Journey to the Edge...

It is almost a year since I started trading. In these few months of trading I have made many decisions on charts whereby some were logical and others were not.
Emotions have been having the best of me during this short journey so far.

I have now come to the conclusion that I do not know how to trade yet. But I am determined not to quit until I discover it. I need it!

My recommendation and objective after this finding is that I MUST DISCOVER MY EDGE OVER THE MARKET AT ALL COST!!!

I have flushed my emotions down the drain and decided to stick with consistency and discipline. Enough systems and strategies. I want to the charts to speak to me in their own way in a language that we both (price and I) can understand.

So let the pips and points stay with me.


SEF.

Journey has started with Technical Analysis 101.

Let the winds favour me... SF

My trade ideas after weekend analysis

I decided not to take certain trades last week (GBPUSD-long, GBPCHF-long and GBPCAD-long) because they didn't meet my criteria (trading too close and towards round numbers + the risk reward ratio was less than 1:1). After Friday I am wishing I took them. But on second thought I am glad I stuck to my conditions. If the RRR isn't lit, I'm not sticking my neck in it.

I entered a GBPJPY trade on Monday and up till now I do not understand why I entered that trade!!! I seriously need a PRE-TRADE CHECKLIST.

I was planning on sticking with just a few currency pairs, but guess what, I changed my mind. The GBP pairs I decided to play with are playing with me in technical analysis.
I have decided to trade waves in waves (Sling short trades specifically): In my quest for strategies and trading methods, Wave trading according to the Alien's Extraterrestrial Visual Trading System has helped me grasp the concept of waves in waves... I have decided to keep it simple and just trade those waves. I shall be reporting my weekly results here. But so far I am up 25% in 2 weeks, with a win rate of 83%.

I have realized that my major losses this week has all been due to breaking news and economic data release (fundamentals: EUR & CAD).
Until further notice: I am not gonna trade currency pairs that have economic data releases for that day or the following morning. Let's see how this will help on building our edge.

I normally close all my trades in a basket. Some of them I realize are closed in losses. Well, you win some, and you loose some... but I am thinking of how I can reduce those losses as much as possible.
Maybe I can hold those trades till they turn only if they still satisfy the price action as well as the wave analysis.
Or I can keep adding up more positions as it draws down until it turns...
Or I could fade out of the position as it is drawing down as I wait for the turn before I fade in again....
Hmmmmm.... Let me think about this over the weekend..

By the way, I have had a positive week growth this week with this system, 15% growth this week, 31% growth this past 2 weeks of trading with a win rate of 78.7%....
Well, it is not bad at all for someone on the quest for the trading edge. I believe as I practice this more, I can be able to increase my win rate to over 85% and therefore risk a little bit more even as I make more pips.


Most of what I am doing was learnt from ForexAlien, search for his thread here (forexfactory.com) and be enlightened!

This week has been slow. Going through some draw-downs, I'll have to fine tune my entries and try as much as possible to enter into trades that are on their way to shoot up ***CONFLUENCE*** Trading from support and resistance zones. I'll apply the quarters theory as well as higher time frame support and resistance to my Sling Short wave trading style. Hopefully it will get better.
Until further notice we wait till the market turns in our favour.


Journey to the EDGE!!!!

Dropping by to support.
I saw the stats, looks promising with about 70% winning rate and Risk to reward of 1:2. Not sure how long is this account. If the trend continue and displine enough without tweak the system, you will be rich soon.

Thanks for the support happytrade38.... Appreciated.
Will make sure to remain disciplined.

How long you have been trading? Interested to know you more. I do have my trading system, I maintain it in Google sheet to monitor and analyze it. Hope we can grow together

very good system , any plan to share iit sir?

Been through a rough 2 weeks, a lot of draw downs... But account growth still maintained in a 'bad way'.

Need to work on my entries

...working on it. I wont take a trade until I find a reasonable list of confluence to enter a trade.

I will.... but I am still working on it. It will be a disaster to eat a half baked bread, you what I mean?
Once it is well cooked, I will bring it to the table. Cheers!!!

Coincidently I also having a lot drawdown and streak losses. Hope the cloud will over soon.

I have realized that my entries on the 4HR for the sling shot strategy is not the best, there is usually a lot of draw down on the trades. I have decided to stop trading that method on the 4HR only. The best way to trade this strategy is to wait for a setup on the 4HR but enter from the 5 and 15minutes time frames. Unfortunately my work schedule will not permit me to trade like that.

I need to adopt another method that can provide a win rate of above 60% with a Risk to Reward above 1:2 on the 4HR and Daily time frames.

With this unfortunate corona virus stuff, I'm released from work pressure to finally trade at last!!!

Trading with the BTMM style. Account doubled already (a Cent Account though.lol)!!!

With RRR over 1:5+ even a 50% win rate will work out fine....