Daily Profits/Losses Show and Tell

[Mr Fox]

Good Morning All,

Just one trade this am, as I woke up late, however I seemed to arrive at the charts, just in the nick of time.

I had anticipated a long last night, but got stopped out, however it was back on this AM, and I took it. It was, in my eyes a ultra low risk, high probability trade.

I have a mountain of chores to do, and I'm just putting them off, so I decided to turn to trading, as a means of chore avoidance. alas this may be the only trade of the day.



The following is a chart of the trade taken.



The trade at point B failed last night, as the turquoise line was my long point, it failed, and I called it a day, naturally it broke long a few moments later, if this trade was earlier in the day, I would have re-entered again on the second break.

This AM the pink box was drawn as a possible long entry point if price stayed within, and broke up. obviously, this happened, thus a long trade was taken(C) with a tight SL.

If I got stopped out, a few pip loss is not the end of the world.

However price shot up, and I stayed with the trade until I exited at the place on the chart where the perfect white circle is drawn.

The exit proponent of the trade is 100% discretionary, and today I was lucky to exit at the top, and sometimes I may exit half way up, and other times the trade may reverse and stop me out.

I appreciate that this is a counter trend trade, and a down trend was present from 07.19-0853, and these trades do have a certain "additional" risk involved, but other factors were considered, quantified before the trade was taken, and I shall go into these at a later date.

The above is just a small snippet to whet the appetite, and as stated, as long as I consider other factors, in the new year a full, and concise explanation shall be given in a separate thread.

I hope you all have a very profitable day today also.

Best
John

 

[Mr Fox]

Took another trade, and watched a 20 pip trade turn around and stop me out for scratch.

Quelle Dommage, c'est la vie.



I am officially done for the week. :clap::clap:

There's a few positive's I can take, a lot of mistakes that need to be rectified, and more importantly a hell of a lot more to learn to become more proficient, and productive, and how to improve myself psychologically.

I hope you've all had a fantastic day/week trading, and have a good weekend y'all, I think I might.

Best
John

 

[Wicked_Daddy]

Good Morning Scott,

It may sound like a cliché, but with hard work, most things can be accomplished, and I pray your transition to forex is most fruitful for you.

As for it being simpler, well from my point of view it was hard for me at the start, as I had no direction, or guidance.

What most people don't see, is the times I spent cursing, even on my knees crying, the chest pains with anxiety, the vomiting after a crap trade, the many hours spent learning, and not to sound overly negative, there were a few times I won big, and was higher than high.

Yet it all came down to perseverance, and tenacity to "try" and master the markets. I still feel I have a lot to learn, and the markets are quick to exploit my mistakes.

If I can help others to avoid the above with a concise thread, then why not. the markets have been good to me, so giving a little back, is no problem.

I know I am a very flawed individual, flaws I promise myself I will correct when I'm wrong, and flaws I dismiss with utter arrogance when I'm right.

Just last night I was feeling quite anxious, scared in case something bad happens, the thought was quickly dismissed, yet even the trade this Am was full of apprehension, but most emotions are controlled from entering peaks on both sides.

As for Demo accounts, they are only good to practice a strategy/back test, and nothing more. Once you have it mastered, jump in live right away, with smaller stakes, and as your confidence grows, then increase size.

I am glad this thread motivates you, but I am sure there are more profitable, and less flawed traders that grace this forum that you could learn even more from, and I will add a little more info for you in the next post.

If you can make Vegas when I'm there it will be good to meet you. there's nothing I like better than to talk trading, whether with a professional or novice.

Best
John

Thanks John. And loved seeing your chart today and getting a glimpse of how you set the "floor" of your trade and therefore your entry. I love the simplicity, although I'm sure, as you stated, there are other factors. I know I tend to over complicate things and then have to step back and cleanse myself of analysis paralysis occasionally.

Believe me, I understand the stress of learning the hard way. I've donated plenty of money to teachers I'll never meet in the process. There are 3 methods by which we acquire wisdom: reflection, imitation or experience. In trading, most will choose imitation because it's easiest but therefore has the least depth. But the bitterness of experience will lead to reflection and this is when the trader either quits or matures. I am glad I have found this forum, where those like yourself are willing to share their experience.

I look forward to all our continued education.

 

[Mr Fox]

Thanks John. And loved seeing your chart today and getting a glimpse of how you set the "floor" of your trade and therefore your entry. I love the simplicity, although I'm sure, as you stated, there are other factors. I know I tend to over complicate things and then have to step back and cleanse myself of analysis paralysis occasionally.

