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Another simple system - Time-Frame 15

  • #18,401
  • Dec 30, 2012 4:23am Dec 30, 2012 4:23am
...Another lesson on Psychology for trading.



Check your EGO at the trading room door.....

Losing a trade or being wrong about the market direction doesn’t mean you’re inferior in any way. It just means that the market didn’t move in your favor this time…there’s no reason to take it personally. Losing is part of being a trader and it’s something you can’t avoid. The more you try to avoid losing trades the more money you will lose because you will begin assigning too much importance to any one trade.

Many traders become fixated on trying to avoid all losing trades. They take losses way too personally. They forget that losing is part of the business of trading and they let every losing trade affect them on a personal level.

As traders, it’s important to understand that even if we see what we think is a ‘perfect’ trade setup and it turns into a loser, we didn’t do anything wrong…we just had a losing trade. It doesn’t mean we suck at trading or we that we aren’t smart enough to “figure it out”, it just means that that particular instance of your trading edge was a loser. There's a random distribution of winners and losers for any particular trading strategy, and if you understand and accept that fact, it will significantly help you trade with less emotion.

Most traders tend to discuss their winning trades far more than their losing trades. You may have even caught yourself doing this. It’s natural to want to gloat about our winning trades to our friends, even if overall we have lost money in the markets…because it makes us feel good when we are right about a trade.

What you have to do is understand that whether or not you win on any one trade really doesn’t matter in the grand scheme of things. Being “right” about the direction of the market is not relevant to your success or failure in the market. You can be “wrong” more than you’re “right” in the market and still make money if you make proper use of risk reward and you are trading a high-probability trading strategy like price action in a disciplined manner.

The point is this; don’t let your ego get the best of you in the market. If that trade that you waited patiently for and that looked “perfect” ends up not working out, don’t immediately jump back into the market just because you feel angry or you feel “cheated” by the market. Instead, think of it as just another instance of your trading edge, and this trade just happened to be one of the losers that you will inevitably have. Two key things you need to do to make money in the markets is to remove all feelings of “needing” to make money fast and of “needing” to be right about every trade. If you can do these two things you will be light years ahead of most traders who can’t see the forest for the trees.



https://fbcdn-sphotos-a-a.akamaihd.n...27251415_n.jpg
  • #18,402
  • Dec 30, 2012 4:46am Dec 30, 2012 4:46am
Quoting emmanuel7788
Live Trading Room

There were some previous suggestions to have a live trading group for example using Skype as one media. I have been thinking about this over the past two weeks since I was not trading and felt this idea could be something for the 2013.
I am sure members here have your own views and concern for this thread.
Hi Emmanuel, live trading room via skype, usually don't work that well. Hence rather than focusing on their own trading 'charts', newbies are focusing reading skype posts or busy typing.

For myself, during this holiday season, I have been studying PASR on the higher timeframe (Monthly Weekly & Daily) and doing backtesting and trade simulation. I hope to contribute more next year.


Anyway, best wishes
Happy New Year.
may 2013 be a excellent one.
  • #18,403
  • Dec 30, 2012 4:46am Dec 30, 2012 4:46am
Quoting jordfx
...Another lesson on Psychology for trading.


[b] [size=3]
Check your EGO at the trading room door.....

Losing a trade or being wrong about the market direction doesn’t mean you’re inferior in any way. It just means that the market didn’t move in your favor this time…there’s no reason to take it personally. Losing is part of being a trader and it’s something you can’t avoid. The more you try to avoid losing trades the more money you will lose because you will begin assigning too much importance to any one trade.

Many traders become fixated...
  • #18,404
  • Dec 30, 2012 4:49am Dec 30, 2012 4:49am
Quoting jordfx
...Another lesson on Psychology for trading.


[b] [size=3]
Check your EGO at the trading room door.....

Losing a trade or being wrong about the market direction doesn’t mean you’re inferior in any way. It just means that the market didn’t move in your favor this time…there’s no reason to take it personally. Losing is part of being a trader and it’s something you can’t avoid. The more you try to avoid losing trades the more money you will lose because you will begin assigning too much importance to any one trade.

Many traders become fixated on...

Very nice post. That is precisely the reason why on many threads you see newbies getting misled and their precious time being wasted. By super gurus who never lose. And then their our others who will write a whole paragraph of their daily winnings but don't have the time to post a chart of a single one.

