MY Journal-phil13

cont' from above..











ACCOUNT CLOSED.....

Hi Phil, thanks again friend, it's very helpful. I have some questions (in the graphs), and also: In the last operation, for example, what would you say is the worst psychological moment (when doubts begin or lossing confidence)?

Thanks for your effort and your time.

Regards

Hi fex

When doubts come into your mind you can step back and rationally look at what is happening to choose the best outcome choice for the situation you are in, loss of confidence is another thing, this is a phycological issue and will release all sorts of chemicals that will make you do things you maybe should not, nothing worse in trading than not being in control of your mind.

1st chart question..
The trade was locked, technically in the higher frames we were still in an uptrend, the M1 chart had started a down trend but they can (and do) change quickly sometimes, so my decision to hold the locked long was based on the higher frames at that time.

2nd chart question..
Good question on this, part of my MO involves spacing between trades when adding to underwater positions, simple answer is the spacing was far too short between the 0.75 and the 0.45 for my liking, even though I did eventually leave one roughly there I was not happy about it, later I could clearly see that this pair was being forced/manipulated upwards there was way too many signs of selling for this to be going up and when the fake news hit and then some other news and more news to try to keep the pair up I was fairly certain something was playing out, I have seen this many times and while trading with our friend fti, he showed us on his thread that when they do this it will eventually make a big fall against the manipulation, this is insider knowledge (trading) of something impending, the MM’s have to always have the currency (stock) to sell to us, they are always holding the opposite side to us, they obviously knew what was in the Mr Powel’s speech, you will see I added a sneaky 0.25 just before the release (would have been more if the account had the correct leverage setting).

On the issue of a new account to show with the correct leverage, I have not done anything about it yet, I am considering just opening a second live account with 10k start to use for this, it would solve all these problems as I can choose any leverage and know what I see I will get unlike these demo’s, why they restricted that account to retail but let me input 300:1 I have no idea, why would I as a registered pro trader want 30:1 retail demo???

Regards

Phil.

having thought about what to do about a new account to use for this thread, i have decided to wait until the new year to start trading and showing the new account i will create, this will give me time to decide on live or demo as well.

i will still be trading my current live account that i do not show so if anyone wants to post anything please feel free as i will be around but just not actively posting trades.

regards

Phil.

just a reminder from our friend FTI....

https://www.forexfactory.com/showthr...27#post7919527

My take on december , is wiedest trading month of the year.
expect the unexpected.
Dealers who already done their budget of the year will slow off.
Those not, will do all sorts desperates try hold on to their job.

Normally this the month i goes everywhere, looking for some relax.
But i guess i need find ways pass time when stuck housebound now.
need adjust to new lifestyle. but is ok.
Actually i surprised i made this far and seems healing. So best i not get any naughty, may recovers.

My advice. size down.trade in more relaxed mode. wait christmas retail sales figs out, how the real economics.
2015, the adventures begins again.

regards

something i would like my friends to read, this relates (i believe) to some of what i have been trying to show in my recoveries...

https://www.forexfactory.com/showthr...86#post1812686


Quoting Northpro
I think we should have a discussion on what was discussed in lesson 2 with reference to splitting the army in certain market conditions and attacking "both ways" as in a diversion, like fti had played. At first glance it looks like a the trader is lost on the dance floor. However, what you are doing I think is allowing the mixed volatility pair to run either direction when it looks confused. One group is gaining ground while the other is under attack, when the attacking enemy tires, MM your latter group out from under the attack. In a sense you are strategically squeezing the enemies resources, until clear direction is established.

Yesterday I was in the eur/usd trade and was getting whipped about. Had I attacked "both ways", not only would the rescue be hedged, but the gains would have been advanced. This wouldn't be a normal method of attack, but when market conditions dictate, it could be a valid way to divert and split the army.

Please discuss this further and lend your thoughts. I see a lot of members and unsigned guests viewing, but little posting. This is a great thread with many thought provoking ideas and concepts that are not necessarily conventional for the forum, which is very refreshing. If we cannot keep a stimulated interest in this thread I have a feeling we will let the big fish get away. I think fti would want more ideas to be discussed but has already stated, he wants to weed out the weak and the ones unwilling to learn. Ask Ask Ask...there are no stupid question...I have lots. Please contribute ideas, good and not as good.

NP
Hi Generally you are not wrong.
There is a symbiotic relationship between the 3 kingdoms, ability to manage that relationship is advantages, we can discuss that , in 3 kingdoms after the AOW.

regards

HAPPY CHRISTMAS AND PROSPEROUS NEW YEAR TO EVERYONE... .

Merry Christmas and Happy New Year, and good new year of trading for all. (thanks Phil)

as promised new account set up, funded and ready to go... wanted to wait for the brexit vote to pass first.

so now SOME of the brexit issue is out of the way (for now), i suspect we may see some volatility, will keep an eye on this pair, not marked up the price structure yet but will do if i decide to trade this?????

one minor change i have made is adding an EMA, more for the benefit of others to help gauge/see what i am trying to show.



EDIT .... for clarity of the averages used on all charts i show.

EMA’s…. all set to ‘median price (H/L 2)’
M1 = 15……….15 mins average
M15 = 16……..4 hourly average
H1 = 24………..daily average
D1 = 22………..monthly average

chart above update....

G/U trade.... very slow was expecting more action.. oh well.

U/J ........

U/J trade... when you take a bad trade (you are wrong) if you get a chance to get out.. do it, when everything is right and ready we make profits the other trades are best managed without emotion for the sole benefit of the 'best outcome' for the book (state).



















cont' in post below...

cont' from above..

U/J + U/C .....

U/C trade.... and as i said when everything is right and ready it just happens, the rest of the time we must just manage our trades to the best of our ability which only improves with time and experience.... no short cuts...

















cont in post below...

cont' from above..

E/U ..... up early, can not sleep!!! (2.45 hours to london open).

E/U trade.... here the MM's used time as a weapon and kept it within the range to gather stock, that is why patience and the correct money management for you is so important to learn.

Hello Phil, I would like to comment something. The new account is 10,000 and the profit has been taken, in this case, at 10. That represents 0.10% of the account. Is this the approximate balance we should expect between capitalization, risk, benefit? This thread is an authentic and complete guide, at least, about money management. Again, thank you very much for your effort.