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Sunny Coasting Along

  • #141
  • May 2, 2019 9:42pm May 2, 2019 9:42pm
Quoting SunnyCoast
I'd like to ponder here if I may what are the differences between having a BOUNDLESS MINDSET and a GROWTH MINDSET. A Google search says Quote A MINDSET is defined as “the established set of attitudes held by someone”. It affects the way you perceive yourself, other people and the world as a whole and it directly impacts each and every decision you make. It is the fundamental set of beliefs around which you base your daily functioning. To have a GROWTH MINDSET, to me speaks of being flexible and open enough to new learnings in a particular field,...
I've been very interested in your journey thus far as you are a fellow Sunshine Coaster and came across the above post. Personally I've found Trading In The Zone by Mark Douglas (RIP) really helpful in this direction, easy to read but not so easy to implement . Actually any book by Mark Douglas is definitely worth a read.
Ardua Ad Astra Per
  • #142
  • May 2, 2019 10:03pm May 2, 2019 10:03pm
Quoting mistakesr
{quote} I've been very interested in your journey thus far as you are a fellow Sunshine Coaster and came across the above post. Personally I've found Trading In The Zone by Mark Douglas (RIP) really helpful in this direction, easy to read but not so easy to implement . Actually any book by Mark Douglas is definitely worth a read.
Thanks for dropping by and for the suggestion. So far I haven't even read 1 trading book. Which I guess is a bit embarrassing.

Unfortunately, I've never been much of a reader but never too late to start.

Cheers
Anthony
Empty your mind and let the market guide you
  • #143
  • May 2, 2019 10:14pm May 2, 2019 10:14pm
Quoting btrfx1
{quote} Hi Anthony, All I asked for was the spread values between the BID/ASK for GBP/JPY---and it could not possibly be what you said above, it doesn't make any sense. Are you telling me you have a BID/ASK spread from Broker 1 and 2 as written above and repeated below for clarification of the above Broker 1 has 11 points---??????????? and charges you a commission Broker 2 has 7 points. ----???????? and does NOT charge you a commission C.mon Anthony lets be realistic here--Broker 2 will charge you, maybe a set fee, cos nobody in the financial Trading...
Hi Ben,

Thank you for the opportunity to learn and to have an interesting discussion.

So I should have said Broker 1 has 11 pipettes (fractional pips) spread and Broker 2 has 7 pipettes (fractional pips) spread.

I took my first trade on both new accounts this week and yep, both charge commission.

Cheers

Anthony
Empty your mind and let the market guide you
  • #144
  • May 3, 2019 8:33am May 3, 2019 8:33am
Hi Anthony,
Glad we got that sorted very quickly, for a moment I thought I would have to come up an Box yer Ears
Yep U lurn real quik m8.
Suddenly 11 POINTS has now become 11 PIPETTES.

Your broker just rang me to say he is disappointed he can't sting you for the 11 POINT spread though

I cant find that dam Pippetes button on my keyboard :-), maybe you use a Shenkan computer??? Stoke up the boilers fellas were goin for a Trading ride.

Lesson 1---You passed with flying colours

goodnite
Ben
  • #145
  • May 3, 2019 7:40pm May 3, 2019 7:40pm
Quoting SunnyCoast
{quote}Which I guess is a bit embarrassing.
Not at all, there's a million things to consider when we start trading and it can become a bit overwhelming but a couple of long time, very successful traders taught me quite early on that my own head is the holy grail and that 80% of trading is psychology. I've found over the last 5 years they were absolutely right, I have always been the weakest link and I would suspect a great many of us are.

Systems are two a penny and even in this swamp you'll find plenty of systems that work long term, more often than not it is us that doesn't. It's a long and often a very frustrating journey and I sometimes wonder if it ever ends but the most important thing is you enjoy it. It's taught me more about my personality in 5 years than the other 55 I've been on this planet.

All the best bud.
Ardua Ad Astra Per
  • #146
  • May 3, 2019 10:48pm May 3, 2019 10:48pm
Time to recap some of the price movement from last week and see if I can sharpen my entries up a little more.

