I was out of trading for a year or so and when I come back now, it seems that everything is mixed up. I am confused where I was, what I was doing and from where to start ..... I am lost.
So I thought I should talk loudly about my self, refresh my memories and then I have to discover about myself that what is my nature as a trader, what are my likes and dislikes, what are my skills and weekness, so may be based on it I can get some clue and then I search or develop the system for myself.
I will edit this post later and will write my previous experience, methods I used, losses I made and then a start of new system. I will keep editing the first post until I find some way. Anybody can post anything, comments or feedback positive or negative, fight or not fight .... it is freezone as long as it is according to forexfactory rules.
It was long time ago, one of my friend (who is not with us now, May Allah bess him) showed me the candle chart of trading. I was very excited. Then I downloaded the platform and input my first trade. I don't remember it went in profit or loss but it was $10 pip. Then after few trades I made $1700 and then in few days I lost my account of $50000. Wawoo.. this is not doable ... but later again I started .... once it come in blood hard to get rid of it... Next part I will skip as it was struggle with finding some system (Holy grail ) had in mind that pro traders dont loose. They have perfect system, which tells them where to enter and exit ....
Then I met with Feb in SystemII , got idea that what trading is actually, losses are part of this business and this is a business actually, then after that still struggle with strategies working on Fib toold, moving averages, James 26 price action, and bunch of other systems and price actions.... Got mix results.
Some time in profit and some time in losses.. overall in loss.
Last time I was trying to build position and was hedging and I was overall $500 in profit, at one point I thought to cut all positions and start again but I did not some for more than a month I got so busy that I could not check my account and then all my profits converted into losses and I cult all positions in $2500 loss. You know what I started short at 1.25xx some thing and keep adding shorts till 1.30xx and when I come back market was at 1.38xx waited for a while and cut the positions around 1.3950 .... and market reverse back after few days from there... ohh I should wait a lit more ... no that is not trading ...
Now when I come back to trading after more than a year all systems, price actions are wiped out. I see no clue in Fib, moving averages, s/r or price action.
I thought as I build the trades in loss, i should build the trades in profit. I tried but it did nto work. I dont know exactly why but market has lot lot of money than me, I cannot beat the market.. so I have to find my edge, take small risks, make a lit more profits and then profit - loss = + (lit bit). Not going for large profits and not expecting every trade in profit but at the end of month, net results should be some positive......
I cut my story very short ... but lest proceed from here..... wait I will come back... I start again...
Few things before going ahead.. I think that will be useful to search my insider trader ...
The mechanical systems never worked for me, I tried hard to follow the rules, but whenever I got wrong or loss, I sent the screenshot to the boss of that method or system, he said .. hey why you did short here... did you not see the support.. ohh .. did you not see the news .. ohh... did you see the daily .. ohh .. did you see the pair is upward... trend is up my friend... ohh .. ok ok ok...
Price actions some time works for me... but I am very poor in finding the exact spot of entry or exit. mostly I am wrong in feeling the market.
I like short time frame but higher time frame worked better for me also I have a job so cannot monitor the market every time.
Now here is some clues of my insider:
higher time frame, price action, poor in timings .... so what should I do....
I will start from simple bigger time frame and will split my entry into small junks and will ask and keep asking the market am I wrong or right and will adjust the position accordingly. My profits should be a little bit bigger then the losses.
Maximum loss can be 40 pips, and minium profit will be 40 pips. So in this way at least I will get 1:1 RR. also for individual trade I will target 1:1.5 RR.
so rules ....
1. Draw monthly, weekly S/R and trend lines
2. Draw daily S/R
3. Search price action near S/R (inside bar, out side bar, dojji, pin bar etc. )
4. Enter break of PA bar and put stop-loss behind it. maxium 40 pips. If wrong add another on 50% and put stop less lessthan 40 or maximum 40.
5. On next S/R (minium 1:1 RR) cut all trades. If there is another PA in middle , add one more trade.
6. For one setup maxium 3 trades only. 3rd trade only if 2 trades are already in profit.
7: Colors: Black=Daily Level Magenta=Weekly Level DarkOrange=Monthly Level
8: Added 10 EMA
Will monitor the results and keep editing the rules accordingly.
I added only daily levels will add monthly or weekly later. Daily looks very slow and boring want to go to 4H. .... not now.. stick to plan stick with daily for a month till December 11 ... good luck.
I think I have to do some modifications:
1. I added 10 MA to daily and 4Hr charts. Below MA sell and above Buy.
See EUR/USD chart as example.
