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All Indicators Trading system

  • #1,241
  • Jul 16, 2013 3:38am Jul 16, 2013 3:38am
Quoting xtrader101
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....
Just coming back from a School Run , I'm loving it..
I think its possible to trade full time without having to stare on the PC for long , It just takes time to master.I have done this POC and have learnt a lot already.I think I cant manage these long term trades very well , e.g I should still be in that AUDUSD , but I exited because there was AUSSIE news @02:30 GMT today.It's issues like that which influences the mind if you are trading full time
  • #1,242
  • Jul 16, 2013 4:06pm Jul 16, 2013 4:06pm
After much consideration and taking heed of advice from people here , I have adjusted my risk from the 1st of September to 2.7% risk per trade , after which I will further reduce it to 1.7% per trade when I start doing this full time.
Please check the attached .
Attached File(s)
File Type: xls Actual Vs Projection-Week Commencing 14-07-2013.xls   326 KB | 234 downloads
  • #1,243
  • Jul 20, 2013 11:15am Jul 20, 2013 11:15am
Quoting xtrader101
If Master Yoda does not trade anymore this week, that would be a "MIRACLE"

Quoting Eur Usd
you will trade tomorrow anyway
Quoting tafadzwa02
{quote} I won't trade THIS WEEK , watch me
Who was right after all .Nway , I am on £4.57 per pip , with my % risk being 3.5% as usual.I am marching on guys .No one can stop me this time .Attached is my weekly spreadsheet .My discipline has improved a lot but I am still not confident enough to make my intended huge deposit .I need at least 12 weeks after making any silly mistakes to do with discipline
Attached File(s)
File Type: xls Actual Vs Projection-Week Commencing 21-07-2013.xls   407 KB | 259 downloads
  • #1,244
  • Jul 20, 2013 4:14pm Jul 20, 2013 4:14pm
Quoting tafadzwa02
My discipline has improved a lot but I am still not confident enough to make my intended huge deposit .I need at least 12 weeks after making any silly mistakes to do with discipline
good approach and see improvement in discipline, but the bit I couldn't understand was that you stopped trading after reaching your weekly target on Monday, when you took 3 days off just to test how it will work to trade full time
On my way to financial independence - if others can do it - I can do it
  • #1,245
  • Jul 20, 2013 7:35pm Jul 20, 2013 7:35pm
It was a test of discipline, whether he can do as he says, follow his rules to a T, and he passed with flying colours. Well done Tafa.

You can change your rules in the future so as to trade out the whole week if you wish, just don't do it out of greed, or your addiction to placing a trade (an addiction we all suffer to varying degrees).

In my opinion you are still very overleveraged, however that's up to you. I think that if you reduce your leverage you will be a lot more comfortable increasing your account balance with more deposits.

I would suggest gradual increases rather than a lump sum increase. Make your increases in account deposit more a reward than a cashgrab for bigger profits.
In the days of old when sailors were bold, and seldom if ever contented.
  • #1,246
  • Jul 20, 2013 7:41pm Jul 20, 2013 7:41pm
I think having targets is a mistake also because when we fall behind we feel obliged to try and catch up, and that leads to overleveraging and/or overtrading.

I have no target on a daily, weekly or monthly basis... sure the name of my Journal thread indicates a target, however, it is only a whimsical monetary target, but it has no time limit.
In the days of old when sailors were bold, and seldom if ever contented.
  • #1,247
  • Jul 21, 2013 3:35am Jul 21, 2013 3:35am
for me target is more like an system expectancy that a point I have to reach. so for example I expect 3% daily, but if I hit it in first trade I'll keep watching the market watching for more signals, and if nothing happens till noon - then I leave trading, if something happens I don't mind getting another 3% - why should I?
On my way to financial independence - if others can do it - I can do it
  • #1,248
  • Jul 21, 2013 4:09am Jul 21, 2013 4:09am
... and what do you do if you don't reach your 3% a day?

You may not reach 3% a day for 3 or 4 days, and could go into Friday 6% (or way more) behind your target. What do you do then? Do you try to catch up, or do you simply accept that you are behind and accept it for what it is?

You have no explorer, are you embarrassed, or do you just not have a live account?

Maybe you can't handle the emotions involved in walking naked?
In the days of old when sailors were bold, and seldom if ever contented.
  • #1,249
  • Jul 21, 2013 4:37am Jul 21, 2013 4:37am
Quoting pt49
... and what do you do if you don't reach your 3% a day? You may not reach 3% a day for 3 or 4 days, and could go into Friday 6% (or way more) behind your target. What do you do then? Do you try to catch up, or do you simply accept that you are behind and accept it for what it is? You have no explorer, are you embarrassed, or do you just not have a live account? Maybe you can't handle the emotions involved in walking naked?

