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Strat's PASR Long Term, Stress Free Trading 18,286 replies

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Strat's Long Term Stress Free Trading

That referee was an idiot.

AstonDan, the worst thing that happened to me whilst day trading was making 15% in the first week of 2009. I thought I was invincible, like Tony Montana. Ended January down by about 5%. And have struggled ever since but back on track thanks to this thread.
Price has returned to a significant level today. However big news day tomorrow, so I will wait for Sunday / Monday next week to look for PA to indicate a tradable set up (if one appears)

If 2 trades a month is enough for bG, it'll be enough for me too. As Dan posted earlier today, if you have to 'look' for a trade, its probably not worth the risk to put an order in

best
Paul
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Hi team, haven't posted for a while, just wanted to ask a question and give an update on my results.
If you haven't started a journal, i would encourage anybody to do so, i was sceptical at first, but now i realise how invaluable it is.
My results for april:
I took 13 trades, ( my charts GMT)
3 trades were scrubbed, i.e. not kicked in and subsequently cancelled on violation of signal.
9 winning trades.
1 losing trade.
A big thank you to Strat , Baba G, Nicola, Etc my trading has completely changed in outlook, stress levels, profitability.

Now, May:
2 trades, 2 losing trades.
The first on E/ USD was complete cr.p
I'd had too many snifters of a single malt, threw one on, completely unprofessional, didn't even manage to set my order up right!! Lesson Learned- never trade whilst under the influence!!!http://www.forexfactory.com/images/icons/icon10.gif
2nd trade- cad/yen played a DLHC ( 4 pips diff)
Now i know we will always get trades that don't work out, even with perfect PASR, But my question is this:
My chart showed a decent signal, but was above my daily Fib 0.0 level, first break of the level.
Does this make it a bit more susceptible, although i notice on my chart tonight, price has subsequently rejected the 0.0 level. and has headed up.
Any advice welcomed.
Form an orderly queue!!
Quoting AstonDan
Hi all,

I’ve been meaning to post this for a week or so but couldn’t quite figure out how I was going to word it (or even write it) for fear of jinxing myself!

It was something I touched on in a roundabout way last week with a reply to Steve (cowboying), and the long and the short of it is (pun intended), since moving to higher timeframes, joining this thread, keeping a journal and generally treating this with the respect it deserves, I am profitable for......

HI Dan
Thanks for sharing your experiences on the path; it is encouraging to see to that you have identified and planed your way around the demon psyche of I am a trader so I must trade. I think Strat said that deciding not to take a trade is trading the professional way.

“I don't even feel like I’m being 'patient' anymore; I’m not 'waiting' for trades, I’m just taking the right opportunities when they present themselves.No pressure, no stress”.

Knowing that ye oldie equity curve as Baba G say’s will continue in the right direction, slowly but surely will help consolidate your approach to treating this as a serious business.
I think I have most of the ingredients in my head to trade the daily, but like Strat advised me i need to step back write the plan... trade the plan... AND stick to the plan.

My goal is to earn a living from trading (Having been made redundant) so therefore I’m starting a business and have to take a professional attitude; it is probably one of the hardest businesses in the world to be successful in, as you’re trading with and against yourself.

I know it can be done as Strat, Jacko, and James have shown, whether I have the mental makeup and discipline to trade what is essentially a simple strategy (Dr Joe) but self destructive time will tell.

We are lucky to have a well travelled (on the path) Strat team to show us the pitfalls and I for one intend to use that knowledge to keep me on the straight and narrow.
I will be opening a new trading account next week (Mini) and will take my time in writing out my objectives and how I’m going to achieve them.

I will then start with a blank page trade S&R PA (Some good periods of success already with this) with very strict MM and my allegiance to the queen.

Anyway well done on overcoming a big hurdle, but as Grimweasel said stick to the MM plan....and ME

Cheers
Steve
Yesterday’s regrets and tomorrows dreams are today’s opportunities
Quoting MPP
I'm watching, you lot are just throwing me of with the correlation to Oil

My charts look way better without all the momentum talk also.

Monthly - 20 crossed 50 long - good sign, but no PA
weekly - 50% retracement, will the hammer hold, bonus would be a close above 1.1850
Daily - hammer of support and swing low - weak candle size compaired to previous, wait for weekly confirmation first

thats what I have, hope it's close to yours


MPP
Right now, my Momentum and Momentum Cycles are in the driving seat - still in testing mode though and should not have mentioned it.
15 YEARS OF PASR ON FOREX FACTORY!
Is this a valid PA to get in the bearish movement?