This is all due to them suffering from what you have mentioned above.

One of these individuals called Niceguy. Who I really rank, finally admitted and apologized for misleading so many traders by his bogus winning streak. But I salute his courage.

But there are many still being supermen on many of the popular threads write now. If any thing they need to get hold of their egos.
  • #18,405
  • Dec 30, 2012 4:52am Dec 30, 2012 4:52am
Quoting jordfx
...Another lesson on Psychology for trading.


[b] [size=3]
Check your EGO at the trading room door.....

Losing a trade or being wrong about the market direction doesn’t mean you’re inferior in any way. It just means that the market didn’t move in your favor this time…there’s no reason to take it personally. Losing is part of being a trader and it’s something you can’t avoid. The more you try to avoid losing trades the more money you will lose because you will begin assigning too much importance to any one trade.

Many traders become fixated...
  • #18,406
  • Dec 30, 2012 5:24am Dec 30, 2012 5:24am
[QUOTE=jordfx;6328215

Again, LE1 is all about THE SAFEST ENTRIES IMAGINABLE...AND BY IMPLICATION SMALL STOPS..., SETTING SMALL PIP TARGETS (10 - 15pips), ALL TAKEN WITH RESPECT TO 10, 50 AND 200emas.

WE CAN START MAKING LIVE TRADE CALLS HERE IN THIS THREAD USING THESE PARAMETERS AND I THINK IT WOULD BE OF IMMENSE HELP TO NEWBIES AND EXPERIENCED TRADERS ALIKE.

There is no running away from the fact that the absence of LE1 has seriously affected the SPIRIT, DRIVE and FOCUS OF the thread, but we can correct that!!! And I think it is left to the more experienced traders to do just that.

A lot of these experienced traders are also fading away with LE1s absence...which brings to question their motive for being here in the first place..
TO HELP NEWBIES???? Then why not stay and still help even in LE1s absence?????? hmmmmmmm.....

--------------------------------------------------------------------------------------------------------------------------

A timely reminder and great inspiration to all.

And, a humble challenge and plea to the experienced traders to rededicate themselves to the noble cause.

My warm respects to Jordfx , for the bold awakening call to all.
  • #18,407
  • Dec 30, 2012 5:48am Dec 30, 2012 5:48am
Hi all. I have just posted comment in Trading Journal for Newbies to Binnie's questions about many thing going on here over the last few weeks. http://www.forexfactory.com/showthre...55#post6328255

As it reflects my personal view and thoughts about the overall situation, and as a member of This Thread, i will post it here too:



I joined ForexFactory in October only. Have been dealing with markets for over 16 years (Fixed Income, Equities, Derivatives..). I got familiar with currency pairs long ago. Not for trading, but to hedge my foreign currency exposure. It was interesting for me to enter FX markets too. I found out, some elements were similar to other markets and others were specific. Especially the scalping part (never really been doing that). I excepted the challenge and, I took it very seriousely. My friend told me about Arjun's Thread and I really enjoyed reading it from page #1 on. Lots of doubts were arising on that way about some cotributors (especially Gibril & Co) - and rightly so. Never doubted about Arjun and some other members..I was blind because of the positive energy they have incorporated (love, charity, help, respect, "brotherhood"). I will not go into details now, but I'm pretty sure, the "story" is not over yet. Patience. It's coming.

1) Starting with the method. It is a modified (improved) version of Choros method basic principles ( www.forexfactory.com/showthread.php?t=236210 ). And I can say IT WORKS. Following the basic principles, taking care of money magament (risk control), you should be able to start making money. Patience and discipline are the key.

My OWN take on this..I'll copy paste my personal view from my answer to one of the guys sending me PMs as it really reflects what i think about it in general:


Everything comes in waves in this Universe. So is the light, the energy, the materia, even our thoughts. These vibrations and oscilations are the base for our lives.

Price action is oscilating around it's 10 EMA and 10 EMA is a result of PA movements. They are connected. If the distance becomes to big it is more likely PA will come back to restest it's average, it's base. And usually, it comes for a retest and then bounces. If you look at your house from the satellite, it looks small, but you can still move yourself inside the house quite a lot. EVen if you exit, sooner or later you will return..or make a new home somewhere else. Same with PA..these moves around and off the base are the safest and require minimum effort and minimum Stoploss distance, which means, you can get best reward for smallest risk.

