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Ramblings of a Forex Junkie

  • #641
  • Feb 12, 2013 5:04pm Feb 12, 2013 5:04pm
Quoting Hyperion
I can't comment in TE. As for public trade records, I agree with Van Tharp = as soon as you publically declare a view, your ego is invested in it being right. Hard to break... Either way, we live and die by the sword so losses are not embarassing, not following one's method can be aggravating but we're human not robots. I always put periods like that down to being an outlet. I know I can't eliminate my dumb stuff, just make sure it's not too damaging.
I want to do it as a way to reinforce my discipline. My fear is that I may end up worrying so much about the TE that I don't have the flexibility in my trading that I need. I won't do it anyway, unless I can exclude some of the trades I don't share here. I am not afraid of the basics getting out because they will never change. I do fear slippage on some of my more nimble stuff though. Also I need to be reassured that the trade mirror software I am going to use will work properly and not wipe out my test account. Talking to Trade Station about that tomorrow. They have merged or purchased IBFX and I may be able to open a subaccount there and have the trades linked to that MT4 to show them on the TE. Not sure how all this will work until I speak to them. If all else fails I could just enter on the test account after the main entries. I am sure it wouldn't change things too much as many of my trades are limit entries anyway.
  • #642
  • Feb 12, 2013 5:21pm Feb 12, 2013 5:21pm
A few of the mistakes I made last night.

1) I traded UJ. I swore off this pair a long time ago but I thought it would be better now that the yen has picked up again. I was wrong, I have never been able to trade this pair. I just can't get a feel for it and zig when I should zag.

2) This is the big one. I traded both Euro pairs and did not trade either Pound pair. I forgot to diversify my efforts. Both pound pairs made profit targets easily and The Euro pairs were tougher trades. Splitting my efforts with one of each pair would have resulted on profits today.

3) I put in my trades and went to sleep. Been doing this for a couple of weeks now and its lazy. I could have corrected both of my mistakes on both Euro pairs (EU by flipping long when the weekly open held and EJ selling yesterdays high after the daily open stopout) had I been awake to manage my trades.

4) I made three trades concurrently. Normally i will not have more than two trades open at any time. Since I got lazy I just entered too many trades (at least I reduced my risk accordingly) like throwing spaghetti on the wall hoping something would stick.

I hope you can learn from my mistakes.
  • #643
  • Feb 12, 2013 6:19pm Feb 12, 2013 6:19pm
Quoting Olarion1975
Yes, SP (and myself) uses Midnight EST 00:00 as daily open.

Ok great so it is Midnight E.T. Thanks for the reply Olarion, and thanks to Seneca also.
Never Trade without a defined risk, never, never, never.
  • #644
  • Feb 12, 2013 7:06pm Feb 12, 2013 7:06pm
This is a great thread. Seneca is sharing his battles in trading with honesty that is rare.
And he is helping us improve in our trading. I know it has improved mine.

When I read the following lines written by Castaneda, it striked me that this applies to us traders, so I thought I should share.

"A man goes to knowledge as he goes to war, wide awake, with fear, with respect, and with absolute assurance. Going to knowledge or going to war in any other manner is a mistake, and whoever makes it will live to regret his steps.
When a man has fulfilled those four requisites there are no mistakes for which he will have to account; under such conditions his acts lose the blundering quality of a fool's acts. If such a man fails, or suffers a defeat, he will have lost only a battle, and there will be no pitiful regrets over that".
Carlos Castaneda
Never Trade without a defined risk, never, never, never.
  • #645
  • Feb 12, 2013 8:47pm Feb 12, 2013 8:47pm
Quoting FxGladiator
This is a great thread. Seneca is sharing his battles in trading with honesty that is rare.
And he is helping us improve in our trading. I know it has improved mine.

When I read the following lines written by Castaneda, it striked me that this applies to us traders, so I thought I should share.

"A man goes to knowledge as he goes to war, wide awake, with fear, with respect, and with absolute assurance. Going to knowledge or going to war in any other manner is a mistake, and whoever makes it will live to regret his steps.
[b] When...
I am not afraid to show my struggles when they happen. In trading we will have good weeks and bad, we will have great weeks and awful, and we will have average weeks in the middle. I cannot in good conscience show the great (two weeks ago) without showing the awful (last night). Nothing is one hundred percent successful we are only taking the better side of the bet. This is why damage control is so important in the form of risk management. I don't care how good the method, eventually if you risk too much you will lose it all. There is no reason to fear the market as it has no clue who we are but we have every reason to have a healthy fear for what we can do to ourselves.
  • #646
  • Feb 12, 2013 10:43pm Feb 12, 2013 10:43pm
Quoting Seneca pilot
I am not afraid to show my struggles ............but we have every reason to have a healthy fear for what we can do to ourselves.
Yes "healthy fear" by any other name, is the key.
Like Larry Hite said in Market Wizard: "Respect the risk."
I have to keep reminding myself that profitable opportunities will always be there.

By the way, I believe USD/JPY will find big buyers at some point, may be after the G7 meeting. That will be one of the trade I would like to hold for a couple of days.
Never Trade without a defined risk, never, never, never.
  • #647
  • Feb 13, 2013 12:29am Feb 13, 2013 12:29am
Quoting Olarion1975
It could be only a few pips difference from broker to broker. Should not be 20 pips. Make sure you really have compared the right prices and have aligned the different server times.

I cannot give you more information as I only use 0anda at the moment.
Yea the time zone was a bit off....

Wouldnt it make more sense to use the daily close, open, high and low of a candle that ends on London time.... On my FXCM the daily candle ends at 12am london time, where as my oanda account ends at 12am NYC time. If trading the london session, wouldn't the london data be more effective?
What is any ocean but a multitude of drops?
  • #648
  • Feb 13, 2013 1:40am Feb 13, 2013 1:40am
Quoting Xhale12
Yea the time zone was a bit off....

