Vutrivian

Deuteronomy 8:17-18
And beware lest you say in your [mind and] heart, My power and the might of my hand have gotten me this wealth. 18 But you shall [earnestly] remember the Lord your God, for it is He Who gives you power to get wealth, that He may establish His covenant which He swore to your fathers, as it is this day. Deuteronomy 8:17-18 AMP

System = Method + Money Management + Trader...tx Daillist

Greed causes you to over-ride on a win
Fear causes you to cut short in your profits

A trading plan is especially crucial in Forex trading to stay ‘in-control’ against the emotional stress in speculative situation.
A well organized operation has to be predetermined and strictly followed. Always remember: “If you fail to plan, you plan to fail”. Avoid emotion trading

Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction.
Move on, stay within your trading plan, and admit your mistakes if things do not turn as you wanted.

Losing is a not a must but it is the natural in any trading market.

Love the trends. Trends are your friends.The long term trend is always your primary reference.
Confirm your entry with the smaller timeframes in order to avoid Resisstance for Long and Support for Short.

When you enter a trade, do you have a target(s) you're aiming for?
Many technical systems will have targets, If you're just entering trades without a technical target then how do you know you're getting out early or not?

If you're a trend follower, then you wouldn't have targets. For exits they use a couple of things that suit a trend system.
One would be giving back a percentage of made profit. If you make 500 pips, you close after giving back a set amount, say 40%, so you'd close when it comes back to 300 pips. Using the EMA crosses, RSI etc.

Using a 35 pip stop loss is not going to work...you're going to be taken out by noise more often than not.

If you do have targets and you're closing your trades before they get hit, you've got to figure out why. Going to BE asap or locking in 10 pips makes it much easier but the numbers will prove that you'll get taken out of a number of trades early.

If you're just closing them out of fear of giving back your gains, then there are a couple of things you can do.

First, and easiest, is to turn the pc off once the trade is in. You may feel like you're not working at it if you do this, but believe me, the fact is you're doing the best thing you can. Let the trade work itself out.

Set alerts according to your Technical System

A second approach is to start punishing yourself. Think about life. Break rules at work, your ass gets fired. Break rules in society, your ass gets incarcerated. Break rules of plain common sense, your ass gets mangled, fried, beaten, etc.
Break rules of your trading plan...what happens?
Maybe you win, maybe you lose. But for most people, that's not enough to stop their lack of discipline.

If your rule is to close out at a certain point and you break that rule (or any other rule of your system for that matter), punish yourself. Every time you break a rule, stop trading for a day. Take away the one thing you want to do, which is trade and make money.

If you follow your rules, then great, you get to trade everyday. If you break them, then you have to pay for it.

Whatever you decide to do, stick with it. It's the best thing any trader can do for themself.

Short/Long @

Exit: to follow
P/L: to follow

Progress to Date Since ../../..
Trades so far:
P/L:
Average per trade:

Comments for this trade

and edited on exit

Thanx are given to all that have crossed my journey
These come from reading that I have done here and everywhere and a bit of personal thoughts

This will be a journal of my trades taken on my journey ahead

I will try and post as they happen, be assured I will not cheat, I will be breaking one of my rules and then I won’t be able to trade for a day

5ema x 10ema upwards > GoLong
5ema x 20ema upwards > ExitShort

5ema x 10ema downwards > GoShort
5ema x 20ema downwards > ExitLong

Used on the Daily Charts

RSI14 can be used for confirmation

I'll mainly trade the http://www.forexfactory.com/images/icons/pound.gif and http://www.forexfactory.com/images/icons/euro.gif

Long @ 1.9770

Exit: to follow
P/L: to follow

Progress to Date Since 18/07/2007
Trades so far:
P/L:
Average per trade:

Comments for this trade

and edited on exit

take profit set for 1.9920
potential profit of 150 pips

Short @ 1.9930

Exit: to follow
P/L: to follow

Progress to Date Since 18/07/2007
Trades so far:
P/L:
Average per trade:

Comments for this trade

and edited on exit

GU#1
tp moved to 1.9930
+200 pips

GU#2
-63 pips
Bought to early, False signal, but will wait

Floating P/L
+195

Hi Fx

It's that old Rhodie looking for advice again. By the time you're finished showing me how things work you're going to wish you'd never heard of me. Seriously though I'm very grateful for your advice and generosity. I've downloaded the turtle rules - there's a wealth of first class advice in there and I'm reading and re-reading them.
Some of the things I still don't understand - you mention the 1ema and how you use it for alerts. How does that work please ? You also say that on the first day of the trade you are receiving a lot of alerts that relate to certain techniical levels being hit and I'm not too certain how this works and why there is so much activity on the first day. My technical knowledge is still abysmal and it may be that I need to do some study before trying to trade your method.
I notice the alerts company is run by MG do you have to trade through them to get the alerts ?
Thanks for your help.

Best Wishes

Bill

Hi, firstly do not worry about asking Questions, we all do even the Pro's.
If we stop being a student, we stop learning.... we stop our growth!

1EMA - like in the turtle rules they enter when price hits a certain level.
Now this gets seriously whipsawed, so I change this to 5EMA, but I use the 1EMA to follow the price, as I have not yet learned to read price

When the 5EMA cross the 10EMA up, I go long and when the 5EMA cross the 20EMA up, I exit my short and visa versa for SHORT positions.

Because I do not wait for the candle to close, on the first day they cross and uncross quite a lot, thats when I have to keep watching them on shorter TF to make sure if I want to enter or not.

Because of this crossing and uncrossing the alerts are hit very frequent on these days , until the EMA's start to move apart

You don't need to trade through MG to have alerts send to your mobile

http://img2.freeimagehosting.net/uploads/f32b4fed3f.jpg

Hey, thanks Fx that's really helpful.

Good luck

GU#1
tp moved to 1.9950
+220 pips

GU#2
-91 pips
Bought to early, False signal, but will wait

Floating P/L
+195

Hi Fx,

One thing I meant to ask you and forgot was how many different pairs you monitor. Would you trade a pair like GBP/JPY or would you consider that pair to be too volatile ?

Cheers

Bill

Currently I mainly trade GU as I still have a day JOB, but believe that it would suit any pair, any TF, obviously with more whipsaws on sorter TF

a question here:

when 5ema cross the 10 ema, you enter long.
what is it meant by exit short? exit your trade for 5/10 cross?