The Bonehead Trader..please be brutal!! | Forex Factory

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The Bonehead Trader..please be brutal!!

  • #1
  • First Post: Oct 31, 2005 8:51pm Oct 31, 2005 8:51pm
Hello to all!

I am still a baby in this game. But I have been thouroughly invested in this training. When the PF comes on line I will be investing in that too ...if they take bonehead traders.

Dial, I know what James (Jesus' Brother not the chart wizard!) said about the power of the tounge.... I'm not really being down on myself..at all. Bonehead trading practices are what I call stupid mistakes. Usually the things experienced folks on this forum scream about and us bone heads do it anyway!

I have been absorbing so much material that I think I will explode. "New Market Wizards" from Merlins collection has really opened my eyes to just how focus I will have to be. No time for Bonehead mistakes....But I am learning from them.

James chartthread and his "100 pips a month" have really taken front and center of my focus as I have read so many others profess.

So I been watchin like a fox. NOT Trading till I see something. seting my alarm at three am to catch the 4hr bar refresh ect..

This chart GBP/USD and subsequent trade is what I came up with today.

I also had a similar trade shorting the EUR/USD in the same time period. 140 pips for the day between the two.

I'm feelin' pretty good about these so I need a good smackin' I would apreciate any feedback and don't spare my feelin's....I got thick skin and a wide ass!

Thanx for your help
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #2
  • Oct 31, 2005 8:59pm Oct 31, 2005 8:59pm
Congrats! Nice one .. James16 will be proud of this one..
Trade what you see, not what you believe.....
  • #3
  • Oct 31, 2005 9:16pm Oct 31, 2005 9:16pm
Hi Heavy, or should I say fellow Bonehead? Don't shy away from those mistakes. Turn each mistake into a lesson by scrutinizing what you did wrong and learning from it. Then don't repeat the mistake again (or, at least try not too ) I know it is not always easy!

Don't worry about missing breakouts or pin bars. There are plenty more where those came from! You did very well catching that pin bar for 82 pips! Congratulations and well done!

It is never a mistake when you apply your knowledge correctly and the market moves against you anyway. Have you figured out yet that you can't predict what the market is going to do next? The name of the game is probability and never certainty (stole that from Pring).

If I might make one suggestion for the charts you post in the future.....turn off your grid before doing your screen capture. That grid makes the bars a little hard to see. It looks like you are using metatrader, so you can turn off the grid by right clicking anywhere on the chart, then choosing properties, then the Common tab, then uncheck the "Show Grid" checkbox.

You're heading in the right direction "Baby". As long as your fall down to get back up ratio remains at 1:1, you'll be alright

Take care of yourself Heavy Bonehead with the Wide Ass!! (Better a wide ass than a wise ass!)

Dial
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  • #4
  • Oct 31, 2005 10:16pm Oct 31, 2005 10:16pm
Quoting diallist
Hi Heavy, or should I say fellow Bonehead? Don't shy away from those mistakes. Turn each mistake into a lesson by scrutinizing what you did wrong and learning from it. Then don't repeat the mistake again (or, at least try not too ) I know it is not always easy!

Don't worry about missing breakouts or pin bars. There are plenty more where those came from! You did very well catching that pin bar for 82 pips! Congratulations and well done!

It is never a mistake when you apply your knowledge correctly and the market moves against you anyway. Have you figured out yet that you can't predict what the market is going to do next? The name of the game is probability and never certainty (stole that from Pring).

If I might make one suggestion for the charts you post in the future.....turn off your grid before doing your screen capture. That grid makes the bars a little hard to see. It looks like you are using metatrader, so you can turn off the grid by right clicking anywhere on the chart, then choosing properties, then the Common tab, then uncheck the "Show Grid" checkbox.

You're heading in the right direction "Baby". As long as your fall down to get back up ratio remains at 1:1, you'll be alright

Take care of yourself Heavy Bonehead with the Wide Ass!! (Better a wide ass than a wise ass!)

Dial

Great point on the gridlines! Iwill assimilate.

