MY JOURNAL.
" FOR NEWBIE ONLY "
Here are my finding and my thought “ONLY” after reading about 300 pages of this thread .With combination from Arjun loveevery1 ”Another simple system on 15m TIME frame “ trading strategy and my others reading on trading systems dean marlone,POP,BABYPIPS,FOREXPEACEARMY,CANDLESTICKS,PROTRADER, AND OTHERS I buiid-up the trading plan and journal , just for my guidance on my latest trading strategy and future…..
"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 you directly when it is made by someone else. You 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.
When the walk light comes on, assume there is traffic that will run the red light at each intersection cross. I would double-check and look both ways before crossing it.
What kind of limits I did ? Are they life-saving limits before I cross the intersection? Yes, they certainly might be,but I will never know that if I follow the restriction each time you cross the intersection. I can't know if it saved my life for you prevented finding out by looking each time.But what if I don't look and I lost my life. I certainly won't know I should have looked either.
Does the restriction tell me that, if I look, there will never be any traffic running the stop light? No. Does I experience of and looking tell myself what the probability of someone running the light will be? I can make an assumption based on my knowledge at this point. What does an assumption do? It actually presents criteria based on proven facts that are a possibility. It in no way gives me, a high probability or low probability but the best answer I can present.
I don't want to lose myself in this thinking but to point out that it's the same in trading as in crossing an intersection. I need to make our best assumption of what is possible. I must plan for that assumption in trading as long as it is a possibility and not just when it is probable
First, I must be prepared!
Too many beginning traders -- and established traders as well -- take the easy route and expect the markets to be cut and dry of what is required of them in their trading careers. They will paper trade and have fairly good success.This in no way prepares them for trading. They must be prepared in every way. That means mentally as well as physically and emotionally. Priorities must be in the proper place including family, friends and environments.
A great number of traders got what we call "killed" today in the grain market. Most all of the new traders like my self , are now wondering what they did wrong today. There isn't anything they did right today because they most likely don't know what the right thing is. I don't mean that all traders are in the dark. I am talking about those who fail to understand what to do and, if they do, don't carry out that requirement.
I am going to express the importance of doing the right thing from the beginning of a trade and at the right time.Many traders -- and most new traders -- aren't even aware the market can do what it did to them today. My finding…. the BIG money is on the surprise side. I should perhaps have said the BIG LOSERS are on the familiar side or the popular side of a trade. I call that the expected side.
Expecting prices to be pressured by hedging and seasonal influence is the correct way to trade in most minds. Everyones can't argue with probabilities. It is not what the trader does with his trades until the market starts a big move every day……….
That's what separates the big winners and big losers.There were more big losers today than big winners.There are traders who, because of today, can't make their next month's car payment or their house payment now. It just didn't ever occur to them that what happened today was even a possibility. They were over-positioned, even though they thought they had a good protection plan. They used stops okay, but they forgot to tell the broker to place the order.
WILL BE CONTINUE………………
It might be proper for information gathering, but myself as a trader must have proper assumptions as I cannot know exactly how a market is going to react each day.
To me ….Trading is not a favorable game in most circumstances, and that is what I must use as our assumption in trading. The big mistake made by traders is thinking and expecting trading to be a favorable game.I have execution costs or slippage when getting in and out of a position as well as commissions as a cost factor to be subtracted from your winnings or added to your losses. The market spends much time in an unpredictable mode. Trends both short - and long-term do exist but not 100% of the time.
“My thought , the correct way to control positions is to only hold them once they prove to be correct. Let the market tell me my position is proven correct, but I never let the market tell me that my position is wrong. I, as trader, must always be in command of knowing and telling myself when my position is bad”.
The market will tell me when my position is a good one to hold. Most traders do the opposite of what is correct by removing positions only when proven wrong. Think about that. My exposure and risk is much higher if you let the market prove me wrong instead of my actions removing positions systematically unless or until the market proves my position correct.
When I remove the position because the market proved me wrong, it is always a higher loss, and with stops it also is usually with higher slippage. This is not the same as removing the position because the market proved me wrong , By making the market prove myself correct in order to hold a position is acknowledging that trading is a losers' game and not a winners' game. If I only remove my position because the market proves me wrong, I’m are acknowledging that trading is a winners' game.
I never want to be in a position that is never proven correct. If I only get out when the market proves me wrong, it is possible to have higher risk due to the longer time period required to prove my position wrong. I will further clarify these thoughts .
HERE MY TRADING PLAN AND RULES:
1.
