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The Trader's Academy - by Traders for Traders

  • #501
  • Feb 1, 2016 9:02am Feb 1, 2016 9:02am
I did post this somewhere above, but anyone using really small time frames to trade off, ie, 5,10, or 20 seconds, who is also using MACD, I found that rather than the standard formation of 12/26/9, a 65/100/15 will smooth the ribbon out nicely and even give you trading signals, though as always you will need to have another couple of confirmatory indicators with it. I don't use it on bigger time frames then these, because the standard formation, say on the 1m and above, will work better for diversion.
  • #502
  • Feb 1, 2016 10:46pm Feb 1, 2016 10:46pm
Thanks Cat and everyone else for your input ! Greatly appreciated !

As someone said few pages back trading can be a lonely pursuit. In times of difficulties you have no one else to turn to who will understand what you are going through but yourself. Sometimes you don't even know whats going on or oftentimes we simply don't want to face it. It's funny how we see fault in everyone else so easily and yet refuse to recognise one in ourselves ? I'm sorry if I'm rambling a lot lately, I had to. And in the end we all come to a resolution. That's what I like about forex forums. How introverted and independent one may claim out to be, I think in the end we all would like a companion of other traders. As Medici put fear of losing and fear of missing out is universal which I agree but often I forget. Without the interaction of other traders and forums such as these its easy to get lost in your thoughts - often negative thoughts and lose sight.

Quoting medici
{quote} Thank you for sharing. I'd like to add to Cat's point on putting things in perspective. First of all, it's not about the size of your current account, assets, or liabilities - the psychological challenges are if not identical then essentially the same, as the example of Jesse Livermore shows. He had a working system, he was a talented trader, yet he made and lost millions many times over. The challenges you describe - fear of losing, and fear of missing out - are universal. As the short video with Terry Griffiths that I posted last weekend...
Brilliant post ! Medici
On constantly sharpening the sword. I think Cat and you're both absolutely right.
You shouldn't sit still just because you think you've got it. Because you're against yourself.
...
  • #503
  • Feb 2, 2016 2:08am Feb 2, 2016 2:08am
Haha...this is why I never visit the big threads...left a short post on the eur'usd thread this morning asking if anyone uses Intertrader - I got no reply except someone started ignoring me within 5 mins.
  • #504
  • Feb 2, 2016 4:04am Feb 2, 2016 4:04am
A word on chart patterns. I have Thomas Bulkowski's seminal work on the subject, a massive book that'll frighten the living daylights out of you if you are new to trading. Better I think to do a Google search. there are several key patterns any trader has to watch out for. You'll see one of them right now if you look at the hourly Dax 30 DFB chart, which is a great looking head and shoulder pattern, with the left shoulder ( as we look at it ) on Jan 25 @9861, then a higher high on the 27th Jan, and then yesterday's right shoulder at 9851. Such a pattern is very bearish and can be anticipated. If it conforms, you sell as soon as you have confirmation and a decent entry.
  • #505
  • Feb 2, 2016 5:05am Feb 2, 2016 5:05am
As we're in the mid-morning lull, I thought I'd write something short about our working environment, because it's crucial. If you're like me and work from home, what is happening at home can have a big influence on your trading. The working environment should be calm and organized - no screaming kids, barking dogs or nagging partner, none of which are not good accompaniments to trading.

Because other people such as loved ones are not necessarily able to see any value in what you do as a trader, especially if the money is not exactly flowing in, then this can quickly lead to friction, rows, even resentment, all of which, in your working environment, are likely to be highly damaging to your efforts to trade successfully.

I speak about this because I have been there and so I am assuming that my experience is not a one off and that there are many people out there, struggling to make money trading in an environment that is far from conducive to doing so.

I cannot offer any advice really as each case is different, except to urge people against trading if they are suffering from domestic stress. It can be a catch 22 situation of course because you need to trade but doing so can make the situation worse, which is why actually, it's better to have at least some form of supplementary income until your trading can stand on its own two feet.

