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Why did you start trading and what do you expect from it? 19 replies

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Trade What You See And Not What You Hope 0 replies

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Trade what you see NOT what you expect

  • #81
  • Dec 5, 2008 4:22pm Dec 5, 2008 4:22pm
Having targets is often underestimated in this game.. One should always have monthly targets set that they try to achieve. Once this target is reached, you will be in bonus round.. Seriously though, when you set targets, it provides extra motivation when trading to make pips and keep pips. When you reach your monthly goal, you should try not to get back below that level. It will help you control your emotions generally..

Here is a template spreadsheet where you can enter your targets and track your progress. It gives you monthly targets for 2 years based on your initial investment and target percentage profit. My target is 35% but you should adjust the target % to a realistic amount that you are certain YOU can achieve. I set it at 10% in the spreadsheet.. you can step it up when your trading improves.

Bless
Attached File(s)
File Type: xls Forex Targets.xls   39 KB | 1,281 downloads
Patience + Discipline - Greed = Success
  • #82
  • Dec 5, 2008 4:45pm Dec 5, 2008 4:45pm
thanks infinity, i have saved that file and will use
please DON'T copy my trades I am still learning
  • #83
  • Dec 5, 2008 10:14pm Dec 5, 2008 10:14pm
Quoting Infinity
Excellent thread you have going on here bro!

I really admire what you are doing here bro! Keep up the good work!!
Shouts out to both of you.......

Since learning and watching from you guys, this trading type fits my style!

And my account is starting to grow also!! I like it....alot!!!!

HOLLA
  • #84
  • Dec 6, 2008 3:42pm Dec 6, 2008 3:42pm
I'm on vacation until the 15th of December. Please feel free to post any questions, comments, or insights and I will be glad to address them once I'm back.

Trade well!

EO
Just digging in the trenches like everyone else!
  • #85
  • Dec 7, 2008 6:47pm Dec 7, 2008 6:47pm
Quoting eohater
I'm on vacation until the 15th of December. Please feel free to post any questions, comments, or insights and I will be glad to address them once I'm back.

Trade well!

EO
Enjoy your vacation bro!!
Patience + Discipline - Greed = Success
  • #86
  • Dec 7, 2008 7:14pm Dec 7, 2008 7:14pm
I feel really silly but can someone please explain in detail how I am to use this method? What am I looking for? What is my entry signal and exit signal? Where should I look to put my stop loss?

This looks interesting.

Thanks
  • #87
  • Dec 7, 2008 7:36pm Dec 7, 2008 7:36pm
Quoting mdac3
I feel really silly but can someone please explain in detail how I am to use this method? What am I looking for? What is my entry signal and exit signal? Where should I look to put my stop loss?

This looks interesting.

Thanks
Thank you for your interest! This method of trading is a hands on approach to trading. At the moment, I'm on vacation and cannot really go into more details above what I have already posted. Please go back to the beginning of the thread and read, read, and re-read. I rely upon price action, candle formations, ma/ema's, channels for trading. I recommend if your new to trading to go to babypips.com and dedicate some quality time. I will say this method of trading is not for everyone, but it can be done by anyone with some dedication and commitment. I've posted some quality charts and explainations for those charts, print them, study them, go back on your charts and see how many times you have seen the setups in the past. I will be back on the 15th of Dec and will go into further detail on this method at that time.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #88
  • Dec 12, 2008 8:44pm Dec 12, 2008 8:44pm
Well, my vacation is coming to an end. We've had a great time! It was awesome seeing Disney through the eyes of my son, he's 3 1/2. I'll be back fulltime next week.
Attached Image
Just digging in the trenches like everyone else!
  • #89
  • Dec 12, 2008 10:56pm Dec 12, 2008 10:56pm
Nice family photo
  • #90
  • Dec 12, 2008 11:55pm Dec 12, 2008 11:55pm
Quoting eohater
Well, my vacation is coming to an end. We've had a great time! It was awesome seeing Disney through the eyes of my son, he's 3 1/2. I'll be back fulltime next week.
Great picture........

Family time.........now that's the beauty of this business!!

HOLLA
  • #91
  • Dec 15, 2008 2:33pm Dec 15, 2008 2:33pm
Quoting eohater
Well, my vacation is coming to an end. We've had a great time! It was awesome seeing Disney through the eyes of my son, he's 3 1/2. I'll be back fulltime next week.
Excellent stuff bro!!! Money can't buy those moments!!!
Patience + Discipline - Greed = Success
  • #92
  • Dec 15, 2008 2:51pm Dec 15, 2008 2:51pm
Quoting Infinity
Excellent stuff bro!!! Money can't buy those moments!!!
Thanks bro! Your right, no money in the world can buy the memories I obtained from this vacation. Once my daughter is older (about 2 more years) we'll be going back for more.

My son was absolutely hilarious the whole time we were there. His eyes were as wide as saucers everytime I looked.
Just digging in the trenches like everyone else!
  • #93
  • Dec 15, 2008 2:57pm Dec 15, 2008 2:57pm
Quoting eohater
Thanks bro! Your right, no money in the world can buy the memories I obtained from this vacation. Once my daughter is older (about 2 more years) we'll be going back for more.

My son was absolutely hilarious the whole time we were there. His eyes were as wide as saucers everytime I looked.
Those are the best times........

When they are seeing things for the first time.

HOLLA
  • #94
  • Dec 16, 2008 4:22am Dec 16, 2008 4:22am
Quoting eohater
Thanks bro! Your right, no money in the world can buy the memories I obtained from this vacation. Once my daughter is older (about 2 more years) we'll be going back for more.

