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10,000 hours to greatness and the Mastery Asymptote 128 replies

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From mediocrity to mastery

  • #41
  • Jan 17, 2013 3:05am Jan 17, 2013 3:05am
got a little greedy and traded out of any signal, payed the price -12 pips. I'm better slow down, I'm not a scalper.
So, you think you have rights? LOL
  • #42
  • Jan 17, 2013 3:36am Jan 17, 2013 3:36am
gosh, busted for -8 more pips
So, you think you have rights? LOL
  • #43
  • Jan 17, 2013 3:41am Jan 17, 2013 3:41am
OK, I'm better take a 30 min break until London decides where the top should be. it is better than let them milk my profits little by little.
So, you think you have rights? LOL
  • #44
  • Jan 17, 2013 10:21am Jan 17, 2013 10:21am
Closing my day with + 35, not bad at all but it could be a lot better .

The euro went a lot higher then I believe it would go, so I made and lost pips trying to catch a reversal that didn't really happen.

Gosh I'm tired! Awake since yesterday 8PM. I plan to drag myself for 1 or 2 more hours than go to sleep. If I manage to push 2 hours per day by monday i should be sleeping by 8 PM and waking up 3 AM.

Once I get there I have another strategy to keep me in the schedule, lets see if I can pull it.
So, you think you have rights? LOL
  • #45
  • Jan 18, 2013 3:15am Jan 18, 2013 3:15am
Don't know about everybody else but I'm getting massacred today
So, you think you have rights? LOL
  • #46
  • Jan 18, 2013 3:38am Jan 18, 2013 3:38am
Gosh! My system just does not work on sharp movements and I keep making the same mistake burning pips after a "supposed" reversal.

I'm currently -46 pips
So, you think you have rights? LOL
  • #47
  • Jan 18, 2013 4:31am Jan 18, 2013 4:31am
since this thing don't want to go up I'm getting out of my first positive trade of the day for +7 pips
So, you think you have rights? LOL
  • #48
  • Jan 18, 2013 5:15am Jan 18, 2013 5:15am
Ok I'm gonna stop right here.

I'm trading like a idiot today getting into trades out of a clear signal and consequently wasting perfectly good signals that would allow me to be in profit.

I'm out gonna shut my computer down and do something else.
So, you think you have rights? LOL
  • #49
  • Jan 18, 2013 12:11pm Jan 18, 2013 12:11pm
I'm finishing my week with +68 pips.

I'm happy because it means one more week in profit but it could be a lot better.

Next week hopefully I will be sleeping according to my schedule so i will be more focused and not making so many mistakes as I did this week.

I'm really tired, awake for 17 hours or so but I can't sleep before 3 PM
So, you think you have rights? LOL
  • #50
  • Jan 19, 2013 10:54am Jan 19, 2013 10:54am
Quoting ForexOracle
Gosh! My system just does not work on sharp movements and I keep making the same mistake burning pips after a "supposed" reversal.

I'm currently -46 pips
I read that your system generates 100pips or so a week.To me that is mediocre using your terminology and besides why are you so secretive about your system.
I hope you don't have one of those Christmas tree lagging indicators pointing up or down after 80% of the move is done and then you go ahhh its going down.....lets place an order.If that is the case you are trading tail end of the moves.
Anyway good luck.If I were you I would post your trading details so others with lot more skills could help you.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #51
  • Jan 19, 2013 1:36pm Jan 19, 2013 1:36pm
Quoting Davit
I read that your system generates 100pips or so a week.To me that is mediocre using your terminology and besides why are you so secretive about your system.
I hope you don't have one of those Christmas tree lagging indicators pointing up or down after 80% of the move is done and then you go ahhh its going down.....lets place an order.If that is the case you are trading tail end of the moves.
Anyway good luck.If I were you I would post your trading details so others with lot more skills could help you.
Regards

Why do you consider pips to be important. Its a percentages game! It doesn't matter a jot, whether you make 10 or a thousand pips, the stake size is scaleable!
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #52
  • Jan 19, 2013 11:52pm Jan 19, 2013 11:52pm
Quoting The Cableguy
Why do you consider pips to be important. Its a percentages game! It doesn't matter a jot, whether you make 10 or a thousand pips, the stake size is scaleable!
True but if you need to pay bills and your weekly is 100pips then you have to increase your lot size, with increase lot comes bigger margins,bigger losses and bigger stress.
However if your develop a system that generates 400-500 pips a week then you don't have to max lot and you wont be as stressed.
About percentage.If your account size is 1k and you are hitting say 10% a month even though that is great result its not enough even to pay gas bill so % matters if your account size is large or you have another job to pay the bills and treat forex as a savings account.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #53
  • Jan 20, 2013 2:39am Jan 20, 2013 2:39am
Quoting Davit
I read that your system generates 100pips or so a week.To me that is mediocre using your terminology and besides why are you so secretive about your system.
I hope you don't have one of those Christmas tree lagging indicators pointing up or down after 80% of the move is done and then you go ahhh its going down.....lets place an order.If that is the case you are trading tail end of the moves.
Anyway good luck.If I were you I would post your trading details so others with lot more skills could help you.
Regards

Hey Davit, this is a journal for record keeping. I don't know if you read the first post, it explain it all.

