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nAVINs trading trading journey

  • #41
  • Edited 11:54am Sep 19, 2008 9:16am | Edited 11:54am
very cheesed of .....i placed a trade which appears to run into a homerun..my mental stop let me down...i exited after 32 pips loss and find the mother went up 300+ pips from the minute i canceled

i think i need to have bigger stops..i have to accept risk if i want 100+ pips

im off for the week on a training course, cant trade but gonna think about mentally how i can not allow trades emotions, effect me..

i could have looked at 4hr time frame and gone by that and id be fine, main thing i suppose what i thought happened, its just a pity i never stuck in it..

will add diagram a bit later
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  • #42
  • Sep 19, 2008 12:00pm Sep 19, 2008 12:00pm
what a bi**h!....

still thu on a postive.....im entery in much more sencible places and what im think to some degree is at least happening .i think

i will crack this one of these days
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  • #43
  • Sep 19, 2008 12:04pm Sep 19, 2008 12:04pm
end result minus slightly....but i have to remember it could have been worse
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  • #44
  • Sep 19, 2008 12:55pm Sep 19, 2008 12:55pm
Quoting nAVIN2007
very cheesed of .....i placed a trade which appears to run into a homerun..my mental stop let me down...i exited after 32 pips loss and find the mother went up 300+ pips from the minute i canceled

i think i need to have bigger stops..i have to accept risk if i want 100+ pips

im off for the week on a training course, cant trade but gonna think about mentally how i can not allow trades emotions, effect me..

i could have looked at 4hr time frame and gone by that and id be fine, main thing i suppose what i thought happened, its just a pity i never stuck in it..

will add diagram a bit later
You are absolutely right about bigger stops my hardworking bro: Let me tell you my story of 4 trades yesterday evening through London Session in my practice account. The first trade was based on 50% retracement or 61.8% fib and it was quick got out in 23 minutes boom, my second trade with short I exited out with +4 pips if I would leave it for my PT level I could get 50 pips and that was based on Asia drop after US up for 75 pips but I guess I exited out for +4 pips. My third trade was a mistake because it was not based on anything except daily chart to go up so I lost my SL (75 pips). Then my fourth and final trade I did @ 1.8080 for 100 pips but I put my SL very short @1.7990 but this b***h went one more time down to 1.7913 and I again lost 90 pips for SL but you know this is a development account and I have no stress at all and my learning journey is hell out of a game....

Based on my 4 trades my conclusion is when we wait for actual 50% retracement that outcome would fast in US session rather than Asia Session and what I learned for the last 1 year that Asia most of the time retrace on the downward side so my opinion is with 50%retracement for buy first of all never do in the Asia Session either do in US session and London Session if the pair would retrace 50% plus put a SL to atleast 200 pips because you know what you are doing so there would be less risk of loosing SL....

Have a nice weekend Navin, I like your journal and I will learn more from your journal and discussion and I will continue doing in my practice account next week as Practice is the key to success my dear friend and I really thankful to you for your help so far.

I have a question for you. I know you can't do baby sitting for me but may I ask you a question. Actually I only have one production account with $178 in my mini account as Forex is completing the transfer from my other account to one account hopefully today. I have to be very careful to use this account as my marginal balance would be only 88 pips so basing on the 50% retracement and basing on the Asia go opposite of US I mean short from the top and long from the bottom (the basic idea I don't want to stuck with long every time you know what I mean) do you think next week especially on Sunday I can use my production account basing the fact that Asia would have a drop from high to low. Suppose if the cable closes today @1.8390 or so then on Sunday evening in Asia might drop the cable for 100 pips or so....
  • #45
  • Sep 19, 2008 1:09pm Sep 19, 2008 1:09pm
And I think Navin based on ema62 on Sunday the cable could go down to at least 1.8120 or so so I think Short could be the trade call on sunday evening for Cable during Asia Session at the close price of Friday or whatever the current price on Sunday @ 5 pm.... in Asia Session....
  • #46
  • Sep 19, 2008 1:14pm Sep 19, 2008 1:14pm
bro. use the dailly candle to indicate dorection..now its bullish but at some time it will bounce, have a look at my 8hr chart....play the channel...
sell at the top and buy at the bottom.

the key to gaining success in forex i believe is in the technical, wedges, traingles all that sort of stuff and look for breakouts. ie closing outside of channel on that same time frame this way u get a good signal.

