TheChalleger's Journal - My Trading Journey | Page 22 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Fibonacci Trading Journal - My Journey 3 replies

Haikanoz Trading Journal/Journey (Privately for Myself Only) 12 replies

zulemara's trade journal...A "magical" journey to wealth 6 replies

Mikali’s Journal – My Trading Journey Using the James16 Methodology 15 replies

MY Journey's Journal 11 replies

Attachments: TheChalleger's Journal - My Trading Journey
Exit Attachments

TheChalleger's Journal - My Trading Journey

  • #421
  • Sep 13, 2012 9:56am Sep 13, 2012 9:56am
Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -3*
Wk32: -1.5, +1, +1 / # / # / X / #
Wk33: -0.5, +0.5 / # / # / # / #
Wk34: # / # / # / # / #
Wk35: -1 / -3* / +1.5 / -1 / -0.7, +2
Wk36: # / 0, +1, +1.5 / # / +0.5 / #
Wk37: -1, +1.5 / +1.2 / -1, -1, -1, -0.8, +2, +0.7, +2.2 / +1 / /

7 winning trading day in a row!
  • #422
  • Sep 14, 2012 3:02am Sep 14, 2012 3:02am
Quoting kk007
Thanks my friends. I think I was burnt out (no depressed) for weeks, maybe because of trading stress. Trading takes year to make a living for most people. I got to accept this view eventually.

Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -3*
Wk32: -1.5, +1, +1 / # / # / X / #
Wk33: -0.5, +0.5 / # / # / # / #
Wk34: # / # / # / # / #
Wk35: -1 / -3* / +1.5 / -1 / -0.7, +2
Wk36: # / 0, +1, +1.5 / # / +0.5 / #
Wk37: -1, +1.5 /
I think you might consider moving away form day trading altogether.
I also think that FX is not the best market for day trading. 24/7 is a way too diluted. I have been getting up at 1:30-2:30 a.m. in Toronto for years though and I am ok. it is obviously a mental thing. Try to move to longer term trading preferably trend trading. it might help.
  • #423
  • Sep 14, 2012 3:10am Sep 14, 2012 3:10am
Quoting mmaker
I feel your pain and frustration. And the desperate need to quickly (running out of time ....) achieve what you set out to do, and -1R -3R losses can easily damp the spirit. Like dying a slow death, but you kept trying and hoping for the better tomorrow. Keep it up.

http://www.forexfactory.com/acefxtrader might have something real going, check his Trade Explorer and his website. Not promotion, just sharing.
quick is not a solution. i would say slow. in his psychological state he needs to stop day trading and move to longer term when he doe snot have to stay the whole night up and stay glued to the screen.
It is not an easy business and psychological capital must be preserved even more than money.
  • #424
  • Sep 14, 2012 3:12am Sep 14, 2012 3:12am
Quoting mmaker
It's quite sad to see him lose -1R again and again. It's slowing bleeding and dying a slow death. He needs a new strategy and fresh approach to the market.
-1R is ok, what is not ok where is +2+3 R. again, his problem is mental. strategy won't help but changing some perspective and slowing down might help.
  • #425
  • Sep 14, 2012 3:16am Sep 14, 2012 3:16am
Mmaker, kk007 is not a beginner. we actually started trading around same time and actually were being quite friendly 3 years ago I used different nickname then. I think taking break and changing time frames might help. But stopping thinking quick and future is important . it is draining him.

[quote=mmaker;6006053]Good reading:
Quoting 5percent
If a trader can't make it in the Forex Market and keep failing ample times, it's mainly due to psychology and personality, the experience a trader gets from losing in the Forex Market are the most important lessons and the best,

