DislikedI understand that losses is normal, I just would like to know whether my understanding of the SonicR system is correct or not..
I thought I've done my analysis of the wave correctly so that's why I would like to get some help from SonicR experts to see what I have done wrong.. is there a separate document on how to do the wave analysis? So far mine is only, if it slopes up/down on 40+ deg, that's a trend
Btw, what's Tgts?
I do agree that I enter the trade a bit late, that's why I didn't get my 20 pips (which I thought pretty modest expectation)....Ignored
2) You have 10 pairs showing in your platform. You need to close at least 7 of them before you try to trade again. Let me suggest you watch the EU, the GU, and the EJ. You will thank yourself later.
3) Do not worry about the "slope" or "slant" of the dragon. Consider only whether price is above or below it. I know early in the thread that slope was a consideration. But trust me, it does not matter except for this: If the dragon is still steeply and obviously pointing down, and price rallies strongly above it, please be careful with your longs. If the dragon is obviously and steeply pointing up, and price drops rapidly below it, please be careful with your shorts. That does not mean do not take the trades, but it means cut your losses quickly if the trade does not immediately go the way it is supposed to go.
4) Trading price action means you are identifying support and resistance levels, you are identifying highs and lows, higher highs and higher lows, lower lows and lower highs, and you are basing your trade decisions on that price data, and not on what your indicators are doing. When you say you are watching the slope of the dragon and making decisions based upon slope, you are trading an indicator, not price. SonicR works because the indicators are secondary to price. You are making price secondary to the indicators.
5) Tgts. means Profit targets. We refer to them as TP's. Sonic short hand is as follows: EP = entry point, SL = stop loss TP1 = the first profit target where we close 1/2 of our position and TP2 = the second profit target where we will close the second half of our position.
6) SonicR money management means we always trade with a stop loss. We will take 1/2 of our profits at our TP1 (first profit target) and at that time, we move our stop loss on the second half to our entry point (break even). We then hold the seond half until either our TP2 (second profit target) is filled, or our SL (stop loss) is triggered. Each Soniker has his own little spin on Money management. I tend to go to break even too fast. Muhammad is the master of SonicR money management. You will have to experiment to determine what works best for you.
We are at the weekend, and you made your first attempt at a SonicR on demo. Because you did not make an entry according to SonicR rules, you need to realize that while you attempted a SonicR trade, you failed and instead you entered something else entirely. No problem. Nothing ventured, nothing gained.
I've been studying Sonic since October 2008, trading it since February 2009, and trading almost 100% SonicR since June 2009, and I still make mistakes. I made one this morning. I was so po'd at what I saw happening here in this thread that I missed out on the GU short entry this morning while typing my posts. I finally got so frustrated at having missed the trade, I entered short anyway, and I did it after price had already hit the first profit target. That is a definite "no no." Well, I paid the price and ended up losing -11 pips on the deal. Patience Patience Patience. If you miss the entry, either enter on a limit order if price comes back, or forget the trade entirely and wait for the next set up.
Spend the weekend studying the manual, and more importantly, study the charts that have been posted by Sonic, Basber, Muhammad, Domas, and myself. Traderathome also has many good charts, but many do not have SonicR analysis. If it isn't SonicR, skip it.
Shake off that loss. I assure you it will be the first of many losses. The good news is this - if you are willing to do what Sonic has done, and what I have done, and Basber, and Muhammad, and Domas, and focus on Support and resistance, highs and lows, higher highs and higher lows, lower lows and lower highs, and wave analysis, you will eventually have far fewer losers than winners, and your winners will each pay for two of your losers. But it takes work, and study, and practice. It takes patience. It takes focus.
Have a good weekend,
-DD
PS Do not forget to close out 7 of your 10 charts