Wouldnt it make more sense to use the daily close, open, high and low of a candle that ends on London time.... On my FXCM the daily candle ends at 12am london time, where as my oanda account ends at 12am NYC time. If trading the london session, wouldn't the london data be more effective?
Might work, perhaps it will average out against the midnight EST candle. Give it a try.
For me personally, I will use what Seneca uses because he has good experience with his starting time.
  • #649
  • Feb 13, 2013 1:44am Feb 13, 2013 1:44am
Quoting Seneca pilot
A few of the mistakes I made last night.

1) I traded UJ. I swore off this pair a long time ago but I thought it would be better now that the yen has picked up again. I was wrong, I have never been able to trade this pair. I just can't get a feel for it and zig when I should zag.

2) This is the big one. I traded both Euro pairs and did not trade either Pound pair. I forgot to diversify my efforts. Both pound pairs made profit targets easily and The Euro pairs were tougher trades. Splitting my efforts with one of each pair would have resulted...
Excellent analysis!
I am sure it will be a help for me and also others.
  • #650
  • Feb 13, 2013 4:48am Feb 13, 2013 4:48am
Quoting Seneca pilot
I have started to average in to a short position at last weeks low in Cable.
Hi, can you reveal the reasons for your sentiments... ? Just curious. Just dropped about 100 pips in 15 minutes... nice one.

Cheers
Time hides Nothing
  • #651
  • Edited 6:02am Feb 13, 2013 5:48am | Edited 6:02am
Quoting square1
Ok, i feel damn, but now i get it....it was so simple. TP and S/L have to be the same distance apart.Right? Then you let it ride more when you are on the positive side.
Ok, that was wrong, some things need trying them out. This was a new thing to me.
So, exiting part of your position at a 1:1 simply means...If i enter a trade using 0.1 lot size, i can stop 0.05 lots of it(By manually changing on the order dialog from 0.1 to 0.05) at 1:1 and let the other 0.05 lots ride.
I guess it helps.
  • #652
  • Feb 13, 2013 6:53am Feb 13, 2013 6:53am
My breakout today yielded 80+ pips. Now i see spikes...so am out waiting for news reaction.
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  • #653
  • Feb 13, 2013 7:25am Feb 13, 2013 7:25am
Quoting CindyXXXX
Hi, can you reveal the reasons for your sentiments... ? Just curious. Just dropped about 100 pips in 15 minutes... nice one.

Cheers
Price was approaching the previous week low from below after crossing from above and extending down over 25% of the weekly ATR. For me that is a sell. Stopped out, no big deal, it happens. Unfortunately that was yesterday. I wasn't in on the big drop today. Wasn't able to trade today at all as I had an early appointment with a contractor.
  • #654
  • Feb 13, 2013 7:30am Feb 13, 2013 7:30am
Quoting Xhale12
Yea the time zone was a bit off....

Wouldnt it make more sense to use the daily close, open, high and low of a candle that ends on London time.... On my FXCM the daily candle ends at 12am london time, where as my oanda account ends at 12am NYC time. If trading the london session, wouldn't the london data be more effective?
I tested this and it isn't as good. I think it has something to do with the middle eastern traders entering the market and then the European opens each hour leading up to London open.
  • #655
  • Feb 13, 2013 7:51am Feb 13, 2013 7:51am
Quoting square1
My breakout today yielded 80+ pips. Now i see spikes...so am out waiting for news reaction.
Shhh.. some things best left unrevealed. Glad you found this on your own.
  • #656
  • Feb 13, 2013 8:09am Feb 13, 2013 8:09am
Quoting Seneca pilot
Price was approaching the previous week low from below after crossing from above and extending down over 25% of the weekly ATR. For me that is a sell. Stopped out, no big deal, it happens. Unfortunately that was yesterday. I wasn't in on the big drop today. Wasn't able to trade today at all as I had an early appointment with a contractor.
Appreciate your honesty... I was not in on the drop either although tagged 10 pips on the London open. oulda stopped me out anyway if I held it.

How long have you been trading?
Time hides Nothing
  • #657
  • Feb 13, 2013 8:15am Feb 13, 2013 8:15am
Quoting Seneca pilot
Shhh.. some things best left unrevealed. Glad you found this on your own.

oh OK so we're switching to voodooo mode... how much $$$ you want?

Fading sentiment is so 2012

So now you;re boring me I have a question, and please answer me honestly...

Why did you make this thread? (think long and hard boat pilot)
Time hides Nothing
  • #658
  • Feb 13, 2013 8:16am Feb 13, 2013 8:16am
Quoting CindyXXXX
Appreciate your honesty... I was not in on the drop either although tagged 10 pips on the London open. oulda stopped me out anyway if I held it.

How long have you been trading?
Ten years or a little more. Forex about four years. Did futures and equities before forex.
  • #659
  • Feb 13, 2013 8:44am Feb 13, 2013 8:44am
Quoting Seneca pilot
Shhh.. some things best left unrevealed. Glad you found this on your own.
Nah...u found this for me and am forever grateful.
  • #660
  • Feb 13, 2013 8:57am Feb 13, 2013 8:57am
Quoting CindyXXXX
oh OK so we're switching to voodooo mode... how much $$$ you want?

Fading sentiment is so 2012

So now you;re boring me I have a question, and please answer me honestly...

Why did you make this thread? (think long and hard boat pilot)
It was a joke. Why so cynical? He was just playing breakout this morning. My reasons for the thread have been expressed you may not have read it all. Nothing for sale here. Advice is freely given and asked.
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