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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #6,161
  • Apr 14, 2010 7:01pm Apr 14, 2010 7:01pm
Hi guys
we're still bullish & I plan to maintain long position since the D1 had confirmed a bullish close. 5380 is now the safety net to the bias. This is a long term position, so will still scalp when see fit.
Have a great day.

Previous day chart:
1. http://cdn.forexfactory.com/attachme...1&d=1271201757
Attached Image (click to enlarge)
Click to Enlarge Name: gud.gif Size: 20 KB
Thank You
  • #6,162
  • Apr 14, 2010 10:25pm Apr 14, 2010 10:25pm
Quoting wormboy
Added to position

GBPUSD

1. long @5417 sl @5285 (0.2)
2. long @5423 sl @5285 (0.3)

Closed partial

GBPUSD

1. long @5417 closed @5517 (0.2)

Remaining trade unchanged

GBPUSD

2. long @5423 sl @5285 (0.3)
Thank You
  • #6,163
  • Apr 15, 2010 3:13am Apr 15, 2010 3:13am
Quoting wormboy
Closed partial

GBPUSD

1. long @5417 closed @5517 (0.2)

Remaining trade unchanged

GBPUSD

2. long @5423 sl @5285 (0.3)
good call bro i cashed my 3 long of GU on top now waiting for new entry thanks ...

Ub
  • #6,164
  • Apr 15, 2010 3:18am Apr 15, 2010 3:18am
EurUsd

1. long @3567 sl @3490 (0.2)
Thank You
  • #6,165
  • Apr 15, 2010 4:56am Apr 15, 2010 4:56am
Quoting wormboy
Closed partial

GBPUSD

1. long @5417 closed @5517 (0.2)

Remaining trade unchanged

GBPUSD

2. long @5423 sl @5285 (0.3)

Added.

GBPUSD

1. long @5407 sl @5285 (0.2)
2. long @5423 sl @5285 (0.3)
Thank You
  • #6,166
  • Apr 15, 2010 5:05am Apr 15, 2010 5:05am
Quoting wormboy
Added.

GBPUSD

1. long @5407 sl @5285 (0.2)
2. long @5423 sl @5285 (0.3)

LOL....

http://www.forexfactory.com/showpost...postcount=1141

And my EJ...

http://www.forexfactory.com/showpost...postcount=1139
Ghost Rider - WWTBMD?
  • #6,167
  • Apr 15, 2010 5:48am Apr 15, 2010 5:48am
Quoting albchr
LOL....

http://www.forexfactory.com/showpost...postcount=1141

And my EJ...

http://www.forexfactory.com/showpost...postcount=1139

lol .. we're like twins now!
Thank You
  • #6,168
  • Apr 15, 2010 6:05am Apr 15, 2010 6:05am
Quoting wormboy
lol .. we're like twins now!
Yep! Hell brother, we even took them within 4 minutes of each other too..

I was first...
Ghost Rider - WWTBMD?
  • #6,169
  • Apr 15, 2010 9:50am Apr 15, 2010 9:50am
Hey wormie

Just wanted to ask for some opinion... if you have time to answer. This time is not about strategies, but about mental approach. I see when you publish your long term trade, or show your scalps, and i wanted to know how u reached the necessary cold blood to do that. Just to let u understand what i mean... Very often it happens that for weeks i have just positive trades, but i do take the money off the table with very little gain. Then.. in 2 or 3 bad trades i do lose all the money that i gained, or sometimes even 2 or 3 times the money that i won before. I just don't like when i see, for example, some + 7 or +10, and then it goes back to +3 or +2. My S/L when i scalp is about 10 pips, so u can see that 7 good trades are devastated with 2 losing trades. The point is that again, very often my + 10 at first become -10 and then they go to + 20 and more.
I know that it is all about cold blood and mindset. So wanted to know if there is any suggestion that u can give me for that.
I have been thinking that maybe i take a trade with half my position, so if it goes bad, it went bad, if it goes good, i will double my position when things look brighter.

Well... i am waiting for your comments, yours or comment of anybody that is willing to give me some advise, hoping that the advise isn't "give up with trading"
I don't want a job, i want money!
  • #6,170
  • Apr 15, 2010 10:33am Apr 15, 2010 10:33am
Quoting dario1002
Hey wormie

Just wanted to ask for some opinion... if you have time to answer. This time is not about strategies, but about mental approach. I see when you publish your long term trade, or show your scalps, and i wanted to know how u reached the necessary cold blood to do that. Just to let u understand what i mean... Very often it happens that for weeks i have just positive trades, but i do take the money off the table with very little gain. Then.. in 2 or 3 bad trades i do lose all the money that i gained, or sometimes even 2 or 3 times the money...
hi dario

It's a common problem you're facing to be honest. When I go thru a string of losses, my confidence is dented too. I went through my worst patch last year (11 losing trades in a row), believe me that was hell.
But, the thing that makes it relatively easy for me to bounce back is that I have very low monthly quota. It's fixed at 3%, so I do not have to exert pressure to my trading for fearing of not meeting the quota.
Undercapitalization is also a problem in trading, like it or not it affects your mental state heavily during trading. Now I am not saying that you are undercapitalized but it's just one of those things that can be a spot of bother if not taken care off.
And the most important thing is, in my opinion, is experience. When you have a few years in the bag it does make a lot of difference. Most people get wiped out before they get to gain the years to start making money consistently. So it's important that you keep your money management in check at all times & don't get wiped out. I can near guarantee that if say in 2 years, you have not refunded your account even once, even tho your starting capital is on 1000usd, you will be a much better trader.
Trading is more self mastery than all this technical mumbo jumbo & you just threw the right question. It took me 15k usd of loss to start questioning myself

