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Why did you start trading and what do you expect from it? 19 replies

How soon after you put on a trade do you expect to be "in the money"? 28 replies

How do you see trading - Do you see it as a means to an end? 12 replies

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Trade What You See And Not What You Hope 0 replies

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Trade what you see NOT what you expect

  • #25,481
  • Sep 5, 2009 1:42pm Sep 5, 2009 1:42pm
I want to thank Pippin for taking the time to post the above and go threw his thought process regarding that trade.
Good Trading To All ; Ken Lee
  • #25,482
  • Sep 5, 2009 1:47pm Sep 5, 2009 1:47pm
Hope everyone is enjoying long labor day weekend, I am stayin off the river this weekend to many amatures thought this video was hot.

Robby Gordon 2009 Baja 500 First Five Race Minutes


This is how u want your trade to take off!!!
  • #25,483
  • Edited 2:07pm Sep 5, 2009 2:06pm | Edited 2:07pm
[QUOTE I'm short from 6410 myself.][/quote]

Hi EO,

regarding this entry, could you describe your process to reach the decision to short? As this was the top of the movement, the pin hadn't yet formed to give an indication of future movement. how did you know it wasn't going to continue to 644x or beyond? ALso, what is your SL here?

Sorry for the 20 questions, but this would help my understanding very much!!

all the best,

martin
  • #25,484
  • Sep 5, 2009 2:25pm Sep 5, 2009 2:25pm
Quoting MartinC

Hi EO,

regarding this entry, could you describe your process to reach the decision to short? As this was the top of the movement, the pin hadn't yet formed to give an indication of future movement. how did you know it wasn't going to continue to 644x or beyond? ALso, what is your SL here?

Sorry for the 20 questions, but this would help my understanding very much!!

all the best,

martin
Martin - Take a look at post 25480 by PippiNole below as he's talking about the same exact trade.
  • #25,485
  • Sep 5, 2009 2:33pm Sep 5, 2009 2:33pm
thanks NY!!

was Reading the date UK style!
  • #25,486
  • Sep 6, 2009 6:12am Sep 6, 2009 6:12am
This statement is still true for me but it is difficult to know what to pinpoint as the real problem.
Scenario: From London open I am unsure what the direction will be. So for instance I find a buy signal (maybe a break from the asia range) and take it only to be taken out on a reversal.I realize we are now appearing to be selling off so I reverse and short with the new movement. Wrong again, the flow moves to buying, guess what I reverse....
Eventually I am in the right trade but mostly to late. I generally end up break even each week after having one or two good trades (lucky days) where I pick up 100 plus pips

I suppose the missing link is how to determine which signals to trade from the open.. Buys or sells ( Crystal ball anyone! )

This week as promised I traded along with you guys in the U.S. session and things were better but who am I kidding... go it alone and the results reveal the truth.

The upside to all of this is the inspiration I get from seeing guys and girls each week shouting eureeka. I cannot express the great feeling I get from this and I am determined to get there and help others to do the same


Quoting eohater
I think people are having problems finding their setup? Does anyone want me to elaborate on this more? I need feedback here.
  • #25,487
  • Sep 6, 2009 8:53am Sep 6, 2009 8:53am
Quoting eohater
I think people are having problems finding their setup? Does anyone want me to elaborate on this more? I need feedback here.
Hi EO, While more examples/instruction is always a good thing, I think for me it's more a matter of confidence in what I'm seeing than anything else. I see many setups where "mentally" I say I should go long or short here and more often than not, I'm correct. But having the faith to actually pull the trigger with real money still seems to be an issue for me.

I'm hopeful the more I correctly identify the move I should make, the easier that will get. Or at least I think so...lol Another issue I've identified with myself is becoming too fixated on the 15m chart and not switching to the 1h & 4h enough. So I've decided to set up two profiles for my MT4. One for the Mrs. and one for the Mistress. I'll put all 3 charts, 15m, 1H, 4H up at the same time so I can watch them all together.

In MT4. it looks like this.....(haven't added S/R, Channels or TL's yet) but you get the idea. I only wish MT4 would allow each "tab" to be set up this way so switching between pairs would be quicker but oh well. Switching between profiles is no big deal either. This is the Mrs. profile.
Attached Image (click to enlarge)
Click to Enlarge Name: 3TF GU.jpg Size: 158 KB
Ghost Rider - WWTBMD?
  • #25,488
  • Sep 6, 2009 9:32am Sep 6, 2009 9:32am
Quoting albchr
But having the faith to actually pull the trigger with real money still seems to be an issue for me.
Here's an idea for you. It's been talked about many times, but I still think it's the best path to getting confidence. Make your trades so small that it doesn't matter if you lose the trade. Even if it's only a penny a pip, it's real money and over time you can start increasing your value per pip.

It can seem painfully slow but you can get there with patience. This is a marathon event, not a sprint.
Hi, my name is Barry and you can keep your doctor...
  • #25,489
  • Sep 6, 2009 10:11am Sep 6, 2009 10:11am
I've been poking around reading up a bit on fundamentals and the basic world financial situation, and have concluded that the so called experts who are a hell of alot smarter than me and armed with better info than me still cant come to a direct conclusion.