Thanx for the encouragement. I know that I can count on you for honest council

Jury's still out on the "wise ass thing"

Thanx again
HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #5
  • Nov 1, 2005 7:21pm Nov 1, 2005 7:21pm
Howdy,

Ever since I've found the profitability of not trading! Thanx to James!

I have pulled myself out of the tick by tick price action and it seems that I am getting a much better handle on the movements.

While I sense an intense wisdom in Jame's "100 pips a month" thread I find it a bit much for my newbilogical positionary juxtapose so I tweaked it down...(James said we could!)

I am studying "price action" on only 3 pairs on the 4hr chart and that seems to be digestable in Metatrader I have set up a profile which monitors the most recent positions of all 3 (GBP/USD,EUR/USD,&USD/JPY)

I can zoom in and out of each chart for a broader view I had a standard 25,10 EMA going (for color heh heh) but it was more of a distraction from the price action. So I filed it in the bonehead box. I have not added any more toys nor will I untill I figure it helps me. The few price signals I understand are enough for now.

I did add where applicable Fib Lines on the broader trend and damn if they dont show up as S&R I don't have enough agreement so I don't call this "confluence" I call this "Bonefluence"

While I mostly watch this I have, clumsily, entered 2 trades from these signals and profited nicely from both (demo-Bucks)

Here is my "price action" monitoring set up for the three pairs: (any comments welcome) I also have a Daily Chart set up like this as well all three pairs.

See Ya
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #6
  • Nov 1, 2005 7:42pm Nov 1, 2005 7:42pm
Howdy, me again.

Basically, I find that 4hr hour chart formations, which have provided me the most insight yet, take @ 4hrs to form. Kinda leaves me more time to check out other stuff.

Here is a variation of my three pair 100pip/month set up saved as MuddBudda Xover. I haven't traded it yet but I check it's hourly charts ....oh lets see...about once an hour....and have been impressed so far. The Cool thing whether I trade this system or not is that MB gives an entire system for trading. I can apply the rules and am learning so much about the elements of a system by applying his rules to my analysis. Thank you mister Budda. This is an awesome learning tool.

It has caused me to think about letting go of some of the rules from the Bonehead system like:

 

  1. Hot damn! that thing is movin' lets jump on
  2. Hell it can't go any lower than that
  3. Whats a decimal point in a stoploss? aint like I'm gonna hit it!
  4. Oops, bought the cable instead of the Euro....lets see where this puppy goes.

and other assorted pearls of bonehead wisdom.

here's my MuddBuddah monitor.

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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #7
  • Nov 1, 2005 7:53pm Nov 1, 2005 7:53pm
Oh yeah!

Heres another variation on a theme (3 pair/100pips/month)

I set this up today with some of that free time between the hourlies on MuddBudda. Someone shared a video by Mark Macrae with his channel setup for trending markets. Looks promising for possible delayed entry of strong moves on the MuddBuddah.

Would love critques and helps as always

a-bid-de-a-bid-de-bi-dats all folks----for tonight
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #8
  • Nov 2, 2005 3:30am Nov 2, 2005 3:30am
Dude, if itsn't too much trouble could you split up your monitor and post 'em one at a time please?

I think you might be a smarter trader than you give yourself credit for...

Respect bro'
  • #9
  • Nov 2, 2005 5:54am Nov 2, 2005 5:54am
Quoting Isotonic
Dude, if itsn't too much trouble could you split up your monitor and post 'em one at a time please?

I think you might be a smarter trader than you give yourself credit for...

Respect bro'
Hey Iso,

No trouble I am sure, but.....

not exactly sure what you mean, you mean post the "maximized "version of each chart or try to enlarge each element of the current view? Maybe? What I posted are Profile views from MT which provide current detail for the three pairs. I toggle under "profiles" to view my "Basket" under each profile.

And BTW thanx for the nice compliment. If it wasn't for Entry, Exit, Postion Sizing, Money Management, Risk Control and Trader Psychology.......I'd have this puppy whooped!......
HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #10
  • Nov 2, 2005 7:23am Nov 2, 2005 7:23am
LOL! I know you what you mean about figuring out these "small" details about trading! I too would be kicking ass!

