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

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From mediocrity to mastery

  • #81
  • Jan 23, 2013 12:42pm Jan 23, 2013 12:42pm
Ok, another day another problem! At 6:30 AM I had to stop trading to take my 2 year old to the hospital. My whole family got a terrible flu my wife was too beat up to drive and the baby's fever got too high. No chance I had to drive.

9 AM I came back and since my trading session was already screwed I took the whole family to the doctor to see what he could do.

1:30 PM and I just got back home. Unreal! Almost the end of January and it seems like I'm going in circles.

Ok the good thing is that I was able to make some pips today currently I'm just 2 pips down for the week.

By my estimates today if traded would be a 50 plus pip day, I still can't believe I could not trade!

Well those things are beyond my control, I just got to make sure I'm taking care of what I can. My trading fitness is almost 100%.

I still plan to increase my lot sizes by monday so lets see.

Gosh! I'm kind of tired, already!
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  • #82
  • Jan 24, 2013 3:19am Jan 24, 2013 3:19am
Yes! Closed my first trade of the day for +10 pips .

I'm officially UP FOR THE WEEK! +8 pips or so.

I woke up a little late today ( 3:55 AM) and lost the first 2 moves. The first one was a clean easy signal that would allow me 30 plus pips.

Anyways can't trade past charts.

Now the word is FOCUS and DISCIPLINE to make the maximum of a really tough week.
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  • #83
  • Jan 24, 2013 3:50am Jan 24, 2013 3:50am
YYYYEEEEESSS!

Second trade of the day for +13 pips! I don't care if it keeps going down I'm out! Booking my profits. CASHING!

+21 pips in a week I though I would be under!

Just let me trade and I will deliver, just let me trade, thats all I ask!
So, you think you have rights? LOL
  • #84
  • Jan 24, 2013 8:12am Jan 24, 2013 8:12am
2 more trades so far -7 and +5 pips got to be careful not to give all my pips away.

It is already 9:11 and from now on I'm gonna concentrate only on AAA set ups nothing less than pristine signals will be taken.
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  • #85
  • Jan 24, 2013 10:31am Jan 24, 2013 10:31am
11:20 and I'm gonna stop. No well defined set ups so I'm better staying out.

I'm around +19 pips which is really low for one week, but considering so much stuff unrelated to trade I had to deal with so far I'm winning.

Since my whole family are in bed sick I'm gonna use the quietness of the house to go further with my researches.

I ran some statistics and discovered ( to my surprise) that my system is 30 to 40% discretionary.

In my opinion in trading "discretionary" is another word for gamble so I have to work on it and bring that percentage down.

For as long as I have a stop loss ( which is not discretionary) and follow it, I'm more or less safe, but I believe that if I can bring the discretionary
factor below 10% my pipage will increase by 5 to 10% so it is worth at least trying it.

I'm not changing anything just adjusting it. My goal is not 100%, I'm not after a "robot trading", but just getting the most i can get from what I'm using.
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  • #86
  • Jan 25, 2013 7:54am Jan 25, 2013 7:54am
Tough day for me so far, took me 5 trades to squeeze 7 pips out of the market.

I obviously was not able to identify the main move, consequently lost and made my pips trying to catch a reversal.

I have to trade my philosophy of work does not allow me to stop when I'm experiencing adversities.
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  • #87
  • Jan 25, 2013 10:19am Jan 25, 2013 10:19am
11:15 AM and I'm finishing my day and my week.

I'm down to +20 pips and change and it is point less to keep trading since my signals became very dubious.

I'm not happy of course but I had worst weeks in the past.

Positive points:

My sleeping cycle is 90% from a theoretical perfection.
My trading fitness is around the same 90%
The improvement of my system from discretionary to non discretionary is showing some progress.
I'm in profit for quite a while so it encourages me too.

Anyways, I have a lot of things to do.

Blessed weekend to all.
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  • #88
  • Jan 27, 2013 12:56pm Jan 27, 2013 12:56pm
Tomorrow is the day I'm gonna start increasing my lot sizes.