In fact its recommended to keep losing at the start of trading as it is part of learning, any beginner with luck that started out winning will eventually succumbed to defeat when the market moves out of his expectation, and that's what killed majority of the retailers. Only by...
  • #426
  • Sep 14, 2012 3:29am Sep 14, 2012 3:29am
I am having my 7 winning day in a row.. I don't understand why people keep saying I am failing?
  • #427
  • Sep 14, 2012 3:36am Sep 14, 2012 3:36am
Quoting kk007
I am having my 7 winning day in a row.. I don't understand why people keep saying I am failing?
It is a general mood of your journal. It should be reeking with optimism!
  • #428
  • Sep 14, 2012 3:41am Sep 14, 2012 3:41am
Quoting Holy Cow
It is a general mood of your journal. It should be reeking with optimism!
People just don't check the time of the posts I have made. The first post on this thread was a few years ago.
  • #429
  • Sep 14, 2012 4:09am Sep 14, 2012 4:09am
Quoting Holy Cow
Mmaker, kk007 is not a beginner. we actually started trading around same time and actually were being quite friendly 3 years ago I used different nickname then. I think taking break and changing time frames might help. But stopping thinking quick and future is important . it is draining him.
I have suggested that he removed the dotted grid lines from his charts, so that he can see the price action better. But I think he is stubborn to change, and I'm not forcing him anyway. Just a friendly advice. Someone asked him for his risk-reward or rather percentage win/loss and size of wins vs size of loss. He is doing -1R and +1R, and as you said: where is the +2R +3R? He is not riding the winners and taking small cuts of -1R -1R sometimes -3R ..... dying a slow death. The small gains he made from "7 winning days in a row" will simply disappear when he encounter losers again. He is just not making full advantage of his winners. Like going to a casino, when you lose you lose everything. But when you win at casino, you don't cap your winnings at +1R or +1.5R, the casino will be laughing. Hopefully he will listen to you as you were his friend from years back. He's been at this for too long, he must think of going back to a proper job while he still can or he is just draining his savings and energy, and age as when we get older we cannot find jobs anymore. That's the sad part of going too deep into losing trading.
No longer trading forex. Looking for full time job.
  • #430
  • Sep 14, 2012 4:12am Sep 14, 2012 4:12am
I think you have much more negative thoughts than I do.

Quoting mmaker
I have suggested that he removed the dotted grid lines from his charts, so that he can see the price action better. But I think he is stubborn to change, and I'm not forcing him anyway. Just a friendly advice. Someone asked him for his risk-reward or rather percentage win/loss and size of wins vs size of loss. He is doing -1R and +1R, and as you said: where is the +2R +3R? He is not riding the winners and taking small cuts of -1R -1R sometimes -3R ..... dying a slow death. The small gains he made from "7 winning days in a row" will simply...
  • #431
  • Sep 14, 2012 4:21am Sep 14, 2012 4:21am
Quoting Holy Cow
-1R is ok, what is not ok where is +2+3 R. again, his problem is mental. strategy won't help but changing some perspective and slowing down might help.
There are 4 outcomes to each trade:
1. big loser
2. small loser
3. small winner
4. big winner.

He got past the "first stage" of managing his big losers. He was able to stop out at -1R so he don't take disastrous losing trades like people who don't use Stop Order. I think he is also controlling his daily losses at -3R so avoiding the disastrous losing days.

He is now at the "second stage" of small losers (-1R -1R -1R) and small winners (+1R +1R +1R). Breakeven traders are what the brokerage industry called dying a slow death. You don't give up, but you don't get anywhere. You waste hours, days, months, years staring at the screen making +1R and losing -1R. At the end of the month, there is nothing to show but tiredness and wasting life.

He needs to get out of breakeven trading into "third stage", where he control small losses (-1R -1R -1R -1R) in return for big winners (+2R +2R +3R +4R). Sometimes we just have to let open profits of "+1R" go and not exit, let the winner ride. If you cap yourself at +1R, you will NEVER experience a +2R +3R +4R trade. No matter how you dream about big winners, if your procedure is to take exit at +1R, you will NEVER see a big winner in your life. The small winners will just cancel out the small losers and over time, it is a breakeven at best, but losing game ultimately. You don't get killed like the "first stage" trader. You die a slow painless death with multiple small cuts of small losers offset by small winners ..... and just draining your account and life away.

Look for the big winners, you must let your winner ride for once.
No longer trading forex. Looking for full time job.
  • #432
  • Sep 14, 2012 4:30am Sep 14, 2012 4:30am
+21 pip, more than +1R
Attached Image (click to enlarge)
Click to Enlarge Name: temp.gif Size: 37 KB
  • #433
  • Sep 14, 2012 4:33am Sep 14, 2012 4:33am
mmaker why don't you learn his strategy and then show him how to make more than 1R for every winner. If you do that than you can earn your right to talk the talk. Not all profitable strategy follows a standard rule. So I say show him how its done first.
Riding the order flow
  • #434
  • Sep 14, 2012 5:10am Sep 14, 2012 5:10am
exactly: this is how things should look:

Attached Image (click to enlarge)
Click to Enlarge Name: trades.JPG Size: 42 KB


it is more now on established trades. 3-6:1 R:R already. no take profit at all. only stop loss.


