It's Really All About Consistency...

I've been meaning to hold some of my intraday trades to catch some serious profits when I fully believe they can.

and today, I believe that is the case.

so, it's time to turn some day trading, into some light swing trading.

Again, something that's always challenging for me. If i'm risking 100 to get 300, i usually end up taking 120. etc.

the gbp/nzd long trade I am in right now I feel that way about. the only thing is, i don't have a component in my plan that accounts for how to handle this.

I can wing it of course, and I can also get drunk and drive 1000 miles to las vegas.

So... looks like i'll be taking profits at 1.9880. I don't want to try to develop a strategy on how to let the REALLY solid trades run, while I am in trades that may distract me or influence my insights into how I should structure such a new component to my trading plan as will work best for me.

so, it'll probably take a week or two. not sure. i just know it will come to me, and i'll try it out. if it doesn't work, i'll keep on it until i find what does work.

Also, the nzd/cad and nzd/usd short i have on could give some real pips...but those still fall within my normal trading parameters.

trades that could go 200+ pips... those are something else all together for me.

at anyu rate, i'm happy with the week so far. what's not to like really. 3 real trades, several entries on each (except the gbp/nzd), and all are looking great, and have had at least SOME profit taken out of them.

I have my targets drawn out, and am setting alerts now.

not much new to report...except i'm still updating my plan to some degree. just putting the details in their proper place.

over all though, this is possibly the first week i've started out feeling feel not just in control and coming from a place of clarity... but actually somewhat calm. not relaxed, but calm. this is NOT my natural dispostion. (which happens to be something more like, an easy going but structured disposition, with a tangible sense of focus that is unmistakable)

not out of control or wild by any means... but, intense. not calm.

i feel different this week. and I have a gut feeling it's actually a good thing, a sign that my subconcious is growing comfortable and more relaxed with the changes in my career. now being so focused on my own psych issues, as well as being a somewhat prolific contributor to this community here, and to my own blog.

it was a lot of change, some I had put off for a long time (like starting an actual public journal...this one here)

but, the fact of the matter is, i've now been profitable for 4 our of the last 5 weeks... and really, the worst two weeks were the times I strayed from my plan more than the other 3.

the best two weeks? ya...those were the weeks I did everything right. the process, the planning, the patience, the focus, the rest, the clear minded, the engaged but not fixated disposition... and it all seemed to fall into place.

I'm beginning to feel on an emotional level that my new focus of my revised trading plan will indeed provide the greater consistency that i've been seeking.

and deep down, I don't have words for how cathartic this feeling is.

Anyway, time will tell, but this time... I am starting to really believe, it will be different.

Guess we'll all find out though.

After lots of reading and testing with Demo account, now i had a live account with 280 USD. Hope i can get some tips from you for few trades, just to build up my confident again.....

Tuak, thanks for thinking so highly of me... and i'll be happy to give you tips! but unfortunately, those tips will not be what you want to hear. in fact, even if I spend 4 hours a day with you, 5 days a week, it might take 1 year, probably 2 years... before you could have a good chance of making any money consistently.

That's the reality.

But, i'll give you a tip that I think you might be receptive to....

first, start on the daily charts. don't even look at the 4hr or any other smaller chart. Daily, weekly, monthly.

and with that in mind...i'm gonna reccommend you check out nanningbobs thread. I spoke with him one time, and he seems genuine. he says he's profitable with his system, and i tend to believe thats true.

I've never used it myself, but we dicussed it once, and it made sense to me. and it is very simple, very straightfoward.

If you can't up and running, and try this for afew months, before you decide to try something else... well, then i'm not going to be able to help you any more than you can help yourself.

http://www.forexfactory.com/showthread.php?t=308304

thats his thread. Again i've never used it, and i'm taking his word for it, but i think if nothing else, you should find out for yourself by tradign his system on your own thinking for yourself if it's gonna work for you or not.

And i guess that brings me to my 2nd tip: retail traders are all extremely independent people. many of us refuse to work for other people, and nearly all of us find a wonderful sense of purpose when we are able to work alone, and make our own decisons, without anyone trying to tell us how to do it.

If this doesn't describe you..... if you prefer a group to a lone desk by yourself... if you don't consider yourself a "lone wolf" in some way... this may not be for you.

it's like this: if you have to ask someone if you should be in this trade or taht trade...then you shouldn't be trading. period.

anyway...here's that link to nanningbobs thread:

http://www.forexfactory.com/showthread.php?t=308304

good luck.

X

P.S. lesson three: no one is ever going to be there to "build up your confidence" for you in this business. in fact, they will quickly look to shred it to pieces. if you don't like that environment, then this isn't going to work well for you.

