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Journey to consistency

  • #81
  • Nov 28, 2017 2:47am Nov 28, 2017 2:47am
Quoting profitfarmer
{quote} its took me many years to understand that from 400$ it is very unlikely proposition.
maybe you're (very) right
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  • #82
  • Nov 28, 2017 3:03am Nov 28, 2017 3:03am
8 trades thus far
4 of them losers
4 of them winners

losers were all from the DAX camp
winners were all from the Nikkei camp

nothing conclusive just yet I'm just starting

winners to losers ratio thus far 50/50
profit to loss in $ 15/15

I'm at break even

takeaway ?

I need to take my winners a bit further, in case of Nikkei once it moves it does move for about 30pips at least up to 90-130. In that way I can cover my losses and still end up in the positive. I know its too early to conclude for now, I'll keep this demo for 1month, but if I'm going to do better at Nikkei I'm going focus on Nikkei alone. I also realized that DAX when its acting up do tend to bring up my <gamblers> tendency which can be hazardous for someone who wants consistency. We'll see. We'll see.

<Wow DAX is really playing us amateurs , doesn't want to go either way, I'll leave you alone then>
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  • #83
  • Nov 28, 2017 3:08am Nov 28, 2017 3:08am
Another DAX loser.

Here's the rule :
On any given instrument in any given session I'm only allowed to make 2 entries, if I fail at both <keep in mind the damage control> walk away. That's all I need 2 entries per session per instrument if I fail at 2 call it a day.

For DAX for this session I think I did 4 entries <3 turned out to be failures> Needless to say it's going to be a tough session for DAX, it's too choppy and the gambler in me took the best of me. Can't keep repeating the same old mistake.

I'm calling it a day here.
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  • #84
  • Nov 28, 2017 3:14am Nov 28, 2017 3:14am
Last point

I know I can't get away from shitty , choppy sessions altogether. It's bound to happen even with Nikkei, so I'm thinking about setting another rule if I fail on my first entry and price keeps going above or below the opening price, and it fails to keep the same direction after my first entry I'll conclude that its going to be a choppy session and will call it a day. Fair enough ? I think that's good enough. Usually if it keeps the same direction (excluding the London open fakeys) there'll be good trends 50pips each or more. Ok that's the plan.

How many times did DAX went above and below the opening price ? kept going back and forth without any clear direction 40minutes into the open, 4 times. I guess knowing when not to trade and when to trade is essential to becoming a consistent trader.
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  • #85
  • Nov 28, 2017 6:54pm Nov 28, 2017 6:54pm
Another loser on Nikkei.

I attempted 2 entries.

On the bright side I got the direction and the timing right (timing wasn't too bad) but "fear" , lack of discipline probably all stemmed from lack of experience trading Nikkei got in the way and I closed 2 positions at a loss when I could have been sitting with 50pips now.

Take away ?

I need more training, it's only my first week so let's not get worked up too much
The good thing, I'm not flushing down real cash down the toilet, I must stick with demo until I really figure things out.
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  • #86
  • Nov 28, 2017 8:51pm Nov 28, 2017 8:51pm
It did go down eventually after failing get above the opening price.
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  • #87
  • Nov 28, 2017 9:46pm Nov 28, 2017 9:46pm
I keep telling myself that I do not need to "predict" - but I think there's a fine line between prediction and having an "idea" as to where price is likely to head. Having said that I think it's essential to establish where price is likely to head - how do I do that ?

Well I trade from minute charts, so the best way to get an idea is to look at higher TFs like 15min and 1h, even 5minute charts can be helpful. That's what I'm going to do every morning. If price acts funny in comparion to the higher TFs - I walk away. Plain and simple.

I'm also thinking if I should focus on Nikkei for a while, for a month ? One step a time ? And if and when I do get Nikkei under control maybe it's a good time that I delve into DAX for the afternoon session ? By doing so I'll be putting a limit to the loss per day since I'm only allowed to take 2 entries per session. If I can't even do well on Nikkei and I try to incorporate DAX, wouldn't my loss just multiple ? Something to think about.
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  • #88
  • Nov 29, 2017 3:13am Nov 29, 2017 3:13am
Had 2 shorts, entered 3 trades all shorts. 2 winners and 1 loser for the session. Not bad not bad.

I had been reading fti's thread "technical analysis fallacy" I read it once few months ago, when I say read I mean just the first few pages < I still have a thousands of pages to read but I only read fti's comments and nothing else otherwise it would take a year maybe more to fully read and understand everything that's jammed up in there. It's a true gem btw. I guess at that time I wasn't ready to digest it all, I was still in the phase of I need a combination of magic indicators , and I'm going to set and forget about my trades and make $$$ this much. Well that quickly turned out to be a fools gold, if trading was that easy we would all be millionaires. But unfortunately and fortunately reality is different from our imagination.

So for this session's DAX I tried trading DAX "his way" ...... feel my way through the dance floor. I still have a lot to learn and probably a whole lot of training but so far I'm liking where I'm at. Few months ago, I could only imagine this feeling < I think I'm finally getting in the groove and starting to dance along ?> it's too early again. But like I said I'm liking my progress thus far although I don't have numbers to show for. But we'll work for it, and we'll get the numbers to show for.

