My path to financial freedom | Page 14 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

My path to financial freedom 17 replies

Singapore trader's journal (the road to financial freedom) 8 replies

My Path To Financial Freedom 221 replies

Trade Your Way to Financial Freedom......... 10 replies

Book Wanted - Day Trading To Financial Freedom 0 replies

Attachments: My path to financial freedom
Exit Attachments

My path to financial freedom

  • #261
  • Apr 16, 2010 7:22am Apr 16, 2010 7:22am
I know I wasn't going to trade today...but I couldn't resist...got in very late (compared to Nasir) but was out all morning
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cj.gif Size: 19 KB
Click to Enlarge Name: aj.gif Size: 18 KB
Click to Enlarge Name: ej.gif Size: 16 KB
Click to Enlarge Name: gj.gif Size: 19 KB
Click to Enlarge Name: uj.gif Size: 19 KB
  • #262
  • Apr 16, 2010 8:44am Apr 16, 2010 8:44am
Quoting ogeid
Nasir,

could you please articulate a bit more your sell order at about 93 on U/J? Has it to do whit Peaks e Valleys?
I understand the sell stop at 92.5.
Just for my understanding.

Tx
No nothing to do with peaks and valleys. Its break and retrace of Trendline.

EG and GChf were Peaks and Valley trades i posted earlier.
.
  • #263
  • Apr 16, 2010 9:01am Apr 16, 2010 9:01am
Quoting nasir.khan
No nothing to do with peaks and valleys. Its break and retrace of Trendline.

EG and GChf were Peaks and Valley trades i posted earlier.
.
Thanks,

just before you replied, I read your post on J16 thread.
Tx anyway
  • #264
  • Apr 16, 2010 9:52am Apr 16, 2010 9:52am
Just took a look at my xxx/jpy shorts....

Friday madness or news related???
  • #265
  • Apr 16, 2010 10:17am Apr 16, 2010 10:17am
Quoting lovejoy80
Just took a look at my xxx/jpy shorts....

Friday madness or news related???
wow just heard about the Goldman charges on CNBC...as it's Friday and volatility is high...I've taken half of all trades (apart from AJ) off the table and moved SL to BE on all.

I'd like to asses this news over the weekend as if GS is benig charged I reckon other firms will be in the frame soon so this could develop into something more over the weekend.

U/C trade from yesterday was stopped out @ BE....played this really badly...Nasir played it well. I had a great initial entry too.

C/J trade as mentioned earlier was exited @ 92.41 (trade from yesterday).

Today...as mentioned earlier I shorted U/J, G/J, E/J, A/J, C/J...wasn't supposed to trade today but saw these when opened charts and although pretty late to the party this was pretty easy money as far as I can see...was quite aggreisve with risk 2% on each so cumulatively 10% but wouldnt have let all trades hit SL. All trades have hit PPZ areas I have marked and with volatility we could easily get retracements on a Friday so taken half profit and moved SL to BE on rest.


U/J short @ 92.72, SL @ 93.05 exited @ 92.30 on half
G/J short @ 143.43, SL @ 143.95 exited half @ 142.00
E/J short @ 125.59, SL@ 126.15 exited half @ 124.60
A/J short @ 86.36, SL @ 86.85 moved SL to BE
C/J short @ 92.49, SL@ 93.00 exited half @ 91.10
  • #266
  • Apr 16, 2010 10:30am Apr 16, 2010 10:30am
Quoting nasir.khan
That's the toughest week in last 4 months LJ, and it came out as i started trading my live account.
Bet you're not thinking that now
  • #267
  • Apr 16, 2010 10:47am Apr 16, 2010 10:47am
Quoting lovejoy80
Bet you're not thinking that now
60% in the last 2 days. hmmm not bad.
But stil stresfull.
  • #268
  • Apr 16, 2010 10:51am Apr 16, 2010 10:51am
Quoting lovejoy80
Bet you're not thinking that now
what's the TAG?
  • #269
  • Apr 16, 2010 10:56am Apr 16, 2010 10:56am
Quoting nasir.khan
60% in the last 2 days. hmmm not bad.
But stil stresfull.
It is...I'm mentally exhausted...but it's worth it though for 60% in 2 weeks in your first week of live trading
  • #270
  • Apr 16, 2010 10:57am Apr 16, 2010 10:57am
Quoting neutro
what's the TAG?
Total Account Growth
  • #271
  • Apr 16, 2010 11:01am Apr 16, 2010 11:01am
Quoting lovejoy80
Total Account Growth
lol, i know that What's the figure?
  • #272
  • Apr 16, 2010 11:11am Apr 16, 2010 11:11am
Quoting neutro
lol, i know that What's the figure?
lol..sorry.

