And it happened again:
EURJPY
chart:
This sure is testing my mental strength...
EURJPY
chart:
This sure is testing my mental strength...
Knowing is not enough; we must apply. Willing is not enough; we must do.
Start of my journey towards profitable trading with PA
- #501
- Apr 22, 2013 5:30pm Apr 22, 2013 5:30pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
- #503
- Apr 22, 2013 8:58pm Apr 22, 2013 8:58pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
{quote} Hi K, I’m a big follower of your journal. I have studied the same threads as you have and I am planning my trade plan off of the same material. I have been learning a lot from you and your approach, you have made many brilliant trades, so please don’t get discouraged. I think when you are really getting close to figuring it out that’s when it seems the hardest to move forward because the markets have a way of really messing with your head and trade plan. So keep plugging along … demo is great. I’m doing the same...
Thanks for the kind words. It really made me smile. Yes, i agree that it's when we're close to getting "there", the market will relentless slap us in the face in attempt to kick us out. It is up to us, whether or not to get back up by those harsh slaps, and be rock solid. Only a handful of traders made it there, with preserverence. I believe with time & experience, I'll be able to get it. Patience is virtue.
If you have any trade setups/ideas, do post here. We can share the ideas and discuss
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #504
- Apr 23, 2013 4:28am Apr 23, 2013 4:28am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
AUDUSD:
Chart:
Chart:
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #505
- Edited 5:43pm Apr 23, 2013 7:34am | Edited 5:43pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Another missed trade: AUDUSD {image}
Anyway, entered new position with nice 4H compression towards the 4H demand zone. Will watch to add position at the 5 mins demand.
Update 1: Don't like the compression pattern towards supply zone, expecting a bounce, so took half off the table.
Update 2: Once again, missed my limit order by 0.2pips...This is really not funny anymore...
Update 3: Got stopped out by a sudden spike. oh man....
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #506
- Edited 5:40pm Apr 23, 2013 8:08am | Edited 5:40pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Lost trade + Pending sell: USDCHF
chart:
Update 1: Triggered. Having some drawdowns. Let's see how it goes.
Update 2: Bullish momentum too strong. Stopped out.
chart:
Update 1: Triggered. Having some drawdowns. Let's see how it goes.
Update 2: Bullish momentum too strong. Stopped out.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #507
- Edited 8:46am Apr 23, 2013 8:21am | Edited 8:46am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
some new trades:
AUDJPY
USDJPY
Note: I'm currently long AUDUSD, so naturally, I would prefer the USDJPY to work better. Anyway, a setup is a setup. I'll treat both setups objectively, and let the market decide.
Update:
Wow, both got stopped out pretty quickly... Not doing well with the yen pairs...
AUDJPY
USDJPY
Note: I'm currently long AUDUSD, so naturally, I would prefer the USDJPY to work better. Anyway, a setup is a setup. I'll treat both setups objectively, and let the market decide.
Update:
Wow, both got stopped out pretty quickly... Not doing well with the yen pairs...
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #508
- Apr 23, 2013 11:41am Apr 23, 2013 11:41am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Another thing i realized, why did I have soooo many consecutive losses, and facing such great drawdown?
My approach of trading was 100% using limit orders, which more often than not, I'm missing the trades...It's been SOOOO many times, that I'm having this issue.
Since i'm using limit orders, losing trades will 100% be triggered, and winning trades, often miss my limit order by less than 1 pip...yes....less than 1 pip OFTEN!!
So I decided to give myself a solution....to always give 2pips buffer on my orders. I'm more than willing to risk 2 more pips, then miss the whole trade because of the 0.2 pips!!
Though the trading results are AWFUL, I still feel confident with my trading. It's because of those 0.2 pips misses that weren't reflected on it that REALLY counts!
Hang in there "myself".
My approach of trading was 100% using limit orders, which more often than not, I'm missing the trades...It's been SOOOO many times, that I'm having this issue.
Since i'm using limit orders, losing trades will 100% be triggered, and winning trades, often miss my limit order by less than 1 pip...yes....less than 1 pip OFTEN!!
So I decided to give myself a solution....to always give 2pips buffer on my orders. I'm more than willing to risk 2 more pips, then miss the whole trade because of the 0.2 pips!!
