Trade what you see NOT what you expect

I don't know for sure bro! I hit my weekly target Wednesday for percentage growth. Since then, it's all been bonus for me.

This week has been tough for me to have time online, ended the week £28 down, could have been worse i suppose.

Ever considered 1-1 tuition?

Can't believe it, but she did it! Here's the DJIA daily chart

And it just might snuggle under the Daily 100 SMA!
Good heads up on the hangmans esp the E/U one i'll be loooking to short EU next week once everyone realises that we are still in a total mess and nothings changed. Not sure what im gonna do with GU yet though

Have a great weekend everyone

Within the last 15 minutes....is that a hangman today?

Also looks like she is sitting right up next to resistance.

HOLLA

I'm sorry you didn't have a good week bro! Do this over the weekend. Print your trades and go back over your charts and find out where you failures were at. This is always an eye opening experience.

One on One training is not something I've ever considered bro. The tools are here, it's up to you to apply them. I'll answer any questions you ever have, don't hesitate to ask.

I see a hangman there as well. If I traded the DOW as a whole, I'd short her ass come Monday.

(TALKING ABOUT THE DJIA PEOPLE)

Her ass still churning higher as the week closes out.

Enjoy your weekend folks.......

HOLLA

Have a great weekend bro!

And GU/EU coming up on major resistance, 4 day week for the banks because of Easter holiday.

HOLLA

I know, I'm thinking about closing my last long solider at 4840.

No more thought, she's closed at 4835.

Guys, what do you think? Target for next-week?

Possibility for sure, but I have not done my weekly analysis yet. There's some prior PA on the weekly that we need to take into consideration. She's going to close higher than last weeks weekly candle wick, but I can't call that candle extinquished just yet. I also see a PIN on the weekly that we're just coming up on the bottom of. Being my style of trading, I'll be taking her both ways. I'll have a better analysis over the weekend post.

I'm outta here for now. I hope everyone had a great week. I'll have some analysis posted over the weekend.

Have a great weekend!
EO

Got this from another thread, the first poster on the factory and his words of wisdom still hold true to this day.

Back to partying...........


HOLLA



Mar 8, 2004 1:09am
Neers
Member
Member Since Mar 2004
http://www.forexfactory.com/images/misc/8kt.gif 2 Posts

http://www.forexfactory.com/images/icons/icon1.gif 38 Steps to being a Trader
38 steps to becoming a trader

They are as follows:

1. We accumulate information - buying books, going to seminars and researching.
2. We begin to trade with our 'new' knowledge.
3. We consistently 'donate' and then realise we may need more knowledge or information.
4. We accumulate more information.
5. We switch the commodities we are currently following.
6. We go back into the market and trade with our 'updated' knowledge.
7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.
8. We start to listen to 'outside news' and to other traders.
9. We go back into the market and continue to 'donate'.
10. We switch commodities again.
11. We search for more information.
12. We go back into the market and start to see a little progress.
13. We get 'over-confident' and the market humbles us.
14. We start to understand that trading successfully is going to take more time and more knowledge than we anticipated.

MOST PEOPLE WILL GIVE UP AT THIS POINT, AS THEY REALISE WORK IS INVOLVED.

15. We get serious and start concentrating on learning a 'real' methodology.
16. We trade our methodology with some success, but realise that something is missing.
17. We begin to understand the need for having rules to apply our methodology.
18. We take a sabbatical from trading to develop and research our trading rules.
19. We start trading again, this time with rules and find some success, but over all we still hesitate when we execute.
20. We add, subtract and modify rules as we see a need to be more proficient with our rules.
21. We feel we are very close to crossing that threshold of successful trading.
22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.
23. We continue to trade and become more proficient with our methodology and our rules.
24. As we trade we still have a tendency to violate our rules and our results are still erratic.
25. We know we are close.
26. We go back and research our rules.
27. We build the confidence in our rules and go back into the market and trade.
28. Our trading results are getting better, but we are still hesitating in executing our rules.
29. We now see the importance of following our rules as we see the results of our trades when we don't follow the rules.
30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
31. We continue to trade and the market teaches us more and more about ourselves.
32. We master our methodology and our trading rules.
33. We begin to consistently make money.
34. We get a little over-confident and the market humbles us.
35. We continue to learn our lessons.
36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account
continues to grow as we increase our contract size.
37. We are making more money than we ever dreamed possible.
38. We go on with our lives and accomplish many of the goals we had always dreamed of.

Most traders will identify with this list and should be able to place themselves within these steps. Keep in mind that very few people progress through these steps in an orderly fashion. Developing your trading skills is an iterative process. For example, you may reach Step 13., find that although you were making money, your basic premise for trading was flawed (you might have been benefiting from the bull market, rather than your own trading prowess and then have been rudely awakened when the market entered a bear phase) and you may drop back to Step 4. and start 'climbing' the steps again. Having the proper mindset, attitude and psychological makeup becomes increasingly important as you progress through the steps. The focus
of the earlier steps is on external issues, i.e. developing proficiency in the mechanics of trading while the focus of the latter steps (particularly from Step 30, on) is on internal issues, i.e. improving ourselves mentally and psychologically, maturing as
traders.

That will be some run if she gets there.......

But anything is possible in FX.

HOLLA

well i am not holding any trades but my calculations say that we should logically fall to 1.44x before any further up move... i personally find it hard to believe but the charts say it... i dont know who agrees or who doesn't, lets see whats gonna happen

Got a chart Micho????

HOLLA

I can actually see a possibility of 1.43x. I'm not sure how you got to your level Micho, but should we clear the h1 50/62, the bottom of the channel on the h1 and a bottom trendline on the daily suggests the 1.43x area. Of course, we won't take a position until we have PA leading the way and willing to go on both sides of the market.