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The System II (Yes with irony)

  • #13,481
  • Jan 18, 2010 6:00am Jan 18, 2010 6:00am
Fx, please dont judge me for my note about the US holiday. I would never say something like that in a predictive "I told you so" type of manner. NEVER!Just an ear on the ground, good intention type of thing, for my family to be aware, that`s what it was.

Plus I took all valid setups and paid for the chop monster recognition myself.
You wont survive without preserving!!!
  • #13,482
  • Jan 18, 2010 6:00am Jan 18, 2010 6:00am
The market gave its answer. It's now back in the middle of the bracket. I exited as I didn't like that quick move up.
  • #13,483
  • Jan 18, 2010 6:07am Jan 18, 2010 6:07am
Quoting Bakuli
Bailing out if market goes back to 4870 for a -10.
Well, out for -10. Looks like Mr.Market doesn't want to play ball today. Going to sit on my hands now.
Trades from start of Asia session till now - (-5, +3,+15,-3,-9,-16,-11,and -10 = -36 .

Overall, it's been a good learning experience, taking all those trades. Some I handled well, some I was crap at. In hindsight some of the trades I took just before and during London were not really good set-ups. I put this down to tiredness as I have been trading since Asia opened and reading this thread all weekend, with hardly any sleep (but feeling sleepy now, lol!).
It's rather a strange feeling to feel OK with all my losses. I am no longer my vengeful self (trading wise) where I would be chasing to recover my losses, and usually ending up losing more. It is indeed a nice feeling to have. The road ahead is still rough but I know that if I persevere, with the help of the family here, I will come upon smoother roads, and eventually ones paved with gold ! Lol! I think I am starting to hallucinate from my lack of sleep!
Thanks for all the help everybody.
Trade well,
B
  • #13,484
  • Jan 18, 2010 6:41am Jan 18, 2010 6:41am
Quoting coronajazz
Fx, please dont judge me for my note about the US holiday. I would never say something like that in a predictive "I told you so" type of manner. NEVER!Just an ear on the ground, good intention type of thing, for my family to be aware, that`s what it was.

Plus I took all valid setups and paid for the chop monster recognition myself.
i know Jazz.. your all good buddy... you are one of the rising stars here and i appreciate all your contribution.. you bring solid questions and concerns for us to brainstorm.. so i am not judging you.. Its all about the whole group.

I just want to make sure how we should go about days like this.. and make the point about that we must make sense out of the market based on our own analysis and not anthing else..

however.. we should keep it in the back of our mind that today is a bank holiday or for eg. 3rd friday of contract expiration or major up coming news days like NFP or rate changes.. and knowing that most likley market will not move or act funny.. but still we take a crack at it with one or two shots to make sure and than sit on our hands.. instead of asuming it hands down that it will not make a move and than watch the best runner of the month to pass by.. it has happended to me way more than i can count, and its all due to pre judging the market..

again WJDK.. until it's actuall revealed.. like atm.

same story goes for the chop monster on normall days.. until its not revealed we can not tell if it was meant to be a chop monster.. chop monster is only reveald when you do have paid for it with couple of fakeouts. The last time that i tried to just asume it prematurely than i witnessed a 80pip straight runner flew right by me.. and when i have tried to take all shots during a chop then i lost 95 pips in one day..
so now i have got alittle wiser and i test it couple of times and when its reveal then i sit on my hands and if once in a while it runs during the low liquidity time of london session after being a total chop before that.. then oh well.. you can't catch'em all.. but i tell you, those are rare occasions.. so i have figured out that i am better off to sit out those occasions and not giveing away pips then what i would make by catching a runner.. slightly in my favor or a wash at best.. more importantly less stress.

I hope its clear..
  • #13,485
  • Jan 18, 2010 6:48am Jan 18, 2010 6:48am
Quoting fxachilies
i know Jazz.. your all good buddy... you are one of the rising stars here and i appreciate all your contribution.. you bring solid questions and concerns for us to brainstorm.. so i am not judging you.. Its all about the whole group.

