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The Journal of a rich trader

  • #61
  • Jan 11, 2010 8:24pm Jan 11, 2010 8:24pm
Update

I lost an entry point because i was not watching the charts, i would have made 100 dollars in 30 minutes.

Notes to learn: I got away from my pc just 5 minutes, and i missed the entry point
i could have set a pending order and i would have another win today.
Get rich or die trading.
  • #62
  • Jan 12, 2010 3:31am Jan 12, 2010 3:31am
Quoting Magodelforex
Update

I lost an entry point because i was not watching the charts, i would have made 100 dollars in 30 minutes.

Notes to learn: I got away from my pc just 5 minutes, and i missed the entry point
i could have set a pending order and i would have another win today.

Thats a common issue for all of us, when chop turns into trend and they forget to send us a e-mail with advanced warning
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #63
  • Jan 12, 2010 3:32am Jan 12, 2010 3:32am
Quoting Magodelforex


Notes to learn: in this trade i used a new system, so i didt understand well how to use it, so in the end i lost 9 dollars, you can see here i moved my stoploss to break even, because of slipage it closed -3 pips. i think i get better resuts using my own approach to trading, so i will continue and will not use the new system.

Describe your method in vague terms well for yourself.

I'm hoping its still as simple as look at the direction, join the direction
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #64
  • Jan 12, 2010 9:08am Jan 12, 2010 9:08am
Quoting Turveyd
Describe your method in vague terms well for yourself.

I'm hoping its still as simple as look at the direction, join the direction
right, the first method was that simple, the new method has a lot of indicators, so i will not use the new system and i will keep it as simple as posible
Get rich or die trading.
  • #65
  • Jan 12, 2010 9:20am Jan 12, 2010 9:20am
Quoting Magodelforex
right, the first method was that simple, the new method has a lot of indicators, so i will not use the new system and i will keep it as simple as posible

good lad, everyone fails cause they come to places like FF and get into all the indicators that really don't mean anything fill there heads with crap then there unable to keep it simple.

Trading is simple :-

Wait for a direction to form.
Jump on that direction.
Exit that direction when it stops / reverses regardless of it profit / loss at the time.

Keep repeating above and you'll get rich, get into indicators and picking tops and bottoms and you'll blow the account.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #66
  • Jan 12, 2010 2:45pm Jan 12, 2010 2:45pm
Quoting Turveyd
good lad, everyone fails cause they come to places like FF and get into all the indicators that really don't mean anything fill there heads with crap then there unable to keep it simple.

Trading is simple :-

Wait for a direction to form.
Jump on that direction.
Exit that direction when it stops / reverses regardless of it profit / loss at the time.

Keep repeating above and you'll get rich, get into indicators and picking tops and bottoms and you'll blow the account.
I agree with that statement. The best I think and really the only way to make consistant profits is trade the trend, find the S/R levels on the time frame your trending on, what for price to get to that level, zoom into a TF that about 4 times as small as the one you are on, and then wait for the reversal patterns and then jump in for the ride. Set your stop right behind the event that got you in the trade and then your set.

Of course you need to have your trend lines drawn before you zoom in, and once the formation shows up and you have the counter trend lines breached then your done.

You cannot control the price action once your in the trade, but you have all the say so as what you want price to do before you get in it.

--NM
  • #67
  • Jan 12, 2010 2:55pm Jan 12, 2010 2:55pm
Quoting NightMoves
I agree with that statement. The best I think and really the only way to make consistant profits is trade the trend, find the S/R levels on the time frame your trending on, what for price to get to that level, zoom into a TF that about 4 times as small as the one you are on, and then wait for the reversal patterns and then jump in for the ride. Set your stop right behind the event that got you in the trade and then your set.

Of course you need to have your trend lines drawn before you zoom in, and once the formation shows up and you have the...

How you view the trend is another story, some do as you do, I use SMA's personally, but each to there own ofcourse!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #68
  • Jan 12, 2010 3:02pm Jan 12, 2010 3:02pm
Quoting Turveyd
How you view the trend is another story, some do as you do, I use SMA's personally, but each to there own ofcourse!!
Thats how I determine a trend is by using SMA's I just do not rely on them to determine an entry point but some do. They seem to work pretty good, but I still just trade PA.

--NM
  • #69
  • Jan 12, 2010 3:05pm Jan 12, 2010 3:05pm
Quoting NightMoves
Thats how I determine a trend is by using SMA's I just do not rely on them to determine an entry point but some do. They seem to work pretty good, but I still just trade PA.

--NM

Entry points for me, to get fast enough SMA's to do so I'm down to using S10 charts currently, new this week no live trades on it yet!!

Cross over on a S10 EMA 25 so 4min SMA line area
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #70
  • Jan 12, 2010 3:15pm Jan 12, 2010 3:15pm
Quoting Turveyd
Entry points for me, to get fast enough SMA's to do so I'm down to using S10 charts currently, new this week no live trades on it yet!!

