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

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From mediocrity to mastery

  • #161
  • Feb 13, 2013 11:19am Feb 13, 2013 11:19am
Quoting ForexOracle
I'm doing my 11:30 recap and I see some good opportunities wasted. I have no reason why I missed these trades. I may was doing something else like typing.

Thats unacceptable! Mediocrity alert going off !

I'm not trying to excuse myself and blaming it on situations but my focus may be the problem right now.

I really have to do something about it.
We are social animals and it's a rather dulling buisness just looking at charts hour after hour. The stimulus we seek in others and outside interests is completely natural but in this situation problematic! Perhaps trading in your high focus zone for less time per day would help? You are drifting possibly because it's too much to keep going for so long? The brain is not designed to focus so sharply for so long. How about trying 45min each hour in total focus? Or 5hrs max per day then chill out? This seems to me to be a balance issue?
  • #162
  • Feb 13, 2013 2:53pm Feb 13, 2013 2:53pm
Ok after some thoughts I decided to play hard ball with myself and stop any other activity while trading.

I'm going to print the FF news schedule the night before or first thing before a trade and no more parallel activities until 12 PM
So, you think you have rights? LOL
  • #163
  • Feb 14, 2013 10:35am Feb 14, 2013 10:35am
I'm very happy because I had a very good day it is 11:30 ad I'm up 57 pips!

The moves favored my stile of trade, I can't deny that, but the fact that I stayed focused the whole time also helped.

I'm happy the way things went so from now on no more internet or any other distractions from 3 AM till 11:30 AM.

Changing a little the subject sometimes I get amazed on how forex can be predictable. Today was one of these days when I kind of knew what would happen.

Sometimes I just cant see good entries and all gets so confused. But days like today come to remind me that if I can defend my account from stupidities while I can't get it the days of sure moves will come and I can get ahead in the game.

I'm just happy, tired but happy!
So, you think you have rights? LOL
  • #164
  • Feb 15, 2013 9:36am Feb 15, 2013 9:36am
Not as good as yesterday but at least I'm making my numbers I'm currently up +23 pips.

I still have one hour to go but I'm really afraid of nasty spikes.

With the G20 the market gets thin and the big boys use the lack of liquidity to spike you out.

If I'm able to keep the pips I have, or add a little more I I should end the week around my target.
So, you think you have rights? LOL
  • #165
  • Feb 15, 2013 12:39pm Feb 15, 2013 12:39pm
Quoting ForexOracle
Ok after some thoughts I decided to play hard ball with myself and stop any other activity while trading.

I'm going to print the FF news schedule the night before or first thing before a trade and no more parallel activities until 12 PM
Have it on your chart and that way you are always aware without leaving your trading.
I edited background,header same color as my chart's background so it blends nicely.I'll post an example and the indicator.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 22 KB
Attached File(s)
File Type: ex4 FFCal Headlines.ex4   36 KB | 217 downloads
In trading, you have to be defensive and aggressive at the same time
  • #166
  • Feb 15, 2013 2:38pm Feb 15, 2013 2:38pm
WOW! Good stuff!

Thanks Davit!
So, you think you have rights? LOL
  • #167
  • Feb 18, 2013 8:22am Feb 18, 2013 8:22am
9:20 AM and I'm having a very good monday, +30 pips so far.

Now with banks and equities closed here in the US liquidity should dry and it is casino time. I may stop trading as soon as London closes.
So, you think you have rights? LOL
  • #168
  • Edited 10:16am Feb 19, 2013 9:36am | Edited 10:16am
10:30 AM Woke up later today around 5 AM. I'm just not having a good day.

I could not sleep very well so I'm tired and my focus is not 100% today.

My first 2 trades went wrong for -11 pips or so. Now the last one I closed to +4 pips and change.

I'm gonna have to work hard and try to at least break even today so my gains from yesterday don't go to waste.

I did have a clear signal but it was before I started trading, since than my charts are lying to me. Lets see what i can do till 11:30 or 12:00

Oh, and by the way I should be trading not typing here.
So, you think you have rights? LOL
  • #169
  • Feb 19, 2013 11:17am Feb 19, 2013 11:17am
12:10 and I have to stop trading I'm really tempted to try to at least break even but rules are rules 12 PM is the limit to square my positions.

I'm down -6 pips and change. Well tomorrow is another day with new opportunities.

