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  • #5,361
  • Oct 2, 2016 12:29am Oct 2, 2016 12:29am
Quoting Bk8
{quote} I am not sure whats going on.... I do not think you or any other contributors have to apologies for anything. Please keep contributing.. without you guys this thread will die soon...
Hi Bk8,
YES there is a member that needs to apologise. Their replies were very condescending and arrogant. They were proved wrong in their replies, and I am personally still waiting for an apology. Twice I have been treated with disrespect and it should not happen again without some recourse.
Thanks
  • #5,362
  • Edited Apr 23, 2018 8:31pm Oct 2, 2016 1:21am | Edited Apr 23, 2018 8:31pm
This is from PDF on clipboard under Davit's Philosophy.Obviously changed the title for copy rights reasons

Chapter 24
FORGIVENESS
One of the biggest problems I see with traders is that they refuse to forgive themselves for
trading mistakes. This causes a much bigger problem than most people realize. You see, when
you make a trading mistake, you need to forgive yourself for making that mistake.
But the thing is many people do not forgive themselves for their mistakes. In fact, they
do quite the opposite. They beat themselves up and continually picture what they did wrong in
vivid detail. This is the very worst thing you can do after making a mistake, trading or otherwise.
Forgiveness is a key concept in Psycho-Cybernetics. As weve just learned about how
our subconscious works, we know that if we continually picture in vivid detail something, it
causes that picture to come true for us. Or it at least makes it much more likely for it to come
true. So it only makes sense that if we make a mistake, we must forget that mistake and forgive
ourselves completely. If, on the other hand, we dont forgive ourselves and relive the mistake in
our minds again and again, what do you think is going to happen?
Its obvious that we will repeat the mistake. This happens because our subconscious does
not care whether we give it good or bad information, it simply sees the clear pictures we give it
and tries to act it out in our lives. Obviously, it can only act this picture out if its within our
capabilities. And I think we all know that making trading mistakes is quite within our
capabilities.
This is the reason it is so important to forgive ourselves when we make a mistake or an
error. If we dont, we are likely to relive the mistake in our minds and then most likely project it
onto our trading. This will cause big problems.
If you think back, Im sure can you think of times where you made mistakes and beat
yourself up for it. Not forgiving yourself, no matter what the mistake, will bring out the worst
emotions. Remorse, regret, self-doubt, and guilt all come with not forgiving ourselves for a past
mistake.
Youve heard it all before. Im sure youve been told to forget a past losing trade and
move on to the next one. Emotions are used correctly and appropriately when it applies to
something in the present time. Since we cannot live in the past, we cant appropriately react
emotionally to the past.
As Dr. Maltz says, The past can be simply written off, closed, forgotten, insofar as our
emotional reactions are concerned. We do not need to take an emotional position one way or the
other regarding detours that might have taken us off course in the past. The important thing is
our present direction and our present goal. We need to recognize our own errors as mistakes.

Otherwise, we could not correct our course and steering or guidance would be impossible. But it
is futile and fatal to hate or condemn ourselves for our mistakes.
One of the biggest reasons people get into losing streaks while trading is because they
confuse their losing trades with themselves. In other words, we conclude that because we had a
losing trade or a series of losing trades, we are a losing trader.
But the important thing to remember here is we are not our losing trades. Losing trades
are part of trading. There isnt a single trader in the world who doesnt have losing trades. The
only way to avoid them is not to trade in the first place. You cannot be a successful trader until
you take mistakes and losing trades for what they really are. They are simply by-products in the
trading game and need to be used to gain learning and understanding. But in no way do they
define us as a person.
But that is where the big problem comes in. Many people let their losing trades and
mistakes define them. If they're having trouble and have had a series of losing trades, they start
to think of themselves as a loser. They continually think of themselves in that way. As we know
from before, this kind of thinking will just bring on more of the same.
Forgiving yourself completely is the only way to avoid this trouble. You are not your
mistakes and losing trades. You must put the past behind you and go forward. Holding a grudge
against yourself only hurts yourself. Forgive yourself, its the only way to be successful.