My son was absolutely hilarious the whole time we were there. His eyes were as wide as saucers everytime I looked.
good to hear bro!

your journal is great and credit to the person and trader you are!
Trading is 80% Emotional, 20% Technical
  • #95
  • Dec 16, 2008 4:57am Dec 16, 2008 4:57am
Quoting Infinity
Having targets is often underestimated in this game.. One should always have monthly targets set that they try to achieve. Once this target is reached, you will be in bonus round.. Seriously though, when you set targets, it provides extra motivation when trading to make pips and keep pips. When you reach your monthly goal, you should try not to get back below that level. It will help you control your emotions generally..

Here is a template spreadsheet where you can enter your targets and track your progress. It gives you monthly targets for...
great spreadsheet bro, thanks for sharing
Trading is 80% Emotional, 20% Technical
  • #96
  • Dec 18, 2008 1:55pm Dec 18, 2008 1:55pm
Quoting Turtle
You can do it.......

It has taking my trading to the next level, patience and discipline is needed.
Just wait for the setups, print out your charts everyday and review them. :nerd:

In time you will become a great trader also.

HOLLA

Turtle, thanks tremendously for the encouragement. As far as FX trading, it's been a series of dark days in the past couple of weeks for me. I've been hanging on by a thread for a few weeks anyways, but finally blew my first account. It wasn't that bad, only like 30 bucks(over 4 months) trading at least once a day, but frustrating nonetheless. It's frustrating because I've learned a lot and know that I can do this, but I have kept getting in my own way, especially with cutting losses before they get worse. Anyways, I've revisited your post several times in the past two weeks and it has helped reinforce my never quit attitude, so many many thanks.

I'm just curious as to what others think, is a 30 pip SL a good strategy for say 1hr timeframe? I've been trying to use 1h and 4h as guides for direction and 15m(sometimes 5m) for finding entries, but am having trouble as to when to cut my losses and wait for another entry. The other thing I can't quite get right is how to handle a series of good gains. I think I'm getting overconfident and sloppy afterwards, which eventually leads to losses that wipe out my gains, and more. Any suggestions? I've started reading 'Trading in the Zone', in hopes that I'll get some useful ideas, but it's hard to find time with a job and family, plus trying to trade. Oy vey, I know it's all worth it in the end, but the beginning sort of sucks.
therealisttruest (FF wouldn't let me put my full ID because of length)
  • #97
  • Dec 18, 2008 2:05pm Dec 18, 2008 2:05pm
Quoting therealist
Turtle, thanks tremendously for the encouragement. As far as FX trading, it's been a series of dark days in the past couple of weeks for me. I've been hanging on by a thread for a few weeks anyways, but finally blew my first account. It wasn't that bad, only like 30 bucks(over 4 months) trading at least once a day, but frustrating nonetheless. It's frustrating because I've learned a lot and know that I can do this, but I have kept getting in my own way, especially with cutting losses before they get worse. Anyways, I've revisited your post several...
I think a 30 pip SL as a rule you will loose more than win. I have some setups that I have a fixed SL set, and others that I don't. I find that each trade deserves it's own SL as the risk:reward factor needs to be evaluated too. For example on one of my setups where I have a hard 30 SL, on the 15m chart, the candle closes through the 15m 35sma/50ema, this candle closes with a small to no wick, I'll go opposite the direction it came (meaning if the candle that closed is long, I'll go short on the opening of the next candle with SL around 30. Other times, if I'm entering off of a price action candle, my SL is past the wick of the closed price action candle.

Every trade is different and you need to treat them as such. I'm sorry to hear you've blown an account. It happens, don't take it personal. You can trade this market, just step back and look at her. She breathes like an animal. Our goal is to get the bottoms and tops and not get caught up in the big breaths where she runs on (like today on cable).

Read my thread and reread it, I hope you find value in it. If not, ask me questions, I don't have the holy grail, but it puts good pips in my pocket day after day. I might need to reexplain something so you understand it better, so please, ask, ask, and ask some more.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #98
  • Dec 18, 2008 2:47pm Dec 18, 2008 2:47pm
Quoting eohater
I think a 30 pip SL as a rule you will loose more than win. I have some setups that I have a fixed SL set, and others that I don't. I find that each trade deserves it's own SL as the risk:reward factor needs to be evaluated too. For example on one of my setups where I have a hard 30 SL, on the 15m chart, the candle closes through the 15m 35sma/50ema, this candle closes with a small to no wick, I'll go opposite the direction it came (meaning if the candle that closed is long, I'll go short on the opening of the next candle with SL around 30. Other...

Words for the wise from up above........

I have even printed out everything ever posted, put it in a notebook and carry it around with me.

Any time I get a break I read through the notes and go over charts on a daily basis.

I love learning about this market!! :nerd:

HOLLA
  • #99
  • Dec 18, 2008 2:56pm Dec 18, 2008 2:56pm
Quoting therealist
Turtle, thanks tremendously for the encouragement.
No problem, just remember that if this is something you truly want then go after it like your life depends on it. Because it does!!

Don't ever give up.......Study, learn and learn some more, be hungry to learn everything you can about this market. :nerd:

It's amazing what happens when you put in the time to get something you truly want!

HOLLA
  • #100
  • Dec 18, 2008 3:00pm Dec 18, 2008 3:00pm
Quoting Turtle
No problem, just remember that if this is something you truly want then go after it like your life depends on it. Because it does!!

Don't ever give up.......Study, learn and learn some more, be hungry to learn everything you can about this market. :nerd:

It's amazing what happens when you put in the time to get something you truly want!

HOLLA
DETERMINATION!

Now that was a strong statement my brother!

Anything is achievable, your desire has to exceed the fear of failure.
Just digging in the trenches like everyone else!
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