THV 4.0 Journal

My second trade I got in on that dip, and I got out at 3677 pretty close to the pip! Was very happy on that one.

Here is my final trade for the day. I bought at 3735, it looked like a good signal with the trend and bouncing off of support small stop loss. Closed out at 3753!

Wish every night could be this smooth lol

Nice trade and great analysis Kosh

Thanks Trade for your input, and next week I'm going to do the market snapshot I was promising before hand so that i can give better insight into my trade decisions.


Tons of thanks to the veterans giving me advice,I'm on the shoulders of giants.

I must say, the feeling of trading and winning is intoxicating. I keep reminding my self I'm down 4.3% on my account, better keep my pants on.

:/

I'm excited to start the trading week. Either way I'll be there wed,thurs,and fri. I hope we all have a great trading week.

So far gone...
I need to vent some emotions. I have been high all week from my good day! Which is good on one hand but on the other hand I feel I need to not get to emotional. I have many trades ahead of me.

As long as I'm aware of it then I believe I can keep my emotions balanced. I feel just such a passion for this trading. I remember some other successful traders I knew told me that when you trade just to trade, because you like the game for the game. They said this helps you become a better trader.

Here I am with a paper account, I'm in the negative, and am starting out from the bottom but I feel at home. I can't wait til the market opens!

I want to make sure I write down how I feel because there will be good and bad days. I want to make sure I can see the difference emotion until eventually I don't feel anything about a particular trade.

I'm looknig at a chart from fx daily, I would have totally got in around 3658 short of course. I'm looking at a plain 5/1m chart tonight so I dont' know what THV would have show but I'm guessing I could of got in here.

LOL FML I hate work, EUR just keeps dropping ><.

We made it all the way to 3600! Sorry I missed that move!

Just some thoughts on my emotion. I've been feeling a strong emotion towards trading. Been dreaming of a new life

Is it okay to tell your self a little lie? Can trading be easy? I am a great trader. This is what I feel in my heart, even if the track record isn't there, I see my self as a great trader. I feel like this is mine to take.

I'm a dreamer, I just know deep down successful traders have to feel this way. How else do you go up against the odds...95% of people in this game lose. You've got to be a little crazy, confident, you've got to see with more than your eyes. I've been in and out of forex, lost money. For some reason in between then and now I have developed this feeling.

I really believe I can make it, however I want to get away from these extremes. I need to get almost bored with trading lol I don't know if that is ever possible.

I know this sounds egotistic or narcisistic, I'm just trying to be honest about my feelings. If anyone feels like they need to give me advice or tell me I'm nuts or that I'm dillusional lol feel free.

This is just a reminder that I have a lot of work ahead of me, and I'll never be done learning. I need to stay humble and get over the excitment and newness. Fx is like a drug.

I'm sure I'll get to eat my words later. The market has a way of humbling people. For better or worse I'm here to stay.

Note:
Please know that I don't actually THINK I'm a great trader. I haven't proven that yet. I just feel like it. Just bridging my emotions for a history on my feelings and thoughts as I run through this path.

Well here is one of my many humbling moments to come. I would have got in at the entry 1.3596 and set my stop. GUESS who didn't look at news today!


I need to make sure and look at news!
Well, I guess I'm not as bad ass as I thought lol.

On to the next one.

I'm going to add this to the first post in this thread. I am gong to up my requirements before going live.

I'm reading this book called Millionaire Traders. One of the gentlemen from Africa who worked very hard and was extremely dedicated to becoming successful. One of the things that he did, was demo or paper trading until he doubled his account three times.

Doubled it each period? In other words, if he started with 1000, the outcome would be 1000 * (2^3) = 8000, or an 800% gain.

That is either going to require

1) Exceptional talent and consistency
2) A very long time
3) Poor money management and luck

I'm going to read that chapter now to see if I can understand where he is coming from!

I think it took him 4 months to triple his account. Lol do you think I'm aiming to high? Should I just stick with 20% as my goal. You never know they could just be full of it with the book.


So...

I woke up late today but doesn't look like I'm missing much.
The US session had a nice move from 3550 to 3450.
My analysis chart from THV, I added a 200sma(close) and 60ema(close).

I'm not seeing any trade opportunities at the moment. I am watching the 1.3550 to 1.3570 level to take a short if price retraces and gives a short setup.

So trade plan will be if price can retrace to the 1hr 60ema/pivot/resistance level of 1.3550-1.3570 then I will look for a short setup on THV and my other charts.

Note: On the daily chart the 200SMA is right on the 3500 level and is currently acting as support. If we don't retrace to 3550 but if we break the at 1.3500 level and it seems there is momentum.

To be honest the 5m chart looks like crap. the 15m looks range bound and slightly heading up like it's going to retrace so that's the best conclusion I can draw at this moment. I'm also hoping to see us get over sold around that price level for more confluence.

Right now I'm in the NO TRADE ZONE.