Believe me, I understand the stress of learning the hard way. I've donated plenty of money to teachers I'll never meet in the process. There are 3 methods by which we acquire wisdom: reflection, imitation or experience. In trading, most will choose imitation because it's easiest but therefore has the least depth. But the bitterness of experience will lead to reflection and this is when the trader either quits or matures. I am glad I have found this forum, where those like yourself are willing to share their experience.

I look forward to all our continued education.

No problems at all Scott.

For me, or more importantly, how I've been taught to trade, is all about simplicity, and nothing more. Simplicity that when it is seen peoples reaction is "Well duh, I know that", of course they do, but application is 9/10 of the law.

Does that mean over complicated systems do not work, of course they may do, in the right hands.

The analogy that I can give is it's a little like the difference between eating at Le Gavroche, where the flavour of simple ingredients are intensified to a whole new level, simple, clean, and crisp, or you could eat at Banares where their curries have so many different spices yet still taste delectable.

I see some traders put a 10 pip, or even 20 pip SL, on most of their trades, where as I personally find this quite mad. Why, well because there is no technicality behind placing it 10 or 20 pips away. I would rather place it somewhere technical, that even if I get stopped out, I'd rather there was a clear reason why it was there, rather than a hopeful 20 pips away. Even on in and out quick scalps, technical areas to put SL's can be found.

As far as education goes, well I'm no teacher, I couldn't teach a dog to sit, but I shall forge forth.

Just remember "When you pray for rain, you have to deal with the mud too"(The Equalizer).

Best
John

 

[nitrader]

Hi John

After entry do you then trail your stop upwards and set them at points which are technically significant?

Do you set targets?

Andy

p.s. Great Week

 

[Mr Fox]

Hi John

After entry do you then trail your stop upwards and set them at points which are technically significant?

Do you set targets?

Andy

p.s. Great Week

Good Morning Andy,

Yeah it has been a good week, but more importantly, it has been an unbelievably amazing year(and managed to stay away from the tax man's inquisitive reach).

Next year I would like to hit a target, that I have not hit yet, and it's not too impossible, but I will need to double my average daily return. Wish me luck.

I have never used a trailing stop, however that's not to say that people don't use them successfully.

I just put a trade on, and let it do it's magic. I must admit I never really let a trade to run to fruition of 1:1 ratio either. This is something I do need to rectify, as I really leave quite a lot on the table.

Wrongly I admit, I still seem to focus on monetary increase, and when a satisfactory monetary target has been reached, I pull out, whether that may be only a quarter, or half way up to my target.

On the flip side I sometimes increase my target point vastly due to greed, and watch a trade turn around, and stop me out.

As for targets, I seldom set these, however I do try to stay in a positive frame of mind, and the night before, visualise a good day ahead. Many times I think to myself "tomorrow I'm going to have a £10k+ day, ", and believe me, this is not a wholly unrealistic, or unachievable target if I put in a solid day, and market conditions are right, but as soon as I may hit say £2-4k in a few hours, I just want to shut up shop, and just chill.

I'm sure some people may say, "how can someone make so many mistakes, and turn a profit", and believe me I think this about myself too, and it all comes down to having a strategy that works. It can be as simple as just a straight horizontal line like I use, or whatever, but find something that works, and stick to it.

HTH

Best
John.

 

[Mr Fox]

Good Morning All,

I'm not really feeling it this AM, as I have woke up with quite a bit of fear/apprehension, and it's still with me. Why, I really don't know, but all I did was reduce stake sizes drastically, and just work through it.



I'm not really pleased with todays performance at all, but I guess a profit is better than a kick in the teeth.

I hope you all are having/have a very good day trading.

Best
John.

 

[itspossible]

^looks good John.Hey im cold turkey and feeling great.Just watching the crazy game.Are you looking at trading the dax?(saw u on ftse thread)

 

[Mr Fox]

^looks good John.Hey im cold turkey and feeling great.Just watching the crazy game.Are you looking at trading the dax?(saw u on ftse thread)

Thank you.

I must admit I do love the DAX, and every night when I do my end of day analysis, it includes the DAX. I was going to post entries/exits/stop losses on the other thread for 2 reasons. One to get used to trading a second symbol along with cable thus not being a one trick pony, and increasing my daily bottom line, and secondly to give a fresh perspective to others

I have however decided against this,as the trades posted would have not been trades I would have taken, but just posted, and this goes against my ethos of "only post what is taken", and secondly, I feel I am not ready to add another symbol just yet.

Best
John

 

[Mr Fox]

Added a few more pennies to the kitty.



I must admit I'm not too happy with todays performance, based on trades missed, and frankly being distracted by other things.