Price broke through the 1.8000 then came back to retest it, previous candle forming an outside bar. Looks like price also obeyed the BOSS resistance.
Entry below the outside bar, stop above resistance, first target around 1.500

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Quoting strat
Craig, a bullish candle is NOT PASR - it is only as good as any other non PASR candle which limits your chances of success to that of a coin toss.
I think im a bit confused, I realize that a bullish candle in itself is not PASR, but i thought with all of the other things i mentioned happining around it that it verified PASR?
Quoting AstonDan
Hi all,...
Dan,

Thanks ever so much for taking the time to post this as this is the "proof of the pudding" that what we are doing on here really does work PROVIDING you READ, UNDERSTAND, LISTEN and are able to take a bollocking when you stray off The Path!

Just for everyone's benefit on here, I want to share a few more things that Dan brought up.

Dan right now, is our "STAR" student and is the inspiration for you all to follow. Don't think it came easy for him because it didn't and he had to go through what you lot are probably going through now - transition from a trigger happy gun totin' trader dude to a dedicated, patient and disciplined trader.

Dan was one of our "first" readers and posters on this thread, after Nicola, and, like Nicola, came to us with a trigger happy M15 trading attitude having joined a group of M15 indicator strategy traders.

Most short term methods/strategies and their followers tell you to set goals of say 20 pips per day or 100 pips per week or even higher. If that isn't loading you with STRESS and undue PRESSURE then I don't know what is!

It is IMPOSSIBLE and DOWNRIGHT SUICIDE to set targets like this. Why? Because YOU can ONLY take what the MARKET GIVES YOU! What do you do if the market is quiet and not really worth trading? Well, because you have this target, you HAVE to trade it. Guess what happens then? You lose! Now you are not only 20 pips behind on your target but you are now IN THE HOLE for the amount you lost! So next day comes and you are an absolute nervous, stressed out, freaked out, pressured out maniac which is a recipe for disaster BEFORE you even look at a chart. Add to this that on shorter time frames you are under a TIME CONSTRAINT and have to make decisions faster which usually end up wrong. Then you have indicators which lag so much that most of the move is over by the time your trusty indicator gives you a signal and by the time you enter, you are already going the wrong way!

So, enough of this tripe - if there are any of you lot still setting yourselves some type of goal - FORGET IT! DON'T DO IT! DO NOT PUT THIS ADDITIONAL STRESS AND PRESSURE ON YOURSELVES!

YOU CAN ONLY GET WHAT THE MARKET GIVES YOU

whether that is on a daily basis, weekly basis or monthly basis - IT DOES NOT MATTER!

ONLY TRADE WHEN THE MARKET HAS SOMETHING TO GIVE YOU

FORGET ABOUT SETTING TARGETS - what it is at the end of the month is WHAT IT IS!

STOP THINKING IN PIPS - FORGET ABOUT PIPS - think only in terms of % relative to your account.

Damn, I got on my soapbox and didn't realise it! Now where was I? Oh yes, Dan.

Dan didn't suddenly flick a switch and move from a trigger happy M15 trader to where he is now. He went through some rough times and had to endure some "Strat" massaging - some of which he didn't like! (I still remember that PM, Dan!). The point is, Dan WANTED to change, he saw the writing on the wall (Clapton is God), and was DETERMINED to do whatever it took to change. He got on The Path, strayed off The Path and got a bollocking! He kept going through this and PERSEVERED until we knocked some sense into him!

Now don't anyone think credit goes to us - as the saying goes "You can lead a horse to water but you can't make him drink!" We gave Dan the guidance and the materials etc., like everyone else on here, BUT it was UP TO HIM to use and apply them.

As Dan says, he has a long way to go but he is the furthest on The Path of Learning. As he progresses, he will come up against more and more psychology tests and as we know, these are the hardest to overcome. Greed, fear, patience and discipline are all waiting at the side of The Path to grab him by his short and curlys, so we wish him well and assure him we are here to help as we are for all of you.

So, recapping, Dan has moved from over-trading to ONLY trading a SET UP which he SEES, UNDERSTANDS and MAKES SENSE to HIM.

