Strat's Long Term Stress Free Trading | Page 291 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Strat's PASR Long Term, Stress Free Trading 18,592 replies

M5 PASR Trend Trading Strat 95 replies

What you need for trading: indis, a strat & good music 27 replies

Another way to stress free, mechanic long term trading 29 replies

Short Term / Medium Term / Long Term? 3 replies

Attachments: Strat's Long Term Stress Free Trading
Exit Attachments

Strat's Long Term Stress Free Trading

  • #5,801
  • Sep 27, 2009 4:19pm Sep 27, 2009 4:19pm
Quoting Grimweasel
LOL - I'm listening and reading Strat - more than ever before I now realize that 5% of the business is the entry method. The other 95% is the Psychology. Since starting on this path I know I have become a better person as I've read quite a few self-help books and psychology books, not just about trading but other aspects of the mind.

I never imagined that trading would help me discover my other flaws in life; I've been working on these for quite a while, chipping away at each one. i remind myself daily of DISCIPLINE in all that I do.
The old...
Grim, i feel for ya buddy.
Self improvement is an admirable quality, but in my humble opinion,i feel you're leading yourself up the garden path.
Why do you need self help books? Lack of confidence? Measuring yourself against other individuals? etc.
Throwing a bag of old shit on a rubbish tip will not affect your trading capabilities.Likewise, Patience is an admirable quality, but when you're stuck behind some twat going 20 mph, expletives are acceptable!!
You will never be able to master yourself, end of.
I drink too much jack daniels, i play my tenor sax at 3 in the morning when i'm juiced, but so what?? it's who i am I.m also a karate black belt, that won't help ya, most of it is physical training, not mental.
For what it's worth, i compartmentalize my life, social, business etc.
I am a different person depending which hat i'm wearing.
trading is trading, it's an aspect of who we are, it doesn't define us.
Hope this helps, if not gd luck with the martial arts.

Golfer
  • #5,802
  • Sep 27, 2009 4:46pm Sep 27, 2009 4:46pm
Quoting Grimweasel
LOL - I'm listening and reading Strat - more than ever before I now realize that 5% of the business is the entry method. The other 95% is the Psychology. Since starting on this path I know I have become a better person as I've read quite a few self-help books and psychology books, not just about trading but other aspects of the mind.

I never imagined that trading would help me discover my other flaws in life; I've been working on these for quite a while, chipping away at each one. i remind myself daily of DISCIPLINE in all that I do. Even visiting...
Hi Grimweasel

I have read your posts with interest and I would like you to commend you on your resolve to become a better trader.

I do not post too much on this thread as I have not finished absorption and 'understanding' of Strats trading information, there are many questions that pop up while reading and comprehending the information and when I wish to proceed with a question someone else beats me to it and it works well like this as we are still learning and trying to stand on our feet.

This trading business will either make you or destroy all sense of self belief you have about yourself. I believe that many of us are still obsessed in finding the easiest way to make money by trading, however we are missing the point that this is really as simple as learning (ABC) - PASR.

I cannot speak for anyone else but myself and what I have seen on this, J16 and Jaco's threads. I do believe that what Strats does for us is pricesless but as much as he can try to 'force' us to do the right thing we will not be able to accomplish anything until we come to the understanding that until we single mindedly follow his pointers we will not be able to succeed in this business.

I hear that some younger people who are trading successfully, maybe because as we get older we accumulate lot of emotional garbage and also our belief that we are better (mean know better) that others overclouds our judgement, while this may be true it is not necesserily a fact when it comes to trading. How much information have we processed until we came to this thread, and where are we now, do we know more or feel any better than at the beginning - NOT! More confused it seems. Questions like these need to be faced and honestly answered until a solution is found and I believe by learning from Strat we will succed - but it must be single most important thing that we focus on. It is difficult to balance daily living and work with such undertaking but we are looking long term, now we struggle while we learn, we will benefit in 2-5 years and that is important.

There is so much that we need to change, it is hard but I believe that we are already on the road to success, and now it is just a matter of personalizing the trading. There is the 11 Commandment that I follow: Thou Shall Not Give Up.