At least a satisfactory target has been achieved.

Best
John

 

[Mr Fox]

Took a Dax trade, why, well I was not in a trade, and everyone on the scalping FTSE futures thread seem to be making a killing lately, so I thought I'd join in the money making.

Oh, and a few more pennies added.



Best
John

 

[Mr Fox]

Caught another beauty on the DAX, it's like taking candy from a baby. The only shame is I let it retrace, and eat into a little of my profits.



What started off as an ok day, seemed to turn around when I hit a few home runs on the DAX.

I am pleased with todays total.

I hope you've all had a amazing day trading also.

Best
John.

 

[nitrader]

Caught another beauty on the DAX, it's like taking candy from a baby. The only shame is I let it retrace, and eat into a little of my profits.

View attachment 183234

What started off as an ok day, seemed to turn around when I hit a few home runs on the DAX.

I am pleased with todays total.

I hope you've all had a amazing day trading also.

Best
John.

Hi John

Good day to be short on the Dax.
I rode it a bit on the way down but got out too early.

 

[Mr Fox]

'KIN HELL, just caught a few cracking trades of the DOW, and this is the first time I've ever traded it. I am 'kin buzzing. :clap::clap::clap::clap::clap:



Ok I am definitely done for the week.

Best
John

 

[Forexmospherian]

'KIN HELL, just caught a few cracking trades of the DOW, and this is the first time I've ever traded it. I am 'kin buzzing. :clap::clap::clap::clap::clap:

View attachment 183236

Ok I am definitely done for the week.

Best
John

Very well done John - great result - no doubt about that - BUT - its only Monday - now bank £5k+ and allow £3k to double today's total over next 4 days.

Make sure you don't put yourself under big pressure and remember even £2k a day is a lovely reward for only 3- 5 hrs work

GL


Regards

 

[nitrader]

'KIN HELL, just caught a few cracking trades of the DOW, and this is the first time I've ever traded it. I am 'kin buzzing. :clap::clap::clap::clap::clap:

View attachment 183236

Ok I am definitely done for the week.

Best
John

Well Done John :clap::clap:

Going on previous form I would bet heavily that you are not done for the week:whistling

 

[Mr Fox]

Very well done John - great result - no doubt about that - BUT - its only Monday - now bank £5k+ and allow £3k to double today's total over next 4 days.

Make sure you don't put yourself under big pressure and remember even £2k a day is a lovely reward for only 3- 5 hrs work

GL


Regards

Good Morning peter,

I must admit we(OH, and I) were really buzzing last night, and got very drunk, alas my stupor soon evaporated once she had made her shoe shopping list, 2 pairs of Louboutins, and there goes half of yesterdays profit.

I must admit I always feel pressure, even this Am as I traded, I have this really bad feeling of apprehension in my stomach, why, I really do not know, but I wish it was not there.

One thing I shall not do is get carried away, and swing for the fences, but even this Am, I have just went at my normal pace. Follow the entry rules, and take the trades.

Thank you for your words of wisdom, and they have been heeded.

Best
John.

 

[Mr Fox]

Well Done John :clap::clap:

Going on previous form I would bet heavily that you are not done for the week:whistling

Good Morning Nitrader,

If I was a gambling man, I think I would bet with you, as you were right.


Best
John

 

[Mr Fox]

Good Morning All,

This Am I decided to trade Cable, and DAX, however the multi tasking aspect of managing 2 instruments has been very taxing, and something I feel I can not do.

Also I found it very hard to keep track of the slow moving Cable, and the fast flowing DAX, which I found to be quite a dichotomy for my brain to handle. Yes profits are good, but the main aim of this game to me is consistent profits, and longevity, thus I need to think long and hard whether I want to add DAX into the mix, or close Cable down during its choppy periods, and concentrate on the DAX.



I have quite a few things to do today, but since its been a pleasant Am, I am going to head to bed, get up later, and decide what I shall do.

I hope you are all have/are having a profitable day also.

Best
John.

 

[Mr Fox]

Added a few more pennies curtsey of DAX long. I put my SL to break even, and left it to do it's magic whilst I went back to Cable for a few more pips.



Well my "have a cigar" point has been breached, however after I closed my trades I went outside for a cigarette, and I can only imagine what my neighbours must think as I am quite vocal when trading. Hearing someone yell "come on ya bstd, come on you bitch, higher baby higher etc" must be most disconcerting for them, and very cringe worthy on my behalf.

Does anyone else, get sweaty palms, raised heart rate, and very vocal when trading, or is it just me. :whistling

Best
John