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- #5,101
- Aug 18, 2009 6:40am Aug 18, 2009 6:40am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #5,103
- Aug 18, 2009 7:08am Aug 18, 2009 7:08am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
RASTAMAN! RASTAMAN!
You "figure"? How do you "figure"?
Rastaman, you are thinking again. You are not smarter than the market. It is better to take your profit or take your loss rather than bail out early on the trade. You are guaranteeing that you will fail as a trader if you do this. If you keep doing this, you will not be here six months from now. You will either be out of trading capital or too frustrated to continue. I know. I had done the same thing repeatedly for years before I got it through my head. I wish someone would have been there to remind me not to do what you just did everytime I did it.
No, no, no! That is not the lesson at all! Did you not see that Sonic himself was in the same trade as you!?! The lesson is found here in Sonic's post to you:
To which you replied:
And it was, a Sonic trade, the whole time you where in as well as when you were letting yourself get stopped out. I told you last night that there were two good targers - 1.6409 and 1.6465, which would have been +30 and +87 pips for you. Look at the GU here below: Targets hit!
Rastaman, the lesson is as Sonic stated: Set your trade and let it be. Once you are in, it is up to the market, not you, to decide where price is going to go.
Remember Livermore's advice from my signature below, it is not your thinking that will make you the money, it is the sitting.
Perhaps a secondary lesson for you would be that once you set your trade, go to sleep lol.
Here are the charts of your GU and my EJ, both hit TP's 1 & 2:
Moved SL to BE + as it has already moved 50 pips.
I figure it is better to get out of this trade intact and then re enter if it looks promising. I have to go and teach a martial arts class this evening anyway, so I will not be around to watch the NY open or indeed much of the London session.
You "figure"? How do you "figure"?
Rastaman, you are thinking again. You are not smarter than the market. It is better to take your profit or take your loss rather than bail out early on the trade. You are guaranteeing that you will fail as a trader if you do this. If you keep doing this, you will not be here six months from now. You will either be out of trading capital or too frustrated to continue. I know. I had done the same thing repeatedly for years before I got it through my head. I wish someone would have been there to remind me not to do what you just did everytime I did it.
got stopped out after BE+ a few pips.
The lesson here is obviously to stay away from the ASIAN SESSION.
No, no, no! That is not the lesson at all! Did you not see that Sonic himself was in the same trade as you!?! The lesson is found here in Sonic's post to you:
Once u set it..let it ride...u have done your part... let the market decide..
To which you replied:
I hear you sonic, actually just woke up from a nap. Lol
Now, it is looking like a Sonic trade.
And it was, a Sonic trade, the whole time you where in as well as when you were letting yourself get stopped out. I told you last night that there were two good targers - 1.6409 and 1.6465, which would have been +30 and +87 pips for you. Look at the GU here below: Targets hit!
Rastaman, the lesson is as Sonic stated: Set your trade and let it be. Once you are in, it is up to the market, not you, to decide where price is going to go.
Remember Livermore's advice from my signature below, it is not your thinking that will make you the money, it is the sitting.
Perhaps a secondary lesson for you would be that once you set your trade, go to sleep lol.
Here are the charts of your GU and my EJ, both hit TP's 1 & 2:
- #5,104
- Aug 18, 2009 7:21am Aug 18, 2009 7:21am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
DD.....So we don't have to worry about pivots so much when we have a good wave setting up?
Remember, SonicR works because it is based upon price action, support, and resistance. In order of importance:
1) Price Action (wave analysis)
2) Concrete S/R: prior highs, lows, trendlines (e.g. H1 channel), and swing pivots [a swing pivot is a bar where the bars on either side make higher lows than the swing bar (pivot low) or the bars on either side make lower highs than the swing bar (pivot high)].
3) Abstract S/R: Fibonacci, MA's, floor trader pivot levels
- #5,105
- Aug 18, 2009 7:27am Aug 18, 2009 7:27am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #5,107
- Edited 7:43am Aug 18, 2009 7:31am | Edited 7:43am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #5,109
- Aug 18, 2009 7:39am Aug 18, 2009 7:39am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #5,110
- Aug 18, 2009 7:40am Aug 18, 2009 7:40am
- Joined Feb 2009 | Status: Trader | 1,292 Posts
Trading methods are designed to put the odds in our favor, not predicting.
