I got 99 problems but trading ain't one | Forex Factory

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I got 99 problems but trading ain't one

  • #1
  • First Post: Edited 11:52am Dec 2, 2013 10:36am | Edited 11:52am
Hey everyone,

Thanks for dropping by. This is just my journal. Hope we can learn from each other here.
My trading style is pretty much price action based. I'm not that concerned about systems and all that but more about risk-reward ratios and money management. Anyway, for the curious folks out there: I learnt most of my price action knowledge from Arjun's thread in the trading system category.

Shoutouts go out to: X-Man,Arjun,Pip42,munirpt, emmanuel7788
  • #2
  • Dec 2, 2013 10:38am Dec 2, 2013 10:38am
Some SR for this week, may or may not become interesting.
Order: AUD/USD, EUR/GBP, GBP/USD

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  • #3
  • Dec 2, 2013 11:08am Dec 2, 2013 11:08am
GBP/CHF may or may not become interesting too

Order: weekly, daily, 4-hourly

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  • #4
  • Dec 3, 2013 8:15am Dec 3, 2013 8:15am
EUR/AUD
targeted risk:reward ratio = 1:10
eventual outcome = -1 (-4 pips)

boy oh boy, couple of things went wrong here: my script never moved my stop down after the trade was already up by 1:7 risk-reward, was not able to monitor the trade manually, and comin back to the computer only to see the second i get taken out. talk of bad karma.

anyway folks, here's some charts

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  • #5
  • Dec 3, 2013 8:36am Dec 3, 2013 8:36am
That box over there might be worthwhile watching. Also refer to post #3

GBP/CHF 4-hourly timeframe


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  • #6
  • Dec 3, 2013 2:05pm Dec 3, 2013 2:05pm
whats up brother!!!i missed u!!keep in touch visit my thread sometimes

peace and love bro

Eitan.
when GOD brings you a challenge he also gives you the power to deal with it
  • #7
  • Dec 3, 2013 3:41pm Dec 3, 2013 3:41pm
The Technical Analysis Indicator for Forex Market, STOCHASTIC, OSCILLATORS belongs to the classification and identification identify Allows us to purchase and chances When we face sales channel market behavior. this would be the right strategy to control the market.
  • #8
  • Dec 3, 2013 4:35pm Dec 3, 2013 4:35pm
Quoting eitan1010
whats up brother!!!i missed u!!keep in touch visit my thread sometimes peace and love bro Eitan.

hey buddy, thanks for dropping by. sure bro, keep in touch
peace and love
  • #9
  • Dec 4, 2013 8:20am Dec 4, 2013 8:20am
Currently short GBP/USD
targeted risk:reward ratio = 1:5.9 ca

Might be necessary to take it out earlier.
Let's see where it goes, the way seems rocky :-)

Overall performance today: GBP/JPY breakeven
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  • #10
  • Dec 4, 2013 8:46am Dec 4, 2013 8:46am
Quoting 99problems
Currently short GBP/USD targeted risk:reward ratio = 1:5.9 ca Might be necessary to take it out earlier. Let's see where it goes, the way seems rocky :-) Overall performance today: GBP/JPY breakeven {image}

So the risky GBP/USD trade was taken out at Breakeven as well. Note: For risky trades I often move my exit to break even after 1:1 - 1:2 RR

Overall performance:

GBP/JPY Breakeven
GBP/USD Breakeven

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  • #11
  • Edited 4:11am Dec 5, 2013 4:03am | Edited 4:11am
Attached GBP/CHF. Please refer to post #3 also to know what happened here

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Overall performance today ca.:

EUR/JPY
targeted risk:reward ratio = 1:7
eventual outcome = 1:2 (+11 pips)

EUR/AUD
targeted risk:reward ratio = 1:11.5
eventual outcome = 1:2 (+11 pips)

GBP/CHF
targeted risk:reward ratio = 1:6
eventual outcome = 1:4 (+20 pips)
  • #12
  • Dec 5, 2013 4:06am Dec 5, 2013 4:06am
Quoting 99problems
Attached GBP/CHF. Please refer to post #3 also to know what happened here {image} Overall performance today ca.: EUR/JPY targeted risk:reward ratio = 1:7 eventual outcome = 1:2 (+11 pips) EUR/AUD targeted risk:reward ratio = 1:11.5 eventual outcome = 1:2 (+12 pips) GBP/CHF targeted risk:reward ratio = 1:6 eventual outcome = 1:4 (+20 pips)
Attached the aforementioned EUR/AUD trade, sure hurts to see it move higher now :-/