In order to jump, you need something to step on. It could be 10 EMA, RN, TL, SR line..best results when you have multiple lines to jump off.

In short, its about RRR. We seek best entries - the ones requiring least risk for your hard earned money and offer greatest probability to bring good reward.

The method, Arjun offered is neither the ultimate, nor the only one. I'm studying and testing my own setups, which are and will not be the matter of discussion here. But Arjun's method is a solid base that has proven to be a profitable one, once you adopt your eyes to PA movements on different time frames. If you master it on H4-10, H1-10..(200 EMA, 50 EMA M15..), the probability, you bet on the next 10 pips into the right direction..increases a lot. It is all about the waves and the probabilities. Nothing is certain here.

It is also important to be good and do good. Positive approach towards everything and love for everyone (within certain limits) will bring you success. AT the end..it's about giving and receiving. If you play fair and honest..this is what you will receive..time is relative..but it will come.


2) About members who posted fakeys, cheated on us (including the owner of this Journal and his fellows)..

There is no excuse. Using UNI library PC, internet caffee (Gibril) and other nonsenses..lol..really makes me laugh.. No harm has been done in pips, no harm has been done to me personally (never really followed the trades). It is sad, they have hurt ppl's trust, religion, souls, if you want. No excuse whatsoever. I have forgiven them already..as I have no place and space in my heart and soul to feed them with my anger and disappointment.

Just a warning to be careful about the future posts here..we are watching you. You will never be allowed, whatever ID you may use, whatever Thread you start, or join, to cheat on innocent people. There is a lot more than this. It is being investigated and passed on to appropriate addresses.

3) About the continuation of the Thread and Journal ..that's up to ForexFactory Team. I am a guest here. Will be glad to share setups, ideas, help others and be good and do good.


At the end, wish you all - lots of success in 2013, lots of positive energy and good souls/good company around you.

(your brother) Ciara
Ideas shape the course of history
  • #18,408
  • Dec 30, 2012 5:54am Dec 30, 2012 5:54am
Quoting jordfx
I feel very much that this thread has accomplished and can still accomplish the purposes of having a live trading room IF we can determine to keep it on track and focussed! The greatest challenges has always and always will be...DISTRACTIONS! And I feel the same challenges will still rear its head even in a live trading room on skype or whereever. The problem I sense with this thread at the moment is that a lot of us seem to be forgetting the PURPOSE and SPIRIT with which LE1 started this thread in the first place! HE STARTED THIS THREAD WITH THE...

Hi mate, (for jorfx or anyone else)

hope you are well.

who would you regard as the 'experienced' traders?
  • #18,409
  • Dec 30, 2012 6:42am Dec 30, 2012 6:42am
Quoting fxdivergence
Hi Emmanuel, live trading room via skype, usually don't work that well. Hence rather than focusing on their own trading 'charts', newbies are focusing reading skype posts or busy typing.

For myself, during this holiday season, I have been studying PASR on the higher timeframe (Monthly Weekly & Daily) and doing backtesting and trade simulation. I hope to contribute more next year.


Anyway, best wishes
Happy New Year.
may 2013 be a excellent one.
"You win and you're right."

Trading is not those statements. A trained trader understands success as "I lose good and I’ve wrong small." Trading is called coming out on the small losers' side and being rewarded with knowing how good we have been wrong.It requires a balanced life to sustain the meanness of the markets. I never plan for the bad days, and there are bad days. It is when it affects my lives that I must make a new choice. Either change my behavior or go down in defeat.

I have a choice: Either face the truth of trading or look for the nearest exit.

Only through ignorance! I can forgive all that. Those who don't learn are their own enemy. Most important, they must learn that they don't have to make SELF-LEARNED mistakes. They are always better off to learn from OBSERVED MISTAKES. It can be pretty costly to make mistakes in this business. I cannot really tell someone what to do, but often if I guide him or her, they will be more receptive to making the right decision.

It is better to learn from a mistake that affects myself directly when it is made by someone else. I have to be mistake-aware in trading because there are so many lessons….I see , I mean, it is clear what mean on mistakes.

“ Learn from others' mistakes, and it is cheaper than learning from my own mistake”

That is who I am! …I am the observer and always get the input from the others than analized it , suitable to my personality.

Most traders think the important element in success is knowledge. In my trading career I have found that correct knowledge and the ability to change behavior are the most important parts of successful trading. Correct knowledge without behavior modification projects improper execution of an otherwise perfect trading plan.