He has the PATIENCE to wait for the market to present trades to him.

He has the DISCIPLINE to PLAN his trades AND TRADE HIS PLAN WITHOUT any interference.

He has replaced pips with %

He has a journal/log of all his trades

He has removed stress and pressure from his trading

He has learned that LESS IS MORE (fewer trades with larger % ROI)

He no longer trades for the thrill, the adrenalin rush or the game - he is now ONLY trading for money.

Dan is also "giving back" by helping us on the thread. He is perhaps more beneficial to those at the beginning of The Path of Learning because he is "one of you lot" rather than someone like myself, Baba G, Blackeagle or Swami.

I encourage you to ask questions of Dan on here rather than PM him so that others can benefit from his replies, so, open up like Dan and let's hear where you are.

More importantly, let's hear where you all are along The Path of Learning.
15 YEARS OF PASR ON FOREX FACTORY!
Quoting PaulKing
Price has returned to a significant level today. However big news day tomorrow, so I will wait for Sunday / Monday next week to look for PA to indicate a tradable set up (if one appears)

If 2 trades a month is enough for bG, it'll be enough for me too. As Dan posted earlier today, if you have to 'look' for a trade, its probably not worth the risk to put an order in

best
Paul
Although 0.88 looks to be a support level (btw, it hasn't served as resistance before, only as support), 0.8650 is major and more important SR level, IMO. And If 0.8650 is broken, we'll start talking about downtrend on this pair.
Quoting FxPippy
Hi Team Strat

My laptop arrived this morning and I've nearly finished installing my s/ware etc. Hurray just got to configure the laptop to the router at home tonight.

Missed all of you and your posts, will catch up later tonight..Nicole
Glad you're back, Nicole! I told everyone not to post too much so that you wouldn't have a large backlog of posts to read!
15 YEARS OF PASR ON FOREX FACTORY!
  • Post #2,671
  • Quote
  • Edited May 7, 2009 12:21am May 6, 2009 10:50pm | Edited May 7, 2009 12:21am
Quoting Sid
Hi Strat

Thanks for your suggestions and for wanting to find out more.

I think that I am grasping the basics of the theory, but I haven’t progressed to the point where that knowledge consistently informs my actions. As you perfectly described it – knowledge ain’t matter if the psychology gets in the way.

I really like what AstonDan is saying about his development. Thanks for posting your thoughts! It’s really valuable stuff! You touch on a few key points that I need to take on board – from theory to practice. I regularly have quite a few really...
OK. Your problem is staring me in the face!

Sid, (is that your real name? I didn't know there were any Sids left these days), if you REALLY want to improve as a trader you have to get over the "thrill" aspect of trading. As long as you are getting your "thrills" and "adrenalin rushes" from trading you will end up a LOSER. Until you can lose and get out of your "playing trading like a game" mentality, there is NOTHING we can do for you. THIS IS YOUR PROBLEM.

You have to be honest and seriously ask yourself this:

AM I WANTING TO TRADE OR MAKE MONEY?

ARE YOU LIVING TO TRADE OR TRADING TO LIVE?
Don't take the easy way out and state the obvious because your sub conscious, the little man in your head, the gremlins, the devils, the man in the mirror, will continue to dominate and control you until you accept the truth.

If trading provides you with your thrills then get the hell off here and buy yourself a Playstation or Wii or a pinball machine as it will be much, much cheaper!

You are not alone in this and you are not the first person I have said this to and you won't be the last.

Trading psychology accounts for 90% of our success as traders and tells us MORE about OURSELVES than any number of hours with a psycho therapist.

Trading requires, nay, DEMANDS, that you be HONEST with yourself and KNOW THYSELF if you are to be profitable and successful.

I can comment much more on this post but until you find out THE REAL REASON and WHY you are trading, I don't want to go any further.
15 YEARS OF PASR ON FOREX FACTORY!
Quoting PaulKing
Price has returned to a significant level today. However big news day tomorrow, so I will wait for Sunday / Monday next week to look for PA to indicate a tradable set up (if one appears)

If 2 trades a month is enough for bG, it'll be enough for me too. As Dan posted earlier today, if you have to 'look' for a trade, its probably not worth the risk to put an order in

best
Paul
Yes, important level, Paul, but not as important as the news events on Thursday and Friday. I am also out, as is Baba G, until next week.

