My Journal - Pathways to Improvement

[davetherave65]

Hi Nick, How can I message F ?

No when I gamble I gamble.

The only difference is I am prepared to take on bigger risks towards the end of a good day, rather than at the end of a bad day. First option could end in b/e day at worse second option could end up in an even bigger trade and problems.
So for me it is only the first choice.
Losing day is not a bad thing as it won't be much and if followed properly is usually a short day.
I fully subscribe to F's and many other successful traders views. It is good to get some pips on the board early on and then getting to or close to your target is relatively easy.

Hi Nick,

Apologies to break into your reply to Sun11.
I have been following F 's threads and trying to catch up reading with his other threads
I am very interested in learning his SSS method. I can't seem to find out where I can voice this on T2W as his old forum is closed and on the new can only contribute if on friends list.

Can you please advise,

Many Thanks,

Dave.

 

[Forexmospherian]

Hi Nick,

Apologies to break into your reply to Sun11.
I have been following F 's threads and trying to catch up reading with his other threads
I am very interested in learning his SSS method. I can't seem to find out where I can voice this on T2W as his old forum is closed and on the new can only contribute if on friends list.

Can you please advise,

Many Thanks,

Dave.

Hi Dave

Just seen your post

No problem - just put in a friends request and I will accept and then you can come and comment and ask questions etc on the journal thread

I hope I can assist etc

Regards


F

 

[Forexmospherian]

Thank you for your view on hard stops.
Yes you are right those could be really wrong entry.
Now, i will ask few questions, having some confusion. Some may find it repetitive, but honestly i feel that's the place where i need to improve.

Case 1: This is the last trade which i have taken. After 3rd attempt I made profit. There was some multi lots. Which eventually helped me to reduce my losses. If i holded that trade more 5 pips. I could reach 10+ profit. But i didn't wanted to hold my risked lots longer so closed.

View attachment 201660


Zooming in same chart:

View attachment 201662


So far what i have noticed your charts, that your entries are at first level based on faster LR. I mean trend change first shows up on those 2 LRs. Then other LRs get lined up. Just like the picture posted above under such case, i need lots of trial before getting a good trend isn't it?

If I made any mistake please correct me. New addition 100 LR, sometimes market stays below or above it. Say above it, Now my job will be looking for buy trades? Where? When market pullback around 100 LR there? or I shall scalp sell trades towards 100 LR pullback zone? (bit risky if the trend is strong)

I know i asked lots of question. Reply at your pace. No hurry.

Regards

Please never worry about the number of questions - if I cannot answer in the main session - i can always come back to you later

I am going to go through this point in more detail later on

When we get to stage 4 / 5 we will be going on to the PPND idea of part stakes and adding and scalping against your part stakes etc - its complicated but it actually removes a lot of stress - as the idea is you work on multi pairs with stops in profit so you dont have to worry and babysit all the while

Will go through your charts as well#

Hope you have been around for this session after 1 30 pm UK time - - been some great scalp opportunities and some nice moves etc

Regards


F

 

[Forexmospherian]

Thank you for your view on hard stops.
Yes you are right those could be really wrong entry.
Now, i will ask few questions, having some confusion. Some may find it repetitive, but honestly i feel that's the place where i need to improve.

Case 1: This is the last trade which i have taken. After 3rd attempt I made profit. There was some multi lots. Which eventually helped me to reduce my losses. If i holded that trade more 5 pips. I could reach 10+ profit. But i didn't wanted to hold my risked lots longer so closed.

View attachment 201660

Zooming in same chart:

View attachment 201662


So far what i have noticed your charts, that your entries are at first level based on faster LR. I mean trend change first shows up on those 2 LRs. Then other LRs get lined up. Just like the picture posted above under such case, i need lots of trial before getting a good trend isn't it?

If I made any mistake please correct me. New addition 100 LR, sometimes market stays below or above it. Say above it, Now my job will be looking for buy trades? Where? When market pullback around 100 LR there? or I shall scalp sell trades towards 100 LR pullback zone? (bit risky if the trend is strong)

I know i asked lots of question. Reply at your pace. No hurry.

