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Start of my journey towards profitable trading with PA

  • #841
  • Edited 8:02am Sep 2, 2013 1:58am | Edited 8:02am
Missed trade: USDJPY long

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UPDATE: Missed by 3 pips.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #842
  • Sep 2, 2013 8:59am Sep 2, 2013 8:59am
Open trade: EURJPY long

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UPDATE: Stopped out.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #843
  • Sep 2, 2013 9:19am Sep 2, 2013 9:19am
New PO: AUDUSD long

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #844
  • Edited 10:38am Sep 2, 2013 10:15am | Edited 10:38am
New PO: GBPUSD long

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UPDATE: Stopped out.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #845
  • Sep 2, 2013 5:52pm Sep 2, 2013 5:52pm
Quoting keroro0o0o
New PO: AUDUSD long {image}
UPDATE: First TP hit at FTA.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #846
  • Sep 2, 2013 6:29pm Sep 2, 2013 6:29pm
New PO: USDJPY short

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #847
  • Edited Sep 3, 2013 7:29am Sep 2, 2013 9:15pm | Edited Sep 3, 2013 7:29am
Quoting keroro0o0o
{quote} UPDATE: First TP hit at FTA. {image}
UPDATE: Made a horrible mistake, and moved my 2nd TP higher in front of news, "HOPING" it would be positive. Would've hit 2nd TP nicely at 9022. remaining positions stopped out at BE.

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UPDATE: Stopped out at BE, just to miss another move up. LOL. super poorly managed trade.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #848
  • Edited 7:30am Sep 3, 2013 4:29am | Edited 7:30am
Loss trade: GBPUSD short

Took the trade without noticing a big impact news. Was at the production line. Shouldn't have taken the trade.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #849
  • Sep 3, 2013 9:11am Sep 3, 2013 9:11am
Loss trade: USDJPY short

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Spiked out quickly by news. Really not a good idea to trade in the face of news.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #850
  • Sep 4, 2013 3:23am Sep 4, 2013 3:23am
Noticed something very very interesting from both of my trading accounts. The equity curves looked almost identical.

I've always heard the sayings of "The chart is like a mirror, and the trading results = the reflection of the psychology of the trader"..

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I believe somehow, I have the basic understanding of the market dynamics and supply demand trading. However, the trading results were telling a whole different story. It almost makes me feel ashamed of what I had been doing. Will take some time to re-capture my thoughts, re-assess my trading strategies, and fix what I can fix.

Not sure if I'll end up doing the same style of trading (TT zones), or a completely new one (confirmations/scaling in entries, etc), but one thing's for sure is, I'll make sure I don't give up till my equity curve shows a positive gradient.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #851
  • Sep 4, 2013 4:21am Sep 4, 2013 4:21am
Quoting mmaker
Are the people at ReadTheMarkets doing any better? From your winning percentage of 22.2%, it appears this method is not as reliable.
From what I've seen from their journals, yes everyone is doing alot better than me. My win rate sucks big time, coz I always use tight SL's and large TP's. It all boils down to the trader to trade for high RR trades, or high win rates imo. Well, obviously, my method is not working for me, and I believe 3 months with around 100 trades (i use multiple positions on one trade, so the total trades shown on TE is not equal to the total setups I took) is enough to tell me that.

I'll regroup, and come up with something, hopefully to improve my trading.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #852
  • Sep 4, 2013 4:28am Sep 4, 2013 4:28am
  •  gil
  • | Joined Jan 2012 | Status: try to master himself first | 63 Posts
Hey
You really should get on a bigger time frame and do not take any counter trend trade, which you do most of the time.

As you say wait for a confirmation in the supply demand zone, but do not forget to read the PA along the way.

For example last trade on USD/JPY momentum up on higher TF (H4, D) or even 1H.

Price action in the area was messy and no clear sell off. On the 1 H thou you could have seen a buying by bulls.