Its 260.22%...but deciding when to sell other hald of xxx/jpy shorts. I feel we'll see a retracement before heading back down and it's Friday so might be wise to take profit
  • #273
  • Apr 16, 2010 11:18am Apr 16, 2010 11:18am
Quoting lovejoy80
Gold has been in a clear up trend (would have been a great trend to play all the way)...but now we have a squeeze...still making HL on 4HR but three successive LH mean we are in a squeeze / consolidation waiting for a break out....the consolidation can be seen more clearly on 1HR chart.
When price is being squeezed in a consolidation it is like a spring be coiled tighter...when it breaks out it will initially breakout fast due to the buildup of orders...this is bit of an extreme example though lol
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 15 KB
  • #274
  • Apr 16, 2010 11:30am Apr 16, 2010 11:30am
Yea well, it had help from the news...

US Charges Goldman Sachs With Fraud The government is accusing the Wall St. powerhouse of defrauding investors. The civil suit claims Goldman sold securities that were designed to fail.

Stocks tumble after Goldman news

Quoting lovejoy80
When price is being squeezed in a consolidation it is like a spring be coiled tighter...when it breaks out it will initially breakout fast due to the buildup of orders...this is bit of an extreme example though lol
  • #275
  • Apr 16, 2010 11:33am Apr 16, 2010 11:33am
Gotta finish for the day as off out...cant be doing with these trades still open and wondering whether we get more of a fall or big retracement so closed all other hald positions (and full AJ) @ the following:

UJ - 92.10
GJ - 141.75
EJ - 124.27
AJ - 85.25
CJ - 90.79

All positions now closed.

TAG now @ 309.81% i.e. original balance has increased this much.

Have a good weekend all, I'll be back over weekend at some point.
  • #276
  • Edited 4:04am Apr 17, 2010 3:47am | Edited 4:04am
Just been ding some review on trades. Obviously happy with the account growth but that doesn't mean I haven't made mistakes...I feel you are always learning and improving as a trader and the best way to learn is to actually put your knowledge into action and trade and then review your trades and learn from mistakes.

My two biggest mistakes were on xxx/JPY which I've already mentioned previously and the second one on U/C.

Towards the end of the week I was entering too many trades, rushing my analysis...probably reading FF threads too much and not zooming out and looking at the overal setup...U/C was a good example of this.

As Nasir pointed out I had a dream of an entry when price pulled back to the 1HR trendline on Thursday as per this entry stated here...

http://www.forexfactory.com/showpost...&postcount=212

My thoughts on what I did wrong are in the following charts...

If I had done what I should have done (it is always eeasier to analsye in retrospect after the event...but this is the ultimate aim, to be able to trade objectively by what the charts are telling me without any emotions at all) then I wouldn't have closed my 1HR entry instead I would have added 1% above closing of 4HR BUOB @ 1.0019 with SL @ 0.9964 (below low of BOUB) and then taken half of overal trade i.e. 1% (as have 2% on risk) @ 1.0050 a clear PPZ area and moved SL up on both to 0.9995 and then I wouod have either taken all profit near close (as it's Friday) or if it wasn't Friday I would have SL @ 1.0095

Thus two trades:

1. 0.9969 SL @ 0.9962 1%
2. 1.0019 SL @ 0.9964 1%

Take half profit (from each trade) @ 1.0050
(As it's Friday) take rest of profit @ 1.0120

Result - 17.78R 9 (if my maths is correct!) or 35.56% compared to my actual result of 6.29R / 6.29%

If being more aggresive could have easily added another long on break of PPZ @ 1.0060 too.

Now combine this with my analysis of what i should have done on EJ here http://www.forexfactory.com/showpost...nt=235...these two trades alonf would result in over 56% account growth from very normal conservative money management.

