My Attempt at Discipline

First and Foremost
All of my appreciation goes out to NiceGuy and all that he has taught myself and also to all of you who have contributed to the NG thread in the search for understanding the psychology behind the Price Action and also the FEAR and GREED that lurks deep within us.

This is my attempt at being Disciplined, this is a cut throat business and we all have a passion for it. Sitting in front of my computer hours on end taking trades and coming up red is very frustrating. I have been following the NiceGuy thread since day one. i have made numerous classic NG entries but am lacking to hold to the discipline of market open trades thus green turns to red then revenge takes a swing.

In my attempt I have Opened a small $100usd live account with a public thread posting my trades winners / looser! and thoughts behind the trades also have utilized the FF explorer to show the account and hopefully its growth. Now i have no were to hide my greed and fears.

I have no intention of this being a two way thread, also i have no intention of taking away from the NG thread so please do visit NiceGuy and learn from his teachings take what he has to offer and pay it forward!

this is purely so that i can record my failures and try to find a way to beat that pattern within myself that keeps telling me to take "just one more trade" ...that i must overcome.

I will do my best to stick to the NG entries although i will use not only M5 but M1 as well as the resistance entries he has taught. i will trade only 1hour prior market open and 2hours after.

My daily goal is 30pips, i will stop trading after one full 7pips loser until next session. Appon each successful month - successful for a new trader is likely to be breakeven but hopefully will be green i will increase the size of my account by $100usd untill maximum of $1000usd from there it will be all skill or fail.

I work four 16 hour days at sea and have four complete uninterrupted days at home with family, this way i can utilize my time in front of the screen to give me more time doing the more important life activities. During my work days i may be able to catch the last hour of London as it opens at 7pm GMT+12.

Success comes from persistence, we all must be persistent, persistence creates character, character grows within us all to make the right decisions in given situation (WISDOM) - we fail - we learn...fail some more and hey why did i do that!?!

Okay lets see how it goes.

"Perseverance must finish its work so that you may be mature and complete, not lacking anything. [James 1:4]"

ok 1st trade. tokyo has been open for 45mins, i feel i may have entred to early on this one. looks to be strong rejection of higher price levels as bearish wicks are keeping to a downward sloping trendline. SL 7pips TP 10pips move to BE at 3pips.

moved stop as m5 candle faild to hold the break of lower resistance area. stoped out at -3.3. entry was to early.. to close to resistance area...should have waited for close of m5 candle before placing trade.

the buy failed at 8.6pips above my entry.. to sell off +14 - timing and patience are a must + wait for confirmation. trend has now been established.

was not at the computer for the past hour so missed two good opportunities and should have spent some time watching the candle movements,

knee jerk trade...stupidity again entered sell before candle close also m5 had not retraced -7pips im out till London

that makes - 11 this session.

being at the computer watching the PA aids for far greater decision making also watching the last 2mins of m5 candle are direction defining.

i did not walk away without watching these juicy setups. took one trade for -7 timing is well off got to -7.2 then down break of fpv. am non the less disappointed in myself and current trades. Will shut down now till London. before i loose any more pips. not a good start

1st trade of session EU has rallied from 1.46428 eairler today. fibo from yesterday high to 1.46428 and NG stratergy shows that 50% retracement has taken place. The small bull candle was my confirmation buy at 1.46736 TP below yesterday open may move up towards possible R3 14787 also 161.8 fibo of yesterdays range.

stoped out at be +1 after +13pip rally. Re-entered after pin got burned.. small profit targets today with these large fast moving candles. +1 -7 = -6 so far.

entered on m1 moved stop to fast got +.7

got in 146759 tp +2pips after 6pip rally. moved stop as at strong resistance

got in 46850 break of range.. stop -7pips am out for today. do not like the price movement. may check back at new york open.

candles are very large and also quick in both directions so will save myself the inner turmoil. may catch NY

Notice the correlation between cable and EU. EU want up cable want down. Eu only rally s after cable retrace.

Also good to take note of Gold as it is directly affected buy the usd, if gold up usd down and vise versa.

watching cable could not resist the trade. got out for +1 however sold off for +10.. its always the way move up stops to fast or too slow. i think it may be better to work on having a mental stop with the 7pip sl in place closing out if i sense i am wrong let her run if strong in momentum

sitting here looking at the trades i have made to day, i realise that i have rushed in the sense that i wanted to make some quick pips and not waiting for the candles to tell me or confirm what PA is doing.. also have been away from the computer for a few days so skill is not sharp.

here is another got BE +1 off 1min pin at resistance moved up stop to quick, better to positive.

after collecting my thoughts i have taken +1 on EU +1 on cable. Eu has now retraced and am waiting for sell candle. market is slowing down now and is making more sense to me now.

m1 entry as EU breaks small range. m5 has retraced, m15 below coral. PA heading for FPV as strong resistance

hmm closed for +1 as price failed to hold below FPV. my entry on this was slightly late break of range would have given me +8 before m1 pin and reverse.

since i have broken the rules i decided to punish myself by only observing the PA.
in some of NG posts he mentions that in order to catch the price movement clearer we need to scale down to m1, so i have done so. At each of these green ticks i had tempted myself to place a trade! at each tick PA has broken the range aswel as retested previous break of trend lines and pivots.
when m5 is unclear in direction i will scale down to m1 to make my trades on breaks of small ranges for small profits. 1st tick or break was strongest signal with potential target at FPV.

Adam,

I commend you on your journal to try and be disciplined but if you are following NG's trading theory, he states be like a sniper and take only the best shots. He also tells of only taking a couple of trades each session and walk away once you have a 7 pip loss. Whilst I don't trade his method I have read with interest as his writings about psychology have more interest for me.

The discipline you appear to missing is you can't walk away from the trading table and in this short journal you've moved to 1 minute timeframe to find more trades.

Please don't take this as having a go at you, but I can see you just want to trade to get those lost pips back and now are trying to take any trade and at the moment are digging a deeper hole.

If you walked at 7 pip loss for day on your first trade and gave the rest of the day a miss then you would have your discipline.

good luck with your endevours.

"The discipline you appear to be missing is you can't walk away from the trading table and in this short journal you've moved to 1 minute time frame to find more trades."

Appreciate the observations, after your post i shut down the computer.
My problem is that plain and simple, after losing my 7 pips because i have made a premature entry i tell myself wow that was fast now im going to miss out on all the opportunities for the rest of the session. My fear compels me to watch the market, my greed is telling me to "take revenge on the lost pips"

Although if i have made a couple of good entry's i can easily walk away. Lets see how today goes i will sit on my hands and only take the best shots.

Trading with real money i hope will eventually kick start my discipline and allow me to control my emotions.

Adz

I considered taking this trade. doji after retracement also tokyo open, 2nd bullish candle broke range, although yesterday took its toll on my confidence i will sit on my hands. if price breaks m15/m30 fractal could see FPV if not will be a bounce off m15 coral to retest open 14576 may even see a two tap at MS1 14589