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  • #1
  • First Post: Edited Jul 16, 2012 5:37pm Dec 4, 2011 7:27am | Edited Jul 16, 2012 5:37pm
Hi guys..

It's me Rasif, want to share my trades and analysis with you so that I can figure out my mistakes and can learn somethings from you guys.. Let me share a book's quote with you..ya

"You need to be aware of your tendency to sabotage yourself. Stop blaming your losses on bad luck or on others and take responsibility for the results. Start keeping a diary - a record of all your trades, with reasons for entering and exiting them. Look for repetitive patterns of success and failure. Those who do not learn from the past are condemned to repeat it."
- Trading for a living by Alexander Elder.


For this reason I'm now going to open a thread on this forum to record all my trades and find out my mistakes so that I can resolve that.

Anyway, Let's talk about something about my trading style and psychology. I'm a new trader, trading for around 1 year and 8 months now. I'm trying to develop some trading system. Actually I believe that the most important thing in trading is money management and psychology control.

Let's share another quote with you...
"You are responsible for every trade that you make. A trade begins when you decide to enter the market and ends only when you decide to take yourself out. Having a good trading system is not enough. Most traders with good systems wash out of the market because psychologically they are not prepared to win."
- Trading for a living by Alexander Elder.

So, Psychology is one of the most important point in trading. Just because of psychology, everyone can't be a trader... So, I'm here to develop my psychology too... As I'll be sharing my trades with you, so it will impact more on my psychology as I will not able to hide my mistakes

I'll be continue to post on this thread.. so please subscribe if you like my thoughts and give me suggestions as I'm very eager to learn something from you guys
  • #2
  • Dec 4, 2011 7:34am Dec 4, 2011 7:34am
I’m on short at EURUSD from 1.3499. SL: 1.3559 and TP: 1.3377. Risk 0.5%, Target 1%.
Reason: The reason behind the short is channel resistance level confluences with divergence, fibo & Price action.
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  • #3
  • Dec 4, 2011 7:35am Dec 4, 2011 7:35am
UPDATE: I’ve closed this position manually because market will close after 5 hours. Closing at 1:1 RR.. Closed at 0.48% gain…
  • #4
  • Dec 4, 2011 7:49am Dec 4, 2011 7:49am
But markets are closed right now???
  • #5
  • Dec 4, 2011 8:03am Dec 4, 2011 8:03am
Quoting Agro
But markets are closed right now???
Ya. market is closed right now. I've uploaded my previous trade's setup as I'm trying to share each and every trade I did in my account.
  • #6
  • Dec 4, 2011 8:54am Dec 4, 2011 8:54am
Quoting Rasif
I’m on short at EURUSD from 1.3499. SL: 1.3559 and TP: 1.3377. Risk 0.5%, Target 1%.
Reason: The reason behind the short is channel resistance level confluences with divergence, fibo & Price action.
Nice first trade. Great set up. If you keep trading set ups like this at 1:2 risk/reward you will do well.

Your good risk management will take care of 90% of the psychology required.

Unfortunately you cut profits early on this one. You could have locked it in at breakeven and left it open to reach target on Monday. I understand your reasoning but a trade plan is a trade plan. Once a trade is in place you have to leave it alone. Its better to lose one trade than break the rules. following the plan is key, not the result of a single trade. You will give back profits and have losing streaks but if you can still execute and follow the plan on the next trade, then greed and fear will have no impact on your results. That is the goal.
BTC Return This Year: na
  • #7
  • Dec 4, 2011 8:59am Dec 4, 2011 8:59am
Quoting M.A.C.Doug
Nice first trade. Great set up. If you keep trading set ups like this at 1:2 risk/reward you will do well.

Your good risk management will take care of 90% of the psychology required.

