Away now until some time in Sept. Enjoy your Summer folks and thanks again for a great thread Rocky..
cheers
Hi everyone.
My EuroAussie short just before the Frankfurt open.Made 34 pips.I used to wait until London open but not anymore.As long as there is a VALID HIGH PROBABILITY setup i now take it.I realised that if u take a trade before London(maybe other sessions too?) you ought to have entered that trade early and not late so that if London retraces a bit in search of liquidity then they usually wont stop you out.I took the trade early enough i believe and when London started i was too far from the big traders so to speak for them to try and stop me out.
I exited as price stalled for a long time resting on significant support.
I was fortunate to open charts just before Frankfurt open and saw the pair at an interesting level after the Aussie rate decision and statement.
My EuroAussie short just before the Frankfurt open.Made 34 pips.I used to wait until London open but not anymore.As long as there is a VALID HIGH PROBABILITY setup i now take it.I realised that if u take a trade before London(maybe other sessions too?) you ought to have entered that trade early and not late so that if London retraces a bit in search of liquidity then they usually wont stop you out.I took the trade early enough i believe and when London started i was too far from the big traders so to speak for them to try and stop me out
.I exited as price stalled for a long time resting on significant support.
I was fortunate to open charts just before Frankfurt open and saw the pair at an interesting level after the Aussie rate decision and statement.
Do you have a list of requirements of what you have to see to enter a trade? if not you should. Mine are: 1) like the price action on chart its not messy or jumpy looking 2) The AO is in same direction as trade you are looking to enter. 3) price is on the right side of the cloud. 4) price has broken tl and/or s/r. Once those are all met take the trade, the only consideration after those 4 are there any news announcements coming soon. the other thing that helps is knowing that I rarely let any trade hit my S/L's. My usual s/l is 15-20 pips, my usual...
So, im resolving to use the 15-20 pips stop loss like you.It is the late entries that have been forcing me to have the 30 pip stop loss but if i enter as soon as there is a break, i can also afford a 15-20 pip stop loss like you.
You have said many times how you use the kijun sen to stay or exit trades and i must say i havent really been following this and it has turned many a winning trade into losers or b/e trades.But yesterday when i saw what happened with USDCAD i was struck by the way price respects the kijun and i realised it is a perfect criteria to exit a trade if price closes in the other direction of the kijun.I wish i followed this trade management rule earlier but what matters is that i have now come to my senses
.Of course people are free to manage trades however they wish but for my strategy i need to follow your usage of the Kijun.
Experience is the best teacher.I know your rules and the way you trade this system but i previously decided to leave out some of the things you do in your trades.
Now, i am compelled to rethink and make decisions again.
You have been trading since 2006! and you made all the mistakes and did all the back testing etc and the tweaking and spent numerous days to perfect this system and i must say it is tragic if i cannot see how you have literally saved me years of error-strewn trading since all i have to do is copy your winning system.
Just for the benefit of others.I want to say that this system works very well and this week has been my best week.Since Monday i took 10 trades and won all except two which were break-even trades.Losses are part of trading and i could lose several trades in a row but what matters is that your account is growing even if by 1 pip a month.Keep trying until it starts to grow by 5 pips, 10, 20,50,70 200,500,1000 whatever the numbers.
Another thing, i am now more choosy than i have been before with my trades........
I also want to point out that i used to trade news and after announcements i would start chasing price based on price action or whether the news sounds bullish or not.
I stopped trading news a month or so ago.The results have been wonderful.Most of my past losses especially huge ones were caused by chasing price after NFP etc but i have since stopped.I just exit trades before news and trade after the dust has settled or tighten stop losses and stay in the trade as RP does.
I still have a lot to learn...Thanks RP for the system.All other traders , i hope we all realise sooner than later that too many indicators on a chart will not help us.
I wish us all the best in our trading!
I have posted the UC chart below to illustrate how you can manage trades with the kijun as RP does.
Exasperating business Ichikuse .......... I think we all share your frustration in learning and applying the system. The thought of making a living out of trading is very tantalising and keeps me motivated. Patience is a big part of the game and developing confidence in the system through winning trades. Just getting back to trading after giving myself a coupla weeks break. All the best to all.
I heard Mark Douglas say in his trading video that change is a function of desire.I do agree.If you really lose money, if you really get frustrated, you will always ask yourself what you are doing wrong and begin to focus on what really works.I almost quit my job in December to trade full time.Im glad my boss wouldnt hear any of that altho he didnt know i wanted to trade hahaha
Now i will focus on finetuning my trading until i have a good income from it hopefully and maybe then i will entertain quitting my job
{quote} and for your sincere state is what demo accounts are useless most of the time....even with a little 500 bucks real..the fact of lose money, improve the studying, the method, the psyche,....Yes it is possible to live of it, but i dont know any serious profession that there is not years of practise, essay, failure,...and so on--
Learning indeed should IDEALLY lead to success .The tragedy is when you spend years learning the "wrong" stuff.The most important thing is to realise you are wasting time with something.........But even after years of failure what matters is the end:do u eventually realise you were wrong and then fix that?
NB:Since i stopped listening to signals from experts etc...i have improved a lot.
EDIT:You hear that for example the pound cant continue falling...but then its still falling and price action tells u to sell but u ignore because of what commentators are saying.....I will now follow my signal the way RP does...without thinking..i hope to do so