Ramblings of a Forex Junkie | Page 170 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex Trading: Incorporating Price Behavior into a Forex Trading System 4 replies

Forex Training: What to Look for in a Forex Training Program 1 reply

The Journal Of A Macro Fundamental & Technical Analysis Junkie 26 replies

Trade Anatomy - ramblings of an old-timer 147 replies

Attachments: Ramblings of a Forex Junkie
Exit Attachments

Ramblings of a Forex Junkie

  • #3,381
  • May 15, 2013 4:55am May 15, 2013 4:55am
gotta watch those weekly engulfs, they're very rarely wrong... EU was a pretty much guaranteed down this week, So I would of been looking to sell daily levels and wouldn't bother with buying anything below a weekly s/r

Really think these ideas would rock with some higher TF context... just an opinion..
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-05-15 at 10.53.19.png Size: 39 KB
tradewith60
  • #3,382
  • May 15, 2013 7:56am May 15, 2013 7:56am
Quoting rdsl
Anyone still trading the ORB method ? (post #80 of this thread) After a nice losing period there is a 1:10 (and counting) runner from last thursday (09MAY) (12 pip range - 50% closed at 1:1 - and now we have about a 240pips winnig trade but only with 50% of the position) So we can see it as a 120 pips win - that's why it is 1:10 . I was trying to upload the chart (like 5 times) but wasn't able to... I'm not sure why. (its only a 63kb jpg file but the "security scan" never ends.
yes i do, with EU, and i am very very happy with it...i do use discretion (or called it feeling or bias) which means i donīt take all the trade...i recommend everybody to at least to have a look at it and to try it.

Regarding your entry and EU, congratulations !! i personally exit thursday trade at 1.3040 , friday was good too (+50p), monday didnīt trade : one of my bias is first hour bar (LO bar) give me direction...if LO 1h bar break the range and close in between, i will only trade if i got a signal on that direction, if a signal is given on the contrary direction, i stay quiet...yesterday i was out so didnīt trade (miss a good one), and today no trade at the moment (following that particular strategy)..
as always in this business, one key factor is enter a trade only when you are confident with it (following whatever rules/bias you are using) , so loss is ok to accept as part of the game..

Good luck
  • #3,383
  • May 15, 2013 7:57am May 15, 2013 7:57am
Quoting Seneca pilot
I am going to come right out and say that I am totally confused and ready for a couple of days off. I was short Euro for the entire slate of bad economic news tonight and I have nothing to show for it but some minor losses. I am completely lost right now. I started the night off by selling last week's high with EJ and the German news pushed down. I thought of taking profit at last week's close but thought I would hold it because I have been taking profits too early lately. I moved to BE at the weekly close and let it go. Mistake. There was some...
Hi SP, thank you very much for your honesty in sharing your feeling on your thread. This make me feel very real about the life of a daytrader. I have gone through a lot of other threads. Few of them will present themselves without filtering their experiences. One day is nothing in trading, but the frustration is so strong that I am not able to get through it easily. Good luck!
  • #3,384
  • May 15, 2013 8:08am May 15, 2013 8:08am
Quoting kk007
{quote} Hi SP, thank you very much for your honesty in sharing your feeling on your thread. This make me feel very real about the life of a daytrader. I have gone through a lot of other threads. Few of them will present themselves without filtering their experiences. One day is nothing in trading, but the frustration is so strong that I am not able to get through it easily. Good luck!
I am as honest as I know how to be. This happens occasionally to me. I get to a point where I am unwilling to accept any draw down. This is usually after a tough few days like last week and I am trying too hard to get back to my equity high so I can continue to make progress. I normally can get over this and resume normal trading by taking a few days off and returning to basics and simple trades. I sold in good places last night as it turns out but my unwillingness to accept any draw down caused good trades to turn bad. We all have to fight these same demons. We all have the same problems from time to time no matter the experience level. This is proof to me that I still have a long way to go before I am really comfortable in my own skin. I know rationally how to trade my method but the execution still eludes me at times.
  • #3,385
  • May 15, 2013 8:20am May 15, 2013 8:20am
Quoting Seneca pilot
{quote} I am as honest as I know how to be. This happens occasionally to me. I get to a point where I am unwilling to accept any draw down. This is usually after a tough few days like last week and I am trying too hard to get back to my equity high so I can continue to make progress. I normally can get over this and resume normal trading by taking a few days off and returning to basics and simple trades. I sold in good places last night as it turns out but my unwillingness to accept any draw down caused good trades to turn bad. We all have to fight...
Thatīs the best and only way i know of dealing with this problem, which occur to me so many times !! as for me, entering a trade is the easiest part of the trade (even if some of them are bad ones), exit is my main problem so far..
  • #3,386
  • May 15, 2013 8:24am May 15, 2013 8:24am
Quoting be water
{quote} Thatīs the best and only way i know of dealing with this problem, which occur to me so many times !! as for me, entering a trade is the easiest part of the trade (even if some of them are bad ones), exit is my main problem so far..
I am a perfectionist. It still causes problems for me. I know I have to be accepting of losses and draw downs but I still have these struggles. This is why it is number one on my list of required skills. You must be willing to take a loss. For me to get back into that place I have to have some time off.
  • #3,387
  • May 15, 2013 9:52am May 15, 2013 9:52am
Quoting Seneca pilot
{quote}You must be willing to take a loss.
You are willing to, you've done it.