I just want to make sure how we should go about days like this.. and make the point about that we must make sense out of the market based on our own analysis and not anthing else..

however.. we should keep it in the back of our mind that today is a bank holiday or for eg. 3rd friday of contract expiration...
Thanks for giving us one more time a live degree on reading market conditions....
  • #13,486
  • Jan 18, 2010 6:54am Jan 18, 2010 6:54am
Quoting Bakuli
Well, out for -10. Looks like Mr.Market doesn't want to play ball today. Going to sit on my hands now.
Trades from start of Asia session till now - (-5, +3,+15,-3,-9,-16,-11,and -10 = -36 .

Overall, it's been a good learning experience, taking all those trades. Some I handled well, some I was crap at. In hindsight some of the trades I took just before and during London were not really good set-ups. I put this down to tiredness as I have been trading since Asia opened and reading this thread all weekend, with hardly any sleep (but feeling...
Bakuli... my buddyyyyyyy, go to bed please.. lol

I tell you..
i can trade drunk..
i can trade with a room full of noise..
I can have sex and look over my chart.. (its pretty sick but i have done it.. lol)
i can have my girlfriend screaming in my ear and still trade..
but...
I can not trade Sleepless, i don't care how big my load is i will fall sleep or stay awake and make silly mistakes..


ok... addition to the plan... No trade without daily 6hrs sleep..lol
I know i have said "money never sleeps" .. but trading straight 24hrs is a different animall.. lol
  • #13,487
  • Jan 18, 2010 7:00am Jan 18, 2010 7:00am
Quoting jplo
Thanks for giving us one more time a live degree on reading market conditions....
Jplo.. your most welcomed my true friend.. but i hope you have not taken 65 shots today.. lol.. i am just kidding.. ur turinging into a great Trader, i can feel it.. keep it up.



Ready..
its a working process, about what u asked me earlier..
  • #13,488
  • Jan 18, 2010 7:07am Jan 18, 2010 7:07am
Fxachilies!

I am very honored by your words, especially about your opinion about my contribution in the thread. Must stay humble though....

Now, you mentioned brainstorming. I ve posted something last night, (posts 13397 and 13401), I think its very important aspect of our trading. I invite you, and everyone else of course to share your thougths about those posts, as I feel they touch some of very important dilemas.

http://www.forexfactory.com/showpost...ostcount=13397

http://www.forexfactory.com/showpost...ostcount=13401
You wont survive without preserving!!!
  • #13,489
  • Jan 18, 2010 7:08am Jan 18, 2010 7:08am
Hi I am new to FF. I started reading this thread last week and only upto page 90. I have learnt a lot from Feb and all other people as I was about to give up forex tradeing forever.

I have read the book "Trading for a living" which has a very similar concept to feb which is all about money management. I guess the hardest thing for me is the lost of confindent to trigger a trade. Too many second guessing before i start a trade and too many inidicators to "confirm" the entry. Since i read the thred, i have started to trade without indicator, unfortunately, i still 100% lost for the trades i have done so far.

I have lost a few trades today as i didn't catch the break properly, i started the entry after 3+ the breakout, but most of the time the trade went againest me. But still thanks to Feb and i remember 1 thing from him when i hesitated. "trader's job is to trigger the trade when the condition is meet" and I also feel more comfortable when I am lossing because I was pretty emotion after I went in a trade and too chicken about winning and lossing. Even wrose is about I predict how the market will go which I realised that as a trader, you NEVER know how the market will move but only have the expectancy and deal with the reality. (It is where Feb's IF THEN works).

I am not sure if it is a question which can be answered. I know it is a breakout strategy, I found out sometime it is very hard to deal with fake breakout (I haven't had a winner so far, sorry for being negative). Just wondering if there is another other method to determine a high possiblity trade beside 3pips up/below last high/low? I think it will help me a lot to catch up a winner. Sorry for a long post and English is not my first language. Thanks for everyone contributing to the thread and I have learnt a lot from all of you.

Daniel
  • #13,490
  • Jan 18, 2010 7:16am Jan 18, 2010 7:16am
Candlesticks pointing up...
Candlesticks pointing down...
Big candlesticks....
Small candlesticks....
I watch..
Big fart ....
No problem..
Pants still dry....

Unus pro omnibus, omnes pro uno
  • #13,491
  • Jan 18, 2010 7:16am Jan 18, 2010 7:16am
Quoting fxachilies
Bakuli... my buddyyyyyyy,...
Point taken. I have done most things but don't think I have tried nos 3 yet! Wonder if the wife will let me put the laptop by the bed side .