Edit resutls: (On December 11)
So I thought I should talk loudly about my self, refresh my memories and then I have to discover about myself that what is my nature as a trader, what are my likes and dislikes, what are my skills and weekness, so may be based on it I can get some clue and then I search or develop the system for myself.
I will edit this post later and will write my previous experience, methods I used, losses I made and then a start of new system. I will keep editing the first post until I find some way. Anybody can post anything, comments or feedback positive or negative, fight or not fight .... it is freezone as long as it is according to forexfactory rules.
It was long time ago, one of my friend (who is not with us now, May Allah bess him) showed me the candle chart of trading. I was very excited. Then I downloaded the platform and input my first trade. I don't remember it went in profit or loss but it was $10 pip. Then after few trades I made $1700 and then in few days I lost my account of $50000. Wawoo.. this is not doable ... but later again I started .... once it come in blood hard to get rid of it... Next part I will skip as it was struggle with finding some system (Holy grail ) had in mind that pro traders dont loose. They have perfect system, which tells them where to enter and exit ....
Then I met with Feb in SystemII , got idea that what trading is actually, losses are part of this business and this is a business actually, then after that still struggle with strategies working on Fib toold, moving averages, James 26 price action, and bunch of other systems and price actions.... Got mix results.
Some time in profit and some time in losses.. overall in loss.
Last time I was trying to build position and was hedging and I was overall $500 in profit, at one point I thought to cut all positions and start again but I did not some for more than a month I got so busy that I could not check my account and then all my profits converted into losses and I cult all positions in $2500 loss. You know what I started short at 1.25xx some thing and keep adding shorts till 1.30xx and when I come back market was at 1.38xx waited for a while and cut the positions around 1.3950 .... and market reverse back after few days from there... ohh I should wait a lit more ... no that is not trading ...
Now when I come back to trading after more than a year all systems, price actions are wiped out. I see no clue in Fib, moving averages, s/r or price action.
I thought as I build the trades in loss, i should build the trades in profit. I tried but it did nto work. I dont know exactly why but market has lot lot of money than me, I cannot beat the market.. so I have to find my edge, take small risks, make a lit more profits and then profit - loss = + (lit bit). Not going for large profits and not expecting every trade in profit but at the end of month, net results should be some positive......
I cut my story very short ... but lest proceed from here..... wait I will come back... I start again...
Few things before going ahead.. I think that will be useful to search my insider trader ...
The mechanical systems never worked for me, I tried hard to follow the rules, but whenever I got wrong or loss, I sent the screenshot to the boss of that method or system, he said .. hey why you did short here... did you not see the support.. ohh .. did you not see the news .. ohh... did you see the daily .. ohh .. did you see the pair is upward... trend is up my friend... ohh .. ok ok ok...
Price actions some time works for me... but I am very poor in finding the exact spot of entry or exit. mostly I am wrong in feeling the market.
I like short time frame but higher time frame worked better for me also I have a job so cannot monitor the market every time.
Now here is some clues of my insider:
higher time frame, price action, poor in timings .... so what should I do....
I will start from simple bigger time frame and will split my entry into small junks and will ask and keep asking the market am I wrong or right and will adjust the position accordingly. My profits should be a little bit bigger then the losses.
Maximum loss can be 40 pips, and minium profit will be 40 pips. So in this way at least I will get 1:1 RR. also for individual trade I will target 1:1.5 RR.
so rules ....
1. Draw monthly, weekly S/R and trend lines
2. Draw daily S/R
3. Search price action near S/R (inside bar, out side bar, dojji, pin bar etc. )
4. Enter break of PA bar and put stop-loss behind it. maxium 40 pips. If wrong add another on 50% and put stop less lessthan 40 or maximum 40.
5. On next S/R (minium 1:1 RR) cut all trades. If there is another PA in middle , add one more trade.
6. For one setup maxium 3 trades only. 3rd trade only if 2 trades are already in profit.
7: Colors: Black=Daily Level Magenta=Weekly Level DarkOrange=Monthly Level
8: Added 10 EMA
Will monitor the results and keep editing the rules accordingly.
I added only daily levels will add monthly or weekly later. Daily looks very slow and boring want to go to 4H. .... not now.. stick to plan stick with daily for a month till December 11 ... good luck.
I think I have to do some modifications:
1. I added 10 MA to daily and 4Hr charts. Below MA sell and above Buy.
See EUR/USD chart as example.
Edit resutls: (On December 11)
