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Journey to consistency

  • #141
  • Nov 30, 2017 4:00am Nov 30, 2017 4:00am
Quoting profitfarmer
{quote} one possible way: limit your number of trades per day! you already had 10... say you take max 4 a day. maybe that will help you to be patient to wait for the right time? maybe not. but certainly will slow down the losses as per current stat.
I think limiting yourself to a certain amount of trades a day is not a good thing to do because that 5th trade might be the winner.

What he/she needs to do is define what kind of setup he/she wants to take, backtest that which will let him/her know if it has potential or not as well as give him/her experience in identifying it and then if everything checks out he/she needs to be disciplined and take the setup.
This setup could be anything as long as you can consistently find it and execute on it in a live market.


Also for Piquant:
Do you have a trading plan?
Can you write down what you're looking for in order to enter a trade?
Can you write down where your TP and SL will be?

If you do, print it out and make a checklist.
If you can't get trough that checklist don't enter a trade. It will be easier to stick to that plan and you won't be gambling.
  • #142
  • Nov 30, 2017 4:18am Nov 30, 2017 4:18am
Quoting profitfarmer
{quote} you too the wrong part away from the post in plain words: instead of overtrading, try to focus on better setups, and be patient enough to wait for them. the number (of trades) was the least important part.
I get what you're saying but in the end what you said came down to limiting the amount of trades even if it's done that way so he/she can focus on better setups and I think Piquant took it in the same way I did.

In my opinion it's better to define what the setup is and make some sort of checklist and check that before entering since he/she might have more than 4 good setups in a day depending on the trading style.
  • #143
  • Nov 30, 2017 4:34am Nov 30, 2017 4:34am
Quoting AntiVi
{quote} I get what you're saying but in the end what you said came down to limiting the amount of trades even if it's done that way so he/she can focus on better setups and I think Piquant took it in the same way I did. In my opinion it's better to define what the setup is and make some sort of checklist and check that before entering since he/she might have more than 4 good setups in a day depending on the trading style.
you still stuck with the number 4.
i rather just delete the posts if it confuse you, lol.
done. all removed.
there is always, always another trade!!
  • #144
  • Nov 30, 2017 6:47am Nov 30, 2017 6:47am
Hey Piquant,

I think you need to sort out a lot of problem before you show some serious trading. I am not too much index trader but I think you are reducing your chances considerabily by trading on M1 -DAX chart. And if you have a gambling soul I think you should stick with longer time frames, make money and go casino with earnings .. just a suggestion
  • #145
  • Nov 30, 2017 4:44pm Nov 30, 2017 4:44pm
Let's examine what went wrong.

Right at the open I saw an opportunity to short DAX and I did, successfully. Then 10minutes into the session I get a strong rejection pin bar the previous low, thankfully I had gotten out of the trade. And I decided to stay on the sidelines, when price broke above the minute 200ema pushing higher on 5m,10m,15m,30m I <had a feeling it was going to push higher not go lower> then after few bars 5m candle pushes up and thats how I missed the first bus. But at this point I still wasn't sure if it was really going up. My mind was still stuck at with my first trade "bias" I somehow carried this <hope> that it'll come down as soon as it reaches 200ema but it didn't and now with my clarity out of the window with <prediction that price should go low> I failed to see the crystal clear signs on minute chart, I missed all the signs I missed the tempo of the dance.

Mindset,mindset and mindset.
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  • #146
  • Nov 30, 2017 4:49pm Nov 30, 2017 4:49pm
Quoting AntiVi
{quote} I think limiting yourself to a certain amount of trades a day is not a good thing to do because that 5th trade might be the winner. What he/she needs to do is define what kind of setup he/she wants to take, backtest that which will let him/her know if it has potential or not as well as give him/her experience in identifying it and then if everything checks out he/she needs to be disciplined and take the setup. This setup could be anything as long as you can consistently find it and execute on it in a live market. Also for Piquant: Do you...
good point, 5th trade could have been a winner.
but could have been a loser too.

as profitfarmer suggested I guess it's about the quality of the setups not the number of setups.
but I was out of the tempo.
I wasn't feeling the dance.
I brought up <hope>
tried to impose my own judgments.
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  • #147
  • Nov 30, 2017 4:52pm Nov 30, 2017 4:52pm
Quoting Kxeroo
Hey Piquant, I think you need to sort out a lot of problem before you show some serious trading. I am not too much index trader but I think you are reducing your chances considerabily by trading on M1 -DAX chart. And if you have a gambling soul I think you should stick with longer time frames, make money and go casino with earnings .. just a suggestion
A lot of problems, - I think for me at this point it really boils down to mindset and some period of trading.