(remember there were similar setups across other xxx/JPY pairs plus also some setuos on GU and EU I played poorly) you can see how my account should (if I'd played these trade objectively, calmly, without any emotions - doing exactly what my charts were teling me) be much much higher.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: UC_analysis_1.png Size: 56 KB
Click to Enlarge Name: UC_analysis_2.png Size: 55 KB
Click to Enlarge Name: UC_analysis_3.png Size: 51 KB
Click to Enlarge Name: UC_analysis_4.png Size: 51 KB
  • #277
  • Apr 17, 2010 4:04am Apr 17, 2010 4:04am
Quoting lovejoy80
Just been ding some review on trades. Obviously happy with the account growth but that doesn't mean I haven't made mistakes...I feel you are always learning and improving as a trader and the best way to learn is to actually put your knowledge into action and trade and then review your trades and learn from mistakes.

My two biggest mistakes were on xxx/JPY which I've already mentioned previously and the second one on U/C.

Towards the end of the week I was entering too many trades, rushing my analysis...probably reading FF threads too much and...
This one will haunt you for a long time. lol
.
  • #278
  • Apr 17, 2010 4:55am Apr 17, 2010 4:55am
So my aims from next week are as follows:

1. Be more calm, disciplined, emotionless, objective and trade what my charts tell me

2. Ensure I zoom out and look at the bigger picture at all times.

3. I'm not going to update my TAG after each trade from now on. I keep a record of all my results on excel as I do now but I will not calculate an update until end of each week...this will help not focussing and getting excited by account growth etc.

4. I will not have many threads open - I will be focussed on this thread, and J16 only and will heavily focussed on my charts and being calm objective and disciplined.

5. I want to focus on holding trades longer and trying to pick runners...taking partial profits i.e. banking some whilst giving price a chance to run on the rest is something I will do more often. This suits my personality i.e baking regular profits whilst giving price a chance to to run and turn into a bigger winner.

6. As well as taking intraday trades also want to look for more long term trades based on trends based on daily timeframe

7. Take note of Nasir's hints lol.

In terms of my watchlist I have the following pairs which are my constant intraday focus:

E/U
USD/CHF (correlated with E/U but good to compare as can give warning of potential reversal etc in EU)
A/U
G/U
U/C
E/G
U/J
A/J
C/J
E/J
G/J
Gold
Oil

I also have every othe pair that FxPro offer on another wathclist to watch look at at the end of each day for daily trades or where approahcing areas of interest BRN, PPZ area and then I'll move it to the intra-day list.

I find it hard to focus on many pairs at once and think my watchlist is just about manageable for me.
  • #279
  • Apr 17, 2010 5:04am Apr 17, 2010 5:04am
Quoting nasir.khan
This one will haunt you for a long time. lol
.
Yep...it was hard work doing that analysis lol...

But I never try and beat myself up to much as this can affect your mindset going forward and I also remind myself that the market is open 24/5 and there is ample opprtunities in this business to make up for mistakes. Making mistakes can be good as they open your eyes sooner to errors that you can learn from, adapt and change i.e. you come back as a stronger, better trader. Lastly, I've had the added bonus that my mistakes have not actually cost me money just not gained as much as I should have.

Did you keep your shorts open over weekend or decide to close them by the way...I was torn between closing or keeping open but decided to close.

How did you find your first week trading live...any different to demo?
  • #280
  • Apr 17, 2010 5:44am Apr 17, 2010 5:44am
Quoting lovejoy80
Yep...it was hard work doing that analysis lol...

But I never try and beat myself up to much as this can affect your mindset going forward and I also remind myself that the market is open 24/5 and there is ample opprtunities in this business to make up for mistakes. Making mistakes can be good as they open your eyes sooner to errors that you can learn from, adapt and change i.e. you come back as a stronger, better trader. Lastly, I've had the added bonus that my mistakes have not actually cost me money just not gained as much as I should have.

Did...
Yea we are crying for not making more profit in a market where 95% are losing so that's not a bad start for us LJ.

I closed my Yen shorts which i took on the spikes. I was holding my trades for the whole week and they kept on coming back and stopping me out and when i decided to close them they ran hard.

You know the feeling.lol

On the other hand i went short EU and GU, holding my Ucad long and i opened some short trades just before the market close.

Very different cause i am trading my live account after 6 months. I never experienced fear in my trading no matter live or demo but i certainly lack discipline and patience when i trade real money.
.
0 traders viewing now