My Attempt at Discipline

succesfull two tap look like china and tokyo want north. will wait for bull candle to close above fractal also wait for a retrace in next candle.

ok two from two so far. although still dont want to trade. mentality not there yet.

remember after twenty pips move on EU there will more than likely be a retrace to the previous break out or round number.

Am sitting here thinking to myself "the what if scenario" i hate being wrong but lets face it gotta be wrong to learn. this scenario is where i get tunnel visioned and make the stupid mistakes, NG talks so much about life challenges and how they relate to his trading style the biggest challenge is within me. I must remember there will always be another opportunity.

am feel a lot more content today not rushing, not taking a trade but watching my calls move in my favor. To be honest this is frustrating but i am glad that it is a slow chart for Tokyo as this gives the best and most probable entries.

also what comes to mind is the size of my trade does not matter 0.01 when i am confident that i can master my pull back entry whether it is 0.1 1.0. The priciple of learning this discipline is what matters the principle of the trade set ups is what matters at times like this with slow movements i am fairly good at calling the moves, why it is so hard to walk away when i am wrong defeats me.

Have been reading a little book posted here on FF, called 3 feet from gold. even though we give up and i have done this many times it may be that we are not far from success.

look like will be bullish untill london at the least. , test of FPV underway break of m15 fractal each of the elips are where i would have entred, all profitable trade entry and NG setups.

Damn while typing this bulls blew through FPV...could have, what if...hmm am going to do something else. till London.

Adz

Adam,

Your thought processes sound more disciplined today. My mentor (not that he knows he is) who I have followed over all these years with shares has one mandate.

"The next thousand trades"

Simply put, one trade should not impact you or your mindset because if your confident in your system producing positive expectancy then you can trust the next thousand trades. With the system I trade I know that I will have losses but I try not to worry as my stats show it has positive expectancy of .35.

My concern for all the guys looking at NG thread is they have not developed a reoccurring system / pattern that they/you trust and know whether it is positive expectancy. Noone has backtested or forward tested NG's theory. Not saying he is wrong far from it but we need to remember what works for him may not work for others.

The other thing why it may be hard for you to walk away is from what I read on this forum everyone thinks to be a pro trader they have to watch the screen for hours & hours a day, which I could not think of anything more boring. Now if your watching for hours but not pulling any triggers due to no setups being good, then you realise your wasting your day/life in front of computer screen so you make trades to justify watching the screen and then the mistakes, bad trades creep in and so the beginners circle goes around and around. NG states carry on with your real life, the forex market will always be there.

In NG's thread alone I've seen two or three trading every session. I would love to know how old they are and if they have a job or not.

My take on trading is I trade three setups each night (Aussie time) for london open. 50TP maximum 25SL, with a trail stop for each step up towards the TP. Take two minutes to set the trades up and walk in and out of the room every 30 minutes to change stop if required. And go to sleep.

I'm sorry if I've invaded your thread but I do see you wanting to improve your discipline and are keen to learn trading, I just wanted to say I think less is better. Less screen time, less trading. The biggest killer in small accounts is brokerage / pip spread, so the more times you trade the more it costs you business.

Good luck in your endevours.

there is no need for apology when helping others. I do appreciate your observations also respect anyone who can without prompt, give advice and guidance.

the next thousand trades, sounds like a great mind set. detaching my emotions from a trade is also a weakness i possess.At times i can mentaly close a trade for small pip loss then other times being pigheaded leads me to bad decisions.

I myself understand that the NG setups he teaches have great potential, - thus being said even the most idiot prof system can fail it all comes down to the idiot (me) trying to hard.

Thanks for the words of wisdom, hopefully will one day concur the turmoil not only in this arena but also life.

frank/brelin drove Eu down to daily fibo of 61.8 146061 - baiting london open. big boys rallied through strong resistance areas set through current range. Am waiting for retrace to test break out, then will make my first entry of today. Long. If i were a London floor trader where would i put my money? Long from 146317 with good CS signal.

EU possible move up to 14677 at next strong resistance area.

PA heading for a two tap of previous breakout. be patient not to rush into this trade. alot of money is being played to push price down against bigboys break out.

cable failed to go north and so has EU, if they aren't buying they must be selling.

both EU and Cable are at indecision we may not see a trend untill after the news hits this evening. Although we are currently on EU at the 61.8fibo of today's low swing to high at London and FPV may be in range until news or NY.


