you must be enjoying your holiday in ITALY 
- #802
- Apr 5, 2016 6:27pm Apr 5, 2016 6:27pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} I respect MasterMind but this is a practical example of how hard trading is and the emotional battle that traders go through, even a "Seasoned Trader"like mastermind can fall trap of this, this is a classic text book example. A trader goes against his system and emotionaly he starts to panic and change some stuff on his strategy: {quote} He calls it a learning exercise but deep down he is hoping that price goes back up to his profit target, right now he is not in control and each time you are in that place of not being in control the markets...
However, you have missed the point totally with respect to this QAM strategy (as have several other traders)
This thread is to outline many many examples of the good, the bad and the ugly.
How to manage such cycles by being very aware of what can occur on a day to day basis trading the markets.
I took the longs on the CADJPY pair intentionally!
This should be very very obvious to any trader because clearly it was in a direction that was against the flow of the JPY.
As stated look at the direction of the 1st few cycles I took yesterday with JPY attached?
Which way did I trade them?
Why did I trade them this way?
Please read the thread far more carefully in the future before you make silly comments that have no benefit whatsoever!
This is not a red/green or other simple type trading system it is far more mentally involved.
The QAM system is methodical, discretionary including accounting for risk on a cycle by cycle basis so that should a trader get caught up in a bad cycle they have the tools to monitor and manage the open trades.
Many times I have stated the following:
1. This thread is a learning thread including good, bad and ugly cycles of trades (and it will continue to be)
2. I take well thought out cycles.
3. I take random cycles
4. I take any other type of cycles
Points 1 through 4 are to show traders what to be aware of, what can happen and how best to monitor and manage their trades!
There is no hidden agenda in starting this thread it was started due to other traders asking me to start a thread (not me personally)
Don't you think that if I wanted a really big gathering of traders that I would trade the demo account as profitably as possible.
Wouldn't that make better sense!
Please read the thread, do your research and you'll clearly see what has been mentioned several times.
Constructive criticism is always welcome I have no problem at all with that including asking questions.
However, deliberate negativity that serves no useful purpose will not be tolerated.
ps. I carry no other aliases on the FF forum only Masterrmind because I will only ever need the ONE!
Have a nice day!
Good trading,
Masterrmind............
Master your Mind then Master your Trades
- #803
- Apr 5, 2016 6:32pm Apr 5, 2016 6:32pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
you must be enjoying your holiday in ITALY
I live in Australia but others think I live in Italy ..... how wonderful!
Masterrmind............
Master your Mind then Master your Trades
- #804
- Apr 5, 2016 6:40pm Apr 5, 2016 6:40pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
@ Soros ..........
Read Post#786 regarding the CADJPY longs.
What do you understand?
Should be quite clear I think.
Masterrmind............
Read Post#786 regarding the CADJPY longs.
What do you understand?
Should be quite clear I think.
Masterrmind............
Master your Mind then Master your Trades
- #805
- Apr 5, 2016 6:54pm Apr 5, 2016 6:54pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
CADJPY [M15; 10 - manual]
Main points are as follows:
1. over 2% had been gained on the account in about 30 minutes so this should have been plenty to stop trading
2. be careful taking cycles against the flow of a currency .... the JPY was clearly strong so trade cycles in the same direction (or minimize risk). This infers waiting for price to pullback, a Q box generated for a sell and then onto it to the downside
3. taking very late cycles can be dangerous as shown here
4. note also that by allowing the CADJPY example to continue to run overnight, risk is increased and the main issue is that come the following trading day most of your assigned equity to trade is tied up in a cycle that should not have been traded in the first place
5. this translates into tying up money that cannot be used should a great cycle present itself TODAY.
Now we must babysit the CADJPY pair for perhaps several hours which is not making the best use of our account.
Hope this helps but most points are common sense however it usually helps to outline the main points.
Masterrmind.............
Main points are as follows:
1. over 2% had been gained on the account in about 30 minutes so this should have been plenty to stop trading
2. be careful taking cycles against the flow of a currency .... the JPY was clearly strong so trade cycles in the same direction (or minimize risk). This infers waiting for price to pullback, a Q box generated for a sell and then onto it to the downside
3. taking very late cycles can be dangerous as shown here
4. note also that by allowing the CADJPY example to continue to run overnight, risk is increased and the main issue is that come the following trading day most of your assigned equity to trade is tied up in a cycle that should not have been traded in the first place
5. this translates into tying up money that cannot be used should a great cycle present itself TODAY.
Now we must babysit the CADJPY pair for perhaps several hours which is not making the best use of our account.
Hope this helps but most points are common sense however it usually helps to outline the main points.
Masterrmind.............