- #5,111
- Aug 18, 2009 7:54am Aug 18, 2009 7:54am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #5,114
- Aug 18, 2009 8:42am Aug 18, 2009 8:42am
- Joined Sep 2008 | Status: Trader | 2,298 Posts
Once u set it..let it ride...u have done your part..
Watch it like a hawk and let t mkt decide..
The retracement was caused as it hit Daily Pivot an hour ago...
Sonic
I could not be around to watch it this evening, that is why I moved SL to BE+.Sonic was rooting for me but i just couldn't be around and watch it.
Looking at it now, I could have come back tonight and still been 60 pips ahead but, this afternoon I did not know that.
I was freaked out by the Watch it like a hawk comment when I knew I couldn't watch it at all. Starting to see instead of just looking.
- #5,115
- Aug 18, 2009 8:49am Aug 18, 2009 8:49am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
DD
I could not be around to watch it this evening, that is why I moved SL to BE+.Sonic was rooting for me but i just couldn't be around and watch it.
Looking at it now, I could have come back tonight and still been 60 pips ahead but, this afternoon I did not know that.
You say that you could have come back and been up 60 pips, "but this afternoon I did not know that." Dude! That is trading. We never know what price is going to do. But SonicR is designed to help us make a good, favorable odds bet on what price will do.
Set your orders, set your stop loss and TP, and walk away. Even if you just set TP1, you will make more than you lose if you just walk away and stop chanigng your SL and TPs after the trade is on. Trust me. I was just where you are now. Once you are in the trade, walk away.
- #5,116
- Aug 18, 2009 8:53am Aug 18, 2009 8:53am
- Joined Sep 2008 | Status: Trader | 2,298 Posts
DD
Please don't get me wrong, I appreciate all the advice immensely.
I just was not aware that I could have left this trade with a TP and come back and still been on the right side of the trade.
Now, i feel like I have let you guys & Sonic down through my lack of understanding of the situation.
Please don't get me wrong, I appreciate all the advice immensely.
I just was not aware that I could have left this trade with a TP and come back and still been on the right side of the trade.
Now, i feel like I have let you guys & Sonic down through my lack of understanding of the situation.
Starting to see instead of just looking.
- #5,117
- Aug 18, 2009 8:58am Aug 18, 2009 8:58am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
DD
Please don't get me wrong, I appreciate all the advice immensely.
I just was not aware that I could have left this trade with a TP and come back and still been on the right side of the trade.
Now, i feel like I have let you guys & Sonic down through my lack of understanding of the situation.
And like I said, you do not know for sure if you'd be out at your TP or out at your SL or if you'd still be in the trade somewhere in between. You never know. You need to be able to accept the fact that you are placing bets on an unknown outcome. You then need to let that outcome happen - win, lose, or draw - while not chaning the rules.
This is why one person can trade SonicR and make hundreds of pips/week, while another person trading the exact same system can end up losing hundreds of pips/week.
The first trader traded a set SonicR plan and ends the week with happy pips.
The second trader traded without a onicR plan, made it up as he went along, and ended the week unhappy pips.
Be Happy, Rastaman!
Write out your rules.
Write out your plan.
Trade your plan.
Be Happy!
- #5,118
- Aug 18, 2009 9:06am Aug 18, 2009 9:06am
- Joined Sep 2008 | Status: Trader | 2,298 Posts
You didn't let anyone down....
I need to work out how you can do that, then I can set it and forget it.
Again, I know you are really trying to prevent me from falling into this freakout thing, for my own good and that this advice comes from someone who probably paid a high price to come to that conclusion.
Starting to see instead of just looking.
- #5,119
- Aug 18, 2009 9:37am Aug 18, 2009 9:37am
- | Commercial User | Joined Mar 2008 | 9,069 Posts
Excellent trading, Sonic. Your posted trades continue to validate your Sonic strategy and encourage us all to learn it. Thank you.
I show my set up with before and after effect...There is no better way to show it works...
But I am not here all the time..I need your guys help to help out/share and grow too...
http://cloud.forexfactory.com/attach...1&d=1250557965
http://cloud.forexfactory.com/attach...1&d=1250593992
Sonic