Crucially you've quickly realised what the issue is, limited your losses and accepted you need a break, and now it's time to holiday.

Inserted Video


It's a vital question but rarely discussed. When do we need a break from the intensity of complete immersion in the markets? We all know it never really leaves us. Everyone here is obsessed - or should be. My last 3 holidays I've not been able to not think about charts for more than a day maximum, maybe less. Is that normal? And how long off is too long? Is there a breakeven time? The danger being if you're away from your terminal for too long you may loose sharpness.
  • #3,388
  • May 15, 2013 10:24am May 15, 2013 10:24am
Quoting stevexyg
{quote} You are willing to, you've done it. Crucially you've quickly realised what the issue is, limited your losses and accepted you need a break, and now it's time to holiday. http://www.youtube.com/watch?v=ANE9A5osUes It's a vital question but rarely discussed. When do we need a break from the intensity of complete immersion in the markets? We all know it never really leaves us. Everyone here is obsessed - or should be. My last 3 holidays I've not been able to not think about charts for more than a day maximum, maybe less. Is that...
"I will continue to climb trying to reach the top, but no one knows where the top is"

Inserted Video
tradewith60
  • #3,389
  • May 15, 2013 10:33am May 15, 2013 10:33am
You must fall in love with your work

As a vegetarian that was a struggle for me but it's an invaluable lesson - for chefs and for traders. You do need a break though even from your greatest love - don't you?

PS I'm sure he doesn't go home and make himself sushi, pot noodle more like.
  • #3,390
  • May 15, 2013 10:38am May 15, 2013 10:38am
Quoting stevexyg
You must fall in love with your work As a vegetarian that was a struggle for me but it's an invaluable lesson - for chefs and for traders. You do need a break though even from your greatest love - don't you? PS I'm sure he doesn't go home and make himself sushi, pot noodle more like.
It's an excellent movie, and you can see that he is so assured in his skill and so confident that he seems to do everything by instinct alone.... comes with time and dedication and when we get there im sure we will still be lying on the beach thinking about the charts....lol
tradewith60
  • #3,391
  • May 15, 2013 11:04am May 15, 2013 11:04am
You could say there is a lot of attention given to perfection in Japanese culture. But it's not a result of striving for success, rather it's the the pure appreciation of perfection itself. The nation that gave us the Candlestick. If the trader can empty his/her mind of the concerns that bind him to his concerns, perhaps he/she can execute his/her trades with perfection, from a state of no mind:

Inserted Video



I don't understand the applause. Why is there applause?
  • #3,392
  • May 15, 2013 11:16am May 15, 2013 11:16am
might be going tad off topic, but this best describes my trading psychology... just ain't gonna give up, gonna put everything into every hit and keep going...
(whilst still looking pretty hot)

http://globalnanpavideos.com/video/M...fa4d3368c07509
tradewith60
  • #3,393
  • May 15, 2013 11:32am May 15, 2013 11:32am
Quoting 60minuteman
might be going tad off topic, but this best describes my trading psychology... just ain't gonna give up, gonna put everything into every hit and keep going... (whilst still looking pretty hot) http://globalnanpavideos.com/video/M...fa4d3368c07509
Wow really inspirational women, all girls should be taught this discipline, rapists would be a thing of the past. Having said that PMT time could be pretty dangerous!

You don't need to divulge too much 60, it's a public forum, but when you trade are you in leggings or the pink shorts and matching bra combo?
  • #3,394
  • May 15, 2013 11:41am May 15, 2013 11:41am
Quoting stevexyg
{quote} Wow really inspirational women, all girls should be taught this discipline, rapists would be a thing of the past. Having said that PMT time could be pretty dangerous! You don't need to divulge too much 60, it's a public forum, but when you trade are you in leggings or the pink shorts and matching bra combo?
that's for another thread...

I do run 2km every day after my 3pm H4 closes, i'm usually in a trade then and that break from the charts and the exercise seems to do wonders for discipline.

Trading has changed my mind-set completely, diet, exercise, how I interact with other people... amazing stuff personally
tradewith60
  • #3,395
  • May 15, 2013 11:57am May 15, 2013 11:57am
Yes that's the fundamental change most people need to make to make a success of this. It is amazing what changes can be made. We aren't taught self-discipline at school. Such a shame, the most important life skill and it's not even mentioned.
  • #3,396
  • May 15, 2013 1:58pm May 15, 2013 1:58pm
Quoting mmaker
At 2:00amET when the German Prelim GDP data came out, both EU and EJ dropped on the bad news. But noticed that GU and AU was holding above their respective NY Close (see 2:15amET candle on your charts). I interpreted this as false breakdown move and played EJ and EU long. EU unfortunately stopped, but EURJPY entry at 131.910 was a good run. Everyone who shorted EJ under 132.00 and under Last Week's Close were trapped and in serious trouble, and had to cover their positions. {image} {image}
mmaker - I don't understand the correlation you made between German data impact on EU and EJ in relation to GU and AU. Please could you expand a little?

Thanks
  • #3,397
  • May 15, 2013 2:53pm May 15, 2013 2:53pm
Attached Image (click to enlarge)
Click to Enlarge Name: EU 15_05_2013.jpg Size: 141 KB


Sorry to hear you've been swimming up river SP, we all know what that feels like

I've had a fucking awesome week so far doing some real simple shit that's been working just like it says on the tin.
  • #3,398
  • May 15, 2013 3:57pm May 15, 2013 3:57pm
Quoting FX Alex
{image} Sorry to hear you've been swimming up river SP, we all know what that feels like I've had a fucking awesome week so far doing some real simple shit that's been working just like it says on the tin.
that's some nice looking S/R trading Alex
tradewith60
  • #3,399
  • May 15, 2013 7:15pm May 15, 2013 7:15pm
Quoting FX Alex
{image} Sorry to hear you've been swimming up river SP, we all know what that feels like I've had a fucking awesome week so far doing some real simple shit that's been working just like it says on the tin.
Hey, that's what my weeks looking like so far. Well that plus todays ej 09 break and some losses off of some misinterpreted action on the GU from yesterday and today.
  • #3,400
  • May 16, 2013 1:52am May 16, 2013 1:52am
Quoting 60minuteman
{quote} that's some nice looking S/R trading Alex
Thanks sixty, got lucky shorting that swing high tuesday morning, that set the bias and I just stuck with it.

Fwiw I agree with you about the HTF's.
6 traders viewing now