What can I say but admit that was completely my fault. I was sleeping at 3 AM when a easy signal would give me at least 15 pips.

well, at least I'm up for the week. A little shy from my daily goals but lets see, till the end of the week if I can turn this thing around.
So, you think you have rights? LOL
  • #170
  • Feb 19, 2013 5:49pm Feb 19, 2013 5:49pm
Quoting ForexOracle

Oh, and by the way I should be trading not typing here.
  • #171
  • Feb 20, 2013 8:36am Feb 20, 2013 8:36am
Good day so far. Made +27 pips between 4:30 and 5:40 AM. I love London!

I'm glad I made some pips yearly because since than I'm sitting on my hands. I hate FOMC days the market becomes a mess.

Since I'm having conflicting signals and visually I'm completely lost, can't make sense of any moves I'm gonna only take AAA trades.

Nothing less than a perfect set up will make me jump on the market again.
So, you think you have rights? LOL
  • #172
  • Feb 20, 2013 11:16am Feb 20, 2013 11:16am
Thanks goodness the day is over. I'm closing a position taken on 3377 for 5 pips. I'm tempted to let it run with a 10 pips stop loss but you never know if the broker will respect it, so to come here later and see that they closed my trade for -30 is not cool.

Thanks to London for my pips after 6 AM nothing made sense to me. I had a strong trend line at 3377 area thats why i took the trade, but before I traded I settled with myself that if price didn't go my way righ the way i would bail out for 6 or 8 pips loss.

Anyways I have to do something else and rest my eyes. I wish luck to people trading till the FOMC you guys will need it!
So, you think you have rights? LOL
  • #173
  • Feb 21, 2013 9:36am Feb 21, 2013 9:36am
10:30 AM and I'm having a very good day !

I was able to capture close to 50% of the move down I'm up +41 pips.

I'm sitting on my hands through this whole retracement because of mixed signals. I'm not risking any pips it is Thursday and I can't make any major mistake till tomorrow 12 PM.

Good week so far can't complaint.
So, you think you have rights? LOL
  • #174
  • Feb 22, 2013 10:21am Feb 22, 2013 10:21am
So so day. I'm only +10 pips mainly for my own fault. I went to sleep late yesterday and woke up 5:30 so!

Anyways it is already 11:20 and I doubt I can make anything too terrible till 12 so I'm banking one more week on the green !
So, you think you have rights? LOL
  • #175
  • Feb 22, 2013 2:01pm Feb 22, 2013 2:01pm
congrats on another positive week! great work.
  • #176
  • Feb 23, 2013 2:02pm Feb 23, 2013 2:02pm
Amazing thread!!!!

I know you're at a point difficult to change, but it is obvious that the major cause of problems, in fact, the top two for you, have been:
1)Difficult schedule
2)Pressure to hit a target in pips

The first is making you tired and listless, the second strip your sleep and your stamina. Note that you got sick and can not sleep properly. This all undermines its other focus, concentration and prevents you from reaching the mental state necessary to operate with clarity.

And amid all this, you still leaving in the line the future and present of your family, and you, in financial terms.

Operate this way in the long run you will end up doing more harm than remain in a common job and investing for long-term (and DT in vacations).

I, and I hope all the readers, was seriously worried about your mental and physical state. A roller coaster of emotions, and a dangerous pressure by "being right" and / or "hit the target". Under this load you will not survive.

The cause is not your schedule. It is the pressure you put on yourself to hit, closing the day and the week positive. And the pressure comes from where? The need to pay the bills, and the expectation on you.

Sorry to write all this. It's just my opinion about the ordeal you've been through. I hope that, regardless of the reasons, you can identify them and correct them before suffering some trauma.

ps: english isn't my language.
Listen to the Moneytalks
  • #177
  • Feb 23, 2013 9:00pm Feb 23, 2013 9:00pm
Quoting SOPMod
Amazing thread!!!!

I know you're at a point difficult to change, but it is obvious that the major cause of problems, in fact, the top two for you, have been:
1)Difficult schedule
2)Pressure to hit a target in pips

The first is making you tired and listless, the second strip your sleep and your stamina. Note that you got sick and can not sleep properly. This all undermines its other focus, concentration and prevents you from reaching the mental state necessary to operate with clarity.

And amid all this, you still leaving in the line the...
Hey SOP thanks for the post.

Indeed waking up 3 AM is not very easy. I'm basically living on a European time which creates some inconveniences.

