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My path to financial freedom

  • #281
  • Apr 17, 2010 11:02am Apr 17, 2010 11:02am
Quoting lovejoy80
Yep...made nearly 200% in 8 trading days.
I went through your journal again during the weekend. Congratulations again on your achievement.

I just noticed (may be the count is wrong) that on average you are taking around 15 trades x day but you also said that you are opening too many positions.

At my level I am not able to find so many set ups in one day.

Is the large number of positions a strategy to diversify risk?

Enjoy your weekend
Tx
  • #282
  • Apr 17, 2010 11:16am Apr 17, 2010 11:16am
Quoting nasir.khan
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.

.
Hi Nasir,

I followed you and your charts a lot, especially in J16.

I have to say that your ability to spot good confluence areas is amazing.
I understood your method is a mixture of: J16, P&V, Breakout trades, Touch trades, etc.

I read most of J16 and I keep reading it again and again, but your twist to it is intriguing me

I would be nice if you could, when you will find the time, put your thoughts together in one post. I am sure it would be very beneficial, at least to me.

Please keep posting your charts.

Good luck with your live account.
cheers
  • #283
  • Apr 17, 2010 11:52am Apr 17, 2010 11:52am
Quoting ogeid
I went through your journal again during the weekend. Congratulations again on your achievement.

I just noticed (may be the count is wrong) that on average you are taking around 15 trades x day but you also said that you are opening too many positions.

At my level I am not able to find so many set ups in one day.

Is the large number of positions a strategy to diversify risk?

Enjoy your weekend
Tx
I don't really focus on how many trades I have open (well only from a money management perspective) I just trade what setups I see on the charts. Obviously if trend trading and adding further positions in the direction of the trend this could be quite a few trades.

I do feel I need to slow down a bit and take more time to analyse and manage my trades better hence my view is to be more clam in my trading, waiting patiently for the good setups and keep abreast of the whole situation in the pairs I follow - much like my UC trade - I was too zoomed in and not mentally calm and thus didnt look at the 4HR tiumeframe and missed the obvious etc.

Thus it is not to diversify risk...I dont really concern myself with that apart from when setting amout to risk per trade where I'll bear this in mind i.e. if going short multiple xxx/jpy pairs etc.

My advice would be to choose some pairs to watch and mark on the major weekly and daily support/resistance areas on your chart together with any trendlines. Then mark the major S/R areas on the 4HR timeframe and wait for them to line up...draw fibs retracements from major swings...look for divergence and watch price action at these areas...this is in essence a major part of my trading...identifying high levels of confluence @ major S/R areas then either taking a touch trend or waiting for price action and then if the trend develops adding further positions on the break of pre-identified S/R areas on the 4HR / 1HR timeframe.
  • #284
  • Apr 17, 2010 12:00pm Apr 17, 2010 12:00pm
Quoting nasir.khan
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.
yeah we shouldn't beat ourselves up too much at times like this...just make a mental note and learn from it ... there is a good paragraph in ROASO about learning from mistakes...I'll see if I can dig it out at some point...I know you've read it too.

Quoting nasir.khan
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...
The transition can be tough...but you've done your homework and been on demo for 6 months so you've given yourself the best chance to succeed in this business and I know you'll do very well...you are further forward than me in 'the journey' I feel even though I've probably been trading longer (being older the brain is hard to change and to adapt to how it needs to be to be a succesful trader I reckon).

I see you have a liking for Cricket...do you still play? I used to play years ago but still actively follow my county and England. Nice picture of Lords on your profile...have you ever been?
  • #285
  • Apr 18, 2010 6:25am Apr 18, 2010 6:25am
Quoting neutro
Well, a little help is indeed needed.

I have it in Euros.
Thanks for this...just tried it out...very handy
  • #286
  • Apr 18, 2010 6:57am Apr 18, 2010 6:57am
Quoting lovejoy80
Thanks for this...just tried it out...very handy
You're welcome, glad I could help.
  • #287
  • Apr 18, 2010 7:28am Apr 18, 2010 7:28am
Quoting Dan Gilbert
Here's what I have been messing with lately:
Have you seen this post by Dan? It's a very interesting way of drawing PPZ.
  • #288
  • Apr 18, 2010 12:12pm Apr 18, 2010 12:12pm
Quoting neutro
Have you seen this post by Dan? It's a very interesting way of drawing PPZ.
Yeah, I follow J16 thread too...not really for me to be honest, personally I think you should be able to spot PPZ areas by the eye...areas where price had flipped should be pretty obvious to see.