Because the 5m chart looks like a bomb hit it I think I'm going to watch 15m until my setup starts to form. It is a 60-70 pip range, the candles are huge and it makes my brain hurt. I think If I stick with the 15m chart, once we get movement the 5m chart might clear up a bit.

Emotions:
Realizing that the market will not always make sense. When we had momentum and the market was trending, it seemed a bit easier to pick setups. Because the charts aren't making sense to me tonight I'm going to wait and see if price flows into the setup I see in my head. I really just want to watch what the market does tonight, I feel like this is one of those times I have to look at my emotions and tell my self that I shouldn't trade. Because I have no good reason to.

I'm really trying to use all of the time frames, the range, all the indicators, my ema/sma on different time frames, and finding confluence between the charts and indicators to help give me an overall picture of where I feel the market is at, what my position is at the moment.

Well I kind of screwed my self up tonight. I had an impulsive entry. I was watching the chart and the Trix had already crossed a couple candles back to go short. I thought I saw price starting to take off with out me so I though to my self okay! I better get in on this move.

I set my entry was 3481 my tp was 3478 and my sl was 3494. If I had of just let this guy run it would have hit my TP. The trade got up to 9 pips but retreated on me, price came back down again but when it started to stall I pulled out because I didn't want to take a loss.

Then price proceeded to fall another 18 pips past my TP. Entry was bad today

I hope the lord can help me

I've been breaking my rules since yesterday and have lost quite a bit. I've been looking at a plain chart and have been seeing what I think are opportunities.Thinking I knowbetter than my system.

I need to just stick to my rules. It's just so hard when I think the market is going one way, I need to get back to being patient and following the rules.

Kush, do you have a trading plan, like on a Word document?

I recognise the feeling of deviating from your system and trying to second guess the market, I've found it really helps to have a hard copy of your trading plan next to you at all times, and the moment the idea to trade pops into your head, consult it. Does the trade meet your entry criteria ? IF not, step aside and wait for another signal. If it is ambiguous, for example the trade has moved 5 pips from your entry, then don't trade it and build a rule for it into your trading plan.

The only way you'll be successful is by being consistent to your system. If you're still losing, then at least you can say your system is the problem, rather than your emotions.

I did not have a hard copy of my trade plan. I was looking at the market naked on another chart and started getting the idea my system was missing opportunities and it just started unraveling from there.

Next week I'll do more preperation with my trade plan before I trade. One thing I was wondering about. As far as my trading goals. What's a good amount of pips to aim for for the night? I already mentioned I want to take three trades maximum, but what should my pip total for the night be?

My fear is if it's too low then I'll be hurting my self, if it's to high then obviously I'm trading more and taking on more risk.

Is 20 pips a night to much?

We have a new trading week ahead of us. Last week was a learning experience. The market can be very intising, looking at other charts I feel I just know better than my system at times.

This is one of the illures of trading. I think that when I watch price action my imagination can runaway with me. I wanted to make pips so bad I started seeing things that weren't there, and ended up trying to reinvent the wheel.

The whole point of using a system was to keep me out of trades. If I'm going to experiment and create my own way, I can do that, but if I'm giong to use the THV system then I really need to use it.

I promised my self early on I would do this right. So this week, I'm calming down. I'm not going to rush anything and I'm only going to trake trades that fall inline with my trade plan.

Psychology -
Last week I feel my downfall was seeing that this is attainable. The feeling of winning running through my mind got me over excited and pushed me to want to try and take steps to get me closer to my dream, which caused me to make bad trade decisions of course. What I learned about last week was, even though I have a strong desire to succeed, I need to take this one day at a time.

I'm not going to get there overnight. I'm not going to be this trader who just kills the shit out of the market every week. That is how I felt last week, I let my desire to reach success cloud my judgement and guide my emotions. GREED.

Even tho it may not be as "sexy". I'm going to follow my trade plan so that I don't get in trouble and so that I am building a solid foundation for my trading future.

I wish you the best. I know what you go through. I think most traders had/have similar experiences. We run against our nature. Nobody wants to lose and get rich quick but we learn the hard way that that takes time and effort.

Trading can be very alluring. I look at the charts sometimes and In my head I start to get trading ideas that I think are good but really my ego is just trying to convince my self I'm the Keanu Reeves of trading or something lol

It's an uphill battle. I'm learning slowly that I'm never going to be "the man" and just own the market, EVEN though I may "feel" that way. Feelings can be deceiving, that's why pros trade what they know works or they have rules. I feel like it's to stop them from getting the Keanu Reeves syndrome

Lol, I've calmed down a bit from the other nights. It's funny how losing can bring some clarity and put things in perspective. edmturk, I really appreciate the support...helps people like me going

BTW I'm taking this week off for trading, we've got a ton of family stuff this week. Will be back next Tues

I understand what you experience. I just took losses which were a day's profit. All the days work went up in the air. Anyway, you win and lose in this game and i hope you stay on the winning side. Enjoy your time with family that is the most important in your life.