Still have not placed a trade as have not like the PA. currently look to sell below coral.

Have been thinking to myself, i am not actually to frustrated about not trading at Tokyo open as this was punishment for my stupidity yesterday. am not to disappointed with it at all. i called the three moves correctly and they were the only 3 good setups of the day so far. haven't lost pips either cant be to bad.

Adz

placed 1st trade, sell at 146165, is the only good setup i have seen that has price pull back to MA's also reject higer prices. the only thing is TP at 10pip this is bang on strong resistance. may close out early if i see hesitation.

well that was quicker than i thought price stalled at FPV as expected do not like the pin so i closed BE+1.. at strong resistance will take alot of money to drive price below all of those bullish wicks/fractals.

damn. got cold feet and pulled out to early. would have taken my 10.

Thats me untill NY gonna get some shut eye.

Adz

okay 1st trade of ny open, entered slightly early i think, my thoughts are that price has made a new trend bullish, bouncing off FPV, above coral has retraced long enough..

wrong.. - 7 damn. off to bed that sucks. probabley should not be trading so close to the new anyway!

Sitting at the computer watching the PA tell me it is going north, i hesitate at taking this trade due to the m5/m15 fractals above although as the selling was snub out with plenty of bullish wicks i did not want to risk a high probability trade... think the effects of my stupidity and publicly announcing it is making me be most critical of good trades.. my mentality will alow me to open the trade window but excituting ... in short am afraid. That is the ticket to failure.

After this large rally we will definaly see a retrace seems tokyo wants north, thr fibo of early range puts targets at 14578 how ever we are currently bouncing off ( retracement ) of the daily high low swing from NY open to current bottom of range.

Adz

Trading successfully feels the same way. On any given day, week, or month, the markets make
available vast amounts of money to anyone who has the capacity to put on a trade. Since the markets
are in constant motion, this money is also constantly flowing, which makes the possibilities for success
greatly magnified and seemingly within your grasp. I use the word "seemingly" to make an important
distinction between the two groups of traders. For those who have learned how to be consistent, or have
broken through what I call the "threshold of consistency,"the money is not only within their grasp; they
can virtually take it at will. I'm sure that some will find this statement shocking or difficult to believe,
but it is true. There are some limitations, but for the most part, money flows into the accounts of these
traders with such ease and effortlessness that it literally boggles most people's minds.
However, for the traders who have not evolved into this select group, the word "seemingly" means
exactly what it implies. It seems as if the consistency or ultimate success they desire is "at hand," or
"within their grasp," just before it slips away or evaporates before their eyes, time and time again. The
only thing about trading that is consistent with this group is emotional pain. Yes, they certainly have
moments of elation, but it is not an exaggeration to say that most of the time they are in a state of fear,
anger, frustration, anxiety, disappointment, betrayal, and regret. So what separates these two groups of
traders? Is it intelligence? Are the consistent winners just plain smarter than everyone else? Do they
work harder? Are they better analysts, or do they have access to better trading systems? Do they
possess inherent personality characteristics that make it easier for them to deal with the intense
pressures of trading?

good wholesome reading!

The defining characteristic that separates the consistent winners from everyone else is this:
The winners have attained a mind-set—aunique set of attitudes—that allows them to remain disciplined, focused, and, above all, confident in spite of the adverse conditions.

The concept of "The next thousand trades" is in short explained here, thanks for the post ciscosmithy

If you are unable to trade without the slightest bit of emotional discomfort (specifically, fear), then you
have not learned how to accept the risks inherent in trading. This is a big problem, because to whatever degree you haven't accepted the risk, is the same degree to which you will avoid the risk. Trying to avoid something that is unavoidable will have disastrous effects on your ability to trade successfully.

The more i read of this great manuscript the more i realize how far i have to go.. these few senticences i hate to admit it describe me down to the button. At times i take the risks and can be happy with my decisions. other times, it destroys my emotions.

Okay retracement has occured, it is about half the move so this is a good place to look for going long with small bull candles, be careful thou as if PA decides to flag we could be heading south to 145184 previous breakout.

Long bias from 145356 to 14560

Buy at 145335 top of pin, this is telling me strong resistance of the 50%fibo and 61.8fibo is make or break.

1st trade today lets see.