also bro try start a journal as well u will be amazed what it can do for your trading..i have improved on my entry significantly since i started doing this...

i do think it is impossible to play weekends it hard enough looking at the chart but predicting price when there no chart gonna be another headache..try not to do this...
  • #47
  • Sep 19, 2008 9:09pm Sep 19, 2008 9:09pm
Quoting allserene
I much prefer to short but i am being successfully tempted into longs every now and then

basically i am just contrary to any biggish moves and its working


lost $25k on my shares today while i was messing with forex

probably $45k if i include mutual funds

never mind eh?

been here before in the early 90's and the market turned on a sixpence and gave a profit of the same amount within 18 months

I am more worried about cash in the bank ! Wish I had bought cans of food and bog rolls instead of putting it in the bank

Looking at UK property and it is still sky high - £220k for a 2 bed apartment in a scruffy northern town ? I think the UK has a LONG way to go down -even after today

the euro and cable are acting like its a US problem - it will be theirs too within a week

you watch when AIG etc all dump their foreign assets and buy USD

We are talking SCORES OF TRILLIONS !!!!!
Your fundamental views are very insightful to me, thanks for sharing. Sorry to hear of your losses. The us market sold off hard as well earlier this week , normal bear market sell off. I saw some friends loose 75% in the 2000-2003 us bear market. Your right of course, they will climb back up over time.

Jason
May the fish in your stream of life always bite.
  • #48
  • Sep 19, 2008 9:17pm Sep 19, 2008 9:17pm
Quoting nAVIN2007
bro. use the dailly candle to indicate dorection..now its bullish but at some time it will bounce, have a look at my 8hr chart....play the channel...
sell at the top and buy at the bottom.

the key to gaining success in forex i believe is in the technical, wedges, traingles all that sort of stuff and look for breakouts. ie closing outside of channel on that same time frame this way u get a good signal.

also bro try start a journal as well u will be amazed what it can do for your trading..i have improved on my entry significantly since i started doing this...

i do think it is impossible to play weekends it hard enough looking at the chart but predicting price when there no chart gonna be another headache..try not to do this...
Hey Nav! I played 4 upside bullflags (triangles) yesterday. All 4 of my positions got stopped out, then moved higher. Lesson learned for me is you can be right on a move and still loose. Solution is either a) bigger stop or b) tight stop with many re enterys after small stop is hit. Have you thought of simular things?

Thanks
Jason
May the fish in your stream of life always bite.
  • #49
  • Sep 20, 2008 3:08am Sep 20, 2008 3:08am
Just poppin' in to say HOLLA!
  • #50
  • Edited 5:52am Sep 20, 2008 4:21am | Edited 5:52am
Quoting aSandman
Hey Nav! I played 4 upside bullflags (triangles) yesterday. All 4 of my positions got stopped out, then moved higher. Lesson learned for me is you can be right on a move and still loose. Solution is either a) bigger stop or b) tight stop with many re enterys after small stop is hit. Have you thought of simular things?

Thanks
Jason
actually i think i have the answer or at least a different option..but yur right small timeframes will get us in trouble if i stuck to the 4hr id have been fine 8 hr possily even better

i will add the diagrams here to show how i think we can deal with this....only right now i just woke up..lol (need some time)

on the retrace the trend direction would have been down to i guess we have to look for a break of trend and that serve as a entry on the larger time frame...i think this is a alternative
  • #51
  • Sep 20, 2008 5:52am Sep 20, 2008 5:52am
Quoting belekas
Just poppin' in to say HOLLA!
holla back at @ yah
  • #52
  • Sep 20, 2008 6:23am Sep 20, 2008 6:23am
Quoting nAVIN2007
actually i think i have the answer or at least a different option..but yur right small timeframes will get us in trouble if i stuck to the 4hr id have been fine 8 hr possily even better

i will add the diagrams here to show how i think we can deal with this....only right now i just woke up..lol (need some time)

on the retrace the trend direction would have been down to i guess we have to look for a break of trend and that serve as a entry on the larger time frame...i think this is a alternative
..
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  • #53
  • Edited 8:15am Sep 20, 2008 7:37am | Edited 8:15am
Hey Nav.

Couple of things.

If trading live is giving you anxiety, demo.
If trading live isn't profitable yet, demo.

