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  • #5,121
  • Nov 14, 2017 11:18am Nov 14, 2017 11:18am
Quoting Akt
{quote} Hello havak Welcome to T.I.O.F Good to meet you and thank you for sharing your thoughts on the GBP/JPY If i may please, given you are considering an entry on the daily chart, it would be useful for the traders here to see your decision making thought process from the other charts you have looked at for coming up with the trade idea you kindly shared. Just so that they can provide relevant feedback and comments like you asked for Welcome again best wishes
Thank you very much AKT. Next time, I will upload different time frames to elaborate more on my analysis of any pair.
  • #5,122
  • Nov 14, 2017 11:29am Nov 14, 2017 11:29am
Hello dear AKT and Traders...

I don't know English, that's why i am sorry for grammar mistakes.

I follow your videos with huge interest.
I am learning the SAD Methodology....

i want to share this TRAP at SAD methodology.
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  • #5,123
  • Nov 14, 2017 11:51am Nov 14, 2017 11:51am
following close EURUSD for a potential short
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  • #5,124
  • Nov 14, 2017 2:45pm Nov 14, 2017 2:45pm
current trade i am in.... has been a rough week for me havent traded much because i dont see anything of quality. hope everyone is profiting!!
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  • #5,125
  • Nov 15, 2017 1:22am Nov 15, 2017 1:22am
Quoting Jgrindz
current trade i am in.... has been a rough week for me havent traded much because i dont see anything of quality. hope everyone is profiting!! {image} {image}
Hello Jgrindz.
Thank you for sharing your trade. Much appreciated.

If i may, please don't consider the week so far as a "rough week" because there haven't been many trades.
As speculators, our goal must always be to have "rough weeks" where we do not trade if there is no quality.

So if i may implore you to consider it a successful week where you held back from forcing trades when the quality was not there
A successful week where you followed the process and found nothing of interest and so sat back waiting for the market to come to you
A successful week where you were mindful and self aware enough to know that you were not seeing anything in your analysis and stepped away.
A successful week where you did not make forced judgments and costly errors that you would later regret thus upsetting your mental state.

A successful week.....

best wishes
Be careful what you think because your thoughts run your life..Solomon
  • #5,126
  • Nov 15, 2017 1:43am Nov 15, 2017 1:43am
Quoting Mypat
Hello dear AKT and Traders... I don't know English, that's why i am sorry for grammar mistakes. I follow your videos with huge interest. I am learning the SAD Methodology.... i want to share this TRAP at SAD methodology. {image}
Hiya Mypat

Your English is just fine

I have attached some of my thoughts for your consideration on the daily and 4hr charts of this market.

best wishes
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Be careful what you think because your thoughts run your life..Solomon
  • #5,127
  • Nov 15, 2017 2:03am Nov 15, 2017 2:03am
Quoting Akt
{quote} Hello Jgrindz. Thank you for sharing your trade. Much appreciated. If i may, please don't consider the week so far as a "rough week" because there haven't been many trades. As speculators, our goal must always be to have "rough weeks"
thank you for your words as always Michael but its hard for me to see the glass half full when so much is depending on my trading career... yes its been successful because i havent had any losers and i am staying mechanical when trading my system but that doesnt stop the bills/expenses from coming and the money doesnt want to catch up. anyways its what i say all the time i guess "always forward". God speed everyone!!
  • #5,128
  • Nov 15, 2017 2:19am Nov 15, 2017 2:19am
Quoting Jgrindz
{quote} thank you for your words as always Michael but its hard for me to see the glass half full when so much is depending on my trading career... yes its been successful because i havent had any losers and i am staying mechanical when trading my system but that doesnt stop the bills/expenses from coming and the money doesnt want to catch up. anyways its what i say all the time i guess "always forward". God speed everyone!!
Hiya Jgrindz

I feel you.

Here is the thing though, you have just touched upon a topic that is critical for retail traders, especially those who are "full time" traders.
The topic is a vast one and an excellent idea for discussion at one of the webinars in future.

For now though, let's conceptualize it from another angle for you.

What does a restaurant owner do when no one comes in to eat for a few days?
What does a shoe retailer do when no one comes in to buy shoes for the day?
What does an I.T company do when no orders for new projects are coming in for days at a time?

More to our situation, what does a trader do when there are no quality trades from which to make money?

Does the restaurant owner get upset and starts trying to force passersby into his restaurant?
Does the shoe retailer start shouting at people going into the shop down the road, asking them to come to his shop?
Does the I.T company go their clients and insist on being given projects, any projects to work on?

