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My way to highway

  • #801
  • May 26, 2018 2:59pm May 26, 2018 2:59pm
Quoting dogdays713
just started reading your thread, great info thank you for sharing. I see you use RSI, what do you think about using a 3 period RSI.?
hi dogsday713,
and welcome.
you may disagree with my thoughts on RSI...it is a simple tool, i use to warn me to look into other conditions, and not by itself a signal.
RSI has limitations, especially right after a ranging period, or a longer trending move.
plus if you noticed, i dont care the "book knowledge" of crossing 30-70.
thus i use a simple, plain, stock 14 period RSI. just the basic default one.
never tried to play around much with settings, i believe ultimately it isnt the tool that makes things work out.
(i believe that CCI, or RMI, etc could also work out just the same as RSI... )

just like the CSM i use, also default settings.
and the rest is some horizontal lines, mostly, virtually most case, as i like the charts pretty plain, as on the screenshots...thus i just use MT4 default price alert function at horizontal areas of my interest ( mostly a recent high/low zone).
and finally i consider ADR, but since it trade daily, it is also mental, just "by the feel", really.
since i trade only approx 10 pairs more regularly, it is easy to remember what their ADR is approx.

happy trading!
there is always, always another trade!!
  • #802
  • May 26, 2018 4:22pm May 26, 2018 4:22pm
Quoting profitfarmer
{quote} hi dogsday713, and welcome. you may disagree with my thoughts on RSI...it is a simple tool, i use to warn me to look into other conditions, and not by itself a signal. RSI has limitations, especially right after a ranging period, or a longer trending move. plus if you noticed, i dont care the "book knowledge" of crossing 30-70. thus i use a simple, plain, stock 14 period RSI. just the basic default one. never tried to play around much with settings, i believe ultimately it isnt the tool that makes things work out. (i believe that CCI, or...
thank you for your reply, I feel the same way that all indicators have their limitations.
now the horizontal lines are great. love how clean your charts are.
  • #803
  • May 27, 2018 8:48am May 27, 2018 8:48am
Hey profit farmer.

I want to take u up on the offer of free mentorship if it's still available. How do I contact you?
  • #804
  • May 27, 2018 2:15pm May 27, 2018 2:15pm
Quoting fxzebra
Hey profit farmer. I want to take u up on the offer of free mentorship if it's still available. How do I contact you?
hi
the offer was withdrawn after 4 days i believe, since there was zero interest, and i deemed enough time for most traders to have a chance to read who read my journal.
i am one in a special situation since mostly profitable traders read it. or so the result shows.
joke aside,
you can send me a PM ( private mail) here, to see if we can work out something. but in the moment your message function seem to be limited, and frankly i dont post in the open private contacts ( like email) here cos that may bring more mails than i need, of any kind.
else, my preferred method is Skype, and the one also used for the "lessons"; but for that the contact ID only share privately, too.

happy weekend!
there is always, always another trade!!
  • #805
  • May 28, 2018 1:34am May 28, 2018 1:34am
Hey Buddy,
Read all 40 pages yesterday in 1 go, yesterday.
Your journal is so very refreshing, straight, data wise, addictive, few new hind sights.
Thanks a lot for making my weekend.
Gold bless you.
Stay in Green dollars and green pastures (read your farm house) ...
  • #806
  • May 28, 2018 5:47am May 28, 2018 5:47am
Quoting ptlindia
Hey Buddy, Read all 40 pages yesterday in 1 go, yesterday. Your journal is so very refreshing, straight, data wise, addictive, few new hind sights. Thanks a lot for making my weekend. Gold bless you. Stay in Green dollars and green pastures (read your farm house) ...
Hi ptlindia,

Guess you are like myself, if a topic interest you... I don't mind to read 100(s) of pages...happened with a few threads in the past.
I am glad you enjoyed reading the journal, and that you also found some possibly useful things in it too.
If it motivated you then fulfilled the very reason I created it.

Happy trading!
there is always, always another trade!!
  • #807
  • May 28, 2018 11:33am May 28, 2018 11:33am
Hello ProfitFarmer,

I hope you don't mind my question.
For how long you've been consistent/trading ? Impressive results and consistency.