On a serious note, I don't normally stay up all night and all morning. My body clock has gone up the creek after spending 3 weeks in the far east (Malaysia) and now trying to adjust back to UK time (my rationale for my obsessive behaviour, lol)

Thanks for all the helpful posts. Very much appreciated.

B.
  • #13,492
  • Jan 18, 2010 7:29am Jan 18, 2010 7:29am
Good night ! (afternoon here in UK, lol). I am listening to FXA's advice. Will try not to peep at the laptop from my bed. Lol. catch you guys/gals later.
Be safe,
  • #13,493
  • Jan 18, 2010 7:32am Jan 18, 2010 7:32am
Quoting coronajazz
Fxachilies!

I am very honored by your words, especially about your opinion about my contribution in the thread. Must stay humble though....

Now, you mentioned brainstorming. I ve posted something last night, (posts 13397 and 13401), I think its very important aspect of our trading. I invite you, and everyone else of course to share your thougths about those posts, as I feel they touch some of very important dilemas.

http://www.forexfactory.com/showpost...ostcount=13397

http://www.forexfactory.com/showpost...ostcount=13401...
I think i have covered your concerns in my long post today..
read it if you have not already or read it again.. I advise instead of looking for answers, put your energy in better and more practise.. market is so vast that u can spend your whole life tring to figure out ways..

I have done my research and put togheter a edge for myself (the plan).. and i find toomuch brainstroming will lead to more concerns and second guessing.
however i have read your posts and its been covered before through out the thread and specially in the post where i explained the Scenarios for #1ply..
that post in my opinion from what i am seen its been very little understood and yet its the key to everyone's sucess here.
  • #13,494
  • Jan 18, 2010 7:36am Jan 18, 2010 7:36am
Quoting moneda
Candlesticks pointing up...
Candlesticks pointing down...
Big candlesticks....
Small candlesticks....
I watch..
Big fart ....
No problem..
Pants still dry....

Excellent!!!
  • #13,495
  • Jan 18, 2010 8:50am Jan 18, 2010 8:50am
Quoting fxachilies
I think i have covered your concerns in my long post today..
read it if you have not already or read it again.. I advise instead of looking for answers, put your energy in better and more practise.. market is so vast that u can spend your whole life tring to figure out ways..

I have done my research and put togheter a edge for myself (the plan).. and i find toomuch brainstroming will lead to more concerns and second guessing.
however i have read your posts and its been covered before through out the thread and specially in the post where...
OK I got that!

I am sorry. Sometimes i am pushing it too much. I catch myself looking for clear cut answers and rules, where they do not exist. Surely this is one of those times. I will check out those posts again, but surely the answers are all over the thread and in the simple, PRACTICE, PRACTICE and PRACTICE some more.
You wont survive without preserving!!!
  • #13,496
  • Jan 18, 2010 11:14am Jan 18, 2010 11:14am
TRADE 1: SS -W.B. -FCR1 – REASON: PROFITABLE R/R. Plan was to see a reaction at LL. SL was above HH, but I misplaced it and got taken out, -12

TRADE 2. LONG - FCR 1 – REASON: FCR formed near the bottom of the range bkt. Closed @-4 on 2nd candle after small range bk, waited to see if it would be a fakeout. Not in SS after break, I reasoned that I'm in the middle of the choppy range.

TRADE 3 . LONG BB - to me the upper range boundary was the HH, so i bracketed 3+2 pips above it, and 3 below the range lows. i did not want to trade in the middle of the range, therefore i disregarded the fcr's that were formed. i ended up picking the top. i took a -17 for these reasons: i know i have to play a #2g+, but i didn't feel threatened until the break of fcr; my hard stop (-20) was missed by a hair. i was looking for a pullback and a cleaner exit, but i ended up exiting when next candle retraced back down.

the day has ended with -33. my tolerance is 100 pips. i stop trading when that is reached , or when london closes, whatever comes first

any input is highly appreciated. ty all
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  • #13,497
  • Jan 18, 2010 2:08pm Jan 18, 2010 2:08pm
Quoting danielwpc
Hi I am new to FF. I started reading this thread last week and only upto page 90. I have learnt a lot from Feb and all other people as I was about to give up forex tradeing forever.

