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Trade What You See - Almost Naked Trading

  • #15,601
  • Jun 1, 2011 1:51pm Jun 1, 2011 1:51pm
Quoting Fitness09
Read Trading in the Zone - It helped me with the mental part.
I would like to second that. Trading in the Zone by Mark Douglas is a must read. Then read it again and again. It helped me overcome emotional trading. I am now an automaton following the rules and executing the trades and consider the Stop Loss the price I am willing to pay to see if I am right about the trade. No emotion.

Also it is very important to keep a trade journal. Along with the details of the trade record the rules used and most importantly your emotional state after the trade is closed. Also did you break the rules and why? Record your mental state. Are you elated, bummed, depressed, ticked-off or whatever. Vent and use strong language if you need to. I chuckle when I look at my trade log of two years ago. I was very emotional and would freeze up, unable to place a trade. I now trade with a clear level head.

Also, I took the AUD/USD long on the BO yesterday and closed it out before noon CST today when it stalled out. At the time I thought it might go higher but was happy to book the profits and wouldn't be upset if it later soared.
  • #15,602
  • Jun 1, 2011 2:38pm Jun 1, 2011 2:38pm
Quoting afos
hi, i learned an important lesson on my demo account today.

i'm sure you're all familiar with these thoughts, however i just lost the 25k demo account in a few hours!

YES i'm impatiient.
managed to hit the wrong keys during closures, got angry, tried to beat the numbers, doubled up an already really low usd/chy however after a 4 hr bike ride returned home to find the account 100% empty.

i learned a lot from this.
SYSTEMS ARE IMPORTANT- BUT SO IS THE USER'S MENTAL STATE.

i'll try again.-


we're all grasshoppers!

LG et all. be very firm...
Why can't we go for a bike ride then come back home and find the account up +25K?
  • #15,603
  • Jun 1, 2011 4:01pm Jun 1, 2011 4:01pm
Quoting 4x4monet
I would like to second that. Trading in the Zone by Mark Douglas is a must read. Then read it again and again. It helped me overcome emotional trading. I am now an automaton following the rules and executing the trades and consider the Stop Loss the price I am willing to pay to see if I am right about the trade. No emotion.

Also it is very important to keep a trade journal. Along with the details of the trade record the rules used and most importantly your emotional state after the trade is closed. Also did you break the rules and why? Record...
I am reading it again for the second time. I had a very clear head and did pretty well for about a month. Then, I got on somewhat of a losing streak, and I broke the rules. I am going to read it again to reset, and hopefully become automatic and trade with no emotion.
  • #15,604
  • Jun 1, 2011 8:05pm Jun 1, 2011 8:05pm
Long EURUSD
Long EURJPY
Long USDJPY
Enter Signature
  • #15,605
  • Jun 1, 2011 8:09pm Jun 1, 2011 8:09pm
Other possibles are EURAUD, EURCAD, EURGBP
Enter Signature
  • #15,606
  • Jun 1, 2011 8:45pm Jun 1, 2011 8:45pm
As i do not have weekly charts on Oanda,

anyway to get around it? Does it make sense if i use 2 rsi indicatiors w different periods on my daily

Thanks for any reply!
  • #15,607
  • Jun 1, 2011 8:52pm Jun 1, 2011 8:52pm
Quoting leezeewee
As i do not have weekly charts on Oanda,

anyway to get around it? Does it make sense if i use 2 rsi indicatiors w different periods on my daily

Thanks for any reply!
I would just pick up a demo mt4 account somewhere and place your orders with Oanda.
Enter Signature
  • #15,608
  • Jun 1, 2011 9:13pm Jun 1, 2011 9:13pm
Quoting leezeewee
As i do not have weekly charts on Oanda,

anyway to get around it? Does it make sense if i use 2 rsi indicatiors w different periods on my daily

Thanks for any reply!
Oanda supports MT4. You have to enable/request MT4 functionality from the Oanda funds management screen and create a sub-account specifically for MT4.
  • #15,609
  • Jun 1, 2011 9:47pm Jun 1, 2011 9:47pm
MoneyTree entry on NZDUSD... I got out of my long position with about 75 pips and am now short.
Enter Signature
  • #15,610
  • Jun 1, 2011 10:07pm Jun 1, 2011 10:07pm
Quoting CrucialCraig
MoneyTree entry on NZDUSD... I got out of my long position with about 75 pips and am now short.
Also about the only BO I am spotting right now.
Attached Image
  • #15,611
  • Jun 1, 2011 11:49pm Jun 1, 2011 11:49pm
Quoting crucialcraig
long eurusd
long eurjpy
long usdjpy
eurusd +1
eurjpy -30 sl
usdjpy -22
nzdusd -8
Enter Signature
  • #15,612
  • Jun 1, 2011 11:55pm Jun 1, 2011 11:55pm
Added a branch. Now have 2 half branches & 1 full branch. A good looking tree!
Enter Signature
  • #15,613
  • Jun 2, 2011 1:20am Jun 2, 2011 1:20am
Quoting bez3000
As it's the first of the month i think it's a good opportunity to demo trade the money tree daily method.
I currently have 11 trades running this method, i will report my results if people are interested, and it's ok with Law Girl?
Well yesterday i started to demo the money tree, i did add trades whenever i found them during the day (when i could get to the computer) and these are my results for the first 24 hours.