“In a losing game such as trading, I shall start against the majority and assume I’m are wrong until proven correct! (I do not assume I’m are correct until proven wrong.) Positions established must be reduced and removed until or unless the market proves the position correct! (I allow the market to verify correct positions.)”
It is important to understand that to me the one criteria for removing a position is because it has not been proven correct.I at no time use as criteria for removing a position the fact that the market proved the position incorrect.
My Finding……
“There is a big difference here as to how we treat all positions from what most traders use. If the market does not prove the position correct, it is still possible the market has not proven the position wrong. If I’ll wait until the market proves the position wrong, I’m are wasting time, money and effort in continuing to hope it is correct when it isn't.”
How many traders ever hoped it wouldn't be proved wrong instead of hoping it was correct?
If I are hoping it is correct, it obviously wasn't ever proven to be correct. Remove the position early if it doesn't prove correct. By waiting until a position is proved wrong, I’m are asking for more slippage as I will be in the same situation as everyone else getting the same message.
What makes this strategy more comfortable is that I must take action without exception if the market does not prove the position correct. Most traders do it the opposite by doing nothing unless they get stopped out, and then it isn't their decision to get out at all -- it is the market's decision to get you out.
My thinking should be: When my position is right, I have to do nothing instead of doing nothing when I was wrong!
will be continue .....
below my latest live trade with EXNESS..
Took long on EUR JPY ..+276 , +352
Hold position 5 days , monitoring every 4 Hours on 15M time frame , early price action movement.
Here i got a choice either to face the truth of trading OR look for the nearest EXIT.
LET THE MARKET TO PROOF ME WRONG THEN I MAKE A CHOICE...OR PRESS MY winners correctly without exception.
Trading is a loser's game. I must learn how to lose. The biggest loser who loses small will continue in the game.
I thinking should be: When MY position is right, I have to do nothing instead of doing nothing when I'm are wrong!
The set-up:
1.AVERAGE PRICE BAR (HEIKEN ASHI)
2.TDI INDICATOR
3.MACD TRUE
4.10 EMA
5.50 EMA
6.200 EMA
7.800 EMA
8.PRICE ACTION CHANNEL 5 SMA LOW/HIGH
9.MARKET HOURS
10.ZMFX ALL PIVOT LEVELS
11.ZIGZAG
12.SHICHANNELTRUE
13.DAILY RANGE PETER E
14.ROUND NUMBER 5 DIGIT
" FOR NEWBIE ONLY "
Here are my finding and my thought “ONLY” after reading about 300 pages of this thread .With combination from Arjun loveevery1 ”Another simple system on 15m TIME frame “ trading strategy and my others reading on trading systems dean marlone,POP,BABYPIPS,FOREXPEACEARMY,CANDLESTICKS,PROTRADER, AND OTHERS I buiid-up the trading plan and journal , just for my guidance on my latest trading strategy and future…..
"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 you directly when it is made by someone else. You 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.
When the walk light comes on, assume there is traffic that will run the red light at each intersection cross. I would double-check and look both ways before crossing it.
What kind of limits I did ? Are they life-saving limits before I cross the intersection? Yes, they certainly might be,but I will never know that if I follow the restriction each time you cross the intersection. I can't know if it saved my life for you prevented finding out by looking each time.But what if I don't look and I lost my life. I certainly won't know I should have looked either.
Does the restriction tell me that, if I look, there will never be any traffic running the stop light? No. Does I experience of and looking tell myself what the probability of someone running the light will be? I can make an assumption based on my knowledge at this point. What does an assumption do? It actually presents criteria based on proven facts that are a possibility. It in no way gives me, a high probability or low probability but the best answer I can present.
I don't want to lose myself in this thinking but to point out that it's the same in trading as in crossing an intersection. I need to make our best assumption of what is possible. I must plan for that assumption in trading as long as it is a possibility and not just when it is probable
First, I must be prepared!
Too many beginning traders -- and established traders as well -- take the easy route and expect the markets to be cut and dry of what is required of them in their trading careers. They will paper trade and have fairly good success.This in no way prepares them for trading. They must be prepared in every way. That means mentally as well as physically and emotionally. Priorities must be in the proper place including family, friends and environments.
A great number of traders got what we call "killed" today in the grain market. Most all of the new traders like my self , are now wondering what they did wrong today. There isn't anything they did right today because they most likely don't know what the right thing is. I don't mean that all traders are in the dark. I am talking about those who fail to understand what to do and, if they do, don't carry out that requirement.
I am going to express the importance of doing the right thing from the beginning of a trade and at the right time.Many traders -- and most new traders -- aren't even aware the market can do what it did to them today. My finding…. the BIG money is on the surprise side. I should perhaps have said the BIG LOSERS are on the familiar side or the popular side of a trade. I call that the expected side.
