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  • #121
  • Jan 11, 2019 2:52am Jan 11, 2019 2:52am
Quoting dbrown101
So a quick recap of that last trade... I left these trades unattended ....... The first rescue circled in blue hit my BE target circled in red but i was not attending to the trade...there was a heavy impulse against me ...... I entered a big rescue (martingale of base 1,3,4=7 so 14 lots) Had I been monitoring the trade...........

What did you consider was going on 9th in d1/h1/m15 + Ro3K + trend + impulse? For example re 10 Jan look at h1. Or maybe you just wanted to stay bear for practice = although even if you did - could you have mitigated it by going long?

What was your trend/impulse/terrain you were trading? I would like your views on d1/h1 maybe with a chart - would be interesting.

I do not like the word flip for some reason I prefer to call it rescue into trend.

Thanks for posts and discussion.

Alex
check out the terrain - follow never lead
  • #122
  • Jan 12, 2019 9:40am Jan 12, 2019 9:40am
Quoting Exnav
{quote} Hello DBrown, First, I would like to thank you for your Journalling. Second, I entirely concur with Phil. And finally, this training path, especially, when and how I should disrupt from demo, it's so individual (maybe never?). There have been so many attempts and re-attempts with Live accounts unless it's all your money at stake (then, there's no re-try). Likewise, OK I have failed this and that time but next one will be indeed a serious one. OK, maybe I'm more serious if I put more money Live, then I would feel it better, etc. ...OK, once...

Exnav,

I agree with both you and Phil. I am taking the demo process seriously (which I think was the reason I had a good success rate of rescues previous to this last trade). I had opened this demo account after reading a post on phils journal about an exercise on rescues he had recommended. To me the purpose was to learn how to manage losses which in my mind kind of developed into what kind of situation could I get handle and recover from . Seeing how I kind of made the rigid rule of staying bear (just for these exercises to learn to guage market turns) that might be a dark avenue to take as I probably dont want to develop the habit (or ego) of trading against the trend/impulse. This account was opened for these types of exercises to experiment and not necessarily how i will trade. So in hindsight i probably shouldnt have started posting about this account because of the confusion it might cause. Maybe I will wait to share my trading when the experimentation process is done. There is plenty of interest and motivation on my part and I am taking this process seriously.

thanks for posting,

DB
  • #123
  • Edited 7:15am Jan 13, 2019 1:11am | Edited 7:15am
Quoting dbrown101
{quote} I am taking the demo process seriously (which I think was the reason I had a good success rate of rescues previous to this last trade). I had opened this demo account after reading a post on phils journal about an exercise on rescues he had recommended. I probably dont want to develop the habit (or ego) of trading against the trend/impulse.
Hello DBrown,

Thanks a lot for your explicit reply.
As regards the trading against the trend/ impulse, I believe, I should never do so while the actual impulse is in progress but take it in the direction of a higher (strategic) TF trend or evidently clear fundamental move (based on data announced, experience and intuition). Sometimes I would engage in a counter-impulse (which may well develop to a sustainable trend during a session) if felt it eligible. We may know that our colleagues do things differently, suitable to their selves; likewise, markets are doing. One can feel, engage and fight on 1M, another one does better on 15M or higher TF.

I think many of us have been trusting in the rescue techniques being powerful in reading the market and engaging in counter-impulses so to make BE at least. Were going for long lasting battles (for days) with no flipping. That might be feasible if we were not limited in trade account capacity. Until we ourselves realized that: 1. There are no indefinite resources for a human being; 2. There is no absolute power for the same being - as there's always somebody more powerful or smart in the high risk game.

Ironically, myself, used to keep going up with no any damage for 6 - 7 months. Then, apart from other human being related issues, I was facing an individual psychological problem - I commenced to disbelieve in an unstoppable success and, more dramatic, intentionally to put myself in a sort of doomed scenario. Test: aren't I invincible? So, simply, "eating my own head". I was just performing the same strategy and technique while (purposefully) waiting for a DD to occur (however, MM wise, not a big deal).

In opposite to the above described and, logically, not recommended,
when you are referring to Phil's advice and journal, in my opinion, it's more than just on rescues' exercising (or, say, classic way Rescue). AOW and exploiting different courses of actions so to protect your account and win in the end. Whatever you are doing and given your broker can ensure. Suitability, feasibility, acceptability, flexibility, exclusivity...

Enjoy your trading and do it safe,
Kind regards,
Exnav
Not to Advance is to Fall Back
  • #124
  • Edited Jan 27, 2019 1:07am Jan 26, 2019 10:58pm | Edited Jan 27, 2019 1:07am
(Concerning our nice and interesting conversation... )


Cycles.
Dow, Ebb and Flow. And the Observer's reactions.

