Make Money Everyday - A Guide to Short-Term Trading

Hhggmm. discipline, motivation, edge, luck - Yes, I think I need a bit of them all!!. Started the year like captain invincible - ending it like private incompetent!. sorry for not posting anything, it seems no sooner than typing how well i've been doing with this method that the wheels of my trading truck fall off and trade after trade end up going against me (however I did manage to stem the bleed and take the trade nhen left this morning waiting for FO for +27). lets hope I can outrun my liitle black cloud for the last two months of the year.
Adding on to what you say mong, Its one thing finding your edge in trading,It's the ability to constantly adjust to market dynamics that with give you the true rewards (something I most certainly have been battling with this year!!!!!).
Good to see you appear in Islander and Medici's thread nhen, there's some invaluable material in there for trading the asian London crossover - it's really helped me in understanding and spotting some of the erratic and less conventional price moves seen around this time.

Anyway, enough rambling. just wanted to make a noise to show i'm still in the background getting a grip of things.

confident trading to you all

doc.

Mate I'm totally with you, I've had a few conversations with my flatmates about discipline - one of them wants to get fit.
It always comes back to something that is intrinsic to the human experience. We know what we need to do but we often make choices that contradict that information.
To conquer that issue in my other career and in regards to health I just had to keep getting back on the bike after sticking my foot in the spokes and falling off. Eventually you have enough past experience to prevent you from making the poor choices and one day you find it's effortless.

I'm definitely not there with trading yet, I too can see what I need to do but still I don't do it sometimes and pay for it. Just like that image says, I suffer the pain of regret
That's why my revised goal for last month was just to place every order within my rules no questions asked.
I was however missing part of the puzzle I believe. I think I have found that now in Medici and Islanders approach. Looking at the tick data I think mong does what Islander does anyway, but I just wasn't familiar enough with PA to be confident taking those types of trades. Now I have some confluence, so I feel more justified taking the setups. Perhaps one day I will find I don't need the MA anymore and can see what I need in the tick data as mong does.

They do have some great info in there, you're right. I had been seeing the Frankie fakeouts but not acting on them, after reading their approach it is much clearer now what often goes down around the European opens.

Trade well!

Think of moving averages like the rotations per minute indicator or the temperature indicator on your car. Nobody really needs them to drive - but when something doesn't seem right you will look at them for clues.

I have had coffee with some heavy hitters and even though they don't use em in their day to day trading, when price action gets wacky they will throw a MA on the chart to see what is going on.

Right on, cheers for that info

Biggest horse race in Australia today, and check out this finish!

@Doc - Thanks for stopping by again. Let me encourage you. Share your trading with us. The good, the bad and the ugly. We may just look at and say nothing... however I doubt it. More times than not - just pulling things out into the sunshine for all to see is a good thing. Whether you start to see things clearer on your own or maybe having some extra eyes checking your work... it can only help your trading.

@enoch - Well put re: MA.

@nhen - Love the horse pic... pretty awesome.

I try to read quite a bit. Often I'll find something I like and I'll print it out and stick it in my binder. Some pertains to trading, some just pertains to behavior and how do we master it. I just came across something that I actually had written down myself after watching a webinar that a friend referred me to.

Are you addicted to comfort?
What is your dream worth?

This morning as I muddle through a bit... those two things hit me like a sledgehammer. Am I addicted to comfort?? Damn right I am. We're all guilty of this at some point along the way. But man - that is really hitting home to me with my trading. There are trades that I see often times, and I pass on them.... why? Because I'm comfortable sitting here doing nothing. That's crazy. I'm sitting here to trade, to make money everyday. If I'm going to be here - I may as well get after it. I'm talking about really boosting and increasing my results. I'm not talking about taking trades outside your trading parameters. If you have followed this thread long enough - you know - that day in - day out... there are dozens of quality setups. It is easy to fall into the trap of skipping trades because you are comfortable. My goal - be uncomfortable.

Secondly... What is my dream worth? Wow....I have a vision for what i want to do with this whole trading thing... I've had it a while and yet I've sat on it. WHY? Because I'm comfortable. Comfortable doesn't change lives. Comfortable does nothing except make sure you sit there and get fat and lazy. Don't be comfortable folks. Keep YOUR vision of success at the forefront of your mind and pursue it with laser like fashion.

Mongolian

Pumped

Nice

Hi guys,

i'm here after quite a long time, how are you all??

i was speaking with Nic few times how s life and trading and he encouraged me to step back here and to upload chart, so we had a holidays here in Slovakia so i traded the levels after a long time.