Though the trading results are AWFUL, I still feel confident with my trading. It's because of those 0.2 pips misses that weren't reflected on it that REALLY counts!
Hang in there "myself".
Knowing is not enough; we must apply. Willing is not enough; we must do.
{quote} Hi Joe, Thanks for the kind words. It really made me smile. Yes, i agree that it's when we're close to getting "there", the market will relentless slap us in the face in attempt to kick us out. It is up to us, whether or not to get back up by those harsh slaps, and be rock solid. Only a handful of traders made it there, with preserverence. I believe with time & experience, I'll be able to get it. Patience is virtue.
Thanks for the invitation,
I am happy to discuss and share but I in no way want to influence or distract you from your trading in any way,“This Is Your Journal” and I think you are doing a great job and I don’t want to distract you in any way. That being said I am currently in study mode ( near the end and pulling it all together which I’ve said too many times to count… ha… I have been marginally profitable for the last 2 months in demo), I started following your journal on 3/14 and check it daily along with the threads you mention in your 1st post (of which I follow daily). I am the most rusty with Kenneth Lee’s methods so it might be awhile to get up to speed with your current trade analysis … But in the mean time I do have a couple of questions/ideas concerning entry and exit that might help if it’s ok to ask.
Thanks, Joe
- #510
- Apr 23, 2013 7:35pm Apr 23, 2013 7:35pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
{quote} Thanks for the invitation, I am happy to discuss and share but I in no way want to influence or distract you from your trading in any way,“This Is Your Journal” and I think you are doing a great job and I don’t want to distract you in any way. That being said I am currently in study mode ( near the end and pulling it all together which I’ve said too many times to count… ha… I have been marginally profitable for the last 2 months in demo), I started following your journal on 3/14 and check it daily along with...
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #511
- Edited Apr 24, 2013 1:40am Apr 23, 2013 8:13pm | Edited Apr 24, 2013 1:40am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: USDJPY
Chart:
Update 1: Added position based on 15min chart based on quasimodo at supply zone. This is an agressive entry. Old positions SL moved to the same as the new position above the 15min supply zone. Either I'm stopped out for a tiny gain, or my TP hit for a massive gain.
Instead of ending in BE or taking small profits, I'll target larger gains (based on what price offers), and am willing to take losses for it.
Update 2: Stopped out. Perhaps shouldn't move the initial SL as there was a nice supply zone before it. Reluctant to re-enter short as not in front of my pc screen (at work). Move on.
Chart:
Update 1: Added position based on 15min chart based on quasimodo at supply zone. This is an agressive entry. Old positions SL moved to the same as the new position above the 15min supply zone. Either I'm stopped out for a tiny gain, or my TP hit for a massive gain.
Instead of ending in BE or taking small profits, I'll target larger gains (based on what price offers), and am willing to take losses for it.
Update 2: Stopped out. Perhaps shouldn't move the initial SL as there was a nice supply zone before it. Reluctant to re-enter short as not in front of my pc screen (at work). Move on.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #513
- Apr 23, 2013 10:05pm Apr 23, 2013 10:05pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Ok, just curious do you use a fixed contract size or variable contract size depending on stop pip amount. Do you use partial or full position for entries/exits with corresponding EA's.As an observer It seems 2 things have been happening lately and are on entry and exit that are messing with you evil trading brain(not my coined term but appropriate non the less). So.... maybe for entry place 1/4 position several pips above your usual entry placement and 3/4 at the determined level ( this way a small position won't mess that much with your overall...
Thanks alot for your insights. We're all students in FF
.1. do you use a fixed contract size or variable contract size depending on stop pip amount?
I like to use $1 per pip, as long as the risk is less than 2%. If it's more than that, I'll adjust the position sizing. so both your observations are right.
2. Do you use partial or full position for entries/exits with corresponding EA's?
It depends as well. If I'm trading with the trend, or I have a bias in mind, I will take partial positions, eg: split my position into 2, for ease of trade management, such as taking partial profits at FTA. If I'm countertrend trading, I'll just take one position full in full out. I only use 1 trade management EA, which is luktom's visual order editor, for managing my SL & TP.
