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  • #4,161
  • Jul 19, 2009 4:20am Jul 19, 2009 4:20am
Hello everyone
I came across the following thread which I found to be very helpful & thought provoking about the psychological aspect of trading.


http://www.trade2win.com/boards/psyc...tml#post701936


It's worth taking the time to study all of the short thread, not least because the first sentence by the thread originator looks like a direct quote from Strat himself and I felt as though the sixth post could have been written specifically about my very first live trade.
I hope some of you find it of use too
best
Paul
  • #4,162
  • Jul 19, 2009 12:27pm Jul 19, 2009 12:27pm
Quoting PaulKing
Hello everyone
[font=Trebuchet MS][size=2][color=Blue]I came across the following thread which I found to be very helpful & thought provoking about the psychological aspect of trading....
Thank you, Paul. I'm really glad you have now reached the point where you understand the importance that your trading psychology has in your trading.

To all others who read this post and are not interested because it is not about set ups, PASR or trading, I will tell you that you will regret this and one day, and, it will come when you don't understand why you keep losing, one day you will come back to this and wish you had studied it and taken notice earlier.

I fought and resisted this for years and it was only when I accepted that my performance was a direct result of my trading psyche and not my technical skills, that I turned myself around.

I know, and know of good technical traders and some money managers who consistently lose and compound their losses because they have no control over their trading psyche.

It is well documented that a trader in control of his psyche can take a 50/50 system/method/strategy and make $millions with it. Now, give a trader who has no control over his psyche, a 100/1 system/method/strategy (if one ever existed), and he will lose time after time.

I couldn't win consistently to save my life and each time I put it down to the technical system I was using. I could take a supposedly proven winning system and lose with it. I developed many of my own systems and couldn't win with them. It was only when I stepped back and took a hard, objective look at myself that I realised "I" was my own worst enemy.

After accepting my psyche was all "screwed up" I set about reading as much as I could on not just trading psychology but psychology as a whole and how we are ultimately controlled by our thoughts and our childhood dreams and fears. Yes, its boring if you are reading it just for reading's sake but if you read it with a goal in mind (to improve your trading psychology and therefore trading), it makes a lot of sense.

Long story short, I knew my performance was dictated and controlled by my fear and greed emotions, I accepted that. Trouble was, even knowing they were the problem, I couldn't keep them out of my trading and I continued to do the opposite of what I should. Being a mechanical and methodological creature of habit, I knew I had to draw up hard and fast rules for myself when trading to counteract my gremlins and demons who always talked me out of doing the "right" thing. Out of this evolved my PLAN which works and continues to work for me and works for others.

By applying this PLAN, all my once "losing" systems/methods/strategies are profitable. This is where I come up with my "trading is 90% psychology and 10% technical skills".

Damn, I 've got to hide my soap box.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,163
  • Jul 19, 2009 12:29pm Jul 19, 2009 12:29pm
Quoting strat
mei wen ti, Billye

I don't like channels unless I can take advantage of them so for the most part, I ignore them.

Here is my chart and the explanation which should help. If not, ask again.
yeah I got it thanks strat.
  • #4,164
  • Jul 19, 2009 12:31pm Jul 19, 2009 12:31pm
hi strat, I invented some puzzle for you here.
http://www.forexfactory.com/showpost...&postcount=196

strictly following listed rules then there is very little a trader could do. (both do right or do wrong)
I believe even psych is not a factor.

what do you think? sorry for paranoid..

Quoting strat
Thank you, Paul. I'm really glad you have now reached the point where you understand the importance that your trading psychology has in your trading.

To all others who read this post and are not interested because it is not about set ups, PASR or trading, I will tell you that you will regret this and one day, and, it will come when you don't understand why you keep losing, one day you will come back to this and wish you had studied it and taken notice earlier.

I fought and resisted this for years and it was only when I accepted that my performance...
  • #4,165
  • Jul 19, 2009 12:33pm Jul 19, 2009 12:33pm
Quoting strat
Thank you, Paul. I'm really glad you have now reached the point where you understand the importance that your trading psychology has in your trading.

To all others who read this post and are not interested because it is not about set ups, PASR or trading, I will tell you that you will regret this and one day, and, it will come when you don't understand why you keep losing, one day you will come back to this and wish you had studied it and taken notice earlier.

