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Trading around the world

  • #141
  • May 31, 2014 10:07am May 31, 2014 10:07am
Hi Rolf

Was psychology ever an issue for you on your journey to being profitable. Fear, greed, anxiety etc.

If so what techniques if any have helped you over come any hurdles in this area.
  • #142
  • May 31, 2014 10:47am May 31, 2014 10:47am
Quoting ProsteJa
{quote} ...And for all you guys: Trading can make you feel freedom and hapiness, but you will have to change your thinking and enjoy it. Because it can make you really unhappy as well if your mind is bad-programmed. I wish you the best of luck. Adam
Adam, thank you for sharing your thoughts and I totally agree with you! I think that, especially, people that start trading are prone to a lifestyle that aim for material things which, of course, is not wrong at all. It should just not be your ultimate goal in life as, as you said so correctly, this is not what will bring you happiness.

Quoting neil324
Hi Rolf Was psychology ever an issue for you on your journey to being profitable. Fear, greed, anxiety etc. If so what techniques if any have helped you over come any hurdles in this area.
Hi Neil, I believe that psychology will always be an issue when you are trading. I still sometimes let trades run too long because I am greedy and want to get more out of my trade just to see it reversing on me and giving back more than necessary. I think no trader will ever get completely rid of these emotions.
What helps me the most, though, is having a trading journal and keeping detailed statistics. 'Knowing' that your winrate over 200, 500 or 1000 trades will be xx % if you take only those trades that meet your requirements, will give you safety.
I also take screenshots of every trade and note down my thoughts about entry, exit and trade management. I am keeping track if I felt that I was too greedy or too fearful. I will be making a video about my trading journal shortly within the next week.

All the best to you guys!
Learn from yesterday, live for today and hope for tomorrow.
  • #143
  • Edited 5:30am Jun 1, 2014 5:10am | Edited 5:30am
I receive many messages where people say that they like my thread but I am talking too much about risk management and too little about setups and entries. I am humbled by all the positive feedback and the aim of this thread is to help people on their trading journey. I wouldn't waste your, and def not my, time writing articles or making videos on things that are meaningless.

The new video shows the SIGNIFICANT difference that can be made just by applying a different risk-management technique to your trading. Taking the same trades, the same entries and the same exits, you can enhance your performance just by applying a different risk management model SIGNIFICANTLY!!! And important, you dont increase ypur risk. It's just about managing losing and winning streaks. If by now, you don't know the importance of risk-management, trading might be the wrong business for you...

Inserted Video


I'll post my Sunday analysis later today as well. have a good Sunday. Cheers
Learn from yesterday, live for today and hope for tomorrow.
  • #144
  • Jun 1, 2014 12:24pm Jun 1, 2014 12:24pm
Hey guys,

just uploaded a new video where I discuss potential trading scenarios and what I see for the upcoming trading week.

I am wishing you all a good start into a new week and lot of good trades

Inserted Video
Learn from yesterday, live for today and hope for tomorrow.
  • #145
  • Jun 2, 2014 9:31am Jun 2, 2014 9:31am
today's markets don't offer anything important, so I thought I am going to share a concept with you that will help you sharpen your edge a little more...

If you have been following me you will know that I trade support&resistance and supply&demand setups. So basically, I trade off horizontal lines. The attached charts shows some suppor&resistance levels, as well as a supply zone. As you can see, when price moved into these levels, price accelerated and moved very quickly.

This is what you want to see happen. Why? There are mainly 2 reasons:

1. People, and by this I mean amateur traders, will be looking to join the 'obvious' trend. So in case of setup #1 (put that 0.9448 on youe AUDUSD chart and you will see where it comes from), people will be looking to buy, seeing these huge green bullish candles. However, the 'smart money', and by this I mean hopefully you, will be looking to sell to those amateur traders.

2. The amateur traders, even though they know they are moving into a very nice support&resistance area, will be scared to short (in case of setup #1) at that point as they think the trend is up. However, they were prepared to take a trade and seeing that strong move, they are believing in a fake breakout, looking to buy as well, enforcing effect number 1.

Try to apply this to your trading. Even if you don't trade off of horizontal lines, start thinking why price does what is does. This will greatly impact your trading performance!

