Start of my journey towards profitable trading with PA

what charting program is that?

It's tradingview.com. I use it to monitor trades at work

New PO: XAUUSD sell



Edit*: Added more reasons for the trade. Taken calculated risk on this. Whatever happens happens. High impact news coming, let's see if it makes or breaks this trade.


Trade triggered, took an instant loss. Afterwards, was trying to manual sell, but miss clicked on the hotkey, and entered buy instead, so closed immediately, and realized a $18 loss because of this STUPID mistake.

Anyhow, entered another short at the supply, and another 1 got stopped out pretty quickly. Really, not a good move trying to fight the news.

Movements in GOLD is far far far too fast as compared to forex in terms of pips to my liking. Decided to just trade in higher TF's (4H above) for this beast, and stick to the forex pairs in my 1st post on 30mins.

New trade: GBPUSD short

Entry based on 5mins QM.


Reasons for looking into 5mins for closer look:


Update: Manually closed the trade for BE+1. This kind of trade SHOULD be taken in demo accounts since I haven't really exercised it before. Doing it live, not to mention at the beginning of my live trading career, is SIMPLY RECKLESS!!


Last few good trades sure gave me confidence, but those trades were based on what I've practised before, and I HAVE to ONLY take trades that I'm familiar and confident with. Really have to keep reminding myself that I'm JUST A DARN BEGINNER!!!

Really really frustrated with myself because of this kind of behaviour. Thanks to a friend of mine who reminded me of the fact that I wasn't trading like how I had been practicing. Will call it a day, and recapture my thoughts, pull myself together, and take trades that I'm confident and familiar with.

Update 2: Outcome turned out to be a full loss. I'm lucky to get out before that.

New PO: XAUUSD sell



Update: Missed the PO sell by <10 pips, and a good reaction. Cancelled the PO.

New PO: GBPUSD sell

Small position (1/2 normal risk)

30mins:


4H:


May look for oppurtunities to add if setup presents.

Update: Stopped out.

New trade: EURUSD sell

Took a stab at this big CT trade. Quite a risky one, but it is what it is. Let's see how it goes.



Update: Stopped out quickly. The setup was good, for the first test. Entry on a 2nd retest should be taken only after Engulf of demand. Lesson learnt.

First week of live trading done. I gotta admit it's a whole new experience as compared to demo, with the emotions & psychological struggle when taking trades, and during a trade. Anyhow, I'm grateful that the account is positive so far.

Learnt a few quick lessons within 1 week:
1. Fear & greed HAS to be in balance. Easier said than done, but with time, I hope I can get it done.
2. Never take any trades that I didn't practiced on demo. More "advanced" stuffs should be taken on demo first before I do it live. Period.
3. When in doubt, stay out.

Next week will be interesting. I'm looking forward.

I wish u all the best, and green pips all the way to the top

Hi Paraipan,

Thanks! Let's get to the top together

23% in a week 'ain't too shabby , nice one !

Hi Stricky,

Nah, that's not 23%. It's just 2.3%. check my first post. haha.

Oh yeh I see, well that's just dismal , you need to give it up now........because that means if you start with a measly £1000 seed capital and maintain 2.3% per week you'll only have around £500,000 at the end of your 3rd year trading......hardly worth the effort really. ....

Hi Stricky,

Not too sure of what you were trying to say, but what makes you say my starting capital is $1000? Well, let's assume you were right, this $1000 was jus my first starting capital for live trading. As the saying goes, "don't test the depth of the water with both your feet". Of course if i can make consistent profits over the course of few months, i may increase the capital. Am trying to be realistic here, not hoping to Get rich from this "measly" $1000 like you speak of. But honestly, making $1000 to $500k in 3 years time sounds awesome to me. I ll be MORE than happy i im able to do that.

Cheers.

no, sorry just assumed you were British and understand the odd humour. It's still a great start and if maintained will be more than enough. That was the point I was trying to make. The £1000 ($600) start figure was just an example to make the compounding example clearer my friend. all the very best

Ahhh, sorry that I misunderstood you. haha. I feel embarassed oh boy.

Anyway, thanks alot for the kind words.

New PO: EURJPY sell



Update: Had 2 orders on my first level, 1st one triggered. 2nd one missed by less than a pip. Ah well, let's see how it goes. missed order PO will be taken off, while triggered order will be at BE. Well, it's Monday morning, anything I can grab from it is a bonus.

Update 2: Target hit pretty quickly. Good start of the week . More downside to come, but missed the other entry, so guess I'll stay on the sidelines for now coz of work. More trading tonight.

Can't resist to post this truly inspiring story, quote from Rufus @ ace gazzete:


Source:

http://www.acegazette.com/en/forum/p...?start=45#7980

The Mayonnaise Jar and Two Cups of Coffee

When things in your lives seem almost too much to handle, when 24 hours in a day are not enough, remember the mayonnaise jar and the 2 cups of coffee.

A professor stood before his philosophy class and had some items in front of him. When the class began, he wordlessly picked up a very large and empty mayonnaise jar and proceeded to fill it with golf ball...s. He then asked the students if the jar was full. They agreed that it was.

The professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls. He then asked the students again if the jar was full. They agreed it was.

The professor next picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. He asked once more if the jar was full. The students responded with an unanimous "yes."

The professor then produced two cups of coffee from under the table and poured the entire contents into the jar effectively filling the empty space between the sand. The students laughed.

"Now," said the professor as the laughter subsided, "I want you to recognize that this jar represents your life. The golf balls are the important things--your family, your children, your health, your friends and your favorite passions--and if everything else was lost and only they remained, your life would still be full.

The pebbles are the other things that matter like your job, your house and your car.

The sand is everything else--the small stuff. "If you put the sand into the jar first," he continued, "there is no room for the pebbles or the golf balls. The same goes for life. If you spend all your time and energy on the small stuff you will never have room for the things that are important to you.

"Pay attention to the things that are critical to your happiness. Play with your children. Take time to get medical checkups. Take your spouse out to dinner. Play another 18. There will always be time to clean the house and fix the disposal. Take care of the golf balls first--the things that really matter. Set your priorities. The rest is just sand."

One of the students raised her hand and inquired what the coffee represented. The professor smiled. "I'm glad you asked.

It just goes to show you that no matter how full your life may seem, there's always room for a couple of cups of coffee with a friend."

New PO: USDJPY Sell



Update: Triggered. Liking the PA. Some controversial chart reading:
Bright side:

Dark side:


Update 2: So far so good, but the tentative Monetary Policy Statement & BOJ on FF calendar is worrying me, and since price missed my TP by 4 pips, SL at BE now. Yeah I'm a brat.

TP 1 revised to lower demand at 98.133 (not shown in screenshot above)

Update 3: Well well what do we have here, a quick drop after the Monetary Policy Statement, though I didn't know what statement it was. 1st position out, 2nd position holding, looking for the close of gap.