Quoting mmaker
There are 4 outcomes to each trade:
1. big loser
2. small loser
3. small winner
4. big winner.

He got past the "first stage" of managing his big losers. He was able to stop out at -1R so he don't take disastrous losing trades like people who don't use Stop Order. I think he is also controlling his daily losses at -3R so avoiding the disastrous losing days.

He is now at the "second stage" of small losers (-1R -1R -1R) and small winners (+1R +1R +1R). Breakeven traders are what the brokerage industry called dying a slow death. You don't...
  • #435
  • Sep 14, 2012 5:14am Sep 14, 2012 5:14am
it is much easier to have high R:R while trading long term than day trading. FX market is not as volatile as it used to be few years back and London session looks like a shadow of itself. Daily ATRs are down to 50-100 pips on most pairs and it doe snot move every day to provide good R:R. to have it trader should be in trades for days, weeks, months as long as pips are being made and there is no signal to close.
  • #436
  • Sep 14, 2012 5:22am Sep 14, 2012 5:22am
26 pip! +1R Trailing stop hitted
Attached Image (click to enlarge)
Click to Enlarge Name: temp.gif Size: 34 KB
  • #437
  • Sep 14, 2012 5:31am Sep 14, 2012 5:31am
Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -3*
Wk32: -1.5, +1, +1 / # / # / X / #
Wk33: -0.5, +0.5 / # / # / # / #
Wk34: # / # / # / # / #
Wk35: -1 / -3* / +1.5 / -1 / -0.7, +2
Wk36: # / 0, +1, +1.5 / # / +0.5 / #
Wk37: -1, +1.5 / +1.2 / -1, -1, -1, -0.8, +2, +0.7, +2.2 / +1 / +1, +1/

+2R Today (+47 pip) ! 8th Winning day!!! Price movement is very predictable today!!!
Thanks everyone!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: temp.gif Size: 14 KB
  • #438
  • Edited 6:14am Sep 14, 2012 5:56am | Edited 6:14am
Quoting Holy Cow
it is much easier to have high R:R while trading long term than day trading. FX market is not as volatile as it used to be few years back and London session looks like a shadow of itself. Daily ATRs are down to 50-100 pips on most pairs and it doe snot move every day to provide good R:R. to have it trader should be in trades for days, weeks, months as long as pips are being made and there is no signal to close.
Right FX volatitiy drop a lot since the end of 2009. But some scaplers do survive the hard time (like kostas1).


http://www.forexblog.org/wp-content/...-2006-2010.jpg

Feb. 23 (Bloomberg) -- Volatility of currencies of Group of Seven nations fell to lowest level since August 2008 amid optimism the global economy is improving, giving investors more confidence to buy assets that appreciate in periods of growth.

Implied volatility of three-month options on Group of Seven currencies as tracked by the JPMorgan G7 Volatility Index fell as low as 9.76 percent today, the least since Aug. 8, 2008, as options traders scale back risk of large exchange rate swings. Lower volatility makes investments in currencies with higher benchmark lending rates more attractive because the risk in such trades is that market moves will erase profits.

http://www.businessweek.com/news/201...on-growth.html

P.S. Still remember a few people told me that it has been getting too difficult to make profit since this Feb
  • #439
  • Sep 14, 2012 6:38am Sep 14, 2012 6:38am
Ah, KOsta.
BTW, how many scalpers among wealthy traders?
I do not think many.
also, I start thinking that volatility was a actually an abnormality. in normal times volatility cannot be high.

Quoting kk007
Right FX volatitiy drop a lot since the end of 2009. But some scaplers do survive the hard time (like kostas1).


http://www.forexblog.org/wp-content/...-2006-2010.jpg

Feb. 23 (Bloomberg) -- Volatility of currencies of Group of Seven nations fell to lowest level since August 2008 amid optimism the global economy is improving, giving investors more confidence to buy assets that appreciate in periods of growth.

Implied volatility of three-month options on Group of Seven currencies as tracked by the...
  • #440
  • Sep 17, 2012 12:03am Sep 17, 2012 12:03am
今天可能會停一天模擬交易。上週工時較長，怕再出現過倦。
現在這線貼已經限制了他人張貼，希望未來可專注個人使用。
0 traders viewing now