This post goes back to one I made earlier in this thread about traders receiving little sympathy or support from others, especially when those others, as is the case more often than not, know nothing about what being a trader really means and view it as no more than a form of gambling. In short, it's a difficult one and accounts I'm sure for many traders who fail to go the distance.
  • #506
  • Feb 2, 2016 5:38am Feb 2, 2016 5:38am
Quoting cat
As we're in the mid-morning lull, I thought I'd write something short about our working environment, because it's crucial. If you're like me and work from home, what is happening at home can have a big influence on your trading. The working environment should be calm and organized - no screaming kids, barking dogs or nagging partner, none of which are not good accompaniments to trading. Because other people such as loved ones are not necessarily able to see any value in what you do as a trader, especially if the money is not exactly flowing in,...
Good post I can attest to what you are saying. Looking back over the past year, the less good months were all related to stresses in my personal life, which can have a subtle, almost imperceptible, influence.
  • #507
  • Feb 2, 2016 5:47am Feb 2, 2016 5:47am
Quoting medici
{quote} Good post I can attest to what you are saying. Looking back over the past year, the less good months were all related to stresses in my personal life, which can have a subtle, almost imperceptible, influence.
Yes I agree. Keeping positive during these times is difficult, but it's vital to continue trading. What always helped me and helps me keep on top of things today is regular exercise. Whether this is walking, running, going to the gym, cycling, whatever, this is critical as it keeps those positive endorphins feeding into the brain. I also took yoga up a few years ago, so this is how I start the day. Helps me big time.
  • #508
  • Feb 2, 2016 6:00am Feb 2, 2016 6:00am
Anyone looking to get into yoga, this is a brilliant book containing 5 simple exercises which can, if done everyday, have a dramatically positive effect on your mental and physical health. The exercises are online, but the book is a good read anyway. They can of course be broadened into a fuller exercise routine.

The way I see it is that we as traders need every single bit of weaponry that we can acquire in our armoury, and neglecting our physical and mental well being can only be to our detriment. We have to work every bit as hard on these as we do on everything else.
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  • #509
  • Feb 2, 2016 6:15am Feb 2, 2016 6:15am
Quoting cat
{quote} Yes I agree. Keeping positive during these times is difficult, but it's vital to continue trading. What always helped me and helps me keep on top of things today is regular exercise. Whether this is walking, running, going to the gym, cycling, whatever, this is critical as it keeps those positive endorphins feeding into the brain. I also took yoga up a few years ago, so this is how I start the day. Helps me big time.
Ditto 1-2 hours a day for me. My morning routine is this - the extended version, so close to 20 minutes.

http://www.amazon.co.uk/Minutes-Magi...nutes+of+magic
  • #510
  • Feb 2, 2016 6:25am Feb 2, 2016 6:25am
Quoting medici
{quote} Ditto 1-2 hours a day for me. My morning routine is this - the extended version, so close to 20 minutes. http://www.amazon.co.uk/Minutes-Magi...nutes+of+magic
  • #511
  • Feb 2, 2016 6:47am Feb 2, 2016 6:47am
Trend lines...put them in wherever you can, for added to your other indicators, they are a powerful compliment as you can see from this 3 minute Dax chart from the 27th.
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  • #512
  • Feb 2, 2016 4:19pm Feb 2, 2016 4:19pm
Cat,

Thank you for the great thread. It's been a pleasure to read through all the great advice and understand the different methods that traders are using. What I've seen throughout this thread is successful trades with great descriptions but is there a possibility you can show an example of a losing trade you had and your reasoning for getting into the trade?
  • #513
  • Feb 2, 2016 5:33pm Feb 2, 2016 5:33pm
Quoting medici
{quote} Before you go, a few parting words if you don't mind. I think you're right. There's a lot of scammers and posers out there. What reason would you have to trust any of them? Only your own judgement. And that's how I hope you and everybody else engage with things posted anonymously on forums like this one - at face value, using your own judgement. A less useful way of engaging would be to invest too much into whether a person behind some anonymous avatar is a hero or villain, or somewhere in between. Ultimately, you only know their posts,...
Ok since this post is directed to me I think its only proper that I respond even though I was kicked out by the O/P. One quality that really strike me about you is your flowing style of writing and your lucid articulation of your thoughts and your stance. Its like reading a nice book. I wish to be just a fraction like you. Unfortunately I am a trader and maybe this is the reason. Actually my intention with my first post here is not meant to be critical of anybody especially the O/P whom I have reason to believe is a very fine person, basically it is to inject some punful and pointed observations of mine of this whole forum which is understandably and unfortunately received in a very negative light and thus being regarded as rubbish which I regrettably accept. I thought I could contribute a lot more to this and I was wrong. I still believe this is a good thread and I especially like the title `Academy`associated with it. Anyway thank you for your frank opinion of what transpired with my earlier post and I wish nothing but the best for you and the O/P Ms Cat and all the rests who have helped contribute to make this thread it intended to be.

Cheers

GS
  • #514
  • Feb 2, 2016 9:33pm Feb 2, 2016 9:33pm
Quoting tasoss21
Cat, Thank you for the great thread. It's been a pleasure to read through all the great advice and understand the different methods that traders are using. What I've seen throughout this thread is successful trades with great descriptions but is there a possibility you can show an example of a losing trade you had and your reasoning for getting into the trade?
I learn a lot more from my losing trades than from my winning ones, that's where I find out about my mistakes or any code glitches. Here are 2 trade setups that did not win yesterday. Nothing wrong with them but we can't always win without loses, that's a fact which we have to accept. You will notice that I got stopped out in under a few seconds and another within the next minute, don't have to wait very long to find out that's the nature of my trading style which is not for everyone. The NZU trade was in 1:1 RR but I held on for more and the market swing back twice to take my sl at be(automated reset), too bad and onward to the next.

