10,000 Hours | Forex Factory

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10,000 Hours

  • #1
  • First Post: Edited Dec 17, 2013 6:37pm Nov 14, 2013 11:50pm | Edited Dec 17, 2013 6:37pm
I'm not tracking hours anymore, just using this as a documentation of trades to look back and learn from.

I monitor and trade strictly the USD/JPY pair, and don't use indicators.

I use price action, technical analysis, trend lines, support/resistance, fibonachi.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #2
  • Nov 15, 2013 4:01am Nov 15, 2013 4:01am
That's 10,000 hours of focused, concentrated effort - not just 10,000 hours of going through the motions. 1 hour of lying on your back, staring at the ceiling and thinking through various market related problems and scenarios is far more productive than 5 hours staring blankly at a chart. Don't put too much pressure on yourself to simply rack up screentime. Good luck.
si hoc legere scis nimium eruditionis habes
  • #3
  • Nov 15, 2013 7:24am Nov 15, 2013 7:24am
im on my 4464 hours, doing better...
Pecuniae obediunt omnia
  • #4
  • Nov 15, 2013 4:55pm Nov 15, 2013 4:55pm
Quoting numbnuts
That's 10,000 hours of focused, concentrated effort - not just 10,000 hours of going through the motions. 1 hour of lying on your back, staring at the ceiling and thinking through various market related problems and scenarios is far more productive than 5 hours staring blankly at a chart. Don't put too much pressure on yourself to simply rack up screentime. Good luck.

Yes I understand that they need to be focused hours. I appreciate the insight about thinking through market related scenarios. I've never heard of people doing that before, I'll have to try it.


Quote
im on my 4464 hours, doing better...

Very nice, almost halfway there.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #5
  • Edited 9:59pm Nov 15, 2013 5:13pm | Edited 9:59pm
To start off my journey I will be following the rules of this thread:

http://www.forexfactory.com/showthread.php?t=444377

Start off with $50, double money using "free money" until I hit $50,000. I've read many threads about winning "x" trades in a row while doubling your money to hit it big, but the problem with most of them is that you risk 100% of your account. With this method risking 50% makes the 10 net trades needed (as described in the thread) more viable. Instead of needing 10 wins in a row, I simply need 10 NET wins.

If I win my first 3 trades I'll go up to $400, and then I would have to lose 3 trades in a row to get back down to the starting balance of $50. Winning 10 net trades can't be too hard. I know it will definitely be hard, and forex isn't a game, but just to do it one time... people have done much crazier things in this big market.

I'll need a plan of attack, because I can't just try to win 10 "2:1 rr" trades without some type of game plan.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #6
  • Nov 15, 2013 10:07pm Nov 15, 2013 10:07pm
Ok so here's the plan. Since I'm US based I'll have to use an unregulated broker outside the US in order to be able to use above 50:1 leverage.

With my limited options I've found my best option is TradersWay.

For the first 7 net trades I'll be using a 25 pip stop loss and 50 pip take profit for my trades. I will be trading only the Usd/Jpy pair as my overall goal in the long run is to master this pair. My idea is that I would rather become a master at pinpointing the swing moves of one pair then have a general idea about a couple pairs.

After 7 net wins I should then be at balance of $6,400. TradersWay has a maximum withdrawal per month of $5,000 so at $6,400 I'll be withdrawing $5,000 to put into my Oanda account (I don't know if I would want to trust $50k with them anyway.)

At this point I'll have to switch to 100 pip stop loss and 200 pip take profit for the last 3 trades due to the 50:1 leverage maximum. This will probably be better to take larger trades for the last few trades.

Hopefully I can get my TradersWay account approved and funded for this upcoming trading week, or at least sometime on Monday.

The next step in the process is to prepare myself for the trading week with some analysis of the Usd/Jpy. I've already started somewhat as I was deciding on my SL and TP levels.

Total Hours: 3
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #7
  • Nov 15, 2013 10:33pm Nov 15, 2013 10:33pm
Initial analysis is that we've just broken out of a daily wedge.

Attached Image (click to enlarge)
Click to Enlarge Name: t106.PNG Size: 44 KB


A lot of support to the bottom, and not much resistance to the top.

I'd like to see a retest of 100 after market open next week, and then a continuation of the uptrend to 100.5

There's still a lot of time this weekend to re-evaluate and prepare for different scenarios.

I can also see a support line at 99.7 (additional horizontal support line which corresponds with the line already shown on the chart below) which may need to be touched before we continue up, but I'm not sure if they'll be enough sellers in the market to justify a push this low.

This is something I'll look into tomorrow, as well as other possibilities.

Attached Image (click to enlarge)
Click to Enlarge Name: t107.PNG Size: 40 KB


Total Hours 3.5
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #8
  • Nov 16, 2013 9:11pm Nov 16, 2013 9:11pm
Spent some time reading "Trading in the Zone last night" so I'll add another .5 hours for that.

Right now I'm looking to buy a test of this rising and falling support line, which corresponds closely with a support line at 99.7.