Monday, April 29th

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Empty your mind and let the market guide you
  • #147
  • May 3, 2019 10:59pm May 3, 2019 10:59pm
Tuesday, April 30th
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Empty your mind and let the market guide you
  • #148
  • May 3, 2019 11:05pm May 3, 2019 11:05pm
Quoting SunnyCoast
Tuesday, April 30th {image}
Wow, clean chart
  • #149
  • May 4, 2019 1:14am May 4, 2019 1:14am
Wednesday, May 1st

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Empty your mind and let the market guide you
  • #150
  • May 4, 2019 2:29am May 4, 2019 2:29am
Thursday, May 2nd
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Empty your mind and let the market guide you
  • #151
  • May 4, 2019 2:36am May 4, 2019 2:36am
Friday, May 3rd Recap

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Empty your mind and let the market guide you
  • #152
  • Edited 3:55am May 4, 2019 2:59am | Edited 3:55am
George's Analysis and Reply to David of Friday's Trading copied form his thread.

So ,,, Here is how I was viewing the whole move down in detail ,,,,
You have the TMA settings on the 1 mnt ,,,
The market was taken into the pressure zone ,, infact to the Playground ,,,
I did say to the troops I was expecting a deep penetration into the TMA at the lows ,,,,
MINIMUM the beginning of the playground ,,,
DUE TO THE SMALL range on the table BEFORE the move ,,,,
I Had a feeling it was a setup ,,,,
The range was very small up to that low ,,
Previous days LOW was taken out ,,,, a full days buys stops under it ,,,
The range from the london bar down WAS ,,,,
In line with the NUMBER OF PIPS ,,, I always talked about for a FALSE MOVE ,,,
One of the most important FILTERS also did come into play ,,, which is ,,
It is FRIDAY ,,, which is when I anticipate a DIRECTIONAL MOVE ,,, UNLESS OTHERWISE PROVEN WRONG ,,,
A Liquidity GAP HOURLY bas was in place ,,, AND ,,,
With NO interlocking ,,,,

So you can see how the whole play came into line with my Theories ,,, And ,,
The way how the PSYCHOLOGY was applied to the price ,, Once one can break it down as I explained above ,,,,
And how I have always analysed them when u were sitting with me on a daily base ,,,,,

A great buy at the low ,,,,
Great trading day ,,,,

Cheers
George
Empty your mind and let the market guide you
  • #153
  • May 6, 2019 8:05am May 6, 2019 8:05am
Quoting SunnyCoast
{quote} That's a really beautiful post Aurora and absolutely no need to apologise for posting here. I feed off of positive energy so please feel free to post if you feel the need. Anthony
Hi Anthony,

Thanks for the post approval.

Hope you had a great Easter!

BTW, saw your comment on the other thread today, great trade

Cheers,
Aurora
  • #154
  • May 8, 2019 6:11am May 8, 2019 6:11am
Well, this week has been a brutal education for me in the markets.

Monday was another positive start where I added to my new account and was well on target to achieve $2,500 profit in 10 days of trading.

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And then in one day of trading I'm now down $20k floating loss.

I'll go over the trades on the weekend to look for where it all went wrong on Tuesday evening my time.

Hopefully I will be smart enough to learn the many lessons from this.

Cheers

Anthony
Empty your mind and let the market guide you
  • #155
  • May 8, 2019 8:58am May 8, 2019 8:58am
Quoting SunnyCoast
Well, this week has been a brutal education for me in the markets. Monday was another positive start where I added to my new account and was well on target to achieve $2,500 profit in 10 days of trading. {image} And then in one day of trading I'm now down $20k floating loss. I'll go over the trades on the weekend to look for where it all went wrong on Tuesday evening my time. Hopefully I will be smart enough to learn the many lessons from this. Cheers Anthony
Hey Anthony,