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  • #853
  • Sep 4, 2013 9:47am Sep 4, 2013 9:47am
Quoting gil
Hey You really should get on a bigger time frame and do not take any counter trend trade, which you do most of the time. As you say wait for a confirmation in the supply demand zone, but do not forget to read the PA along the way. For example last trade on USD/JPY momentum up on higher TF (H4, D) or even 1H. Price action in the area was messy and no clear sell off. On the 1 H thou you could have seen a buying by bulls. {image}
Hey Gil,

The short was taken because it was an LTF PA to short in a H4 supply zone. but u'r right, it just broke a strong supply at 99.00, and it's trapped between both levels.

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I should really pay attention to simpler trades, with less trouble zones. Thanks for the heads up buddy.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #854
  • Sep 4, 2013 7:36pm Sep 4, 2013 7:36pm
Open trade: EURUSD long

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #855
  • Sep 5, 2013 12:07am Sep 5, 2013 12:07am
Quoting keroro0o0o
Open trade: EURUSD long {image} {image}
UPDATE: Stopped out.

*Charts to follow when i'm home.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #856
  • Sep 5, 2013 12:41am Sep 5, 2013 12:41am
Been assessing my psychology, and my actions for my trading, talked to a great trader about it, and realized one major issue.... Trade Explorer...

The equity curve that everybody was able to see kinda messed up my mind, and I kept telling myself "I gotta make an uptrend, or I'll look stupid", and it completely jeopardized my performance.

So I've decided to remove the TE altogether, and I myself will not even look at it, to ensure what I'm focusing is on my trading, and trading alone, not how my equity curve looks.


Trading is a solitude business, and it's all about the trader, and the trader alone. Showing my equity curve to the world has no benefits whatsoever to myself, other than a ego booster. Perhaps some will say I'm backing off or whatever, but at least I feel this should be the next step for me to take, to save myself from this losing streak hole.


Chao.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #857
  • Sep 5, 2013 1:10am Sep 5, 2013 1:10am
Quoting mmaker
I hope you continue to show your TradeExplorer. I'm not concerned with your downtrend equity. I'm using your each individual trade's Chart icon to compare how you got into excellent entries. Because I don't trade the same timeframes as what you posted in pictures, so I go to your TradeExplorer to check M1 M5 M15 charts to match what I do. I can't insist that you only show M15 pictures, because you best explain your triggers on M30 H1 or H4 sometimes. But maybe there are people like me who go into your TradeExplorer to match similar timeframes to...
Hey my friend, I honestly hope I can help others as best as i can, but i trully feel that TE is more of an obstacle to my trading, so I had to remove it, and I've deleted it altogether, not even gonna see it myself. I'm gonna focus on trading, and trading alone. The equity curve would just bring more doubts to myself, and of course, the ego factor as well.

If you want to drill more into my thought process, you can always ask, and I'll do my best to help by posting charts.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #858
  • Sep 5, 2013 1:18am Sep 5, 2013 1:18am
I am observing your thread from very beginning let me share few experiences with you.

  1. Tight stoploss is recepie to death for your trading account
  2. sl must not be very tight or very large it must be appropriate and at a medium distance from your initial entry.
  3. happy trading.

  • #859
  • Sep 5, 2013 1:21am Sep 5, 2013 1:21am
Quoting XharpScalper
I am observing your thread from very beginning let me share few experiences with you. Tight stoploss is recepie to death for your trading account sl must not be very tight or very large it must be appropriate and at a medium distance from your initial entry. happy trading.
Agreed with your points. I'll work on it. Thanks alot
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #860
  • Sep 5, 2013 1:55am Sep 5, 2013 1:55am
Quoting mmaker
{quote} What does it mean by "sl must not be very tight or very large"? It's like saying you must trade "safely" and "carefully". How do you define the appropriate stop loss size? "Medium distance"? Such advice is high horse and does nothing useful.

Good question ,

"sl must not be very tight?" = stop loss must allow market to breath means that markets do move in line to wards a direction they make cycles , stop loss must save us if market is changing its direction ,

"its must not be very large?" = if market has changed direction there is no reason for us to give our money to the market

"it must be a medium distance?" = difficult part of the puzzle hmm isn't it? medium distance must be such distance which doesn't hurt your account it is within the trend range and it safeguard you from trend change

Hope my answer is clear enough to understand.
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