A preferable entry would be a long at 99.6

Attached Image (click to enlarge)
Click to Enlarge Name: t108.PNG Size: 50 KB


Hours added 2.5
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #9
  • Nov 16, 2013 9:45pm Nov 16, 2013 9:45pm
Quoting livethedream
This journal will be used to track my progress as I seek to put in my hours according to the 10,000 hour rule. The theory that it takes 10,000 hours to master a specific skill. I will keep up this journal of trades, thoughts, and opinions until I've reached 10,000 hours of screen/studying time. Current Hours: 6
Nice! Keep it up

Totally agree with you about 10k hours of focused study = get to expert level.

Took me more than 3 years and I think I have only racked up around 6000 hours... Another 3 more years and maybe I will hit 10k
Build good relationships with others.
  • #10
  • Nov 17, 2013 4:20pm Nov 17, 2013 4:20pm
Quoting shellsnail
{quote} Nice! Keep it up Totally agree with you about 10k hours of focused study = get to expert level. Took me more than 3 years and I think I have only racked up around 6000 hours... Another 3 more years and maybe I will hit 10k
Very nice. I see you're trying the 50 to 50k thing as well... good luck to you!
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #11
  • Nov 17, 2013 4:24pm Nov 17, 2013 4:24pm
For my 50 to 50k account I got the account verified and put some money into it, so it's all ready to go now once I have a trading opportunity.

I also made a small deposit into my regular trading account and I'll be making short-medium term trades on that on a more regular basis.

Here's the first trade entered on the regular account.

Long: 100.23
SL: 100.08
TP: 100.5

P.S. I realize that a long negates my previous posts about the 100, 99.7 level. I still see the 99.7-6 level playing out after we see some further upward movement. Especially after a gap-up for the open.

P.P.S. Disregard line in picture, forgot to delete it.
Attached Image (click to enlarge)
Click to Enlarge Name: t109.PNG Size: 39 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #12
  • Nov 17, 2013 6:09pm Nov 17, 2013 6:09pm
Closed out with a few pips profit. Looks like we may be going down to 100 or 99.6-7 before we see a HH.
Attached Image (click to enlarge)
Click to Enlarge Name: t110.PNG Size: 36 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #13
  • Nov 17, 2013 7:23pm Nov 17, 2013 7:23pm
I remember the time when I passed 10k hours. It was 2 or 3 years ago. As a proprietary trader I did spend 15-16 hours a day front of the screens, but after then I was tired from all of this stuff.


„I am too old for this …” (Lethal Weapon)
I want to Make money from 0 to 444k USD.
  • #14
  • Nov 17, 2013 7:29pm Nov 17, 2013 7:29pm
Quoting livethedream
{quote} Very nice. I see you're trying the 50 to 50k thing as well... good luck to you!
yeah... I am giving it a twist though, not exactly following the method prescribed by the TS...

Good luck to you as well!
Build good relationships with others.
  • #15
  • Nov 17, 2013 8:09pm Nov 17, 2013 8:09pm
Quoting Airmike
I remember the time when I passed 10k hours. It was 2 or 3 years ago. As a proprietary trader I did spend 15-16 hours a day front of the screens, but after then I was tired from all of this stuff. „I am too old for this …” (Lethal Weapon)
That's a great accomplishment, a lot of time in front the screens.


Quote
yeah... I am giving it a twist though, not exactly following the method prescribed by the TS...

Good luck to you as well!

Thanks, I'll follow you in the other thread as you post updates.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #16
  • Nov 17, 2013 8:11pm Nov 17, 2013 8:11pm
In short @ 100.286.

Looking for about 20 pips as we approach 100.
Attached Image (click to enlarge)
Click to Enlarge Name: t111.PNG Size: 41 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #17
  • Nov 17, 2013 9:02pm Nov 17, 2013 9:02pm
I closed the short about an hour ago close to B/E and opened a long 40 minutes ago @ 100.266. I'm already immediately getting into my old habit of opening and closing trades trades too often, as well as reversing positions.

Attached Image (click to enlarge)
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Hours Added 4.5
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #18
  • Nov 17, 2013 9:05pm Nov 17, 2013 9:05pm
Looking for a bounce from this support line.
Attached Image (click to enlarge)
Click to Enlarge Name: t113.PNG Size: 36 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #19
  • Nov 19, 2013 2:54pm Nov 19, 2013 2:54pm
Did you end up taking this trade?
  • #20
  • Nov 20, 2013 7:38am Nov 20, 2013 7:38am
Quoting Albatross29
Did you end up taking this trade?
No, right at market open this week I started making all of my old mistakes that I used to, things that will ensure a trader to fail every time. Because of this I didn't look at any charts for 2 days and also went away over the course of 36 hours... and missed my 99.6 level. 99.6 happened to be right on the money too.

Attached Image (click to enlarge)
Click to Enlarge Name: t114.PNG Size: 32 KB


From here on out I won't be trading my regular account, I will only be trading my 50 to 50k account so that I can learn to take only the best trade set-ups and be patient.

I'll be watching price unfold throughout the rest of the week but won't take any new trades until next week so I can start to learn how to watch price move without hitting buy/sell.
"If you won't risk the usual, you'll have to settle for the ordinary."
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