Behavior modification, without doubt, is the key to trading success -- not only in how I think but also how I act in certain situations. I must adapt to changing situations over which I have no control. I must change the situations over which I do have control.

HAPPY NEW YEAR TO ALL… 2013
BEST REGARDS ,
DON’T WORRY , BE HAPPY….
  • #18,410
  • Dec 30, 2012 6:51am Dec 30, 2012 6:51am
[quote=ramlanne;6328278]

Most traders think the important element in success is knowledge. In my trading career I have found that correct knowledge and the ability to change behavior are the most important parts of successful trading.

quite right with what you say,peoples you cannot trade without losing so get over it.Excluding this month, this year i have made many many pips after the losses. If i say i have won (or most pro traders) do, this means after the losses have been corrected. In a great battle we here of heroism and how the enemy was defeated but seldom hear about any casualties and like trading as long as we end jup on top thats all that matters. Take care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,411
  • Dec 30, 2012 6:55am Dec 30, 2012 6:55am
HONESTLY....In my opinion..no-one really has the right to categorise anyone publicly as 'experienced' or not. It has to be a personal thing. Years and years of trading 'experience' doesn't necessarily translate to CONSISTENT trading success! Personally, the only people left on this thread I consider qualified to be called 'experienced' now is Emmanuel, Vantage, Pkimnyc, jj7000, Ciara and of course you my friend aryary! BUT THATS JUST MY OWN PERSONAL OPINION! I'VE ONLY BEEN TRADING FOR ABOUT A YEAR NOW SO I DON'T CONSIDER MYSELF 'EXPERIENCED' BY ANY STRETCH OF THE IMAGINATION. Moreover I only started being CONSISTENTLY PROFITABLE after hooking up with this thread's strategy which I'm still in the process of adapting with a SUPPLY/DEMAND style of trading personaly.
  • #18,412
  • Dec 30, 2012 7:50am Dec 30, 2012 7:50am
I have not been reading this thread for awhile. Probably two months or so. What happened to the author? Has he gone off to private room or something like that? I trade in a skype chat room with a bunch of good guys and gals. You can easily make calls and post charts with no delay. I would think a skype room for this method would teach traders more than this thread. Just my opinion. I see I have lost my vouches. Didn't know the vouchers could take them away.
  • #18,413
  • Dec 30, 2012 8:05am Dec 30, 2012 8:05am
Fellow traders...

how is the holiday?
For newbie like me, these is the best new year holiday since I know FOREX.
Thanks to GOD, and than thanks to Master ARJUN ( Seriously, I Really Really miss him).
what about you???


This is my chart... (attached)

Would someone to help me please..

I use Pipware chart to monitor EMA's in all time frames. My pipware indi only give me 2 optional EMA.. so I set 10 EMA and 50 EMA.. but I need to be plot 200 EMA too in it... I try to edit it in meta editor but I can't.. dont know how to do it...

I wish a good man in this forum will help me....

Thanks a lot.. (sory, I'm not fluent in English)

best regard
Attached Image (click to enlarge)
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I'm an under training pips hunter
  • #18,414
  • Dec 30, 2012 8:45am Dec 30, 2012 8:45am
Quoting jordfx
HONESTLY....In my opinion..no-one really has the right to categorise anyone publicly as 'experienced' or not. It has to be a personal thing. Years and years of trading 'experience' doesn't necessarily translate to CONSISTENT trading success! Personally, the only people left on this thread I consider qualified to be called 'experienced' now is Emmanuel, Vantage, Pkimnyc, jj7000, Ciara and of course you my friend aryary! BUT THATS JUST MY OWN PERSONAL OPINION! I'VE ONLY BEEN TRADING FOR ABOUT A YEAR NOW SO I DON'T CONSIDER MYSELF 'EXPERIENCED' BY...
Thanks jordfx for the quick reply....

Below are my new years 2013 gift to all members,,.

Trait of Successful Traders . . .

Remember the saying “Knowledge is power.” That is not entirely true . . . Knowledge is only potential power and what you do with that knowledge will determine its power.

We must be ready for anything. That means thorough knowledge of our trade plan, market structure and what constitutes a valid signal. All of these must be aligned before we place a trade. All most all of the work required takes place long before we ever enter the market.