I hope that helps. Fire away if you have anything to ask. Good luck
Thank You
  • #6,171
  • Apr 15, 2010 10:44am Apr 15, 2010 10:44am
Quoting wormboy
hi dario

It's a common problem you're facing to be honest. When I go thru a string of losses, my confidence is dented too. I went through my worst patch last year (11 losing trades in a row), believe me that was hell.
But, the thing that makes it relatively easy for me to bounce back is that I have very low monthly quota. It's fixed at 3%, so I do not have to exert pressure to my trading for fearing of not meeting the quota.
Undercapitalization is also a problem in trading, like it or not it affects your mental state heavily during trading....
I am undercapitalized... so i try to push a bit harder, in order to get a significative result in "real money". I mean... if i gain 100 pips and in real money they are 10 euro, it sounds a bit ridicoulous, but maybe that is the real way to do it.
You mean u try to achieve 3% of your capital every month? And still keeping the 2% rule for setting the S/L. And then... assuming that u have all good trades, in average how many trades u need to get this 3% per month?

Plus... How many times (or how many hours) are you willing to see your trade going + 10 and then +10 (or anything like that), before deciding to act again on your trade?
I don't want a job, i want money!
  • #6,172
  • Apr 15, 2010 10:55am Apr 15, 2010 10:55am
Quoting dario1002
I am undercapitalized... so i try to push a bit harder, in order to get a significative result in "real money". I mean... if i gain 100 pips and in real money they are 10 euro, it sounds a bit ridicoulous, but maybe that is the real way to do it.
You mean u try to achieve 3% of your capital every month? And still keeping the 2% rule for setting the S/L. And then... assuming that u have all good trades, in average how many trades u need to get this 3% per month?
Yes as ridiculous as it sounds, that's the right way to do it.
My acct is close to 70k usd currently, yet I am only shooting for 3% monthly. That's only a measly 2000 usd more or less. But you see, I have very little to no problems getting the 3% simply because of my total equity allows me to trade with no fear. That's the truth.
It's just like trading 10cents- 50cents/pip when your total equity is 10k usd. The mindset won't be the same opposed to a person who is trading 10c-50c/pip from a 25usd account.
I don't really know how many trades I average monthly tbh, never really counted. I just trade when there's opportunity. And by the way, setting a very modest monthly target, more often than not, you WILL surpass the target
Thank You
  • #6,173
  • Apr 15, 2010 10:57am Apr 15, 2010 10:57am
wb do you swing primarily or scalp? or it doesnt matter to you?
  • #6,174
  • Apr 15, 2010 11:01am Apr 15, 2010 11:01am
Quoting coolshades
wb do you swing primarily or scalp? or it doesnt matter to you?
hi shades

I do a bit of both to be honest, depending on the market conditions.
Preferably swing trade the htf, I am lazy you see & I love making money without having to be in front of the screen all the time. But, beggers can't be choosers
Thank You
  • #6,175
  • Apr 15, 2010 11:05am Apr 15, 2010 11:05am
Quoting wormboy
Added.

GBPUSD

1. long @5407 sl @5285 (0.2)
2. long @5423 sl @5285 (0.3)

Closed partial.

GBPUSD

1. long @5407 closed @5472 (0.2)

Remaining trade unchanged.

GBPUSD

2. long @5423 sl @5285 (0.3)
Thank You
  • #6,176
  • Apr 15, 2010 12:01pm Apr 15, 2010 12:01pm
right, i'm off to bed.
Catch you guys NY session tomorrow. Good luck everyone
Thank You
  • #6,177
  • Apr 15, 2010 12:50pm Apr 15, 2010 12:50pm
went short here..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: trade.gif Size: 26 KB
Click to Enlarge Name: trade2.gif Size: 26 KB
  • #6,178
  • Apr 15, 2010 2:11pm Apr 15, 2010 2:11pm
Quoting wormboy
Yes as ridiculous as it sounds, that's the right way to do it.
My acct is close to 70k usd currently, yet I am only shooting for 3% monthly. That's only a measly 2000 usd more or less. But you see, I have very little to no problems getting the 3% simply because of my total equity allows me to trade with no fear. That's the truth.
It's just like trading 10cents- 50cents/pip when your total equity is 10k usd. The mindset won't be the same opposed to a person who is trading 10c-50c/pip from a 25usd account.
I don't really know how many trades I average...
that in itself shows a attribute needed in this to be successfull..u aint greedy..need to have a balance between fear and greed...looks like u found it.. the pivot point
  • #6,179
  • Apr 15, 2010 2:38pm Apr 15, 2010 2:38pm
Quoting wormboy
EurUsd

1. long @3567 sl @3490 (0.2)

Trade closed.

EurUsd

1. long @3567 closed @3567 (0.2)


Closed due to uncertainty. The H1 ltl does look steep to me & I won't be able to monitor my trades tomorrow. I'm not willing to take the additional risk.
Thank You
  • #6,180
  • Apr 15, 2010 2:40pm Apr 15, 2010 2:40pm
Quoting nAVIN2007
that in itself shows a attribute needed in this to be successfull..u aint greedy..need to have a balance between fear and greed...looks like u found it.. the pivot point
lol ...
me not greedy is overrating me bro! I get drawn into those big trades as well from time to time ... you know Guess everyone has their demons
How are your trading coming along bro? All good I hope!
Thank You
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