As for the trade management you mentioned, it's pretty much the same as the 2nd question of how I manage my positions. If I have a bias, I'll split positions, and look for adding position as price moves in favor. As for the trade entries, well, I'll start with giving 2pips buffer with my entries. As stated in my previous post, I'm more than willing to risk 2 more pips, than missing the whole trade because of it. I believe putting the order RIGHT at the marked supply zone is alittle bit tough, as I'm "competing" with the large institutions for the "best price". That's all supply/demand trading all about, to buy/sell at the best price. So I realized that as a retail trader, it would be better for me to be more nimble, and take positions at SLIGHTLY worse price than the institutions.
Hope I made myself clear.
And, thanks again, for your interest in my journal. It was quite a lonely journey. I appreciate your comments and company along the way.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #514
- Apr 24, 2013 2:16am Apr 24, 2013 2:16am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Finding a balance between small gains/larger gains for my trades... To be contented of a 2-3R trade, or to target for runners when there's a bias...
I thought I was almost ready to go live, but now, I feel I need more time on demo before that...Perhaps 2-3 more months to go, and I shall see. Keep reminding myself that DO NOT START LIVE unless I'm confident enough, and at least my TE is showing positive expectancy. It's very obvious that I'm not ready.
I thought I was almost ready to go live, but now, I feel I need more time on demo before that...Perhaps 2-3 more months to go, and I shall see. Keep reminding myself that DO NOT START LIVE unless I'm confident enough, and at least my TE is showing positive expectancy. It's very obvious that I'm not ready.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #515
- Edited 9:39pm Apr 24, 2013 6:06am | Edited 9:39pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
{quote} Yet another missed one by 0.6 pips, to catch the bounch from demand zone...Really getting used to this..and HAVE TO OVERCOME IT!! {image} Anyway, entered new position with nice 4H compression towards the 4H demand zone. Will watch to add position at the 5 mins demand. {image} Update 1: Don't like the compression pattern towards supply zone, expecting a bounce, so took half off the table. {image} Update 2: Once again, missed my limit order by 0.2pips...This is really not funny anymore... {image} Update 3: Got stopped out by a sudden spike....
Missed a good short entry because was too late when I opened my pc. Anyway, placed a buy limit at demand zone after price made higher highs/higher lows.
Update 1: MIssed order by 4 pips. But will leave the PO open as it's a level within a level.
Update 2: Price blew up to the north. Too bad I wasn't on board...Looking for new entries, but facing some technical issues with my broker Exness (on demo), so couldn't place any orders...
Knowing is not enough; we must apply. Willing is not enough; we must do.
Finding a balance between small gains/larger gains for my trades... To be contented of a 2-3R trade, or to target for runners when there's a bias... I thought I was almost ready to go live, but now, I feel I need more time on demo before that...Perhaps 2-3 more months to go, and I shall see. Keep reminding myself that DO NOT START LIVE unless I'm confident enough, and at least my TE is showing positive expectancy. It's very obvious that I'm not ready.
Hi
Maybe my Journal entries will help You in the practice of Trading a little:
http://www.forexfactory.com/showthread.php?t=411690
Maybe my Journal entries will help You in the practice of Trading a little:
http://www.forexfactory.com/showthread.php?t=411690
- #518
- Apr 24, 2013 10:49am Apr 24, 2013 10:49am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
{quote} I admire your patience and awareness. Not many people think like you. Keep going, I have no doubt you will get there.
Thanks for the kind words. It certainly motivates me
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #519
- Apr 25, 2013 2:55am Apr 25, 2013 2:55am
- | Commercial User | Joined Dec 2010 | 1,135 Posts
No longer trading forex. Looking for full time job.
- #520
- Apr 25, 2013 3:47am Apr 25, 2013 3:47am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Have you started to trade live account? Even a small micro-lot account is quite an experience. Your TradeExplorer is currently Demo.
Yap it's Demo. I'm well aware of it
.For me, I do treat demo seriously, and losses DO take a toll on my psychology. I don't simply take trades, even on demo. Because I promised myself that I can only go live when i'm profitable on demo, therefore, I HAVE to trade seriously in order to be profitable. Consistently profitable to be precise.
Plus, it's just not worth it to trade small micro lots when I can learn how to trade for free using demo. Perhaps you may say the emotions were not there in demo, but believe me, I DO feel the adrenaline rush even in demo
Knowing is not enough; we must apply. Willing is not enough; we must do.