If I won't reach it I won't reach it.
as about explorer - I took it off as it was affecting me in negative way - I wanted to show off, as I knew people were looking at it, and it was turning against me sometimes. Lack of explorer is a part of my strategy
On my way to financial independence - if others can do it - I can do it
  • #1,250
  • Jul 21, 2013 4:43am Jul 21, 2013 4:43am
You're still learning to get control of your emotions then... that's OK too.
In the days of old when sailors were bold, and seldom if ever contented.
  • #1,251
  • Jul 21, 2013 4:46am Jul 21, 2013 4:46am
While I don't want to lose my $7,000 in my account, I trade as if it is already lost, that way it (hopefully) has no emotional affect on my trading.
In the days of old when sailors were bold, and seldom if ever contented.
  • #1,252
  • Jul 21, 2013 8:46am Jul 21, 2013 8:46am
Quoting pt49
You're still learning to get control of your emotions then... that's OK too.
yes, I still learn to control myself. I understood that my mistakes come not only from mentality, but from fact that I misunderstood some of the rules of dance/choros method

Quoting pt49
While I don't want to lose my $7,000 in my account, I trade as if it is already lost, that way it (hopefully) has no emotional affect on my trading.
I see you're doing recently - so If this approach helps you then stick to it ;-)
good luck after nearest week ;-), I won't trade till Friday
On my way to financial independence - if others can do it - I can do it
  • #1,253
  • Jul 21, 2013 11:07am Jul 21, 2013 11:07am
When did you become the Master here?
  • #1,254
  • Jul 22, 2013 7:52am Jul 22, 2013 7:52am
Quoting pt49
It was a test of discipline, whether he can do as he says, follow his rules to a T, and he passed with flying colours. Well done Tafa.Thumbs Up You can change your rules in the future so as to trade out the whole week if you wish, just don't do it out of greed, or your addiction to placing a trade (an addiction we all suffer to varying degrees). In my opinion you are still very overleveraged, however that's up to you. I think that if you reduce your leverage you will be a lot more comfortable increasing your account balance with more deposits. I...

My leverage is the only way I can trade now .I have put a golden rule of max 4% risk per trade , ideally 3.5% risk per trade so this should cover all such worries about leveraging and stuff

Quoting pt49
I think having targets is a mistake also because when we fall behind we feel obliged to try and catch up, and that leads to overleveraging and/or overtrading. I have no target on a daily, weekly or monthly basis... sure the name of my Journal thread indicates a target, however, it is only a whimsical monetary target, but it has no time limit.
I have noticed that having targets is OK for me , It stops e trading continuously 24/7 , otherwise it becomes and endless cycle.The issue of trying to catch up is a big issue which is stopping me from calling myself a PRO at the moment.I am not 100% confident I can deal with a string of losses yet..I am working on it .Once I master this aspect , trust m , I will make a million out of his business withing 3 years !!!



Quoting Eur Usd
for me target is more like an system expectancy that a point I have to reach. so for example I expect 3% daily, but if I hit it in first trade I'll keep watching the market watching for more signals, and if nothing happens till noon - then I leave trading, if something happens I don't mind getting another 3% - why should I?
3% per day my ass ,There is nothing like that bro , take it simple, you can never hit 3% everyday for a sustained period .If you master that then you will be the richest man in UK in no time .I have attached a spreadsheet to illustrate how much you will make in only 4 Months ( take out the weekends if you want it more accurate).
That is practically impossible

Quoting Eur Usd
{quote} ....as about explorer..... Lack of explorer is a part of my strategy
The first I have heard that

Quoting pt49
While I don't want to lose my $7,000 in my account, I trade as if it is already lost, that way it (hopefully) has no emotional affect on my trading.
Treat this as a business , you can't trade as if the money is lost .You are in this to win money not the other way round.
Attached File(s)
File Type: xls 3% per day.xls   79 KB | 279 downloads
  • #1,255
  • Jul 22, 2013 8:02am Jul 22, 2013 8:02am
bear in mind I don't trade every day plus I still learn to master my mentality. past tests show I could do even more than 3%, every day, and the median was rather 5-6%
and don't be cocky - it will loose you
On my way to financial independence - if others can do it - I can do it
  • #1,256
  • Jul 22, 2013 9:02am Jul 22, 2013 9:02am
My weekly Target is hit , what next ?
  • #1,257
  • Jul 22, 2013 9:15am Jul 22, 2013 9:15am
keep going imo - just be careful
On my way to financial independence - if others can do it - I can do it
  • #1,258
  • Jul 22, 2013 1:58pm Jul 22, 2013 1:58pm
Quoting Eur Usd
keep going imo - just be careful
warning came too late - should have been careful with my stop on EURJPY - I put 131.16 instead of 131.06 , eish schoolboy error
  • #1,259
  • Jul 23, 2013 2:04am Jul 23, 2013 2:04am
My discipline is still a big issue , cannot do this full time until I sort out myself !!!
  • #1,260
  • Jul 23, 2013 2:41am Jul 23, 2013 2:41am
Quoting tafadzwa02
My discipline is still a big issue , cannot do this full time until I sort out myself !!!
told you to stick to it part time (at least till you get 0,5mln and we both know it may never happen due to mentality and fear) and if you hate your job - just change it to something that suits you better
On my way to financial independence - if others can do it - I can do it
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