Currently i make around 40% of what i need to pay my expenses. This means that I have to bump my profits by 150% just to pay my water, internet, light bills etc.

So my first goal is to break even with my bills. I plan to do it in the next 4 to 6 months meaning that I'm gonna increase my lots slowly, very slowly.

I'm being profitable for a while now, and I pretty much mastered my system ,but I can't fool myself about the psychological side.

If I manage to make the transition from what I trade now to what I want to trade, my next goal will be to include my groceries, cloths, eating out and some other "etc" expenses.

After this second phase is completed I should be officially living out of forex. At this point I will continue to increase my lots but at a much slower pace, my target is a have a "pay raise" of 15 to 20% per year.

Half of this "extra income" will be re invested the other half should be enough to cover for some vacations and other extra expenses like kids going to college etc.

I had pretty much the same plans in 2007 but I failed miserably. Now I have a second shot!

Today I have the experience and expertise necessary but the future is still as uncertain as it was in 2007. But now at least I know what I'm dealing with.
So, you think you have rights? LOL
  • #89
  • Jan 28, 2013 10:02am Jan 28, 2013 10:02am
10:50 and I'm exhausted!

Unreal how powerful the mind is. As scheduled I increased my lot size today and I can't deny that it affected me.

I'm currently up 16 pips but I had to work hard for it, really hard. The amount of focus, discipline and expertise employed today was tremendous.
In a regular day the same effort should bring me 30 plus pips.

My first 3 trades got busted and I found myself -20 pips by 5 AM but discipline and focus brought me back on profit.

I'm gonna trade until 12:00 PM today and my goal is to not lose money. I always aim for 20 plus pips but I have to accept reality. Sometimes it is just not possible to do it.

I'm really tired and I have to proceed with 100 times more caution.
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  • #90
  • Jan 28, 2013 11:01am Jan 28, 2013 11:01am
Ok, done for the day up 15 pips and change. Looking back at the moves today I don't see how I could have done much more.

Tomorrow is another day and hopefully I will get used to higher lot sizes soon and this phase will be mastered in a happy ending.
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  • #91
  • Jan 28, 2013 11:02am Jan 28, 2013 11:02am
Quoting ForexOracle
10:50 and I'm exhausted!

Unreal how powerful the mind is. As scheduled I increased my lot size today and I can't deny that it affected me.

I'm currently up 16 pips but I had to work hard for it, really hard. The amount of focus, discipline and expertise employed today was tremendous.
In a regular day the same effort should bring me 30 plus pips.

My first 3 trades got busted and I found myself -20 pips by 5 AM but discipline and focus brought me back on profit.

I'm gonna trade until 12:00 PM today and my goal is to not lose money. I always aim...
There is a nice opportunity for short from 3460-50 area to 3430
since market couldn't break up during peak volume time 8-12 then probability PA dropping to 3430 or lower is great specially during Asian secession.
Try to divide your regular lot into 2 lots that way it might take away the stress and allow you gradual entry.
I am short from 3460 TP 3430
Regards
In trading, you have to be defensive and aggressive at the same time
  • #92
  • Jan 28, 2013 12:17pm Jan 28, 2013 12:17pm
Quoting Davit
There is a nice opportunity for short from 3460-50 area to 3430
since market couldn't break up during peak volume time 8-12 then probability PA dropping to 3430 or lower is great specially during Asian secession.
Try to divide your regular lot into 2 lots that way it might take away the stress and allow you gradual entry.
I am short from 3460 TP 3430
Regards
Thanks for the advice Davit, but at this point in my trading carrier I can't change my strategy.

You may be right about the pair going down ( despite the fact that those long wicks on the hourly don't look good for shorts) but I have to square my positions around 11 or 12. Exposure outside my trading session is a big no no on my system.

During all those years I never managed to stay profitable for so long so I have to stick with what is working.

The stress is part of the business. I doubt i will get rid of it completely, but I noticed that it has come down over time, 3 years ago i would not be able to trade the lot size I'm trading today without having seizures!
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  • #93
  • Jan 28, 2013 12:22pm Jan 28, 2013 12:22pm
Quoting ForexOracle
Thanks for the advice Davit, but at this point in my trading carrier I can't change my strategy.