Regards

Hi Sun

I am going to try and help you now over October cherry pick the scalp opportunities you have available every normal trading hour - in theory with my system 5 or 6 per hour - but maybe only 2 or 3 max may be good and offering over 5+ pips.

The longer 2 LRs you are now using will start to help you with session price structure for the next 30 -60 mins.

You have given a good example on your EJ chart

You need to use the 2 quick LRs to be in "sync" with the 2 slightly longer ones - ie on EJ chart we could see the buy developing further

Other clues to assist you cherry pick are the previous 10 -30 mins of action - if we have had a new interim low or high - ideal opportunity to look for interim S & R's and time all coming together so that you can take a new scalp in the opposite direction

As an example this afternoon I had scalp sold the UCad after 1 39 pm - 9 mins after news and a scalp buy - and expected to scalp buy again approx 22 - 27 pips lower around 3105

When we got to that price - the supports were not strong enough to give the momentum for a bounce and a 5 -10+ pip bounce back up

So I stayed with 30% on the sell and looked again to buy approx 7 pips lower

That also failed - I did not enter as I could see my multi LRs still said bear sell bias

In the end the whole move dropped approx 100 pips from were I originally scalp sold - and i was only looking for 15 -25 pips initially

By banking 70% and staying with 30% on the sell as we kept breaching interim supports I could add more stakes on more scalp sells and then any bounces just take some profit off ( pyramid and peeling)

I will get more into this in stage 4 and 5

The key on the scalp sell on the UCad after 1 39 pm was the fact it had been bullish and did a new daily high after news ( I got 21 pips on a scalp buy) and so more bulls would be coming in expecting price to continue rising.

See chart on set up below

It was market set up of false sentiment to catch out new bulls as well as bears not expecting a 100 pip fall - perfect - the market tricks all - except experienced intraday scalpers etc

After I had scalp sold and it breached my first scalp buy possibility - then it was more clues it wanted lower as time rules came in over 30 and 60 mins with no new highs - favouring lower again

This is how you will eventually be able to turn a scalp into a swing and even make a 50 pip move make you 80 or even 100+ pips - just by PPNDing and keeping stops in profit - so with less stress and baby sitting required

Its a few stages away yet - first on stage 3 we need to improve your timing slightly - get win ratios averaging over 65% and maintain your excellent disciplines you are already incorporating.

You will be lining up scalps and cherry picking more - some days you might only take 7 or 10 single trades and easily make over 50 pips because you winner will be 15+ - instead of just 5 -10 pips

Step by step and you will see the difference in this month

Regards


F

 

[sun11]

Day 44

Morning F, (its bit too early morning for you )
Thank you for the explanation with the chart. I will try to improve.

Couldn't post last day results. I was feeling very tired & this tiredness is carrying on since last week, too bad weather. No matter how much energy drink i take, its falling. I think I need some ORS.

PL: 1.7 [ Including commission otherwise 8.7]
No of Trades: 18
Win Rate: 55%
Largest Win: 4.3
Largest loss: 3.7

Last day some losing trades were at 4+ profit. But unfortunately i greed more & loss. Will keep that in mind. Probably not so good entry.

Last day i opened ECN account with Tickmill. I must say, i'm impressed with their spreads its lower than previous broker. If i open real account, i may open in there.

Will be back during the trading session.

 

[Forexmospherian]

Morning F, (its bit too early morning for you )
Thank you for the explanation with the chart. I will try to improve.

Couldn't post last day results. I was feeling very tired & this tiredness is carrying on since last week, too bad weather. No matter how much energy drink i take, its falling. I think I need some ORS.



Last day some losing trades were at 4+ profit. But unfortunately i greed more & loss. Will keep that in mind. Probably not so good entry.

Last day i opened ECN account with Tickmill. I must say, i'm impressed with their spreads its lower than previous broker. If i open real account, i may open in there.

Will be back during the trading session.

