Firewalker's Journey: A path of discovery in search for enlightenment

This is a discussion on Firewalker's Journey: A path of discovery in search for enlightenment within the Trading Journals forums, part of the Reception category; Originally Posted by wasp Everybody tells you to be disciplined and stick to your plan but you'd love to take ...

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Old Aug 11, 2006, 6:32pm   #141
 
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Originally Posted by wasp
Everybody tells you to be disciplined and stick to your plan but you'd love to take an off-the-peg-system because you know they work as they have made others money. You try and try to come up with a plan of your own but you never seem to move forward as you trade it, its good for a few days then you take a few losses, make a few mistakes, get pissed off, then start trading with no solid reasoning....

We have all been there mate... my PM last night, TheBrambles post I forwarded to you... You will get posters who say they paper traded until they were consistent and never blew an account (salt and pinch, large pinch...) Heres a good example for inspiration... Another member here traded for 3 years and blew £50'000 learning... he then spent a year studying and testing and paper trading and doing it all again.... He now earns 6 figures a year but it came through hard work, long slogs and alot of discipline.

I'm not saying you need lose 50k to become profitable but you do need a good plan before the disicpline becomes relevant as without one, you can't win...

This is where the long slog and hard work comes in... To achieve my MA system, I tested 10 years worth of charts, by hand, each day singulary, checking the best option for the stoploss, trailing or targets, entries and exits, money management and leverage... everything, sometimes going back and starting all over again... its a nightmare but a neccessary one. db and co' can help you understand the market but no-one can help you come up with a plan that fits your requirements.

I read you don't have access to alot of data? You need it...

What you need to do (all IMO of course) is thus.......

Take a look at 5 charts, see where you could see good opportunities... find one that produces more winners or more points vs losses on those charts...

Then, get a couple of years worth of data and study, study, study.... Do it till your eyes bleed and your addicted to Nurafen.... Do it until your trading your plan like a barman pulling pints.... Till you can trade your plan and not care! You need to test every situation and possibility and every angle. Check entries and exits until it will work more than you need and then you can trade it with discipline and unfetering emotion....

The profits from trading have to be earnt through alot of work... Its like anything similar... Trading on the web is so common that anyone thinks they can open an account and make millions but you wouldn't try brain surgery after reading a couple of books, or try to sue someone in court after a few episodes of Perry Mason... it takes work, and lots of it!!!

Sorry! but it will be worth it in the long run though...
Thanks I appreciate your comments, especially as they depict things as they are. You don't beat around the bush, but you don't convict or make a judgement. I know it's up to me and I know it's going to be hard work. You can tell that other member he's not alone in losing that kind of money. I wonder how he managed to pick it all up again, once over and try again. Anyhow, I admit I was naive from the start and because I actually made some money from the beginning it all seemed to easy. Of course that was just luck... This article actually tells a story all too familiar... http://www.precisefutures.com/free_doc/doc_1.html
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Old Aug 11, 2006, 6:36pm   #142
 
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Cheers FW but bear in mind that it is going to be my price action analysis and its not something I'm very good at! Still learning myself but hopefully it will give you some inspiration and ideas. A trading plan isn't just the entries and exits, its everything. Your time, your money, your risk comfort, your goals and targets so it has to be yours in the end...
I know, I'm not expecting you to draw up a plan for me, as I already have one (although not a good one) but perhaps by knowing where to look - or not to look - I'll get a step further.
Perhaps it's my lack of creativity that's making me fail... Unable to "see" things with an unbiased mind because of all the studying and learning I did. Like Einstein said, to think like a genius, you have to think like a child.
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Old Aug 11, 2006, 7:07pm   #143
 
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August 11 Summary

firewalker99 started this thread Having looked and compared charts over the last couple of days, I've often noticed how S/R of the previous day plays an important role in the price movements of the current day, especially when price ranges within the high-low interval of the previous day.
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Old Aug 11, 2006, 8:56pm   #144
 
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another view

Okay,

Alot of this is in hindsight and easier to point out now rather than in real-time, so that and the hindsight S/R levels makes life easier but basically...

Wait for a newer higher high and a higher low or, a lower high and a lower low followed by a break through a strong level of S/R. Buy/sell on the break and then once passed, trail the position by the previous highs/lows till it pulls back.

Obviously alot easier and more profitable when the market trends rather than ranges but looks like it would have a good W:L ratio...? You'd need to test it further obviously...

HTH

PS if it makes no sense whatsover I'll try and explain it a bit better!
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Old Aug 12, 2006, 1:53am   #145
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Take a look at my trading plan, I'm actually trying out something based on WRB breakouts. Thanks for the reply, but I think your analysis does include quite some hindsight analysis. If you're able to take those positions in real time (being on the right side of every trade each time) than congratulations. Am I right when assuming you're buying the first bar that breaks through S/R? Don't know what your target/exits are (apparently after the trendline was broken), but I've tried that approach too at one time, and it left me with empty pockets. Take a look at one of my older charts. Of course a lot has to do with drawing the "right" S/R lines.
Hi Firewalker,

I in no way intended to make it seem as easy as buy/sell the break of the WRB and cover on a trendline break. I was just more or less trying to drum up conversation about where high volume wrb's show up and do they more accurately define intraday s/r. Also how they interact with longer term s/r.

I am newbie trader who appreciates the fact that you "put yourself out there" on this board and asks questions that I think but don't ask. I have read so much and and studied so many charts all in trying to answer a simple question: " Why did price reverse THERE?" In my pursuit of trying to answer that question I always find myself looking to the left side of the chart and more often than not a high volume WRB has something to do with the reversal. Be it the top,midline or bottom of the WRB, I think all tell a story of future price direction.

A question to all, "do WRB's hold any value to you as s/r?"
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Old Aug 12, 2006, 10:15am   #146
 
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Hi Firewalker,

I in no way intended to make it seem as easy as buy/sell the break of the WRB and cover on a trendline break. I was just more or less trying to drum up conversation about where high volume wrb's show up and do they more accurately define intraday s/r. Also how they interact with longer term s/r.

I am newbie trader who appreciates the fact that you "put yourself out there" on this board and asks questions that I think but don't ask. I have read so much and and studied so many charts all in trying to answer a simple question: " Why did price reverse THERE?" In my pursuit of trying to answer that question I always find myself looking to the left side of the chart and more often than not a high volume WRB has something to do with the reversal. Be it the top,midline or bottom of the WRB, I think all tell a story of future price direction.

A question to all, "do WRB's hold any value to you as s/r?"
Hmm, interesting thought. Perhaps you should post it on the "S/R: Mirror of the Erised" thread? I think more people will read it there than in my journal...
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Old Aug 12, 2006, 12:04pm   #147
 
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DAX overview last 6 months

firewalker99 started this thread * 6 month chart up to end of July
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