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A Newbie Journey To Financial Freedom

EURJPY
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Daily - 20180727.png Size: 46 KB

Plan:

  1. Entry: pend order below the BEEB
  2. Exit: if price can't closed below the Support, the trader may consider to cut or scale out of position
  3. Add On: if Price closed below the Support, add on the below or retrace to the support

Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
What are your thoughts on the psychology of profit taking?

I will give an example. Let's say according to your system, your optimal profit target level is Price A (eg about 150 pips).
PT: Price A, 150 pips
During live trading, your trades seem to go in your favour, in your predicted direction. However you also experience pullbacks after pullbacks for days.
Is it healthy to let one's trades to run to 100 pips in green, and then it let it drop to (eg) 10 pips in green, and then let it run up again to more than 100++ pips in green?
'For the market to work, it needs people who think that they can beat it.'
Quoting AlastorFate
What are your thoughts on the psychology of profit taking? I will give an example. Let's say according to your system, your optimal profit target level is Price A (eg about 150 pips). PT: Price A, 150 pips During live trading, your trades seem to go in your favour, in your predicted direction. However you also experience pullbacks after pullbacks for days. Is it healthy to let one's trades to run to 100 pips in green, and then it let it drop to (eg) 10 pips in green, and then let it run up again to more than 100++ pips in green?
Hi, AlastorFate

Good morning!

What are your thoughts on the psychology of profit taking?
The ONLY thing they care about is how much they can LOSE. Amateurs and all other traders think just the opposite - how much can they make.
They don't concern themselves with winning because they are successful traders, know it's all about probability, and will come out winners in the end (total number of trades). (See #Post 149)

Is it healthy to let one's trades to run to 100 pips in green, and then it let it drop to (eg) 10 pips in green, and then let it run up again to more than 100++ pips in green?
I maybe take the profit when run to 100pips. Don't want to feed my little peoples GREED. Maybe not, because I want to ride on the river of trend as long as I can.
That depends on what tf you trade, what pair you trade, what the market is (consolidation or trend?) and what type trader you are.
Price moves in waves.
About Profit taking, See #Post 141

Regards
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
Quoting Bluesky8635
{quote} Hi, AlastorFate Good morning! What are your thoughts on the psychology of profit taking? The ONLY thing they care about is how much they can LOSE. Amateurs and all other traders think just the opposite - how much can they make. They don't concern themselves with winning because they are successful traders, know it's all about probability, and will come out winners in the end (total number of trades). (See #Post 149) Is it healthy to let one's trades to run to...
I agree with your points, to secure some profit if there is a possibility of pullback (or waves as you mentioned)

The issue is I swing trade. I only monitor trades once in a while.

If my mythology dictates me to set TP at Price A (eg 150 pips). I will set it at Price A as the Profit Taking order.

The only way to take hold of the possibility of it reversing at 100 pips, while not monitoring trade, is to have additional trading positions to take profit at 100 pips.

eg

Trading position 1: TP ~ 150 Pips (Key Level 1) [18% of a trading position]
Trading position 2: TP ~ 100 Pips (Minor Level 2) [30% of a trading position]
Trading position 3: TP ~ 50 Pips (Minor Level 1) [50% of a trading position]
Trading position 4: TP ~ 200-300 Pips (Key Level 2) [2% of a trading position]

What do you think?

My dilemma in the first place, is taking the profit (too early) before the trading positions can get to the optimal price level.
'For the market to work, it needs people who think that they can beat it.'
Quoting AlastorFate
{quote} I agree with your points, to secure some profit if there is a possibility of pullback (or waves as you mentioned) The issue is I swing trade. I only monitor trades once in a while. If my mythology dictates me to set TP at Price A (eg 150 pips). I will set it at Price A as the Profit Taking order. The only way to take hold of the possibility of it reversing at 100 pips, while not monitoring trade, is to have additional trading positions to take profit at 100 pips. eg Trading position 1: TP ~ 150 Pips (Key Level 1) [18% of a trading position]...
Hi, AlastorFate

1. Psychology: NOT to beat yourself up about not getting it all.

2. Technical:

  1. if you don't have enough time to monitor your trade, you can trade Daily chart that only need a few minitues to check after 5pm NY closed.
  2. if you want to close position by batch, you can use EA to manage your position. eg. THV CaveManager v1.41 EA. You also can write an EA yourself according to what you want.