Morning Sun

I was late starting this morning - had a domestic electricity problem that set me back 25 mins - but all OK now

Euro crosses have been brilliant for me this morning - ie EA / EJ / EU

Made well over my daily pip count in the hour ( although not money target yet) as many extra pips only on 30% stakes - so 20 pips at 30% is really on the same as scalp 6 -7 pip win at 100% stakes

You have a good day and take it easy - your discipline is excellent and you will get there for sure - its just time and learning more at the FX trading "coalface".

Believe me you are now only half way through the stages and you have so much more to learn on my method - but step by step is important so not to confuse you and give you too much pressure to cope with whilst in the learning stage

Catch up later

Regards


F

 

[sun11]

Day 45

Believe me you are now only half way through the stages and you have so much more to learn on my method - but step by step is important so not to confuse you and give you too much pressure to cope with whilst in the learning stage

Yes don't want to get confused. Simple, slow & steady.

Today I tried my best to hold the fort.

PL: BE
No of Trades: 35
Win Rate: 46%
Largest Win: 6.7
Largest loss: 6.7

Good Night...

 

[Forexmospherian]

Yes don't want to get confused. Simple, slow & steady.

Today I tried my best to hold the fort.



Good Night...

Hi Sun

Excellent discipline again today

Couple of questions

How many single scalps today - ie not counting multi entries ?

Also tell me about you hiccup when you pulled it back from a big loss position - maybe on 3 or 4 multi stakes failing ?

I am pleased that you stay focused and don't let any bad events take you off track etc etc

We need to get you over 70% win ratios on single entry scalps next and so it might be worth pacing yourself to cherry pick only 2 scalps an hr on different pairs to see if you are improving on your timing.

I would be delighted if you took say just 10 scalps over 2+ or 3 hrs - got 7+ correct with over 4 + pips and then the 3 wrong say kept to under 5 pips - giving you a net 15+ result

It need not take up your whole session - but I think now it more focus on picking the better options rather than just scalp numbers - because with over 1100+ scalps behind you - I think you definitely have the basics right - its the fine tuning part now

Regards


F

 

[bryan9725]

Something that might help

Hi,

I personally just wrote this website that helps traders like us log their trades, make analysis and access it anywhere in the world where there is internet. Just thought i should let you know.

If you are interested, do check it out at: www.tradefist.com

Cheers.

 

[sun11]

Hi Sun

Excellent discipline again today

Couple of questions

How many single scalps today - ie not counting multi entries ?

Also tell me about you hiccup when you pulled it back from a big loss position - maybe on 3 or 4 multi stakes failing ?

I am pleased that you stay focused and don't let any bad events take you off track etc etc

We need to get you over 70% win ratios on single entry scalps next and so it might be worth pacing yourself to cherry pick only 2 scalps an hr on different pairs to see if you are improving on your timing.

I would be delighted if you took say just 10 scalps over 2+ or 3 hrs - got 7+ correct with over 4 + pips and then the 3 wrong say kept to under 5 pips - giving you a net 15+ result

It need not take up your whole session - but I think now it more focus on picking the better options rather than just scalp numbers - because with over 1100+ scalps behind you - I think you definitely have the basics right - its the fine tuning part now

Regards


F

Hello Forexmospherian,

Started late today. Yes without those multi orders, there total no of trades are around 28. Yes I required to learn cherry picking those trades which will fetch me 5+ profits.

Generally what happens is, if i make sell trade & market moves against me -4. I instantly closed, thinking i'm wrong, so it might be buy. So i buy, I lost again -4. So sell again now with little doubling. This time won & recover all of my losses. This is what happened in last few weeks. It sounds like absolute gambler i know.
But there are some points where i know market gonna break either upside or downside, it can't stay longer in same position. But i'm not intended to use it any more. Cause it not your style. So will follow the course.