I have read the book "Trading for a living" which has a very similar concept to feb which is all about money management. I guess the hardest thing for me is the lost of confindent to trigger a trade. Too many second guessing before i start a trade and too many inidicators to "confirm" the entry. Since i read the thred, i have started to trade without indicator,...
Hi Dan,
Welcome to the thread.. I am glad your back to the trading arena.. nothing is worst than quitting..
you got some concerns and questions and your looking for answers.. which is fine.. we will help you.. but before all that i like to ask you a question if you don't mind..
can you tell me how many pages was the book that you refered to in your post?

thank you.
  • #13,498
  • Jan 18, 2010 2:27pm Jan 18, 2010 2:27pm
Quoting bubola
TRADE 1: SS -W.B. -FCR1 – REASON: PROFITABLE R/R. Plan was to see a reaction at LL. SL was above HH, but I misplaced it and got taken out, -12

TRADE 2. LONG - FCR 1 – REASON: FCR formed near the bottom of the range bkt. Closed @-4 on 2nd candle after small range bk, waited to see if it would be a fakeout. Not in SS after break, I reasoned that I'm in the middle of the choppy range.

TRADE 3 . LONG BB - to me the upper range boundary was the HH, so i bracketed 3+2 pips above it, and 3 below the range lows. i did not want to trade in the middle...

Hi miss B,
i want to point out couple of things..
first.. 100pips give away is a way toomuch tolerance in my opinion, let's not get carried away with toomuch leniency here now.. losing 100pips is hard to overcome and it will mess around with your psychy.

second.. your 3rd trade should have never happened.. bcz market was just flat out of its mind.. but if you ever decide to trade into a all day 30pips range choppy monstery.. then your best shot is the fcr's.. the quick entery.. so atleast you eliminate the chance of getting top/bottom picked.. as u see u took the breakout and you got toped picked there.. but worst than that you did not play the correct defensive play for less damage and you easily lost 17pips in a total 30pips range market..

late postion taking entery, follow up with a late loser cutting exit, is a recepie for disaster... sorry to be blunt but it requires me to act so, bcz i hate for you to find this out in a hardway.

I hope it makes sense to you.
  • #13,499
  • Jan 18, 2010 3:32pm Jan 18, 2010 3:32pm
Quoting fxachilies
Hi miss B,
i want to point out couple of things..
first.. 100pips give away is a way toomuch tolerance in my opinion, let's not get carried away with toomuch leniency here now.. losing 100pips is hard to overcome and it will mess around with your psychy.

second.. your 3rd trade should have never happened.. bcz market was just flat out of its mind.. but if you ever decide to trade into a all day 30pips range choppy monstery.. then your best shot is the fcr's.. the quick entery.. so atleast you eliminate the chance of getting top/bottom picked.....
hello fx, thanks so much for your reply. first, 100 pips per day represents 1% of my account, spread out during the day, as i'm only trading 1 lot at the moment. i figured it would be a good compromise between trying to take every trade and the reality of my learning account.
second, i agree, trade n° 3 is nothing to be proud of. in my "quiet hour" of going over my trades i realized i played it wrong because:
1) i should have never taken it
2) if i did, i should have realized that the range had shrunk and now the boundary was the lowest fcr
3) even if i decided to play the range as i did, at that point i had two choices: either play a true #2g+, or wait for my hard stop loss to be hit, since it was only 3 pips away.

wash, rinse and repeat

your remarks will be treasured for the future, and if not, please don't hold back and give it hard to me
  • #13,500
  • Jan 18, 2010 7:48pm Jan 18, 2010 7:48pm
Quoting fxachilies
Hi Dan,
Welcome to the thread.. I am glad your back to the trading arena.. nothing is worst than quitting..
you got some concerns and questions and your looking for answers.. which is fine.. we will help you.. but before all that i like to ask you a question if you don't mind..
can you tell me how many pages was the book that you refered to in your post?

thank you.

Hi Fx,

Thanks for your reply!

The book is about 275 pages. It is called "trading for a living" by alexander elder, very easy to search it with google. Persoanally I think it is a very good book to read as it conver different aspects in regard to trading.

It is a preview link:

http://books.google.com.au/books?id=...age&q=&f=false

Let me know if there is any other question. Thanks!!

Daniel
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