All the Best Grimweasel, you are halfway there.
Regards
Jideck

Patience - Pick the flower when it is ready to be picked
  • #5,803
  • Sep 27, 2009 7:40pm Sep 27, 2009 7:40pm
The Asian Session is ON FIRE!

I can't remember when my last Sunday bars were this BIG!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,804
  • Sep 27, 2009 8:39pm Sep 27, 2009 8:39pm
Yowzers. I thought USD/YEN was gonna take out 87 all in one night.

Could this be a hammer forming? The bar is young, but it's gonna be fun to watch.

Alexandra...you out there?
  • #5,805
  • Sep 27, 2009 11:09pm Sep 27, 2009 11:09pm
Quoting One14
Yowzers. I thought USD/YEN was gonna take out 87 all in one night.

Could this be a hammer forming? The bar is young, but it's gonna be fun to watch.

Alexandra...you out there?
I have been thinking 87 for a while ...
http://www.forexfactory.com/showpost...postcount=5331
  • #5,806
  • Edited Sep 28, 2009 12:56am Sep 27, 2009 11:44pm | Edited Sep 28, 2009 12:56am
Hi everyone, I have read thru a lot of forums to find this one. I have been following it for about one month and still reading the old threads and taking some time to understand them.

I am so exited to find people who trade daily and weekly as I do. It has been too good to be true for me because I have won more while stress free ever since I started to trade daily. However, I still have much to learn in this business. I still have great difficulty in letting my profit run. I think I just found a solution to this problem from Strat's teaching, which is to manage my trade on the daily, instead of on the 4hr like I used to. It is really making sense to me!

I am also very touched by you guys sharing of personal journeys of trading. I have been trading for 3 years, and spent my first 2 years pulling my hair off trying to scalp and to pick tops and bottoms. Besides losing money, I think the worst part is losing control of myself.

Finally, I am really thankful for finding this thread and to Strat for putting up such a great thread sharing with us your experience.

Fuman
  • #5,807
  • Sep 28, 2009 3:19am Sep 28, 2009 3:19am
I know...it's too early....

but watch what is forming today on USDJPY...

any comment?
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 13 KB
Market is like a puzzle, YOU have to fit the pieces!!
  • #5,808
  • Sep 28, 2009 3:28am Sep 28, 2009 3:28am
And this is EURGBP worker...
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 13 KB
Market is like a puzzle, YOU have to fit the pieces!!
  • #5,809
  • Sep 28, 2009 3:35am Sep 28, 2009 3:35am
Quoting Chris_B
I know...it's too early....

but watch what is forming today on USDJPY...

any comment?
Hi Chris - my comment would be not even to look at the charts during the day. My trading plan adheres to trading the daily only and my bars switch over at 2200 UK time. I place my odrers after this and then don't even look at the charts until 2200 the next day.

I know you said that it's too early, so why put yourself under extra stress during a trade by even looking at the charts? I used to do that when I traded 1hr TF and at 30mins into a bar, if a hammer or shooting star formed, then I started getting twitchy and selling on 30m hammers etc only for the bars to change completely in the last 10 mins or so.

Al Brooks talks about this in his book. There are many people who fall into this trap and the clever traders know this - they'll look for the early orders and stops around these 'incomplete' candle patterns and look at 'rinsing' these early traders out of the market. All that 'hammer' on usdyen shows me (I'm not trading that today btw) is that the lower TF guys are making money fading the initial move. More than likley, the US session will open and then 'fade the fade' and take the price back down to the bottom of that hammer again?

The way I see it is this - Let the lower TF guys have their fun/make their money and see what's left at the daily close - that will then encompass all the traces of all the day's players for all to see!!

Good trading all.
Trade less and become more profitable!
  • #5,810
  • Sep 28, 2009 5:50am Sep 28, 2009 5:50am
Quoting golfer27
Grim, i feel for ya buddy.
Quoting golfer27
Self improvement is an admirable quality, but in my humble opinion,i feel you're leading yourself up the garden path.
For what it's worth, i compartmentalize my life, social, business etc.
I am a different person depending which hat i'm wearing.
trading is trading, it's an aspect of who we are, it doesn't define us.
Hope this helps, if not gd luck with the martial arts.

