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The IGROK files - Adventures of a rookie using the Igrok method

  • #221
  • Aug 11, 2010 3:05am Aug 11, 2010 3:05am
Quoting FxChi
Excellent results for the week. Make sure not to give any of your gains back now.

I'm busy retrading in the Matrix. Quite a tedious process but definitely picking up quite a few things and all without the ADR indicator. In any case, hope you keep trading well....nice to see people making trading successfully.
Thanks bro. Keep up the hard work and dedication, it all pays off in the end. I'm slowly starting to see my hard work paying off, but still much to learn and experiance. The key will be getting good trades/results consistantly week on week, month on month. Then I can say "I'm almost ready"
  • #222
  • Aug 12, 2010 3:57am Aug 12, 2010 3:57am
Greetings my fellow traders,

Entered short on EU using a 20.2, as a comb formation appeared on the hourly charts. The main move for today is up, although I have gone short based on the heavy selling activity of the past few days.

Attached Image (click to enlarge)
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I've accidentally risked more than I normally would, SL is 25 pips but risk is 5%. Yes, wasn't concentrating when placing the orders because I didn't leave enough time to plan properly. I'll be moving my stops to BE as soon as reasonably possible.

Peace
  • #223
  • Aug 12, 2010 4:57am Aug 12, 2010 4:57am
Quoting niteshift02
Greetings my fellow traders,

Entered short on EU using a 20.2, as a comb formation appeared on the hourly charts. The main move for today is up, although I have gone short based on the heavy selling activity of the past few days.

Attachment

I've accidentally risked more than I normally would, SL is 25 pips but risk is 5%. Yes, wasn't concentrating when placing the orders because I didn't leave enough time to plan properly. I'll be moving my stops to BE as soon as reasonably possible.

Peace
+25 pips locked in on one lot, BE on the other. Let's see how far the selling can go today. Bears have been on the rampage son!

Attached Image (click to enlarge)
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  • #224
  • Aug 12, 2010 7:42am Aug 12, 2010 7:42am
Quoting niteshift02
+25 pips locked in on one lot, BE on the other. Let's see how far the selling can go today. Bears have been on the rampage son!

Attachment
Is it time to cash out? Price has brushed 38 fib level on daily chart, and this may lead to buyers coming out. The question now is are there enough buyers to force price to reverse? Or will the fundamentals stop people from buying? USDX is still up, maybe there's enough bears to push price down past the 38 fib level. I got +50 pips locked in one lot just in case we get a bull rally.

Attached Image (click to enlarge)
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  • #225
  • Aug 12, 2010 8:34am Aug 12, 2010 8:34am
Quoting niteshift02
Is it time to cash out? Price has brushed 38 fib level on daily chart, and this may lead to buyers coming out. The question now is are there enough buyers to force price to reverse? Or will the fundamentals stop people from buying? USDX is still up, maybe there's enough bears to push price down past the 38 fib level. I got +50 pips locked in one lot just in case we get a bull rally.

Attachment
Both positions closed for +50 pips each, a combined gain of +10% on initial account size. Shame I couldn't catch more of the initial down move, but can't complain, a winner is a winner whatever the size.

Now let's see what happens in the NY session, bulls or bears? Will the 38 fib prove to be good support?

Attached Image (click to enlarge)
Click to Enlarge Name: 12 aug eu 20.2.2.gif Size: 21 KB


Peace and good trading to you all
  • #226
  • Aug 12, 2010 8:41am Aug 12, 2010 8:41am
Quoting niteshift02
Both positions closed for +50 pips each, a combined gain of +10% on initial account size. Shame I couldn't catch more of the initial down move, but can't complain, a winner is a winner whatever the size.

Now let's see what happens in the NY session, bulls or bears? Will the 38 fib prove to be good support?

