7th Signal & Lighthouse trading journal

[Lighthouse]

First trade

Cable : long @ 8604 stop 8487

Add on entry longs @ 8540 , 8648 & 8778

Open target but will consider closing and reversing short on an 8770/80 failure, A break of that level and am targeting 9025+

 

[Priceman]

Like it ! The gauntlet has been thrown, bring it on. Nice work Lighthouse.

 

[Lighthouse]

Entry long @ 8540 triggered

Current positions long & 8540 & 8604 stops @ 8478

Edit - stop adjusted to 8478

 

[Lighthouse]

Don't like this price action.

Covered both long trades @ 8589
8604 long -15 pips
8540 long + 49 pips

 

[30XTCi]

Lightsout = Minus 188 / 7Th =0

Lightsout Holding 105

More Details required


30x

 

[30XTCi]

Dear Mr Lightonnouse, (I think I got that right) as a newbie to FX trading I decided to get myself educated and just finished a 30 day online course with ( blank ).


One of the basics that I learned was when you BUY , in order to make money the price must go UP. I noticed you system is opposite!


Another good tip i got was to try and go in the direction of historical TREND. I noticed your system is opposite!


Last night as I watched historical Trend going down,down,down, It went down so fast I broke my pencil trying to keep up with it. There was definately a historical downtrend I could see it all week.


Another thing we learned was to try not to pick tops and bottoms, these can be very dangerous places. They can be sharp and you can hurt your account.



Did you have some Special knowledge to buy when you did or was this like, a GUESS!!?



I got up early to read your next trade, you have one today dont you.?

As I had some time to spare I re-read your rulebook for This Thread. According to the rules a valid, Legit trade is made up as follows:


1) It Must be posted in Advance,

2) Open price (long or short)

3) Stop if you have one

4) Limit

Then, when you said

""Covered both long trades @ 8589" This is not a valid trade! Not in advance, no stop and no limit INVALID.PERIOD.

I think there are things going on at the moment of which you are not aware,

Take Care Dude

30x

 

[darktone]

as a newbie to FX trading I decided to get myself educated and just finished a 30 day online course with

 

[30XTCi]

Dear Mr Lighthouse, ( I triple checked that)

I'm Sorry, I would like to apologise, I just got home from work and realized that you must be a Newbie too. Maybe we could help each other, I like to learn different stuff and grow as a person,
I always look for a mentor, ( thats like someone who knows more than me) thats why I like 7th a lot, he helps newbie's like us to think different, try new things and encourages people to use their imagination.

He uses lots of big words that i dont understand but hey, I just get out the dict dictionary and BAM! I just learned and grew some more! How easy is that. He is much smarter than me, he must have gone to a good school and I bet he's got a good job! I find his threads interesting and he never bothers anyone, he just likes to talk with his friends about new ways to learn things. Thats when I learned the most, by reading and piecing all the puzzle bits together. How cool is That.

He says he has six years of FX experience, I only have three months, what about You?
Some people may have ten years, BUT if you dont learn and you dont grow, what you got is one years experience repeated ten times!! How DUMB is that!


I Just had an idea popped into my head. I'm going to record how much I grow and learn every single day, in fact I'm going to create a chart ( in excel of course) and at the END of every day I can draw my historical trend line to see how I progressed. Now, you understand that I need that
EOD Data to join the dots so I can look back in time.


Hey Mr Lighthouse, do you own a boat? With a name like that you must live near the Water?
I used to go out with a friend on his boat , we were into Scuba Diving, and we tried to find different locations whenever the boat hit the water. Learning new locations and growing with experience. We always did two dives and in between dives we would drop the Anchor and just relax and have coffee and lunch. When I compare this to what happens in the FX markets it seems to me that a great deal of traders just cruise on up to the broker, drop Anchor, and stay there,never pulling that Anchor out. That would be like doing the same dive day after day after day. How BORING is that , same type of trade using the same old indicators. Never trying anything New!

Anyway maybe you can teach me about money management ,you must have a great system,
When can we expect your next Live trade call?


30x

 

[Lighthouse]

Dear Mr Lighthouse, ( I triple checked that)

I'm Sorry, I would like to apologise, I just got home from work and realized that you must be a Newbie too. Maybe we could help each other, I like to learn different stuff and grow as a person,
I always look for a mentor, ( thats like someone who knows more than me) thats why I like 7th a lot, he helps newbie's like us to think different, try new things and encourages people to use their imagination.

