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  • #45,501
  • Nov 14, 2008 12:00pm Nov 14, 2008 12:00pm
Quoting dwildes
Exactly!
It also means you may not take a trade every day - but saving your balance for the prime setups that pay very, very well.
Although I don't trade the same way, I think what makes any of us successful is identifying the high-percentage trade within the trading strategy each of us uses. If only we could keep our emotions in check...
  • #45,502
  • Nov 14, 2008 12:10pm Nov 14, 2008 12:10pm
Always good to step back right before Fridays close and see where things really are... Chart is EU 1hr.

For all the hubub following yesterdays bungee jump, it was a 100 pip session between OPEN and CLOSE as indicated by the shaded box. Left edge of box is 5pm EST

Lots of adrenaline following the NY close and lots of angled TL's getting busted and bounced off of, but not a single 1hr close below the horizontal DP or above M3...

Price had a heavy downward bias as the 1hr wicks clearly show, and the Central Pivot (which I posted last evening) gave a text book example of holding price in it's grasp on a relativley narrow session range (for these days), minus the spikes.

How would you trade that in hindsight? How did you trade it? What will you look for next time when all the fire alarms are going off and everyone is screaming UP or Down?? Will you look for the smoke or the fire?

Personally, i shorted the whole thing from several places near the top and then again thruout the evening and posted accordingly. The spectacular M3 rejection in the second hour told the tale far as I was concerned. I let the not so great in hindsight short term entries I made run until price turned as I believed it would, and ultimately did.

I had a few pounding palpitations at the upper edge of that box a couple times, but I know my indi's and the S/R levels that I trade. I'm not always right by any means, but that's where I got my pips last nite.

The way I see it, every week is an opportunity to look back and find some things to do differently next week. Hope this is helpful.

Out for awhile, back for the close if possible.
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FUBAR...
  • #45,503
  • Nov 14, 2008 12:21pm Nov 14, 2008 12:21pm
Following the thread here. I know I learn some basic thing (usually obviously simple) about the market that has a good "probability" of making money when traded appropriately, then I start looking at some odd thing that catches my fancy (the problem with trading alone and reading these forums).

Seriously, what could be simpler than learning a technique for trading S&R and just living with it.

I would like to say I live by this philosophy, but I recently started downloading stuff AGAIN. So how did I dig myself out of the hole (00.25% +/-) from yesterday you ask? Simple, I closed all charts that had the other "fancy" things on them and just went back to basics. The basics are so boring.

What am I doing today, researching and learning something new. when will I learn?

On an informative note, that darn VIX is slowly trying to creep into the lunatic range. It would be nice if it doesn't get there today.
Redefining Reality
  • #45,504
  • Nov 14, 2008 12:21pm Nov 14, 2008 12:21pm

I read what you all write and ask you, without wanting to suggest something, if everything I read is true.
Only a few write their losses. It seems that all earn lots of money.
It seems that no one has doubts, but there are many who keep writing course in retrospect, what their have gained.
If this is a part of truth ... I ask me how all this would contribute to chat.

I prefer to talk about the weaknesses of each one of us ... because from those can i learn something.

The best thing that can happen to you is to find out where you're wrong.
  • #45,505
  • Nov 14, 2008 12:30pm Nov 14, 2008 12:30pm
Well Driver, I for one had a lousy day today

It was like everything was conspiring to go against me, I swear there were a thousand floor traders watching my screen today waiting to skim my hard earned brass from me!!!

Quoting Driver55

I read what you all write and ask you, without wanting to suggest something, if everything I read is true.

Only a few write their losses. It seems that all earn lots of money.
It seems that no one has doubts, but there are many who keep writing course in retrospect, what their have gained.
If this is a part of truth ... I ask me how all this would contribute to chat.



I prefer to talk about the weaknesses of each one of us ... because from those can i learn something.

  • #45,506
  • Nov 14, 2008 12:34pm Nov 14, 2008 12:34pm
Quoting Driver55

I read what you all write and ask you, without wanting to suggest something, if everything I read is true.



Only a few write their losses. It seems that all earn lots of money.
It seems that no one has doubts, but there are many who keep writing course in retrospect, what their have gained.
If this is a part of truth ... I ask me how all this would contribute to chat.



I prefer to talk about the weaknesses of each one of us ... because from those can i learn something.

Well, here's one for you. There was enough room upspace to issue me a 42 pip loss on a short. Shouldn't have traded it, but it was for very small lot, thinking it was gonna bounce DOWN. Did not happen. Might happen Sunday, but not today. Today was actually a bad day to trade, I know, but it's raining in Virginia - no golf. Should have spent that 42 pips on beer!

Coming raging back Monday. Have a good weekend everyone.