You may be right about the pair going down ( despite the fact that those long wicks on the hourly don't look good for shorts) but I have to square my positions around 11 or 12. Exposure outside my trading session is a big no no on my system.

During all those years I never managed to stay profitable for so long so I have to stick with what is working.

The stress is part of the business. I doubt i will get rid of it completely, but I noticed that it...
Just closed all my shorts +22pips
I know you trade Asian.Last night they were selling hard.Wish you continued success.I am heading your way since my job is becoming unbearable but I don't have sufficient account size yet.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #94
  • Jan 28, 2013 12:43pm Jan 28, 2013 12:43pm
Just keep on the journey Davit you are a smart guy and just time is separating you from your objectives.

Actually I trade the London session 3 AM till 12 PM eastern time. Thats where the moves are
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  • #95
  • Jan 29, 2013 4:26am Jan 29, 2013 4:26am
5:30 AM and I'm really proud of myself!


I'm sick, got the flu, fever etc but still was able so far to get solid +26 pips!

Now that my daily goal is already achieved I can relax and just trade the AAA signals, I'm so happy!
So, you think you have rights? LOL
  • #96
  • Jan 29, 2013 7:36am Jan 29, 2013 7:36am
8:30 AM, I did shed 10 pips trying to catch the end of the drop but fortunately I was able to open a position at the very bottom around 3415 for +14 pips.

I have to improve my discipline and wait for more confirmation when the move is strong. I usually get burned trying to catch the reversal.

I'm completely messed up with high fever, sneezing etc. I feel miserable but I have to keep trading, I want to go to bed but I have to handle it as a regular job. How many times despite feeling really bad I had to go to work anyways. So I'm gonna trade until 12 PM.
So, you think you have rights? LOL
  • #97
  • Jan 29, 2013 10:21am Jan 29, 2013 10:21am
Excellent day today just closed a trade for +9 pips.

I was able to open a position right after 10 AM betting that people would sell the news either if it was good or bad. I was hoping for a bigger fall but instead price started to bounce. Anyways 11:20 and I feel like "poop" so I'm not trading anymore today. I'm around 40 pips up, fifty something for the week so I'm better stop before I do something stupid.

Gosh! Gonna get some soup than a shower and directly to bed!
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  • #98
  • Jan 29, 2013 10:33am Jan 29, 2013 10:33am
There we go, I waited 1 hour and 15 minutes, than I close the trade and 17 minutes later the bottom breaks

Anyways, I can't complaint!
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  • #99
  • Jan 29, 2013 7:25pm Jan 29, 2013 7:25pm
interesting read FO. have to say though that I'm I bit worried about you. you are putting yourself under quite a bit of pressure in trying to meet your pip count each week. it seems that you are having to work very hard to get there. while hard work can be enjoyable its also stressful. can I suggest a different approach? instead of aiming for 100pips a week aim for 60. that way you will have much less of a struggle each week and most weeks you should be above target! wouldn't that feel good. so all you need to do is increase leverage a bit more. the end result you might get a bit stressed over leverage but better than being stressed over leverage AND being short of your pip target. hope that helps. good trading.
  • #100
  • Jan 30, 2013 4:48am Jan 30, 2013 4:48am
Very good day so far , Just closed my fisrt trade of the day for +21 pips! So good to catch the main move on the first half of the London session.

If I don't do anything stupid till Friday this could be my first "normal" week since December 2012. Not trading in December proved to be a BIG mistake. I lost contact with the market, I just can't do that.

I'm the kind of guy that needs to be trading all the time. Even the weekends mess me up, it is almost like if I forget how to trade and have to re learn all on Monday. Thats why my rules are so important, when I'm lost I hang on to them so at least there is some damage control .

Anyways, I feel like " poop", my head, throat, ears everything hurts! I want to go to bed but I can't afford, I have to keep pushing on.
So, you think you have rights? LOL
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