Journey to consistency

For todays pattern at London open, it wasn't my first time - in fact it was my 3rd fail.

Yes my friend you are very right (If you're looking Franco) that I need to address the issue immediately and closely examine why it keeps going wrong. I've been thinking (lol this business requires a lot of self reflection) and I think the root of the problem is that since I haven't clearly defined the distinction between V sell at the rim and V that transitions into a buy (yes V sell can turn into a buy !! how frustrating right, they're gazillion kinds of variations with settle differences) while I was in the short trade I had that fear in the back of my mind constantly, what if it goes up what if I am wrong so I ended up closing my initial short again.

And I think I also need to highlight "entry" - entry is essential ! I don't agree with people who says as long as you are going with the trend entry doesn't even matter kind of BS because it does matter a whole lot. For instance taking todays pattern as an example and the previous two fails I did enter too early so when London opened and pushed it slightly higher I started panicking and wondered if it was a buy after all.

So in conclusion I need to work on my mental roadmap = preplanned sequences yesterday I did go into things a little in depth where as before that it was too vague (being vague doesn't really cut it in this business) so I need to make that distinction however settle they may be clear as day. Apart from that I do think it's necessary to add up details on entry for each pattern and their variations and be as specific as I can ruling out any variable that may instigate "the thinking voice" in my head - because surely it finds its place in my mind while I'm in the trade obviously when I'm not 100% sure about what's going on.

This is the last chance I'm giving myself.
I think I've said it couple of times already.

You know what I keep thinking why did I get myself into all of this ?

The road has been tough and it has been frustrating since I started my bout of losing not that I have lost much but it does its damage and that can get in the way of your performance if you haven't properly laid out all the details and rules.

At first you couldn't care less probably because I wasn't so serious but after a while, it really gets to you. Even now I don't immediately start losing when enter a position since most of them are in the right direction just few months ago I was losing left and right trade after trade. So yes I do feel I have progressed. Looking back I don't think I had a proper method/system I was just gambling away plain and simple for 4 years ! it was only the last 6 months out of those 4 years I have started putting together a proper method of which I'm still in the process of putting it all together. Thus I'm sure I've turned around the corner. But alas the road isn't all sunshine from here on, I still do struggle and it still is frustrating and maybe ever more frustrating that at 1 one point I feel this sudden strong urge to quit or hate myself for not performing well. But of course the thought of giving up is not genuine - its more of like a vent, a frustration that goes away when you let your emotions out and as with most of us I've got no one but this journal to talk about anything and everything to do with trading.

At this point in my journey I'm not sure if I can reach consistency this month , next or in another 3 or 6 months but I'll keep on doing what I can to improve and fix my mistakes and perfect my method. That's really all I can do. Yes "method" I'm giving it all and after giving it all if I'm still in the losing bout I guess I should consider other routes. I hate to give-up but the pressure is mounting up higher and higher not monetary but from immediate family members. That's that. Thanks for listening journal ! I'll be back tomorrow. And last point what keeps me going despite the struggles and the mounting pressure I have a feeling if I make it here I can accomplish pretty much everything ! and I do have something I want to pursue afterwards once I reach consistency - odds are stacked up against me in that field again but knowing that I've made it with trading will keep me going forward and I'll know that hard work and perseverance + time will almost accomplish anything and everything. At this point it's not only a matter of making money or not, its about if I can succeed at anything at all besides lame 9-5job ? so if I quit that pretty much means I probably shouldn't even bother with second pursuit at all and just settle with some random 9-5 for the rest of my life. God I will be so miserable ! Stakes are high !

I'm going to try an answer on my journal. Here.
No need to "invade" your pages.

In reality,pattern analysis can be done in less than 10 seconds. Its not the pattern thats critical, evey body can see that, its the way it behaves while its forming that clues the trader. ie volatility, activity and time splices, range etc. and from these one is to formulate correct response,by trial and error. When in error, rescue, and when correct, to "press".

Ok So I've got my patterns or my mental roadmap but fti is damn right everyone can recognize that on a chart a pattern is a pattern but < it's the way it behaves > that we should play close attention to and decide on the correct response. I was too rigid, as soon as I recognized the pattern instead of paying close attention for double confirmation and timing the entry I immediately click the damn button blinded by my bias. As for pattern recognition I'm learning to be flexible by taking in cues candle after candle as soon as Frankfurt goes on up until London open, so except for the disaster trade where I lost 30 something pips I was able to follow through the developments but entries again were troubling again I just need to closely follow along remember markets gives many signals I was just blinded by my judgements, yes I need my mental roadmap they are necessary but at some point I also have to keep in mind not every battle is going to be the same as fti said market has many variations and colors , guidebook is a guidebook the basics so from here on I should learn to set my mental roadmap as the background and closely follow the market in full awareness not judgments no opinions almost on my instinct.