I don't consider myself "secretive" its just that my system is not important, the journal's goal is to keep a personal record, that's it.

Now about open my system for people with more "skills" scrutiny!

Let me say that I can't start to tell you (in the beginning) how much time was wasted
following advice from supposedly more "skilled" traders. Being there done that
So, you think you have rights? LOL
  • #54
  • Jan 20, 2013 2:45am Jan 20, 2013 2:45am
Quoting The Cableguy
Why do you consider pips to be important. Its a percentages game! It doesn't matter a jot, whether you make 10 or a thousand pips, the stake size is scaleable!
Well it is personal. You can call it psychological or whatever but it is what it is, what works for me.

Through experience I realize that I was unable to make too many pips per day or week. Thats just the way I am, the way I trade.

I feel comfortable knowing that I can raise my own "salary" bumping my lot sizes. Thats what works for me.
So, you think you have rights? LOL
  • #55
  • Jan 20, 2013 2:53am Jan 20, 2013 2:53am
Quoting Davit
True but if you need to pay bills and your weekly is 100pips then you have to increase your lot size

Thats correct



Quote
with increase lot comes bigger margins,bigger losses and bigger stress.

I have plenty of margin available.

bigger losses but bigger gains pretty much proportionally.

It does increase the stress but is less stress than having to make more pips.




Quote
However if your develop a system that generates 400-500 pips a week then you don't have to max lot and you wont be as stressed.

I may work this way for you not for me.



Quote
About percentage.If your account size is 1k and you are hitting say 10% a month even though that is great result its not enough even to pay gas bill so % matters if your account size is large or you have another job to pay the bills and treat forex as a savings account.
Regards

You are assuming something. right? My account is way bigger than 1K. way , way bigger
So, you think you have rights? LOL
  • #56
  • Jan 20, 2013 3:02am Jan 20, 2013 3:02am
Quoting ForexOracle
Well it is personal. You can call it psychological or whatever but it is what it is, what works for me.

Through experience I realize that I was unable to make too many pips per day or week. Thats just the way I am, the way I trade.

I feel comfortable knowing that I can raise my own "salary" bumping my lot sizes. Thats what works for me.

Well, exactly. Absolutely pointless to talk about pips. Consistency is far more important. If you can average any gain, you've cracked it. 100 pips a week, 1000 pips a week... is exactly the same result, but most people don't get that. There are many different systems out there, but the experience req'd to achieve an average of 4/500 pips a week is a rarity. What is your risk to achieve these pips? The psychology of trading is against you constantly. What happens when you lose 100 pips on a bad day? Now you have to make 200 the next day... and so on... of course it can be done, but to achieve it, regardless of how the market is trending? Hmmmm that's seriously good going!

Anyway, apologies, just wanted to make my point in relation to talking about pips being important... it really isn't, percentages are.
It certainly sounds like you are facing the usual problem now, that is, scaling up. If your winning weeks far outweigh your losers (as you suggest), you have nothing to lose. I would suggest doing it gradually. Nothing worse than trying to double your stake and having a couple of losers straight away.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #57
  • Jan 20, 2013 3:03am Jan 20, 2013 3:03am
Good trading brother we are all in this to make money.You know better then anyone what works for yourself.
Yes it is a journal and I will leave this thread.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #58
  • Jan 20, 2013 3:06am Jan 20, 2013 3:06am
Quoting The Cableguy
Well, exactly. Absolutely pointless to talk about pips. Consistency is far more important. If you can average any gain, you've cracked it. 100 pips a week, 1000 pips a week... is exactly the same result, but most people don't get that. There are many different systems out there, but the experience req'd to achieve an average of 4/500 pips a week is a rarity. What is your risk to achieve these pips? The psychology of trading is against you constantly. What happens when you lose 100 pips on a bad day? Now you have to make 200 the next day......
Sorry if I misunderstood you point Cable. it seems we are in the same page here. As I stated in my first post "consistency is my goal" 10 pips per week or less it does not matter.

10 pips could be 10 cents or 10 K. it is irrelevant.
So, you think you have rights? LOL
  • #59
  • Jan 20, 2013 3:08am Jan 20, 2013 3:08am
Quoting Davit
Good trading brother we are all in this to make money.You know better then anyone what works for yourself.
Yes it is a journal and I will leave this thread.
Regards
I'm far way from knowing better than anybody else. I just found out what works for me.

Take care
So, you think you have rights? LOL
  • #60
  • Jan 20, 2013 3:14am Jan 20, 2013 3:14am
Hey Davit I apologize for misunderstanding your last post. I'm doing some research and writing quick responses.

I got it, yes I'm the only one that can find what is best for myself, again sorry!
So, you think you have rights? LOL
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