Jimmy Noodles Trading Apprenticeship | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex Apprenticeship Scam? 4 replies

45 Ways to Avoid Losing Money Trading FOREX, by Jimmy Young 46 replies

Jimmy Noodles TRACER EA 23 replies

45 Ways to avoid losing money trading forex by Jimmy Young 7 replies

Noodles for Forex??? 0 replies

Attachments: Jimmy Noodles Trading Apprenticeship
Exit Attachments

Jimmy Noodles Trading Apprenticeship

  • #41
  • Jun 14, 2010 1:31am Jun 14, 2010 1:31am
Have taken a little break from trading so regularly lately. This has been for a few reasons. I still have a lot to work on regarding my money management. I had a series of trades after the last one I posted where I added to a losing position thinking it would turn in my favour - but it didn't. By the time I finally admitted I was wrong I had lost a fair bit of my account. This just showed me that I have a lot to work to be done on my character, as I broke a lot of my own rules and received a good lesson from the market. I think it would have been worse if it actually had turned in my favour as it would have negatively reinforced a lot of bad decisions I made. I am actually quite thankful for this lesson! I haven't blown my account - and I still have enough to continue trading and learning - so that is good (I have only got a micro 200GBP account anyway at the mo). I took a break for a bit but have been trading again now - hoping to take the lessons I have learned and apply them to my trading.

Here are the main lessons I learned:

 

  1. Never add to a losing position
  2. Never move your stoploss (backwards!)
  3. Never exceed your max risk level per position(for me that was %2)


Basics, I know - but sometimes you have to experience a 'lesson from the market' in order to actually fully grasp why these kinds of rules are in place. Whether I have actually 'learnt' these rules properly will be proven in the next few months.

Anyway here is a trade I took on the EUR/USD this morning. Hoping that it will break the resistance that is currently being shown around the 1.2160 area.

Attached Image (click to enlarge)
Click to Enlarge Name: gu13.gif Size: 18 KB
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #42
  • Jun 14, 2010 1:38am Jun 14, 2010 1:38am
How did that trade impact your results ? Are you still positive since you started ?

And I know too well what just happened to you... Was that a Thursday ?
  • #43
  • Jun 14, 2010 1:59am Jun 14, 2010 1:59am
Oh my, I hope you weren't caught by the EURUSD upside breakout and that you had already taken your profit.
  • #44
  • Jun 14, 2010 2:05am Jun 14, 2010 2:05am
Hey Intensity,

To be honest with you my trading had been going much better than I had expected. I knew I could be profitable from my demo trading but I didn't know how profitable I could be with real money. For the first month or so of live trading I increased my account by 20% which I was over the moon with.

My account was a still up before I made that mistake, but now unfortunately my account is down. I still have enough to carry on though. If I trade well it shouldn't take too long to get back my losses. My success rate is still at 63% wins - but because of the one bad loss my net profit/loss is negative at the mo. Even after all this I am still quite pleased. I have learned a lot about myself and I still have enough for a 2nd chance!

After I missed out on that trade by 1 pip (which would have made me a lot of profit!) I felt the market 'owed me' and that's when I went chasing.

How are you doing in your trading mate?

Noodles
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #45
  • Jun 14, 2010 2:06am Jun 14, 2010 2:06am
Quoting Intensity
Oh my, I hope you weren't caught by the EURUSD upside breakout and that you had already taken your profit.
I had already moved my stop to BE + 1.
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #46
  • Jun 14, 2010 2:20am Jun 14, 2010 2:20am
Quoting jimmynoodles
Hey Intensity,

To be honest with you my trading had been going much better than I had expected. I knew I could be profitable from my demo trading but I didn't know how profitable I could be with real money. For the first month or so of live trading I increased my account by 20% which I was over the moon with.

My account was a still up before I made that mistake, but now unfortunately my account is down. I still have enough to carry on though. If I trade well it shouldn't take too long to get back my losses. My success rate is still at 63%...
Re Noodles

It's a pity that your results have taken such a hit after only one bad trade. But that and your prior results show that you're a good trader and that you know how to use your potential. Revenge trading is an emotional weakness that hit the good traders after they had good results. We are used to get our way and are destabilized when the market says no because he has an headache.

lol anyway, your 20% gain for the first month is an outstanding result and I hope that this will get you hooked on trading. In the end it will be worth every effort.

My trading is going well. I made 5 trades on EURUSD in the last 3 hours, 4 longs and 1 short, I'm up 2%. But I'm trying to code a new reversal strategy and for an obscure reason my EA/Robot won't execute my new code. I should have made 3 other trades and be up 3%.



Quoting jimmynoodles
I had already moved my stop to BE + 1.
That's one of the favorite tool of profitable traders Took me a while to find that out.
  • #47
  • Jun 14, 2010 2:31am Jun 14, 2010 2:31am
Thanks for the encouragement and support Intensity - glad to hear your trading is going ok too.

