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All Indicators Trading system

  • #1,221
  • Jul 15, 2013 8:22am Jul 15, 2013 8:22am
Quoting tafadzwa02
This is quite hard to do as a full time job , trust me.The experience I am having now is quite different from my normal usual trading where I just trade , go to work , check my trades and possibly close. I haven't left this PC since coming back from my school run .It's not good for my health as well.I am a bit more nervous than normal ,and I already have done 5 trades in less than 6 hrs.This is not working
it's becuase you loose feeling of safety. ONCE YOU HAVE A JOB AND TRADE PART TIME - sorry for capslock - you are financially safe. once your life depends on trading you will be more stressed and you'll screw sooner or later. stop dreaming about full time trading, it will take you few years to get there. you need at least half a million to go for full time trading and as you will have better and worse moments you won't get there so quick. stick to your job, if you hate it change it, but stick to full time job and treat trading as part time

If I'd loose my job I'd go to find another one even if it was just dishwashing or cleaning. Relying on trading only will smash your head into pieces, you'll go mad and loose it all.
On my way to financial independence - if others can do it - I can do it
  • #1,222
  • Jul 15, 2013 8:58am Jul 15, 2013 8:58am
a nice 10% profit, now go take a rest, forget about trading till tomorrow as you earned enough. If you'll get too greedy it will turn against you
On my way to financial independence - if others can do it - I can do it
  • #1,223
  • Jul 15, 2013 10:25am Jul 15, 2013 10:25am
Quoting Eur Usd
a nice 10% profit, now go take a rest, forget about trading till tomorrow as you earned enough. If you'll get too greedy it will turn against you
I have already hit my target for this week as I had mentioned earlier in the day , see below .
Quoting tafadzwa02
.......Nway , I am off from work for 3 days this week to do a Proof Of Concept (POC).I am trading full time at home.I have a feeling I will hit my 85 pip target just today .......

Quoting Eur Usd
{quote}...... it's becuase you loose feeling of safety. ONCE YOU HAVE A JOB AND TRADE PART TIME - sorry for capslock - you are financially safe. ......Relying on trading only will smash your head into pieces, you'll go mad and loose it all.
No really sure , that's why i am doing this POC for the next 3 days

Quoting pt49
{quote} 3.5% risk is quite high in my opinion. By reducing that risk to say 0.4% the losing trades won't hurt as much. Losing 3.5% on a single trade 3 or 4 trades in a row will usually lead to revenge trading. ....
I used to trade 5% risk until there were too many people advising me against that on this thread .I moved down to 4% , now 3.5% , I will not go any further than that, otherwise my system won't work

Quoting pt49
{quote}.............. I've modified my strategy conciderably and so far its looking ok, but no way would I be risking what you are, even with 90% winning trades. I might add that I'm still down about 20% in 14 months since I started my Maximizer account.

Keep going man , I hope it will last .I have certainly come a long way so I know that with perseverance , you will make it.
  • #1,224
  • Edited 11:08am Jul 15, 2013 10:54am | Edited 11:08am
Time doing this is irrelevent, I've been trading 9 years, with several breaks along the way because of big losses. Some traders get control of their emotions in 6 months, others may take 6 years.


No trader gets the consistentcy of steady winning until they get control of these emotions... FEAR and GREED.
When you can trade without emotion you will win consistantly.

A system with a 40% winrate being operated by a trader without emotion will beat a system with a winrate of 75% being operated by a trader who is controlled by his emotions every time, trust me.

The key is control of emotions and money management, not how you pick your entries.

The best book on the subject is "Trading In The Zone" by Mark Douglas.
In the days of old when sailors were bold, and seldom if ever contented.
  • #1,225
  • Jul 15, 2013 3:10pm Jul 15, 2013 3:10pm

I am done trading this week .My target has been met already.I need to maintain my discipline

  • #1,226
  • Jul 15, 2013 3:34pm Jul 15, 2013 3:34pm
Quoting tafadzwa02
I am done trading this week .My target has been met already.I need to maintain my discipline
you took 3 days to check how it will go and you finish the week on Monday? bit silly imo.
keep trading tomorrow. go over target, just don't do silly mistakes
On my way to financial independence - if others can do it - I can do it
  • #1,227
  • Jul 15, 2013 3:40pm Jul 15, 2013 3:40pm
Please find attached my results for last week AND this week.I am not going to trade any further this week.My target is hit.
I am marching on .Where it's highlighted in red in the spreadsheet it means I misbehaved that week.I will not do my intended BIG deposit until at least 12 weeks AFTER I have misbehaved.
I was on £4.03 per pip this week.I will be on £4.57 per pip next week commencing 21-07-2013

I will still be looking at the market and giving my opinion about what I would have traded BEFORE the trades materialize
Attached File(s)
File Type: xls Actual Vs Projection-Week Commencing 14-07-2013.xls   323 KB | 170 downloads
  • #1,228
  • Jul 15, 2013 3:42pm Jul 15, 2013 3:42pm
you will trade tomorrow anyway
On my way to financial independence - if others can do it - I can do it
  • #1,229
  • Jul 15, 2013 3:43pm Jul 15, 2013 3:43pm
If Master Yoda does not trade anymore this week, that would be a "MIRACLE"
Fear prevent possibilities, and so does Greed
  • #1,230
  • Jul 15, 2013 3:51pm Jul 15, 2013 3:51pm
he will trade, he won't resist. anyway I don't get idea of not trading after hitting target on Monday.
My daily target is 3%, but if trades go further my way or I made my target in first trade then why not? moreover after successful Tuesday you could increase risk on Wednesday and even if you loose Tuesday's profits, you still have your weekly target
On my way to financial independence - if others can do it - I can do it
  • #1,231
  • Jul 15, 2013 3:53pm Jul 15, 2013 3:53pm
Quoting xtrader101
If Master Yoda does not trade anymore this week, that would be a "MIRACLE"