Attached File(s)
File Type: ex4 THV CaveManager v1.41.ex4   63 KB | 152 downloads


Regards
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
30th WEEK TRADING PLAN
Quoting Bluesky8635
26th WEEK TRADING PLAN (NO PLAN, NO TRADE) {quote} Group 1: 1- EUR/JPY 2- EUR/CAD 3- EUR/AUD 4- USD/CAD 5- GBP/USD {file}
Group 1:
1- EUR/JPY
2- EUR/CAD
3- EUR/AUD
4- USD/CAD
5- GBP/USD
Attached File(s)
File Type: docx 2018W30 Trading Plan (Group 1).docx   502 KB | 192 downloads
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
EURJPY
Quoting Bluesky8635
EURJPY {image} Plan: Entry: pend order below the BEEB Exit: if price can't closed below the Support, the trader may consider to cut or scale out of position Add On: if Price closed below the Support, add on the below or retrace to the support
Daily
2018/7/27 Price didn't CLOSE below the Support and made a Hammer. So, move the SL to the above the Hammer.
Result: -30Pips.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Daily - 20180731.png Size: 37 KB

H4
As last Friday 2018/7/27 made a Hammer at the Support, drop to H4 to look for a LONG entry.
Price Structure on H4: L-H-HL. Target is at the bottom of Strat Shadow.
Result: +52Pips.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY H4 - 20180731.png Size: 37 KB
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
EURJPY
Quoting Bluesky8635
EURJPY {quote} Daily 2018/7/27 Price didn't CLOSE below the Support and made a Hammer. So, move the SL to the above the Hammer. Result: -30Pips. {image} H4 As last Friday 2018/7/27 made a Hammer at the Support, drop to H4 to look for a LONG entry. Price Structure on H4: L-H-HL. Target is at the bottom of Strat Shadow. Result: +52Pips. {image}
Daily
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Daily - 20180804.png Size: 42 KB

H4
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY H4 - 20180804.png Size: 39 KB


Result: +130pips
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
EURJPY
Quoting Bluesky8635
EURJPY {quote} Daily {image} H4 {image} Result: +130pips
Daily
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Daily - 20180811.png Size: 59 KB

H4
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY H4 - 20180811.png Size: 45 KB
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
I'm working on:
When am I wrong?
When and how do I add on?
How do I manage add on trades and the extra risk?
When do I take profit and close all trades?

from BeyondTheSea #Post 6248

how to detect that of "When the Big Boys STOP SELLING!"
Learn and practice how to ""SEE BEYOND THE CANDLES""

from Strat #Post 6229

Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
BOSS SWING TRADE

GBPJPY

Boss
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY Weekly - 20180813.png Size: 46 KB

Worker
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY Daily - 20180813.png Size: 53 KB
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
EURUSD
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Post 6371 Daily.png Size: 37 KB
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
EURCAD

Boss
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD Weekly - 20180823.png Size: 40 KB

Price re-test the Strat Shadow as Resistance.

Worker
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD Daily - 20180823.png Size: 60 KB

If it can not CLOSED below the Strat Shadow, then exited. KEEP CAUTION.
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
GBPAUD

Boss
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD Weekly - 20180823.png Size: 44 KB

Worker
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD Daily - 20180823.png Size: 43 KB
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
AUDCAD

Boss
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD Weekly - 20180823.png Size: 36 KB

Worker
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD Daily - 20180823.png Size: 39 KB
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
AUDCAD
Quoting Bluesky8635
AUDCAD Boss {image} Worker {image}
Boss
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD Weekly - 20180901.png Size: 80 KB

Worker
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD Daily - 20180901.png Size: 52 KB

No Fear, No Greed.

