USDCHF +5 TP
Masterrmind..........
Masterrmind..........
Master your Mind then Master your Trades
As simple as possible: 00 level trading
- #32,421
- Jul 17, 2015 6:43am Jul 17, 2015 6:43am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
- #32,422
- Jul 17, 2015 6:49am Jul 17, 2015 6:49am
- | Joined Apr 2014 | Status: Trader | 1,900 Posts
{quote} The only risk in this trade as I saw it was potentially missing out on TP by a few small pips. So I watched the trade very closely looking for any signs of rejection @ the TP level. TP hit convincingly and thanks for the compliment! Note: This was mostly simple trend line analysis and an awareness of a couple of levels. There are at least 100 more techniques that can be mastered .......... it simply takes time and dedication. Good trading, Masterrmind...........
Thanks -Jason
- #32,423
- Jul 17, 2015 6:58am Jul 17, 2015 6:58am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Anytime you are willing to share a technique, I think you will find this thread full of extremely appreciative learners.
The best way to learn the art is to actively seek it out and then dedicate the time and effort into learning it.
Hence the reason why I rarely give out all the food at one sitting because that's no way to teach a trader if the long term result is for that trader to be consistently profitable.......
Give a little food to the trader and then have him/her develop something meaningful.......... this is a far more powerful way to learn because you are extending yourself and truly searching for the answers (yourself).
From time to time though I will produce more food for thought and discuss certain techniques as appropriate however I am not in favor of flashing indicators that turn red and green and hence the reason for my lack of input at times.
Traders need to look far beyond the lagging (I do however like informative indicators and an array of trading tools) indicator approach but in the end it is each to his/her own.
Good trading,
Masterrmind..............
Master your Mind then Master your Trades
- #32,425
- Jul 17, 2015 7:19am Jul 17, 2015 7:19am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Having a background in education, I understand. Thanks again for your valuable input and time invested.
Doesn't mean a question can't be asked though.......... you learn by seeking out the truth!
Good trading,
Masterrmind...........
Master your Mind then Master your Trades
- #32,426
- Jul 17, 2015 7:37am Jul 17, 2015 7:37am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Master your Mind then Master your Trades
- #32,428
- Jul 17, 2015 10:32pm Jul 17, 2015 10:32pm
Hi everyone. I just had my worst week ever in trading, -9.46% using 1% risk. (good thing it was on demo) Just from taking a quick look at my entries i see alot of problems. I will take a long hard look at everything during the weekend to correct what i did wrong. I'm also posting this because i thing that sharing our mistakes can help others not to make them. Asmodai
Numberman
- #32,430
- Jul 18, 2015 3:51am Jul 18, 2015 3:51am
{quote} AUDCAD +5 TP {image} Dynamically follow what price is showing on the chart and adjust/amend your chart analysis as you go. Analysis in check! Money in the bank as they say. Good trading, Masterrmind..........
A very educational meal...much appreciated
Do good and disappear...
- #32,433
- Jul 18, 2015 1:00pm Jul 18, 2015 1:00pm
- Joined Sep 2004 | Status: Trader | 1,464 Posts
After spending a few hours looking at my trades since the start of the month i can clearly see some of my problems and i'm sure some of you will relate to them. 1 Too many "falling knife trades". Trades where you look at the CSM and the chart and you see very quick movement. You think... "i can not miss this", and enter a trade that has already moved 40+ pips.... and then you lose. I did a few of these, won some lost more. This kind of rules bending should not be done by someone with as little experience as me. 2 Trading too many pairs. When the...
To everyone who is still struggling to be consistent, please do the following with Asmodai's post:
Bookmark it.
Save it to a text file on your desktop for quick access.
Print it and tape it to your bathroom mirror; above your monitor; and to your steering wheel in your car. (Don't read and drive!)
Read it at the beginning of every trading session.
Read it at the end of every trading session.
Read it right before you go to sleep at night.
Read it right after you wake up in the morning.
