journal of trader formally known as wasp

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Old Aug 3, 2006, 4:01pm   #46
 
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wasp started this thread manic week. Update at weekend.
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Old Aug 5, 2006, 10:35am   #47
 
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The week

wasp started this thread

MON: all fine till spilt tea on laptop
TUE: no trading due to lack of laptop
WED: normal day
THUR: BoE and EU interest rates
FRI: NFPR
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Old Aug 5, 2006, 11:58am   #48
 
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T2W - bad for my health

wasp started this thread An interesting week its been.

Discipline to my trading plan was the original point of starting this journal and I blew that immediately! I offer thanks to those who have PM'd and responded in kind via this thread but I have to turn on the blinkers and learn to trade my plan and not listen to others too much. This may come accross as rude but its not meant to be this way. I appreciate all the input but I know I'm on to a good thing if I can only stick to it.

As I am still very much in the learning faze, reading others posts and views can play with my mind! First up, I trade FX. FX has no volume and therefore can't be viewed as such which makes most posts elsewhere defunct as the same analysis cannot be attatched to currencies. I like FX and I am making money so whilst looking at the DAX and YM during the week, I couldn't make heads or tails of it all and will, for the meantime, put it to one side. As for FX, reading the live cable thread and seeing others going different ways and some predicting much better than others casts doubt at times, especially when having a bad day.

Next week is a new week and I shall trade my plan alone. I am not interested in learning more, nor trying to understand more at this time, just trying to apply discipline to an already well studied and planned methodology. The best FX moves are based upon news releases and so much can be made when these occur, and there are usually at least 2 good ones a week, if I control my losses and concentrate on staying tight to my plan, then all will be fine.

Therefore, au revoir T2W, this site is doing nothing for my income!

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Old Aug 5, 2006, 12:18pm   #49
 
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Quote:
Originally Posted by wasp

As I am still very much in the learning faze, reading others posts and views can play with my mind! First up, I trade FX. FX has no volume and therefore can't be viewed as such which makes most posts elsewhere defunct as the same analysis cannot be attatched to currencies.

Therefore, au revoir T2W, this site is doing nothing for my income!

Sometimes I have the feeling the more I read and study the more different opinions are out there. Not sure which to follow though as they all claim to have some truth or a proven track record. Anyway, FX has tick volume doesn't it? I know it's not the same, but anyhow I've left volume out of my latests charts.

If other people's analysis isn't helpful for your trading, perhaps your analysis could be helpful for others'. As for your latest charts don't know if it's intentionally but you haven't annotated anything... don't know how T2W users could be of any help if there's not much to comment on?

Anyhow, you're a senior here, so I won't be saying what you should or shouldn't do but if you're succesful at trading, then sharing some of that knowledge could always benefit the less succesful.
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Old Aug 5, 2006, 1:27pm   #50
 
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wasp started this thread Hi Firewalker,

I will be leaving T2W as it isn't helping me at all. Not sure if it is helping you either.

Its a funny old game. First up, don't be confused by the members tag, I may be senior but that is only down to the number of posts I have made. There are members on these boards with thousands of posts and have nothing to offer and others with just a couple of hundred who have been in the business for years and know what they are talking about.

People like Twalker, Jimbo57, Gammerjammer... all post occasionally but each have +10/20 years experience in the real world of trading, but don't really offer online training and/or advice as much as some. Then there are others who spend all their time boosting their ego to try and look like a god but are full of hot air and words. Everyone is helpful but only to a point.

One thing I would say to you is thus; trading is all about what works for you... I don't mean (and don't believe) in all this BS about 'the market is a mirror of yourself' thats crap IMO, the market is, was, and always will be but how YOU trade it is what is important - Its about hours upon hours off trying things, trying something else, changing it and changing it again, assigning it all to the bin and trying again. Over and over this goes until your content and consistently profitable.

One of the reasons I am leaving is as you said, everyone has their own proven theories and only they are right. Hell, price action is the only way to trade apparantly and despite my dislike of Grey1's ego, he is the only person who consistently posts profits every day and he uses indicators! See, there is no right or wrong and if you want to use them, use them, if not don't. Its your choice, your money and your life. You have to make it work for you. Ego is half the reason so many say price action is the only way... yes, indicators may be delayed but is it right more than its wrong.

At the end of the day, I may be profitable (ish), but I don't have all the answers as NOBODY does, its all about finding a profitable business plan that you can apply the same rules too based on whatever you wish so each day you make profits.

Price, volume, indicators, blank, tape reading or fundamental, they can all work or not, but only through hours of study and trial and error will you find your answers. Don't expect them to come from T2W as their are plenty of opinions but no guarantees.

hope that ramble helps and its all IMO.... find yours!

