Success is the small sum of efforts, repeated day in and day out.
- #3,482
- Apr 8, 2008 10:26pm Apr 8, 2008 10:26pm
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Willem
Forex recipe for success = Patience, discipline & hard work.
- #3,483
- Apr 8, 2008 10:30pm Apr 8, 2008 10:30pm
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Willem
Forex recipe for success = Patience, discipline & hard work.
- #3,487
- Apr 9, 2008 2:25am Apr 9, 2008 2:25am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
Today I had luck! Again got my 1% of balance. 
EUR/USD
#1: Break of pivot, entry at pullback to the pivot (brown line in chart)
Long at 1.57284 with 100,000 units
Partially closed with 60,000 units at 1.57384: +10.0 pips
Remaining 40,000 units closed at BE: +1.0 pips
#2: Reentry at pivot, well... no comment. I didn't monitor this position but was sure that the 1.5700 will be a strong support...
Long at 1.57269 with 100,000 units
Partially closed with 60,000 units at 1.57327: +5.8 pips
Remaining 40,000 units closed at 1.57398: +12.9 pips
http://www.xaron.net/dl/fx/2008/intr...usd_090408.png
USD/JPY
#1: Short in the war zone
Short at 102.276 with 100,000 units
Closed at BE: +1.0 pips
http://www.xaron.net/dl/fx/2008/intr...jpy_090408.png
Regards - Xaron
EUR/USD
#1: Break of pivot, entry at pullback to the pivot (brown line in chart)
Long at 1.57284 with 100,000 units
Partially closed with 60,000 units at 1.57384: +10.0 pips
Remaining 40,000 units closed at BE: +1.0 pips
#2: Reentry at pivot, well... no comment.
I didn't monitor this position but was sure that the 1.5700 will be a strong support...Long at 1.57269 with 100,000 units
Partially closed with 60,000 units at 1.57327: +5.8 pips
Remaining 40,000 units closed at 1.57398: +12.9 pips
http://www.xaron.net/dl/fx/2008/intr...usd_090408.png
USD/JPY
#1: Short in the war zone
Short at 102.276 with 100,000 units
Closed at BE: +1.0 pips
http://www.xaron.net/dl/fx/2008/intr...jpy_090408.png
Regards - Xaron
- #3,489
- Apr 9, 2008 3:25am Apr 9, 2008 3:25am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
Added a short scalp for the EUR/JPY as well... Here comes my statement for today, just for verification - to show it isn't faked. 
Regards - Xaron
Regards - Xaron
- #3,490
- Apr 9, 2008 4:39am Apr 9, 2008 4:39am
I thought I'd share my losing trade with you all just to show you how not to do it!!! I take full responsibility for my loss, it was a ridiculous trade based on emotion and broke just about every rule in the book!! But, I'm laughing at myself and am happy for everyone to take note and learn from my stupidity!
One good thing about it, (apart from the valuable lesson learned in NOT BREAKING THE RULES!) is that I actively managed the loss in the same way I do profit, thereby reducing the overall loss; I'll show you what I did:
1. Analysis first thing led me to believe GBP/USD to be overall bearish today, so decided already that I will only take shorts.
2. News pushed GBP up this morning, but, because I'd already made up my mind that the bears were in control, I thought the subsequent bull move was a fake, and the bear trend will continue.
3. I saw bearish indication in the higher TF's, but of course I did, that's what I was looking for!
4. I saw price break below the previous short term bull TL and the 50ma. I saw TC on the MACD and the sma angle bars at 0, heading down, obviously (I thought!), with the 21ema to follow with it of course!!
5. Rather than wait for confirmation, in my head, and therefore in my blurred and misguided vision, everything was aligned for a definite short, why not go for it now! I knew I was breaking the rules, but hey, why not, it's a given!!
6. Oops!!
7. Realising that my judgement was completely clouded and I'd just made a very costly, ridiculous mistake, I then looked at how to manage it.
8. I used the 50ma as first point of error. When price moved above it, I closed half my position, thereby cutting potential overall loss significantly. Price went short again for a few minutes, but then moved back again and closed above the 50ma, so I closed half of my remaining half. This cut my losses again, but left a quarter of my original stake open just in case. Obviously I was stopped out, but at a much reduced cost than if I'd closed my eyes to what was happening and just hoped, and wished, and prayed that it would turn in my favour.
So, there you are. It wasn't big or clever, but I think it's important that I put it to you, so you stay patient and stick to the rules!! Don't be a numpty like me!!!
Rebecca,x.
(PS. Should point out I entered at the first break below 50ma at 11:45-ish GMT)
One good thing about it, (apart from the valuable lesson learned in NOT BREAKING THE RULES!) is that I actively managed the loss in the same way I do profit, thereby reducing the overall loss; I'll show you what I did:
1. Analysis first thing led me to believe GBP/USD to be overall bearish today, so decided already that I will only take shorts.
2. News pushed GBP up this morning, but, because I'd already made up my mind that the bears were in control, I thought the subsequent bull move was a fake, and the bear trend will continue.
3. I saw bearish indication in the higher TF's, but of course I did, that's what I was looking for!
4. I saw price break below the previous short term bull TL and the 50ma. I saw TC on the MACD and the sma angle bars at 0, heading down, obviously (I thought!), with the 21ema to follow with it of course!!