Sam
  • #808
  • May 28, 2018 12:43pm May 28, 2018 12:43pm
Quoting samuel2133
Hello ProfitFarmer, I hope you don't mind my question. For how long you've been consistent/trading ? Impressive results and consistency. Sam
I will give the long story. Hear some actually enjoy reading.
Those not want to read, skip straight to the last 2 lines on the bottom for short answer!!

"For how long..."

Since I fully commit to it.
Thus my advice that after a while just stop playing around with money one "can afford to lose".
For a long period I was stuck in the similar cycle, had a job that was paying OK, had 1-5k accounts that were doing fine or he blown, and had no particular care of the outcome.

It took some effort to realize this, and to decide I already have everything what I need for a possible success ( only maybe slightly short that time on the capital earmarked for Forex), and if I change my view on Forex, as toward a business like take, I may just have a chance to make a decent income.
Coupled this, was some negative ( to management always says things improving!) changes related to my job, I decided on the leap.

Must also add, that due the low interest banks offered the past years, I started to clean up with my banking 3 years ago, and changed my expectations on stock market returns...subsequently was doing good the past 3 years, beating the indexes here by a decent margin.
That also helped with the belief why not Forex too?

Originally my plan was to work until 45 in my job, and " retire" to trading then, but few bad "manager/traders" lost money for me, skipped the promised dd, etc...and that frustration lead to accelerated action. I would say, 2016 was profitable. Before mixed results but generally moderate losses.
The current TE is from 2017, actually that year ended like +140% if all deposits/withdrawals considered.
Also 6 months on the current TE was offered some prop trading opportunity ( Fixi), and about the same time some private prop deals...so went full time last summer, say August.
9 months into the current TE was offered another prop opportunity ( Psy/Axi).
This March, result of the back to back ( though system trading rules kept as well as dd limits) resulted to part most private prop deals as well as Fixi on communication issues from their side.
That was what some ( me too) consider great chances, but one learn a lot along the road, and when something isn't right, just say no thanks. I dropped nearly 1.5 million$ worth of prop money.
Now, buck at HWM, it looks silly, but I don't really feel regret, though in a great month like this May those deals would make more money than my own trading.

In the meantime since the summer last year, I was able to live on the prop income last year I was compounding my own profits, including some acct split in last September, that seen some of my fund trading a higher multiplier. That paid off last year, and by 2018 I was about my original target equity.

Since March 2018, after the prop funds shrink, I could rely on my larger personal equity to fill that ' void', and it had generally.
Despite the weak February and March, the year still looking OK after 5 months ( private acct is up approx 90% this year), and some other prop opportunity still possible there to discuss next month...

I have proved myself that it isn't another India or EA or 14 hour a day screentime that was needed, nor I had to try to make 40% a month consistently to keep up with the other traders...it is all about doing some simple things, with some breathing place for the trades, and a controlled downside.
The term: " ain't rocket science" comes to mind; and it is as true as ever.
I had a few small milestones set for myself, 100k prop, 500k prop, then 1 million+ prop within a year....been there done that.
Had some personal milestones, 30k equity, 40k equity, 50k equity...checked out those.
Still short of some income milestones, but no particular rush or pressure. I am able to live comfortable from what I make, and if really want I could probably find more means to expand on things.
But what I am looking for is a good balance in life. Thus some dropped prop deals. ( where the majority was my decision, solely).
Or growing my equity organically, not by maxing out Forex side putting too many of the eggs into one basket.
Or leaving my job, not really for the more money in mind, but for the more freedom and less working hours.

I know, I could give the short answer, 3 years, but it would not give something to think about. The process is important, maybe more than the result.

Happy trading!
there is always, always another trade!!
  • #809
  • May 29, 2018 2:06am May 29, 2018 2:06am
Quoting profitfarmer
{quote} I will give the long story. Hear some actually enjoy reading. Those not want to read, skip straight to the last 2 lines on the bottom for short answer!! "For how long..." Since I fully commit to it. Thus my advice that after a while just stop playing around with money one "can afford to lose". For a long period I was stuck in the similar cycle, had a job that was paying OK, had 1-5k accounts that were doing fine or he blown, and had no particular care of the outcome. It took some effort to realize this, and to decide I already have...
Read it all and enjoyed it.