I am what I did.
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
GBPAUD
Quoting Bluesky8635
GBPAUD Boss {image} Worker {image}
Boss
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD Weekly - 20180901.png Size: 67 KB

Worker
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD Daily - 20180901.png Size: 62 KB

No Fear, No Greed.

I am what I did.
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
EURCAD
Quoting Bluesky8635
EURCAD Boss {image} Price re-test the Strat Shadow as Resistance. Worker {image} If it can not CLOSED below the Strat Shadow, then exited. KEEP CAUTION.
Boss
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD Weekly - 20180901.png Size: 62 KB

Worker
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD Daily - 20180901.png Size: 58 KB

Short at the top of WCC.

-110pips.
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.

Best Times To Trade Currencies


Forex is a 24 hour market and there will be good setups for profitable trades in the Asian, European and US sessions. It pays to look at historical price data on forex charts to see what time of the day you could be watching the market and what time you could be doing something else. The aim is to trade when the average trading range is worthwhile and stay out of the market when price is in a narrow sideways range.

The Major Trading Sessions in the Forex Market

The FX market is active 24 hours a day - it is important for the active forex trader to identify the times where there is the most volatility and largest trading ranges.
TOKYO 7PM-4AM EST
Tokyo is one of the principle dealing centers in Asia and is the first major Asian market to open. USD/JPY, GBP/CHF and GBP/JPY have large ranges, and offer short term traders opportunity.
LONDON 2AM-12PM EST
London is the most important dealing center in the world and the majority of forex trading takes place during London hours. For traders looking for volatility GBP/JPY and GBP/CHF provide large daily ranges.

NEW YORK 8AM-5PM EST
New York is the second largest Forex marketplace. For active traders GBP/USD, USD/CHF, GBP/JPY and GBP/CHF are good choices, with large daily ranges.
US EUROPEAN OVERLAP 8AM-12PM EST = 5am – 9am PST
This period is the most active - the best period for day traders looking for volatility.

London Trading Session
London opens at 8 am GMT or 3 am EST. Closes at 4 pm GMT or 11am EST. The most active pairs during this session are EURUSD with 39% of the trading volume, GBPUSD with 23%, USDJPY with 17%, USDCHF with 6% and USDCAD with 5%.
European Session
Europe opens at 7am GMT or 2 am EST, Closes at 3 pm GMT or 10 am EST. The European session is the most volatile session most of the time.

New York Session
New York Opens at 1pm GMT or 8 am EST. Closes at 8pm GMT or 3pm EST.
New York is the second largest forex market place.The busiest time is 8 am to noon EST. News releases can result in a volatile market. Trading activity usually winds down after the U.S. afternoon trading period.
Asian Session
The Tokyo session opens at 1am GMT or 8 pm EST and closes at 8am GMT or 3am EST. Sometimes volatility is low and sometimes good moves occur. The USDJPY is the most active pair with 78% of the volume followed by EURUSD with 15% and EURJPY with 5%.

from Strat #Post 1482

Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
RULE # 1

Assume your position is WRONG until the market proves it to be correct.
REMOVE position early if it doesn’t prove correct.
Don’t keep a position UNTIL it proves to be correct.
Don’t wait for the Stop Loss to take you out.
LEARN to be WRONG
THINK – When position is correct you have nothing to do.

This keeps losses SMALL – may not always be right but will keep you funded and trading.

RULE # 2

INCREASE your position CORRECTLY when you are correct.
Always start with SMALLER position, THEN add to it – NEVER have your entire position on until the position proves correct.
If initial position is 6 contracts, next add 4 contracts, then add 2 contracts.

In a WINNING trade, instead of taking profits – ADD positions


Most of your profit will come from winning trades which take off QUICKLY.

from Strat #Post 1483

Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
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