Just looking through my daily and weekly charts now so will post anything that I see of interest to me later. Be interesting to see how the market opens and what follow on affect the Goldman Sachs civil lawsuit will have on the equity markets tomorrow.
  • #289
  • Apr 18, 2010 2:18pm Apr 18, 2010 2:18pm
Quoting lovejoy80
Yeah, I follow J16 thread too...not really for me to be honest, personally I think you should be able to spot PPZ areas by the eye...areas where price had flipped should be pretty obvious to see.

Just looking through my daily and weekly charts now so will post anything that I see of interest to me later. Be interesting to see how the market opens and what follow on affect the Goldman Sachs civil lawsuit will have on the equity markets tomorrow.
GC and the JPY pairs are all at or very near PPZ. It will be interesting to see how the markets open.

How do you play these pairs now? Wait for tomorrow morning or are you jumping in?

And gold? Buy at 1119 or waiting for 1100 again? 1100 is very interesting If I weren't on probation I would buy there.
  • #290
  • Apr 18, 2010 3:23pm Apr 18, 2010 3:23pm
Quoting neutro
GC and the JPY pairs are all at or very near PPZ. It will be interesting to see how the markets open.

How do you play these pairs now? Wait for tomorrow morning or are you jumping in?

And gold? Buy at 1119 or waiting for 1100 again? 1100 is very interesting If I weren't on probation I would buy there.
Just looked @ Gold...here is what I see in the immediate vicinity on the daily and 4H chart...
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  • #291
  • Apr 18, 2010 3:48pm Apr 18, 2010 3:48pm
Quoting neutro
GC and the JPY pairs are all at or very near PPZ. It will be interesting to see how the markets open.

How do you play these pairs now? Wait for tomorrow morning or are you jumping in?

And gold? Buy at 1119 or waiting for 1100 again? 1100 is very interesting If I weren't on probation I would buy there.
I'll be waiting for tomorrow....I'll watch market open (15 mins on one of my brokers) but as I'll be going to sleep shortly after, unless I play some gap trades I'll be getting a good nights sleep ready to see what happens tomorrow.

It will definitely be interesting to see how the markets react to the GS news from Friday and as you say xxx/JPY are all at interesting PPZ areas now so I'd like to wait and see whether we get a retracment following the sharp moves on Friday or just contintue in the same direction...never keen on opening trades @ Sunday open and just leaving them over night.

Dont see anything of real interest that screams trade me from the weekly / daily charts on all other pairs I follow.
  • #292
  • Apr 18, 2010 4:00pm Apr 18, 2010 4:00pm
Nasir - another contest for you...

http://www.myfxbook.com/contests

Although note the clause below...

FXDD requires that the customer trade a minimum of N standard lot round turn trades before 12/31/2010 in order to be eligible to withdraw any prize money. N being the amount of dollars in prize money received divided by 20. For example: If $2,000 is deposited as the prize, the minimum number of trades would be 2000/20=100. Therefore 100 standard lot round turn trades is required in order to be eligible to withdraw any prize money. FXDD reserves the right to rescind any prize money if the original prize deposit is withdrawn within 30 days from original deposit date.
  • #293
  • Apr 18, 2010 4:09pm Apr 18, 2010 4:09pm
Anyone who kept their short xxx/jpy g/u, e/u or long u/c trades open from last week has had a nice start to the trading week thus far!

I've got a question if you did have a trade open and had a TP st say 20 pips below the closing price on Friday and the price on Sunday opening on your broker shows a gap 100 pips down from Friday close does your trade automatically get closed at the TP you set or will it still be open because of the gap...I know if you hada SL and the market gapped it would still be open (from first hand experience last week on EU and GU gaps) but do you get the benefit when it happens in the right direction on your trade?
  • #294
  • Apr 18, 2010 7:53pm Apr 18, 2010 7:53pm
Quoting lovejoy80
Anyone who kept their short xxx/jpy g/u, e/u or long u/c trades open from last week has had a nice start to the trading week thus far!

