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

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From mediocrity to mastery

  • #121
  • Feb 1, 2013 5:53am Feb 1, 2013 5:53am
8:50 AM and I just woke up. I may go to the doctor today because of my flu which is killing me.

I don't think I'm gonna trade today.
So, you think you have rights? LOL
  • #122
  • Feb 1, 2013 8:50am Feb 1, 2013 8:50am
Ok, back from the doctor. It seems I will survive

I really don't feel like trading today. I'm gonna relax an surf the net a little, and just more relaxing activities.
So, you think you have rights? LOL
  • #123
  • Feb 1, 2013 11:26am Feb 1, 2013 11:26am
Ok I'm finishing my week with +82 pips and change.

It was a shame not being able to trade today the moves were very good for my system had at least 3 solid signals for 10 pip plus trades! What a shame.

Anyways all I did this week is the past now, next week I start from zero. I'm as good as my last trade and I have to keep it in mind.

Blessed weekend to all.Be safe
So, you think you have rights? LOL
  • #124
  • Feb 1, 2013 3:26pm Feb 1, 2013 3:26pm
Hello FO,

I have read through your journal that you have set yourself an goal of 100 pips/week.
To set (and achieve) a financial goal like this, in my opinion, is not the best alternative.

The fact that you may have achieved over 100pips is one specific week does not mean you have traded better than another week where you were not able to achieve your 100 pips. It may only be that in one week you were lucky to catch some very good moves.

I prefer to set my goals by answering to two questions:

1. Did I take ONLY the trades that my system/signals indicated me to take?
2. Did all take ALL the trades that my system/signals indicated me to take?

If your answer to these question are 100% yes and yes, than you are trading very well
If you are not making money at the end of the week, then you should adjust your system.

By doing this I am able to reduce a lot of the pressure and stress associated with trading.

Badeco


*********************************




Quoting ForexOracle
Hey Steve thanks for the advice

Stress is not a big deal for me today. In the past, sometimes I thought I was having a heart attack due to trading issues.

I still remember, no matter how I traded my positions would go instantly against me, and I got anxiety, panic attacks, hyperventilation, etc.

Now I pretty much mastered my nerves and the fact that I have pretty much well established entries and exits helps a lot.

No doubt, I work really hard for my pips, but the funny thing about it, is that the harder I focus and think,...
  • #125
  • Feb 3, 2013 4:03pm Feb 3, 2013 4:03pm
Quoting Badeco
Hello FO,

I have read through your journal that you have set yourself an goal of 100 pips/week.
To set (and achieve) a financial goal like this, in my opinion, is not the best alternative.

The fact that you may have achieved over 100pips is one specific week does not mean you have traded better than another week where you were not able to achieve your 100 pips. It may only be that in one week you were lucky to catch some very good moves.

I prefer to set my goals by answering to two questions:

1. Did I take ONLY the trades that my system/signals...
Thanks for your opinion Badeco appreciated.

Every day after I square my positions and before turning the computer off I take 10 or 15 minutes to check this kind of thinks you mention.

Than the next day with my mind fresh I spent around 5 minutes re checking why i did not take this trade but took that one, why this signal not that one etc.

I also record my main screen during the whole session ( 2.5 gigs per session ) during the weekend I usually go through the whole week on fast forward mode and make a weekly recap.

I have a written journal where I take my notes.

The 100 pips goal is something that works for me and may not work for somebody else, but based in what you read above you will get to the conclusion that it is pretty much in line with what you suggested.
So, you think you have rights? LOL
  • #126
  • Feb 4, 2013 3:17am Feb 4, 2013 3:17am
6:15 AM and I'm having a wonderful monday !

My first trade was good for +40 pips and I managed to just close another one for +12 pips

I wish every monday could be like today!

I was trying to catch that fall since last week with no sucess. Than on my first trade bam, I just saw the pips growing.

