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The System II (Yes with irony)

  • #7,541
  • Sep 28, 2009 11:45am Sep 28, 2009 11:45am
Guys ... and girls...

I want to say my 2 cents now... May be they will be usrfull to someone...

It is something about attitude...

Look... Today is a nasty day in EURO-market (at least for me)... I did not make much$$$, even lost some greens... SO WHAT??? Have I to start cry right now? Or Have I to close my "forex-shop business" today? Or may be start to read Gann or Merhy or etc...???
My attitude is so - today was not a good day for my trading... the days like this will happen in future... But, I have seen good trading-trending days too... And they also will happen in future... I have my trading plan (entry-rules, trade-expectancy, money management), and I will do my trading like my trading plan tells me... I can trust my trading plan... because the people who have taught this plan to me survived in the market form long ago to currently days... And I know guy, which one not so long ago (a year ago may be) did start to trade like our Mentor have taught him... That trading plan which you all guys know already. System II (with irony). And now he is successfull trader now. Yes - Fxahilies. So, why can I not trust that trading plan? It works! Just there are good days, so-so days, bad days...
Today was bad day... But tomorrow can be super-good day, and if I will not trust my trading plan I just will miss a good trading opportunity, and my botoomline will be skinny...
So - I trust my trading plan...

Something about me. I am piano-player. Yes. Music-man. So, what I know about art??? Trust me - a lot.....

If I want to play some things gut, I have to play them EVERY DAY, at least 3-5 hours... During 2-3 months... It's hard. I know that.

Some time ago - (about 2-3 years) I did not have even a blue list of my future trading plan. I was almost crazy!!! Hours before my PC, a lot of books, and NOTHING IN MY HEAD!!!!!! Now - thanks to Feb, I have a very good trading plan, I have only to master it every day.

So... Tomorrow will be a good day,,, may be the best day... Do we have to miss it????

Thanks... Just my 2 cents....
  • #7,542
  • Sep 28, 2009 12:12pm Sep 28, 2009 12:12pm
hi, Fx
Did you trade the last quick down move? it looks there is no FCR(V shape only), so how can i trade this one? or miss it as a reader?
Thank you
  • #7,543
  • Sep 28, 2009 12:26pm Sep 28, 2009 12:26pm
Exited too early ?
Any comments ?
Would u wait for the 1st retracement to develop ?
Tks
david4u
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  • #7,544
  • Sep 28, 2009 12:33pm Sep 28, 2009 12:33pm
Quoting dim4ik42
Guys ... and girls...

I want to say my 2 cents now... May be they will be usrfull to someone...

It is something about attitude...

Look... Today is a nasty day in EURO-market (at least for me)... I did not make much$$$, even lost some greens... SO WHAT??? Have I to start cry right now? Or Have I to close my "forex-shop business" today? Or may be start to read Gann or Merhy or etc...???
My attitude is so - today was not a good day for my trading... the days like this will happen in future... But, I have seen good trading-trending...

Dim4,

Good post, spot on, like it has been said today already, nothing works all the time, but over time and on balance you are infront. Stand your ground and stick to the rules

Even casinos have losing days apparently - they don`t shut up shop either do they ?
Survive and Preserve
  • #7,545
  • Sep 28, 2009 12:35pm Sep 28, 2009 12:35pm
Quoting david4u
Exited too early ?
Any comments ?
Would u wait for the 1st retracement to develop ?
Tks
david4u
Hi David

Firstly, great entry off that failed breakout to the upside.

Yes you meed a retracement to develp and then take things from there in the normal way.
Survive and Preserve
  • #7,546
  • Sep 28, 2009 12:46pm Sep 28, 2009 12:46pm
Quoting dim4ik42
Guys ... and girls...

I want to say my 2 cents now... May be they will be usrfull to someone...

It is something about attitude...


Today was bad day... But tomorrow can be super-good day, and if I will not trust my trading plan I just will miss a good trading opportunity, and my botoomline will be skinny...
So - I trust my trading plan...

Something about me. I am piano-player. Yes. Music-man. So, what I know about art??? Trust me - a lot.....

If I want to play some things gut, I have to play them EVERY DAY, at least 3-5 hours......

Hi DIm - I've had meetings all day today but I have kept up with the thread on my phone - but haven't been able to participate nor trade. WHat a learning experience. I love your passion for this - and I share it. Studies show that expertise in anything takes 5000 hours of practice - so we are all investing - not justin Forex, but in our skills, our character, our ability to persevere, to face our fears - I think it no exaggeration to say that we are all becoming better people through this. Not only that, there is a generosity that is being modelled here - it started with Feb and has passed to Moneda and Fx, of giving time and expertise away to others. There's that saying "give a man a fish and he eats for a day, teach him to catch fish and he can feed himself for life".