5. Rather than wait for confirmation, in my head, and therefore in my blurred and misguided vision, everything was aligned for a definite short, why not go for it now! I knew I was breaking the rules, but hey, why not, it's a given!!
6. Oops!!
7. Realising that my judgement was completely clouded and I'd just made a very costly, ridiculous mistake, I then looked at how to manage it.
8. I used the 50ma as first point of error. When price moved above it, I closed half my position, thereby cutting potential overall loss significantly. Price went short again for a few minutes, but then moved back again and closed above the 50ma, so I closed half of my remaining half. This cut my losses again, but left a quarter of my original stake open just in case. Obviously I was stopped out, but at a much reduced cost than if I'd closed my eyes to what was happening and just hoped, and wished, and prayed that it would turn in my favour.
So, there you are. It wasn't big or clever, but I think it's important that I put it to you, so you stay patient and stick to the rules!! Don't be a numpty like me!!!
Rebecca,x.
(PS. Should point out I entered at the first break below 50ma at 11:45-ish GMT)
May all your pips grow into great big fruitful trees
- #3,491
- Edited 6:21am Apr 9, 2008 6:08am | Edited 6:21am
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
I thought I'd share my losing trade with you all just to show you how not to do it!!! I take full responsibility for my loss, it was a ridiculous trade based on emotion and broke just about every rule in the book!! But, I'm laughing at myself and am happy for everyone to take note and learn from my stupidity!
One good thing about it, (apart from the valuable lesson learned in NOT BREAKING THE RULES!) is that I actively managed the loss in the same way I do profit, thereby reducing the overall loss; I'll show you what I did:
1. Analysis first thing led me to believe GBP/USD to be overall bearish today, so decided already that I will only take shorts.
2. News pushed GBP up this morning, but, because I'd already made up my mind that the bears were in control, I thought the subsequent bull move was a fake, and the bear trend will continue.
3. I saw bearish indication in the higher TF's, but of course I did, that's what I was looking for!
4. I saw price break below the previous short term bull TL and the 50ma. I saw TC on the MACD and the sma angle bars at 0, heading down, obviously (I thought!), with the 21ema to follow with it of course!!
5. Rather than wait for confirmation, in my head, and therefore in my blurred and misguided vision, everything was aligned for a definite short, why not go for it now! I knew I was breaking the rules, but hey, why not, it's a given!!
6. Oops!!
7. Realising that my judgement was completely clouded and I'd just made a very costly, ridiculous mistake, I then looked at how to manage it.
8. I used the 50ma as first point of error. When price moved above it, I closed half my position, thereby cutting potential overall loss significantly. Price went short again for a few minutes, but then moved back again and closed above the 50ma, so I closed half of my remaining half. This cut my losses again, but left a quarter of my original stake open just in case. Obviously I was stopped out, but at a much reduced cost than if I'd closed my eyes to what was happening and just hoped, and wished, and prayed that it would turn in my favour.
So, there you are. It wasn't big or clever, but I think it's important that I put it to you, so you stay patient and stick to the rules!! Don't be a numpty like me!!!
Rebecca,x.
(PS. Should point out I entered at the first break below 50ma at 11:45-ish GMT)
Don't worry about the trade and I know you don't. I also started today with a loser on the EUR. I was trying to trade in the direction of the 4hour rules but got burnt. I'll post the trade later today. I see now the EUR started moving upwards - my entry was too early.
Reb - you said it all about your trade, great to analyse your own losers.
For all the readers:
Previously, I also had an idea in my head of what to expect from the markets in a specific day. Especially after you've read all the newsletters and forecasts from various sources. Nowadays, I tend to ignore them and concentrate on my three charts - 5min, 15min and 4h. Then I just read the story of each chart - trade what you see and not what you think. This is very important in the five-minute system because it is a short time frame and sometimes it doesn't respect the longer time frames.
Take this from Rebecca - analyse your losers and see what you have done wrong. Write it down so that you can see it over and over again and you don't repeat the same mistake. Don't just ignore the losers' chart because you are upset.
Then analyse your winners and see what you've done right. Write that down in your trading plan.
Just my comments
Willem
Forex recipe for success = Patience, discipline & hard work.
- #3,494
- Apr 9, 2008 7:11am Apr 9, 2008 7:11am
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Willem
Forex recipe for success = Patience, discipline & hard work.
- #3,496
- Apr 9, 2008 7:26am Apr 9, 2008 7:26am
- | Joined Apr 2007 | Status: Trader | 1,126 Posts
Hi Willem, thanks for your reply. No, I'm not worried, still laughing at myself! Tsk, tsk!!
I've just found your checklist on page 103! Brilliant!! That should keep me out of trouble in the future!! I'm slowly working my way through the thread, at the same time as checking the latest posts and checking my charts.
I'm really starting to enjoy trading again and accept losses as essential training lessons. You have to do a training period in any new job, forex is no different, and I'm still very much the apprentice. My learning curve is like a rollercoaster that has enough loops and turns to give a physics teacher palpitations!! I know I'm getting closer to the good bit though, just got to keep myself under control!!
See you later, back to more studying,
Rebecca,x.
the only problem is i should check the dictionary several times when i reading them
just kidding
- #3,498
- Apr 9, 2008 9:46am Apr 9, 2008 9:46am
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Willem
Forex recipe for success = Patience, discipline & hard work.