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  • #13
  • Dec 5, 2013 7:52am Dec 5, 2013 7:52am
The Holy Grail has been found...
…gotcha.
Stop looking at your trading system. There is nothing wrong with it. Stop updating to the newest indicator that promises you to make dough. It won’t. Stop focusing on what the trading gurus say. They’re full of crap and need your attention to make money.
The illusion that there is a Holy Grail that gives you unlimited winning trades does indeed sound tempting. Boy, who wouldn’t want to win all the time?
You may ask yourself why is this arrogant prick just showing me my misery?
As a matter of fact you are really not that far away from being a profitable trader.
At some point every trader thought that what it takes to win is the ultimate system and strategy that he must protect like ‘my precious’, only to find out that you just blew your account.
Well, the acorn doesn’t fall far from the tree. Most traders watch their charts all day long, and all they can see are candles going up and down, and indicators blinking red and green. There must be a way to rationalize all this, and embody it into the ultimate 100% trading strategy. No.
Just how often, and be honest to yourself, how often have you thought and worked on your money management? Sure, you thought about it. Proportionally to the time you spend on tweaking your system, it could well be 1:99999. At least.
Keep in mind though that trading is not about winning a computer game.
Protect your capital from this fallacy.
In order to win in the long run you must start thinking of your risk vs reward.
Will a losing trade take away the profits of your last five winners? It mustn’t.
It should be the other way around. You should be able to afford a couple of losers without getting a headache when you look at your equity, because your winners should make up for it.
Hedge funds will still be profitable when they are only right 30%-40% of the time. Surely, they do not possess the holy grail of trading systems but they do a pretty good job managing their money (not all of them though).
Now, should you start flipping coins, and only worry about money managing skills?
No, that is not what we’re trying to promote. We believe that there are many good traders out there that have an excellent understanding of price action, supply and demand, pivots…you name it. Yet, most of them lack the right money management skills.
It is time for retail traders to realize this, and incorporate sound money management rules into their trading strategy.
You may suffer from a lack of Vitamin-MM (Money Managiriphin) if you have the following symptoms:
- You do not operate with a stop loss (seriously?!)
- 1 loser wipes out your previous profits
- You risk 2 pips to win 1
- Your drawdown is 10%. Per day
- You do not record your trades in MS Excel
- You read this text thinking: “idiots, my system is better than anyone’s”
”I was searching for the Holy Grail tweaking moving averages and stochastic combinations. The Holy Grail does exist, it just isn’t found with technical indicators.”
Paul Tudor Jones

_____________________________
from fxtroopers blog
  • #14
  • Dec 5, 2013 9:27am Dec 5, 2013 9:27am
attached GBP/AUD

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Overall performance today ca.:


EUR/JPY

targeted risk:reward ratio = 1:7

eventual outcome = 1:2 (+11 pips)


EUR/AUD

targeted risk:reward ratio = 1:11.5

eventual outcome = 1:2 (+11 pips)


GBP/CHF

targeted risk:reward ratio = 1:6

eventual outcome = 1:4 (+20 pips)


EUR/USD

targeted risk:reward ratio = 1:7

eventual outcome = -1 (-3 pips)


GBP/JPY

targeted risk:reward ratio = 1:3

eventual outcome = 1:1.75 (+12 pips)


GBP/CHF

targeted risk:reward ratio = 1:6

eventual outcome = break even


GBP/AUD

targeted risk:reward ratio = 1:4.5

eventual outcome = 1:4 (+35 pips)



  • #15
  • Dec 6, 2013 4:26am Dec 6, 2013 4:26am
attached EUR/AUD

targeted risk:reward ratio = 1:6

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  • #16
  • Dec 6, 2013 4:37am Dec 6, 2013 4:37am
Quoting 99problems
attached EUR/AUD targeted risk:reward ratio = 1:6 {image}
eventual outcome: -1 (-7 pips ca)
  • #17
  • Dec 9, 2013 2:53am Dec 9, 2013 2:53am
EUR/AUD ca.
targeted risk:reward ratio = 1:6 RR
eventual outcome = 1:1.3 (+10 pips)

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  • #18
  • Dec 9, 2013 2:55am Dec 9, 2013 2:55am
some Support & Resistance for the week that may or may not become interesting.

Order:

EUR/USD Daily
GBP/USD Daily
AUD/USD Daily + 4-hourly
CAD/CHF Daily

Attached Image (click to enlarge)
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  • #19
  • Dec 9, 2013 3:18am Dec 9, 2013 3:18am
For those trading intradaily, EUR/JPY
may provide opportunities

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  • #20
  • Dec 9, 2013 3:56am Dec 9, 2013 3:56am
EUR/JPY
targeted risk:reward ratio = 1:9
eventual outcome = 1:2.3

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