My path to financial freedom | Page 137 | 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

  • #2,721
  • Jun 30, 2010 9:43am Jun 30, 2010 9:43am
Quoting lovejoy80
I see that's EUr/AUd...can't quite seem reason for your entries?

Take a break to clear your head, write down some rules and decrease the risk per trade and then come back that's what I would do. As well as keeping it basic and taking only the good setups that meet your criteria. I'm focused on taking only the really nice setups for the time being until the account starts growing again and my mindset changes into one where I'm winning and confident.
It's the EURCAD that I showed you earlier. First entry was on the false breakout and second entry was on a M30 BUOB off PPZ, in the same direction as the daily BUOB with both stop losses moved below that PPZ. Got stopped out to the pip (well, stop was at 1.2815, low was 1.2814...) Like I said earlier, targeting 1.3 at first, 1.35 in the long run. 1.3 is now, but without me.

I'll take what you said into consideration. Thanks.
  • #2,722
  • Jun 30, 2010 9:59am Jun 30, 2010 9:59am
Quoting neutro
It's the EURCAD that I showed you earlier. First entry was on the false breakout and second entry was on a M30 BUOB off PPZ, in the same direction as the daily BUOB with both stop losses moved below that PPZ. Got stopped out to the pip (well, stop was at 1.2815, low was 1.2814...) Like I said earlier, targeting 1.3 at first, 1.35 in the long run. 1.3 is now, but without me.

I'll take what you said into consideration. Thanks.
I see now. That's what I mean about going back to basics...i.e. instead of trying to get an entry on the lower timeframe just play the daily BUOB and manage the trade well. Or on this occasion you could have put the SL just below te blue PPZ marked to lower your risk.

FTA was quite close...but the recent trend is quite bullish and EUR plus GBP will hold up better when equities falling so you'd expect it to go further and it's now hit the falling TL.

That's what I mean when things aren't quite clicking, go back to basics get your confidence back and then gradually get back into different setups...that's pretty much what I'm doing, no aggressive touch trade just pure and simple PA and trend trading based on 1HR, 4HR and daily TF.

My aim is to take 0-5 setups per day risking 1% on eaqch manage them well and achieve a high win rate then I'll increase risk to 2% and take more advanced setups too with lower risk (I'll still idenitfy touch trades etc and see what happens without a trade being placed).
Attached Image (click to enlarge)
Click to Enlarge Name: ecad.gif Size: 21 KB
  • #2,723
  • Jun 30, 2010 10:02am Jun 30, 2010 10:02am
Missed the pion but took the BEOB

Had to turn to daily TF to look for targets. I have the following problem areas marked...1.6110,1.6070,1.6020

We've hit FTA so moving SL to BE (was toying at moving Sl to high of the current bar but we'll see what happens)
Attached Image (click to enlarge)
Click to Enlarge Name: gchf.gif Size: 20 KB
  • #2,724
  • Jun 30, 2010 10:08am Jun 30, 2010 10:08am
Quoting lovejoy80
Missed the pion but took the BEOB

Had to turn to daily TF to look for targets. I have the following problem areas marked...1.6110,1.6070,1.6020

We've hit FTA so moving SL to BE (was toying at moving Sl to high of the current bar but we'll see what happens)
These are the 3 problem areas on the daily TF
Attached Image (click to enlarge)
Click to Enlarge Name: gchf.gif Size: 24 KB
  • #2,725
  • Jun 30, 2010 10:28am Jun 30, 2010 10:28am
Missed this one earlier...nice and simple breakout and pullback to retest and then kaboom. If you look closely on the 1HR you can see an IB...look at the %R on that beauty. Sometimes the simple straighfroward setups are the best.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eaud1.gif Size: 26 KB
Click to Enlarge Name: eaud2.gif Size: 24 KB
  • #2,726
  • Jul 1, 2010 2:43am Jul 1, 2010 2:43am
Quoting lovejoy80
Missed the pion but took the BEOB

Had to turn to daily TF to look for targets. I have the following problem areas marked...1.6110,1.6070,1.6020