 

  1. Trades places 15
  2. SL hit on 6
  3. The other 9 all in profit
  4. Total profit / loss = +180 pips

So all in all very happy with my first day, all i did was place trades on candles without long wicks in the direction on the daily & weekly RSI. I also observed S&R areas so as not to trade into them.
I will now close most of these trades that do not meat the criteria now and check if i can add to any.
I will do the same report in 24 hours

  • #15,614
  • Jun 2, 2011 2:36am Jun 2, 2011 2:36am
Hi LG. I'm a silent trader. I follow this tread for a long time. but not much successful. I have a question. hope your answers.
Today i see 2 possition to enter. Sell NZD/USD and buy EUR/USD. You can See chart.

Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 14 KB

Attached Image (click to enlarge)
Click to Enlarge Name: nu.gif Size: 15 KB


But. Think about it. It depends on USD strenth. USD index is UP. UZD/usd go down and EUR/USD is up. And opposite......
So i can't have 2 good Order.
what do u think about it. All of FF Pro traders.
Thanks for your help. And sorry for my English.
  • #15,615
  • Jun 2, 2011 4:00am Jun 2, 2011 4:00am
4 trades today:
NZD/JPY long : BIG LOSS
CAD/JPY long : HUGE LOSS

EUR/CHF LONG: WIN WIN
EUR/GBP LONG: LOSS

Not a good trading day, huh T_T
  • #15,616
  • Jun 2, 2011 4:19am Jun 2, 2011 4:19am
out with
NZD/USD -20pips
EUR/USD +25pips
  • #15,617
  • Jun 2, 2011 5:18am Jun 2, 2011 5:18am
[quote=bez3000;4660364]Well yesterday i started to demo the money tree, i did add trades whenever i found them during the day (when i could get to the computer) and these are my results for the first 24 hours.

 

  1. Trades places 15
  2. SL hit on 6
  3. The other 9 all in profit
  4. Total profit / loss = +180 pips

Hi Bez,

I've seen 'Money Tree' quoted s few times now. What is it and where can I find more info?

Regards,

jvfx

  • #15,618
  • Jun 2, 2011 5:31am Jun 2, 2011 5:31am
[quote=jvfx;4660832]
Quoting bez3000
Well yesterday i started to demo the money tree, i did add trades whenever i found them during the day (when i could get to the computer) and these are my results for the first 24 hours.

 

  1. Trades places 15
  2. SL hit on 6
  3. The other 9 all in profit
  4. Total profit / loss = +180 pips

Hi Bez,

I've seen 'Money Tree' quoted s few times now. What is it and where can I find more info?

Regards,

jvfx

On Page 1, Post 1 "No.5 "New Daily Entry" is "Money Tree"
There`s no life before COFFEE!
  • #15,619
  • Jun 2, 2011 7:14am Jun 2, 2011 7:14am
It's so hard not to keep checking my money tree trades, i could close them out now for over +300pips for two mornings trading.
I need to leave them until tomorrow and see what happens.

This morning i closed all money tree trades that no longer met the entry requirements and the ones that did i closed half the position moved to BE and entered a second position.
Lets see what tomorrow brings!
  • #15,620
  • Jun 2, 2011 7:59am Jun 2, 2011 7:59am
Quoting bez3000
It's so hard not to keep checking my money tree trades, i could close them out now for over +300pips for two mornings trading.
I need to leave them until tomorrow and see what happens.

This morning i closed all money tree trades that no longer met the entry requirements and the ones that did i closed half the position moved to BE and entered a second position.
Lets see what tomorrow brings!
If you are trading the daily, then stops are huge. And since it is a daily trade, then you see the market every new day by doing some decisions. But if the market starts to trend, then you will be laughing to the bank.

So yeah, leave it till tomorrow. I guess that it is a daily trade and that's how it should go.
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