Attached Image (click to enlarge)
Click to Enlarge Name: enhancer.png Size: 25 KB
Learn from yesterday, live for today and hope for tomorrow.
  • #146
  • Jun 3, 2014 5:37am Jun 3, 2014 5:37am
We have been settling in Bangkok in a new appartment for the next 2 weeks. I have more time on my hands now and will concentrate more on day-trading and doing some more videos for you.

Just a few hours ago I got into the Aussie trade. It dropped straight to my target after filling my order. There was literally no drawdown. As you progress in trading and refine your strategy you will notice that your drawdowns get smaller to the degree that you may miss entries by 1or2 pips. however, this is a sign that you are on the right track!
Attached Image (click to enlarge)
Click to Enlarge Name: aussie.png Size: 13 KB
Learn from yesterday, live for today and hope for tomorrow.
  • #147
  • Edited 6:20am Jun 3, 2014 6:04am | Edited 6:20am
My first try on sup& demand concept need comments. Just before news price move fast in to supply zone and get rejected so I shorted, there were also 50% fib retracement of latest down move on 1 hr chart. Price has reached its 1st target
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_GBP_USD_Hourly_snapshot.png Size: 15 KB
  • #148
  • Jun 3, 2014 6:43am Jun 3, 2014 6:43am
Quoting TraderRolf
We have been settling in Bangkok in a new appartment for the next 2 weeks. I have more time on my hands now and will concentrate more on day-trading and doing some more videos for you. Just a few hours ago I got into the Aussie trade. It dropped straight to my target after filling my order. There was literally no drawdown. As you progress in trading and refine your strategy you will notice that your drawdowns get smaller to the degree that you may miss entries by 1or2 pips. however, this is a sign that you are on the right track! {image}
Very nice trade TraderRolf. Can you please share what was your starting SL and how you place your SL in these type of trades
  • #149
  • Jun 3, 2014 8:23am Jun 3, 2014 8:23am
Thanks for sharing your journal TraderRolf.

I have been studying money management lately as well, and find it very interesting. I use excel to do some simulation with "Discrete Random data generator" function. Here are some results that I got. Want to cross check with what you got.

Using capital of $83,333. Sample 1000 trades. These are the results I got.
Attached Image (click to enlarge)
Click to Enlarge Name: simulation.png Size: 44 KB
  • #150
  • Jun 3, 2014 10:53am Jun 3, 2014 10:53am
Quoting TraderRolf
... As you progress in trading and refine your strategy you will notice that your drawdowns get smaller to the degree that you may miss entries by 1or2 pips. however, this is a sign that you are on the right track! {image}
Is this "small entry range" also the reason your main target is "just" about 20 pips. What I see from some S&D traders they aim for "coast to coast" trades on higher timeframes aiming for ten's or hundred's of pips.
I did a (demo)trade yesterday which was about 28 pips in profit with an inital SL of 15 pips. I decided to put SL to BE and got stopped out. Now price is at my original profit target. Could you comment on this please?
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-06-03_06-48-19 AUDNZD stopped out.png Size: 34 KB
Posting Demo charts, mirroring some of them live.
  • #151
  • Jun 3, 2014 11:32am Jun 3, 2014 11:32am
Quoting lithium1
Thanks for sharing your journal TraderRolf. I have been studying money management lately as well, and find it very interesting. I use excel to do some simulation with "Discrete Random data generator" function. Here are some results that I got. Want to cross check with what you got. Using capital of $83,333. Sample 1000 trades. These are the results I got.

Hey Lithium,
happy to see that other people are looking into money management on a more detailed level as well. However, your statistics are specifically derived from your trading. Therefore, I cannot give too many comments. You just have to find a way how to tweak ít to your trading, taking more trades that make money, and taking less trades that make no money. Therefore, RRR and winrate are among the most important figures.


