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I want to pay off my mortgage asap with Choros

  • #141
  • Nov 13, 2014 1:10am Nov 13, 2014 1:10am
You've been reading all the books/articles, websites about forex trading strategy, but the real enemy is YOU. Until you can control YOU, no forex strategy will work for you, no matter how profitable the strategy is.

After many months/years of trading, you should know it by now that the REAL problem is the trader, not the strategy. I myself came to that conclusion.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
  • #142
  • Nov 13, 2014 1:12am Nov 13, 2014 1:12am
Quoting xtrader101
You've been reading all the books/articles, websites about forex trading strategy, but the real enemy is YOU. Until you can control YOU, no forex strategy will work for you, no matter how profitable the strategy is. After many months/years of trading, you should know it by now that the REAL problem is the trader, not the strategy. I myself came to that conclusion. Cheers, FxTurtle
do you know this feeling when you're drunk and you can't control your moves as if you were sober? You walk funny, you can't ride bicycle or drive as you may harm yourself and others. That's how it is with me when I trade, I don't think sober. I theory I can be mentor to others, but cannot help myself.
On my way to financial independence - if others can do it - I can do it
  • #143
  • Nov 13, 2014 1:57am Nov 13, 2014 1:57am
Quoting Eur Usd
{quote} do you know this feeling when you're drunk and you can't control your moves as if you were sober? You walk funny, you can't ride bicycle or drive as you may harm yourself and others. That's how it is with me when I trade, I don't think sober. I theory I can be mentor to others, but cannot help myself.
The problem with mentoring in this business is that, you must have some evidence of success to back it up.

If you cannot control yourself as you may have known it by now, you should not waste your valuable time anymore looking for the "ONE Strategy" because the result will be the same.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
  • #144
  • Nov 13, 2014 3:27pm Nov 13, 2014 3:27pm
Quoting Eur Usd
{quote} I am losing the game. I realy am. My mentality plays silly. Greed, impatience. I don't believe it's method for me, not on 15m charts. I am gonna test something else: here's more of my new idea: http://www.forexfactory.com/showthre...79#post7852779 When I started the game I thought it's not worth trading for less then few % a week. Now I think that even 10-20% a year is fine. I try to focus on 4h and 1don PA and choros indicators are strong signals here. sl and position size depend on lenght of previous candle, so position...
For me, I always have done better when I dont focus on the money, the percent, the goals, or anything like that. Whenever I do, I lose.

If I just focus on grabbing a few pips, making wins, staying away from losing situations it turns around for me.

Unfortunately, I often focus on the former and my accounts (demo an live) have suffered... I am working on bending my mind to work more on the latter - and I think that will be my personal key.

I wish you luck with your endeavors!
Remember that guy who gave up? Neither does anyone else.
  • #145
  • Nov 14, 2014 9:24am Nov 14, 2014 9:24am
I understood one thing . Any profit is a profit. Yesterday I started from beginning. I still use choros indicators, but I browse 4h and 1d as primary. I trade PA from James16 and Nial Fullerm plus choros indicators with s/l that varies according to action I see (usually s/l is below/above bars of PA formation). Often it is 50-70 pips @1% risk. It can be 100pips for sl if I see it's necessary. And this way even if I catch only few pips it still gives me 0.2-0.3% per trade. not much? my bank gives me 0.55% per year for my ISA. Even if I'll do only the 0.55% a week it's still 52 times more than my bank gives me. So far I am in profit. 2% yesterday, 0.9% today and I was never satisfied with such "low" profit, today I am). Greed has stopped, impatience has stopped, and trading with 30-100 pips s/l is not stressful.
Not much one can say? maybe not much, but I prefer to get 2-3% profit a month then get 10% loss. I have all my life to become wealthy.

One thing I am concerned about now is I hate working for somebody. I want to get out from rat race and am on my way to achieve it. My son goes to school next year and I want to be able to drop/pick him without sucking somebody's balls for permission
On my way to financial independence - if others can do it - I can do it
  • #146
  • Nov 14, 2014 9:41am Nov 14, 2014 9:41am
Quoting Eur Usd
I understood one thing . Any profit is a profit.
However, you have to see if your profit is bigger than your losers.

