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  • #430,121
  • Apr 27, 2011 5:37pm Apr 27, 2011 5:37pm
Quoting frevd
I guess I'm lacking the final strategy and thus confidence.
Your earlier posts may help here.

Learn to read price, If you have to think about an entry, you have not spend enough time reading price, go back to your dark room and don't come out for at least another week.

By the way, this is not about strategy, give me any strategy and a week and I will make it profitable, this is about your decision making process and the only way you can finetune that is by screen time.
  • #430,122
  • Apr 27, 2011 5:38pm Apr 27, 2011 5:38pm
Quoting Venice
Agree completely with learning to cut your losers here... something I have just recently figured out.

At first I had it ingrained into my head, watching my stops getting hit left and right.

Then I figured out it was much better to not use stops, but instead close out the trade when a price bar closes below a certain level (confirmed I was incorrect).

Then I developed a method that has been scoring me around a 89-91% accuracy... and from that, while it was awesome, it was also a disaster in disguise. I started shifting my mentality to I am...

Psychologically, how / when do you enter after that loss? Is it shift in direction?
  • #430,123
  • Apr 27, 2011 5:40pm Apr 27, 2011 5:40pm
Quoting cloggie
Learn to read price, If you have to think about an entry, you have not spend enough time reading price, go back to your dark room and don't come out for at least another week.

By the way, this is not about strategy, give me any strategy and a week and I will make it profitable, this is about your decision making process and the only way you can finetune that is by screen time.
rofl, most of the time I am in a dark room and never come out.
  • #430,124
  • Apr 27, 2011 5:40pm Apr 27, 2011 5:40pm
Quoting needpips
Psychologically, how / when do you enter after that loss? Is it shift in direction?

I know my win/loss ratio intimately, a loss is jubilated and celebrated because I know what that means statistically for me. The quicker I can get my losses out of the way for peanuts, the quicker the winners will follow for the real money.

Oh another hint, don't just look at pips for a SL, also use your watch.
  • #430,125
  • Apr 27, 2011 5:40pm Apr 27, 2011 5:40pm
Quoting needpips
Psychologically, how / when do you enter after that loss? Is it shift in direction?
It has nothing to do with psychology. Price could keep moving against me, or it could move back to me being in profit. I personally don't care... I was wrong about my initial call, and wasn't playing off of hope to close it.

So either I will be entering again in the same direction as before on the next signal, or I could be entering the opposite.

It's all up to PA to decide.
  • #430,126
  • Apr 27, 2011 5:41pm Apr 27, 2011 5:41pm
Quoting frevd
rofl, most of the time I am in a dark room and never come out.

Good, if you want this bad enough and go about it the right way without trying to invent shortcuts, you will surface victoriously.
  • #430,127
  • Apr 27, 2011 5:42pm Apr 27, 2011 5:42pm
Quoting cloggie
Learn to read price, If you have to think about an entry, you have not spend enough time reading price, go back to your dark room and don't come out for at least another week.

By the way, this is not about strategy, give me any strategy and a week and I will make it profitable, this is about your decision making process and the only way you can finetune that is by screen time.
I hope so. Sounds it's all about confidence as well, which you somehow possess. Will see if screen-time brings that to me as well (I rather had too much of that in my life, not charts though).
  • #430,128
  • Apr 27, 2011 5:42pm Apr 27, 2011 5:42pm
Quoting cloggie
I know my win/loss ratio intimately, a loss is jubilated and celebrated because I know what that means statistically for me. The quicker I can get my losses out of the way for peanuts, the quicker the winners will follow for the real money.
Well...I am coming off a very bad loss in AU....yes, I "hoped"....I went against all my experience.....anyway, Im really enjoying learning from you and others...thanx for your info and help.
  • #430,129
  • Apr 27, 2011 5:43pm Apr 27, 2011 5:43pm
Quoting frevd
I hope so. Sounds it's all about confidence as well, which you somehow possess. Will see if screen-time brings that to me as well (I rather had too much of that in my life, not charts though).

Confidence follows practise and experience automatically, no need to go looking for it.
  • #430,130
  • Apr 27, 2011 5:44pm Apr 27, 2011 5:44pm
Quoting cloggie
Good, if you want this bad enough and go about it the right way without trying to invent shortcuts, you will surface victoriously.
Now that I'm sure that it only takes discipline and that there is no hidden secret I'm quite sure I'll manage that. Thanks for your support.
  • #430,131
  • Apr 27, 2011 5:44pm Apr 27, 2011 5:44pm
Quoting Venice

It's all up to PA to decide.

That and a clock, nothing else is needed to trade.
  • #430,132
  • Apr 27, 2011 5:44pm Apr 27, 2011 5:44pm
Quoting cloggie
IT's all in the charts, go find it.
When New York closes, traders take profit on their longs. This is the same as selling. It never made it to 1.48 before the close.
Gone to a better place
  • #430,133
  • Apr 27, 2011 5:45pm Apr 27, 2011 5:45pm
Quoting frevd
Now that I'm sure that it only takes discipline and that there is no hidden secret I'm quite sure I'll manage that. Thanks for your support.

There is nothing else, the biggest idiots and tools have made it in this business. You need to be like a dog with a bone, over time and with the right approach you will succeed.

Just go back to basics, that's where it all originates. Every Indy in the world is based on price, so start focusing on the price and not the Indy or tool. Your watch or clock is your best tool. It breaks the day down to what you need to look at and for.

Just keep thinking about that driving analogy I posted earlier, you don't think when you drive, so stop thinking when you trade, just use your experience and know-how to trade. If you have to think about your entry you are too late.
  • #430,134
  • Apr 27, 2011 5:46pm Apr 27, 2011 5:46pm
Quoting smikester
When New York closes, traders take profit on their longs. This is the same as selling. It never made it to 1.48 before the close.

I posted 4790 hours before the NY close because I could see it in the charts.
  • #430,135
  • Edited 5:52pm Apr 27, 2011 5:48pm | Edited 5:52pm
Quoting cloggie
Last hint, also look at November last year.
Nov 2010? Didnt see any PA near 4790 tho, if you mean 2009, closest would be nov 3 but it isn't a top thou. So does the chart i post earlier related with 4790?
Make it rain baby
  • #430,136
  • Apr 27, 2011 5:48pm Apr 27, 2011 5:48pm
Quoting cloggie
I posted 4790 hours before the NY close because I could see it in the charts.
Nice one, cloggie. I'll be following this. It was a great match, too. For once I wanted Messi to score. The second was immaculate.
Gone to a better place
  • #430,137
  • Apr 27, 2011 5:49pm Apr 27, 2011 5:49pm
Where would be a good place to learn how to manually do my own charts?
  • #430,138
  • Apr 27, 2011 5:50pm Apr 27, 2011 5:50pm
Quoting smikester
Nice one, cloggie. I'll be following this. It was a great match, too. For once I wanted Messi to score. The second was immaculate.

Messi was spectacular. That guy just does it, no thinking or planning required, he is a bloody natural this world has never seen before.
  • #430,139
  • Apr 27, 2011 5:51pm Apr 27, 2011 5:51pm
Quoting cloggie
I posted 4790 hours before the NY close because I could see it in the charts.

From December 9th I reckon?

I had 1.4783 as price didn't catch up with time...
Were sleeping though...
  • #430,140
  • Apr 27, 2011 5:53pm Apr 27, 2011 5:53pm
Quoting Zoolander
Where would be a good place to learn how to manually do my own charts?
mt4 manual
Hero calls followed by margin calls...
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