Good luck

WASP


PS, the charts don't have analysis on them but I shall edit them all just to show what I do.
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Old Aug 5, 2006, 1:56pm   #51
 
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Weeks analysis

wasp started this thread Simple rules -

MA crossovers with pivots for trailing stoploss exits
5 trades maximum in a day
No entries after 3:30pm
Finish if new opposing signal after 3:30 or stopped out or run till 8pm and close all
0.5% risk per trade from total capital

(There a few finer details excluded but not relevant for explanation)

Black boxes signal entry points and blue the exits
If a move desn't pass a pivot point I leave the trade till a new opposing signal....

There may have been a better way about all this (larger timeframe = fewer losses) and I could have made more but with the results as shown on the charts, I'm really not complaining. As I said before, the thread was not down o my rules, but instead my discipline to stick to them. I am learning that slowly with the more good days I have....

Both the Interest rate jumpo and NFP were signalled 5 mins before the news and the exit reasons were near perfect the tops...

it works for me and thats what I have finally realised is what matters....

Wasp


PS red crosses = loss.... No red cross = win
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Old Aug 5, 2006, 3:07pm   #52
 
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Wasp, I see exctly where you`re coming from when you say you`re being distracted mate. I have tried various systems and then quickly read another ground-breaking one so try that for a little while. Now what I will be doing is following the system I believe will suit me and give that a decent go. Maybe you could visit time to time to keep us posted how you`re doing though?

Take care and all the very best
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Old Aug 7, 2006, 1:17pm   #53
 
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New week

wasp started this thread After a weekend of soul searching, studying, checking, rechecking and decision making I have finally succumbed to my final trading plan and one I shall stick with for the next 3 months regardless. A weekend of checks has increased my confidence and the only step now IMO is to check it live with real money.

The main changes made are to remove all pivots and use only MA crosses and breakouts with immediate short term S/R to trail positions behind. Not a fan of S/R thats already been surpassed previously as this would cause more lines on the chart and they would get to the point whereas you couldn't see price and, from research and study, they do not seem that important to day trading esp. in my way.

So the final changes are as shown on the chart for S/R's and all trails will be once a new candle is printed above/below the S/R level and the stop tightly snuck in behind.

Although I stated I would never darken these doors of T2W again, I think the testing of discipline will be enhanced if I can keep to it whils all those around are trading their own plans.

At the end of the day, its all just probabilities and I for one know I can't predict the future so I shall just trade what I see..........
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Old Aug 7, 2006, 1:20pm   #54
 
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Dull monday

wasp started this thread As expected after the previous 2 trading days, a dull unexciting sideways day.

The unexpected hike on Thursday and the NFP on friday gave the market a 350 pip move and, with the FED on Tuesday, a flat couple of days are to be expected but still, can't make 100 pips every day!

All done for today with -5... Not complaining all things considered.
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Old Aug 7, 2006, 2:00pm   #55
 
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wasp are you just trading the European session or a max number of trades per day
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Old Aug 7, 2006, 2:02pm   #56
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NOTHING works 100% of the time...

Wasp, the law of gravity works 100% of the time
How do you know that there are no laws which apply to financial markets 100% of the time?
You are assuming that nothing works 100% of the time
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Old Aug 7, 2006, 2:04pm   #57
 
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wasp started this thread Max number of trades per day.

I used to just trade the morning and the afternoon but once I got off my **** and took a proper look back it worked out better this way.

Occasionally I'll miss out on some good trades later on but I was finding myself making 10-15 trades in a day which, if they were small wins and numerous losses, it caused a dent in the account. 90% of the time, I can catch most of the day within 4 trades and like Thursday and Friday, I only got 4 or so signals and caught most of the days moves.

Its a limitation thing.
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Old Aug 7, 2006, 2:07pm   #58
 
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Quote:
Originally Posted by Pippppin
NOTHING works 100% of the time...

Wasp, the law of gravity works 100% of the time
How do you know that there are no laws which apply to financial markets 100% of the time?
You are assuming that nothing works 100% of the time

I certainly am assuming that. Outside of the markets maybe but in trading, I've yet to find a perfect 100% never lose, always right 100% of the time method, so I'll stick with my current theories for now.
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Old Aug 8, 2006, 8:59pm   #59
 
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Dull Tuesday

wasp started this thread Although not very exciting again, a profitable day to the tune of equalling out yesterday!

Didn't fancy FOMC as past experiences were always choppy and it didn't dissapoint this time either.

Hopefully the rest of the week will provide some tasty swings both ways( ) and mean I'll end the week with a nicer profit.
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Old Aug 9, 2006, 7:53pm   #60
 
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wednesday

wasp started this thread Great morning but the afternoons tightening action saw a few losses.

The quick rise and buy at the top screamed stupid at me but the plan is a plan and I know when the good comes, I'll be glad I ignored my mind and followed my plan.

Still, not a bad day overall.
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