A Newbie Journey To Financial Freedom

趋势才是最重要的，站在趋势的一边。

能看清波动的方向且能坚持不动才是真正的厉害。

EURUSD
虽然下方有支撑，但趋势是向下的，勇敢做空。

NZDUSD
虽然下方有支撑，但趋势是向下的，勇敢做空。

USDJPY
虽然上方有阻力，但趋势是向上的，勇敢做多。

You need to be vigilant as a cat, both in terms of loss and profit. In practice, amateurs temporarily care less for profit than for the loss they endure without end.

Yes. Keep flexible.

thanks for your mention.

Trading will bring out your true character, temperament and personality so learn to be honest and deadly frank with yourself. Ensure you know that you are TRADING TO LIVE and not LIVING TO TRADE, in other words, make sure you are not a thrill seeker who sees trading as an adrenalin rush.

RESIST, at all times, the temptation to go "looking for action" on shorter time frames when there is no action on the daily charts. Understand that we do not predict the market; we react to the market; we let it show us the way and then we follow.

Exercise good money management practices and, after a few winning trades, resist temptation to walk on water. Keep the same discipline.

Ensure you ALWAYS think about how much you will LOSE, rather than how much you will win when planning a trade. The winners take care of themselves but WE have to control the losers and ensure they are ALWAYS smaller than our winners. Accept that YOU WILL LOSE - losing is part of doing trading business - learn to accept the loss; don't fight it or tear yourself up because you got it wrong. We are neither right or wrong, only winners and losers. The market is ALWAYS right.

Within all this, learn PATIENCE & DISCIPLINE. Learn to wait for the right opportunities to present themselves.

PATIENCE & DISCIPLINE is our biggest challenge especially in times like this where prices are range bound and trendless.

--from Strat #Post 3956

Whenever you are near your target and price stalls for whatever reason, lock in, or take your profits. Trading is not perfect, we don't always have to have 100% of our target. These days, any profit is a good profit. Don't worry that price took off and went beyond your target, forget it, let it go, be happy with the profits made. When you start thinking of lost profits, GREED has overcome you. Instead, think of how lucky you were to make a profit and what it would have been like if you had LOST the same amount.

There is always another trade being set up somewhere and since history repeats itself, there will be trendier times.

--from Strat #Post 4107

As you know, EMOTIONS are our biggest battle, not the market, and as such, we have to first learn how to control them. The only way I know how to control emotions while trading is through a self accepted and trusted PLAN which includes the SL.

Once accepted and trusted, we stand by our SL whether it is hit or not. We must have the DISCIPLINE to trade our PLAN no matter what the market is doing. So for, those on The Path, stick to your PLAN and do not change it in any way shape or fashion during the trade including your SL. If the market goes against you then it's just a loss, a part of doing business which you have already accepted in your PLAN.

When you have a consistent equity growth over at least 3 years and feel you have accumulated sufficient experience, patience, discipline and are in CONTROL of your emotions, then, and only then, can you consider monitoring your SL.

The deciding factor is CONTROL: Are YOU in control of YOUR emotions OR, are your EMOTIONS in control of YOU. I can tell you with 100% certainty that the first time you trade LIVE with your own, REAL hard earned money (not demo crap), your emotions will be in control of you.

I will say it again. Trading is not about charts, technical skills and your ability to read charts, it is about EMOTIONS (Fear and Greed). Learn to control these and you will be the success you dream about. Ignore them and you are doomed to the poor house.

Now, when you get to the stage that you feel YOU are in control of your emotions, you must still trade your PLAN. I very rarely interfere with my SL as I know, for me, it opens the door to my emotions and from then on, I am trading on emotions and not my PLAN. Learning how to CONTROL your emotions is far more important than learning PASR. "Did I read that right?", I hear you say? Damn right! Our trading psychology accounts for 90% of our success in trading.
I used to ignore all the psycho stuff as I thought it was PR to sell their books. As I continued to ignore it, the more I lost. It was only when I had been beaten up, turned inside out and hung out to dry with what was left of my stomach in my mouth many, many times, that I realised I needed to learn about ME and MY trading psychology.

I still struggle with this as I have shown in some of my posts but I am at the stage now where I recognise pretty soon what is happenning and who is in control and then get out of Dodge as fast as I can.