What good does it do if your profit is $10 and your losers are $100 on average and your win rate is 90%. You will see a lot of winning trades which makes you ecstatic, but actually you're losing money.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
  • #147
  • Nov 14, 2014 9:51am Nov 14, 2014 9:51am
Quoting xtrader101
{quote} However, you have to see if your profit is bigger than your losers. What good does it do if your profit is $10 and your losers are $100 on average and your win rate is 90%. You will see a lot of winning trades which makes you ecstatic, but actually you're losing money. Cheers, FxTurtle

I need to wait 2-3 months to see how it works. 2 days is not enough to triumph, but a good start. Hopefully will work better for me than 15m charts
On my way to financial independence - if others can do it - I can do it
  • #148
  • Nov 14, 2014 10:35am Nov 14, 2014 10:35am
Quoting Eur Usd
{quote} I need to wait 2-3 months to see how it works. 2 days is not enough to triumph, but a good start. Hopefully will work better for me than 15m charts

Good luck matey , the funny thing is we all say this and then once we have a string of losses , it all goes pear shaped .

As for your independence , forget it for now .There is no way you are going to live of forex unless you have at least £50K the bank.To get to £50K is your biggest issue right now.

I tried gambling on the forex but , mate , it does not work at all , you lose and you regret big time .
Not sure of the solution really
  • #149
  • Nov 14, 2014 10:40am Nov 14, 2014 10:40am
Quoting tafadzwa02
{quote} Good luck matey , the funny thing is we all say this and then once we have a string of losses , it all goes pear shaped . As for your independence , forget it for now .There is no way you are going to live of forex unless you have at least £50K the bank.To get to £50K is your biggest issue right now. I tried gambling on the forex but , mate , it does not work at all , you lose and you regret big time . Not sure of the solution really
I've tried to gamble as well. The worst thing is when it works once or twice, then you think you're doing it right, and then you lose ;-) over and over again.
You're right. I need lots of capital to live of it. It will take me years but am working on it ;-)
On my way to financial independence - if others can do it - I can do it
  • #150
  • Nov 17, 2014 12:06pm Nov 17, 2014 12:06pm
I have been following your thread a bit because we sort of have the same goals and same issues.

Here are some things that I have found out for myself, when I have not followed my system and then blamed my system when it was me not following it. So then I would start looking at threads on FF for other systems and just waste a month or two by getting sidetracked. One thing I found interesting was to take a chat full of indicators (any amount you want) and just compare it to a chart with only 2 MA’s and support and resistance. I think you might be surprised at how much you do not need on a chart.

Another thing that can help is a simple trade journal where you write down as much or as little as you need to see when a trade was good what you did and when a trade was bad why it was bad. It can include if you followed your system, how you felt mentally about the trade, time , day , ect.. You can use a spreadsheet and use a simple function and you can see how certain things work out. (I found out using this that most of my trades on Monday did not make money for what ever reason so I try to not trade Mondays now)

Or as simple as like I do now just take a screen shot of the chart when I enter and screen shot of my analysis sheet when I enter. I use screen hunter 6.0 free and I just push one button and it saves the pic automatically then I can go back I and review the pics.
  • #151
  • Nov 27, 2014 7:25pm Nov 27, 2014 7:25pm
Dude.. forget the indicators..

My advice, take a break .. goto Kreslik forum.. read the never lose again thread from about page 130 onwards (you can google the thread name and forum name) .. it might take you a few days.. but apply what you read by es/pip, dragon and mightyone to some charts with NO INDICATORS.

If it does not inspire you to follow price alone, then you may never make it.

good luck. Seriously.
  • #152
  • Nov 28, 2014 3:03am Nov 28, 2014 3:03am
Quoting leeshindig
Dude.. forget the indicators.. My advice, take a break .. goto Kreslik forum.. read the never lose again thread from about page 130 onwards (you can google the thread name and forum name) .. it might take you a few days.. but apply what you read by es/pip, dragon and mightyone to some charts with NO INDICATORS. If it does not inspire you to follow price alone, then you may never make it. good luck. Seriously.

