From Reckless to Disciplined

I've spent the entire week fighting my demons, failing to stick with my own initial rules, lost plenty of money in the process, but now I'm back. I get frustrated very easily, and as consequence I switch strategies, but this journal is about being honest, so its time to pick myself up, put my shit together and get this damn discipline once and for all. Back to CHOROS

EURUSD: H1 35/50 bounce with H4 10 confluence and Pivot, +10pips



GBPJPY: 35/50 2nd bounce with PA confirmation +12

GU: M5 23 Bounce with RN and Pivot confluence, +8 exited on m1 stall



EU: 35/50 Bounce with Pivot confluence and H1 and H1 10 and 50 ma, +10



GBPJPY: 35/50 Bounce, took profit on RN for +9, but I think It was good for more, however my daily target was reached.

GU: m12 bounce +12pips


GU: Went for a m23 2nd bounce with RN, -15


EJ: H1 35/50 bounce with M15 PA confirmation fail, -15pips


GU: 35/50 Bounce, took too long to TP but ended up with +10


UJ: 10ma touch +10 with RN confluence


GJ: Went for a 10ma bounce, -15

EU: H1 35/50 Touch with RN -15pips


UJ: m15 10 ma first touch, -15pips


EU: 35/50 with RN and H1 +H4 confluences, +15pips


GU: Fist touch of 10ma, +15 with Support confluence


UC: 35/50 Touch with RN, +15pips

i have read you Bio/intro and i think your thread will be beneficiary and encouraging to a beginner like me, coz it is even therapeutic to talk about our frustration in this business of uncertainty with people who can relate with the challenges faced on the road to cinsistent profitability . I have also been trading for a year now and gone through emotional rollercoaster(in fact i am recovering from the effect of one now...lol) there was a time i had thought of quitting, but i bumped into Mark Douglas's(the greatest trading psychologist/coach-according to me) book Trading in the zone, and this rejuvenated my spirit, i did not quit in fact, I made really good trades and the ones that did not work out never frustrated me .But as time progressed I forgot the lessons of the great guy and i begun a 'holy grail' quest. As this quest continued, i made good sums of money especially on the American election even made a withdrawal.looking back, i must have believed...well, i am a profitable trader now...'i am officially in the zone' lol....so I started taking huge risks as my holy grail quest continued, sometimes i did not put a stop loss on.I finally settled on a method/style (which to me made sense and still does), traded it(with my ROTTEN money management skills of cos) and netted a huge gain and this confirmed my thoughts that finally i have the magic bullet!!(even begun daydreaming of trading in a beach house lol)well, my joy was short-lived and i lost all those gains in one session!!
Looking back, i can identify my core problem was and is poor money management and I am now practicing how to avoid this mistake,Not following the rules of my preferred method is also a problem and most importantly, forgetting that trading is a game of probabilities. As long as a style/system suits one's persona the trader can trade it but he/she should be hardwired to THINK IN PROBABILITIES....That's why i am revisiting Mark Douglas's work and i have resolved that my holy Grail quest has ended!!! . But the bright side of the quest is actually finding out later (as i currently am) that u can apply some strategies learned along the way to your preferred style therefore increasing the effectiveness of your edge.
Hoping we get the good discipline and later look back and laugh at our current state.
Cheers

Hey mate, thanks for stopping by. I also appreciate very much the work of Mark Dougles, It helped me a lot.
As you noticed in this business we have to conquer yourself if we want success, the ones who made it have rock solid psychology and very rigid methodology. Discipline is the name of the game, however its also the hardest thing to maintain, there's a platora of skills we have to master before becoming consistent it this simple takes time. For me its taking about 3 years, and still fighting myself. But I'm sure that if we persist we'll get there for sure.

Best regards

UC: First touch of 10ma, -15pips, trade was against the HTF, therefore likely lower probability.


EJ: Not sure if this was the first touch or not, took it anyways -15pips


AU: First touch of 10ma +15pips


GJ: Re-entry on 10ma touch and RN (first ended up BE, decided to enter again because of the Pin against the RN indicating rejection), I was really careful with this one and took 12pips because this counter to the HTF.


Ended up with a BE day. Have a nice weekend all.

Hi, just registered.
I have been trading for a year with very bad results, same story as compositeman.
I have been following the Choros System thread, and think it is a great system, but as you say the real fight is against oneself. No discipline no success.
I will keep trying, mainly with this system.
Just wanted to thank you for sharing your experience with the good and bad trades and wish you the best

Hello friend, you just have to work hard and give it time, stick with one strategy and fight your first impulses, with time it gets easier. At least that's my experience so far.
Indeed CHOROS is an awesome system, but it needs patience and discipline.

best regards

EJ: H1 50 + H4 10 first bounce and Daily pivot confluence, +12pips (took forever, very slow Monday like usual)

UJ: First touch of 10, late entry, -15pips


GU: H1 10ma +RN First Bounce, waited for m15 PA confirmation -20pips


Shitty day

GJ: 35/50 first bounce, +12pips

GJ: 12MA bounce with RN fail, -11


GJ: Decided to enter on a 23MA bounce given strong signal bar and Double Bottom, +21


EU: M12 Bounce after Triangle break and retest, -7pips


GJ: Went for a Scoop-up, price took me out and reversed, -10


GJ: Decided to re-enter and got burned again, -12pips...done for the day.

I had another losing day, however today It feels different, after going thru my stats I realized one simple truth, what's breaking my strategy is my R:R ratio, simple as that, my losing days are way bigger than my winning days. This is my graph using the CHOROS system till now, I have a pretty decent winrate of 61% after 60 trades sample size,however still losing long-term.



Currently, without noticing I operating under a 2:1 R:R, which put me around a 67% necessary winrate just to breakeven, obviously hard to maintain.



To counter that I decided to make a few adjustments:

 

1. My SL placement will be above/bellow the signal bar + a few pips buffer. (following my previous background with Al Brooks methodology)
2. I will grab at least as much as I risk on my winners.

I'm contemplating the Idea of entering on STOP orders using a fixed % risk per trade instead of fixed number of pips.

Back in the days when I played poker for a living we had an old adage, "take care of your losers because the winners take care of themselves", and this is absolutely true in Trading. Can't believe I was missing this all along, soo fuck**g obvious.

OrderFlux...

Its amazing to go back to old journal after 2 months of more struggle to realize my lack of consistency and discipline to play by the rules on first post caused me to go another full circle of nowhere, time wasted lessons learned. If you want to make in this business it takes a shit load of persistence and faith.
I always end up getting back to Choros after conquering my demons....

Glad to "hear" from you after this time... will be


Best wishes