Strat's Long Term Stress Free Trading

Soso,
Thanks for your explanation but do you think this a low risk entry and are you feeling stress free?
Cheers, Kalvin

You state price is testing R, you never enter when price is near a significant S/R level, you watch for PA around these levels and importantly a confirmation.
Do not ask if it is a good time to short you have to learn the path and it will show you!

Well by my standards it is stress free. FOR ME. There's too many things that stand out for this trade, again, FOR ME.

Ok, more details... I posted my views on BB here's for Worker. The defence of 1.35 is visible here too. The icing of the cake was the break AND CLOSE below the bullish trendline.

Might not be enough for others... Or it might turn out to be a loser (I rarely have a month with with more than 50% winners - not counting breakevens).

The Story of the three wells.

Got in at the break of Friday's Bearish candle . Took half at sup (1.3315) and brought the sl to BE. That's all i expect from this one..

OK I see your SR lines, but still find it hard to ignore the obvious recent S in the way of any entry now that would just run into that S, not enough stress free for me at my level if expertise. I agree with the direction you are looking in for a trade, and when it goes, like always, this baby moves big and quick

Did you enter your trade? do tell.

Larry

No sir I didn't enter. Didn't like the fact that it closed above my line. My first target tho would have been 128.50 tho, and my stops would have been moved to BE on the other 2.
Notice that today is throwing out a nice BEEB, but over 12 hrs to go before the close on my platform.

Every trade I place now is stress free due to the fact I have a plan and trade that plan to the letter. May not always win but it doesn't ruffle my feathers.

Guys, thin market. Professionals don't trade on holidays. Practice DISCIPLINE DISCIPLINE DISCIPLINE, if you wish to be professional some days.

ALL:

This is ONE of the MANY reasons why Patrick is my STAR STUDENT

I know that it is a holiday in the USA, but that is not the world my friends, and there was plenty of action in the asian and eur sessions.

As an example see the action on cable during the eur session, somebody was at work!

Larry

London OWNS GBPUSD - there will always be GBPUSD action when London is trading BUT you only have half the story. We want the COMBINED movements of London & NY.

All London did today was slide it up and down between narrow S and R which, unless you are a crash and burn short time frame trader, is of no use to us.

But there again, Larry, you could know better than me, I'm just an average Joe.

Hello Activer

Strat will not advise you on if it is a good time to go short or not, you need to do your homework and decide for yourself.

my comments are as follows:
SL: the high of the last swing , 1.2930
1.on the worker the swing high is not yet confirmed.
2. price action?
3.Confusion / indecision yes, controling bar on Boss for 8/8/10 yet as you state on the worker the price has crossed the 20 and 50. The Big boss tell the boss what to do and the Boss tells the worker. what do you see?
4. what is the angle of the Ma's? (momentum)
5. BB 20 acting as resistance.

I hope this helps you
Frank

Hi Kalvind,
For me if the price of the next bar(s) to the controlling candle has gone higher or lower then the controlling candle's high or low whether it closed or open higher or lower then controlling candle has lost its control. May be not good form some but enough for me.

And for the Boss side ways mean one can trade buy or sell at top or bottom of the range. So in this EURCAD's case all three are aligned for me.

Good to see you keep an aye on all the controlling candles.

Looks like this buddy wants to come down to 156.

I would like to share a story of how our mental approach to trading can be our " Best Friend" and also our " Worst Enemy".

During the past 5 months, since studying Strat's method, I felt that I finally reached a level in trading, where " I " was in control.
I thought " This is It ", I understand how to trade PASR, I understand Money Management and I understand how to control the " Little Men".

With the equity curve in my account growing consistently now, I must be a Pro... Afterall 3 losing trades out of the last 20 tells me I must have reached that "Pro Status".

I am now feeling very confident, and with my level of understanding and success, surely risking a little more wont hurt! So just for the next few trades, I'll raise the stakes to 4%.
Alright!, I see the next set-up, everything looks good. I'll set my order and check it in the morning. The next morning, my S/L was hit.

This is just one of those losing trades, I thought. Everybody has losing trades, its part of this business. So, onto the next trade.
OK! Here's another one, my order is set, and I'll check it in the morning. The next morning, price went near my S/L but didn't hit it, and looked like it was headed back in my direction. OK, things are looking good, when I get home tonight, it should be in the positive.

When I got home that night, my S/L was hit again. Oh well, it does happen, 2 losers in a row. No worries!
But the same happened again, S/L hit !

By that time " getting back at the market" was the order of the day. Onto shorter time frames I go, to get the money back , that the market took from me. It took me a long time to get that money, and I'm gonna get it back " right now".

By this time, I had completely lost focus of PASR and Money Management.The "Plan" was gone, the "Little Men" had total control. I watched my account drop like a rock! 40% was gone, history, all within a couple of weeks.

Everything you can imagine was going through my head. I felt anger, depressed, and disappointed in myself. I coulnd't beleive what I had just done! I shut down my computer with thoughts of quitting, and walked away.

Thats how things stayed until recently. I still thought about the business of trading, but after a few days, I started thinking logically again.
I sat down one night and started analyzing what went wrong.

It all started with my confidence level. I felt over confident, bigger than the market, which led to "Greed". I wanted more. This is when things started to unravel.
When " getting more" didn't happen, Fear and Anger set in, which completely clouded any good judgement. Things were going down fast, I just couldn't see it!

Not only did I lose focus of Money Management, but I lost focus of the very basis of this method. " Price Action at Support and Resistance".
What an Idiot I was. I actually started laughing to myself about it.

So, here I am today with a fresh, clear mind, and a very different respect for the "Market" and the " Little Men" in my head. They can be you're " Best Friend" if you keep them on your side, but can be you're "Worst Enemy" if they're not on your side.

This is by far, the most difficult business I have ever been involved with, but I have never been a quitter, and I wont be a quitter now!

This is what the heading on my plan is today in BIG and BOLD letters.

" DONT BE STUPID, FOLLOW YOUR PLAN".

I also put up this same sign, but a lot bigger on the wall above my PC.

This story might be familiar to some, and not familiar to others, but if anything can be taken from this, its... The Markets are bigger than we are, and if you beleive you are bigger than the Market, eventually the " Little People" will get you!

Tom

[quote=GibsonL6;4002998]I would like to share a story.....

Hi Tom,

Thanks for sharing your struggles with us, it can help others as well as yourself.
It seems we all have to go through the same trials to reach the ultimate goal of being profitable. Over all it sounds as if you are doing well and I'm sure you will be back on track soon, We all fight the same Gremlins!


Still Studying,
Poncho

Thanks for sharing....this is a great reminder to all of us. And great to hear you didnt quit !!
When I think back to when I first looked at a forex chart - I had no idea what an epic journey this would be, and how important the mental side of trading is. And the learning will never end............

Tom,

Thanks a lot for sharing.
After a miserable August, I am feeling angry, depressed and disappointed myself.

I think the anger is due to continuing to make losses in spite of 'getting' the Plan. You may find this hard to believe but when I read the part about 3 losses in 20 trades, I envied you!

This job requires both tenacity and humility. Stay the course, I'm right behind you.

A valid reminder to us all.

Hi Tom,
Thanks for sharing your little people. It is a good lesson for all of us how easily Gremlins and Demons can overtake our decision making power.
I myself has not found a good set-up on DAILY in last two weeks and have therefore no trade and as Strat says " We can only take what market gives us". Still waiting for the majors to sort out before we see right set-up, in the meantime working to convince my little people that the markets are not our friends and be careful when you trade.
Cheers