I think thats great its kind of like tuna fishing, you present a big tuna with the right setup and it doesnt care if your fishing from a $3million sportfisher or a rowboat kind of levels the playing field out.
  • #25,490
  • Sep 6, 2009 10:13am Sep 6, 2009 10:13am
Here are few general thoughts that might help a few traders. If not there is always the delete button..
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Click to Enlarge Name: Genaral Ideas.jpg Size: 364 KB
Good Trading To All ; Ken Lee
  • #25,491
  • Sep 6, 2009 10:28am Sep 6, 2009 10:28am
Quoting KENNETH lEE
Here are few general thoughts that might help a few traders. If not there is always the delete button..
Ken your thoughts, charts, and help is really appreciated Thanks
  • #25,492
  • Sep 6, 2009 11:13am Sep 6, 2009 11:13am
Thanks for that Kenneth, a few bells ringing in there!!!!

Especially the large stop loss which becomes an all-consuming monster on my emotions when a trade is going massively against me. Do I move the stop even more and hope for the retrace? Or cut and run and admit it was always a badlly thought out trade.

At this point I know I am already beaten. If the trade eventally comes off, then I know it was due to nothing more than luck and hence I am just gambling!

hmmmmm

m
  • #25,493
  • Sep 6, 2009 11:14am Sep 6, 2009 11:14am
Quoting cisco
Here's an idea for you. It's been talked about many times, but I still think it's the best path to getting confidence. Make your trades so small that it doesn't matter if you lose the trade. Even if it's only a penny a pip, it's real money and over time you can start increasing your value per pip.

It can seem painfully slow but you can get there with patience. This is a marathon event, not a sprint.
I was just going to say roughly the same thing. I had a worry for ages about hitting the button, but made the trades so small that it didn't matter to me if I won or lost. Gradually as I built up confidence again the trade size built up too.
  • #25,494
  • Sep 6, 2009 11:31am Sep 6, 2009 11:31am
Another one for the reference book.

Keep'em coming Ken always appreciated


Quoting KENNETH lEE
Here are few general thoughts that might help a few traders. If not there is always the delete button..
  • #25,495
  • Sep 6, 2009 11:52am Sep 6, 2009 11:52am
here is EO's worksheet agian if you are new or missed it.. Might get EO to add it to the 1st page.. Hint Hint..
Attached File(s)
File Type: doc Intraday Trading Worksheet.doc   5 KB | 342 downloads
Good Trading To All ; Ken Lee
  • #25,496
  • Sep 6, 2009 11:58am Sep 6, 2009 11:58am
Originally Posted by KENNETH lEE
Here are few general thoughts that might help a few traders. If not there is always the delete button..



Thanks a lot Ken I have printed that off to put in my folder, I will be reading and re- reading and also going back on charts, to try and absorb, as much as I can from you, eo and the others,

PS could you use a white background on your charts as I have to regularly change my black ink cartridge !!! LOL
  • #25,497
  • Sep 6, 2009 1:28pm Sep 6, 2009 1:28pm
Quoting albchr
Hi EO, While more examples/instruction is always a good thing, I think for me it's more a matter of confidence in what I'm seeing than anything else. I see many setups where "mentally" I say I should go long or short here and more often than not, I'm correct. But having the faith to actually pull the trigger with real money still seems to be an issue for me.

I'm hopeful the more I correctly identify the move I should make, the easier that will get. Or at least I think so...lol Another issue I've identified with myself is becoming too fixated...
albchr - What I do is install multiple instances of MT4 that way I always have each pair up and only have to cascade the windows or split them between dual monitors. The big key is when you're installing a second instance of MT4, you need to specify a different install directory. I can tell you that I have at least 5 different copies of a single MT4 provider installed in exactly this fashion.

Hope this helps.
  • #25,498
  • Sep 6, 2009 8:56pm Sep 6, 2009 8:56pm
Good MAEN. Its 10 am monday here.
Great Bodies are Engineered not Born
  • #25,499
  • Sep 6, 2009 9:29pm Sep 6, 2009 9:29pm
Quoting RichLadyFX
Good MAEN. Its 10 am monday here.
Hey...stealing my "Good MAE Everyone" huh RichLady?.....LOL

It's 10:26PM Sunday here in the US. Good luck this week everyone! I'm still enjoying Memorial Day weekend so I'll probably pick up trading on Tuesday.
Ghost Rider - WWTBMD?
  • #25,500
  • Sep 6, 2009 9:35pm Sep 6, 2009 9:35pm
Quoting cisco
Here's an idea for you. It's been talked about many times, but I still think it's the best path to getting confidence. Make your trades so small that it doesn't matter if you lose the trade. Even if it's only a penny a pip, it's real money and over time you can start increasing your value per pip.

It can seem painfully slow but you can get there with patience. This is a marathon event, not a sprint.
Hey Cisco & LuckyLady,

Thanks and I have been doing that on my live account. Been placing the larger orders on my demo. This week I'm gearing up for only working with the live.
Ghost Rider - WWTBMD?
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