Expecting prices to be pressured by hedging and seasonal influence is the correct way to trade in most minds. Everyones can't argue with probabilities. It is not what the trader does with his trades until the market starts a big move every day……….
That's what separates the big winners and big losers.There were more big losers today than big winners.There are traders who, because of today, can't make their next month's car payment or their house payment now. It just didn't ever occur to them that what happened today was even a possibility. They were over-positioned, even though they thought they had a good protection plan. They used stops okay, but they forgot to tell the broker to place the order.
WILL BE CONTINUE………………
It might be proper for information gathering, but myself as a trader must have proper assumptions as I cannot know exactly how a market is going to react each day.
To me ….Trading is not a favorable game in most circumstances, and that is what I must use as our assumption in trading. The big mistake made by traders is thinking and expecting trading to be a favorable game.I have execution costs or slippage when getting in and out of a position as well as commissions as a cost factor to be subtracted from your winnings or added to your losses. The market spends much time in an unpredictable mode. Trends both short - and long-term do exist but not 100% of the time.
“My thought , the correct way to control positions is to only hold them once they prove to be correct. Let the market tell me my position is proven correct, but I never let the market tell me that my position is wrong. I, as trader, must always be in command of knowing and telling myself when my position is bad”.
The market will tell me when my position is a good one to hold. Most traders do the opposite of what is correct by removing positions only when proven wrong. Think about that. My exposure and risk is much higher if you let the market prove me wrong instead of my actions removing positions systematically unless or until the market proves my position correct.
When I remove the position because the market proved me wrong, it is always a higher loss, and with stops it also is usually with higher slippage. This is not the same as removing the position because the market proved me wrong , By making the market prove myself correct in order to hold a position is acknowledging that trading is a losers' game and not a winners' game. If I only remove my position because the market proves me wrong, I’m are acknowledging that trading is a winners' game.
I never want to be in a position that is never proven correct. If I only get out when the market proves me wrong, it is possible to have higher risk due to the longer time period required to prove my position wrong. I will further clarify these thoughts .
HERE MY TRADING PLAN AND RULES:
1.
“In a losing game such as trading, I shall start against the majority and assume I’m are wrong until proven correct! (I do not assume I’m are correct until proven wrong.) Positions established must be reduced and removed until or unless the market proves the position correct! (I allow the market to verify correct positions.)”
It is important to understand that to me the one criteria for removing a position is because it has not been proven correct.I at no time use as criteria for removing a position the fact that the market proved the position incorrect.
My Finding……
“There is a big difference here as to how we treat all positions from what most traders use. If the market does not prove the position correct, it is still possible the market has not proven the position wrong. If I’ll wait until the market proves the position wrong, I’m are wasting time, money and effort in continuing to hope it is correct when it isn't.”
How many traders ever hoped it wouldn't be proved wrong instead of hoping it was correct?
If I are hoping it is correct, it obviously wasn't ever proven to be correct. Remove the position early if it doesn't prove correct. By waiting until a position is proved wrong, I’m are asking for more slippage as I will be in the same situation as everyone else getting the same message.
What makes this strategy more comfortable is that I must take action without exception if the market does not prove the position correct. Most traders do it the opposite by doing nothing unless they get stopped out, and then it isn't their decision to get out at all -- it is the market's decision to get you out.
My thinking should be: When my position is right, I have to do nothing instead of doing nothing when I was wrong!
will be continue .....
below my latest live trade with EXNESS..
Took long on EUR JPY ..+276 , +352
Hold position 5 days , monitoring every 4 Hours on 15M time frame , early price action movement.
Here i got a choice either to face the truth of trading OR look for the nearest EXIT.
LET THE MARKET TO PROOF ME WRONG THEN I MAKE A CHOICE...OR PRESS MY winners correctly without exception.
Trading is a loser's game. I must learn how to lose. The biggest loser who loses small will continue in the game.
I thinking should be: When MY position is right, I have to do nothing instead of doing nothing when I'm are wrong!
The set-up:
1.AVERAGE PRICE BAR (HEIKEN ASHI)
2.TDI INDICATOR
3.MACD TRUE
4.10 EMA
5.50 EMA
6.200 EMA
7.800 EMA
8.PRICE ACTION CHANNEL 5 SMA LOW/HIGH
9.MARKET HOURS
10.ZMFX ALL PIVOT LEVELS
11.ZIGZAG
12.SHICHANNELTRUE
13.DAILY RANGE PETER E
14.ROUND NUMBER 5 DIGIT
Attached Image(s) (click to enlarge)