Edit: Lost 8 PIPs on the day overall.
Up or down, gimme a ticket
  • #45,507
  • Nov 14, 2008 12:41pm Nov 14, 2008 12:41pm

Well guys,
I close my day here.
Short overweekend .. hopefully good.

bye

The best thing that can happen to you is to find out where you're wrong.
  • #45,508
  • Nov 14, 2008 12:48pm Nov 14, 2008 12:48pm
Quoting Driver55

I read what you all write and ask you, without wanting to suggest something, if everything I read is true.

Only a few write their losses. It seems that all earn lots of money.
It seems that no one has doubts, but there are many who keep writing course in retrospect, what their have gained.
If this is a part of truth ... I ask me how all this would contribute to chat.



I prefer to talk about the weaknesses of each one of us ... because from those can i learn something.


Well I look at it this way, it wouldn't be very motivational if I were the only one who posted.
Redefining Reality
  • #45,509
  • Nov 14, 2008 12:50pm Nov 14, 2008 12:50pm
Quoting Driver55

I read what you all write and ask you, without wanting to suggest something, if everything I read is true.
Only a few write their losses. It seems that all earn lots of money.
It seems that no one has doubts, but there are many who keep writing course in retrospect, what their have gained.
If this is a part of truth ... I ask me how all this would contribute to chat.

I prefer to talk about the weaknesses of each one of us ... because from those can i learn something.

Well I'm not making lots of money but am making pips. Since I'm still gaining experience, I am purposely keeping my lots small. I do have some small losers but very, very few of my gainers are home runs. So, I'm scalping, with success. I don't like to brag but like to pass on the roots of success: high standards of money management and watch, watch, watch PA.

Weakness: Emotion - getting out too early because I'm conservative. Too impatient to wait. Too unwilling to wait it out because psychologically, your mind thinks price goes up in a straight line, even though it's logically clear it does not.
  • #45,510
  • Nov 14, 2008 12:55pm Nov 14, 2008 12:55pm
Kudos to Psiholog, he is well over 100% in that contest. To me that is a victory half way through the month regardless of whether one wins the contest.

I decided to sign up for it a couple of months back, I doubt my risk tolerence would ever allow me to come close to winning it. I will be happy closing this week out in the 20% return for the month range.
Redefining Reality
  • #45,511
  • Nov 14, 2008 12:58pm Nov 14, 2008 12:58pm
Quoting piptechnician
Kudos to Psiholog, he is well over 100% in that contest. To me that is a victory half way through the month regardless of whether one wins the contest.

I decided to sign up for it a couple of months back, I doubt my risk tolerence would ever allow me to come close to winning it. I will be happy closing this week out in the 20% return for the month range.
WOW! Super-Psi
  • #45,512
  • Nov 14, 2008 1:08pm Nov 14, 2008 1:08pm
Quoting piptechnician
Kudos to Psiholog, he is well over 100% in that contest. To me that is a victory half way through the month regardless of whether one wins the contest.

I decided to sign up for it a couple of months back, I doubt my risk tolerence would ever allow me to come close to winning it. I will be happy closing this week out in the 20% return for the month range.
i am at 200% now and all i have done is 25cent pip trades and this week a combination of 25cent pips and 50cent pips. imagine how many pips that adds up to...in between 1500-2000 pips in this crazy market. im not saying this to show off but you brought it up. I too cannot tolerate the risk tolerance of the others ahead of me as i cannot afford to lose 250...so yea..tough road ahead for me still.

Thanks for the kudos
Different opinions highly valued, ignorant to slander.
  • #45,513
  • Nov 14, 2008 1:10pm Nov 14, 2008 1:10pm
Quoting Driver55

I read what you all write and ask you, without wanting to suggest something, if everything I read is true.



Only a few write their losses. It seems that all earn lots of money.
It seems that no one has doubts, but there are many who keep writing course in retrospect, what their have gained.
If this is a part of truth ... I ask me how all this would contribute to chat.



I prefer to talk about the weaknesses of each one of us ... because from those can i learn something.

I think my weakness as a newbie is that I enter breakouts etc too late to make any tangeable gains, I do see them but tend to hold off entering the fray and by that time it's usually too late and the run is almost over before I get in. Today for instance, I entered a few trades which went how I thought they would on EUR/USD only to find them turn against me and hit my SL. This was down to my hesitance.

Theres nothing worse than looking at a 100 pip + breakout knowing that you seen it coming but didn't place the trade when it was about to start
  • #45,514
  • Nov 14, 2008 1:11pm Nov 14, 2008 1:11pm
Quoting psiholog
i am at 200% now and all i have done is 25cent pip trades and this week a combination of 25cent pips and 50cent pips. imagine how many pips that adds up to...in between 1500-2000 pips in this crazy market. im not saying this to show off but you brought it up. I too cannot tolerate the risk tolerance of the others ahead of me as i cannot afford to lose 250...so yea..tough road ahead for me still.

