TheChalleger's Journal - My Trading Journey

02 JP2: +1R, Chavel, +8pip.

03 JP2: -1R, DanTouch M5.E10 Touch. <- maybe no more M5.E10 touch

04 EUR: -1R
Pullback Chavel

05 JP2: 0R
Danact M15.E50 M1PA Almost +1R,

06 AUD: +1.5R Disact (Too long to hold)

1/3: +1R
2/3: +1.75R

07 EUR: -1R Chavel (Too counter-momentum)
08 AUD: -1R Chavel (pierce SL by less than 1pip)

AUD: -1R (looks like unplanned trade)

10 AUD: +1.5R (Disact M15 PA, also zero DD)

This is amazing! I have done an experiment. If I take trade without good reason/plan, the position always hit my SL immediately. Why?

I decide to do more experiments before coming back to post my trades!

Lots of experiments and almost all of them failed.

Keep this successful case a screenshot record. Price went against me by 3 pip and reversel to my direction for 25 pip. Nevertheless, with 3 pip spread, it actually went against me for 6 pip and to my direction for 22 pip.

In the near future, I will just post meaningful cases for self-educational purpose.

The failure rate of taking Grade B setup, in my experiment, is extremely high, and even much higher than random entry. Always take A* setups or setups less perfect but comparable to A* (i.e. A setups).

My trades can be classified by:

In terms of entry style, they can be classified into Touch trade and Detouch trades.

In terms of chart pattern, they can be classified into line reaction and pattern trades. Any line reaction can be classified into MA reaction and disline reaction (dislines are discretionary lines: Trendline or S/R). Reaction can be rebounding or breaking out (Breaking out does not apply to MA trading). Rebounding has to be comfirmed with PA with prior space. Breaking out has to be comfirmed with PA prior to breaking.

Autolevel (Round number, Dailies level, Fibo) are used as a supplement for confluence.

Old: 持續努力 循序漸進

New: 努力不斷 曙光必現

On top of the principle of price forecasting in daytrading, a continuous adjustment of the application of the edge is requirement to get the best possible performance. The edge of trading is strong only after that. Remember: devil is in the detail!

For non-touch trade, a good PA pattern @ significant lines (TL, MA or S/R) is required. Therefore, you should evaluate
1. The quality and clearness of the PA patterns
2. The quality of the lines

The degree of reversal of the PA pattern is significant, you should compare the degree of reversal against the bounciness of the line (as well as profit expectation) and the momentum prior to the hitting of the lines.

Never trade against very strong momentum, for either touch trades or detouch trades.

Grade A

1. Pinbar
2. Tweezer (skewed for TL or MA) DBHLC or DBLHC is not necessary
3. V-shape reversal
4. Crack

Grade B

5. Wick
6. Inside bar
7. Outside bar

Note: Pay attention to the degree of reversal.

Wowwwwwwww!
Haven't traded this kind of setup for ages!!!!!!!!!!!!!!!!!!!!!
+20 pip 1:1. A very clean entry - absolute zero DD!!!!

Waited for more than 1 hour ... 1st trade today.

Don't know where I can post it on FF! Who else on FF trade this kind of flag pattern setup?????

I am going to restart my journal here. I have been trading for years full time without success. For the last round of attempt, it lasted for about 6 months. I was failed and I sum up the reasons as below:

1. I have had unrealistic expectation and expected to trade every hour.
2. Tried to use 3 methods together, and one of them I haven't backtested enough.
3. I took inperfect setups.
4. I was still anxious, even though I was demoing
5. Lack of patience

The failure of the last round has made me so frustrated that I gave up day trading for 1/2 year. But now, I resume trading again. This time I emphasze on attitude more than anything else.

I can see how fast you alter your emotion. I can see you always try to pick top/bottom. Why not go with the trend despite of catching top and bottom all the time? Forum could be pretty poisonous, people posted their best trades, which is absolute top/bottom and others start to jelly with it and want to trade such way. Remember that those guys who post such chart look nice but mostly are losers because they always going against the trend. For one time they catch the reversal, imagine how many time they failed to catch it. They never post their loose, so don't care about them.

People post levels, trading is never about the levels, never that rigidness, it's pretty flexible, it's rather area of interest rather than exact levels.

I don't like stop or limit order either, It's another rigidness, I'd like to flow with the trade. Befriend with the market, stop fighting with it. Wait for it patiently, it'll give you a hand.

When enter a position, think about the risk first, think about the reason why you SHOULD NOT enter first.

Don't use 1:1 risk and reward, it's another rigidness in your trading, use TP as the near support or resistance.

Be water, my friend. Don't be rigid.

Let me show you an example.

http://content.screencast.com/users/...07-20_1559.png
Remember, be like water, my friend.

duyk,

Thanks for your visit to my journal. Yes, I agree that "Forum could be pretty poisonous, people posted their best trades". Nevertheless, keep in mind that there are possibly hundreds of thousands of methods that works. Some successful methods can be foreign to other successful traders. The problem I am encountering is not mainly about method but attitude.

cheers,
KK