Alifari's Trading Journal

Some trades from this Week, not looking for home run just 1R to 1.5R

Some losing trades too. These trades was purely taken on short bias without proper price action. Paid the price for it.

Trade #16

Closed at breakeven. Price came pretty close to my take profit but reversed with momentum.

Trade #17

USDCAD - M15 SELL TRADE -1R

Hi
Thanks for offering me to look at the chart. Yes, I would love to have feedback.
I took a couple of trades today. In GbpUsd I went long when I saw a strong bullish candle. Even though I knew there was immediate resistance I still took it. I thought It would hit TP before return. I set off the open position after a couple of bars and lost 0.33 R.
I also realized, after closing my exit of long, that it was supposed to be a short-order entry but I could not see it, maybe becasue I was focusing on my long position.
My 2nd trade was in EUrjpy
I had a tp at 1 R and hit it very fast.
Parvez

Although both trades were counter trend, but looks good for 1R to me. You managed GBPUSD trade very well by taking a 0.33R loss instead of full 1R loss.

In my opinion, GBPUSD trade was little late and close to resistance, whereas EURJPY was a much better trade, as there was enough space on the upside for 1R profit.

One tip always try to trade with current impulsive trend.

Real Gem of a video

One of the ideas, I got from Mark Douglas's book Repetation reinforces the belief.
I used to repeat at least twice his principle of consistent success:
I am a consistent winner because I objectively identify my edges.
.....I pre-define the risk for every trade.
.....completely accept the risk or I am willing to let go of the trade.
..... I act on my edges without reservation or hesitation.
.....I pay myself as the market makes money available to me.
.....I continually monitor for my suspicion of making errors.
..... I understand the absolute necessity of these principles of consistent success and therefore I never violate them.

I also used to repeat his 5 major key points about the market
1 anything can happen at any moment
2, I don't need to go what's going to happen next to make money
3, There is a random distribution between wins and losses for any given set of variables that define an edge.
4, An edge is nothing more than an indication of a higher probability of happening one thing another over.
5, every moment is unique.

these days, I repeat one time before trading.
Because of adopting his teaching I started trading alive and split my order into 3 sub-orders .01 each with the pre-define SL.
I adopted his idea, as he mentioned (or I interpreted) that when the market goes in your favor few pips then close 1 out of 3 positions and then close another one when it goes a little further and let the last order run. I was doing this for 2020 to this June till I studied Martin's Pring book and he said your TP1 should be at least 1R otherwise it will mess up your risk-reward ratio. In my case my tp1 makes me around 0.3R, tp2 makes me 0.6R, and tp3 around 1R but when my SL hits I lose 1R on each.
When I saw your thread, you were talking about the importance of taking a profit of at least 1R and 1.5 R.
I also like his analogy about a child who encounters a first-time bad dog.
Another thing he mentioned very well about How our belief system affects us. We see and perceive things according to our belief and that perception strengthens our belief.
His books help not only in trading but in other areas of life as well.
I will definitely see his YouTube video, it will refresh it.
thanks
Parvez

His book trading in the zone is a real gem. I often read it or watch his short videos anytime I feel that I deviate from my plan.

Here are two of my favorite quotes:

1) You have to know your setups and their probabilities. Then, once you see them you must act with conviction and without hesitation.

2) It is only the possibility of loss that creates the opportunity for the winners that eventually occur.

Trade #18 - +1.35R

Trade #19 - +1.34R

Trade #20 - -1R

Tenacity is the ability to not give up in spite of difficulty and results from any activity that are not desired. It is the ability to persist with determination toward something tirelessly and with absolute perseverance to the point that failure is not an option. It is the ability live through intense struggle, to see consistently poor results for long periods of time, and in spite of that, still keep learning and improving on working on your trading with tremendous enthusiasm in spite of those results.

Trade #21 = +1.60R

Trade #22 = -0.30R (Closed early as did like the price action near my entry zone. Price eventually reached my take profit. Potential 2R trade)

Haven't read financial news in a while, just purely trading based on price action. No clutter, zero bias, just trading my plan with peace of mind.

Hi Ali,
This week I lost 3 consecutive trades. I risked 3 R and lost 3R.
I placed the trade in Sugarraw based on 2b/Turtle soup. It just touched my stop loss and started going back down.
I watched the Mark Douglas video and realized that I am not focusing on mastering the process but focusing on PnL.
Do you place a trade one hour before LO/Newyork in 1 hour TF? or place a trade at 8:00 London / US time? or did you let the volatility settle?
Here are my trades, Please take a look when you get a chance.
Frankly, It hurts to lose 3 consecutive trades and it is pointing to me that I need to reduce my size so that It won't hurt.
thanks
Parvez

[quote=alifari;14579267][/quote
SMB also offer free webinar. Did you take that class?
Parvez

Hi Parvez,

3 consecutive losses are normal and I often experience it myself. Did you back test your strategy to see how many consecutive losses occur, if you would have taken all the trade signals.

I would suggest you reduce your risk size to 0.25% or 0.5% per trade, so these consecutive losses doesn't effect you much and when the trades are in running in your favor even two or three good trades will recover those losses. The bottom line is you need to preserve your capital and at the same time fine tune your strategies by constantly analyzing your trades and asking questions, how I could improve my strategy.

Frankly speaking I am not familiar about Turtle Soup strategy, so I don't know the exact reasoning behind your trades. But on two of those trades I would have taken an opposing trade based on my strategy.

One suggestion, I think those hi, low indicator making your chart more cluttered. Try to keep your charts indicator free and observe the price action by just marking and watching major swing levels, try to ignore what happened in between and see how price approached and reacted to these swing levels, did it gave any indication for reversal or continuation. If it breached the level, how far did it go before retracing back.

It is utmost important to understanding impulsive and corrective moves. To often we get stuck on the wrong side of market by this simple misjudgment.

The answer to your second question is I take a trade if it meets my strategy requirement. It doesn't matter if it's London open/close or NY open/close.