Thanks PF and happy trading
  • #810
  • May 29, 2018 5:24am May 29, 2018 5:24am
Silly rollercoaster day, with some wild ride with GbpJpy, and some issue on copying between accounts.
Additionally some mixed trades on EurUsd, and some small profiting on EurJpy.

Today, with no obvious news of anything virtually, not to mention the lack of high impact ones, and after the banking holiday yesterday, i wasnt expecting much.
Boy, was i wrong!
Playing along early, while watching youtube on the side, GJ just got to the zone where i was thinking it will take a breath...sort of had, a shallow one, and went on falling another 100 pips without too much of a break for me.

It had wiped out the profits from Axi, yet managed on the private acct to have very very good gains, and overall still hitting a milestone of what i was talking just the other day, this one regarding the overall monthly gains.

The TE account did OK, considering everything, only lost about 0.85%.

Not a day i am happy with, yet a day i am very happy with.
Controversial as it sounds, still a fact!

The lesson: dont assume, and if you do then dont trade too heavily on it!
The lesson#2: damn, it does hurt to see being right big time on GJ, and rebounding without me after some major losses on some accounts, not a bit but like 130 pips rebound....the money left there on the table being little heavier in/getting too surprised on a quiet day is a major difference.

happy trading!
there is always, always another trade!!
  • #811
  • Jun 1, 2018 1:28am Jun 1, 2018 1:28am
missed the last 2 days for some immigration issues to sort, and quietly May ended.

on summary it was one exciting trading month!
the TE account was performing well, even despite the losses on Tuesday it still had a strong up month with +9.23%, but as it is the month not end on a HWM.
the year is back to green on this one, and that was the plan to achieve out of May, really.
Axi did worst on the same Tuesday, and lost money for the month, due there was an equity stop. some -1.8%, not major but a big blow as that acct was indeed coming off hard from the HWM it had hit earlier the month. not happy about it, but it is trading. sometimes things aren't for my liking, but dealing with them best i can.
and finally my private acct, that had some heavier turnover on last Tuesday but a great grand finale, and ended the month there with +31.8%.
being the largest one, that made a major boost to my profit this month.
and even if barely, but May income seen another milestone achieved, 5 digit income month.
i know for many it isnt much, and like to think success equate to million ( the least!), but for poor me going full time with only 18k of my own money ( and some prop opportunities), it is one major step i was hoping to hit; and also hoping it isnt a one time hit!

there is a few more milestones i am looking to hit, for example involving some withdrawals. to be seen... working toward it!
the trading equity by large was not compounded the past 3 months, i plan to change that some too, and grow slowly the equity base by another 5-10k. for that i am thinking to add a new broker, as Axi lately had some spread issues on few pairs, ICM tend to have more and more slippage and other issues as the more profitable i seem to get...so in the moment i am not looking to add to those existing accounts.
some suggested Pepperstone, yet another Aussie broker, a possibility. i am not in rush, but it is on my mind, the same.

oh, almost forgot.
the Tuesday loss on this TE (and Axi) acct seen a 46 days winning streak to get broken. I failed to set a new record for myself (old one = 50 days remain), another thing to work on.

the myfxbook look:
Attached Image (click to enlarge)
Click to Enlarge Name: may 2018 myfx.png Size: 67 KB


happy trading!
there is always, always another trade!!
  • #812
  • Jun 1, 2018 1:39am Jun 1, 2018 1:39am
Congrats!
Quoting profitfarmer
missed the last 2 days for some immigration issues to sort, and quietly May ended. on summary it was one exciting trading month! the TE account was performing well, even despite the losses on Tuesday it still had a strong up month with +9.23%, but as it is the month not end on a HWM. the year is back to green on this one, and that was the plan to achieve out of May, really. Axi did worst on the same Tuesday, and lost money for the month, due there was an equity stop. some -1.8%, not major but a big blow as that acct was indeed coming off hard from...
  • #813
  • Jun 1, 2018 4:45am Jun 1, 2018 4:45am
Quoting profitfarmer
missed the last 2 days for some immigration issues to sort, and quietly May ended. on summary it was one exciting trading month! the TE account was performing well, even despite the losses on Tuesday it still had a strong up month with +9.23%, but as it is the month not end on a HWM. the year is back to green on this one, and that was the plan to achieve out of May, really. Axi did worst on the same Tuesday, and lost money for the month, due there was an equity stop. some -1.8%, not major but a big blow as that acct was indeed coming off hard from...
Nice one PF! Just wanted you to know that a 5 digit income month is very good. I bet there's only one percent of the forum members here have been able to do that consistently.