He uses lots of big words that i dont understand but hey, I just get out the dict dictionary and BAM! I just learned and grew some more! How easy is that. He is much smarter than me, he must have gone to a good school and I bet he's got a good job! I find his threads interesting and he never bothers anyone, he just likes to talk with his friends about new ways to learn things. Thats when I learned the most, by reading and piecing all the puzzle bits together. How cool is That.

He says he has six years of FX experience, I only have three months, what about You?
Some people may have ten years, BUT if you dont learn and you dont grow, what you got is one years experience repeated ten times!! How DUMB is that!


I Just had an idea popped into my head. I'm going to record how much I grow and learn every single day, in fact I'm going to create a chart ( in excel of course) and at the END of every day I can draw my historical trend line to see how I progressed. Now, you understand that I need that
EOD Data to join the dots so I can look back in time.


Hey Mr Lighthouse, do you own a boat? With a name like that you must live near the Water?
I used to go out with a friend on his boat , we were into Scuba Diving, and we tried to find different locations whenever the boat hit the water. Learning new locations and growing with experience. We always did two dives and in between dives we would drop the Anchor and just relax and have coffee and lunch. When I compare this to what happens in the FX markets it seems to me that a great deal of traders just cruise on up to the broker, drop Anchor, and stay there,never pulling that Anchor out. That would be like doing the same dive day after day after day. How BORING is that , same type of trade using the same old indicators. Never trying anything New!

Anyway maybe you can teach me about money management ,you must have a great system,
When can we expect your next Live trade call?


30x

You are obviously a fan of good old Tradevector/7th

Let me put this in plain English for you as like him you seem to have issues with someone stating the obvious.

This thread was set up to let 7th show to the world his most excellent 98% accurate trading skills. Unfortunately they had been brought into question by his last 3 trades which gave him 400-500 pip losses.

Not surprisingly he hasn't taken up the challenge so I don't see the point of posting my trades.

I do post on another semi private forum but that is neither here nor there,.

NB. for a "newbie" who just took a course you certainly have a lot to say about trading, now I wonder which of his sycophants you are ? or maybe you are 7th himself under yet another ID as you also seem to suffer from a case of excesssive keyboard use.

Never mind it's not really relevant

 

[Lighthouse]

Here's a little quote from an excellent futures trader which might help you undestand the psychology of trading a bit better. If you get this bit right then getting money out of the market is much easier than using weather radar or saying that a trend doesn't exist ,although I notice that you do accept that trends exist which of itself is an anomaly with the teachings of the great fool himself

Anyway here's the quote

"Most trades are placed with good reason and backed with good research. If the trader didn't feel they had a good chance of being successful with that trade, they never would have made that trade. That feeling of better-than-average probabilities is self-defeating because, with that feeling alone, it is possible to miss the big moves by being wrong first.

I view the nature of entering positions a little differently, and I feel that is a key in better trading. It is not natural to feel other than optimistic about a trade. What must be done is that the optimistic view must be projected beyond the initial position.

The most important point of a newly established position is to understand that the initial entry of a trade is only a small part of the expected process of trading your position. Look at it as if you are going to make a series of trades anytime you get a signal. You must have the latitude of knowing and doing what it takes to correctly end up with a position that reaches to your goal. Your goal is the important part and not the trade you have just entered.

If I were to tell you that your signal to enter a market has the criteria that you must also be swift in protecting that position and correcting that position as quickly as you can, would you be able to reverse your position as many as three or four times. You would be more agreeable to that prospect by being alert to the possibility of having to reverse your original position. That thinking would make it easier for you to make the needed adjustments to your position. This is what you must do anytime you enter a position. You must know that the initial entered position is just the beginning of your trade.

Rather than taking a position and letting emotion enter the picture, you must understand that position does not justify any emotional modification of your thoughts. Stop that position before emotion even enters the trade by removing the position. You can re-enter the position correctly again and again until you have no emotional effect from that position. If your position brings emotion into the picture, it is usually wrong or the wrong way.

The market will seldom comply with your position at first, but that in no way says not to trade correctly. A lot of times your entry is at the place where many think the same as you. Don't ever feel bad about this because you're not alone in your thinking. It is that you seldom can all be right at the right time.

The edge you have over everyone else's thinking is that you know you are quicker than the eye. You can remove your positions quickly because you are alert to the idea of knowing you can re-enter immediately quicker than the eye. A bad or incorrect position is the best opportunity to do the correct thing. You are going to always do the correct thing. Be swift! You can stop this emotional feeling of always getting in at the wrong place immediately, and it will soon become second nature to you.