Could the restaurant owner put up more signs in the local paper and on the high street and even online, informing people of his business?
Could the shoe retailer start an add campaign for his business and offer more value such as fittings and bespoke care for the shoes?
Could the I.T company look further afield for clients and expand their reach by developing their skills thereby offering a wider range of service?

Could the trader decide to look at
1. smaller timeframes
2. more markets
3. more pairs
4. more asset classes - if possible
5. Start another business on the side or even get a part time/full-time job? - i know for most of us this is the least desirable option

There will be periods when you will have your fill of trading opportunities and you will be spoiled for choice Jgrindz. You may not even be able to take all of them!

There will be other times when, like any other business or endeavor known to man, things will be a bit slow. The businesses that make it are often the ones that have the "Joseph" mentality.......prepare for the 7 years of famine during the 7 years of plenty.

I wish you all the best
Be careful what you think because your thoughts run your life..Solomon
  • #5,129
  • Nov 15, 2017 2:41am Nov 15, 2017 2:41am
Hi Akt & all subscriber in here, I would like to share my view for GBPUSD pair. Please give me a good input
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  • #5,130
  • Nov 15, 2017 3:49am Nov 15, 2017 3:49am
Quoting Akt
{quote} Hiya Jgrindz I feel you. Here is the thing though, you have just touched upon a topic that is critical for retail traders, especially those who are "full time" traders. The topic is a vast one and an excellent idea for discussion at one of the webinars in future. For now though, let's conceptualize it from another angle for you. What does a restaurant owner do when no one comes in to eat for a few days? What does a shoe retailer do when no one comes in to buy shoes for the day? ........
Hello Akt and Jgrindz. Please let me join this conversation as it attracts me and makes me ask some questions.
It's kind of like I and Jgrindz are in the same shoe here. Sometimes, especially when we call it a "rough week", it is really difficult not to see the Market the way I want to see it, meaning even a bad quality trade lures me like it's the best setup for now. And I also set weekly profit target with my personal terms. Sometimes I feel a negative push by setting it. Since we should stay away from the market until it comes to us, is it a bad idea to have a weekly or monthly or even daily profit targets?

Thank you guys.
Thiha
  • #5,131
  • Nov 15, 2017 8:05am Nov 15, 2017 8:05am
EURUSD is inside a supply zone but no signs of reversal.
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  • #5,132
  • Nov 15, 2017 1:39pm Nov 15, 2017 1:39pm
EURUSD holding above Demand zone in 1H. I would like to see the area taking out first before to commit for a Short position.

What you are your thoughts?
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  • #5,133
  • Nov 15, 2017 5:53pm Nov 15, 2017 5:53pm
Looking for a retrace into supply zone
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  • #5,134
  • Nov 15, 2017 8:28pm Nov 15, 2017 8:28pm
In response to several traders concerned about lack of trades. This was a big issue for me when I first started trading. If I didn't see a trade on the 4h chart, I would look at the 1h chart. Then the 30 min. And so on. This will make you take bad trades. If you look hard enough, you'll see something to trade even if it's not high probability. I've only made one trade this week and it's currently in profit 140 pips. I use to feel bad if I didn't get at least 1 trade a day. But quality will win out of quantity any day. My the time frames are daily, 4h and 1h. I set my alarms up on Sunday and I don't look at the charts until an alarm goes off or Wednesday for a mid week review. These are my rules and they have helped me immensely. I focus on quality of trade. I started with these rules 3 weeks ago and I've only made 4 trades. But they were all quality trades with 1 loser ( sometimes it happens). I've made 380 pips and my loser was 40 pips. And keep a journal. I did this and was able to go back and see the more I traded, the worse I did. A few months ago I had 22 trades and my account was at break even for that month. I'm going to close this week out profiting somewhere between 350 and 400 pips in 3 weeks. And I'm only looking at the charts a couple hours a week. Sometimes less is more. Just my thoughts.
I'm not a pro, I'm learning though.
  • #5,135
  • Nov 15, 2017 9:34pm Nov 15, 2017 9:34pm
Quoting Clayton369
In response to several traders concerned about lack of trades. This was a big issue for me when I first started trading. If I didn't see a trade on the 4h chart, I would look at the 1h chart. Then the 30 min. And so on. This will make you take bad trades. If you look hard enough, you'll see something to trade even if it's not high probability. I've only made one trade this week and it's currently in profit 140 pips. I use to feel bad if I didn't get at least 1 trade a day. But quality will win out of quantity any day. My the time frames are daily,...
Most useful thoughts Clayton.
Personally, I am interested in knowing how to slowly move up on a bigger lot size in order to make more meaningful money.
I understand people generally stay away from the $ earnings in these discussions.
However what is a 200 pip unless it is backed by serious lot sizes. Pips don't pay my bills. Just putting my thought out there.