Will see what happens. Will try to limit the number of trades.
Regards

Next will post my recent trading chart with example

 

[sun11]

Last EU example

 

[Forexmospherian]

View attachment 201914

WD Sun

Similar set up from 11 20/ 21 am and 11 30 am on EU - one buy - one sell ( UK times and you are what 2 hrs ahead ? )

 

[sun11]

WD Sun

Similar set up from 11 20/ 21 am and 11 30 am on EU - one buy - one sell ( UK times and you are what 2 hrs ahead ? )

Thank you F,
Now it's shows a clear picture.
Really helpful for me to study.

yes my broker is 2 hrs ahead. But I'm personally 5.30 hrs ahead. -)

I will post another chart next. Current selling EU again after a pullback.

 

[sun11]

Thank you F,
Now it's shows a clear picture.
Really helpful for me to study.

yes my broker is 2 hrs ahead. But I'm personally 5.30 hrs ahead. -)

I will post another chart next. Current selling EU again after a pullback.

Next chart is bit messy.


First two sell trade was in loss due that yellow zone. But later one wins profit. Also traded Cad recover losses.
My ultimate target was round 1282 or 1286.

 

[sun11]

Next chart is bit messy.
View attachment 201926

First two sell trade was in loss due that yellow zone. But later one wins profit. Also traded Cad recover losses.
My ultimate target was round 1282 or 1286.

What a fall! did reached my final target, even more. But didn't earn profit in straight. Just covered all of my losses.

 

[remulix]

A small question...

Hello Sun and F,
First I want to congrat Sun for her hard and strict discipline learning the SSS system.
Then Thanks a lot to F for sharing his huge knowledge.
About this, it's now some weeks I'm wandering from threads to threads and even if I partially "get" the main things, I'd like to get the basics ;-)

So please Sun or F, could you tell me where these rules are written ?

Sorry it the answer is obvious, I really don't find them.

All the best.
R.

 

[sun11]

Hello Sun and F,
First I want to congrat Sun for her hard and strict discipline learning the SSS system.
Then Thanks a lot to F for sharing his huge knowledge.
About this, it's now some weeks I'm wandering from threads to threads and even if I partially "get" the main things, I'd like to get the basics ;-)

So please Sun or F, could you tell me where these rules are written ?

Sorry it the answer is obvious, I really don't find them.

All the best.
R.

Hello remulix,

Thank you for your post. Following threads contains the basics.


Other than if you have any specific questions, then you can ask on F's journal.
Also I will try to help you out. Although i'm new yet.

Best Regards
Sun

 

[sun11]

Day 46

PL: 12 (22 excluding commission)
No of Trades: 20
Win Rate: 70%
Largest Win: 4.9
Largest loss: 3.2

Couldn't trade any more today...guest...

Good night...

 

[remulix]

Perfect

Thanks a lot Sun.
Don't worry I will let you study in peace; as far as I can see you will be 100% when I start

All the best and keep up the good work.

R.

 

[keen246]

Profit taking vs. Winning %

If Sun doesn’t mind, I’ll post my thoughts and questions on this thread as I think we can have similar questions and observations on our learning stages. I don’t post much anyway

Today I want to share my self-reflection on the relationship between winning % and profit taking. I’ve been having a very decent winning % until some two weeks ago. Why? I want to get more pips on each of my entries, hence left the trades running longer. Yes, I have had some occasional nice trades of 10-15 pips, but the winning % dropped dramatically. I felt very disappointed.

So, I think at this stage, it’s not advisable for me to shoot for profits bigger than 4-6 pips on each trade. As Sun can relate, it’s very…very common to have some +3 - +6 pips in profit which quickly become -3 - -5 and the trade must be closed (and the trade goes your way afterwards). So I’m going to leave a hard take profit limit around +4 pips (3.2 for me and 0.8 for the shark) and hopefully go back to a high winning % with a decent amount of pips. My daily target at this moment is very modest - 13-16 pips, so with 4-5 winning trades I can reach my daily target. I close trades between 3-6 pips in loss, so on average the R:R would be 1:1.

I’ll post how this approach is working out in some 2 weeks when there is a decent sample size to draw a conclusion. Any thoughts/advice is welcome.
Cheers,
Keen246