Cross over on a S10 EMA 25 so 4min SMA line area
I have not tried that. I normally setup my trend lines, fibs, S/R levels etc on the TF I see the trend on, and wait for the price to get back the S/R levels and then zoom in to a smaller TF and then look for an entry and SL placement.

Been trading that way a few years now and seems to work out good. It is about as simple as it gets and yet it works...go figure. So I think simple is the best way to trade, the charts are not as pretty as some because I do not have a lot going on in there but I can see the PA and thats what really matters.

--NM
  • #71
  • Jan 12, 2010 10:16pm Jan 12, 2010 10:16pm
Update

Today i did not open any trades, i have now $1,339 so i still have to make $1,661 to get my goal... i have 12 trading days left to get my goal. i dont have yet a system to use, so i need to find my system asap so i can get my goal.

since i have only 12 days to trade, i will not use systems based on indicators and all that thing, i have to keep it simple to get my goal so i am going to use systems based on price action. i will try to learn a pattern based on price action and i will use it tomorow, so i have much to learn tonigh...
Get rich or die trading.
  • #72
  • Jan 13, 2010 1:22am Jan 13, 2010 1:22am
Quoting Magodelforex
[b]Update

[font=Georgia]Today i did not open any trades,...
May the trends be with you...
  • #73
  • Jan 13, 2010 3:04pm Jan 13, 2010 3:04pm
Quoting Magodelforex
Update

Today i did not open any trades, i have now $1,339 so i still have to make $1,661 to get my goal... i have 12 trading days left to get my goal. i dont have yet a system to use, so i need to find my system asap so i can get my goal.

since i have only 12 days to trade, i will not use systems based on indicators and all that thing, i have to keep it simple to get my goal so i am going to use systems based on price action[b][font=Georgia]. i will try to learn...
What trading platform are you using?

--NM
  • #74
  • Jan 13, 2010 3:14pm Jan 13, 2010 3:14pm
Dude NOOOOO you don't need a 'system' you are the System you in profit you'll easily do that in 12days.


And I think talking to you has gotten me back on track so thanks


Keep doing what your doing, don't start over thinking / complicating it and you'll be fine.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #75
  • Jan 13, 2010 3:40pm Jan 13, 2010 3:40pm
Quoting Turveyd
Dude NOOOOO you don't need a 'system' you are the System you in profit you'll easily do that in 12days.


And I think talking to you has gotten me back on track so thanks


Keep doing what your doing, don't start over thinking / complicating it and you'll be fine.
A very objective viewpoint.
  • #76
  • Jan 13, 2010 4:52pm Jan 13, 2010 4:52pm
Quoting Turveyd
Dude NOOOOO you don't need a 'system' you are the System you in profit you'll easily do that in 12days.


And I think talking to you has gotten me back on track so thanks


Keep doing what your doing, don't start over thinking / complicating it and you'll be fine.
Hi Turveyd!
in this case (1,000 account) what lot size do you recomend with your style follow the trend?

Thanks!
  • #77
  • Jan 13, 2010 4:59pm Jan 13, 2010 4:59pm
Quoting msj_rs
Hi Turveyd!
in this case (1,000 account) what lot size do you recomend with your style follow the trend?

Thanks!

If your profitable and thats $1000 ( £650 ish UK ) then I'd trade ~$3 per pip ( $4 for £1000 GBP )

If your not profitable then as small as you can which still has meaning to you $1 for me, below if you can / demo if that works for you.

If your account drops you'll drop the Lots ofcourse, if you have a run up increase them at a level where your risk % is decreasing.



Thats with a average SL ~13 pips, if you've got twice the SL then you need to trade at 1/2 the lots size ofcourse.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #78
  • Jan 13, 2010 7:23pm Jan 13, 2010 7:23pm
Short eur/usd

open:1.4523

stpoloss: 1.4550

target: 1.4469

stoploss: 27 pips

target: 54 pips

risk:10%

reason to trade: it is touching ressistance and bouncing
http://img710.imageshack.us/img710/9917/18695898.png

http://cdn.forexfactory.com/images/buttons/quote.gif

Get rich or die trading.
  • #79
  • Jan 13, 2010 7:28pm Jan 13, 2010 7:28pm
Quoting Magodelforex
Short eur/usd

open:1.4523

stpoloss: 1.4550

target: 1.4469

stoploss: 27 pips

target: 54 pips

risk:10%

reason to trade: it is touching ressistance and bouncing
http://img710.imageshack.us/img710/9917/18695898.png

http://cdn.forexfactory.com/images/buttons/quote.gif


Ahhhh there was a direction of DOWN at the time of you placing the trade, know the direction has turned up.

I don't know if you set and forget if so okay, if you do the direction has turned up odds are it'll hit your SL taking a smaller loss than your SL is an option.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #80
  • Jan 13, 2010 7:33pm Jan 13, 2010 7:33pm
Quoting Turveyd
Ahhhh there was a direction of DOWN at the time of you placing the trade, know the direction has turned up.

I don't know if you set and forget if so okay, if you do the direction has turned up odds are it'll hit your SL taking a smaller loss than your SL is an option.

it may be just market noise, my position is still alive
Get rich or die trading.
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