small components of success to become a trader.

My plans as of now is continue trading and of course keeping my own personal records. I don't know if I will ever come back to do another thread. I feel that I have developed the discipline to carry out my trades in a consistent manner without the use of online journals (excel records takes time too!).

My advice to other newbies? Keep it simple and trade your plan. Trading is not hard at all, but if you keep changing plans, risking too much, and seeking more than account growth (excitement, adrenaline, etc.) you will find yourself defeated. Keep logs of your trades and study it. It's like science where you have a data set and you're trying to write a summary of what you did. And as always, enjoy this life long journey as a trader...


peace

THREAD COMPLETED!!!!!!!!!! THREAD IS NOW CLOSED!!!!!!!!

CONGRATULATIONS.

EG

- No Strategy
- Rare Screenshots
- Many good Trades


IF any subscriber here has a good working strategy over 3 Months...
I ll make him an Expert Advisor .....

and u can watch criminal minds while ur strategy work 4 the money.....

and I say: Ooooop.....I did it.........(again)

I study math and informatics....and in the meantime I want 2 do something easier like EA programming!
That s an post 1000% more worth as the last 324 post U made here!

Journal revived!

I have an experimental strategy that i want to test out. TE is attached starting this week to see how that goes. Mainly looking at PF and DD (losing days) compared to how i'm trading now.

I want to see this 300k!

I want to see it too...

what 300k ?

i want to see 500k at least !!

Great start

I wish you all the luck to reach your goal ... flipping coins and tracking the phase of jupiter moons

miscalculated my TP, off by 4 pips. basically i'm saying I shortchanged myself.

One thing that i look at from time to time is the process of reacting to market change. There's really two scenarios in any given session. Fade or trend. Sometimes in a given session, you'll have two, and that's the challenge to trade in. I am basically going through common indicators to figure out that optimum switching point.

current thoughts:

scalpers, daytrader/swing trader, position traders

i'm a daytrader, which means, i seek to do business with scalpers and positions traders.

i know scalpers are in and out of the market around current intraday S&R

position traders tend to trade between major swings (S&R) on the daily/weekly/monthly.

as a daytrader, i want to do business with scalpers and position traders. Scalpers can give me my entries. I need to know where they might take profits. I do business with position traders by unloading my inventory to them (giving them their entries) it's a circle of business

i think ...

this is what i'm seeing right now
red=stops
blue=range buildup

yup..got the late long suckers out....

maybe a new range is forming. bears can't just jump in and think it's going down now. market needs to consolidate somewhere first. I see range areas in blue

my current experiment vs my current strategy is not that much different. It just expanded some pattern sequences that I'm following with the aim to make money every day (by end of trading session)

I think most people believe that you cant make money everyday. thinking that you will have losses along the way. And that is true. But as a day trader, my losses are based on individual trades, not necessarily on the session. The test that I'm running now is to have one pattern sequence run after the other when previous one fails. The pattern sequences are a result of thousands of hours observing the market (mainly gpbpusd and eurusd). the way I tailor the sequence is that one reacts after another and they are all based on order flow concepts (stop runs, accumulation/distribution phases, values trading, etc.)

So i'm gonna keep running this to say another 1-3 weeks. Usually if can pull off a solid few days of consecutive wins, then I know a pattern has significance.

I don't see anything but up here. price is over extended