""As Dan posted earlier today, if you have to 'look' for a trade, its probably not worth the risk to put an order in""

You worry me with this Paul. You are saying it like it's the first time you have seen or read it and if it is, then you need to go back to the beginning (without passing "GO" and collecting $200) and start reading and understanding.

"SEEING" trades and NOT "looking" for trades is in The Path of Learning and is also in THE GOSPEL ACCORDING TO STRAT!

Also, forget any number of trades per any period - the number of trades is solely due to, in this order:

1) What the market gives you

2) What trades YOU "see"

3) What trades you get filled on

If this is 1 trade per year or 6 trades per week then so be it but don't get fixated, pressured and stressed by putting a target on yourself. None of us do.

As Doris Day sang in 1956, "Que Sera Sera".
15 YEARS OF PASR ON FOREX FACTORY!
Quoting golfer27
Hi team, haven't posted for a while, just wanted to ask a question and give an update on my results.
If you haven't started a journal, i would encourage anybody to do so, i was sceptical at first, but now i realise how invaluable it is.
My results for april:
I took 13 trades, ( my charts GMT)
3 trades were scrubbed, i.e. not kicked in and subsequently cancelled on violation of signal.
9 winning trades.
1 losing trade.
A big thank you to Strat , Baba G, Nicola, Etc my trading has completely changed in outlook, stress levels, profitability.

Now,...
I must be "thick" tonight because I haven't a clue what you're talking about - can you explain again with a chart? Thanks.
15 YEARS OF PASR ON FOREX FACTORY!
Quoting cowboying
HI Dan
Thanks for sharing your experiences on the path; it is encouraging to see to that you have identified and planed your way around the demon psyche of I am a trader so I must trade. I think Strat said that deciding not to take a trade is trading the professional way.

“I don't even feel like I’m being 'patient' anymore; I’m not 'waiting' for trades, I’m just taking the right opportunities when they present themselves.[i][color=black][font=Arial]No pressure,...
Steve, read my post to Sid as it also applies to you!
15 YEARS OF PASR ON FOREX FACTORY!
Quoting Naws
Is this a valid PA to get in the bearish movement?

Price broke through the 1.8000 then came back to retest it, previous candle forming an outside bar. Looks like price also obeyed the BOSS resistance.
Entry below the outside bar, stop above resistance, first target around 1.500

Attachment
On my data it is a good BEOB but I have support below at 1.1570. The news impact and uncertainty on Thursday and Friday keeps me out of all trades until next week.

Better to be safe than BROKE
15 YEARS OF PASR ON FOREX FACTORY!
Quoting CrudeCraig
I think im a bit confused, I realize that a bullish candle in itself is not PASR, but i thought with all of the other things i mentioned happining around it that it verified PASR?
It's as I thought Craig. You have jumped in with both feet from your past experience. If you are serious about learning what we do on here, then stop all trading and go back to the beginning of The Path of Learning and READ and UNDERSTAND.

Once you have read and understood, you will know the answers to your questions
15 YEARS OF PASR ON FOREX FACTORY!
Quoting Blackeagle
Although 0.88 looks to be a support level (btw, it hasn't served as resistance before, only as support), 0.8650 is major and more important SR level, IMO. And If 0.8650 is broken, we'll start talking about downtrend on this pair.
Same level for me too. By the way, I wasn't going to tell anyone this - I wanted them to come up with this themselves!

Me thinks you are spoiling them, Blackeagle. Let's hope they understand why it is major support.
15 YEARS OF PASR ON FOREX FACTORY!
Quoting strat
Same level for me too. By the way, I wasn't going to tell anyone this - I wanted them to come up with this themselves!

Me thinks you are spoiling them, Blackeagle. Let's hope they understand why it is major support.
Sorry for that Strat, , but at least I didn't tell why,
Quoting Blackeagle
Sorry for that Strat, , but at least I didn't tell why,
I'll take a shot at this.

Attached is a daily and weekly chart with highlighted areas of support and resistance going back to 1994. The SR was also at swing lows and highs.

Any other reasons?
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Strat,

J16 has a philosophy about account size, which I am sure you are aware of.

Do you subscribe to the same philosophy?

What do you recommend to use while we trade on demo?

I expect that this is a personal decision as each trader has their own personal risk tolerance, but I am more concerned with practicing with a large account, yet only having the money to open a small account in reality.
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