Thanks for the kudos

I'll give you credit for the hard work you put into learning your techniques. But I would argue that your comfortability with your pip sizes gives you your edge. I doubt you think that, but keep that in mind in the future as your account grows and you want to increase those entries.

Position Sizing
Redefining Reality
  • #45,515
  • Nov 14, 2008 1:15pm Nov 14, 2008 1:15pm
i am done trading for today as i accomplished an impossible feat but here goes my current analysis...its so simple it will take market maker intervention to ruin it. yesterday we saw the beggining of a strong uptrend in the stock market and the eur/usd. today..we saw a pullback ...but since the low...we have been making a rounding bottom. in otherwords in an uptrend a pullback like this is a cup and handle...when we reach a double top...there should be a slight pull back followed by another massive bull rally. whether this happens today or come sunday/monday..to be seen. have a good weekend all...i am taking a well deserved break

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Different opinions highly valued, ignorant to slander.
  • #45,516
  • Nov 14, 2008 1:23pm Nov 14, 2008 1:23pm
i lost last night but no on my own. i was up 66 pips.. i turned on my autotrader scalp (new strategy sucks) on 16 pairs last night and now im negative equilivant to 40 pips of my normal size trade. my auto trader lost 66+40.. but all in all over this and last week in up. my account is up 12% for the last 2 weeks. but it took me a lot of stupidity to get to this point. i started 4x trying to hit the home run i blew my account 5 times at least. i have doubled my account in 2 days, then blew it the next. like i said stupidity... but it takes mistakes to learn.. now that i have learned stupidity became knowlege.. i know i will have bad days in the future. because i will fall back to stupidity getting caught up in emotion. but i do use money managment so i dont blow account. i may get my 40 pips back today but probably wont trade. its bad to trade trying to catch bad pips already gone. dont throw good money to catch bad. and sometimes you just need to walk away a while.. clear your head hug your dog or wife kids or beat the dog go fishing whatever..
those who can, do. those who cant, talk about those who can
  • #45,517
  • Nov 14, 2008 1:27pm Nov 14, 2008 1:27pm
Quoting psiholog
i am at 200% now and all i have done is 25cent pip trades and this week a combination of 25cent pips and 50cent pips. imagine how many pips that adds up to...in between 1500-2000 pips in this crazy market. im not saying this to show off but you brought it up. I too cannot tolerate the risk tolerance of the others ahead of me as i cannot afford to lose 250...so yea..tough road ahead for me still.

Thanks for the kudos
Way to go, Psiholog.
Up or down, gimme a ticket
  • #45,518
  • Nov 14, 2008 1:30pm Nov 14, 2008 1:30pm
Quoting afcberty
I think my weakness as a newbie is that I enter breakouts etc too late to make any tangeable gains, I do see them but tend to hold off entering the fray and by that time it's usually too late and the run is almost over before I get in. Today for instance, I entered a few trades which went how I thought they would on EUR/USD only to find them turn against me and hit my SL. This was down to my hesitance.

Theres nothing worse than looking at a 100 pip + breakout knowing that you seen it coming but didn't place the trade when it was about to start...
I'm not the most experienced or best trader on here, but Afcberty, most of us have been through that. Trade smaller lot sizes and adequate stop loss settings to where it doesn't get your gut to wrenching if you lose that trade, and then run with high confidence that you are indeed staring down a great trade. 100 PIPs at $5/pip = $500; 20 PIPs at $10/pip - $200. Hope that helps.

Hang in there.
Up or down, gimme a ticket
  • #45,519
  • Nov 14, 2008 1:31pm Nov 14, 2008 1:31pm
Quoting SpecialEd
Way to go, Psiholog.
hey thats great.. and we were just playing for fun right.. so can i have my pips back now?*L*
those who can, do. those who cant, talk about those who can
  • #45,520
  • Nov 14, 2008 1:32pm Nov 14, 2008 1:32pm
Hi every one, i'm new to this thread but not new to forex and reading everything yall saying for a list 30 days now. for the past few months i was going pretty well in my trades, but yesterday it went against me very bad as i added to it as it went north. half lot every resistance and now i"m about 7 thousand negative, yep it hited me that bad. now i am not shure if i stay in the game till next week or i close and eat my loses. by the way i am about 17% down on my account. i still think however the Dollar will get stronger in the near term but i got tell yall,: fear got me right now... any help will be highted appreciated. thanks
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