We've hit FTA so moving SL to BE (was toying at moving Sl to high of the current bar but we'll see what happens)
Got stopped out last nightn as moved SL too close too the consolidation that formed above 1.6100...literally got stopped out by 1 pip. TP was 1.6005. I would have added a further positions if still in the trade on the basis of the BEOB that formed. But you can see by playing the simple PA that formed on this pair would have been a great way of earning near a significant amount.
Attached Image (click to enlarge)
Click to Enlarge Name: gchf.gif Size: 19 KB
  • #2,727
  • Jul 1, 2010 2:56am Jul 1, 2010 2:56am
Gutted I missed the potential breakout and pullback trades on E/AUd over the last two days. But watching the other pairs for potential breakouts.

Have a pending order on the G/NZD pin and have taken a long on ECAD.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eaud.gif Size: 25 KB
Click to Enlarge Name: gaud.gif Size: 24 KB
Click to Enlarge Name: gcad.gif Size: 24 KB
Click to Enlarge Name: gnzd.gif Size: 22 KB
Click to Enlarge Name: ecad.gif Size: 25 KB
  • #2,728
  • Jul 1, 2010 3:55am Jul 1, 2010 3:55am
Quoting lovejoy80
Gutted I missed the potential breakout and pullback trades on E/AUd over the last two days. But watching the other pairs for potential breakouts.

Have a pending order on the G/NZD pin and have taken a long on ECAD.

Stops moved to BE on ECAD long. Hard to see any sensible targets looking at 4HR and Daily...but as far as I'm concerned the trend is now up so will just leave these positions and see what happens. I have 1% of account at risk and am looking for a longer term trend trade so happy to leave it as a risk free trade now.
Attached Image (click to enlarge)
Click to Enlarge Name: ecad.gif Size: 24 KB
  • #2,729
  • Jul 1, 2010 4:04am Jul 1, 2010 4:04am
Does anyone know how I can combine all of my accounts (including oanda) into one set of stats e.g. I use myfxbook at present but the problem with this is that it treats each account separately which isn't useful as each trade I place is in accordance with the total account size not the size of one individual account so I want something like myfxbook that will combine all the results together into one statement for analysis and tracking?
  • #2,730
  • Jul 1, 2010 6:54am Jul 1, 2010 6:54am
ECAD Sl to BE+1

Took this pin off the former TL too
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ecad.gif Size: 24 KB
Click to Enlarge Name: gcad.gif Size: 20 KB
  • #2,731
  • Jul 1, 2010 8:08am Jul 1, 2010 8:08am
Took this pin earlier...but first two trouble areas were pretty close so got nervous when price didn't explode in first hour and cut just above BE...hmmmm maybe a lack of patience.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 25 KB
  • #2,732
  • Jul 1, 2010 9:05am Jul 1, 2010 9:05am
Quoting lovejoy80
ECAD Sl to BE+1

Took this pin off the former TL too
EUr and GBP strong in light of poor US data..unusual...is the moarket returning back to more normal economic drivers?

GBP/CAD stopped out at BE unfortunately, moved SL too soon. EUR/CAD up by 150pips. when price moves hard its always tough to know where to move SL to. there is no obvious target. I reckon I'll use a 30pip TSL.
  • #2,733
  • Jul 1, 2010 11:59am Jul 1, 2010 11:59am
I guess you don't need me to tell you what that is on Gold...

I'm telling you LJ, we've been made for. We've been waiting for this single moment on Gold for I don't know how many days/weeks. This single day would have been a +100% day easy. Easy. But alas, it's not. (Talking about EU with that pin at 1.2200 (and the confirmation of the H&S hinting at 1.3000-1.3200), GU @ 1.4900 and EC..) I'm not saying that if I were in the trades I would have hold on until my beard grew, but this would have been an easy day if our confidence was not shatered by days of grinding.

Off to other opportunities LJ, we have to hold tough. Lower the risk for now, switch to signals on Daily and higher and maybe get better entries on lower TFs (H1 & H4) based on D and W. At least that's what I'm going to do.

I've almost finished reading ROASO (since today was a no trade day, I've devoted it to reading) and I have to say that if I were a fast reader (the kind that reads a book in 1-2-3 hours) I would read the book once a week, every week. The next read will be with pen and paper in my hands.