I fought and resisted this for years and it was only when I accepted that my performance...
This POST should be read and reread at the start of the Trading Day .....
Just great

baz
  • #4,166
  • Jul 19, 2009 12:37pm Jul 19, 2009 12:37pm
Quoting billye
hi strat, I invented some puzzle for you here.
http://www.forexfactory.com/showpost...&postcount=196

strictly following listed rules then there is very little a trader could do. (both do right or do wrong)
I believe even psych is not a factor.

what do you think? sorry for paranoid..
Billye,

The markets are REAL and are PRESENT - they are a puzzle in themselves.

I find absolutely no use whatever in hypothetical puzzles. Sorry.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,167
  • Jul 19, 2009 1:56pm Jul 19, 2009 1:56pm
Just wondered if anyone's looking at the inside bars on E/Y, CHF/Y and USD/Y on the worker ?

I don't trade IB's yet, still concentrating on learning the main PA signals, so i will only be an interested observer.

To me it seems there might be the possibility of a quick short, if that's your thing. Think theres a holiday in Japan, so that would be a reason for me not to trade em.

Intersted to see what anyone else thinks.
  • #4,168
  • Jul 19, 2009 2:56pm Jul 19, 2009 2:56pm
Quoting golfer27
Just wondered if anyone's looking at the inside bars on E/Y, CHF/Y and USD/Y on the worker ?

I don't trade IB's yet, still concentrating on learning the main PA signals, so i will only be an interested observer.

To me it seems there might be the possibility of a quick short, if that's your thing. Think theres a holiday in Japan, so that would be a reason for me not to trade em.

Intersted to see what anyone else thinks.
On my data, all three Friday bars are BUEB breaking resistance telling me to hold on to, or add to my existing longs.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,169
  • Jul 19, 2009 3:36pm Jul 19, 2009 3:36pm
I guess that this could be that old chestnut, different feeds.
What worries me is your observations regarding Resistance levels. I am obviously doing something wrong.
I draw my S/r lines off the Boss chart, using a line chart.My reasoning was that if the Boss controls the worker, then i need to see the big levels- the daily sr can be identified visually and marked, when necessary, ie before a trade, so i know where the trade might stall.
For eg, on my chf/yen chart, i have s/r lines @ 8740, 8493, which i tend to think of as zones, and round up to round nos, ie 8750 8500.
So my question is- if were trading on the worker chart, should our s/r lines be drawn off that chart?- wud make sense. i think the problem i have is i'm trying to amalgamate several threads into a trading style, jacko, j16, silent service etc, and am coming up with a sh.t mixture. Although i've only taken 3 trades this month( all profitable on demo), i'm still left with a lot more questions than answers.
Thanks in advance for your patience, it is appreciated.
  • #4,170
  • Jul 19, 2009 4:20pm Jul 19, 2009 4:20pm
All the JPY pairs (well the EUR, USD and CHF) on my feed seem to have come to mini-resistance. The question is where will they go from here? Their Weekly charts show an inside Bull bar but the Daily have hit resistance for three days. The CHF and EUR are just above the 20 MA and in the case of the USD the price is below. All resistance points are at fib levels, in the case of CHF at the 23.6 and the others are at 50.

My hunch is that the upward momentum is running out of steam and that we could see a period of further consolidation at this point before continuing the recent DT from the beginning of July.

I will wait for further PA around this point to show which way the break will occur.

What is Japan doing about the value of the Yen? might that be significant at the moment?
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  • #4,171
  • Jul 19, 2009 4:34pm Jul 19, 2009 4:34pm
Quoting golfer27
I guess that this could be that old chestnut, different feeds.
What worries me is your observations regarding Resistance levels. I am obviously doing something wrong.
I draw my S/r lines off the Boss chart, using a line chart.My reasoning was that if the Boss controls the worker, then i need to see the big levels- the daily sr can be identified visually and marked, when necessary, ie before a trade, so i know where the trade might stall.
For eg, on my chf/yen chart, i have s/r lines @ 8740, 8493, which i tend to think of as zones, and round up to...
Gary, you will never make it until you are consistent with basic and pure PASR. Flitting from one style to another is just like flitting from one girlfriend to another and trying to work out which one to marry. Decide on one style and work the ass off it until you can do it in your sleep while standing on your head reading Chaucer's "The Canterbury Tales". Get your foundation in place first before adding the structure.

