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

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From mediocrity to mastery

  • #181
  • Feb 25, 2013 10:10am Feb 25, 2013 10:10am
Quoting ForexOracle
Today I fought the whole up move trying to get the reversal.
Yes a classic noobie mistake. So easy to see with hindsight but in the heat of battle you can convince yourself that price is turning when it still has 50pips to go. As you are not going into your system/methods it's not easy to offer advice but for all it's worth if you don't mind me suggesting this are you drawing in flags? I can see three major ones today on 5min chart (EurUsd) the first two failed to break their lower descending line and continued upwards - so in theory no trade attempted. The third did break down then touched back to lower line for a retest - a perfect level for a short. As you know on a big chart day like today price can steam away but it needs to come back to gather itself. It's here we can get caught out so we need some tools to prevent us from anticipating pa and getting in too early. Flags was a good one today.
  • #182
  • Feb 25, 2013 4:09pm Feb 25, 2013 4:09pm
Quoting stevexyg
Yes a classic noobie mistake. So easy to see with hindsight but in the heat of battle you can convince yourself that price is turning when it still has 50pips to go. As you are not going into your system/methods it's not easy to offer advice but for all it's worth if you don't mind me suggesting this are you drawing in flags? I can see three major ones today on 5min chart (EurUsd) the first two failed to break their lower descending line and continued upwards - so in theory no trade attempted. The third did break down then touched back to lower...
Hey Steve whats up?

I don't trade anything too much out of the ordinary. It is basically support resistance etc.

I do have 1 or 2 things that are proprietary but they are not the core or my system.

To be honest my system's core is FOCUS. To be able to spot the opportunity when it presents itself.

Today it was really poorly done. Take a look at the pin bar on the 30 min 9 AM.

I don't trade pin bars alone but a opportunity like this one you can't waste. And I did waste it. MEDIOCRITY!!
So, you think you have rights? LOL
  • #183
  • Edited 5:12pm Feb 25, 2013 5:10pm | Edited 5:12pm
lol you can't be a master of focus at all times. Maybe it's possible. Have you thought about reading a book on Zen or meditation? That may help you bridge the gap between mediocrity and the opposite - mastery.

I think I see the candle you mean, on my chart it's 13:00hrs tip at 3317. That was a good 5hrs into London, I'm not sure of your timezones but keeping a sharp focus for 5hrs is almost a superhuman feat. I do hope you take regular breaks. There surely is a balance to be made between an acute focus that inevitably wanes slightly but significantly as the hours go by and an acute focus that is maintained and recharged with regular short breaks. At some point inthe day you will benefit more from a 15min break than you will by staying at the screen focused but loosing a bit of edge due to fatigue and thereby no longer being super but becoming mediocre.

Please tell me you are taking breaks. And also are you wearing your underpants on the outside of your trousers? (meaning 'pants' in the US - you know like Superman)
  • #184
  • Feb 25, 2013 7:39pm Feb 25, 2013 7:39pm
Quoting stevexyg
lol you can't be a master of focus at all times. Maybe it's possible. Have you thought about reading a book on Zen or meditation? That may help you bridge the gap between mediocrity and the opposite - mastery.

I think I see the candle you mean, on my chart it's 13:00hrs tip at 3317. That was a good 5hrs into London, I'm not sure of your timezones but keeping a sharp focus for 5hrs is almost a superhuman feat. I do hope you take regular breaks. There surely is a balance to be made between an acute focus that inevitably wanes slightly but significantly...
So, you understand why I'm so nuts about FOCUS?

O don't deal with indicators that much but I have around 20 charts that I have to keep on eye on it. And yes all of them to trade just one pair.

Focus is the name of the game. And when I see Chris Pavlou corroborating with what I say it makes me feel good!
So, you think you have rights? LOL
  • #185
  • Feb 26, 2013 8:53am Feb 26, 2013 8:53am
9:46 AM and I'm having a pretty decent day so far. I'm up +36 and change.

Looking at all those moves since 3 AM 35 pips don't look that much but based on my average gains it is good.

