My 30 pips Daily and my 45% Weekly Journal

I spent the better part of the Asian session going through FF and I have to say I am impressed. FF has to the best Forex Forum. I noticed that many people put their system into PDF. Probably there are other people who trade this system but I plan on putting on PDF if I ever get to $200k. If I never, then I don't think my system deserves to be out there.

If I do however, then I would consider going through this thread, at that time, and picking all important lessons, inputs, processes and trades and compiling an easy to use guide of this system. I have actually put that down as one of my objectives in the next 2 years.

Back to today. I am still short the EU, no trading opportunities yet today. Im just watching the markets.

In my article On Being a Chartist, I argue that as a rule, Chartists don't care for the fundamentals. Do you believe a chartist has no business looking at the economic calendar?

Nothing beats sitting down and looking at the charts and doing nothing, in a negative way that is.

I just looked at the image I posted above and made two observations:

 

1. The stochs went above 50 and came back down
2. Price went back into the Bands and out again.
3. Question is, can this be traded? I will be looking at historical data and making a decision. This is because, in a trending market where price is unable to reach the BB MA, I might be unable to make my 30 pips.

I have noticed some white dotte lines on your chart. Are these entry points?

The trend is clearly down. My short trade is just around +200 pips. As I stated earlier, i'm looking at 1.335 next. I'm also looking for opportunities to short the EU.

Yes, these are entry points. I trade a 5m strategy that uses fractal breaks with stochastic agreement. I applied this to the 30m chart.

I don't know why but I closed my short trade minutes before 0200hrs today. I ended up with +280 pips on that trade. I also entered long the pair on a small lot for confirmation purposes. I expect a bounce on 1.345. I'm still bearish on the pair looking for 1.335. I will either go long or short once the 30 min charts confirm existence of such a trend. In fact, i plan on going short if the 15 min TF gives a clear signal.

I have made 99% of my account so far this week. I hope I don't give back what I've already made.


Green pips everyone!

I want Forex to make me rich. I dont know how much you guys can allow your broker's to handle for you but Im sure with $100k, I can manage very well the way I explained here

A Slight Change of Plans

October 25, 2010 by Ian Leave a Comment

In light of the current run of events and a serious talk I had with a successful trader, i have decided to close the PAMM Account. In essence, i will not accept any funds into that account from anyone.
I do not have any intentions to trade for other people. I am starting to feel that my trading will cater for all my living expenses. This blog is not commercial. It is a sharing point. i will NOT sell anything to anyone.
My posts here and on ForexFactory are simply educational in nature while the rest are records of my trading.
My trading activities are my sole source of income.

Now you are putting forward the notion of high risk trading with other peoples money just after you had a small error which cost you a huge whipsaw on your equity graph. Mate I am a follower of this thread and you because you risk your OWN money in a manner that suits YOU. Dont go being one of the these uber unrealist that cost people more than just money. High risk yielding trades have there drawbacks, you can testify to that and there is no risk for you when you take on other peoples money to trade with.

RT

Im looking at 1.325 now. Its quite a significant area with a break below there looking at 1.26. Im however still cautious of 1.33 psychological level but The bearish sentiment is still very strong

A lot has changed in one month! Please read the most recent post to the end. It is a very personal choice. Yes, due to my trading a 60% drawdown is not unheard of but I know what I'm doing. Time should prove that. People around me, who see me trading from day to day are better placed to give me that chance because they sit with me and see me make trades. They understand the risks too. Most of you online will be weary I'm sure, but I hope my performance over time wins you over. Maybe by then I'll be running several $100,000 dollar accounts.

If the risk is too much, its up to you to not try it out. I'm just offering an option where there is no obligation on anyone. I'd be happy for people to just follow this thread,learn along with me, get to see what it takes to be a consistently successful trader and help me in the quest to be one of the best, like you are, and at the same time achieve the same success concurrently. Thanks for pointing that out though!

I see you haven't updated your trading journal in three weeks. I hope you are still trading and I hope to see more of those. Since I cant post there, I'll be posting replies to your journal here if you don't mind. I like your set-ups.

I exited the Long with 15 pips, put on a short order of one standard lot and went to bed. I have woken up now and I'm up +85 pips on that trade. We have broken below my targets of 1.335 and now i'm looking for a break below 1.325 now. Below that Id probably look for 1.2626.

The short was triggered by a continuation signal on the 15 min chart.

I would have sent this as a PM but hell I will put it here. I gave you a vouch because you stick by your guns. You have proved here, live and on your blog that you have a set of brass balls that seems comfortable with the high risk element. I have read a few books over the past 5 years written or based on traders who make unbelievable results and there methods whilst probably helped with favourable conditions, would not have arrived through normal 20-30% compounded results year after year, that is unless of course they had a decent starting capital which none of them did.