Again you are confusing the bejjabers out of yourself. Forget what I am using for my S&R. First things first. Learn to trade CONSISTENTLY from support to the FIRST level of resistance. Keep doing this over and over and over and over and over and over and over and over and over and over and over and over and over and over and over and over and over until you know what you are doing.

THEN, learn to trade CONSISTENTLY from support to the SECOND level of resistance and keep doing this over and over and over and over and over and over and over and over and over and over and over and over and over and over and over and over and over until you know what you are doing.

Learn it step by step - stop trying to leap frog over the basics and you will do far better
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,172
  • Jul 19, 2009 4:37pm Jul 19, 2009 4:37pm
Quoting Lotuselanman
All the JPY pairs (well the EUR, USD and CHF) on my feed seem to have come to mini-resistance....
All very good questions Christopher and like you, I wish I knew the answers but for now, all we can do is trade what we can see.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,173
  • Jul 19, 2009 9:59pm Jul 19, 2009 9:59pm
Strat you said you use FXCM, I downloaded their mt4 demo and its charts don't look like yours are you using the trading station platform?
  • #4,174
  • Jul 19, 2009 10:51pm Jul 19, 2009 10:51pm
Quoting Naws
Strat you said you use FXCM, I downloaded their mt4 demo and its charts don't look like yours are you using the trading station platform?
A bit more complicated than that. My actual broker is ATC from a long time back who trade through FXCM for forex. I use ATC MT4 charts and platform. Sorry for the confusion. This is not a recommendation for ATC as I am planning to change shortly.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,175
  • Jul 20, 2009 12:06am Jul 20, 2009 12:06am
Quoting billye
strat: does ATC accept trade 0.1lot? thanks fxcm(currenx) now accept new acc starting 1 lot...
Not sure but there are many brokers who do mini and micro lots - ODL? I'm sure others will post them
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,176
  • Edited 11:53am Jul 20, 2009 11:33am | Edited 11:53am
When you can do this with a 2 minute end of day analysis why would anyone want to kill themselves watching the one eyed monster for 15 hours for a 2 figure pip return?

Happy mistake - I thought I had closed this trade but I hadn't - only my CHFJPY trade - he he - sometimes lady luck smiles on you
Attached Image (click to enlarge)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #4,177
  • Jul 20, 2009 11:49am Jul 20, 2009 11:49am
Hey pizza man - are you getting these returns on your new 15 minute system?
Attached Image (click to enlarge)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #4,178
  • Jul 20, 2009 12:06pm Jul 20, 2009 12:06pm
I always looked at IBs as bearish PA after an uptrend, so I guess its just a matter of which side they break to see if its bullish or bearish?
  • #4,179
  • Jul 20, 2009 12:22pm Jul 20, 2009 12:22pm
Quoting Naws
I always looked at IBs as bearish PA after an uptrend, so I guess its just a matter of which side they break to see if its bullish or bearish?
You have to know where you are in the trend (or consolidation) to trade IBs. At the END of an uptrend they are USUALLY bearish. At the END of a downtrend they are USUALLY bullish. The big questions is "How do you know you are at the end of the trend?"

Don't mess with IBs until you have studied and practiced on thousands of charts. (I just dropped lucky on these trades).
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,180
  • Jul 20, 2009 12:22pm Jul 20, 2009 12:22pm
Quoting Naws
I always looked at IBs as bearish PA after an uptrend, so I guess its just a matter of which side they break to see if its bullish or bearish?
Inside bars are not bullish or bearish, they are a moment of pause or indecision in the market when energy builds up and so they can be a reversal or a continuation.
If you are careful how you trade them, i.e. with the trend, and only use them as reversals when you are sure of your levels (fibs, trendlines etc) then they can be really good low risk entries. The good thing about them on the higher timeframes is they rarely top and tail you, so if you get it wrong and your order is the wrong end of the bar then it is unlikely you will be triggered.
But be careful with the bullish or bearish or using them as reversal candles, you could get in all sorts of trouble.
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