What I really like about DAX and Nikkei is that volatility beats every FX pair, I only need to spend an hour to turn 80$ that is if I get the direction and the timing right.

Farewell.

Will be back tomorrow for Nikkei.
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  • #89
  • Nov 29, 2017 3:21am Nov 29, 2017 3:21am
I need to work on these numbers.
If I'm really starting to learn to dance along, these numbers should change. My account is only 2 days old. And we've got the whole month of DEC to test the waters.
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  • #90
  • Nov 29, 2017 3:40am Nov 29, 2017 3:40am
Quoting Piquant
I need to work on these numbers. If I'm really starting to learn to dance along, these numbers should change. My account is only 2 days old. And we've got the whole month of DEC to test the waters. {image} {image}
i think most traders take the end of December off...from about 20th till early Jan...due the holidays, low9er) liquidity, usually wider spreads.
you may consider doing the same
there is always, always another trade!!
  • #91
  • Nov 29, 2017 5:35pm Nov 29, 2017 5:35pm
I abandoned my short position on Nikkei.
What's up with these candles ?

and the spread is 12 !!!! it was 8 yesterday at around 8my time, from today I figured I'd stay around by the open thats 1 hour early. But this is what I'm greeted with. A freaking 12 spread ! that ate up everything and I came out with 0 out of that trade.

no wonder many people trade DAX with spread of 1,2
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  • #92
  • Nov 29, 2017 5:40pm Nov 29, 2017 5:40pm
Quoting profitfarmer
{quote} i think most traders take the end of December off...from about 20th till early Jan...due the holidays, low9er) liquidity, usually wider spreads. you may consider doing the same
I dare not take the whole month of Dec off. I still need a lot of training to do. Spread for now isn't much of a prob since I'm still on demo. But I'll be off from 25th until after the first week of Jan I'm thinking around that time there's going to be no one trading except "for me"

are you taking time off for Dec ?
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  • #93
  • Nov 29, 2017 6:07pm Nov 29, 2017 6:07pm
Quoting Piquant
{quote} I dare not take the whole month of Dec off. I still need a lot of training to do. Spread for now isn't much of a prob since I'm still on demo. But I'll be off from 25th until after the first week of Jan I'm thinking around that time there's going to be no one trading except "for me" are you taking time off for Dec ?
if you re-read it, there is no mention of taking whole December.
yes, as per my usual, around 20th Dec will stop serious trading, and wont resume probably until the 2nd week of Jan.

the meantime i will have approx 15 days to do some testing, etc, but likely without trading.
there is always, always another trade!!
  • #94
  • Nov 29, 2017 6:19pm Nov 29, 2017 6:19pm
Quoting profitfarmer
{quote} if you re-read it, there is no mention of taking whole December. yes, as per my usual, around 20th Dec will stop serious trading, and wont resume probably until the 2nd week of Jan. the meantime i will have approx 15 days to do some testing, etc, but likely without trading.
I'm sorry, now I see <end of Dec> it's too early for me to function properly.
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  • #95
  • Nov 29, 2017 6:20pm Nov 29, 2017 6:20pm
thats over 100pips.
in a span of an hour.

but 12 for the spread ? hmmmm
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  • #96
  • Nov 29, 2017 6:29pm Nov 29, 2017 6:29pm
Quoting Piquant
thats over 100pips. in a span of an hour. but 12 for the spread ? hmmmm {image}
the spread on the pic is 8 ( not 12)
maybe it is REALLY too early, and you should properly wake up?
there is always, always another trade!!
  • #97
  • Nov 29, 2017 6:35pm Nov 29, 2017 6:35pm
Quoting profitfarmer
{quote} the spread on the pic is 8 ( not 12) maybe it is REALLY too early, and you should properly wake up?
haha. that's embarrassing
thanks for pointing that out.
I need to get my coffee now.

I should have kept my short then, I can do 8
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  • #98
  • Nov 29, 2017 6:47pm Nov 29, 2017 6:47pm
Quoting Piquant
{quote} haha. that's embarrassing thanks for pointing that out. I need to get my coffee now. I should have kept my short then, I can do 8
it is fine.
we all have that moment.
i am up early, and decided to trade the NZD aftermath, on EN.
3 scalps so far, but one account on the copy has problem closing trades, and annoys me a lot, cos cost me profit getting close that separate on tablet. scalping does not work like that. nor the IB the acct has with should.
conclusion: being upset works the same as coffee...wakes you up fast!
there is always, always another trade!!
  • #99
  • Nov 29, 2017 7:40pm Nov 29, 2017 7:40pm
Quoting profitfarmer
{quote} being upset works the same as coffee...wakes you up fast!


that's unfortunate giving your hard earned pips for platform errors.
but giving away happens more often than earning in the world of trading.

what was the damage control ?
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  • #100
  • Nov 29, 2017 7:43pm Nov 29, 2017 7:43pm
There are five important keys to victory:


Knowing when to fight and when not to fight;
There are paths that he must not travel.
There are armies, which he should not attack.
There are fortified cities, which he should not besiege.
There are territories the he should not contest.
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