Do you care to explain where the big floating loss comes from? I'm currently also sitting on a pretty big floating loss from the GBP/JPY mainly. The MM took out way more zones then I anticipated. I'm still eagerly trying to figure out which tops and bottom they want to take out.
  • #156
  • May 8, 2019 9:10am May 8, 2019 9:10am
Quoting SunnyCoast
Well, this week has been a brutal education for me in the markets. Monday was another positive start where I added to my new account and was well on target to achieve $2,500 profit in 10 days of trading. {image} And then in one day of trading I'm now down $20k floating loss. I'll go over the trades on the weekend to look for where it all went wrong on Tuesday evening my time. Hopefully I will be smart enough to learn the many lessons from this. Cheers Anthony
makes the balance curve pretty useless, is it?

Anthony, myself i am also guilty time to time to place relative too big size trades on my account...even if i am 'convinced' that the price will move my way, i keep reminding myself that an over leveraged account can blow up, and 'eventually' being right on the direction wont save me from that, if run into margin issues.

the only solution is to trade small, have a well thought out plan for how much exposure to put on, at what conditions to meet to add to the open trades, and if the account equity can carry that many trades and still stay within a tolerable drawdown limit ( likely not 30-40%+ DD, as that is large enough for some sleepless nights on live account; been there! lol)
there is always, always another trade!!
  • #157
  • May 8, 2019 9:57am May 8, 2019 9:57am
Wow, I hope you recover those floating losses, Anthony.

I'm still on demo but I blew that account up on GBP/JPY today ....I understand it is from the over leverage.
I was trading 0.5 lots on each entries....averaged down with 8 positions open....definitely too much, lol.

I'm not sure how to calculate the lot size for each entry using George's method.
Anybody care to explain?
Thanks!

Cheers,
Al
Entities should not be multiplied without necessity - Occam's razor
  • #158
  • May 8, 2019 11:39am May 8, 2019 11:39am
Quoting SunnyCoast
Well, this week has been a brutal education for me in the markets. Monday was another positive start where I added to my new account and was well on target to achieve $2,500 profit in 10 days of trading. {image} And then in one day of trading I'm now down $20k floating loss. I'll go over the trades on the weekend to look for where it all went wrong on Tuesday evening my time. Hopefully I will be smart enough to learn the many lessons from this. Cheers Anthony
Hi Anthony,

Honestly still could not really imagine .. is it real account?

Hope you can recover that loss and apply all lessons learnt for the future.

Regards
Alexey
  • #159
  • Edited 4:21pm May 8, 2019 12:54pm | Edited 4:21pm
Quoting SunnyCoast
Well, this week has been a brutal education for me in the markets. Monday was another positive start where I added to my new account and was well on target to achieve $2,500 profit in 10 days of trading. {image} And then in one day of trading I'm now down $20k floating loss. I'll go over the trades on the weekend to look for where it all went wrong on Tuesday evening my time. Hopefully I will be smart enough to learn the many lessons from this. Cheers Anthony
Really sorry this has happened to you Anthony. But its happened to us all as part of our trading journey to success at some point. George included I'm sure.

Money management is the key to long term successful trading regardless of the system you follow.

Hope you learn from this and its doesn't hit you too hard. All the best for the drawdown recovery.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #160
  • May 8, 2019 4:03pm May 8, 2019 4:03pm
Quoting SunnyCoast
Well, this week has been a brutal education for me in the markets. Monday was another positive start where I added to my new account and was well on target to achieve $2,500 profit in 10 days of trading. {image} And then in one day of trading I'm now down $20k floating loss. I'll go over the trades on the weekend to look for where it all went wrong on Tuesday evening my time. Hopefully I will be smart enough to learn the many lessons from this. Cheers Anthony
Sorry to hear that, Anthony, as others have asked, hope it wasn't a real account?

I've been in this game long enough to know that the moment you think you've got it nailed, the Market will rip you a new one if you don't have proper money management in place.

The three legs of the tripod: System, Psychology and Money Management - without all three it will eventually fall.
"When the facts change, I change my mind"
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