Above its extremely important paradigm shift how you see trading and how you see mistakes and losers.To me its where one should be ideally or strive to reach.Once you truly grasp probability factor of my system then a loser is just a statistic by product of sample..Its all probability over series of trades and like MD says on my 1st page "You don’t need to know what is going to happen next in order to make money." Its so simple and profound same time. I still get chills reading simple things like this by Mark Douglas

{ copyrighted attachment deleted by staff }
  • #5,363
  • Oct 2, 2016 1:23am Oct 2, 2016 1:23am
My point to above post is:

If you are weak to take risk, can't accept losses, afraid to open trade, don't believe yourself and relay on system, you have psychological problems rather than trading inefficiency.
  • #5,364
  • Oct 2, 2016 1:58am Oct 2, 2016 1:58am
Quoting monaghan
{quote} i have been trading almost identical to DK8 for some time now, purely coincidental, he has a great simple system, i will never change from this way of trading Conclusion : my results speak for themselves, one small looser this week, and two winning LIVe trades, i finished the week and the month in profit Good Luck to all.
hi monaghan,
don`t know if you'll come back and your pm feature is turned off so I post my question here.
you say you`re trading almost identical to Bk8, but Bk8 had 11 trades last week and you 3 trades only.
I know you`re on an other eod than Bk8, but that doesn`t explain the difference in the amount of trades taken last week.
can only assume its at least partly explained by resistance within the last swing while Bk8 looks more to the high/low of the swing relative to the entry point.
could you clarify why you did not take a lot of these 11 trades last week on here or send me a pm please.
thank you for your time.
  • #5,365
  • Oct 2, 2016 2:34am Oct 2, 2016 2:34am
Good morning all
I personally think that we are learning from each other and we have all had a BAD week...this system needs the contributors like Ghibli, monaghan, yonnie, deankenny21, Fx-Flux and many others to remain and contribute , share their thoughts and advise newbies and the most important support this system and BK8 to continue with success for everybody's benefit. Please be strong Don't give it up...See you all to day @ 23:00 GMT +1...
God bless you All.
Human beings are members of a whole, In creation of one essence and sol.
  • #5,366
  • Oct 2, 2016 2:44am Oct 2, 2016 2:44am
Quoting yonnie
{quote} hi monaghan, don`t know if you'll come back and your pm feature is turned off so I post my question here. you say you`re trading almost identical to Bk8, but Bk8 had 11 trades last week and you 3 trades only. I know you`re on an other eod than Bk8, but that doesn`t explain the difference in the amount of trades taken last week. can only assume its at least partly explained by resistance within the last swing while Bk8 looks more to the high/low of the swing relative to the entry point. could you clarify why you did not take a lot of these...
Morning Yonnie
no problem, i was hanging on until the three months of testing was up, i think it was that period of time for testing our additions to BK8's system, my system was the same but i had added my daily range indicator, if you go back and look at some of my past charts you will see it, pink and green line, i normally take my first profit there, move my stop to break even at that point and close half the trade, i then let that half run as per BK8's rules, also i am very big on candle patterns, as well as S@R, my indicator also has the 200 SMA's for all time frames, it also shows the S@R closes, thats why i never post results as i don't want to confuse other traders, and to add i am trading the GMT -5 daily Candle, to conclude BK8's pip count is normally much higher than mine where as my losers are smaller, i trade this way as i don't have the balls to suffer the large stop's as i am trading a fairly big lot size in comparison, also i try not to trade Monday morning or Friday and i don't leave trades in at the weekend as Oanda spreads last week 60 pips just for GBP NZ, that alone is 240 USD for me just to be in the trade, to conclude, the sma, bollinger bands daily candle basic rules of BK8's entry are the same, Correlation also plays a big part, gut feel which cannot be explained goes a long way to,
all the best Yonnie, glad you are back.
  • #5,367
  • Oct 2, 2016 5:25am Oct 2, 2016 5:25am
have you checked usdchf? this setup is valid per rule