Best of luck LJ, we both know we're on the right track, even if these days seem so tough.

(lol, I just wanted to write about gold and look where I got)
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-07-01_1912.jpg Size: 100 KB
  • #2,734
  • Jul 1, 2010 12:11pm Jul 1, 2010 12:11pm
Quoting neutro
I guess you don't need me to tell you what that is on Gold...

I'm telling you LJ, we've been made for. We've been waiting for this single moment on Gold for I don't know how many days/weeks. This single day would have been a +100% day easy. Easy. But alas, it's not. (Talking about EU with that pin at 1.2200 (and the confirmation of the H&S hinting at 1.3000-1.3200), GU @ 1.4900 and EC..) I'm not saying that if I were in the trades I would have hold on until my beard grew, but this would have been an easy day if our confidence was not shatered...
Hi Neutro,

I have searched and searched for roaso but what is the real name of the book and maybe you can give me link i need something to read this weekend in the hot Dutch sun this weekend 38c so hot for Holland. And off course whe beat tommorow Brasil lol..
  • #2,735
  • Jul 1, 2010 1:16pm Jul 1, 2010 1:16pm
Quoting ingmarforex
Hi Neutro,

I have searched and searched for roaso but what is the real name of the book and maybe you can give me link i need something to read this weekend in the hot Dutch sun this weekend 38c so hot for Holland. And off course whe beat tommorow Brasil lol..
Hello, sorry for the late response.

It's "Reminiscence of a stock operator". It's available online somewhere, but I can't find the link. Google it, it should show up.

It's not a technical book per se, it's more like a story. But it's one of the most complete trading books I've ever read. You'll need to read it a couple of times to make it sink into your head, but if there's one book I'd recommend to anyone interested in trading, that would be the one. It's got everything from analyzing markets to deep inner thoughts and psychology. Give it a try.

Good luck tomorrow.
  • #2,736
  • Jul 1, 2010 2:35pm Jul 1, 2010 2:35pm
Quoting neutro
I guess you don't need me to tell you what that is on Gold...

I'm telling you LJ, we've been made for. We've been waiting for this single moment on Gold for I don't know how many days/weeks. This single day would have been a +100% day easy. Easy. But alas, it's not. (Talking about EU with that pin at 1.2200 (and the confirmation of the H&S hinting at 1.3000-1.3200), GU @ 1.4900 and EC..) I'm not saying that if I were in the trades I would have hold on until my beard grew, but this would have been an easy day if our confidence was not shatered by...
It was fill your boots day but I left my boots at home. I only took 4 trades all day and made 3%, like you said 100% was possible if you were calm had patience and discipline.

Here are some of the setups I missed (but there were so many!). to be honest although I'm disappointed I know days like this will come along again and its just nice to see Pa working out as it should.

The big thing today was that EUR and GBP soared on US bad news. US data has been so bad recently but you'd expect USD to strengthen across the board...flight to safety and it didnt...that is a big shift in how the markets are working now IMO...back to normal markets?

I'm the same takes me weeks to finish a book...I haven't finished it yet (got 30 pages to go I think) but yeah it was a fun book to read and made me think about trend trading i.e. adding positions (so many trader are thinking about a potential exit when they are in a trade when they should be thinking of where they can add in further positions to an already winning trade) putting a test position out there to test the water and decreasing risk when not trading well. I wish I could corner the market like he did though. He very particular and methodical in his trade planning and thoughts, was very interesting to read.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu.gif Size: 31 KB
Click to Enlarge Name: eu.gif Size: 28 KB
Click to Enlarge Name: ea.gif Size: 26 KB
Click to Enlarge Name: gold.gif Size: 16 KB
  • #2,737
  • Jul 1, 2010 4:00pm Jul 1, 2010 4:00pm
Quoting lovejoy80
It was fill your boots day but I left my boots at home. I only took 4 trades all day and made 3%, like you said 100% was possible if you were calm had patience and discipline.

Here are some of the setups I missed (but there were so many!). to be honest although I'm disappointed I know days like this will come along again and its just nice to see Pa working out as it should.