Attachment

Peace and good trading to you all
It's 61.8 to be exact that's also today ADR, so you had a clue to take your profits at the precise bottom.
  • #227
  • Aug 12, 2010 12:02pm Aug 12, 2010 12:02pm
Quoting belekas
It's 61.8 to be exact that's also today ADR, so you had a clue to take your profits at the precise bottom.
Yes, 61.8 is correct if doing fib from bottom of trend to the top, thanks for the correction. I was running my fib line the other way, tired day at the office makes for sloppy mistakes
  • #228
  • Aug 12, 2010 12:12pm Aug 12, 2010 12:12pm
Quoting niteshift02
Yes, 61.8 is correct if doing fib from bottom of trend to the top, thanks for the correction. I was running my fib line the other way, tired day at the office makes for sloppy mistakes
0% - start of trend / 100% end of trend. Simple.
  • #229
  • Aug 12, 2010 12:25pm Aug 12, 2010 12:25pm
Quoting belekas
0% - start of trend / 100% end of trend. Simple.
Thanks. I'm aware of how it should work, I made a simple mistake is all.
  • #230
  • Aug 12, 2010 3:44pm Aug 12, 2010 3:44pm
Quoting niteshift02
Thanks. I'm aware of how it should work, I made a simple mistake is all.
Np.
  • #231
  • Aug 12, 2010 4:30pm Aug 12, 2010 4:30pm
Quoting belekas
It's 61.8 to be exact that's also today ADR, so you had a clue to take your profits at the precise bottom.
Going back to Belekas advice earlier, for my own future referance:

Attached Image (click to enlarge)
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If I'd paid a bit more attention I could have doubled my profits for today with ease. Anyway, another useful lesson learned. Thanks to Belekas for pointing this out.

Now can the euro continue back on its original uptrend? Time will tell...
  • #232
  • Aug 13, 2010 12:40am Aug 13, 2010 12:40am
Good to see you're doing well man. I can't wait to get started in the markets as I've been sitting silently on these forums for quite an extended period of time. At the moment work commitments are keeping me busy but early next year I'm dedicating at least 6 months to trading and will see how it goes. It's always nice to see another 'rookie' doing well and I enjoy your break down of why you choose each trade. I always think the reasons why are more useful than whether they were ultimately successful or not.
Maybe money can't buy happiness, but it can give you freedom.
  • #233
  • Aug 13, 2010 9:49am Aug 13, 2010 9:49am
Quoting pipdreamer
Good to see you're doing well man. I can't wait to get started in the markets as I've been sitting silently on these forums for quite an extended period of time. At the moment work commitments are keeping me busy but early next year I'm dedicating at least 6 months to trading and will see how it goes. It's always nice to see another 'rookie' doing well and I enjoy your break down of why you choose each trade. I always think the reasons why are more useful than whether they were ultimately successful or not.
Hi pipdreamer,

Thanks for dropping by, I'm glad you're finding my thread useful and hopefully inspiring. You're exactly right when you say the reasons why I took a trade are ultimately more useful than wether they succeed or not, I think it was very important for me to document each trade I took. Over the short period of time I've been journaling my adventures, I believe I've greatly improved in my selection of trade setups, and I'm hoping others such as yourself can benefit from my winners and losers

Of course it also helps to ask questions and to get back first class advice from the more experienced traders here at Forex Factory, so props to Belekas, Mr.C, aediaz, FXChi, songbo, and everyone else who has helped me over the past few months to get me going in the right direction.

Hopefully we are showing the world that when implemented correctly, the Igrok method is the most consistent, high probability method in Forex today. All the best in your forex ventures pipdreamer, I hope to see you doing well in your own journal one day soon .

Peace
  • #234
  • Aug 13, 2010 10:39pm Aug 13, 2010 10:39pm
Quoting niteshift02
Hi pipdreamer,

Thanks for dropping by, I'm glad you're finding my thread useful and hopefully inspiring. You're exactly right when you say the reasons why I took a trade are ultimately more useful than wether they succeed or not, I think it was very important for me to document each trade I took. Over the short period of time I've been journaling my adventures, I believe I've...
Hey Niteshift,

cheers for the reply. Much respect to your attitude and your commendable aspirations to help other traders. Your trading journal is proving to be interesting reading for me and it's great to see people like Belekas are taking the time to post here as well. Obviously him and Aediaz are people who have made this method work very well for them and it's great to see that they are willing to help others. I have no doubt all of their contributions to the Igrok thread among others will help me greatly when I actually get into the market.

I agree that the Igrok method is great, but other methods must work too or else there wouldn't be threads like James16's, Bobokus' and Strat's. I just found that because I read the book long before I found these forums that the Igrok method made perfect sense to me. Particularly his philosophical break down of how he came to the method in the first place and how to treat the market. I still believe that one can fail using the method though as really all it does is give you the mindset and tools to succeed in the market. The individual trader has to bring all these together and make it successful and so far I'm happy to see that you appear to be doing that.