http://i.imgur.com/5IZui1m.png
  • #515
  • Feb 2, 2016 9:42pm Feb 2, 2016 9:42pm
Quoting genghistar
{quote} Ok since this post is directed to me I think its only proper that I respond even though I was kicked out by the O/P. One quality that really strike me about you is your flowing style of writing and your lucid articulation of your thoughts and your stance. Its like reading a nice book. I wish to be just a fraction like you. Unfortunately I am a trader and maybe this is the reason. Actually my intention with my first post here is not meant to be critical of anybody especially the O/P whom I have reason to believe is a very fine person, basically...
I read your original post. I think you might have been misunderstood about your intention for making that post. Anyway, if you have any positive stuff which is helpful to us traders, do post so that we can learn from it (I assume OP won't mind.)

You mentioned about "the median and the tipping points/levels" in another thread. Can you shed more light about this and how you determine this levels ? TQ
  • #516
  • Feb 2, 2016 11:43pm Feb 2, 2016 11:43pm
Quoting cat
Trend lines...put them in wherever you can, for added to your other indicators, they are a powerful compliment as you can see from this 3 minute Dax chart from the 27th. {image}
Been drawing them everywhere . I don't how it works on higher TFs I wasn't a big fan of trend lines. I don't know why. Although my system that I used to trade from 30min produced decent results, something was off with sell signals. Double top, lower highs and usually certain times of the day I would pull the trigger. I had equities up until I knew my position was timely done and safe. I think I have found a simpler approach to do what I failed to excel on 30min chart on 30 sec chart.
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  • #517
  • Feb 2, 2016 11:49pm Feb 2, 2016 11:49pm
Quoting skyway
{quote} I learn a lot more from my losing trades than from my winning ones, that's where I find out about my mistakes or any code glitches. Here are 2 trade setups that did not win yesterday. Nothing wrong with them but we can't always win without loses, that's a fact which we have to accept. You will notice that I got stopped out in under a few seconds and another within the next minute, don't have to wait very long to find out that's the nature of my trading style which is not for everyone. The NZU trade was in 1:1 RR but I held on for more and...
Was this your entry ? Nice job either way it looks like the trade worked itself out. There were plenty of 1:2 setups earlier today. I haven't taken any. Just been recording every pattern. Asia was risk off, I think EUR crosses may pull back a little before setting up for a move up further.
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  • #518
  • Feb 3, 2016 1:26am Feb 3, 2016 1:26am
Quoting tasoss21
Cat, Thank you for the great thread. It's been a pleasure to read through all the great advice and understand the different methods that traders are using. What I've seen throughout this thread is successful trades with great descriptions but is there a possibility you can show an example of a losing trade you had and your reasoning for getting into the trade?
No problem, I will oblige with my next losing trade.
  • #519
  • Feb 3, 2016 1:57am Feb 3, 2016 1:57am
Quoting genghistar
{quote} I thought I could contribute a lot more to this and I was wrong... Cheers GS
Anyone is welcome here, yourself included as an experienced trader from whom others can hopefully learn, provided your posts go further than your original one which was a straightforward criticism of me and others like me who are trying to help others - not show off or try to make out that they are something they are not, which may well be the case with some people, but not me. If people such as yourself see it otherwise, that's perfectly okay with me, this thread is not for them. As I said at the start, you like something or you don't - if you don't you stay away, if you do, you get involved in a constructive way. If you would now like to do so, then that's great, I will be happy to have your contribution as will others I am sure.
  • #520
  • Feb 3, 2016 6:33am Feb 3, 2016 6:33am

Diary of a contra trend trader (by accident!), day 2065.


Yesterday, I got underwater yet again. My bad! Anyhow, I was not troubled as much as I was annoyed with myself. Again.

I managed to mitigate the situation with scalping on the wrong side of the trend. Enough of that!


I was in US30 long and watched it hit me for 150points. I did not take my medicine. When will I learn?


Then very late last night, having watched US30 for hours, I entered a long at pretty much at my preceived sweet spot (16080). MAs on 1M were telling me that. My target was 16220. I dreamt that I would be saved for another day. It was 3am! I crashed out.


My mobile rings at 5am. I am glad it was not on silent. It was my 80 year old mother who doesn’t live far from me. She had tripped on her way to the toilet. She couldn’t get up. She had crawled to get to the phone to call me. So, I dashed down to help her and got back to bed having had a quick check on my position. It was going in the right direction.


I woke up at 10am and saw the bus had arrived and returned. Damn!


With price action as was, I closed the position for a small gain but reassessed the situation at 11am. I opened another long at 16160. My target is 16320. Just my hunch!


Ho hum, another day of staring at the screen for a contra trend trader.


Feel free to shoot me down. I need it.

None the wiser!
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