My 60 day challenge (Yes i know another hero...) | Page 5 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Another Day, Another Chair, Another Day in the Office 203 replies

from $300 to $1mln using M1 timeframe - another online hero 60 replies

Hero for the coming week 109 replies

Zero to Hero - £250 to £2500 in one week 7 replies

another day another challenge. indicatorCounted() 6 replies

Attachments: My 60 day challenge (Yes i know another hero...)
Exit Attachments

My 60 day challenge (Yes i know another hero...)

  • #81
  • Nov 28, 2010 5:25am Nov 28, 2010 5:25am
Well done ! i like the way you recover after big losses, just work on how to lose and you'll be just fine

Keep it up mate .
  • #82
  • Nov 29, 2010 12:37pm Nov 29, 2010 12:37pm
Hi,

Results of day 46.

My first entries on trades were not good today. Had to add second trades to get a profit or BE. Probably thinking too much. Overall profit is ok.
Attached Image (click to enlarge)
Click to Enlarge Name: Challenge Day 46 acc.png Size: 37 KB
  • #83
  • Nov 29, 2010 12:58pm Nov 29, 2010 12:58pm
msiamd,
It's an interesting thread you got going on here. Congratulations on the results so far! It reminds me of myself in June-July this year. For me, it didn't end well because I had a lot of psychological baggage that I had to work through (I'm better know). I hope you've been able to tame your inner greed and can keep on going until the end without a nasty drawdown. You know, you can still do it. I mean reach your original goal of 10k by the end of the 60th day. You would have to make 15.65% a day each day until the end, though [1-(14th root of (10000/1306))].

One piece of advice. Since you've had visits from the greed monster, I would assume that you have also had visits from other unpleasant characters that lurk the human mind. What I did was write down those things and later tried to work out what could be done differently. For example I overcame the greed monster by setting a very specific target that is not to be violated (in addition to the % goal I have a 'stop trading' %). Returns like yours are enough to make you feel like a trading god (at least temporarily) so keep working on that psychology. There are books out there to help you but an awful lot you're going to have work out on your own.
If you don't risk, you don't ever have to lose.
  • #84
  • Nov 29, 2010 1:26pm Nov 29, 2010 1:26pm
Quoting bug
msiamd,
It's an interesting thread you got going on here. Congratulations on the results so far!...
Thnx for your support and advise.

Well 15.65% each day is maybe possible but i have a daily goal of 10%.
Today was more because i had a day off from work. $10.000 would be nice to reach after 60 days. But to avoid to be a victim of the greed monster i will aim for 10%.
The remaining days of the challenge i will try to train my mind, to avoid stupid things like letting losses run to far, and try to be more patient, to get a better entry.

Regards
  • #85
  • Nov 29, 2010 1:55pm Nov 29, 2010 1:55pm
Alright, good luck.
If you don't risk, you don't ever have to lose.
  • #86
  • Dec 1, 2010 3:52am Dec 1, 2010 3:52am
Hi,

Well day 47 started ok, but ended in a big loss again. I know what i did wrong, but it is amazing to see how your mind is mixed up when you are wrong with the trades.

so i'm again back at $462

It is still a hard business for me, and i need a lot of mind training.
Attached Image (click to enlarge)
Click to Enlarge Name: Challenge Day 47 acc.png Size: 22 KB
  • #87
  • Dec 1, 2010 7:06am Dec 1, 2010 7:06am
Quoting LeanLow
Didin't you soo that 1.5640 will be resistance ?
Not on time. But i got margined out, so had no choice. Now it has happened, the picture is clearer, but thats too late. It was better to go long also, but thats after the fact.
  • #88
  • Dec 1, 2010 3:40pm Dec 1, 2010 3:40pm
Hi,

After the margin call this morning, day 48 was ok, until the big move up in the end of the London market.
So there goes my profit again and turned into a loss Not the best two days for me.
I think i will set a maximum of profit for a day to get grip on the greed monster, just like Bug advised a few posts earlier.



Starting to think if i will continue with this journal. I know what my problem is, thats the only thing i have to work on. It is not to get greedy, no overtrading and take a loss know and then. The method i use works ok for me, except when price starting to turn and i have to get out with a loss. At that point my mind refuses to close the wrong trade and go the other direction.
Hmmmmm.
But to complete this challenge i will posting the printscreens of my trades.

Thanks for your support, and if somebody knows a good book about physcological and trading, just let me know. (For now i will read "Trading in the zone" again)


Regards
Attached Image (click to enlarge)
Click to Enlarge Name: Challenge Day 48 acc.png Size: 72 KB
  • #89
  • Dec 1, 2010 4:03pm Dec 1, 2010 4:03pm
I doubt that reading Mark Douglas's book is going to change things for you if you know the problem.

