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1H Swing Trading on EURUSD

  • #841
  • Jul 11, 2020 7:59pm Jul 11, 2020 7:59pm
Just a Speed Bump... Refocus and go do what you know to do!
You learn something everyday if you pay attention.
  • #842
  • Jul 12, 2020 3:36am Jul 12, 2020 3:36am
Quoting ANTfs
broketrader, You are a good trader. Believe in yourself, as we believe in you! You will succeed!
I will try, Thank you !

Quoting Freddyfx
I love that statement !!! SOOO hard to teach people to stick to that.
Yes, I think I'm almost at it, I just need to learn to apply the "keep everything else outside" concept.

Quoting LDFX
{quote} If I may, with all due respect, ...
In the absolute, what you say is correct but in the very specific case that concerns me, I'm convinced that it's not, simply because I don't have the habit, knowledge and feeling to trade those. You can replace "flag" by anything else like pivot, divergence or whatever and your statement is still true and I'm not telling that those concepts are worse or better, I don't mind, it's just that I simply don't know how to trade them and I have just given the proof. I mean even if I recognize the pattern, I'm just not prepared to trade it correctly, that's all. It's evident now that it was a dumb move to be trading a system for 6 months and then on one day suddenly trade a thing totally different.

About the mistakes, I agree when you say that such mistakes are gonna happen, let them gonna happen like just now, the important thing is how you react to them, if you learn something from them and what you put in place to avoid them in the future. I'm not capable of avoiding all the mistakes, again, I just gave the proof of it but I think that I'm capable of learning from them, the proof is that I have been profitable for 6 months and personally I have never reached that level in the past, and still my account is not dead yet. We must be honest about ourselves and recognize when we are wrong and try to learn from that while at the same time be careful not throwing away the part that made it possible to get there.

So I recognize that I have made a mistake, that it was costly but also that until 3 days ago, all was going quite well, so I will go back to do what I was doing 3 days ago or one month ago, and take the necessary actions to avoid my last dumb trades. As I said previously, and that concerns only me, one of those actions which is simple and clear, is to exclude patterns from my trading and it's a good thing because it's a thing less to take care of.

Quoting visionxp
Just a Speed Bump... Refocus and go do what you know to do!
Thanks, exactly what I just said in my previous paragraph.
Simplicity is the Ultimate Sophistication.
  • #843
  • Jul 12, 2020 4:20pm Jul 12, 2020 4:20pm
It's day 1, no more decorations on my charts other than the system I trade and the trends that I ride, I hope that a new era begins for me.
Closed that last long trade of last week and entered a more correctly sized short trade as the system shows. see you on the next signal !

Attached Image (click to enlarge)
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Simplicity is the Ultimate Sophistication.
  • #844
  • Jul 13, 2020 1:14am Jul 13, 2020 1:14am
The short signal only lasted the night as a long signal appeared right now.
I will wait the retracement to SMA to close the current trade and enter long. If no retracement then I take the risk of going into Stop Loss which I have set here to 60 pips.
Simplicity is the Ultimate Sophistication.
  • #845
  • Jul 13, 2020 3:15am Jul 13, 2020 3:15am
Quoting broketrader
The short signal only lasted the night as a long signal appeared right now. I will wait the retracement to SMA to close the current trade and enter long. If no retracement then I take the risk of going into Stop Loss which I have set here to 60 pips.
Nice one bro it's already going down
  • #846
  • Jul 13, 2020 3:47am Jul 13, 2020 3:47am
Quoting broketrader
The short signal only lasted the night as a long signal appeared right now. I will wait the retracement to SMA to close the current trade and enter long. If no retracement then I take the risk of going into Stop Loss which I have set here to 60 pips.
Changing my plans. If price goes below SMA and continues, there will be a short signal again so my short entry will become valid and I will have to wait for the up trend to resume before eventually closing and going long.
Simplicity is the Ultimate Sophistication.
  • #847
  • Jul 13, 2020 4:37am Jul 13, 2020 4:37am
Quoting broketrader
{quote} Changing my plans. If price goes below SMA and continues, there will be a short signal again so my short entry will become valid and I will have to wait for the up trend to resume before eventually closing and going long.
It looks like it's doing as initially expected (retracement to SMA) so I just got what I needed to close my short and enter long.
Simplicity is the Ultimate Sophistication.
  • #848
  • Jul 13, 2020 5:47am Jul 13, 2020 5:47am
Quoting broketrader
{quote} Changing my plans. If price goes below SMA and continues, there will be a short signal again so my short entry will become valid and I will have to wait for the up trend to resume before eventually closing and going long.
You already bankrupt haha
Damage
  • #849
  • Jul 13, 2020 5:53am Jul 13, 2020 5:53am
Quoting abconqq7
{quote} You already bankrupt haha
lol, and you already in my idiot's list
Simplicity is the Ultimate Sophistication.
  • #850
  • Jul 13, 2020 8:57am Jul 13, 2020 8:57am
Hey Folks, as I'm living interesting times, I thought it was the right time to ask you about your feelings regarding this system and how I trade it...
I just started a poll for that purpose, please feel free to answer, and no worries, I won't blame anybody regarding any answer.
The poll is open until the end of month, please take a minute for it, thanks you !
Simplicity is the Ultimate Sophistication.
  • #851
  • Jul 13, 2020 3:33pm Jul 13, 2020 3:33pm
[quote=broketrader;13054864]{quote} In the absolute, what you say is correct but in the very specific case that concerns me, I'm convinced that it's not, simply because I don't have the habit, knowledge and feeling to trade those. You can replace "flag" by anything else like pivot, divergence or whatever and your statement is still true and I'm not telling that those concepts are worse or better, I don't mind, it's just that I simply don't know how to trade them and I have just given the proof. I mean even if I recognize the pattern, I'm just not prepared to trade it correctly, that's all. It's evident now that it was a dumb move to be trading a system for 6 months and then on one day suddenly trade a thing totally different. About the mistakes, I agree when you say that such mistakes are gonna happen, let them gonna happen like just now, the important thing is how you react to them, if you learn something from them and what you put in place to avoid them in the future. I'm not capable of avoiding all the mistakes, again, I just gave the proof of it but I think that I'm capable of learning from them, the proof is that I have been profitable for 6 months and personally I have never reached that level in the past, and still my account is not dead yet. We must be honest about ourselves and recognize when we are wrong and try to learn from that while at the same time be careful not throwing away the part that made it possible to get there. So I recognize that I have made a mistake, that it was costly but also that until 3 days ago, all was going quite well, so I will go back to do what I was doing 3 days ago or one month ago, and take the necessary actions to avoid my last dumb trades. As I said previously, and that concerns only me, one of those actions which is simple and clear, is to exclude patterns from my trading and it's a good thing because it's a thing less to take care of.

