MY Journal-phil13

U/J ......

U/J trade ... part 1.. 58 screen shots so far just to warn you if you do not like trawling through things like this.


So not finished/concluded this trade yet, but I am going to post this part, just have a small bit left that I have locked for the weekend and it will give my friends and others interested in what I do time over the weekend to look at this trade.

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When you dig yourself into a hole, do not get a bigger shovel, take responsibility and sort it, ‘by any means’…. Stay calm think logically and do what is needed….. good strategies combined with tactical thinking, you want to fill the hole to get out but not make it bigger or bury yourself. Lots of AOW here.



















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Incredible!!! With great detail!!! It is very important and very helpful what you do, because it brings you closer to reality, what is inside the head, risks, "fears", and intentions in each "movement". There are several tactics used. So much detail helps a lot.

This week I was thinking about what you said that it is better to close the most distant operations first... The comment of UJ56 also helps a lot ...

Do you have any specific way to calculate the spiral lot, or just flow on fibo? And to calculate the "protection" lot (UJ19.jpg sell 1.50)?

Once again: thank you very much for your effort and generosity. (now, study and digest).

Time to beer or wine, and a good dinner, good weekend to all.

Hi fex

Thank you, yes I am trying to show my thought processes and read, although I am not always right (none of us can be), I do know what to do and when to dig myself out of the situation I created for myself in a profitable way, accepting you can often be wrong is something we all need to do.

If we remove the higher lots (above the average price we have created) then the new average price will be closer to the now price, this is just another way of slightly putting the odds on our side, most assume it is better to remove the bigger trades first but it will actually put your average price further away from the now price and make it harder (as you have more ground to gain back) to recover from because of this fact, as AOW says a larger force will be needed to take control and win the war in the end, there are direct and indirect ways of fighting any battle and these can be blended together to make many permutations for us to use in our trading, I always think ‘how can I make this situation better for me’ and this why I trade the way I do.

The fibo skews… at any point in the battle we can enter and remove and re-calculate our base starting skew, you will see me doing this a lot, 1 1 2 3 does not have to be those exact figures they are just the base calculation, so if I have say 0.15 in (as I have left ATM) then my new 1 = 0.15, so my new skews spiral would be 0.15 0.15 0.30 0.45 (1 1 2 3), we add the last two numbers together as in the base spiral. The 1.50 partial lock I added was just roughly the last two entries reversed of my underwater trade, I would if the opportunity arose used this as my reverse (1 1 2 3) starting point for recovery but it was better in this case to use the F/cap it created to offset the losing side and reduce my average price in my favour while at the same time it also reduces my risk of exposure on the underwater side, notice how I never tried to get the trade back in one go, I just fought short skirmishes to reduce that exposure (wear down the enemy), if done correctly we can also bank a little along the way from our mistake (foraging on the enemy to sustain the battle) and this means we are not totally wasting our time waiting to just breakeven on the bad trade we made. Our friend FTI said to me it is good to make money when we are right but even better when we are wrong, did he mean by trading exactly how I do??? I do not know as I have said but it works well for me. We only have one job as a trader and that is to make money from the market.

Someone my wife knows was/started trading, he asked to speak to me (thinking I could tell him how to do this in successful way) after I spoke to him he said I had blown everything he thought and learnt out of the water as most of what I said I do was the very opposite to how he had been trading and he could not believe that was the way to trade, I said to him, look only about 5% of traders are successful at this game (they say?) so that small 5% must be doing something different to everyone else that is why my trading style seems extreme to you, last I heard he is no longer trading.

Enjoy your weekend my friend.

Regards

Phil.

Thank you very much friend, it's clear, I'm trying to adapt it to my dance ...
From your last paragraph: I've been thinking about it for some time ... it's naural "to follow" ...

Regards

Thanks Phil13 for great thread! I don't read all yet. I trade 90% of time just eur/usd. You trade many other pairs. May I ask your advice: you advice to new trader start with one pair and add other gradually, or trade many pairs of X kingdom like you from start? Thanks!

Hi protuberanec

Welcome, thank you for your kind words about my thread.

FTI suggests to start off with one pair, most use E/U as you are doing (which i did myself at first), get to know her really well and how she dances, then watch the 3K’s E/U, G/U and U/J while trading her, slowly when you are confident enough trade more pairs when you understand how these kingdoms interact with each other, basically you will be trading the market wheel with these three pairs, but beware not to get to involved with one currency too much so take care when adding to the same USD side on these, later you can introduce the crosses and oil, gold ect.

Take your time to adjust to the market at your own pace, it is marathon not a race as fti says.

Here is a post that explains the full set up, but only do what you are comfortable with.

http://www.forexfactory.com/showthre...25#post6419025


use a demo account to play with the skews so you can get a good idea about how the money side works and interacts, i myself used to set two trades both long and short, then after a certain amount of pips moved away i would cash in the winning side and recover the losing side, it can really test you and make you come up with some good tactics and strategies for the recover process.

good luck with your journey and thanks for taking the time to read my efforts of showing what i do.

regards

Phil.

Thanks phil, I trade near 1 year on small real and think its time to add some crosess. But its so many the crosses between the 4 core majors , which do you think I need add first? Thanks

Hi protuberanec

A lot of people seem to like E/J and G/J but they can be wild ladies, so be careful, although the gain could be great because of the big moves so could the losses, another thing with some of the crosses is the swaps can be really high, ok if it is in you favour but if it is against you and you are trying to recover something they can really add up and make your job much more difficult, actually i rarely trade the crosses now, I trade the usd/pairs, some gold and recently have been trading some TRY pairs, but I know this currency well and understand what is going on over there.

Regards

Phil.

Thanks phil, best regards!

ok, so i have another problem with the demo account i am now showing, i am continuing the U/J trade and i notice the free margin is not right, i check the account in the brokers website to make sure nothing has changed, it has not my leverage is still 300:1 as i needed to show this type of trading as i explained above before, i web chat the broker to find out what the issue is as the two figure do not suggest that they are correctly set at 300:1, they tell me despite me setting the 300:1 leverage it is retail demo account and it is set at 30:1???? and they can not re-set it for me, i have open another account for the to set it to 'pro' status, last time it took them a week to set the non expiry and i have issues to iron out with them, give them their due they did help out and do everything i asked.... but i am going to have restart with a new account now to get the leverage i thought i had!!.... here is a screen shot to show i am not bullshiting.



i need some time to sort this out, i can not deny i am a bit annoyed after starting this account and it stating i had the correct leverage to show you all what i wanted too.

sorry but what can i do if they give me false information, this will not work on lower leveraged accounts with only 10k starting capital.

what a waste of time and effort....

well peed off

Phil.

finished the last trade on that account now...

U/J trade … part 2.. random tweets, fake news, manipulation, market sharks/crocs, its part of what we have to deal with as traders, but as in any business there are always people out there who try to rip you off when money is involved, we must allow for this and be always on guard for them. This is why no one thing be it t/a, f/a, mm, or any other single skill can survive the markets if used alone, we must blend all our skills to complement each other and keep a steady and calm mindset to deal with what is thrown at us, learn to swim then learn to thrive with the skills of staying afloat.



















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