"The first time beach visitor is not usually aware of the tide but only notices the boundary line of the waves pounding on the shore.
After a while, he would notice that some waves are more powerful than others and subsequent reach further inland.
If he gets a chair and sits just past the waters edge,
he would notice over the next few hours that the general line of demarcation between the shore and water, moves inland or recedes further out towards the sea.
If our first time beach visitor is observant enough to time the rising tide patterns, he would see the ever increasing inland penetration of water.
He may now become alarmed, thinking that eventually the tide win swallow up the beach, threaten the local beach houses and eventually the town.
Our nervous beach visitor may now try to measure the rate of advance between each thrust of the waves,
by marking the extreme penetration with perhaps a rock or stick and thereby begin to calculate the time, when the water win reach the adjoining houses.
He would note, that eventually the tide stops advancing, stays level at a certain marker, and then starts to withdraw.
At first, this would seem like an anomaly which would grant a short reprieve to the beach front property owners,
and our observer would still assume that the next wave, or perhaps one or two after that, would yet go further inland.
After spending more time observing, our visitor would begin to see that the tide is leaving,
and never having experienced that before, may now conclude just the opposite, that the beach will be getting permanently larger and larger."
- Jenkins

Unfortunately. There's much more than simply this.
But the right comprehension (in details!!!) of these words - the Charles Dow's representation... -
is the correct foundation for a correct attitude and approach.
May you (all) have some good and profound meditation.
  • #125
  • Jan 26, 2019 11:07pm Jan 26, 2019 11:07pm
TA of stock trends by Edwards and McGee? always thought that was a good way to describe it
  • #126
  • Edited Jan 27, 2019 3:42am Jan 26, 2019 11:09pm | Edited Jan 27, 2019 3:42am
Yes, I see them as two different aspects of the same challenge:
- one thing is the right comprehension of the Cause(s) and Effect(s) of Markets' Behaviour(s).
- a different universe is constituted by all the different techniques that we could use to profit from these behaviours.

So, to call a spade a spade... one trader could even have a good comprehension but a poor result! (or - terrible thing - vice versa! )
  • #127
  • Jan 26, 2019 11:16pm Jan 26, 2019 11:16pm
Quoting dbrown101
TA of stock trends by Edwards and McGee? always thought that was a good way to describe it
That's it!
The Bible of Trend Following.

Step stairs!
Chapter 28 of Technical Analysis of Stock Trends is the pearl of John Magee’s work: The Basing Points Procedure.
  • #128
  • Jan 26, 2019 11:20pm Jan 26, 2019 11:20pm
Quoting Jupiter
{quote} That's it! The Bible of Trend Following. Step stairs! Chapter 28 of Technical Analysis of Stock Trends is the pearl of John Magee’s work: The Basing Points Procedure.

I need to finish reading that book! I started it then ended up getting shabackers book on TA as a gift and switched over to reading it. apparently it was the basis on which Edwards/mcgee wrote their book.
  • #129
  • Jan 26, 2019 11:24pm Jan 26, 2019 11:24pm
Quoting dbrown101
apparently it was the basis on which Edwards/mcgee wrote their book.
Yes it is...

Inserted Video
  • #130
  • Jan 26, 2019 11:33pm Jan 26, 2019 11:33pm
Of course and naturally...
all the work of the Forefathers must be re-read considering the extremizations produced by the High Frequency Trading machines and software.
But nothing changes in the substance of the matter.
As Livermore used to say: "It's old as the hills!"
  • #131
  • Edited Jan 27, 2019 12:02am Jan 26, 2019 11:49pm | Edited Jan 27, 2019 12:02am
Bye... (Highs-Lows, Hips-Lops, Turning Points, Swing Points, Opposite Fractals, Pivotal Points... etcetera!)

Livermore:
"Someone has said that success rides upon the hour of decision.
Certainly success with this plan depends upon courage to act and act promptly when your records tell you to do so
There is no place for vacillation.
You must train your mind along those lines.
If you are going to wait upon someone else for explanations or reasons or reassurances, the time for action will have escaped."
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  • #132
  • Jan 28, 2019 9:27pm Jan 28, 2019 9:27pm
2 - Concerning our nice and interesting (private) conversation..

"Price is the king.", "Price tells the Trend.", "Read the Form.", "Time spent in study is money already in the bank.", "Knowledge is the key"...
What the hell is this indecipherable Jupiter always talking about?

Nothingness. Nothing of importance.
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  • #133
  • Jan 29, 2019 6:38pm Jan 29, 2019 6:38pm
Quoting alexandria
{quote} What did you consider was going on 9th in d1/h1/m15 + Ro3K + trend + impulse? For example re 10 Jan look at h1. Or maybe you just wanted to stay bear for practice = although even if you did - could you have mitigated it by going long? What was your trend/impulse/terrain you were trading? I would like your views on d1/h1 maybe with a chart - would be interesting. I do not like the word flip for some reason I prefer to call it rescue into trend. Thanks for posts and discussion. Alex

Alex,

My apologies for such a late reply. Since it was a couple weeks ago and I didnt take very good notes on my thought process. I dont remember what the steps were like. As phil pointed out (and he was right) I was just using the PA from that chart to make my decisions. It was a limited view of what the market was doing at the time as I was not taking into account Ro3k and the fundamental events that were taking place during the trade. Just reading PA and trying to time market turns. Probably not the most ideal way to trade.