You meant that you used huge leverage/risk because you deviated from your plan and that triggered emotions that were hurtful because you didn’t have the confidence to trade them ?

Then I couldn’t agree more, you are absolutely right, the flag or whatever pattern it might be called, if you don’t trade those continually/systematically you won’t have the confidence needed to actually profitably trade them.

I have been there done that. Sticking to your plan in which you have confidence is certainly the best way to not trigger emotions and to trade each set up cold blooded.

Indeed you did very well so far. You have been wounded but still alive to fight another battle at least, thanks for showing us your next battle !


Cheers,
LDFX Trading Ltd
  • #852
  • Edited 4:32pm Jul 13, 2020 4:22pm | Edited 4:32pm
Quoting LDFX
Quoting broketrader
{quote} In the absolute, what you say is correct but in the very specific case that concerns me, I'm convinced that it's not, simply because I don't have the habit, knowledge and feeling to trade those. You can replace "flag" by anything else like pivot, divergence or whatever and your statement is still true and I'm not telling that those concepts are worse or better, I don't mind, it's just that I simply don't know how to trade them and I have just given the proof. I mean even if I recognize the pattern, I'm just not
...
Sorry, English not being my mother tongue I know that sometimes I make it difficult to others to understand me.
The huge leverage trades were because I thought that after that flag break the price would explode to the upside, but I just didn't know the dynamics as I still don't know them, maybe it will explode to the upside but maybe that will take one month, at least, apparently not a few hours as I was expecting.

Strangely and hopefully, the losses I took Friday didn't hit me emotionally, otherwise I think I would be revenge trading right now and I'm not, and trust me, I know what revenge trading is, I have been there in the past and know how fast that puts your account to zero.

So I'm well and relaxed, because thanks to this, I believe that I'm a better trader today. Now I just have to make good trades and bring the account to a new high to confirm that my beliefs are not dreams, that's why I said in my previous post that I was living interesting times. It looks like sometimes you have to fall hard to see something you wouldn't have seen otherwise.

But stop talking the talk and let's walk the walk !
Simplicity is the Ultimate Sophistication.
  • #853
  • Jul 13, 2020 4:36pm Jul 13, 2020 4:36pm
Quoting broketrader
{quote}{quote} Sorry, English not being my mother tongue I know that sometimes I make it difficult to others to understand me. The huge leverage trades were because I thought that after that flag break the price would explode to the upside, but I just didn't know the dynamics as I still don't know them, maybe it will explode to the upside but maybe that will take one month, at least, apparently not a few hours as I was expecting. Strangely and hopefully, the losses I took Friday didn't hit me emotionally, otherwise I think I would be revenge trading...

To walk the talk there needs to be a talk.

So you are saying that a leverage of ~280 might happen again ? But not leading to a ~40% loss because from now on you are only gonna be in a trade that you have confidence in, being your usual set up ?

I don’t know which book you read from Van Tharp but he certainly explained it very well. “Trade distribution is randomn and therefore great care should be taken on money management”...