So i started very good after 2 trades i had +24 in the pocket but then made so much mistakes i was like crazy boy(i didnt eat till 13 pm only staring at charts and trading ), i didnt stay away from gbp pmi's i traded few countertrend moves and i BET on US manuf pmi's output!! wowo...my pnl had pretty volatile swings today but in the end i finished the day with +12 pips or sth like that....if i were more disclipined i would end with much better result....i am enclosing my chart from today its really funny thing

pls tell me ur thoughts guys and some encouragement which is very needed now im so exhausted.

regards. mike.

MIKE!! Good to 'see' you my friend. Hope all is well. One thing to remember. It is semantics, however I believe it's important... it's not bad trades or wrong trades... just unprofitable trades. I like the charts. I put a couple thoughts on there. Keep them coming.

hey mongolian,

thanks for ur feedback,

i agree with you in most cases, just to let u know my thought process on my second circle - i would also probably play long but it looked dangerous for me....on the higher tf there is clear downtrend and that whole up leg looked like a pullback on higher TF (slower stepping movement up) - then vollatility started to be higher so i thought we are just getting new down leg so i played it short for a break after small pullback- actually wasnt so bad but my sl got hit sooner.

Btw there is another chart i was trading till now, then i just couldnt stop (now i rather turned platform off) so made another few pips, especially i was very unlucky and angry when my two orders werent filled, but it happens.

btw this all is demo trading so even there is a lot of mistakes main thing for me is that i can watch it and learn from it.

regards. mike

Mongolian, thanks for the interest, heres my take on what happened Asian/London changover. no good, one bad - nothing too ugly.

regards

doc

Trade reasoning:-
1 - 6.15am. fire the old girl up, quick check on what happened through the night, update trend lines. hhggmm Asian session down, down down. price hanging around 1.38. surely can't go any lower, perhaps the london/euro early birds are going to set the wheels in motion to claw it back - Oohh look ,price has just blipped up and retraced back to 1.38 just for me. ding ding all aboard and set sail - trade on. 16 minutes BUMP out for -10.

Hindsight reality check:-
I was 17 pips up in 4 minutes, Why! oh why! oh why do I continue to listen to that little red demon sat on my shoulder shouting " go on, go on , more, more, you can do it" !!!.

2 - Ok. dust off and move on.oohh look - monthly price pivot isn't far away, I bet that will be where it turns, lets make a coffee and feed the cats and wait and see. back to m/c 7.36am - the train has left the station 25 pips ago = trade missed.!!!!

Hindsight reality check:-
Knew what I wanted to do, Trade would have been good for a max 32 pips, so why didn't I place a pending order on it.!!!!

3 - So it did'nt stop there so it's going to be the daily s1 pivot -lets wait.

Hindsight reality check:-
Frustation and Running out of trading time meant that I kept my hands in my pocket hence no financial loss. trade wouldn't have worked so good decision in all. Lets see what tomorrow brings.

Not sure if my advice/opinion is warranted or wanted but here's what I saw last night at that time.

-Your first long at 3800, given that price had just found support there and the time I probably would have tried a long there too but taken profit at 38125.
Now preceding that long I would have been short off 38125 and maybe even short again after the long off 3800.
Then as we were approaching FO, I would have been watching the cross. Actually I was watching the cross and tried to enter as that big red candle broke. But my platform was broke so I missed it and got in at the mid below

Now we are in the Frankie hour so time to watch for some choppy swings, which we got.

-Long at Monthly pivot at 3750 would have been a good trade given the time. But also there were three great trades that followed.

-Short at 3775, then long at 37625, then short at 3775 again.
Now if you'd tried long again at 37625 you would have been stopped. But I wouldn't have taken that as LO is approaching and all charts are pointing down, so I would be prepared to run with the volatility of LO and either hold the last short from 3775 or get in on the retrace to 3750.

-For the trade at the pivot that you didn't take. I would have been careful there, all signs are down and given that bounce we had off the Monthly pivot and 3750 the first time and now that we've broken it at LO I wouldn't have been looking for any counter trades at that time.

Hope my opinion is OK That is pretty much what I did last night give or take a few, although I missed the short at 3750 because I was on the phone!

nhen - i am impressed! i might have you analyze my charts!

I don't think my simple methods are complex enough for your charts though matey

Hi Nhen,
Thanks for your view. My trading is all too often countertrend trading - I just need someone to post the indicator with the alert that goes "OOoii. Dipstick, The trend is going up/down so don't even think about it!!, Oh and by the way it's going to xxx.xxx before it turns round and retraces 75% - Got it!!!!". Anybody Know it or can code it (joke before anybody reading tries!)???, I think its called Grail.ex4?.

doc.

If you trade this method and take every trade - many of your trades are going to be counter trend trades. If it is a range day then about half of your trades should be counter to the overall trend.

note to Nhen: Don't contradict me!

Made my night.