The problem was yesterday. I was unable to defend my capital the way i should.

It is always like that. One day I go a little wild than the next day i trade too much in the defensive so the volatility on my gains increases.

I would like to have a more stable gain model around 20 pips (which is my daily goal) but so far this kind of stability has been hard to achieve.
So, you think you have rights? LOL
  • #186
  • Feb 26, 2013 8:58am Feb 26, 2013 8:58am
Quoting ForexOracle
9:46 AM and I'm having a pretty decent day so far. I'm up +36 and change.

Looking at all those moves since 3 AM 35 pips don't look that much but based on my average gains it is good.

The problem was yesterday. I was unable to defend my capital the way i should.

It is always like that. One day I go a little wild than the next day i trade too much in the defensive so the volatility on my gains increases.

I would like to have a more stable gain model around 20 pips (which is my daily goal) but so far this kind of stability has been hard...


I don't think any trading strategy can replicate that. You make it during the phases that suit your system and struggle during the others!
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #187
  • Feb 26, 2013 9:29am Feb 26, 2013 9:29am
Thats true but I think I can do better on my psychological/focus side in order to smooth that volatility.

It all depends on what opportunities the market gives you every day, and the parts of the session that best suits your trading system ( as you mentioned) but if I keep my optimism or lack of it in check it should smooth things a little
So, you think you have rights? LOL
  • #188
  • Feb 27, 2013 7:35am Feb 27, 2013 7:35am
8:30 AM and I'm trading like a pro !

I woke up early today ( 1:40 AM) and by 2:15 I was already trading. By 3 AM I was down 15 pips but I kept myself focused and poised.

The result is that now I'm + 63 pips

I'm VERY happy! My focus has being world class today, and I'm gonna keep myself focused and motivated till 11:30
So, you think you have rights? LOL
  • #189
  • Feb 27, 2013 8:12am Feb 27, 2013 8:12am
Nice one...

You know whenever i read things like that, i think.... just turn off the computer and enjoy some recreational time!
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #190
  • Feb 27, 2013 5:06pm Feb 27, 2013 5:06pm
I'm only getting back home now 6:00 PM

I had to leave my house around 9:40 AM, that sucks. Things completely beyond my control.

Anyways it sucks but it could be worst. Any day with a 60 plus pip gain is a good day!
So, you think you have rights? LOL
  • #191
  • Feb 27, 2013 8:08pm Feb 27, 2013 8:08pm
Quoting ForexOracle
9:46 AM and I'm having a pretty decent day so far. I'm up +36 and change.

It is always like that. One day I go a little wild than the next day i trade too much in the defensive so the volatility on my gains increases.

I would like to have a more stable gain model around 20 pips (which is my daily goal) but so far this kind of stability has been hard to achieve.
A few things I'd like to add.

First off, great job on keeping a journal and taking the right steps.

For me, the key in keeping stability (per your one wild day/one too conservative day post) is to trade with a probabilities mindset. I know what my edge is, and I know that I am correct x% of the time. I know that the outcome of the next trade is a toss up, but over the next 20 trades I have an edge. That kind of confidence in your method can give you the stability, and remove SOME emotion from the equation.

As far as shooting for a stable gain model... IMHO it's best to continually focus on PROCESS goals. If you were playing a sport, you wouldn't be able to perform at your best if you did nothing but focus on the score. The score/the p/l is an OUTCOME of focusing on the proper process and taking care of what you can control.

I hope that helps some.

-IT7
  • #192
  • Feb 28, 2013 1:52am Feb 28, 2013 1:52am
I'm gonna start to trade in 10 minutes but since I woke up early today I decided to record a quick silly video.

I just don't feel like typing today

Inserted Video
So, you think you have rights? LOL
  • #193
  • Feb 28, 2013 5:41am Feb 28, 2013 5:41am
Pretty decent day so far, 6:30 AM and I'm already 20 pips and change.

The first trading hour was dead. Right after 4 AM I jumped on my first trade but knocked out for -6 or so.

Since than things are getting better. It is already Thursday and I have to try to maximize my pippage.