When you get to the point and the time that you feel YOU are in control of YOUR emotions and you feel you have the experience to monitor and adjust your SL, don't forget that it is a DOUBLE EDGED SWORD!

What I mean by this is that while you feel good that you may have saved yourself some $ by getting out of your SL early, it can also prevent you from continuing the trade, and maybe one which would turn out to be a 4 figure pip haul. Then how would you feel? I have lost count the number of times when I closed my SL prematurely only for the market to come within a few pips of my SL and then launch itself into outer space! I feel much worse doing that than saving a few $ by early SL closure which is why I don't dick around with my SL once set.

--from Strat #Post 4020

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GBPJPY H4 TREND PASR TRADE
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GBPUSD H4 TREND PASR TRADE
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GBPUSD H4 TREND PASR TRADE
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Your PLAN must include profit scenarios as well as losing scenarios.

After completing your PLAN, ask yourself if you believe it and can trust it WITHOUT interfering mid - plan. Be honest with yourself. If you can't, change your PLAN. Keep changing it until you accept, believe and trust it without interfering.

YOU are controlling the trade NOT your emotions. Stay cool, calm and collected.

Only trade ONE TIME FRAME. Do not enter on one time frame and exit on another.

Have the PATIENCE to stick with and see out your PLAN.

Have the DISCIPLINE to NOT INTERFERE, AT ANY POINT, with your PLAN

Finally, don't go back on this trade and think about how much you could have made if you had stayed in. FORGET IT, this trade is DEAD & BURIED! Move on to the next opportunity.

--from Strat #Post 4121

10 Steps to Building a Winning Trading Plan

"Fail to plan and you plan to fail."

——————————————————————————————————————————————————————————————————————
Building the Perfect Master Plan
What are the components of a good trading plan? Here are 10 essentials that every plan should include:

1. Skill Assessment
Are you ready to trade? Have you tested your system by paper trading it, and do you have confidence that it works? Can you follow your signals without hesitation? Trading in the markets is a battle of giving and take. The real pros are prepared and they take their profits from the rest of the crowd who, lacking a plan, give their money away through costly mistakes.

2. Mental Preparation
How do you feel? Did you get a good night's sleep? Do you feel up to the challenge ahead? If you are not emotionally and psychologically ready to do battle in the markets, it is better to take the day off—otherwise, you risk losing your shirt. This is guaranteed to happen if you are angry, preoccupied or otherwise distracted from the task at hand. Many traders have a market mantra they repeat before the day begins to get them ready. Create one that puts you in the trading zone. Additionally, your trading area should be free of distractions. Remember, this is a business, and distractions can be costly.

3. Set Risk Level
How much of your portfolio should you risk on any one trade? This will depend on your trading style and risk tolerance. It can range anywhere from around 1% to as much as 5% of your portfolio on a given trading day. That means if you lose that amount at any point in the day, you get out and stay out. It's better to keep the powder dry to fight another day if things aren't going your way.
(For more, read "What Is Your Risk Tolerance?")

4. Set Goals
Before you enter a trade, set realistic profit targets and risk/reward ratios. What is the minimum risk/reward you will accept? Many traders will not take a trade unless the potential profit is at least three times greater than the risk. For example, if your stop loss is a dollar loss per share, your goal should be a $3 profit. Set weekly, monthly and annual profit goals in dollars or as a percentage of your portfolio, and re-assess them regularly.
(For more, see "Calculating Risk and Reward.")

5. Do Your Homework
Before the market opens, check what is going on around the world? Are overseas markets up or down? Are index futures such as the S&P 500 or Nasdaq 100 exchange-traded funds up or down in pre-market? Index futures are a good way of gauging market mood before the market opens.
What economic or earnings data is due out and when? Post a list on the wall in front of you and decide whether you want to trade ahead of an important report. For most traders, it is better to wait until the report is released than taking unnecessary risk. Pros trade based on probabilities. They don't gamble.

6. Trade Preparation
Whatever trading system and program you use, label major and minor support and resistance levels, set alerts for entry and exit signals and make sure all signals can be easily seen or detected with a clear visual or auditory signal.