found it - thanks.
On my way to financial independence - if others can do it - I can do it
  • #153
  • Dec 4, 2014 11:16am Dec 4, 2014 11:16am
after about 4 years in forex I understood what my fx mentor was saying me on the beginning. 20% profit a year is good profit. So I have changed my attitude. I have changed my expectations. I expect to get 1% a week, something that few months ago seemed to me pathetic now seems something great. My bank pays me 0.55% profit a year from my savings (good thing there's not much of the savings ). If I can get double this in a week it will be great performance. Even If I will get the half % a week after a year I will have profit my bank would give me after 40-50 years. In 50 years I'll be probably dead.
So what I did - I stick to same choros rules with PA formations from Nial and James 16 but on higher time frames. Usually daily. So I don't have to stare at screen all day long waiting for good entry. I open charts in the evening and takes me 15 minutes to pick a trade. That's it, and I go to bed. And in the morning I check my mobile and I have bit more. s/l is wider, usually about 80 pips but can be over 100. Why? I place s/l 10-20pips below or above formation that gave me signal. Risk is always 1% so position size is always different to match the 1%. When do I leave trade? No, I don't wait till it hits my tp. I quit when I see I got a bit. 0.2% is satisfying enough. I started doing this this week so too early to say about success, but this week I got 3.5% profit in 9 trades, not a single loser. There were times when I was saying it's crap, now I am glad as the 3.5% profit is what I expected to get till end of year.
As much as I realise it will take me years to pay off my mortgage witch choros I know I am closer to it every time I make decision without greed.
My acount is small as I am still testing the method, but over time I will start increasing size of account
On my way to financial independence - if others can do it - I can do it
  • #154
  • Dec 4, 2014 12:43pm Dec 4, 2014 12:43pm
congrats!, the start is good, even though you took more than 0.2%...so, by your definition, you are greedy!
there is always, always another trade!!
  • #155
  • Dec 4, 2014 12:47pm Dec 4, 2014 12:47pm
Quoting profitfarmer
congrats!, the start is good, even though you took more than 0.2%...so, by your definition, you are greedy!
I set my tp same as s/l so RR ratio is 1:1. Once over night trade on EA has hit my tp. If I wake up in the morning I see I am on profit but not at tp I exit manually after checking chart first. Entries are on computer, but exits are in the morning from mobile, or if I see it can go further I stick to trade longer
On my way to financial independence - if others can do it - I can do it
  • #156
  • Dec 4, 2014 1:01pm Dec 4, 2014 1:01pm
do you manually exit from a loss also in a morning if stop loss not yet hit, if happens?
or only cut your winner short?
there is always, always another trade!!
  • #157
  • Dec 4, 2014 2:01pm Dec 4, 2014 2:01pm
Quoting profitfarmer
do you manually exit from a loss also in a morning if stop loss not yet hit, if happens? or only cut your winner short?
depends what I see on chart. I've been doing it only 4 days so far
On my way to financial independence - if others can do it - I can do it
  • #158
  • Dec 4, 2014 2:29pm Dec 4, 2014 2:29pm
Quoting Eur Usd
{quote} depends what I see on chart. I've been doing it only 4 days so far
I see. so, it is a bit early to sum it up just yet, understandable.
Will check back to see your progress; if you put back your TE, should make it even easier.
there is always, always another trade!!
  • #159
  • Dec 14, 2014 2:20am Dec 14, 2014 2:20am
Quoting profitfarmer
{quote} I see. so, it is a bit early to sum it up just yet, understandable. Will check back to see your progress; if you put back your TE, should make it even easier.
I won't put my explorer on as it stresses me somehow. Affects me, pushes to prove how good I am and then I start losing.
The method still works, 87% good trades, 30 trades in total. 10% profit this month.
I did few mistakes like doubling the trade or making too big position so risk was ore than 1% (on my mobile it is bit more difficult to calculate 1% risk for certain amount of pips)
I even try 15minutes choros some times, but still sl is set at 20-30 pips so the trade can breath - and still will pull out after getting less than percent.
I have had the stupid habbit of trying to stick to round numbers and it was losing me as well. I wasn't satisfied with 18pips - I had to get to 20. Once it went over 20 I was tempted to get 25 pips and then suddenly price was dropping down and out of 20 I coulve already have it was 19 pips, so I was hoping it will get to 20, then it was dropping to 15 pips profit, 14,12 (now I hope it jumps to 15 and I will move out) then below 10 pips profit - now coming back to 10 is fine, and then it goes onto loss -3pips - I'll just wait till it gets to be and will flat. and it goes down and down. Will to stick to round numbers was losing me as well. Now I don't care. I take what's on the table as only long term target matters.
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On my way to financial independence - if others can do it - I can do it
  • #160
  • Dec 14, 2014 9:30am Dec 14, 2014 9:30am
understand.
don't stress, not worth it; you aren't here to prove me or anyone anything!
the reference to TE was only my selfishness, making your trades and progress easier to follow
there is always, always another trade!!
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