Master your Mind then Master your Trades
- #806
- Apr 5, 2016 7:05pm Apr 5, 2016 7:05pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
You traded AUDJPY (Short) and AUD/USD (Short) both wins. AUDJPY and AUDUSD seem to be in syncro today , infact both short, both wins. Then you traded AUDUSD (short) and CADJPY (long) which is risky because this pair is more likely to go down. Maybe this is one possible answer to not take that buy trade, plus the trade was taken outside the trading window ( i'm still reading pag 15 so i don't know if something is changed) Shuael
Spot on and thank you for the input.
Remember always that the trader is responsible for entering or not entering cycles of trades so watch the PA, be aware of any impact news, try to open cycles in the direction of strength if such a direction exists and just remember that if a cycle does not feel right to enter then possibly it should not be entered at all. You can always test the waters however, by entering only a very small number of trades and then monitor them, add to them later if appropriate or close them out quickly once you realize you got the direction wrong.
Good trading,
Masterrmind.............
Master your Mind then Master your Trades
- #807
- Apr 5, 2016 7:12pm Apr 5, 2016 7:12pm
- Joined Sep 2012 | Status: Edge,Phsycology And Money Managemen | 1,011 Posts
I am what Many Dream to be but only a few can achieve, im a part of the 1%
- #808
- Apr 5, 2016 8:15pm Apr 5, 2016 8:15pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Everything that has happened and that was being saith further proves the truth in my words i wrote above, its evident throughout and any good trader will be able to notice, but for the sake of peace let us agree to disagree.
http://www.forexfactory.com/showthread.php?p=8855664
Since this account will be traded to take the best cycles from the best setups as I see it!
There will be losing trades and probably some losing cycles.
However it will be my intention to make only good trades NOT bad as it is preferable to grow the account hopefully into a much larger account.
Time will tell!
ps. Unfortunately I see no truth in your words at all but that's just my opinion.
All the best in your trading,
Masterrmind..............
Master your Mind then Master your Trades
- #809
- Apr 5, 2016 9:04pm Apr 5, 2016 9:04pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
CADJPY [M15; 10 - manual]
The pivot point is proving to be a major obstacle to the progression of price to the upside.....
Masterrmind..........
The pivot point is proving to be a major obstacle to the progression of price to the upside.....
Masterrmind..........
Master your Mind then Master your Trades
- #810
- Apr 6, 2016 1:26am Apr 6, 2016 1:26am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
CADJPY [M15; 10 - manual] {image} The pivot point is proving to be a major obstacle to the progression of price to the upside..... Masterrmind..........
Although price has been slowly trending up since the start of todays trading session the situation has remained pretty much the same!
I see no reason to close out trade(s) or the whole cycle at this stage.
Therefore, continue to monitor the pair as before.
Masterrmind...........
Master your Mind then Master your Trades
Hi all
Trade i entered yesterday after the london close. It was a mistake, it was very risky, i closed it as soon as possible. Should had wait the next signals ( which i didn't take)
What do you think i should have done?
Was it better to leave this pair alone?
EUR/GBP ( 1 min - 200)
The spread remains the same as during the london session ( aroun 1 pip + commissions)
Shuael
Trade i entered yesterday after the london close. It was a mistake, it was very risky, i closed it as soon as possible. Should had wait the next signals ( which i didn't take)
What do you think i should have done?
Was it better to leave this pair alone?
EUR/GBP ( 1 min - 200)
The spread remains the same as during the london session ( aroun 1 pip + commissions)
Shuael
- #812
- Apr 6, 2016 5:41am Apr 6, 2016 5:41am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Hi all Trade i entered yesterday after the london close. It was a mistake, it was very risky, i closed it as soon as possible. Should had wait the next signals ( which i didn't take) What do you think i should have done? Was it better to leave this pair alone? EUR/GBP ( 1 min - 200) {image} The spread remains the same as during the london session ( aroun 1 pip + commissions) Shuael
I have London Close 1 hour later than what you have marked on your chart.
Price respected the mid R level just above your entries.
What SL did you apply in pips because you really should not have been stopped out?
What risk% per trade or per cycle are you applying?
I'm thinking that if your stops are so tight perhaps consider reducing the lot size and increasing your stop.
Your stop should have been placed at least 10-20 pips above mid R level (so at least 20 pips above 0.80565)
My chart shows that all shorts taken after London close produced clean winners of about 10 -15 pips!
Look to take shorts from key (or mid) resistance zones especially after price has stalled (failed to keep momentum up and push price higher) and on a clear sign of at least a few bearish candles (especially true on an M1 TF).
Many times price will show the bearish intent and look like its headed down but the bulls often return and take price back up to test the most recent highs again.
When this occurs look for bearish intent as this can offer very good shorting opportunities (if price breaks up higher simply wait and watch PA).
Shorts from where you took them looked ok to me I just think your stops are far too tight, give it some more room to breathe ie a larger stop.
ps. Check your London Close time as I think you have it wrong because once London closes there are only 5 trading hours until the end of the day!