Take special note of this section, which I reproduce here:
L1 77.7%
L2 66.6% (few trades)
L3 66.6%
L4 58% (half of all the trades taken)
Win % by wavy ASH status ( either smooth diverging lines, flat/overextended or converging lines)
Diverging ASH lines 90.3% (almost half my trades where in this conditions)
Flat or overextended ASH 42.8%
Converging lines 12.5% (few trades)
Given the two lines I've colored red, is there any question why Master Udine says to trade color changes only? If you take only L1 (color change) entries, especially when the wavy ASH is showing divergence, your results will improve dramatically. Trade nothing else if you're still struggling.
Consider the line I've colored in blue by doing the following study: Look at as many L1 (color change) entries on your chart as you can. Observe what happened to price once the wavy ASH started to converge after the L1 entry. I suspect that if you see what I've seen, you'll soon learn to exit your trades early to reduce the size of your losses. Until you learn the nuances of convergence + price action, I would recommend this rule: If wavy ASH shows any sign of flattening or convergence, exit the trade.
I would add two more things: (1) Trade only LO to LC and (2) Trade only Udine's four pairs.
Asmodai, I really like you, and I am so very glad you are in this thread. Thanks for sharing your hard earned wisdom.
Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
- #32,434
- Edited 1:37pm Jul 18, 2015 1:18pm | Edited 1:37pm
{quote} A most EXCELLENT post Asmodai!!
I knew you would find very interesting the win percentage part.
I have not posted many charts recently because i wanted to start posting real account charts instead of demo. I value both but some people dont. Due to a series of unfortunate events the money i was saving for the account had to go elsewhere. It actually was hard for me to see alot of carefull planning go away.
But i still find myself getting up early and sit on my computer for the London Open. And the real account WILL be opened when possible.
The most important part is i have the full support from my wife and looking at my 7 year old daughter sleeping peacefully when i get up to trade is all the motivation i need.
The point of this last paragraph is to remind everyone that even when things get hard, with focus, motivation and the support of your loved ones, you can do anything.
Asmodai
- #32,435
- Jul 18, 2015 4:31pm Jul 18, 2015 4:31pm
- Joined Nov 2013 | Status: Member of the 5% club | 1,259 Posts
Here is a modified version of the #PriceToOpen indicator. It allows to select the time of the start of the day. Useful if you use a broker with a non standard server time. {file}
- #32,437
- Jul 18, 2015 11:51pm Jul 18, 2015 11:51pm
After spending a few hours looking at my trades since the start of the month i can clearly see some of my problems and i'm sure some of you will relate to them. 1 Too many "falling knife trades". Trades where you look at the CSM and the chart and you see very quick movement. You think... "i can not miss this", and enter a trade that has already moved 40+ pips.... and then you lose. I did a few of these, won some lost more. This kind of rules bending should not be done by someone with as little experience as me. 2 Trading too many pairs. When the...
Hope you a strong mind to be more Focus.
Numberman
- #32,438
- Jul 19, 2015 4:52am Jul 19, 2015 4:52am
After spending a few hours looking at my trades since the start of the month i can clearly see some of my problems and i'm sure some of you will relate to them. Asmodai
Excellent review of your trades Asmodai and great emphasis on core problems Dialist.
Thank you both
Do good and disappear...
- #32,439
- Edited 5:43pm Jul 19, 2015 5:36am | Edited 5:43pm
{quote} A most EXCELLENT post Asmodai!!
Could you please show an example of Diverging on chart? thanks
- #32,440
- Jul 19, 2015 8:10am Jul 19, 2015 8:10am
{quote} Nice post Asmodai, Thanks for sharing your experience and feedback with us. From my side I have some doubt and questions regarding the ASH that I would like to ask you to clarify (thanks in advance): 1. You are mentioning wavy ASH status but in my case I use a bar ASH indication that have only two colors (Red or Green), could you please share with us the Wavy ASH indicator that you use and the parameters. 2. Also you described 3 situations: Diverging, Flat or overextended and Converging ASH lines, if you can share with us some pics of those...
Now for some examples of ASH situations.
Diverging lines:
Flat or overextended:
Converging lines:
Keep in mind that alot of other things are taken into account on each trade, but we can clearly see a pattern here.
For those more interested in the wavy ash, just open a new chart with your template plus the wavy ash (if you dont have already), and drag some past trades to that chart and study it for a while, i'm sure you'll find value there.
Asmodai