Golfer


Golfer - thanks for the reply. I think my view differs from yours somewhat - I think it all comes down to knowing yourself. Like Steenbarger said in his book 'The Daily Trading Coach' :

"'you can't live one way and trade another' it’s hard to imagine being totally disciplined in trading and lax in other areas of life. Good trading practise is a philosophy of living; pursuing opportunity, managing risk, limiting losses and diversifying positions. Trade the way you live."

I guess another analogy would be the 'respected person' such as a Tory MP who has been exposed as having a gay lover outside of his marriage. Would you as a voter trust a man with your voice in Parliament, whom when the spotlight is not on him is conducting an illicit affair?

In my own case I don't think I would fully and 100% commit to being a disciplined trader if I had other areas of my life where I threw caution to the wind, say by having an illicit affair with a subordinate. I would only be fooling and deceiving myself and then more than likely suffer a massive account blow-up one day down stream??

I think it's all about Integrity - doing the right thing even when no-one else is looking all of the time.

(Not saying you don't have that Golfer at all, LOL, just I need to ensure self-integrity and for me it means being disciplined in as many areas of life that I have control over as I can)
Trade less and become more profitable!
  • #5,811
  • Sep 28, 2009 6:31am Sep 28, 2009 6:31am
Quoting elitejets
I have been thinking 87 for a while ...
http://www.forexfactory.com/showpost...postcount=5331
How could I have forgotten to mention you Nicola?

I do indeed remember and as I recall you said "if' we break 90.

Are you getting cautious at this point (if we form a hammer today)?
  • #5,812
  • Sep 28, 2009 6:31am Sep 28, 2009 6:31am
Quoting Chris_B
I know...it's too early....

but watch what is forming today on USDJPY...

any comment?
Hi Chris, my personal view on both usdjpy and eurgbp setups is a counter trend trade. Although it looks very very tempting, I'd rather stay away from it. Both pairs's price is well away from the daily 20. Personally I will wait for a retracement to enter the market, only if the trend reversal has been confirmed. At the moment, I will just sit and wait.

Just my humble opinion though, lets see what the pros here say

Sean.
Discipline is PRIMARY, Method is Secondary.....
  • #5,813
  • Sep 28, 2009 6:54am Sep 28, 2009 6:54am
Quoting One14
How could I have forgotten to mention you Nicola?

I do indeed remember and as I recall you said "if' we break 90.

Are you getting cautious at this point (if we form a hammer today)?
Its a good looking hammer on my FXDD acct, and so far an inside bar on my ODL acct.
I would not be surprised if we retested 90.00 from underneath before continuing down at all so not nervous, just watching ...
  • #5,814
  • Sep 28, 2009 7:30am Sep 28, 2009 7:30am
Quoting Fuman
Hi everyone, I have read thru a lot of forums to find this one. I have been following it for about one month and still reading the old threads and taking some time to understand them.

I am so exited to find people who trade daily and weekly as I do. It has been too good to be true for me because I have won more while stress free ever since I...
“”manage my trade on the daily, instead of on the 4hr like I used to””

I don’t know what it is but I hear of lots of people say they trade the Worker but monitor it on H4. Maybe they think they’re being smart, I don’t know, but it’s just illogical to me. How can they expect to take advantage of the Worker trend when they are being stopped out on H4? The nearest analogy I can think of for this is that it’s like practicing climbing an ant hill in preparation for an ascent on Mount Everest.

Anyone doing this has their strategy UPSIDE DOWN.

If you are going to monitor your trades on H4, then, no matter what time frame you initiated your trade on, YOU ARE TRADING H4.

Using H4 to get a BETTER ENTRY than the Worker, when the Worker identifies an entry, makes more sense and is often practiced. Nicola (elitejets) is our specialist at doing this.

So, whatever you monitor your trades on is the time frame you are trading.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,815
  • Sep 28, 2009 7:56am Sep 28, 2009 7:56am
What has got my attention today is “what spooked the Asian trading last night”. Do they know something we don’t? Has some news leaked out that the big boys don’t know about yet?

AUDJPY
AUDNZD
AUDUSD
CADJPY
CHFJPY
EURCHF
EURGBP
EURJPY
EURUSD
GBPCHF
GBPJPY
GBPUSD
NZDJPY
NZDUSD
USDCAD
USDCHF
USDJPY

These are the pairs with significant price movement by the Asian session last night. It is normal to see movement of the pairs within their geographic region and “control” but not to this extent.