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.PNG Size: 43 KB
  • #5,368
  • Oct 2, 2016 5:47am Oct 2, 2016 5:47am
Quoting tobymarshall
have you checked usdchf? this setup is valid per rule {image}
No it is sideway
  • #5,369
  • Oct 2, 2016 5:53am Oct 2, 2016 5:53am
Quoting tobymarshall
have you checked usdchf? this setup is valid per rule {image}
You are only checking SMA5 line + price on top. Did you notice that price couldn't break. Did you see left side of the chart? How many times price crossed through SMA5? Almost every single day.
  • #5,370
  • Oct 2, 2016 6:28am Oct 2, 2016 6:28am
hi monaghan,
thank you for your informative post.
I think that you influenced Bk8 in having 2 positions and closing the first one early and let the second one run.
will have a look at your charts later. thank you.
  • #5,371
  • Oct 2, 2016 6:29am Oct 2, 2016 6:29am
Quoting Bestof27
{quote} No it is sideway
+ large wick, so lost momentum to go up.
  • #5,372
  • Oct 2, 2016 6:53am Oct 2, 2016 6:53am
Quoting speedytina
{quote} Hi martyhype; When you say "let second position run until I came across a new setup", am I correct to assume that you mean a valid new setup in the opposite direction? I know that it is probably obvious but I just want to make sure I understand correctly. Thanks
Hi , yes that is what I mean.regards
It's not about how much you make, it's about how much you don't lose
  • #5,373
  • Oct 2, 2016 7:01am Oct 2, 2016 7:01am
Quoting yonnie
{quote} + large wick, so lost momentum to go up.
Hi Yonnie I am new here and learning. Some places call this a bullish engulfing candle although it did close at resistance. If it closed above resistance would you take it?
Thanks
Ray
  • #5,374
  • Oct 2, 2016 7:56am Oct 2, 2016 7:56am
i have some suggestion for u all.
1. Dont trade the pair which have fundamental news during the day.
2. Use H1 for entry ( triggered by stocastic oscilator and RsI)
3. U should analysis for trendline on H1 and D1, if there is trendline, entry the same way with the trend.
This week, i lost 2 trades of 7 trades. Sorry if my grammar is bad, goodluck guys.
  • #5,375
  • Oct 2, 2016 8:41am Oct 2, 2016 8:41am
Quoting Blackeagle
Net Results 185 pips Loss from Closed trades 194 pips Floating Loss 5 trades, 4 Losses, 1 Win (including open trades) ps. Above are hypothetical results. Not live trades. Individual results may vary depending on the broker and interpretation of sideways market. Regards, Blackeagle
I was still profitable beacuse G/A,A/U and E/A gave 300+ pips this week
on top of that A/J and C/J were profitable
  • #5,376
  • Oct 2, 2016 9:08am Oct 2, 2016 9:08am
Quoting hammadshahir
{quote} You are only checking SMA5 line + price on top. Did you notice that price couldn't break. Did you see left side of the chart? How many times price crossed through SMA5? Almost every single day.
same goes for eur/chf ? except for long wick. Does this make it a sideways market? What do we do 2morrow?
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHF D1 (10-02-2016 1605).png Size: 53 KB
  • #5,377
  • Oct 2, 2016 9:17am Oct 2, 2016 9:17am
How would GBP/JPY qualify for a late entry?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY D1 (10-02-2016 1616).png Size: 57 KB
  • #5,378
  • Oct 2, 2016 9:19am Oct 2, 2016 9:19am
btw apologies for breaking in to this thread just like throwing in some charts. I am a newbie here, hoping to have the guts to stay after your heavy losses last week.
  • #5,379
  • Oct 2, 2016 9:23am Oct 2, 2016 9:23am
EUR/AUD with higher highs and higher lows over the last weeks.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD D1 (10-02-2016 1622).png Size: 52 KB
  • #5,380
  • Oct 2, 2016 9:52am Oct 2, 2016 9:52am
Quoting arielcorp
{quote} Hi Bk8, YES there is a member that needs to apologise. Their replies were very condescending and arrogant. They were proved wrong in their replies, and I am personally still waiting for an apology. Twice I have been treated with disrespect and it should not happen again without some recourse. Thanks
Sorry about that......As I mentioned earlier, This thread should not be used to showcase individuals ability/expertise...

Purpose of this thread is to help traders who are looking for some guidence for stress free trading and long term profit.
Obviously I can not do alone, so I need contribution from other traders who have same thought process and want to help others since most of us gone through rough phase and we do not want others to suffer.

Lets ignore pessimists and keep moving towards our goal.
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