The big thing today was that EUR and GBP soared on US bad news. US data has been so bad recently but you'd expect USD to strengthen across the board...flight to safety and...
You're right about the strategy, but you're forgetting that after the fact analysis is always top notch (I know he had all that insight at 50 years or when he talked about his trades, but what was he really thinking at 15-20-25-30 years?) and that he lost his knickers more times than not. Betting all your money and then some on only one trade isn't really the way to go. Mainly because it's not () and secondly because you need very tough guts.

Yesterday I had 6% of my account in a 20p SL trade. Guess what I did when I saw price lingering at +-2p? Of course I closed it at a 2p loss. Trade would have went 20p against me (that same old taking out to the pip) and then 120p on the plus side. I know I can't handle 100% of my account on one trade, can you? (And it's not that that 6% meant a lot of money, but I'm really trying to treat my account as being 50 times more than it is, so I'm looking at the %R, not the actual coffee or bagel that goes down the drain with every trade taken and lost)

That's what he was doing, day in, day out, just that the story he's telling is romantic and full of passion. At the end of the day, with all his analysis and fairness, I still consider him a gambler. A great one, but none the less still a gambler. Well, call him a speculator-gambler.
  • #2,738
  • Jul 1, 2010 5:21pm Jul 1, 2010 5:21pm
Quoting neutro
Hello, sorry for the late response.

It's "Reminiscence of a stock operator". It's available online somewhere, but I can't find the link. Google it, it should show up.

It's not a technical book per se, it's more like a story. But it's one of the most complete trading books I've ever read. You'll need to read it a couple of times to make it sink into your head, but if there's one book I'd recommend to anyone interested in trading, that would be the one. It's got everything from analyzing markets to deep inner thoughts and psychology. Give it...

Thanks guys.

Here some charts they always touch my eyes. by the way lj the thinks i mentioned are they usefull. i should also consider to read bank analysis at the start of the day not the technicall stuff but more the fundamental part to give you a view where they look at. And what i see a bit if you want feedback you do a bit to much it has been told you before bit overtrading you look for to manny setups and watch to much. At the end you miss the good 1s. But that's just my opinion.

ps. If you need some links of some good banks feel free to ask.

You guys good luck aswell tommorow
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur_jpy.jpg Size: 100 KB
Click to Enlarge Name: usd_index30.png Size: 210 KB
  • #2,739
  • Jul 2, 2010 1:01am Jul 2, 2010 1:01am
Quoting neutro
You're right about the strategy, but you're forgetting that after the fact analysis is always top notch (I know he had all that insight at 50 years or when he talked about his trades, but what was he really thinking at 15-20-25-30 years?) and that he lost his knickers more times than not. Betting all your money and then some on only one trade isn't really the way to go. Mainly because it's not () and secondly because you need very tough guts.

Yesterday I had 6% of my account in a 20p SL trade. Guess what I did when I saw price lingering at +-2p?...
My view is that he was very skilled in reading markets but he was a gambler in terms of his psychological mindset. He could lose money and have 100% confidence that he could go back into a bucket shop and start over and build an account back up again from scratch as he knew his market and had a set trading method that he knew worked and gave him a very high win rate...this is because he had spent years reading the tape and studying. This is what gave him the confidence to risk so much per trade, but he did suffer from greed at times and didn't cut losers when he should have etc.

That one trade where he waited and waited for the right opportunity and got in that showed great skills of discipline and patience...how many people could have the confidence in their trading that they could risk all their small account on one trade in order to build it into a big account....that takes guts but a lot of skill too.
  • #2,740
  • Jul 2, 2010 3:38am Jul 2, 2010 3:38am
Quoting lovejoy80
That one trade where he waited and waited for the right opportunity and got in that showed great skills of discipline and patience...how many people could have the confidence in their trading that they could risk all their small account on one trade in order to build it into a big account....that takes guts but a lot of skill too.
Yea that one where the guy told him that he could trade with just 500$ margin and Jesse waited for ages for his first perfect setup to come up for a start and he then made millions out of those 500$.

Whenever i blow an account and standing at 5$-10$,.... i ask myself,

Can i do what Jesse did?????????

It's impossible for me.
3 traders viewing now