I hope the EA coding is going well. Interestingly enough I am currently working on an idea for a trend retracement EA which shows encouraging results on forward test demo.

Thanks for your advice.

Noodles
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #48
  • Jun 14, 2010 3:03am Jun 14, 2010 3:03am
Took a short off this 15 min pin bar around previous resistance.

Attached Image (click to enlarge)
Click to Enlarge Name: gu13.gif Size: 18 KB
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #49
  • Jun 15, 2010 12:23am Jun 15, 2010 12:23am
Quoting jimmynoodles
Took a short off this 15 min pin bar around previous resistance.

Attachment
This trade was stopped out yesterday for -25pips.

Here is a trade I took this morning on EUR/USD. It's at the 50% level of last swing and around a previous support level. Its also trading with the trend on the hourly chart.

EUR/USD Long at 1.2177 stop loss at 1.2147.

Attached Image (click to enlarge)
Click to Enlarge Name: gu13.gif Size: 19 KB
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #50
  • Jun 15, 2010 1:06am Jun 15, 2010 1:06am
Quoting jimmynoodles

EUR/USD Long at 1.2177 stop loss at 1.2147.

Attachment
Stop moved to BE +1.
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #51
  • Jun 15, 2010 2:02am Jun 15, 2010 2:02am
Quoting jimmynoodles
Stop moved to BE +1.
Stopped out +1 - hurray a pip. Obviously didn't like the news!
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #52
  • Jun 15, 2010 2:10am Jun 15, 2010 2:10am
Switched to short on EUR/USD cause of bad news - can't see it going too far up today after that news but you never know....

EUR/USD short @ 1.2184 SL 1.2222
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #53
  • Jun 15, 2010 2:34am Jun 15, 2010 2:34am
Quoting jimmynoodles
Switched to short on EUR/USD cause of bad news - can't see it going too far up today after that news but you never know....

EUR/USD short @ 1.2184 SL 1.2222
Stopped out @ 1.2222.
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #54
  • Jun 16, 2010 12:54am Jun 16, 2010 12:54am
Short E/U @ 1.2338

Attached Image (click to enlarge)
Click to Enlarge Name: gu13.gif Size: 15 KB
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #55
  • Jun 16, 2010 1:12am Jun 16, 2010 1:12am
Quoting jimmynoodles
Short E/U @ 1.2338

Attachment
Will see what price does around the LTL and 23 fib area as to when to exit. If it breaks those then looking at the 38 fib area for TP.

Attached Image (click to enlarge)
Click to Enlarge Name: gu13.gif Size: 18 KB
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #56
  • Jun 16, 2010 1:18am Jun 16, 2010 1:18am
Quoting jimmynoodles
Short E/U @ 1.2338

Attachment
Very good entry, I made a similar one and banked 42 pips.
I don't like holding trades forever so I exited quickly.
  • #57
  • Jun 16, 2010 5:09am Jun 16, 2010 5:09am
Quoting Intensity
Very good entry, I made a similar one and banked 42 pips.
I don't like holding trades forever so I exited quickly.
Nice mate. Still holding this but moved Stop so guaranteed +25 pips. Next important level around the 1.2250 lower TL and fib level. If price stalls will bank pips - if it cuts through then targeting next major resistance at 38 fib level.

Attached Image (click to enlarge)
Click to Enlarge Name: gu13.gif Size: 18 KB
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #58
  • Jun 16, 2010 11:50pm Jun 16, 2010 11:50pm
Quoting jimmynoodles
Nice mate. Still holding this but moved Stop so guaranteed +25 pips. Next important level around the 1.2250 lower TL and fib level. If price stalls will bank pips - if it cuts through then targeting next major resistance at 38 fib level.
This trade got stopped out for +28 yesterday.

Here is my short on E/U at the moment. Price has broken the 1hr LTL and has shown to be resisted from the grey area. Also price is respecting the downward TL at the moment.

Attached Image (click to enlarge)
Click to Enlarge Name: eu01.gif Size: 17 KB
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #59
  • Jun 17, 2010 12:14am Jun 17, 2010 12:14am
Quoting jimmynoodles
This trade got stopped out for +28 yesterday.

Here is my short on E/U at the moment. Price has broken the 1hr LTL and has shown to be resisted from the grey area. Also price is respecting the downward TL at the moment.
Moved stop to BE. Could be heading for the 1.2180 level?

Attached Image (click to enlarge)
Click to Enlarge Name: eu01.gif Size: 19 KB
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #60
  • Jun 17, 2010 11:44pm Jun 17, 2010 11:44pm
Short E/U after breakout re-test of LTL (orange oval on chart). Shooting for TP of around the 2350 level.

Attached Image (click to enlarge)
Click to Enlarge Name: eu01.gif Size: 27 KB
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
0 traders viewing now