As far as tf is concerned I'm actually enjoying minute charts, given the uncertain nature of speculation and the markets in general I think it's safer and cheaper to trade from 1m,5m than 4h or above. I wouldn't want to risk holding positions overnight. But trading from lower charts doesn't mean you can't keep the trade open for few hours to a day provided that you keep an eye on your backdrop charts 15m,1h,4h and daily I'm just really bad at it for the moment. But I'm trying ....... real hard....
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  • #148
  • Nov 30, 2017 6:06pm Nov 30, 2017 6:06pm
I realized that I have a hard time reading this set of candles.
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  • #149
  • Nov 30, 2017 6:14pm Nov 30, 2017 6:14pm
Enough damage done for the session.
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  • #150
  • Edited 2:45am Dec 1, 2017 2:29am | Edited 2:45am
Not bad.
At least got the direction right.
And had only 1 entry.

The only drawback is that I didn't let it run until my target area.
I need more practice.
The more the better I'll become.

I wonder however if I want to keep it up with Nikkei.

I think I should focus on a single instrument for now until I master DAX.

I'll only try to attempt 2 entries max , and I'll only trade the opening setups.

Calling it a week now.
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  • #151
  • Dec 1, 2017 10:21pm Dec 1, 2017 10:21pm
If you know how to use indicators - they can aid in your trading. You just have to know what to look for. Don't be slave to indicators but make them work for you.

Bulls make money when bears aren't
Bears make money when bulls aren't
Pigs get slaughtered.

Nikkei and DAX training session will be carried on Monday.
The more training I can get the better I'll become.
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  • #152
  • Dec 1, 2017 10:28pm Dec 1, 2017 10:28pm
I'm only allowed to make 2 entries per session.
So no more than 4 entries will be allowed.

I think that's good enough for my method.

I have realized that the more errors I make regarding entries the tougher it becomes for me to get back on the right foot. And I go into revenge and over trading. So by limiting my entries I should also limit the damage. If I'm wrong on a entry and if I have missed the bus going the other way I'll call it a day. I know it may sound impossible but I'm not going to give myself a chance to miss an entry or being on the wrong side of the market. If I was it's usually good I walk away altogether because if I keep it going I slowly start to gamble to earn what I had lost. That's my weakness.
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  • #153
  • Dec 2, 2017 1:35am Dec 2, 2017 1:35am
Picking up a direction is essential
But be flexible in your approach

I'm adding couple of MAs I've had before

Done 3 hours of reading and studying gone back to the good old traders academy thread. I like to re read everything once in a while and I always come back with something new. It feels good that I have made a progress.

Momentum. Momentum. Momentum.
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  • #154
  • Dec 3, 2017 4:54pm Dec 3, 2017 4:54pm
Momentum is heavily down on 5m,10m,15m and 30min.

4h trend line is broken to the downside, shooting star candle closed beneath it.

Price is currently retracing towards 3m 100SMA which is also 1h 200EMA where I do expect price to bounce off from here a little prior sliding down.

Buy low, Sell high
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  • #155
  • Dec 3, 2017 5:40pm Dec 3, 2017 5:40pm
What a gap that was!

closed my short at 3m 20ema, 5m candle is currently finding support at previous HH.
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  • #156
  • Dec 3, 2017 5:46pm Dec 3, 2017 5:46pm
Another short attempt thought I closed it at 1.40$ but turned out to be -5$

Calling it a day here for Nikkei.

I'll stay on the sidelines for the rest of the session until 10AM that is.
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  • #157
  • Dec 3, 2017 5:50pm Dec 3, 2017 5:50pm
My bias remains short for now.

i couldn't sell it as high as I wanted to.

sellers might push it further down from here.

we'll see.
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  • #158
  • Dec 3, 2017 5:53pm Dec 3, 2017 5:53pm
OR another scenario would be

previous HH 22953

I don't like 30m candle for going short, for now.

better wait.
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  • #159
  • Dec 3, 2017 6:06pm Dec 3, 2017 6:06pm
Wiped out all the gains for the session.

I stick with single entry per session rule !

When I mess up, I mess up !!
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  • #160
  • Dec 3, 2017 6:08pm Dec 3, 2017 6:08pm
That fell 40pips.

My biggest obstacle : 1. I get out of good trades too early and to try compensate for my <I would have gained this much if only had I kept it running> by re entering at <bad times>
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