Masterrmind............
Master your Mind then Master your Trades
You're right about the London close, that was my mistake, i checked wrong site with wrong data. 
I wasn't stopped out , i closed the trade in profit, 3 pips.
I went short too early due to the time mistake. and closed the trade immediately after the price bounced on the trend line.
My risk is as low as possible , 1000 units per trade. ( 30 pips global sl)
My stop loss was near the resistence lvl, about 15-20 pips away ( i monitored closely the trade). Near the daily resistence level.
The points i pointed out on my chart is where i actually had to enter the trade, as you said.
I was just afraid to reenter .
Shuael
I wasn't stopped out , i closed the trade in profit, 3 pips.
I went short too early due to the time mistake. and closed the trade immediately after the price bounced on the trend line.
My risk is as low as possible , 1000 units per trade. ( 30 pips global sl)
My stop loss was near the resistence lvl, about 15-20 pips away ( i monitored closely the trade). Near the daily resistence level.
The points i pointed out on my chart is where i actually had to enter the trade, as you said.
I was just afraid to reenter .
Shuael
- #814
- Apr 6, 2016 6:15am Apr 6, 2016 6:15am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
You're right about the London close, that was my mistake, i checked wrong site with wrong data.
If you are demo trading keep looking for trades in your preferred trading window (London Close offers some great opportunities).
Closing trades out too early is a common fault with many traders no matter how much the experience.
It is something that cannot be perfected ... only improved .... so best idea is to practice as much as possible.
Now that the London Close time is sorted out let me know how your next cycle of trades perform.
Try to go through a systematic approach and think about all the factors outlined in this thread ..... it needs to become automatic!
Trading after London Close and after price headed up closer to the mid R level certainly offered some reasonable pips!
Masterrmind...........
Master your Mind then Master your Trades
- #815
- Edited 4:55pm Apr 6, 2016 3:18pm | Edited 4:55pm
EURCHF (1M - 200)
Took the first short cycle 10 pips from the the Pivot point, don't worth trading as you said, closed in BE before usd red news.
The second trade also opened far away from my intention. My sl was above the R1(9-10 pips). TP near S1(22pips, average range of this pair) or Pivot (10 pips)
There was also a nice setup on EURGBP which i didn't take because i saw EURUSD and EURCHF moving in the same direction while the eurgbp was moving in the other
side, for this reason i expected it to move down sooner or later.( which happened at the end of the trading window)
The pairs also reacted differently to the same news.
I guess i could reenter short after the news passed, is it a good idea?
Shuael
Took the first short cycle 10 pips from the the Pivot point, don't worth trading as you said, closed in BE before usd red news.
The second trade also opened far away from my intention. My sl was above the R1(9-10 pips). TP near S1(22pips, average range of this pair) or Pivot (10 pips)
There was also a nice setup on EURGBP which i didn't take because i saw EURUSD and EURCHF moving in the same direction while the eurgbp was moving in the other
side, for this reason i expected it to move down sooner or later.( which happened at the end of the trading window)
The pairs also reacted differently to the same news.
I guess i could reenter short after the news passed, is it a good idea?
Shuael
- #816
- Apr 6, 2016 7:12pm Apr 6, 2016 7:12pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
EURCHF (1M - 200) {image} Took the first short cycle 10 pips from the the Pivot point, don't worth trading as you said, closed in BE before usd red news. The second trade also opened far away from my intention. My sl was above the R1(9-10 pips). TP near S1(22pips, average range of this pair) or Pivot (10 pips) There was also a nice setup on EURGBP which i didn't take because i saw EURUSD and EURCHF moving in the same direction while the eurgbp was moving in the other side, for this reason i expected it to move down sooner or later.( which happened...
I tend to apply SL that are much larger than I see you applying especially on cycles containing multiple trades however, at the end of the day it is you who must decide on a reasonable SL after considering key levels and likely trading window ranges to form an opinion.
News can be very interesting and will move some EUR related pairs opposite to one another so what you need to analyze is the counter (quote) currency.
For example, if the 2 pairs being traded were EURGBP + EURJPY and red news was coming out for the EUR what would you expect to happen in the movements of both pairs if the news was very positive for the EUR based on a very strong recent JPY and a very weak recent GBP.
The answer I can tell you is never that simple to solve but it does depend on the overall reactions of all market participants but more so with the key players not so much the retail traders.
In terms of managing risk it is better in my view to avoid news events that you know from the past have had major influence on the direction of price because it is far too easy to have your positions run into an aggressive DD cycle which is exactly what you do not want!
Once the news has settled down usually evident on the chart by signs of reduced volatility and a return to 'normal' trading ranges then start looking for entries ...... there is no rule to this but at least 30 minutes after the event is a good starting point.
ps. keep posting the charts and making comments because this helps your understanding including those lurking on the sidelines!