I won't trade THIS WEEK , watch me

  • #1,232
  • Jul 15, 2013 3:54pm Jul 15, 2013 3:54pm
yoda starts from 0:32 ;-)
Inserted Video
On my way to financial independence - if others can do it - I can do it
  • #1,233
  • Jul 15, 2013 3:58pm Jul 15, 2013 3:58pm
Quoting tafadzwa02
{quote} Just coming back from a school run . EURJPY is going up if it reaches 130.59, I got a Daily signal (Jimmy Young Daily Signal) to say it will finish up today but no entry , so I am leaving it. If it comes back and closes below the red line on 15Min , Bill Williams Alligator , I will might buy it with less than 20 pip stop .The bottom line is , if it reaches 130.59 , come the end of today the daily candlestick will be Blue (Bullish)
Did you trade this one? Closure below the red line on 15Min , less than 20 pip stop , 30 pip target.I said it BEFORE
  • #1,234
  • Jul 15, 2013 4:25pm Jul 15, 2013 4:25pm
no, I was at work today, I trade only on my days off
On my way to financial independence - if others can do it - I can do it
  • #1,235
  • Jul 15, 2013 4:52pm Jul 15, 2013 4:52pm
I quit my job last July 8th. I've saved up enough funds for my expenses for the next 2 years. Trading will be my full time job for the next 6 months and I will re-evaluate after six months if I need to go back to the corporate world. This is the reason I am posting a lot lately.

I am not expecting to generate sufficient income from trading my own money in the next six months, but after six months if I have a good trading performance (draw down of less than 5% and gain of at least 8 percent, there will be 20 people who wants me to trade their money with an initial capital of $1M total. This is one of the reasons why I took the plunge.
Fear prevent possibilities, and so does Greed
  • #1,236
  • Jul 15, 2013 6:05pm Jul 15, 2013 6:05pm
One of the problems with giving up work is that we have too much time on our hands and we tend to overtrade, especially when we are bored... so just be careful. Maybe have swome way of monitoring yourself.
In the days of old when sailors were bold, and seldom if ever contented.
  • #1,237
  • Jul 15, 2013 6:31pm Jul 15, 2013 6:31pm
Quoting xtrader101
I quit my job last July 8th. I've saved up enough funds for my expenses for the next 2 years. Trading will be my full time job for the next 6 months and I will re-evaluate after six months if I need to go back to the corporate world. This is the reason I am posting a lot lately. I am not expecting to generate sufficient income from trading my own money in the next six months, but after six months if I have a good trading performance (draw down of less than 5% and gain of at least 8 percent, there will be 20 people who wants me to trade their money...

In my opinion it would be better to keep the job and put the savings into the trading account. Savings to live on for 2 years is a lot of money, probably at least $35,000 if living in the Western world.

If you can make 5% a month you would be earning $1,750 a month from trading, plus your work income. In another 12 months your account would be about $60,000 earning at least $3,000 a month. At this point you have probably matched your work income with your trading income... plus you would have saved some money from work income.

The sensible approach is to NOT stop working until your trading income is double your work income... probably another 6 months from when you have $60k in account.
In the days of old when sailors were bold, and seldom if ever contented.
  • #1,238
  • Jul 15, 2013 7:08pm Jul 15, 2013 7:08pm
Quoting pt49
{quote} In my opinion it would be better to keep the job and put the savings into the trading account. Savings to live on for 2 years is a lot of money, probably at least $35,000 if living in the Western world. If you can make 5% a month you would be earning $1,750 a month from trading, plus your work income. In another 12 months your account would be about $60,000 earning at least $3,000 a month. At this point you have probably matched your work income with your trading income... plus you would have saved some money from work income. The sensible...
I wouldn't be able to trade the way I trade if I continue working due to the demand of my job (Public Accounting). I am always meeting with clients and working crazy hours. I understand where you're coming, but fear of the uncertain is what stifles us. If it doesn't work out, then i'll be back working, but I will give it my best shot when I have this opportunity.

Thanks though.
Fear prevent possibilities, and so does Greed
  • #1,239
  • Jul 16, 2013 2:22am Jul 16, 2013 2:22am
Quoting pt49
One of the problems with giving up work is that we have too much time on our hands and we tend to overtrade, especially when we are bored... so just be careful. Maybe have swome way of monitoring yourself.
that's why you need something else to do.
when I trade I play computer games - relaxing and entertaining ;-)
On my way to financial independence - if others can do it - I can do it
  • #1,240
  • Jul 16, 2013 3:19am Jul 16, 2013 3:19am
I have lots of things to do. Although I quit, I am not in front of my computer all day. Trading is a full time job in itself, but it does not mean that I have to be staring at the computer screen all day. Just like if you want to have an excellent performance in a day job, you need to be focused and have the resources at any given time.

In my line of work as a public accountant, three or sometimes all week, during the morning I am with the client and it will be unprofessional to excuse myself all the time to look what is happening in the forex market. It conflicts with my oath to perform well in my work and perform well in my trading.

Whatever works for you guys.
Fear prevent possibilities, and so does Greed
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