Yeah I've saved my stuff under a number of profiles and flick between 'em now and again. To max a chart for printing or uploading, look for "Save as picture" under file menu and save each selected chart as 600x600 or whatever you want.

BTW its not for me to tell you how to manage your own thread! Don't mean it that way if it sounds like it. Just a suggestion...up to you how to do things of course!

Carry on dude...

Quoting HeavyJ
Hey Iso,

No trouble I am sure, but.....

not exactly sure what you mean, you mean post the "maximized "version of each chart or try to enlarge each element of the current view? Maybe? What I posted are Profile views from MT which provide current detail for the three pairs. I toggle under "profiles" to view my "Basket" under each profile.

And BTW thanx for the nice compliment. If it wasn't for Entry, Exit, Postion Sizing, Money Management, Risk Control and Trader Psychology.......I'd have this puppy whooped!......
  • #11
  • Nov 2, 2005 5:55pm Nov 2, 2005 5:55pm
Quoting Isotonic
LOL! I know you what you mean about figuring out these "small" details about trading! I too would be kicking ass!

Yeah I've saved my stuff under a number of profiles and flick between 'em now and again. To max a chart for printing or uploading, look for "Save as picture" under file menu and save each selected chart as 600x600 or whatever you want.

BTW its not for me to tell you how to manage your own thread! Don't mean it that way if it sounds like it. Just a suggestion...up to you how to do things of course!

Carry on dude...
This is the kind of help I need so I don't chase folks away.

I appreciate the help. I don't have much experienece in managing threads so your sugesstions are more than welcome. I guess you could say I'm....well....a bonehead thread manager. But I figure anything I can do to make it more interesting the more feedback I might generate.

Hell, I'm to old for this S^&T anywho..... And yet it is the bonehead who hangs on

Thanx so much my man!

Is this sorta like you were sayin?
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #12
  • Nov 3, 2005 8:26am Nov 3, 2005 8:26am
Got your message in the chat room. Thanks - I appreciate the comments.

Here's some more that resources that may help.

The Video Tutorial section:
http://professionalforex.com/index.p...c=trade_videos

The trader eBooks:
http://professionalforex.com/index.php?topic=trade_book

The Learning Center:
http://professionalforex.com/index.p...earning_center

The Personal Blogs have tons of useful info from other traders experiences:
http://professionalforex.com/MyForex...3Bdisp%3Dposts

Glad the system is working out for you - J. Let me know if I can help in any way.

~MuddBuddha
Capital Preservation is key to long term wealth accumulation
  • #13
  • Nov 26, 2005 11:20am Nov 26, 2005 11:20am
I am trying to balance anxiety for 4 hr Tunnel Entry (50 pip rule) with TA.

Ever conscience of trader psychology. I have been looking for entries based on TA.

I entered a position in true bonehead fasion on the swissie. probably pretty risky.

by hook or crook I am in the money right now.

Would appreciate any comments on the TA annotations used on the chart.

Thanx
HJ
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #14
  • Nov 28, 2005 10:00pm Nov 28, 2005 10:00pm
Howdy Guys,

I wanted to start by saying that this is my first round of live trades

I took some advice from Figi....sorta...on my risk and money management strategy. I opened an Interbank account. Mini.

I decided to not risk more than 1% on any one trade with a maximum of 3% for all trades.

I want to trade the Tunnel V4 "pure" which means you put on three units. Instead of risking 3% of my whole account on (three micros) on one trade, I decided to open position's with 3 x 0.03 minis per Trade. (3 micro Micros) This would allow me to open 3--3unit trades longing the dollar. This also would allow the maximum amount of you to take my milk money! Ok OK OK OK!!!

Obvoiusly I'm not hung up on the 15 bucks I lost. I can't really describe to you the feeling of loss....I gotta get over that! I gotta move to my next setup. I have a draw down now and must adjust my postion size or # of open trades. As you can see I dont have a lot to work with.....gotta do my best to make it count!