We all win - we just need to persevere, share the mistakes and the successes and we all grow.

Brilliant post mate.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,547
  • Sep 28, 2009 12:48pm Sep 28, 2009 12:48pm
Hi All,

Today London was Ok for me, but New York was a nightmare.

Here are my end of day trades.

Trade 1: Long applying 123, and closed playing #2. +1

Trade 2: Long on last FCR, and closed because failed to make a new high and lack of momentum. +11

Trade 3: Long using high of London open, closed playing #2. -4.5

Trade 4: Long on high breakout, closed after failed to make a new high. +4.2


Here begins the nightmare:

Trade 5: Short on last FCR, trying to close playing #2, but stopped on the other side of the bracket. -23.4

Trade 6: Long when stopper trade 5, stopped on the other side of the bracket. -31.4

Trade 7: Short when stopped trade 6, stopped. -20

Trade 8: Long on last FCR, closed playing #2. -14

Trade 9: Short on bracket breakout, closed playing #2. -23.7


I tried to test the market on every opportunity I saw, but maybe I overtested it due to my lack of experience with this "system". As always the only important thing is the bottom line at the end of the month and not on each day.

Any piece of advice is welcome.


Regards.


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  • #7,548
  • Sep 28, 2009 1:20pm Sep 28, 2009 1:20pm
Quoting yuyudada
hi, Fx
Did you trade the last quick down move? it looks there is no FCR(V shape only), so how can i trade this one? or miss it as a reader?
Thank you
it doesn't matter if i did trade it or not..

you don't have to be in every markets move.. if the setup is not there don't bother.. unless you have build a solid trader intution/feel for the 5m market and you got the discipline to act accordigly when things go wrong.. otherwise if you do trade without your setup being there then you creat this bad habit and you will get yourself intouble when you try to do the same next time.. the minute you enter price reveses and gets you for 30 pips.. ya that happens..lol
you stand correct there is no early fcr.. so again don't force it.. don't base your logic on rear instance..

Thats the way i see it..
  • #7,549
  • Sep 28, 2009 1:46pm Sep 28, 2009 1:46pm
Went short on this day BB - been in a #2 ever since...
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,550
  • Sep 28, 2009 1:51pm Sep 28, 2009 1:51pm
Quoting Trader222
Hi All,

Today London was Ok for me, but New York was a nightmare.

Here are my end of day trades.

Trade 1: Long applying 123, and closed playing #2. +1

Trade 2: Long on last FCR, and closed because failed to make a new high and lack of momentum. +11

Trade 3: Long using high of London open, closed playing #2. -4.5

Trade 4: Long on high breakout, closed after failed to make a new high. +4.2


Here begins the nightmare:

Trade 5: Short on last FCR, trying to close playing #2, but stopped on the other side of the bracket. -23.4

Trade...
Hi Trader222,

I find it be difficult to read your charts, but can see this.

Trade 1 having let price come right against you and make it back up to entry, I would have waited or price to fail there or continue on up - as it happens you could have been in for a nice trade there had you have not closed.

Trade 8 and Trade 9. The failure of trade 8 should have led straightaway to trade 9, this would have got you in right at the top and again for another successful trade.

Hope this helps.
Survive and Preserve
  • #7,551
  • Sep 28, 2009 2:09pm Sep 28, 2009 2:09pm
Hi

Here are todays trades.

Trade 1 - BE

Trade 2 - BE

Trade 3 - BE

Trade 4 +12

Trade 5 +7

Trade 6 BE

Trade 7 BE

I found the speed of the market moderate to slow early ona in those conditions I like to close to BE quite quickly.

An comments or questions are welcome.
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Survive and Preserve
  • #7,552
  • Sep 28, 2009 2:11pm Sep 28, 2009 2:11pm
Quoting mac1956
Went short on this day BB - been in a #2 ever since...

Nice new fcr froming here - hope springs eternal.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,553
  • Sep 28, 2009 2:11pm Sep 28, 2009 2:11pm
Quoting david4u
Exited too early ?
Any comments ?
Would u wait for the 1st retracement to develop ?
Tks
david4u

If you are still holding, well done , you have a nice runner .
Survive and Preserve
  • #7,554
  • Sep 28, 2009 2:17pm Sep 28, 2009 2:17pm
Quoting Trader222
Hi All,

Today London was Ok for me, but New York was a nightmare.

Here are my end of day trades.

