My Attempt at Discipline

will make a 2nd entry if price is strong above 145392 aim towads S2 14560

made my second entry at 15402 need a strong close of bull candle, watch last minute carefully to gauge b/o. my entry was late as close of previous bull candle moved so fast.

anyhow i am happy with my entry's will give it 2more candels to develop other wise will close.
TP at 145557
Adz

1st trade closed BE +1

damn...had 19pips in my hand.. got out with 2! thats me untill London.
should have closed on the huge momentum candle instead of waiting then hoping price will rise again.

Adz

Adam,

Will give credit to the originator of the quote, Nick Radge, Aussie Trader, The Chartist. No affilliation whatsoever.

The difference I've learnt over the years following him, and what I see with NG. I understand now it's not the system that makes the money, it's the things you can control, eg money mangement, risk, discipline that seperates the successful from the 95%.

Don't get me wrong a good system with positive expectancy is required but once you have that identified, then control what you can as above. I can see your starting that journey. Your discipline.

I've been trading for 12 years, forex last year and my system is the most basic you will ever see, based on probabilities, with the things I can control attached. Am I millionare, I wish, but I have traded live for a year, no demo, don't believe in it and I haven't blown my account which everyone says you have too. NOT.

God luck in your endevours..

took this trade as it looked like selling had stoped. instead i was stoped haha then took one in the other direction. towards main trend, as this is the retrace.

entered without confirmation of move that caused my loss.

oposite trade got me 3.5pips... rallyed to 8 then slowed down. i think from now on untill i am comfortable with holding my trades for a few bars i will take profit over 7pips.

Damn look at this sell off well past my 10pip TP... when placing a trade i need to be confident that it will blow in my direction. got out to fast. i took 3.5 sell off to 28pips... puts me at -3.7 so far

tally this week am down 35.

now we wait for a retrace before any more entries.

The areas in orange are exactly the same scenario, only difference is that the one i took was a faild buy, the second attempt showed bullish bait for london open. a close below 14477 will follow the main trend also head down towards 14436 as top of bull candle is a bounce of 61.8fibo of tokyo's high to current low.

have taken this trade off the m1 as strong bear candle breaks the current small range. Risky trade however.

should have taken my 5pips...risky trade got in price stalled. It has occured to me that i can make good entrys however what is the point in a good entry if i am not satisfied with the small gains? lots of small wins add up fast. while in a trade why can i not take the pips. -7.

scenario one: either i get in and close to early (cold feet) then when price blows i become frustrated.

scenario two : i get in knowing that it is a risky trade forget to set small take profit prices moves against me, i take the full 7pips loss - chest gets in a knot. this is not good.

i need to take a profit when i see a profitable trade that stalls. will try one more trade before i shut down for the night. m5

as of yet my wins are smaller than my losses - need confidence to hold the high probability trades and get out quick with the more risky trades, or just take the high prob trades. Am sitting around doing nothing is boring waiting for a good setup - NG is bored isn't he. c'mon adz you know this.

retrace has occured good candle setup for trend to continue tp set at 10pips.

another loss. am getting reckless now entred without close also without consideration of the m15 tf.. missing out is a evil frustration.

Adz

have taken this trade as it looks to good to miss out on... here i go again anyway am looking for 7pips.

Trying to keep a clear head and read what information the ccharts are giving me how ever even though i can make the entries i need to be able to take the profits large or small!!!

lets see how this one plays out.

im off. another looser thought about taking my 4.5pips but didn't.. will reflect during the weekend about my poor choices why cant i pull the trigger taking a profit is a profit..hmm

week ends with - 54pips

Thanks for the encouragement. The more i search for information about the correct mentality the more i realize just that of which you have stated also it is called common sense! haha got to go back to the basic's SIMPLE IS GOOD i love simple, not convenient as there is a huge difference SIMPLE IS GOOD. Am also interested in those who trade all day - i am not looking for the quick rich scene, this is not reality only a fools dream - everything good takes time. Understanding myself in this arena will take time.

Well done however on the your successful 1st year of trading forex, your experience in the previous 11 should have this market well within your grasp. Month by month i will keep this in mind with every trade i make and hopefully join you in the profitable future. Many green pips to you.

Adz.

Adam,

With your study of the markets I want to reiterate brokerage / spread will kill your account if your scalping for miserly pips, and you made a statement a profit is a profit right. I couldn't disagree more. Getting a measly 4.5pips is about your ego wanting to be right.

Maybe short term scalping is not for you. Really think if you want to make a living in this forex game and your taking 4.5 pips risking 7. Now to make money of that trade you would need to have at least 5 full contracts to make $225 dollars at the same time risking $350, which as you can is happening quite frequently for you at the moment. I've pm'd you with a system you might want to try on demo.

I'm not sure if your live trading or demo but if your live and tradin for pennies, it can't be any fun trading for 45cents or $4.50. I think that could be gambling.

I'm not questioning you motives just trying to open your thoughts to different aspects of trading.

Try this expectancy calc: (1 x (avg Win / avg loss)) x win % - 1. Do this with all your systems after you have some stats and you really want to get > .3 to get ahead in this game with positive expectancy.

Using your above example (1x (4.5/7)) x 80% - 1 = .31. You would need an 80% win rate to achieve a good positive expectancy.

good luck in your endevours.

over the week i have been taking few trades as have been working and to be honest i made a few bad entries however even thou i made bad entries i am not discouraged on the future of my forex journey - i have ciscosmithy to thank for the encouragement and also the idea of trading different styles.

anyhow here are the last trades i have taken currently still down.

to start with i was not rushing as i only have the last 35-40mins of london open to make a trade and the important thing is to protect my account but as the week progressed i began to jump into trades that did not make sense. This was due to the missing out on a opportunity mentality or missing out on the entire week to that fact. However there are many more opportunity so i did give it my best go to not fall into temptation and continue loosing sets of trades - 1-2 then off to bed.