I'm so happy!
So, you think you have rights? LOL
  • #127
  • Feb 4, 2013 9:20am Feb 4, 2013 9:20am
Today I'm proud of myself!

I'm ending the session with +96 pips

Gosh! My record so far was 160 pips in one session but I don't remember ever having such a good MONDAY

The funny thing is that it was kinda easy. I found today very predictable. Five trades and just one wrong for -5 pips.

Thats the advantage of keeping your losses small!

I'm just happy.

I'm almost feeling like a forex oracle

I blew my session time since it is 12:20 but I guess I can forgive myself. Just today
So, you think you have rights? LOL
  • #128
  • Feb 4, 2013 11:35am Feb 4, 2013 11:35am
2:30 and I know I'm not supposed to be here but I could not resist taking a look at the market.

What a awesome monday I pretty much made my weekly goal today

in a 122 pip move so far I was able to get 96 pips, thats what 80 or 85% of the move.

When I closed my position around 12PM I was tempted to set some stops to protect my profits and let it roll, but I didn't

I could be in even bigger profits now. What a shame.

Anyways I can't just sit on my laurels. January was a month pretty much wasted so I have to make up for it.

I'm really happy but I know I'm still not a forex oracle. As soon as you think you figured it out it comes and whacks you.

I was holding myself from going long and letting it roll because I was sure the retracement was near. It finally came and I was able to benefit from it.

Tomorrow is another day 3AM I will be here and I'm gonna trade carefully. can't afford to give it all back.
So, you think you have rights? LOL
  • #129
  • Feb 4, 2013 11:58am Feb 4, 2013 11:58am
Inspiring journal! keep it up , nice . hail the oracle! i shouldnt be on here either, lol
  • #130
  • Feb 5, 2013 1:15am Feb 5, 2013 1:15am
4:11 and I'm already up +70 pips!

Position still ope and I'm gonna let it go. I'm gonna close it just if it falls below 35 so I have 38 pips already locked for today.

Terrific week so far!
So, you think you have rights? LOL
  • #131
  • Edited 4:38am Feb 5, 2013 2:43am | Edited 4:38am
5:41 and I'm getting out at 1.3542. Too double topish for my taste.

I'm booking 80 pips on this trade.
So, you think you have rights? LOL
  • #132
  • Feb 5, 2013 8:13am Feb 5, 2013 8:13am
11:10 and I'm exhausted. Usually I take some 5 to 10 min breaks but today I went straight.

My eyes feel stiff, and I got a headache.

But my effort was rewarded with 26 more pips. I'm very happy.

I can go no further with the same level of focus so I'm stopping my trading day now.

Today while trading I got to some very interesting conclusions I may post a video later about it.

Blessed day to all.
So, you think you have rights? LOL
  • #133
  • Feb 5, 2013 1:52pm Feb 5, 2013 1:52pm
Excellent trading, congratulations on the 5trades with only one going negative for -5pips. It's good to remember that keeping losses small is a really important aspect of success. Only trading when focus is good is also vital as you say.
  • #134
  • Feb 6, 2013 12:00am Feb 6, 2013 12:00am
40 minutes of trading and I'm already +20 pips.

It is unbelievable how sometimes it seems you can do no wrong.

From experience I can say that there are basically to problem you have to deal as a trader.

The first and more common is when you are losing. You get depressed scared and all you do goes wrong. Than you brace yourself, you research more, study more, trade more carefully, your focus gets almost perfect etc .

Than you improve. You start to trade better and progress, make some money and in consequence mediocrity starts to creep in.

Suddenly you can do no wrong and you start to think that things are easy.

I lost count how many times I told my wife I got it! Found the holy grail.

Than, BAM! One thousand pips negative!

When I read my personal journal I just can't believe how many time the phrase " I don't believe I did it again" is written. Honestly looking from a neutral point of view if I had to judge what I wrote I would say that the guy has mental issues.