While I dont like the commercial side of things mainly because your not offering an eduction as much as just throwing the balls to the wall and trading like hell and increasing accounts but that is what works for you and provided you dont get someone come along with what they cannot afford to loose hoping that you will be there messiah and you screw it up then hell go for it. At the end of the day there are plenty of people who throw money away at nothing and if there is a chance you could help build something out of nothing for them then best of luck.

I would love to be able to trade with the same mentality, I have tried before but emotions get the better of me and I am looking for the consistant results that will give me a firm emotional and trusting footing to be able to trade larger capital reserves.

Best of luck with the southern movement on the EUR. Strong candles down with small and weak bullish attempts are helping the slide.

RT

My trades are all laid bare here on FF. Everyone can see every single trade I make. That's the way I want it. I want to be able to come back later and evaluate my trades and see where I went right or wrong. I want someone else to see my entry points and my exit points. I will not advocate for high leverage on anyone. As I have always insisted, that's a very personal matter.

I want to help others here. Commercial interests for me come last. I want to help others. I have always been a captain of one thing or another through primary and secondary school. In university, due to my trading and other businesses, i decided to not vie for any posts. However, i know from experience, that you learn more by teaching others. You consolidate your knowledge and skills by passing them on. Being captain of Mathematics, Science, Debate and other groups helped me get A's in my final exams.

As jag1966 said,

It really is up to you. I'm sure most people will watch this thread for years to come and will appreciate the effort. I'm sure I'm one of those people who will really appreciate the value of this thread in a couple of years.

BTW, thank you jag1966 and Razor for your vouches. Appreciated.

My Overall Performance Over The Last Four Years is the most recent post I put up. Read it and see where I'm coming from.

At some point in trading, we start to think that maybe its the market, or the system and that's why we are losing. IMHO, its rarely a case of the market or the system. Its mostly a case of you, the trader. As my signature reads, the trader is the weakest link in any trading methodology.

I think that over 50% of the systems out there would make money in the long run. Here on FF, its closer to 75% or so I think. The reason you find yourself losing consistently is because YOU didn't follow the system(market).

How then do we make sure we don't get in our own way when trading? How do we act in our best interest? I have a few pointers of my own from my experience:

 

1. Patience. This is the hardest virtue for any trader to master. First, staying out of the markets when you should. Just sitting there (or here in my case) and watching the markets go down, down, down, down and further down can be frustrating when you are not short. You feel you are an opportunity. But my friend,if your system tells you to stay out, you had better.
2. Another problem arises when taking profits and losses. Its amazing how much we are willing to hold on to a loss but cant wait 2 hours before cashing in profits. Patience for me, can make or break a trader.
3. Listening to others and following blind advice. If you really want to be profitable, let the decision to take a trade be yours. Yes, listen and hear. But let the analysis be sound enough for you to click that red/blue button.
4. Have objectives. For me, this is a huge part of success. IMO, trading without objectives is as useless as going thru college without a career in mind. One of the traders here on FF has his objectives as being to beat the normal bank rates of 8% per year.

I was in a bit of typing mood today so i just let it out!

Green pipping everyone

I have just gone Long the EURUSD based on the BB Stochs stystem. tartget is Daily Pivot Point.. It is a counter-trend system

Entry Long @ 1.3405
SL @1.334 (65 pips)
TP @ 1.3455 (50 pips)

I like your braveness but that was a counter trend trade you took which is very risk according to my own analysis. When you look at the daily TF the trend is down. I wish you could be taking only trades with the trend. You also bought at resistance point as per your chart.
Regards.

I see you have noted that! The price is in a Sell area and I should be taking short trades. That is a very good observation .

In order to reduce the risk, I will be using half the leverage on counter-trend trades.

That being said, notice that my system has given a buy signal. Price is above the BB MA and stochs are above 50. A 30 pips move is therefore expected. If it does not materialize, then I will reverse immediately because the market will have confirmed resumption of trend.

Thank you for that analysis. Seems you are quite good at S&R and PA.

Price took my SL and I have resumed my short trades. Here is the statement;

http://machiavelly7.mt4stats.com

Hi Machiavelli,
Yes PA is the backbone of my trading and i have mastered it well. I am also very happy that my accounts are growing. That article you have put(Its Not The System or The Market) is fantastic,especially patience, which most people lack and that is what blows accounts. This week i watched my colleague at work who was fighting the market saying that the market has taken her money. I usually say that losing is part of trading and succeess if you analysed the market very well and had reasons of putting the trade. When i lose these days i dont say that i want to see the account where it was no no no, i just wait for another good setup coz i know that it has to go back to where it was. If you have not learned PA try to learn it and you will see how your trading will be easier. PA is a strategy which needs to complement your system.
Regards.

I thought i was the only one who has gone through the same experience. Keep it up you are almost there. THIS BUSINESS NEEDS PEOPLE LIKE YOU WHOSE MOTTO IS NEVER QUIT,FORWARD EVER TILL I GET THERE.
Bravo man.