Isn’t it where you failed ?
LDFX Trading Ltd
  • #854
  • Jul 13, 2020 4:38pm Jul 13, 2020 4:38pm
I meant win/loss distribution is randomn.
LDFX Trading Ltd
  • #855
  • Jul 13, 2020 5:09pm Jul 13, 2020 5:09pm
Quoting LDFX
{quote} To walk the talk there needs to be a talk. So you are saying that a leverage of ~280 might happen again ? But not leading to a ~40% loss because from now on you are only gonna be in a trade that you have confidence in, being your usual set up ? I don’t know which book you read from Van Tharp but he certainly explained it very well. “Trade distribution is randomn and therefore great care should be taken on money management”... Isn’t it where you failed ?
A high leveraged trade could happen but with a tight stop like I have done in the past, the leverage is irrelevant, only the risk is important.
The ones that I will carry now even if you won't see it because there is no visible stop loss will have 30% risk at the beginning of the trade.
I know it's very high but that also says something about the confidence I put in my trading.

I don't remember if I ever read a book from Van Tharp but I know that trading more or less follows the law of large numbers. Your edge appears when making a large number of trades but what I want also to believe is that this system is good enough to reduce the number of failures in a way that you can take a higher risk and have enough winning trades in a row which pay largely for the unusual 30% loss that I will take from time to time. 30% being the maximum and on a single trade, 10% to 20% being the usual. I know it's aggressive and will remain as is at least until I bring the account to a new high. We will see if it works !

And to respond to your last question, where I failed ?
I failed at the moment I forgot what I was trading initially and moved to something different.
Simplicity is the Ultimate Sophistication.
  • #856
  • Jul 13, 2020 5:17pm Jul 13, 2020 5:17pm
What would it be if your trade with ~280 leverage turned out to be a 40% win instead of a 40% loss ? Would you have taken credit for because you thought it would breakthrough?

Which it did by the way, if you didn’t cut your loss too early because being too exposed with that crazy leverage the trade would have turned out to be a winner.

And even though if you had followed your initial plan/strategy, what makes you certain that it is going to work out, certain enough to risk that much on single trade ?

It is not uncommon to have 5 loosing trades in a row, even with a system that has a 70% hit rate, let alone yours that has so far a 40% hit rate.

Yet you only have learned, or admit to have learned that the set up was wrong...
LDFX Trading Ltd
  • #857
  • Jul 13, 2020 5:28pm Jul 13, 2020 5:28pm
Quoting broketrader
{quote} A high leveraged trade could happen but with a tight stop like I have done in the past, the leverage is irrelevant, only the risk is important. The ones that I will carry now even if you won't see it because there is no visible stop loss will have 30% risk at the beginning of the trade. I know it's very high but that also says something about the confidence I put in my trading. I don't remember if I ever read a book from Van Tharp but I know that trading more or less follows the law of large numbers. Your edge appears when making a large...

Your Trend Explorer shows very well where you failed, way too much risk.

Now you blame the “bad” set up, which was actually very good, best set up I have read about eurusd in FF since a few weeks.

This only because you had a few loosers mostly because you used too much leverage and bailed out when price reversed.

Being that confident by risking that much in one single trade is just nonsense, especially when it makes you change the way you trade that was actually good.

The next set up that follows precisely your rules might be a looser, and so for the 5 or even 10 times, but I am sure you are gonna find a way to blame something and gonna twist your rules, till you use proper risk management.

Welcome to Trading !
LDFX Trading Ltd
  • #858
  • Jul 13, 2020 10:45pm Jul 13, 2020 10:45pm
Quoting broketrader
I sign with that sentence at every post and yet I have forgotten it. Simplicity is the Ultimate Sophistication So from now on, let's keep things simple and clear ! 1 Pair, 1 Time frame, 1 system, 1 trend at a time, keep everything else outside !
time to fold dude! Take your money off and stay green
  • #859
  • Jul 14, 2020 12:06am Jul 14, 2020 12:06am
Quoting LDFX
{quote} Your Trend Explorer shows very well where you failed, way too much risk. Now you blame the “bad” set up, which was actually very good, best set up I have read about eurusd in FF since a few weeks. This only because you had a few loosers mostly because you used too much leverage and bailed out when price reversed. Being that confident by risking that much in one single trade is just nonsense, especially when it makes you change the way you trade that was actually good. The next set up that follows precisely your rules might be a looser, and...
In the beginning I thought you wanted genuinely understand my way of doing things, now you look more like a know it all guy that just want to give his lesson for free so I think it's better to stop the discussion here.
Simplicity is the Ultimate Sophistication.
  • #860
  • Jul 14, 2020 12:08am Jul 14, 2020 12:08am
Quoting Jhonatan2808
{quote} time to fold dude! Take your money off and stay green
Sorry, but some folk on FF telling me to take the profits is not part of my trading system.
Simplicity is the Ultimate Sophistication.
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