Trade 1: Long applying 123, and closed playing #2. +1

Trade 2: Long on last FCR, and closed because failed to make a new high and lack of momentum. +11

Trade 3: Long using high of London open, closed playing #2. -4.5

Trade 4: Long on high breakout, closed after failed to make a new high. +4.2


Here begins the nightmare:

Trade 5: Short on last FCR, trying to close playing #2, but stopped on the other side of the bracket. -23.4

Trade...
to follow up on Paul's post to you, i want to add that..
your trade 2 is on the money.. with a bit of patience you could have eliminated your trade 3,4,5,6.. (sounds like over trading.. you bet)..
my analysis out of your trades is that your quick to take the profit but you let your losers run.. simply gotta reverse that.. its a typical way of trading scared and have not yet coped with losses yet.. I know it takes a lot to accept a few 10pips loss in a row.. but in order to be successfull here, you gotta to do it..
body and mind.. when things go wrong its never that bad and when things are going well its never that good..
find this selfcenteredness within..

I like your courage of taking every shot though.. its a plus skill and a needed one once you fully develop as a trader..

Good luck..
  • #7,555
  • Sep 28, 2009 2:29pm Sep 28, 2009 2:29pm
Hey Fx

Can I ask you a question about some of the very minor FCR which develop following exhaustive looking candles and which can sometimes create very nice trades.

Now sometimes I see you take these and others not, so I just want to clear up in my own mind what I should be doing.

The setup for me is nice push with exhaustive looking candle, price goes nowehere for three bars or so, then reverses quite sharply.

To take them or not take them ?

Any help would be sincerely appreciated.
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Survive and Preserve
  • #7,556
  • Sep 28, 2009 2:32pm Sep 28, 2009 2:32pm
Quoting PaulLangham
Hi

Here are todays trades.

Trade 1 - BE

Trade 2 - BE

Trade 3 - BE

Trade 4 +12

Trade 5 +7

Trade 6 BE

Trade 7 BE

I found the speed of the market moderate to slow early ona in those conditions I like to close to BE quite quickly.

An comments or questions are welcome.

You really persevered up that long swing...you're tenacious I'll give you that!
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,557
  • Edited 2:40pm Sep 28, 2009 2:35pm | Edited 2:40pm
Quoting mac1956
Nice new fcr froming here - hope springs eternal.
Bloody rollover stopped me out -0.2 of a pip!!! Forgot about that!
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,558
  • Sep 28, 2009 2:41pm Sep 28, 2009 2:41pm
Quoting mac1956
Bloody rollover stopped me out -0.2 of a pip!!! Forgot about that!
What do you mean by this statement?
  • #7,559
  • Sep 28, 2009 2:45pm Sep 28, 2009 2:45pm
Quoting lufkindog
What do you mean by this statement?

At 8 pm BST Igindex rolls over all current bets - closing them at the price they happen to be at at that time. I have forgottent his twice now - last time I was in profit, so although it was irritating I lost nothing - this time I had a tiny tiny loss. The price has failed to penetrate the 14601 eight times now, but it's all a bit slow - so I'm going to take that as a sign to pack up and go and spend time with my wife.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,560
  • Sep 28, 2009 2:54pm Sep 28, 2009 2:54pm
Quoting PaulLangham
Hey Fx

Can I ask you a question about some of the very minor FCR which develop following exhaustive looking candles and which can sometimes create very nice trades.

Now sometimes I see you take these and others not, so I just want to clear up in my own mind what I should be doing.

The setup for me is nice push with exhaustive looking candle, price goes nowehere for three bars or so, then reverses quite sharply.

To take them or not take them ?

Any help would be sincerely appreciated.
I can't tell you to take or not.. those are not fcr of any kind.. on fcr's I would like to see a more of a loop thing.. now I know you guys have seen me take those and I admit that i have.. but its not based on fcr.. it not based on my intution either.. its based on favorable RR.. if you look closley I will not lose no more than 15 pips top on those trades.. I personally willing to take the risk.. to anything less than 15-20 pips is a favorable RR.. specially in those reversal situation if we get it right.. the minimum that you will make is 15-20 pips.. and the worst most times is BE.. but if it turns on me immediately then I am pro enough to make the decision by exiting and swallow the quick loss.. or if stalls, I won't sit there and hope and wish that it will break to my direction..
its a different animal.. i did not wanted to talk about it in here.. but since you asked then here you got it..

I hope it helps..

ps) newbies don't ask me about this.. I will not reply back.. take one step out of time... as i did.. patiencly build my trading arsenal while watched feb doing it in my face day in day out.. now 6 mo later I am able to do it..
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