What I would suggest is don't look at your P/L and don't judge your trading by your daily P/L. Your job as a trader is to follow your plan. Grade your trades by how well you followed your rules to enter and exit.

Learning to take losses quickly is the hardest part of trading.

Stick at it.
  • #90
  • Dec 1, 2010 5:38pm Dec 1, 2010 5:38pm
Well done! Did you do the impossible incredible! What are the levels of ML MH?

Thanks
  • #91
  • Dec 1, 2010 11:46pm Dec 1, 2010 11:46pm
Quoting overpips
Well done! Did you do the impossible incredible! What are the levels of ML MH?

Thanks
Sorry, but i dont understand what you exactly mean.
  • #92
  • Dec 2, 2010 3:58am Dec 2, 2010 3:58am
Quoting msiamd
Thanks for your support, and if somebody knows a good book about physcological and trading, just let me know. (For now i will read "Trading in the zone" again)


Regards
You don't need a book. You need to start using hard stops and leave them as they are (not revising them downwards in a long position as the price drops). You might also do well to look into trading other currency pairs, I would suggest EURUSD as it's the most liquid. In my experience fiber is also easier to trade than cable (EURUSD=fiber) as it has far less wild gyrations. This means that you can use tighter stops and potentially bigger lots.

The one mistake I see you making is expecting too much. I've made this mistake myself countless times and I know how it feels like - you see a move, wait for a retracement, jump in and then expect to make a lot of money only to see the move fizzle out or reverse direction. Using a hard stop is one way of making sure you don't get a margin call. Not limiting your losses will kill any residue of emotional stability you have left so please consider using stop losses at all times (if a potential stop loss area is far away consider not taking the trade at all).

On the topic of continuing this journal.
I think it would be good for you to continue posting your notes here so that other members can offer you advice. There haven't been a lot of helpers around here but you never know when they will show up. I'm here already. One thing you could do is dial down the daily profit goal a little bit to make it easier to reach it. Right now your daily goal (10% as per your post some time ago) is making you do all kinds of stupid things.

Let me know what you think.
If you don't risk, you don't ever have to lose.
  • #93
  • Dec 2, 2010 5:19am Dec 2, 2010 5:19am
Quoting msiamd
Hello All,
My goal for this journal is to prove to myself and others if it is possible for someone to start with $100 and try to reach $10.000 in about 60 days of trading.This would mean a daily profit of 8% a day.
The question is, is it possible? Answer, i don't know. (So far i did not achieved it).....
Hello msiamd,
what do u get from others if ever u are able to prove that u can hit $10,000 in 2months?

i believe u now know the answer to this Question:
it is possible but improbable, specially when one is inexperienced/less experienced.

Sir bug is correct, u dont need a book.
one can learn &/or succeed with/without a book.

imho, here are stuff u have to do:
-continue your journal but put aside/de-prioritize the '60-day' challenge
-treat trading as a serious business or sport where u aim for consistency & excellence; for you, this means 'getting back to reality' -- practising, studying & also applying good risk, trade & money management.

Good luck!
  • #94
  • Dec 2, 2010 5:23am Dec 2, 2010 5:23am
Quoting msiamd
Sorry, but i dont understand what you exactly mean.
You graph stripes painted with the words MH1/2/3 and ML1/2/3

What's this?
  • #95
  • Dec 2, 2010 11:13am Dec 2, 2010 11:13am
Quoting bug
You don't need a book. You need to start using hard stops and leave them as they are (not revising them downwards in a long position as the price drops). You might also do well to look into trading other currency pairs, I would suggest EURUSD as it's the most liquid. In my experience fiber is also easier to trade than cable (EURUSD=fiber) as it has far less wild gyrations. This means that you can use tighter stops and potentially bigger lots.

The one mistake I see you making is expecting too much. I've made this mistake myself countless times and...
Hi,

Thanks for your advice.
I expect indeed too much from a trade and in a short time. I need to change that. I will stop the challenge and continue trading with a certain daily goal, but without the factor to reach it after a certain time. This way trading will be more relaxed.
Regarding the stoploss, it is probably wise too use it. But my problem is to determine the stoploss. Because Cable can move up and down quite some pips i dont want to set my stop too tight so that i will get stopped out everytime.

Maybe Fiber is a good option to trade but the method i was teached fits better on cable.

My first goal is to practice a lot more to become more consistent in my trades and profit. And try to change my emotional feelings when i'm wrong.

Regards
  • #96
  • Dec 2, 2010 11:19am Dec 2, 2010 11:19am
Quoting supremeChaos
Hello msiamd,
what do u get from others if ever u are able to prove that u can hit $10,000 in 2months?

i believe u now know the answer to this Question:
it is possible but improbable, specially when one is inexperienced/less experienced.

