Dave the Trader

I have emerged out of my shell as a new trader and through the help and guidance of more experienced traders I have become.. well, an "advanced beginner".

Iam done with indicators and all these so called profitable systems. Indicators are gunned down everyday by banks all over the world, so why use them? Unless, you enjoy losing money of course.

I have developed a method of trading that suits me perfectly. Although I enjoy and appreciate the advice of other traders I can in no way trade the way they do, I have to follow a method that I trust and when game time comes I can pull the trigger without any regrets or second thoughts.

They say that trading is not all about being smart, its about dicipline and I believe that 100%: Trading successfully is based 80% on ones mentality. Im ready to begin my journey, and one day I know I will succeed. I have come to far to give up now.

This is where is begins, it starts now

..by the way, my name is Dave

Good for you Dave, best of luck in your trading!

Good luck!

... May the pips be with you ... Happy Trading 2 U ...

First off, I want to thank everyone for their many wishes.

Secondly I would like to say my first trade after starting this thread was a loss.. What a way to dirty up my clean slate, right? Well, I decided to look at it from a different perspective. I read a book when I first started trading a while back and I remember one chapter very distinctly, the title of this chapter was: "Love your losses, they are your best friend". As backwards as that sounds its true, you dont learn how to ride a bike without falling off of it a couple times first. Even Armstrong did not jump on a bike his first time and win a marathon.

I am working on my money management and may have stumbled on a formula that could give me a 100% success rate, all I need is alot of capital... easier said than done.

Well, until next time
Dave the Trader

This sounds like some kind of martingale strategy - I hope it isn't. Anyway, keep us updated on your progress.

Unfortunately it was a spin off of that but with a lot more discretion, anyway its behind me, i have decided that it is trash!

I have to thank James16, amazing teacher, and is flat out just a great guy. His thread on price action has completely turned my trading around...

I think im starting to figure this market out.. but thats what they all say

SELL GJ - 230.55 UP +132 pips
SELL GU - 196.50 Broke even (choppy day)

until next time

Im thinking I like the GJ the most, for it loves to trend, and I love to trade with the trend

anyway, this is the trade im in right now:
GJ BUY 229.73.. still running

Nice trade, stay with it.

I only hope you can make a lot of pips

Thank you Faure,
I added to the position at 231.33 a couple minutes ago, lets hope it goes higher

Where's your stop?

230.79

UGH! this is frustrating.. I keep breaking even or coming close to break even, yesterday I was up 55 pips and it came crashing back down and I got out with 10 pips. Today I entered long and was up 40 pips at one point and again it sank back down so I got out even..

WHAT IS WRONG?!?!!

Im hoping all of what happened in the last two trades was because GJ is ranging.. Im hoping..

I refuse to trade anymore this week, Ill wait until Monday to make my next move..

Ive made a small adjustment on my strategy that makes it about 80-90% accurate, not to shabby eh?

Im thinking about going long GJ very shortly.. but not sure if it would be smart to open a new position

Long on the GJ 231.82.. I have my fingers crossed

Cant say I did to bad on that last trade, because I made 107 pips, but I have to say I was a bit uneasy about my exit.. Does anyone have any really good exit strategies that work reallllyyyy well? I know all traders have their own style, but I have never really found a strategy that I like, I tend to exit my trades when I feel they are running out of steam. Worked today, but Im sure it will not work to the point that will turn me into a profitable trader.

Looking forward to hearing your thoughts,
Dave

Looking at the chart right now Im starting to think I got out at the top. Not to shabby from the way I see it.

Today I started to think about if my system will last. Maybe one day what I use to trade will stop working. That is a scary thought considering the only way I would know is if I went backrupt because all the trades I entered were losers. I know if that happened one day I would eventually go on full tilt: crash and burn. Well, I went back as far as I could on my charting software and started doing a little backtesting. It turns out it only works when certain market conditions apply, more so it will only work during certain times of the year. Weird.. but at the same time not really. The volatility of the market has to be at a certain level for my system to work. Does it work, yes, but not all the time. In my opinion I should be able to trade all year round.

Well, I do what I always do when I have big problems to solve. I READ!
Yes forex factory I pick up books every now and again. I went to my local bookstore ordered a huge cup of coffee, a gigantic cookie, and grabbed a stack of books. I weeded through all the books that had just the basics in them and came across a few ones that I hoped to have my answers.

Fueled by the overdose of caffine which I am still shaking from I finished most of a book and read through some magazine articles in only a few hours.

And guess what, I got my answers....

I will tell you one thing I learned:
The most unorthodox methods are the best to trade...

and, as always... I would like to announce once again my utter disgust for indicators...

I think I drank to much coffee, so Im off to throw up, but I have not lost a single pip since my first trade writing in this journal, wish me luck as I continue to progress to becoming a professional trader, and I would like to wish all the readers of my journal the best of luck as well.

Good luck and good trading,
Dave

Let's try something new.. some may call it a bit crazy..
Im only going to demo this:
BUY EJ 157.80 TP 159.40 SL 156.50

now we watch and wait