I prefer this mini acount to Demoing, If I can log time being profitable I may add to my account and adjust position size accordingly. but not until such time.

My biggest mistake was, I believe, not closing all positions as the SMA8 Turned against me on the next bar. I did not follow the rule of the system here. I promised myself I would follow the rules and did not close all three positions when the sma turned against me. V4 EXIT RULE #1 "Thou Shalt closeth all thy Positions as the 8SMA Turnest against Thee! This was the only rule I actually broke. Entering on sketchy Techs was only a "Stretch" of the 50 pip rule!

I purposefully did not want to move my stop to BE until P1 was reached. (never got there of course) Funny thing is I don't feel to bad about that decision. My reasoning was I might need it in the Sporadic Volitile Enviroment setoff because the US only sold 7.1million houses when any damn fool knows they were supposed to sell 7.2 million......not 7.1 million! How many damn houses did they sell in the Eurozone anywho?....OK OK OK OK!

My wife Miss Mary, said that the market would move way against us. (shes studying this stuff too) She was right. (she's a news hawk!)

But this stuff happens, right?

And what did I learn? Mo patience child, Mo patience

See Crummy chart below>

As for me, I'm all over this strategy!! I still think it's great. Maybe it'll be good practice and hatting for the "Knife"............

Forgive the rant. I welcome all critiques

Talk to you soon!
HJ
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #15
  • Jan 14, 2006 10:46am Jan 14, 2006 10:46am
I have let this journal thread go for a while. I posted earlier, I believe at the end of October That I am trading my First Live Mini Account.

I hit 2, count em 2, Hard draw down stops which required me to not trade for two weeks each. (my rule). These draw downs were not from my system but for the bonehead factor.

To be specific, after a fair modecum of success I decided to swing a bigger bat .....hell I picked up a bazooka! If I had not strayed from Fiji's MM advise, My Drawdowns would not only been aceptable but my account would be in profit right now.

A lot has happened to my approach to forex trading since this thread was started.
My patience has grown.

My focus has narrowed as to viable strategy.

My expectations have been lowered. (short term)

My expectations have been Raised. (long term)

I don't get "rattled" by losses. (still don't like em tho!)

The cool thing is I am more jazzed than ever about this thing!

Now, I will note that my live account is very small. I am playing my Taco money (a side benefit to this has been that I have lost 60 pounds: The nickname "HeavyJ" did not come from the gravitas of my intellect!).

My broker allows me to trade $100 lots and I do trade these multiples. Merlin has opined that it is preferable to start with a live account sooner than later. I agree. You may think that playing Taco money will not have enough difference in psychological impact to implement, as opposed to a demo account.
......You don't know how much I like Tacos!

Anywho!

I hope I can post my Trades which are based on the Vegas 4hr Tunnel in this Thread. Note: I am a member of the Private Forum and am enjoying Charles "Knife" teaching very much. Those of you who have followed the "Lost in the Tunnel" thread, I know you have benefited from Dial's nuggets of wisdom. If you are interested in these methods I encourage you to try the PF........I think Knife trading will be HUGE!


For that reason I will not annotate or comment on any "Knife" elements I use in my trades. Still I think Tunnel Purists will be able to get the gist.

I hope I can be thorough and prolific. Optimum would be to Chart each trade....that may be tough for me but I think it is important.

As always I will cherish your input.


HJ
HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #16
  • Jan 14, 2006 11:51am Jan 14, 2006 11:51am
This one is in three Charts
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #17
  • Jan 14, 2006 11:52am Jan 14, 2006 11:52am
PI is hit stops adjusted
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #18
  • Jan 14, 2006 11:56am Jan 14, 2006 11:56am
Stopped out with a good profit....at least by my measure.

HJ
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #19
  • Jan 14, 2006 12:12pm Jan 14, 2006 12:12pm
I'll take 8 pips profit over 8 pips loss any day of the week!

HJ
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #20
  • Jan 14, 2006 3:58pm Jan 14, 2006 3:58pm
re-enterd on the euro like this (secondary trade}
HJ
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HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
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