It is hard to try to push the envelope a little without doing anything stupid. Lets see how things will go.
So, you think you have rights? LOL
  • #194
  • Edited 9:10am Feb 28, 2013 9:02am | Edited 9:10am
Quoting ForexOracle
I'm gonna start to trade in 10 minutes but since I woke up early today I decided to record a quick silly video.

I just don't feel like typing today

http://www.youtube.com/watch?v=Wb_ah...eature=mh_lolz
nice vid I like your pre-entry risk assessment and your unwillingness to hold on to a looser.

Do you always use a single colour for your candles? I like to see momentum bars and having the dual colours makes that possible.

Also FO you mention double tops and bottoms do you trade retraces to a break of supp/res? I say that because there was a tighter range today after LO. The big move down 1H into London I don't know if you would have got onboard that? Maybe you held it all the way down from the top of the range or got out at bottom or range for 5 or so pips?

Depending on where you draw 1M S/R line you may have got a close below then a retest from below with a nice entry short. Support line at 3136 (bottom of London range) would have given you that while another at 3131 would give test then break with no clear retest (for the brave).

Feel free to post a vid response to that
  • #195
  • Feb 28, 2013 9:09am Feb 28, 2013 9:09am
Quoting indextrader7
IMHO it's best to continually focus on PROCESS goals. If you were playing a sport, you wouldn't be able to perform at your best if you did nothing but focus on the score. The score/the p/l is an OUTCOME of focusing on the proper process and taking care of what you can control.

I hope that helps some.

-IT7
Excellent point. We see this everyday in sports games, a team gets ahead, gets complacent, sits back, then takes a drubbing.
  • #196
  • Feb 28, 2013 9:16am Feb 28, 2013 9:16am
Quoting stevexyg
nice vid I like your pre-entry risk assessment and your unwillingness to hold on to a looser.

Do you always use a single colour for your candles? I like to see momentum bars and having the dual colours makes that possible.

Also FO you mention double tops and bottoms do you trade retraces to a break of supp/res? I say that because there was a tighter range today after LO. The big move down 1H into London I don't know if you would have got onboard that? Maybe you held it all the way down from the top of the range or got out at bottom or...
Hey Steve whats up!

I like my charts as clean as possible. Colored candles makes it too busy. I concentrate on wicks anyways so single color candles are all I need.

Around 2 AM NY time I can see now 3 good opportunities if i was trading I would probably traded at least one of them for 5 or 8 pips. After that at 3 AM it got just too tight.

I don't trade break outs. I'm terrible at break outs. The only way I catch break outs is if I trade a double top or bottom and price breaks the range and I get cot by surprise

I plan to post another video later than I explain you better what I do.
So, you think you have rights? LOL
  • #197
  • Feb 28, 2013 2:53pm Feb 28, 2013 2:53pm
Quoting ForexOracle
I don't trade break outs. I'm terrible at break outs. The only way I catch break outs is if I trade a double top or bottom and price breaks the range and I get cot by surprise
  • #198
  • Feb 28, 2013 11:16pm Feb 28, 2013 11:16pm
Ok, another video about some trades from yesterday.

Inserted Video
So, you think you have rights? LOL
  • #199
  • Mar 1, 2013 3:36am Mar 1, 2013 3:36am
4:33 and I'm closing my second trade. The first one I chickened out too early for 1 pip. Now this one here I'm closing for +28 pips !!

What a nice way to start a Friday ! Up for the day and up for the week.

It is virtually impossible for me to end this week on the red so I guess I can bank one more positive week.
So, you think you have rights? LOL
  • #200
  • Mar 1, 2013 7:31am Mar 1, 2013 7:31am
8:30 and I was able to bank +20 pips . I'm around 120 pips for the week, not sure the exact pippage.

Monday I plan to bump my lot sizes again to stay in the schedule.

I still need some more precise calculations but I think I'm making over 50% of my expenses already. Which is ahead of schedule.

Anyways I will crunch some numbers this week end an know for sure.
So, you think you have rights? LOL
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