Keep it up!
  • #814
  • Jun 1, 2018 5:03am Jun 1, 2018 5:03am
Quoting CrocodileRex
{quote} Nice one PF! Just wanted you to know that a 5 digit income month is very good. I bet there's only one percent of the forum members here have been able to do that consistently. Keep it up!
i havent done it myself, but would love to, even though few times come near reach in the past!
however, the truth is, i am happy enough with the mid-range 4 digit months too
there is always, always another trade!!
  • #815
  • Jun 1, 2018 5:54am Jun 1, 2018 5:54am
Quoting profitfarmer
{quote} I will give the long story. Hear some actually enjoy reading. Those not want to read, skip straight to the last 2 lines on the bottom for short answer!! "For how long..." Since I fully commit to it. Thus my advice that after a while just stop playing around with money one "can afford to lose". For a long period I was stuck in the similar cycle, had a job that was paying OK, had 1-5k accounts that were doing fine or he blown, and had no particular care of the outcome. It took some effort to realize this, and to decide I already have...
Hello PF,

Thanks for the detailled answer again. Not at all, the longer the better for me. It is inspiring for all of us, waking up every morning to make a living in the markets.

What do you mean by equity milestone? Also, what kind of equity did you start with to reach these figures (30k,40k,50k).

Also, excuse my question, but I don't really get what you mean by prop. What do these figures mean? I tried to look around to find the answer by myself but couldn't. That term must be an abbreviation or something.

Thanks, you are an inspiration.
  • #816
  • Jun 1, 2018 6:26am Jun 1, 2018 6:26am
Quoting samuel2133
{quote} Hello PF, Thanks for the detailled answer again. Not at all, the longer the better for me. It is inspiring for all of us, waking up every morning to make a living in the markets. What do you mean by equity milestone? Also, what kind of equity did you start with to reach these figures (30k,40k,50k). Also, excuse my question, but I don't really get what you mean by prop. What do these figures mean? I tried to look around to find the answer by myself but couldn't. That term must be an abbreviation or something. Thanks, you are an inspiration....
Prop means Proprietary Trading, where in you can trade on behalf of an institution / company on profit sharing with prescribed trading rules n conditions.
  • #817
  • Edited 7:06am Jun 1, 2018 6:39am | Edited 7:06am
Quoting samuel2133
{quote} Hello PF, Thanks for the detailed answer again. Not at all, the longer the better for me. It is inspiring for all of us, waking up every morning to make a living in the markets. What do you mean by equity milestone? Also, what kind of equity did you start with to reach these figures (30k,40k,50k). Also, excuse my question, but I don't really get what you mean by prop. What do these figures mean? I tried to look around to find the answer by myself but couldn't. That term must be an abbreviation or something. Thanks, you are an inspiration....
Samuel2133,

i think most of your questions answered here on the thread, many just in today's post earlier.

about equity milestone, i usually refer to a personal goal, X amount of trading capital on hand. when the journal started out my estimated personal capital needed for full time trading was 30-50k range. i did hit those numbers since.
i simply get to those numbers by letting some of the profits i made stay on the account/s and compound some.
as i said i am far from rich, but people often get the very wrong concepts about life.
take US, a rich country, yet if you work an everyday job, just like millions, McD, Starbucks, Walmart....you make 10-11$? even less?
160 hours, deduct taxis and whatnot, what will you have in the end?
how much is a everyday office worker make? a police patrol, a kindergarten teacher?
would as a trader with flexible work hours, that amount to no more than the 160 hours, be OK if i make a net 3000$? would it place me above or bellow that?
what if the country isnt US, but some other place where ppl make for the above jobs 2-3$/hour?