Unfortunately you cut profits early on this one. You could have locked it in at breakeven and left it open to reach target on Monday. I understand your reasoning but a trade plan is a trade plan. Once a trade is in place you have to leave it alone. Its better to lose one trade than break the rules. following the plan is key, not the result of a single trade. You...
Thanks. It's really appreciated. Actually If I left the trade open then it would hit TP that night But due to running out of my system, I got only 1:1 RR. This is one mistake and thanks to you to figure out the mistake... Now I'll try to solve that
  • #8
  • Dec 4, 2011 12:06pm Dec 4, 2011 12:06pm
Hey rasif..
Nice to see ur post in forum.. I hope u will keep posting about ur entry and exit for different trade...

regards
  • #9
  • Dec 5, 2011 6:49am Dec 5, 2011 6:49am
Quoting Raaju
Hey rasif..
Nice to see ur post in forum.. I hope u will keep posting about ur entry and exit for different trade...

regards
Thanks for your support bro
  • #10
  • Dec 5, 2011 7:22am Dec 5, 2011 7:22am
I've opened a sell stop order at 1.34188.. As EURUSD is in downtrend to my view and it's retracing from 50% fibo level... I'm providing it a SL above the recent high at 1.34560.. So, to satisfy my money management I've given take profit at 1.3330 level which will give me 1:2 Risk:Reward ratio... I'm taking 0.25% risk of my total equity.. Share your thought about this pending order. Thanks.
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  • #11
  • Dec 5, 2011 8:31am Dec 5, 2011 8:31am
My previous order of shorting EURUSD is closed.
  • #12
  • Dec 5, 2011 8:56am Dec 5, 2011 8:56am
Hi Rasif, nice to see your trade set up here, keep it up
  • #13
  • Dec 5, 2011 3:07pm Dec 5, 2011 3:07pm
Hi Rasif

Really enjoy following your trades. Agreed with your last sell setup at 13418 - nice for 30 pips!

I use a 4hr chart system (see image) as one can see it broke through support at that level.

Rgds

Jerry
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  • #14
  • Dec 6, 2011 11:42am Dec 6, 2011 11:42am
Quoting jmtini
Hi Rasif

Really enjoy following your trades. Agreed with your last sell setup at 13418 - nice for 30 pips!

I use a 4hr chart system (see image) as one can see it broke through support at that level.

Rgds

Jerry
Well, I found your chart is so noisy. It's hard to read the price action there. Anyway, thanks for your support and I wish you to be with me further and support me as well
Best of luck dear.
  • #15
  • Dec 8, 2011 10:11am Dec 8, 2011 10:11am
Hi Rasif

If you look closely, it's all support and resistance levels. The tunnels show dynamic levels (always moving diagonally up or down) whereas the horizontal zero levels and fib levels also play a part. As price bounces off or breaks through these levels one can set trade plans accordingly. I suppose I could get rid of some of the thin red lines!

Best Regards
Jerry
  • #16
  • Dec 8, 2011 11:17am Dec 8, 2011 11:17am
Quoting jmtini
Hi Rasif

If you look closely, it's all support and resistance levels. The tunnels show dynamic levels (always moving diagonally up or down) whereas the horizontal zero levels and fib levels also play a part. As price bounces off or breaks through these levels one can set trade plans accordingly. I suppose I could get rid of some of the thin red lines!

Best Regards
Jerry
Jerry, thanks for your explanation of your chart. Did you use moving avg for dynamic support and resistance? Actually I use only 50 period SMA for dynamic support and resistance but I don't use them as confirmation. I only use them as a confluence.
  • #17
  • Dec 12, 2011 3:55am Dec 12, 2011 3:55am
I've entered a short position at USDCHF at 1.2556 by watching a Resistance level just above the price. Although entry was dangerous But I took only 0.25% risk of my account. Giving it a tight SL at 1.0270 and targeting 2x of SL at 1.0225. Let's see what happen.
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  • #18
  • Dec 12, 2011 4:03am Dec 12, 2011 4:03am
Trade closed by Hitting SL.
  • #19
  • Dec 12, 2011 4:21am Dec 12, 2011 4:21am
I've opened a pending short at USDJPY.
Entry: 77.77
SL: 77.88
TP: 77.42
RR: 1:2
Risk: 0.25%
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  • #20
  • Dec 12, 2011 4:48am Dec 12, 2011 4:48am
Quoting Rasif
I've entered a short position at USDCHF at 1.2556 by watching a Resistance level just above the price. Although entry was dangerous But I took only 0.25% risk of my account. Giving it a tight SL at 1.0270 and targeting 2x of SL at 1.0225. Let's see what happen.
Well, I got a lesson by opening this trade at market price execution... If I would wait for a little time and gave it a pending order, then I wouldn't got hit by SL rather It would be in a 1:1 profit right now and I would move my SL to Breakeven...
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