Thanks to Michael. I have got a methodology I can lean on.
Now how to effectively and confidently use it for some meaningful gains and not lose my shirt in the process
Live life king size !
  • #5,136
  • Nov 15, 2017 10:10pm Nov 15, 2017 10:10pm
My goal is to trade for a living. But, as many people find out it's hard to do that when starting out. My financial model will not be like most. Most people say risk no more than 1% of your account. For me, I've resided myself to a scale. When my account reaches $1,000 I can trade for $1 per pip. $2,000 I allow myself to trade $2 per pip and so on. Every$1,000 dollars my account grows earned me the ability to trade $1 per pip higher until I reach $10 per pip. I still adhere to the 3 to 1 profit to loss ratio on trades I take. Right now, I'm still trading @$1 per pip. This is the approach I am trying. Any thoughts on this are welcome.
I'm not a pro, I'm learning though.
  • #5,137
  • Nov 15, 2017 10:24pm Nov 15, 2017 10:24pm
Quoting Clayton369
My goal is to trade for a living. But, as many people find out it's hard to do that when starting out. My financial model will not be like most. Most people say risk no more than 1% of your account. For me, I've resided myself to a scale. When my account reaches $1,000 I can trade for $1 per pip. $2,000 I allow myself to trade $2 per pip and so on. Every$1,000 dollars my account grows earned me the ability to trade $1 per pip higher until I reach $10 per pip. I still adhere to the 3 to 1 profit to loss ratio on trades I take. Right now, I'm still...
Thanks, Clayton, for sharing your financial strategy. It certainly provides an insight.

I have a quick question. I practice a RR of 3:1 myself. However, the market does not work with our goals ... most of the time.
So do you take intermediate profits and may even exit the trade with say 2:1 profit when you originally started with a 3:1 objective?
Or do you just hunker down and see half your profits evaporate just cuz you have promised yourself that 3:1 profit margin and hope that the trade goes back in your direction and you are rewarded. In my case, I have had trades that reversed and ran the stop loss.
Live life king size !
  • #5,138
  • Nov 15, 2017 10:50pm Nov 15, 2017 10:50pm
If I see an area in the chart that maybe I'm unsure about I make sure it's at least 2 to 1 to the area in question. Then I will set up two targets. 1 at first zone and the other at 2nd zone. At the first target I take off 2/3 of the trade and let the rest run until it makes target 2. I don't change a trade after it's set. I trust my analysis and try not to over think. And I'm comfortable with any potential loss because my ratio is good. I've got more headaches and make more mistakes watching a live trade.
I'm not a pro, I'm learning though.
  • #5,139
  • Nov 15, 2017 10:51pm Nov 15, 2017 10:51pm
Quoting Clayton369
My goal is to trade for a living. But, as many people find out it's hard to do that when starting out. My financial model will not be like most. Most people say risk no more than 1% of your account. For me, I've resided myself to a scale. When my account reaches $1,000 I can trade for $1 per pip. $2,000 I allow myself to trade $2 per pip and so on. Every$1,000 dollars my account grows earned me the ability to trade $1 per pip higher until I reach $10 per pip. I still adhere to the 3 to 1 profit to loss ratio on trades I take. Right now, I'm still...
Dear Clayton,
Thanks a lot for your financial plan's descriprion. It is wondering! As I understood, with 1000$ account your profit could be 400$ for last three weeks (1$ per 1 pip)? It's more than 40% per month! Do I misuderstand anything?
Regards
  • #5,140
  • Nov 15, 2017 11:04pm Nov 15, 2017 11:04pm
Quoting Yunvic
{quote} Dear Clayton, Thanks a lot for your financial plan's descriprion. It is wondering! As I understood, with 1000$ account your profit could be 400$ for last three weeks (1$ per 1 pip)? It's more than 40% per month! Do I misuderstand anything? Regards
That's correct. I trade off daily, 4h, 1h. So far I've only been getting 1 to 3 opportunities per week but they are high probability. I've only taken 4 trades the last three weeks.
I'm not a pro, I'm learning though.
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