The Thief of Wall Street
- | Joined Sep 2008 | Status: Lucky Man | 2,267 Posts
forget about tomorrow, just steal away into the night
- | Joined Sep 2008 | Status: Lucky Man | 2,267 Posts
forget about tomorrow, just steal away into the night
Twitch Journal - Live Journal 4 replies
Chicky's Trading Method Viewer 318 replies
Chicky's House of Pleasure and Pain 11 replies
Another Trading Journal - Yuhu's Journal 16 replies
My Personal journal up 18% in 2 months going to start a journal 8 replies
2. Timing is one of the most important element of any trading method.
DislikedEntered 2/3rd long position of EUR/USD at 1.4139. SL at 1.4040, TP at 1.4444.Ignored
DislikedTo readers who may drop in here by any chance - This is a journal and therefore some of the posts are just my views at one particular point of time while in one particular state of mind. Therefore they are subject to change.
Loud Thinking
1. A trader breaks chains of average or poor trading and enters into the arena of professional trading, when:[list][*]Feels that he/she is in charge of the trades and not the market.[*]Enters, holds and closes trades with a relaxed mind with no fear, greed or frustration.[*]His/her brain subconciously...Ignored
DislikedLoud Thinking was good. (Tho I don't agree 100% on all points - but hey this is yer journal and I might change my mind later)Ignored
DislikedChicky's Gambling Rules
Gambling Rule #2: Disaster is the ultimate result of any kind of gambling. Because, there is a limit to how much one can lose, but no limit to how much one wants to win.
How it applies to forex: Always open small positions; decide your risk based on highest possible timeframe you think is reasonable (e.g. daily to monthly, but not five seconds or century); take some profit off the table when market offers you; sit tight (on your winners not losers).
Gambling Rule #3: It takes a big magnet...Ignored
DislikedPJ, these are key questions. Everything revolves around them. Let me answer some of these with the way I look at the things.
Q1. Wondering whether you have any advice for someone who is retired and in absence of any interest incentive rate on fixed deposit with any bank would like to use forex for long-term gains.
A1.
[color=black]Retirement is something one plans for. One aspect of this planning is securing investment. Among many other factors, Investment principles require 1)...Ignored
DislikedChicky,
You have been very helpful and are full of ideas and energy. My whole idea is that we should develop some kind of visual analysis model (Excel with Chart) as well as a simple MT4 indicator for a retired person/housewife who already has some experience in placing a multi-currency fixed deposit with the bank (long term basis) with confidence - and based on their own analysis of the currency market.
In Hong Kong, where I live, most of the non-working women are aware of the risks of placing multi-currency deposit. They don't use leverage...Ignored
DislikedJust added remaining 1/3 position to longs at 1.4167.
Average price got for longs 1.4148. TP and SL remain the same at 1.4444 and 1.4040.Ignored
DislikedI very much agree: trade small. You're a clever boy Chicky. Very much worth listening to you.
An FF member wrote an excellent article about position sizes.
Today I had a face to face meeting with fellow traders - interesting how differently we view "position sizes"
One looks at it: I'm opening a 1k position. That is, he uses 1k of his margin.
The other: I'm opening 10k units. That is, a tenth of a full lot.
My way - X pips will be roughly...Ignored
DislikedEntered short at 1.4208
TP: 1.4180 (28 pips), may let 1/4 position run up to 4150 (i.e. 58 pips)
SL: 1.4260 (52 pips)
Reasons for taking this trade:
1. PA may re-test 1.4148
2. Channel break on 15M
3. Strong resistance at 1.4250
4. Cannot spot a longer term opportunity at this momentIgnored
DislikedThis trade was a loser. SL got hit at 1.4260 during Franky session. Earlier it had missed TP of 1.4180 by one pip
Waiting for next opportunity.Ignored
DislikedLessons Learned
Shorter term trades require babysitting. Trade maneuvarability is key tactic in short term trading. It was third time in this month that I forgot to incorporate time factor in SL and TP to maneuvar the trade.Ignored