Thank you for the help.. i will try my best to study the best way for me.

Hi Forextraderx,

Great thread you have here.

I've would love to learn to trade in the same manner as you, or least work towards it. Please can you provide more info on the following:

1) Do you have any tips on reading market sentiments? I'm really struggling with this aspect. What live newsfeed do you use? I've taken brief notes from today as follows:

--Investors skeptical about EU summit
-Euro weaker against the dollar
--Equity markets seen range-bound in run-up to summit
Italian & Spanish bonds are up, Europe (Italy, Spain, UK, France, Germany, Greect and benchmark DX) stocks are down
Price expected to range bound until summit on Thursday and Friday
Pre summit talks – 1% ($163billion) of Euro’s GDP growth measure to be implemented, summit not expected to produce much other than this
Spain made formal request for assistance from Euro
Brent crude around USD 90 a barrel down about 30 pct since March 1
German bonds not seen as attractive to

I will be looking to short EURUSD today, I know this is a very crude analysis, so please can you advice how I can improve this? What has you analysis been for today?



2) Once you have a good understanding of market sentiments, what technical strategies do you employ to get in your positions? Are you looking for stop hunts or do you use S&R to enter in the direction of sentiment or some other method?



Thanks,
P

I agree, its a great thread.

Short EURUSD?? Im personally looking at going Long. However my timeframe is weeks/months.
Im evaluating whether 1.24 is a support level.

Keep it together man, overleveraging is not going to correct and unfavorable position. You keep breaking your rule of not losing more than X%/taking Y amount of trades per day, and this is affecting your ability to clearly interface with the markets.

As to why this keeps happening, I don't know, but I think it has reason to do with the fact that you are trying to create and maintain a particular image, which is simultaneously self-defeating. Look at your performance in your other account before you started this journal, when you made yourself accountable to no-one, and contrast it to your current performance. Then seriously reflect on your true purposes for keeping this journal here, as well as your linked Trade Explorers.

Trading is a lonely field, and social outlets such as this indeed help rectify that loneliness. However you need to perform a cost/benefit analysis to determine if this is aiding or affecting your bottom line.

While it is easy for me to sit on the sidelines and point out what I perceive to be leaks, I in no way mean to come off as being pedantic. You claim to trade for a living, and so I am concerned to see you in a rut like this.

Regards,
xXTrizzleXx

I will add this to trizzle comments...that....

we all need an on/off time.

we all go through streaks.

sometimes...posting your trades can be counter-productive(because others are taking the opposite of your trades...it pisses them off.) My experience at the EURANALYSIS thread makes me hesistant to post my trades...if i must...i am selective at what thread i do it.

overall, trizzle..good point.

-21.5% a day is consistency?

Low blow man...

@forextraderx:

"Every trader faces it. Only the winners know how to handle it. The dreaded losing streak rears its head every so often and attacks every great trader. It eats away at your judgment; it saps your confidence. Sometimes, it can take you so low that you think you'll never get out. You're sure that something has gone wrong, that you've lost your touch, that you'll never be a winner again. When you're in the middle of it, you think it's never going to end, but mostly, your judgment and rhythm are off and what you have to do is stop and regain your composure. The best way to end a losing streak is to cut your losses and divorce your ego from the game. I learned this lesson many years ago at the crap tables in Vegas. The old cliche says "never send good money after bad," and it's true. You have to manage your resources and not lose too much of your stake. Many people when they're losing increase their bets; they double up hoping to win it all back on one roll of the dice. That strategy can be devastating. The best way to stop a losing streak is to STOP! STOP THE LOSSES, STOP THE BLEEDING. Take time off and let your intellect take charge of your emotions; the market will be there when you return."

-Excerpt from Pit Bull sent to me by a friend.

I still don't know why you have the remaining position open.

Regards,
xXTrizzleXx

What a way to kick a man who's already fallen.

I hope you're doing well yourself because if you've been there, you knew damn well how it feels and if not, it's a matter of time before you will.

what a fucking, bleeding arse hole.

thanks for that.

this video is a good one to watch.

here is another one.

lol, people refuse to accept the truth that only trading performance matters.

Hi forextraderx,

Some really great concepts here.. And a very good thread.
I recently ventured into trading , 10 months back or so... And even my aim is to get how markets work...

Now , i too have same views as you do. I too see all the markets, even though i just trade in equity markets. Just to get the feel if the current move is just for the day or for the month...

And come to think of it, you see many things which i see too... Really great stuff.

I know, not many people appreciate it. They just want some trading system or "EMA" crossover thingy. I see a true trader coming up and it involves a lot of hardwork.
Cheers mate.. Hope to see you continue your analysis.. i can include my sentiment reads too... Hope we can learn together.

regards