But than you look at the charts and you realize that the market which is composed of billions of people shows the same pics and valleys mentally and emotionally speaking.

We as humans we spend to little time in a normal state. We go from excitement to depression in the flip of a coin. Just look at the charts.

I'm having a awesome week so far, but I would like to believe that this time I learned my lesson. I'm going to proceed taking the trades I have to take but keeping in mind that I'm in water infested of sharks.

The sky might look blue, the water is awesome but beneath there is torpedo like creatures with sharp teeth ready to get me. Got to keep this scenario always in mind.
So, you think you have rights? LOL
  • #135
  • Feb 6, 2013 6:31am Feb 6, 2013 6:31am
Quoting ForexOracle
40 minutes of trading and I'm already +20 pips.

It is unbelievable how sometimes it seems you can do no wrong.

From experience I can say that there are basically to problem you have to deal as a trader.

The first and more common is when you are losing. You get depressed scared and all you do goes wrong. Than you brace yourself, you research more, study more, trade more carefully, your focus gets almost perfect etc .

Than you improve. You start to trade better and progress, make some money and in consequence mediocrity starts...

That sir, was the best post i have read on here... I have tried to write about the same subject myself, but i don't believe i did as good a job as yourself. To add to that, along with the ever increasing confidence comes an increase in stake size, just as over confidence creeps in.... so 3/4/5 good trades, get cocky and increase stake size, take a silly trade and lose all that you previously made in one hit, then you reduce the size back down to before and make several more mistakes through a lack of confidence before the cycle begins again... I could have written the above as if it were myself, so i'm sure it is the same for every single trader who endeavours to take on the might of the market...

Good luck.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #136
  • Feb 6, 2013 6:34am Feb 6, 2013 6:34am
'We as humans we spend to little time in a normal state. We go from excitement to depression in the flip of a coin. Just look at the charts.'


Exactly! Month after month of sleepless nights... its either stress, hurt, humiliation and bitter disappointment or the next night, its sheer excitement contemplating which yacht/villa/sports car your going to be buying soon...
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #137
  • Feb 6, 2013 9:39am Feb 6, 2013 9:39am
12:36 and I'm just now getting back home.

I left my house around 6:30 am to take my youngest son to the hospital. Nothing serious thanks God but my trading session was cut by half.

Anyways in a week as this one I can't complaint at all.
So, you think you have rights? LOL
  • #138
  • Feb 6, 2013 4:20pm Feb 6, 2013 4:20pm
Quoting The Cableguy
'We as humans we spend to little time in a normal state. We go from excitement to depression in the flip of a coin. Just look at the charts.'


Exactly! Month after month of sleepless nights... its either stress, hurt, humiliation and bitter disappointment or the next night, its sheer excitement contemplating which yacht/villa/sports car your going to be buying soon...
:-) its a mind game. If you are trading with a mind full of cars and villas you will be distracted from full immersion in the task at hand. All the excitement and hurt does is damage your trading personality. Thats easy to say but maybe not so easy to do something about. Being excited away from the screen is normal but taking that back to the trading room is when the damage is done?
  • #139
  • Feb 6, 2013 6:18pm Feb 6, 2013 6:18pm
Quoting stevexyg
:-) its a mind game. If you are trading with a mind full of cars and villas you will be distracted from full immersion in the task at hand. All the excitement and hurt does is damage your trading personality. Thats easy to say but maybe not so easy to do something about. Being excited away from the screen is normal but taking that back to the trading room is when the damage is done?
I agree to that.

But lets see what a master of the trade says about the subject

Inserted Video
So, you think you have rights? LOL
  • #140
  • Feb 6, 2013 11:14pm Feb 6, 2013 11:14pm
Yes, it was why i said it, to emphasise the point as opposed to what i actually dream about. Mine are more like loaves of bread and pints of milk
The point being, the extreme emotions we experience and how it affects us, either when trading or otherwise...
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
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