Apr 09

+33pips

could have done 40 but this is better than losing of course.
for todays pattern I think this was good enough I probably should have held it a little longer but then again I'm making a progress.

today's pattern was very similar to last fridays pattern at first this rolls around as if it's a sell a great deception but if you pay a good attention to each candle its volume, speed levels of interest and how it reacts this wasn't a sell nevertheless I took a sell it was more of like a retracement prior the buy and got out with some good pips then I waited for a reversal and went long again as I'm typing this has gone up more than 30pips should I probably should have kept my long, shoot then I would have covered my 50 per day but again already making a progress here no complaint I even worked up the courage for a buy entry after the sell.

calling it a day here back tomorrow.

Apr 10

+31pips

opened multiple positions
been trying to feel the pulse
all of my attempts were along with the flow

now I'm starting to understand what you meant by "feel the pulse" I hope I didn't often you Jupiter!

Apr 11

-16.1pips

enough damage done.
couldn't feel the pulse.
will be back tomorrow

Apr 12

+13pips.

I've done the best I could at my current skill level
getting better, albeit the small gain I didn't even cover yesterdays loss but I am grateful that I did relatively well considering how tight the range was and how unreadable the moves were to me - they were very challenging to dance along. I stayed longer than I usually do and I think I should probably stay a little longer to make up for these kind of days. Hopefully tomorrow it will be straightforward. I shouldn't trade now the conditions are hazardous for a relative newbie like me.

I realise you lost this trade(s), but this post shows you have the discipline and patience to accept a loss and stick to your plan and not trying to revenge trade. I think that is essential for longterm success.

Keep it up.

How wrong I were once again.
I'm forever humbled mother market.
I'll do my best to follow along as the weeks progress.

Apr 13

-13pips

Apr 09 - Apr 13

+49 pips

same thing again , mind is too damn stubborn don't want to see whats in front.
I imagine you grabbed that 80pips and off to enjoy the weekends now !

I'll have to go through your journal again on the weekends, always have enjoyed your screenshots then I kick myself up for not seeing it from your point of view.

I'm also learning to keep my losses minimal within 15pips where as when I first started out I was taking a loss as big as 30pips not going to let that happen. Next week I also need to work on determining the direction of price and will try to take trades that are with the trend and not jump on impulsive waves or correction.

Apr 16

+16pips

I couldn't figure out where it was going I even got up on fakey 40minutes into London but I realized I had gotten on the wrong side probably again I went short immediately as soon as the second red candle came in real quick at the first resistance where price broke down just 5 prior London then I chickened out thinking that initial support after that fall just after London was going to support and price might go up again.

Foolish thinking all along, I'm actually very lucky that I even captured 16pips doing something completely idiotic. But I have to say that I'm definitely developing a feel for things in general I mean I at least feel if somethings off for instance I buy then if price reacts in a certain way I know it almost like an instinct so I wasn't buying or selling like a compulsive gambler probably explains why I didn't lose like I used to 30pips and more.

The problem with me right now is that I lack confidence in my observation probably because of lack of experience - I'm sorry Jupiter if you're reading this I just don't seem to work best on clear rules but on "feel" of things.

The deal is if I'm going to stop losing and gain even 10s each day I'll call it an improvement major improvement. As I'm typing this I went long right at the bottom as each candle forms every 5m I'm more and more convinced this is going up unlike the huge retracement candle I went long 30minutes into London.

Calling it a day


chart: 5m

My friend. As I promised I'm here just for you.
Pattern! And how to trade that pattern. Each pattern as specific rules on entry and managing... all is written in books!
I can't do more than this. (of course there's much, much more... not just these three lines... but that is enough.)


But, yes, this morning was really tough. People are really confused. That is true.
Bye.

From "thepatternsite.com"... Bulkowsky.

Apr 17

+8pips

I'm going to call it a day at this time every day
3 hours I think is enough, I'm already a bit worn off from all that staring and intense focus.

From tomorrow onwards I need to grab everything I can at within this time slot.
No trading during Frankfurt.
Only around London open.

GAP
NO GAP

RANGE
NO RANGE

and TIME

+ plus pattern recognition

I'm getting there....

yesterdays pattern was range, range sell
todays pattern was buy it from uptrend retracement - initially there was a retracement because DAX had a huge gap to cover it doesn't cover gaps that are minor.

so if the gap is huge I go in,
if it isn't and by 15 minutes prior London open if had already covered the gap I go with whatever pattern/signal it gives few minutes into London, and there's usually another "main signal" 45minutes into the session....

last few days I have disregarded pattern recognition completely....... and tried to go with the flow, the feel of the pulse.

I'm having a difficult time finding the balance between these factors, but I will soon hopefully by the end of this month.

GAP + pattern recognition + feel of the pulse

"I'm having a difficult time finding the balance between these factors, but I will soon hopefully by the end of this month."

simplify?

(and also give enough time to a new direction to settle down to see clearly what it is or isnt? in the past 5 months there was about a dozen if not more possible direction you "explored"...or maybe it is just my feel, idk?...that would leave any with about 2 weeks period. far from conclusive in any way. demo is free, and can run 2-3-X number side by side if needed. maybe just pick to each a simple approach, let it be for a while (2-3 months, and as that time progress start to maybe combine 1-2 for an improvement, as long as you NOT "having a difficult time finding the balance between these factors"

just some thoughts.