Quoting forexpiet
.... I decided to put SL to BE and got stopped out. Now price is at my original profit target. Could you comment on this please?
Hi Forexpiet,
Pulling the SL to BE is almost never what should be done. I advise, either take partial profits or don't touch your trade. Take reasonable places for your SL, like Support&resistance, Fibs or similar concepts.
Learn from yesterday, live for today and hope for tomorrow.
  • #152
  • Jun 3, 2014 10:15pm Jun 3, 2014 10:15pm
Hello Traderrolf,

Really love your thread!
Did you catch those great moves on the aussie?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd2.png Size: 31 KB
Click to Enlarge Name: audjpy.png Size: 26 KB
  • #153
  • Jun 3, 2014 10:34pm Jun 3, 2014 10:34pm
Quoting Dumper
Hello Traderrolf, Really love your thread! Did you catch those great moves on the aussie? {image} {image}
Hey Dumper,
thanks for the positive feedback. I surely got this one! Textbook trade. Just woke up here to see that my trade went straight to TP. Good way to start the day

Attached Image (click to enlarge)
Click to Enlarge Name: aussie.png Size: 16 KB
Learn from yesterday, live for today and hope for tomorrow.
  • #154
  • Jun 3, 2014 10:42pm Jun 3, 2014 10:42pm
Quoting TraderRolf
{quote} Hey Dumper, thanks for the positive feedback. I surely got this one! Textbook trade. Just woke up here to see that my trade went straight to TP. Good way to start the day {image}
Nice mate

Yes, and if the supply zone on usdcad has some sellers left, It will be a really nice day
  • #155
  • Jun 4, 2014 1:55am Jun 4, 2014 1:55am
Quoting TraderRolf
{quote} Hey Dumper, thanks for the positive feedback. I surely got this one! Textbook trade. Just woke up here to see that my trade went straight to TP. Good way to start the day {image}
Moin Rolf!

Do you always trade during news?
In this case price was kind of far (40pips) from your limit when the news broke out, and you had good chances, that if price reaches this level you might get a bounce. However if price would have started the news event 20-30pips higher - you might got stopped out cause price probably would have made the same 30pip move.

Did you considered it while you placed your limit order?

(Im just curious that's why im asking)

Or you simply disregard news, and if it hits your TP then it's -1R.

Cheers,
It's all psychology...
  • #156
  • Jun 4, 2014 2:03am Jun 4, 2014 2:03am
Quoting LamerTrader
{quote} Moin Rolf! Do you always trade during news? In this case price was kind of far (40pips) from your limit when the news broke out, and you had good chances, that if price reaches this level you might get a bounce. However if price would have started the news event 20-30pips higher - you might got stopped out cause price probably would have made the same 30pip move. Did you considered it while you placed your limit order? (Im just curious that's why im asking) Or you simply disregard news, and if it hits your TP then it's -1R. Cheers,
hi Lametrader
i usually dont trade during news. However (1) this level was way roo good to miss it and (2) I do have predefined risk management parameters that help me in those situations. This is where a good data set and statistics willseparate from a losing to a winning trader.

and keep in mind:
news are just speeding up what was going to happen anyways
Learn from yesterday, live for today and hope for tomorrow.
  • #157
  • Jun 4, 2014 6:37am Jun 4, 2014 6:37am
Hey guys,

I uploaded the 2-video series about how to create a Trading Plan. And part 2 is actually the long desired one where I talk about my trading journal. I hope you find it helpful

Inserted Video


Inserted Video


Happy Trading!
Learn from yesterday, live for today and hope for tomorrow.
  • #158
  • Jun 4, 2014 10:22am Jun 4, 2014 10:22am
Well I tried USDCAD as I had that H4 supply drawn. My target profit was about 10 pips to far :-(
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-06-04_17-15-08 USDCAD H4 Supply Limit sell stopped out.png Size: 26 KB
Posting Demo charts, mirroring some of them live.
  • #159
  • Jun 4, 2014 12:41pm Jun 4, 2014 12:41pm
Quoting forexpiet
Well I tried USDCAD as I had that H4 supply drawn. My target profit was about 10 pips to far :-(
Hey Forexpiet,
the entry was good and seems you got the supply zone drawn correctly. However, you should have chosen the TP on the most recent resistance. Loonie has been moving in steps lately. Anyway, not a bad trade. But if price keeps missing your TP in the future, you might consider looking at a different Exit Startegy.
Attached Image (click to enlarge)
Click to Enlarge Name: loonie.png Size: 99 KB
Learn from yesterday, live for today and hope for tomorrow.
  • #160
  • Jun 4, 2014 1:02pm Jun 4, 2014 1:02pm
Hello Rolf,
You have a beautiful journal here! Nice and simple way to trade.
What you think about a trader explorer?
When you come to Brazil let me know, I'll be happy to receive you in my house in exchange for some lessons
"In God we trust."
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