what i started out with was written today, 18k. ( of course i had some other money to fall back to, it wasn't my full life savings, but it was a lot more than something i would lose without care, ie not money i can afford to lose. and time to time i also mentioned on the journal, i think that is one very silly and counterproductive statement usually coming from losers. real traders not start out with 200-2000$ to make a living, even the 18k was low, but 2 month of it was my downtime from the sea (job), so it was like lets give it a try and decide 2 months later what next...left an exit plan open, and i think most aspiring full time traders should; it takes lots of pressure away.
while the 18k was not much, my estimate was that if i can get about 5%ish income, 900$ a month, i can stay just little underwater, and if prop money earns something, that can turn into a basic living. from there on can build up things.
( note that during my 2 months downtime at home from the previous job also had no pay, so, in that respect whatever i was to make was more than otherwise i would have. of course losses also an option, but i was to include an equity SL ( still do) to limit that downside.
another great misconception i think that traders are fine with up to 80-90% DD, and you can make it back... sure, everything is possible, some does survive jumping from the 10th floor too...but you don't want to test the theory with your life...same as you don't like to see 80-0% of your not tiny trading account to disappear.
emotions are by large ignored, those who been there already know that -100$ or -10k doesn't feel the same!! at all!

prop trading: refer to 'proprietary trading'. trading funds that isn't yours, for a profit share. if you read thru the journal, there is many post referring to it, with exact names, parameters even to some of the deals that were available and still are to traders wanting to go that route.

the journal, in big part, was created to show that one can with a relative small/mid size investment and a notch more serious approach than the inherent gambling of 200$ actually go on and try to build up something that can produce a living, even a sort of middle class living within a relative short period ( the journal, and especially the full time trading part, is less than 1 full year old (11 and 10 months, respectively).

happy trading!
there is always, always another trade!!
  • #818
  • Jun 1, 2018 9:59am Jun 1, 2018 9:59am
Buddy,
YES ... I love Reading a lot, LOVE READING that matters, that stimulates, that encourages, that motivates ...
As far as I'm concerned, I find your thoughts n Feelings (EMOTIONS) about trading more profitable than your TE / profit %.
That is me of course ..
Stay Blessed ....
  • #819
  • Jun 5, 2018 4:50am Jun 5, 2018 4:50am
Yesterday night, I took the time to read through the thread. Sorry for not doing it earlier before I've asked you questions.

What I've found out is that one of the first trading techniques, I've used, and still one of my favorites is the one used in this thread. I.E. waiting for a large enough movement and scalping the reversal/retracement. I just make sure to take my losses (maximum equity that I can risk vs the reward) to avoid being caught in a directional movement.

I use the ADR + looking left before entering.

One important point in this technique, for me at least, is to enter small the first time and then increase the lot size depending on how the movement is developing.
Also, if I see a major level 20-30 pips away, I tend to wait for the price to reach it, even if taking a trade right now would seem very tempting. I force myself to way and miss an opportunity rather than entering in an non optimal spot. And, these kinds of decisions can never be automated, at least not now lol.
  • #820
  • Jun 5, 2018 6:08am Jun 5, 2018 6:08am
Quoting samuel2133
Yesterday night, I took the time to read through the thread. Sorry for not doing it earlier before I've asked you questions. What I've found out is that one of the first trading techniques, I've used, and still one of my favorites is the one used in this thread. I.E. waiting for a large enough movement and scalping the reversal/retracement. I just make sure to take my losses (maximum equity that I can risk vs the reward) to avoid being caught in a directional movement. I use the ADR + looking left before entering. One important point in this technique,...
hi Samuel,

it isnt a major issue to ask questions; many answers are scattered around the journal, and may take some time to find...not a most active thread, but the past 11 months see it grew to 40 pages!
the type of trading i do is nothing new, and i dont think anything original in it.
for me, to work, the key aspects were to take trading seriously and stop chase outsized return dreams as a must have; and the money management aspects to not blow up account on 1-2 trades hanging on to them too stubbornly.
it is OK to wait most of the time, even if it results some missed chances. today for sure i could with GbpCad...worked out still, but could work out lot better too.

anyway, there is no perfection, only the journey trying to work toward it!

happy trading!
there is always, always another trade!!
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