Sir bug is correct, u dont need a book.
one can learn &/or succeed with/without a book.

imho, here are stuff u have to do:
-continue your journal but put aside/de-prioritize the '60-day' challenge
-treat trading as a serious business or sport where u aim for consistency & excellence; for you, this...
Thanks for the support.
You are right on all points.
As mentioned in previous post to sir Bug i will put aside the 60 day element, and have to practice a lot more.
I aslo need to find a suitable money management. Lot of things to do.

Regards
  • #97
  • Dec 2, 2010 11:23am Dec 2, 2010 11:23am
Quoting overpips
You graph stripes painted with the words MH1/2/3 and ML1/2/3

What's this?
That are the monthly camarilla pivot points, i use.

Regards
  • #98
  • Dec 2, 2010 11:52am Dec 2, 2010 11:52am
Hi,

Well today was very bad again. Sometimes it looks i'm in a bad flow. Doing stupid things. Well i ended again back at the start of this challenge.

So my challenge has failed.
I know now what my biggest problems are. I need to practice a lot more, and find me a good money management. And ofcourse the emotional factor.

I will no longer set a date to reach a certain goal. I will set a daily goal to try to reach that.
First goal for now to get more practice, study and become more consistent.

Thanks for visting this thread. And green pips for everybody

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: Challenge Day 49 acc.png Size: 34 KB
  • #99
  • Dec 2, 2010 11:58am Dec 2, 2010 11:58am
Quoting msiamd
Regarding the stoploss, it is probably wise too use it. But my problem is to determine the stoploss. Because Cable can move up and down quite some pips i dont want to set my stop too tight so that i will get stopped out everytime.

Maybe Fiber is a good option to trade but the method i was teached fits better on cable.

My first goal is to practice a lot more to become more consistent in my trades and profit. And try to change my emotional feelings when i'm wrong.

Regards
I don't want to sound like I'm talking down to you, but there's really no point taking a trade if you can't define a stop loss level. The stop loss level exists to let you know that you are wrong and that you should a)close the trade or b)close and reverse. Maybe you should think of the stop loss level as an area where you would not like the price to go. If you are looking for a shorting opportunity then I gather you have a level in mind after which you would not short anymore, where you would be uncomfortable holding a short position. Or perhaps some specified distance from a moving average indicating that the trend up is really strong and shorts will only get to pay for the party.

In any case, cable is well known for stop hunting due to its relatively low liquidity and that, of course, makes setting tight stops somewhat of a fool's game. There's a PDF describing this stop hunting that I posted on another thread that describes this in more detail that I did here: LINK (the second PDF on the whole thread titled "1. Currency Personalities"). The next logical thing to do would be to use wider stops but smaller lot sizes. This would result in getting shaken out less often. I try to avoid trading cable as much as possible for the exact reasons listed here so I'm not really the go-to person when it comes to setting the optimal stops, so consider the suggestions above as general guidelines (99% of the time I trade fiber).

When all else fails, you could always have a look at how the strategy that you are currently using on cable works on fiber (demo accounts are free). I haven't had a detailed look at your charts so I really have no idea what the strategy is based on, but given that you have indicators on the chart, I think it's safe to say that your strategy relies heavily on the direction and volatility of past price. In such a case fiber should, and I say should because I haven't personally tested this strategy, work better because fiber's movements are less volatile making for a more stable indicator printouts thus giving less false signals.

---------------------
Finally, a few general notes about trading in December:

Considering that this is December, you should really keep a close guard on sudden movements. December is the month where liquidity dries up. Here are some lines from forexlive (the staff are all former bank traders):

December is the one month of the year when the market seems to behave differently to all others. Fewer traders are active, volumes are down and moves are more violent. The canny trader, and I know of a few, will often make their entire yearly budget in one month and it’s not about getting the market direction right. It’s about waiting for those often daily opportunities when markets overshoot by 100 or 200 pips and then inevitably retrace at least a portion of the move. If you’re a buyer, wait, wait and then wait some more, put your bid in 40 or 50 pips below where you think the stops are congregated and then don’t forget to book those quick and easy profits. Then start all over again. It’s the months of the stop-loss but also the month of aggressive day-trading opportunities.

LINK

Expect markets to remain quite volatile as market makers look to try to stay close to square in thin, year-end markets…Bonus numbers have been decided…It literally doesn’t pay to be a hero this time of year…
LINK
If you don't risk, you don't ever have to lose.
  • #100
  • Dec 2, 2010 12:14pm Dec 2, 2010 12:14pm
  •  Renko
  • | Joined Dec 2010 | Status: http://www.mt4i.com/users/nhtngn85/ | 72 Posts
Thank you so much for sharing. i will follow ur thread. i really need a goal like you too. i just did start my challenge today, sign up for blogger and forexfactory account. Hope we will get where we want to go. Thanks again
0 traders viewing now