Figure out what is causing the anxiety and try and address it(Fear of losing? Being wrong? Is the money or is it an identity thing? etc pp, investigate, ask yourself)

Then: ignore most other input. Espeically in an open forum everyone will wander in and tell you this is the best way, that is the best way, you really should, and what about this, and hey have you heard that and really those fundamentals huh and so on. Discussion is nice and well, but don't let others influence you and your trading. Period.


You seem to be easily tempted to fudge with trades, i.e. manually intervene.
Try to trade order based on daily or higher, only looking at the chart at the end of the day/week and only adjusting entries / orders / stops there to build up discipline on just allowing your trades to actually BE the trades you planned them to be.
IMHO "mental stops" are nonsense; a stop has a reason to be where it is and needs to be placed and thereafter only moved in direction of profit. End of story.


Figure out / make sure you have:
-a set entry criteria(use whatever you want, be it PA trading, MAs, PPZ, regardless, just be sure you know what you're doing and why), including a stop and a reason for it
-a set exit criteria
-an idea about the trade beforehand, i.e. whether you are trading a reaction(very small target), a swing(bigger and more lenient trailing/targetting) or a potential position(trail with sensible distance until whenever)


Basically I feel the problem is you don't have an idea what it IS you are doing, i.e. you don't have an idea whether what you're trading is a near term reaction or you are building a position for a bigger move. You need to figure out what type of trader you are.
Accordingly you have no emotional protocol for coping with whichever reaction or outcome of the trade, as you have no plan or scenario set for it.

You have to realize that what you are currently doing is throwing out a random line into murky waters and hoping something bites. What you SHOULD be doing is knowing what fish you're after, where to find it and what bait to use. Then you're much more likely to get a catch.

You need to eliminate the randomness and make a plan for entries, exits and get an idea of WHAT it is you're trading in the first place. After that you learn the execution of it on demo until you know what to do when, how, then you apply it to a small account, then you build it until you see you know what you're doing, and then and only then you begin slowly with a good portion of the final amount you want to use.

Stop throwing out cash on randomness and sit down and plan, research, test, apply. And don't skip around 50 times, either. Decide, then focus. Ignore all noise and distortion.

Best,

Seeking
Trust price. Know yourself.
  • #54
  • Sep 20, 2008 8:25am Sep 20, 2008 8:25am
Quoting SeekingLight
Hey Nav.

Couple of things.

If trading live is giving you anxiety, demo.
If trading live isn't profitable yet, demo.

Figure out what is causing the anxiety and try and address it(Fear of losing? Being wrong? Is the money or is it an identity thing? etc pp, investigate, ask yourself)

Then: ignore most other input. Espeically in an open forum everyone will wander in and tell you this is the best way, that is the best way, you really should, and what about this, and hey have you heard that and really those fundamentals huh and so on. Discussion is nice and well, but don't let others influence you and your trading. Period.


You seem to be easily tempted to fudge with trades, i.e. manually intervene.
Try to trade order based on daily or higher, only looking at the chart at the end of the day/week and only adjusting entries / orders / stops there to build up discipline on just allowing your trades to actually BE the trades you planned them to be.
IMHO "mental stops" are nonsense; a stop has a reason to be where it is and needs to be placed and thereafter only moved in direction of profit. End of story.


Figure out / make sure you have:
-a set entry criteria(use whatever you want, be it PA trading, MAs, PPZ, regardless, just be sure you know what you're doing and why), including a stop and a reason for it
-a set exit criteria
-an idea about the trade beforehand, i.e. whether you are trading a reaction(very small target), a swing(bigger and more lenient trailing/targetting) or a potential position(trail with sensible distance until whenever)


Basically I feel the problem is you don't have an idea what it IS you are doing, i.e. you don't have an idea whether what you're trading is a near term reaction or you are building a position for a bigger move. You need to figure out what type of trader you are.
Accordingly you have no emotional protocol for coping with whichever reaction or outcome of the trade, as you have no plan or scenario set for it.

You have to realize that what you are currently doing is throwing out a random line into murky waters and hoping something bites. What you SHOULD be doing is knowing what fish you're after, where to find it and what bait to use. Then you're much more likely to get a catch.

You need to eliminate the randomness and make a plan for entries, exits and get an idea of WHAT it is you're trading in the first place. After that you learn the execution of it on demo until you know what to do when, how, then you apply it to a small account, then you build it until you see you know what you're doing, and then and only then you begin slowly with a good portion of the final amount you want to use.