Another essential trait successful traders share is the ability to be disciplined. They have the ability to control their trading state (emotions) and their focus. Always remember we cannot control the market, all we can do is control our response.

Why do traders hesitate even when they get a valid signal?

The number one reason is they don’t know the probability of the outcome. Why?

They have not thoroughly tested their trading system and plan to know the probabilities. If you know your entry, stops and targets beforehand, you can eliminate the emotional investment in any trade.

“Your life will not change when you know what to do; it will change when you do what you know.”

What are you doing every day to arm yourself with the knowledge to conquer the markets?

What pain are you avoiding that is holding you back; preventing you from achieving the discipline and control necessary to be successful?

What is keeping you from making the commitment to get the work done so you can experience the unlimited upside the market can provide?

The Success Equation:

Preparation=Confidence
Confidence=Execution
Execution=Repetition
Repetition=Habit
Habit=Discipline
Discipline = Serenity

Don’t be another market casualty. Dedicate yourself to winning the battle before it is fought; study, prepare and then attack. Let fear and pain be the other guy’s problem while you enter the markets with a well-crafted plan, relentless approach and a fearless attitude.

Be willing to do what others won’t and you’ll get what others can’t – acquisition of a lucrative skill and the payoff of consistent results that will provide limitless possibilities.

In the trading game, you’re either making money or making excuses.

Decide to start making money………….
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  • #18,415
  • Edited 9:19am Dec 30, 2012 8:50am | Edited 9:19am
Ramlane you use this boat for pips? Like xman his truck? GREAT i hope I will be in 2013 like both of you!
  • #18,416
  • Dec 30, 2012 9:12am Dec 30, 2012 9:12am
HAPPY NEW YEAR TO ALL!!!!


Loveevery1, where ever you, I wish you n your family a very happy new year ahead and i sincerely hope one day u wud come back to this beautiful baby(thread) of yours.

All the good people helping here , i salute u guys with my two hands.

permit me to specificaly mention EMMANUEL7788, well done bro.(nice to know u leave in uk too)


pls guys, cud anybody help me , need an alert on my MT4 , to notify me when price touches 200ema on 15mins timeframe OR anytime frame.

thanks all
peaceeeee
Enter Signature
  • #18,417
  • Dec 30, 2012 5:52pm Dec 30, 2012 5:52pm
Quoting kbforex
HAPPY NEW YEAR TO ALL!!!!


Loveevery1, where ever you, I wish you n your family a very happy new year ahead and i sincerely hope one day u wud come back to this beautiful baby(thread) of yours.

All the good people helping here , i salute u guys with my two hands.

permit me to specificaly mention EMMANUEL7788, well done bro.(nice to know u leave in uk too)

...
PROUD NIAJA MAN... lol, But seriously I second your Post... God bless Arjun and his family, Wherever he is now... Amen!
  • #18,418
  • Dec 30, 2012 6:06pm Dec 30, 2012 6:06pm
NZDUSD 31 Dec:

Nice D chart pattern.
But today is a short trading day, so this one must wait few days for a confirmation.


*Note this is GMT0 broker server time.
If you use other sever time you may see something different.
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,419
  • Dec 30, 2012 6:27pm Dec 30, 2012 6:27pm
Quoting emmanuel7788
NZDUSD 31 Dec:

Nice D chart pattern.
But today is a short trading day, so this one must wait few days for a confirmation.


*Note this is GMT0 broker server time.
If you use other sever time you may see something different.
Hi ya Emmanuel7788..

Just on this chart today is a short trading day..Is this because of news, end of year..
It's just I'm a bit confused on this chart, lol..as to me it looks like it is in a type of consolidation area with S/R either side also TDI turning up plus the wicks I've marked up.. any chance of a break down of what you see please

Cheers,
Adrian
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  • #18,420
  • Dec 30, 2012 7:02pm Dec 30, 2012 7:02pm
DASHBBOARD to show the current price (in pips) from any Moving Average:

Here is a nice tools to show and alert you when price is set to a number of pips away from any Moving Average.

Got to this link:
http://www.forexfactory.com/showthre...=381813&page=2

Download and try that. If you have any question, post them in that thread in Platfotm Tech foruem.

Note:
You can change the MA to 200EMA and the TF you want to see on the dashboard.
This should at a glance, show you the information of your trading pairs, ... there is sound alert too..

Enjoy and Have Fun!
Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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