I've got a question if you did have a trade open and had a TP st say 20 pips below the closing price on Friday and the price on Sunday opening on your broker shows a gap 100 pips down from Friday close does your trade automatically get closed at the TP you set or will it still be open because of the gap...I know if you hada...
I think with a buy stop order, you'll be out on the open of the gap. On a limit order, you will still be in. Not positive though.
  • #295
  • Apr 19, 2010 12:31am Apr 19, 2010 12:31am
Quoting lovejoy80
The transition can be tough...but you've done your homework and been on demo for 6 months so you've given yourself the best chance to succeed in this business and I know you'll do very well...you are further forward than me in 'the journey' I feel even though I've probably been trading longer (being older the brain is hard to change and to adapt to how it needs to be to be a succesful trader I reckon).

I see you have a liking for Cricket...do you still play? I used to play years ago but still actively follow my county and England. Nice picture...
You does't sound so old i think you must be around 23-24.

I never played regular (club) cricket only in streets when i was 12. Then some issue's like money and time did't gave me a chance to pursue my dream. I've never been to lords but would like to someday to watch an Ashes test match. I am a big fan of both KP and Punter but it's always fun to watch England winning.
  • #296
  • Apr 19, 2010 12:43am Apr 19, 2010 12:43am
Quoting lovejoy80
Nasir - another contest for you...

http://www.myfxbook.com/contests

Although note the clause below...

FXDD requires that the customer trade a minimum of N standard lot round turn trades before 12/31/2010 in...
Last one was horrible experience. Just 1 bad trade cost me 2000$.

Well i will look into it.Thanks
.
  • #297
  • Apr 19, 2010 12:47am Apr 19, 2010 12:47am
Quoting lovejoy80
Anyone who kept their short xxx/jpy g/u, e/u or long u/c trades open from last week has had a nice start to the trading week thus far!

I've got a question if you did have a trade open and had a TP st say 20 pips below the closing price on Friday and the price on Sunday opening on your broker shows a gap 100 pips down from Friday close does your trade automatically get closed at the TP you set or will it still be open because of the gap...I know if you hada...
I just went short across the board just before the market close. I know it's a bad thing to do but the setups were there, and R:R was so irresistible.

Did't had enough margin for GU. lol.
.

Ok i have closed two of these posted below tell me which ones?
.
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  • #298
  • Apr 19, 2010 1:51am Apr 19, 2010 1:51am
Quoting nasir.khan
You does't sound so old i think you must be around 23-24.

I never played regular (club) cricket only in streets when i was 12. Then some issue's like money and time did't gave me a chance to pursue my dream. I've never been to lords but would like to someday to watch an Ashes test match. I am a big fan of both KP and Punter but it's always fun to watch England winning.
Ha, I wish...I'm the old age of 30!

Uderstand. I didn't see any of the last Ashes live but I was at Edgbaston in the previous Ashes...an amazing test. The last two Ashes in England have been the best test series I've ever seen...so many twists and turns and so so close...such enjoyble to watch..yet tense.
  • #299
  • Apr 19, 2010 1:52am Apr 19, 2010 1:52am
Quoting nasir.khan
Last one was horrible experience. Just 1 bad trade cost me 2000$.

Well i will look into it.Thanks
.
yeah I remember you saying...E/G couter trend trade wasn't it?

i'll be doing it...nothing to lose and lot's to gain...though having to trade 20 standard lot trades on $2k winnings before withdrawing will test the nerves.
  • #300
  • Apr 19, 2010 1:59am Apr 19, 2010 1:59am
Quoting nasir.khan
I just went short across the board just before the market close. I know it's a bad thing to do but the setups were there, and R:R was so irresistible.

Did't had enough margin for GU. lol.
.

Ok i have closed two of these posted below tell me which ones?
.
E/J and G/J....
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