But again what is easy in life. My life was always a uphill battle so I have to keep fighting. When I move to Perth Australia I believe things will be easier !

About my targets. Well i don't know how can I do it better. Some people already suggested me to lower my goal from 20 to 10 pips but what is the point?

In order to make 10 pips I'm gonna need the same concentration. heck in order to make 1 pip per day I would need the same focus.

Again and again I have to stick with what is working. I spent years and years jumping around. I was never able to stay for so long in profit so if is not broken dont try to fix it.

And to be honest I'm pretty much adapted to my hours and the stress i have today is just nothing compared with what I experienced in the past.

I'm kind of happy with my progress !
So, you think you have rights? LOL
  • #178
  • Edited 10:07pm Feb 23, 2013 10:05pm | Edited 10:07pm
Quoting ForexOracle
But again what is easy in life. My life was always a uphill battle so I have to keep fighting. When I move to Perth Australia I believe things will be easier !

About my targets. Well i don't know how can I do it better. Some people already suggested me to lower my goal from 20 to 10 pips but what is the point?

In order to make 10 pips I'm gonna need the same concentration. heck in order to make 1 pip per day I would need the same focus.

Again and again I have to stick with what is working. I spent years and years jumping around. I was...
About your targets... you must aim to trade better, and that doesn't mean all your trades will be positive. It means that you correctly followed a process that results in consistent profitability and a more happier life. My words may dont have proof, but you can find the same kind of teaching in the words of great traders, like Ed Seykota, Michael Marcus, Bruce Kovner and many others from "Market Wizards" book series. Bet you do not have time to read these books, but either way, I'm sure they would be of great help to you on this journey somewhat lonely.

One interesting thing I read in "One Good Trade" (a book) which in the author's proptrading firm, traders seek only to make a one good trade, then another one good trade, and other one good trade, and so on. They revisit their workday through videos of operations, and classify a trade observing if them follow six criteria ("fundamentals") like: Proper Preparation, Hard Work, Patience, A detailed plan before every trade, Discipline and Replaying important trades (high R/R). Quoting the book:

Quote
If they follow all of these tenets in their trading from start to finish,
then they have made One Good Trade. And this is what we do. Or certainly
try to do. And we do it over and over again. We make One Good Trade, and
then One Good Trade, and then One Good Trade.
I created this term based on my following of, no surprise, Coach K
at Duke. When his team is up by 30 points, he screams from the side-
line, “Next Play.” Similarly, if his team is down by 15, which isn’t all
that often, he still yells, “Next Play.” Since I don’t run a basketball...

Now i'll be quiet, despite the willingness to help you in any way, I know that everything depends on YOU want to be a better trader, a better person. But if you need any help, hope you can find it in me and especially among other readers here in FF.

Good Trades for you.

:-)

Best books: Market Wizards: Interviews with Top Traders and One Good Trade: Inside the Highly Competitive World of Proprietary Trading
Listen to the Moneytalks
  • #179
  • Edited Feb 24, 2013 12:28am Feb 23, 2013 11:29pm | Edited Feb 24, 2013 12:28am
Quoting SOPMod
About your targets... you must aim to trade better, and that doesn't mean all your trades will be positive. It means that you correctly followed a process that results in consistent profitability and a more happier life. My words may dont have proof, but you can find the same kind of teaching in the words of great traders, like Ed Seykota, Michael Marcus, Bruce Kovner and many others from "Market Wizards" book series. Bet you do not have time to read these books, but either way, I'm sure they would be of great help to you on this...
Thanks for the input SOP.

If you let me advise you on something. It is very good for you to read these books but don't take it too literally. That romantic vision of a trader finding everything good and nothing bad on his profession is unrealistic and utopic.

I love to trade but like any job out there you will have good periods and bad ones.

You are still new on the business. I used to fantasize about perfection too. Hit me in 5 years and lets see how your perspective has changed
So, you think you have rights? LOL
  • #180
  • Feb 25, 2013 9:06am Feb 25, 2013 9:06am
10:00 AM and I'm not having a good day at all!

I don't know, sometimes I trade like a newbie. Today I fought the whole up move trying to get the reversal.

I payed a high price for it I'm -25 pips. Than when a decent signal to go short came I second guessed my system and did not take the trade.

Now I see that the trade would be good for 20 pips or so.

Well ! I don't even know what to say.

Lets see what I can do till 12PM
So, you think you have rights? LOL
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