Stop throwing out cash on randomness and sit down and plan, research, test, apply. And don't skip around 50 times, either. Decide, then focus. Ignore all noise and distortion.

Best,

Seeking
thank u patrick...
i will follow what u have said
  • #55
  • Sep 20, 2008 8:50am Sep 20, 2008 8:50am
I do agree with Patrick.Really the most excellent advise.
Yet trading style differences have so many possible routes it really can be daunting,much easier to kick off with half a plan so I see why we all do it.
Having said that I’ve been looking at the Swissy to get a $ feel and just thought it may help with your dilemma lol.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #56
  • Sep 20, 2008 8:58am Sep 20, 2008 8:58am
Quoting Bones
I do agree with Patrick.Really the most excellent advise.
Yet trading style differences have so many possible routes it really can be daunting,much easier to kick off with half a plan so I see why we all do it.
Having said that I’ve been looking at the Swissy to get a $ feel and just thought it may help with your dilemma lol.
yes it is...he really doesnt mix his words and very honest....its what i love about him, he make me relise i really going into this trading without any plan..looking for position to hold long term and scalping in them...lol behaving like a confused mess..

i need a plan for entry, exit, discomfort in trade and plan for signal.its something for me to think about while away on a training course...

tony how are u man? ..have u not been trading yur journal hasnt been updated in quite a while?.hope all is ok bro..
  • #57
  • Sep 20, 2008 8:58am Sep 20, 2008 8:58am
Which corresponds with my Cable view.8480 was my target last week but Im thinking higher than that now.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #58
  • Sep 20, 2008 9:08am Sep 20, 2008 9:08am
I'm cool Nav,I was very ill with food poisoning (not wifes) 2 weeks ago and it had completely knocked me out ,I'm really just recovered.I mean im never ill and wasn't even born in a hospital but went there twice in one week in an ambulance.
All better now though.
Im the same as you as always Nav trying to work out what works for me but I did realize some time ago that you really need a plan.Where I often fail to plan is where to take profits and winners often turn ugly.
Im really loving just general candle Patterns right now which Hussin has put me on to to.


Quoting nAVIN2007
yes it is...he really doesnt mix his words and very honest....its what i love about him, he make me relise i really going into this trading without any plan..

i need a plan for entry, exit, discomfort in trade and plan for signal.its something for me to think about while away on a training course...

tony how are u man? ..have u not been trading yur journal hasnt been updated in quite a while?.hope all is ok bro..
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #59
  • Sep 20, 2008 9:19am Sep 20, 2008 9:19am
Quoting Bones
I'm cool Nav,I was very ill with food poisoning (not wifes) 2 weeks ago and it had completely knocked me out ,I'm really just recovered.I mean im never ill and wasn't even born in a hospital but went there twice in one week in an ambulance.
All better now though.
Im the same as you as always Nav trying to work out what works for me but I did realize some time ago that you really need a plan.Where I often fail to plan is where to take profits and winners often turn ugly.
Im really loving just general candle Patterns right now which Hussin has put me on to to.

thx god yur feeling better...yes candles are great, just remeber its there placement which is important and not the candle itself. i do like candles but am now leaning towards the bars like j16 teach.im personally feeling like candles in this market arent working so great at least not on a small time frame..im of on a training course, starting new full time work..planing to turn it into a reading week for trading as i will be away from home..no trading for me which is probably a blessing
  • #60
  • Sep 20, 2008 9:31am Sep 20, 2008 9:31am
Really? I now see formations all the time and working lol,ya know they've worked for hundreds of years well before my friend Jim.
Ive also brought a book that Hussin recommended.Quite honestly Im starting to wonder how I traded without this knowledge.
So do ya have Mobile Internet connection for a laptop or you literally not going to be around?



Quoting nAVIN2007
thx god yur feeling better...yes candles are great, just remeber its there placement which is important and not the candle itself. i do like candles but am now leaning towards the bars like j16 teach.im personally feeling like candles in this market arent working so great at least not on a small time frame..im of on a training course, starting new full time work..planing to turn it into a reading week for trading as i will be away from home..no trading for me which is probably a blessing
On-site guru & also FF member's' psychiatrist, when not drinking tea
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