Masterrmind............
Master your Mind then Master your Trades
- #817
- Apr 6, 2016 7:51pm Apr 6, 2016 7:51pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} CADJPY [M15; manual] {image} Although price has been slowly trending up since the start of todays trading session the situation has remained pretty much the same! I see no reason to close out trade(s) or the whole cycle at this stage. Therefore, continue to monitor the pair as before. Masterrmind...........
Current situation:
Cycle still running but look how many days the account has been tied up in a risky set of trades and now today it has to run through JPY news events which is also not favorable since price could move either way.
Some pluses of course are where the stops were located!
But this cycle is not making any gains on a daily basis which is what we seek.
Nevertheless, I'll keep the cycle running as its proving to be a useful learning exercise albeit a little boring!
Masterrmind...........
Master your Mind then Master your Trades
- #818
- Apr 7, 2016 5:26am Apr 7, 2016 5:26am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} CADJPY [M15; 10 - manual] Current situation: {image} Cycle still running but look how many days the account has been tied up in a risky set of trades and now today it has to run through JPY news events which is also not favorable since price could move either way. Some pluses of course are where the stops were located! But this cycle is not making any gains on a daily basis which is what we seek. Nevertheless, I'll keep the cycle running as its proving to be a useful learning exercise albeit a little boring! Masterrmind...........
Eventual stop out for the 7 longs.
Summary of Main Learning Points
1. If a cycle or 2 has been profitable during the ATW session then stop trading and be grateful for the gain.
2. The earlier cycles were traded in a direction that respected the JPY strength but the CADJPY was not ....
3. So look for strength in a currency and trade cycles that match
4. By allowing a bad cycle of trades to continue valuable time was wasted when other better cycles could have been traded
5. Was the risk breached assuming an assigned 10% maximum DD?
What other lessons can be learned here?
1. 2 trading days were completely wasted ending in a loss that could have been avoided
2. ??
3. ??
In the end all the great work that was done in the first 3 cycles was completely undone by 1 very bad cycle!
What about the curve?
a) a profitable series cycles
b) a bad series of cycles
c) a profitable series of cycles
d) a bad series of cycles
e) what will the next series of cycles be??
The demo is great for outlining these types of bad cycles but make sure you don't allow this type of terminal trading creep into your trades when you decide to trade live!
Masterrmind............ :nerd:
Master your Mind then Master your Trades
You doubled the max DD .
2- dont' trade near the pivot ( as i've done in the previous trade)
3- Control the currency strenght and don't trade at the end of the trading window.
I know, i was applying such small SL because i noted that EURCHF has 2 types of movements. change direction at the end of london ( usualy with 2-4 trades) or continuing the trend ( with multiple entries)
I don't know if this kind of analysis can work or not, will see
I was thinking to try the CADJPY pair after the London close. It has an average of 42-46 pip range and it has more trades per cycle.
Maybe a 5 - 15 min chart would be better for this kind of pairs.
What do you think?
Shuael
2- dont' trade near the pivot ( as i've done in the previous trade
)3- Control the currency strenght and don't trade at the end of the trading window.
I tend to apply SL that are much larger than I see you applying especially on cycles containing multiple trades however, at the end of the day it is you who must decide on a reasonable SL after considering key levels and likely trading window ranges to form an opinion.
I don't know if this kind of analysis can work or not, will see
I was thinking to try the CADJPY pair after the London close. It has an average of 42-46 pip range and it has more trades per cycle.
Maybe a 5 - 15 min chart would be better for this kind of pairs.
What do you think?
Shuael
- #820
- Apr 7, 2016 6:39am Apr 7, 2016 6:39am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
You doubled the max DD . 2- dont' trade near the pivot ( as i've done in the previous trade
The more you know about them the better.
I'd keep away from trading the CAD pairs actually because they are known to be quite unpredictable at times.
But each to their own if you understand the CAD pairs then give them a go if you wish.
I like your thinking with the TF to suit a certain pair .... this is good thinking and also consider how fast price is or is not moving.
For example,
If price is moving very slow in the ATW session or Post London session on a turtle pair then use an M1 TF.
If price is moving faster then use an M5 TF and
If price is moving very fast say on a fast moving or volatile pair then change to a higher TF such as M15.
Also consider interchanging between different TFs even on the same pair eg start on M5 then move to M1 then up to M15 etc just to get a slightly different look on a given pair.
Don't worry if it feels like a lot of work because initially it will but after some time it will be very automatic and you'll just know when you should be applying different TFs .... The M1, M5 and M15 TFs are the popular ones used but I also use many others including H1 and H4 for longer term trade setups using QAM.
Masterrmind.............
Master your Mind then Master your Trades