7. Set Exit Rules
Most traders make the mistake of concentrating 90% or more of their efforts in looking for buy signals, but pay very little attention to when and where to exit. Many traders cannot sell if they are down because they don't want to take a loss. Get over it or you will not make it as a trader. If your stop gets hit, it means you were wrong. Don't take it personally. Professional traders lose more trades than they win, but by managing money and limiting losses, they still end up making profits.
Before you enter a trade, you should know where your exits are. There are at least two for every trade. First, what is your stop loss if the trade goes against you? It must be written down. Mental stops don't count. Second, each trade should have a profit target. Once you get there, sell a portion of your position and you can move your stop loss on the rest of your position to breakeven if you wish. As discussed above, never risk more than a set percentage of your portfolio on any trade.

8. Set Entry Rules
This comes after the tips for exit rules for a reason: Exits are far more important than entries. A typical entry rule could be worded like this: "If signal A fires and there is a minimum target at least three times as great as my stop loss and we are at support, then buy X contracts or shares here."
Your system should be complicated enough to be effective, but simple enough to facilitate snap decisions. If you have 20 conditions that must be met and many are subjective, you will find it difficult if not impossible to actually make trades. Computers often make better traders than people, which may explain why nearly 50% of all trades that now occur on the New York Stock Exchange are computer-program generated.
Computers don't have to think or feel good to make a trade. If conditions are met, they enter. When the trade goes the wrong way or hits a profit target, they exit. They don't get angry at the market or feel invincible after making a few good trades. Each decision is based on probabilities.
(For more, read: "The NYSE and Nasdaq: How They Work.")

9. Keep Excellent Records
All good traders are also good at keeping records. If they win a trade, they want to know exactly why and how. More importantly, they want to know the same when they lose, so they don't repeat unnecessary mistakes. Write down details such as targets, the entry and exit of each trade, the time, support and resistance levels, daily opening range, market open and close for the day, and record comments about why you made the trade and lessons learned.
Also, you should save your trading records so that you can go back and analyze the profit or loss for a particular system, drawdowns (which are amounts lost per trade using a trading system), average time per trade (which is necessary to calculate trade efficiency) and other important factors. Also, compare these factors to a buy-and-hold strategy. Remember, this is a business and you are the accountant.

10. Perform a Post-Mortem
After each trading day, adding up the profit or loss is secondary to knowing the why and how. Write down your conclusions in your trading journal so you can reference them later.

EURAUD H4 BASIC PASR TRADE
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Learn:
1. The TP is as important as SL. It should be planned in your PLAN.
2. Seeing the direction of trend, and sticking to it is the real strength.

I am liking the journal a lot! Keep up the good work!

Hi, Guiyee

thanks a lot. I will.

Best regards

The key was not anymore to try to make money. The key was simply to strictly follow my rules, regardless of the outcome of any single trade. The focus was not on the money anymore. The focus was on having the utmost discipline to follow my rules.

The very meaning of “good” and “bad” trade had completely shifted. A good trade was not a trade where I made money anymore, but a trade were I followed my plan perfectly. A bad trade was now a trade where I violated my rules.

The short-term outcome of whether my last trade was profitable or not – had no more importance anymore. I had complete confidence in my strategy. I knew that by the end of the year, given the fact that the odds were in my favor, I would have made money.

from 60minuteman #Post 172

USDJPY H4 BASIC PASR TRADE
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The whole TREND is down. BEEB

H4
Follow the next higher TF.

After the order was triggered, the price didn't go down strongly, and made A&B bull candle.
I should modify the TP after BUEB (the A candle), and re-enter after B candle.

Lesson:
CHECK THE BARS ONE BY ONE. KEEP FOCUS.

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The buy order hold not enough and the sell order was taken sl.

Lessons:

1. 避开逆势交易的诱惑，直到市场明显出现趋势变弱的征兆。
2. 不应该进行交易的时候要避免交易。
3. 等你知道为了避免亏损，有些事是不该做的，你就开始懂得如何赢钱了。.

人类的本性会是犹豫不决，错过很好的顺势入场。我们倾向于指望及早抓住反转了报复市场。市场会提供很多逆势架构，它们通常看起来非常诱人。但它们常常是陷阱。

EURAUD H4 TREND PASR TRADE
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1个BUEB使自己失去了持仓的勇气！

Lessons:

1. 只要“市场表现没有给你任何值得担心的理由”，你就应该相信自己的判断，有坚持到底的勇气。
2. 为什么担心失去我从来没有真正拥有过的东西呢？
3. 克服恐惧：a.害怕亏损；b.害怕丢失利润；
4. 不关心钱，关键是是否坚持做正确的事；
5. 严格执行交易计划；