What is even more interesting is the trading of the European and US$ pairs during their session. This is normally very light, if any at all.

More interesting than any of that is what happened to London, the largest forex exchange in the world? Their impact, so far today has been dismal. When the Asian session upsets the balance of trading, we usually see London jump in and reverse everything they do to bring back normality, but not today. With NY already trading for the first hour, there is little to show from them but of course, there is lots of time and NY has a habit of making things happen in their last hour of trading. It just so happens that NY trading is the last trading session before the next Asian session.

Why? What the hell is going on?

“Too much thinking Strat and you know you don’t understand funny mentals so why try?”

“Yes, you’re right, just trade what’s on your chart!”

What’s on your chart?
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,816
  • Sep 28, 2009 8:12am Sep 28, 2009 8:12am
The news should be out by now - fading it....again (you knew that already)....we've been warned, but it does show the benefit of riding the technical trend. Increased volitility usually is a sign to tighten stops. Is there a reason to value it higher than in January? Methinks not.

"The Japanese yen rises sharply as the week starts, boosted by anti-intervention comments from Japanese Finance Minister Hirohisa Fujii as well as steep decline in Nikkei 225 index."
  • #5,817
  • Sep 28, 2009 8:49am Sep 28, 2009 8:49am
Quoting strat
Why? What the hell is going on?
All related to weekend news, Strat.

JPY: comments by Japan Finance Minister re. that he still opposes FX intervention sent USDJPY down and then in another seminar in Tokyo today, he said that although he voiced opposition to nations devaluing their currencies to lift exports, he did not mean to signal support for a further rise in the yen and he didn't advocate JPY strength and USDJPY recovered, then back to normal its trend.

GBP: Bank of England Governor King's comments made in a regional newspaper last week were misinterpreted by the currency markets and the governor is not trying to talk sterling down, a BOE source tells The Sunday Times newspaper and also House prices in England, Wales up for second-straight month in September due to improving confidence.

The Rest: Asian shares were down as well as US stock futures during Asian session which increased risk aversion and hence buoyancy in USD.

It seems all news announcements in one day caused a very volatile Asian session with, I believe, low volume.
  • #5,818
  • Sep 28, 2009 8:58am Sep 28, 2009 8:58am
Quoting Dabestone
Hi Chris, my personal view on both usdjpy and eurgbp setups is a counter trend trade. Although it looks very very tempting, I'd rather stay away from it. Both pairs's price is well away from the daily 20. Personally I will wait for a retracement to enter the market, only if the trend reversal has been confirmed. At the moment, I will just sit and wait.

Just my humble opinion though, lets see what the pros here say

Sean.
Please, NO COUNTER TREND TRADES and NO TRADES until the volatility eases and we see definite direction from all the pairs.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,819
  • Sep 28, 2009 9:05am Sep 28, 2009 9:05am
Quoting strat
Please, NO COUNTER TREND TRADES and NO TRADES until the volatility eases and we see definite direction from all the pairs.
Affirmative Master. Just as I thought. No counter trend trades.
Discipline is PRIMARY, Method is Secondary.....
  • #5,820
  • Sep 28, 2009 9:21am Sep 28, 2009 9:21am
Quoting Blackeagle
All related to weekend news, Strat.

JPY: comments by Japan Finance Minister re. that he still opposes FX intervention sent USDJPY down and then in another seminar in Tokyo today, he said that although he voiced opposition to nations devaluing their currencies to lift exports, he did not mean to signal support for a further rise in the yen and he didn't advocate JPY strength and USDJPY recovered, then back to normal its trend.

GBP: Bank of England Governor King's comments made in a regional newspaper last week were misinterpreted by the currency...
Thanks Blackeagle.

Unbelieveable! Not only do we have a clown (Timothy Geithner) as the US Treasury Secretary, who speaks before he thinks and is constantly putting his foot in his mouth but also it seems, Japan has found one for them.

Two clowns running the # 1 and # 2 currencies in the world – frightening!
15 YEARS OF PASR ON FOREX FACTORY!
4 traders viewing now