Quote
Or maybe you just wanted to stay bear for practice

As stated in one of my earlier posts I was staying bear just for the exercise. The way I was viewing the exercise was to rescue by timing market turns and not really using other rescue tactics such as locking/ turning etc. I live in the US so there is no hedging/locking so i decided to refine my rescue skills in the direction of the trade. I have discussed with others the possibility of opening two separate accounts when i go live for locking/ hedging purposes. But for now I wanted to practice staying in the same direction


Quote
I do not like the word flip for some reason I prefer to call it rescue into trend

I agree. rescue into trend seems more fitting
  • #134
  • Jan 29, 2019 9:19pm Jan 29, 2019 9:19pm
So after experiencing some issues with my mt4 demo account being reset several times I decided to open one through my broker that I have a live account with. Unfortunately the demo accounts that they offer are only operational for 30 days. As of right now they are working on demo accounts that last indefinitely for those who hold live accounts with them but there is no timeline when they will be offering them. Im not quite sure how to proceed... Ive realized my journal is kind of all over the place with the first part being a live account and the last posts of trades have been demo. So for the sake of continuity I need to figure out how to proceed. Not sure starting a new demo account every 30 days will make it easy to follow.
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  • #135
  • Jan 29, 2019 10:29pm Jan 29, 2019 10:29pm
Hi dbrown101

Some companies do offer non expiry demo, and they all can alter the demo to non expiry they just could not be bothered, it is only a small code change. pepperstone altered one for me to non expiry with no problem (except they open it as retail and not pro) as I said in my journal, I did have a demo with fxpro and that was non expiry as standard so long as you used it regularly, maybe they still offer that?

using an account for only 30 days will not give you a true picture of your performance.

Regards

Phil.
-be careful about what you allow to be put in your mind-
  • #136
  • Jan 29, 2019 10:44pm Jan 29, 2019 10:44pm
Quoting phil13
Some companies do offer non expiry demo, a using an account for only 30 days will not give you a true picture of your performance.
Hello Dbrown,

There're plenty of brokers offering such non-limited demo versions. I personally prefer demoing with the same live account broker. Sometimes I need time to adapt to a new platform and its features. Also demoing for testing new strategies. For that, I completely agree with Phil, 30 days would not be enough. So, to test a new strategy I would pick up whatever broker's unlimited demo, although it yet should suit your MO.

Best regards,
Exnav
Not to Advance is to Fall Back
  • #137
  • Jan 29, 2019 10:56pm Jan 29, 2019 10:56pm
Quoting phil13
Hi dbrown101 Some companies do offer non expiry demo, and they all can alter the demo to non expiry they just could not be bothered, it is only a small code change. pepperstone altered one for me to non expiry with no problem (except they open it as retail and not pro) as I said in my journal, I did have a demo with fxpro and that was non expiry as standard so long as you used it regularly, maybe they still offer that? using an account for only 30 days will not give you a true picture of your performance. Regards Phil.
Thank you for the recommendations! Im currently looking into options now. I agree that 30 days isnt long enough. Also, for the sake of continuity, transparency, and measuring my progress I need one account that is non expiry until I move back to live trading.
  • #138
  • Jan 29, 2019 11:03pm Jan 29, 2019 11:03pm
Quoting Exnav
{quote} Hello Dbrown, There're plenty of brokers offering such non-limited demo versions. I personally prefer demoing with the same live account broker. Sometimes I need time to adapt to a new platform and its features. Also demoing for testing new strategies. For that, I completely agree with Phil, 30 days would not be enough. So, to test a new strategy I would pick up whatever broker's unlimited demo, although it yet should suit your MO. Best regards, Exnav
exnav,

I too was hoping to demo with my live broker so I wouldnt have to go through the phase of learning a new platform or re-configuring mt4 again. But as I stated above I need a solid account and 30 days will not do.
  • #139
  • Jan 29, 2019 11:05pm Jan 29, 2019 11:05pm
Hi dbrown101

you can transfer the files from one MT4 to another to save having to set up all the charts again.

regards

Phil.
-be careful about what you allow to be put in your mind-
  • #140
  • Jan 30, 2019 12:30am Jan 30, 2019 12:30am
Quoting phil13
Hi dbrown101 you can transfer the files from one MT4 to another to save having to set up all the charts again. regards Phil.
Opened a non expiry demo through oanda. Unfortunately for some reason Id save the profile and it would appear on the app but wouldnt show up in the profile folder. Don't know why that is but I just ended up putting the work in to create a new profile on the new demo account.

Thank you,

Dustin
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