I too would like the whole world to profit from Forex, but unfortunately that's not the way the world or markets work. As Igrok himself has said many times, the moment a majority start doing the same thing then that thing fails. Lets hope it stays a fairly small grouping hey?
Maybe money can't buy happiness, but it can give you freedom.
  • #235
  • Aug 14, 2010 5:53am Aug 14, 2010 5:53am
Quoting pipdreamer
Hey Niteshift,

cheers for the reply. Much respect to your attitude and your commendable aspirations to help other traders. Your trading journal is proving to be interesting reading for me and it's great to see people like Belekas are taking the time to post here as well. Obviously him and Aediaz are people who have made this method work very well for them and it's great to see that they are willing to help others. I have no doubt all of their contributions to the Igrok thread among others will help me greatly when I actually get into the market....
Hi pipdreamer,

Yeah, you're right, there are other systems out there that obviously work for a lot of people, and I wasn't meaning to dismiss them at all. But for me, the Igrok method is more a complete method as it covers a wide array of trading signals and concepts, and so the opportunity to find these signals and enter trades is more improved for us. On the other hand you are absolutely right when you say you can still fail with the method, the early trades documented in my journal are proof to that LOL

My improvement as a trader has only come about partly from the advice of people here at FF, and partly from actual experience day in and day out in the market. From getting up early in the morning and joining the boys at the start of the European session/end of Asian session, to the bell ringing at the London open, you'll begin to notice how PA starts moving, the main moves of the day are decided, and who will eventually win the battle of the day: bulls or bears?

Everyone has there own style of TA and deciding whether to enter a trade or not. What makes me different from when I started the journal, to now, is how I look at potential trade setups: does the trade have a high probability of success? What factors make a trade highly probable? Is it in the direction of long to mid term trend? If counter trend trade, is there enough evidence in the PA or other signals to justify it?..and so on. Basically you'll eventually find what works for you and what doesn't, and also what your risk tolerance is like.
In any case, I'm still fine tuning myself, you'll always come across situations which you've never experienced before, win or loss, make sure you take a lesson from it.

As I've said before, the proof of success is consistency, so eventually time will tell if I've been on a very lucky streak for the last 5 weeks, or I actually know what I'm doing...LOL

Maybe you're right, probably best to keep this a small group eh? Definitely don't want to be part of the other 95% that don't succeed in Forex

Peace
  • #236
  • Aug 14, 2010 6:10am Aug 14, 2010 6:10am
Greetings to you all my fellow Igrok traders,

This week has been fantastic for me, EURUSD has literally been like a cash machine! The week started off with a counter trend trade that eventually yielded +170 pips, so definitely my killer KO trade of the week, followed by a winner on Cable, and a few days later another winner on EU.

I don't believe that every week can be like this, mainly because the sell off on EU was massive and lasted a few days, and this was clearly an exceptional week for that pair. But at least I managed to take advantage of it.

This is the fifth week in a row that I'm in profit, and for this week I've achieved a massive 24.5% increase on my initial account size, my best performance to date. Whether or not I can repeat such a feat remains to be seen, I think how much you make can only come down down to what opportunities the market gives you. Let's hope the market continues to be in a giving mood next week

With that, I wish you all a pleasant weekend, and may you have good trades for next week.

Peace
  • #237
  • Aug 14, 2010 8:38am Aug 14, 2010 8:38am
Quoting niteshift02
...My improvement as a trader has only come about partly from the advice of people here at FF, and partly from actual experience day in and day out in the market...
imho, there is no substitute.
with/without external help, (self-)experience will be a major factor, just like in any life endeavor.

Sir!
  • #238
  • Aug 14, 2010 9:52am Aug 14, 2010 9:52am
Quoting supremeChaos
imho, there is no substitute.
with/without external help, (self-)experience will be a major factor, just like in any life endeavor.

Sir!
Well said sir, well said
  • #239
  • Aug 16, 2010 7:17am Aug 16, 2010 7:17am
Thanks for taking the time to reply. Have a good week mate.
Maybe money can't buy happiness, but it can give you freedom.
  • #240
  • Aug 16, 2010 10:49pm Aug 16, 2010 10:49pm
Hi niteshift02, I just want a say congrat again for another great week. Very impressive, especially how you held that e/u short for two days I think. Wish you another great one.
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