If you find that you feel you are wrong as soon as you enter, remove that position because you are right (in removing that position!) Why do I know this works? I know that some of my best days and trades are when I started out wrong with a position. Learn to understand that an existing wrong position is the best excuse to get a good position.

So what if you are wrong and wrong and wrong again. The best part of being wrong is that you are going to do the correct thing by removing that wrong position. Listen to your inner thoughts on being wrong, and when emotion becomes an element, remove the position. It really works. Emotion has no place in a trade. If emotion is in your trade, it is a wrong position.

End quote :

 

[Lighthouse]

Don't like this price action.

Covered both long trades @ 8589
8604 long -15 pips
8540 long + 49 pips

And now in the light of the quote above you might, if you really really think hard you might understand what I said.

" I don't like this price action" get it. I decided the trades were wrong so I pulled them. much better to do that than let it run 200 pips against you because you thought you were right.

If you aren't prepared to close or reverse a position immediatley the market shows you the original trades were wrong then you wont last long in this game. Why let the market take you out on your stops when you can get out for a smaller loss (in this case a small profit) if you are pro active and professional in your approach to trading.

This is my job and I take it seriously, I'm not out to prove anything, other than make a living for myself.

Good luck

 

[zuke]

And now in the light of the quote above you might, if you really really think hard you might understand what I said.

" I don't like this price action" get it. I decided the trades were wrong so I pulled them. much better to do that than let it run 200 pips against you because you thought you were right.

If you aren't prepared to close or reverse a position immediatley the market shows you the original trades were wrong then you wont last long in this game. Why let the market take you out on your stops when you can get out for a smaller loss (in this case a small profit) if you are pro active and professional in your approach to trading.

This is my job and I take it seriously, I'm not out to prove anything, other than make a living for myself.

Good luck

Lighthouse..I dont you (personal attack deleted by JumpOff) wouldn't take up the challenge. Dont forget he has to fit trading in with his combat sorties!!!

 

[30XTCi]

Mr Lighthouse, I didnt realise you were a PRO @ FX, I think your Broker gave you this book so he can make lots of commision, if I understand it correctly, you must keep your emotions under control at all times, dont panic, until you are convinced you got it wrong, and then you jump from one trajectory to the other. If you dont get it right this time you dont panic, you must keep all emotions out of it, so you get out as best you can or jump over to the other trajectory, Right.


ProFx, you really should take an Anthony Robbins course. ( I like Mr Robbins too, (Mentor)).
You should also learn to read between the Lines.

Look, When I read,
Quote
"Lighthouse Don't like this price action."
You just put you emotions on paper, You are concerned, a little worried, things are not going the way you planned,these feelings are LINKED to emotions. When you link emotions to a business like this you create whats known as an ANCHOR.

Now, I dont see many people on FX boards talking about Skuba Diving do you?

In my previous post I mentioned the word Anchor three times, all linked to some emotion.

Hello anybody There.

The bottom line is this. Anchors are extreemly difficult to "pull up" and change, not impossible but difficult. That's why Tony calls them Anchors. Anchors are also linked to our belief systems.

Now pay attention and think.

What we believe, is what makes us "us". If I believe I'm right in something , nothing you can say will change my belief system UNLESS I am willing to change it MYSELF. In most cases when somebody says "You don't really believe that do you" It only goes to REINFORCE the other persons beliefs!!

Think about it, you go uninvited into someone elses thread , without being able to control your emotions, to deliberatly trash it and say " look, I dont believe that you could possibly believe all that rubbish" and when 7th comes back with his belief system all fired up, well you get the picture.

Can you see that it's all pointless. It produces nothing , personally I dont give a damm. I have never posted on any board before this one, except in the online lessons. If you make a living out of the Forex then good for you, and anybody else that makes a living from it shoud have your respect too.

I hope to be there in about six months.


30x

 

[Ripcord]

In my previous post I mentioned the word Anchor three times, all linked to some emotion.

30x

Well I think that most of us on this site agree that you just need to rhyme a word with that to decsribe 7th and his little gang.

 

[Lighthouse]

Well I think that most of us on this site agree that you just need to rhyme a word with that to decsribe 7th and his little gang.

LOL !!!

This is 7th under a new nick. you can tell by the way he writes .

7th. I don't know who you think I am but you are way off the mark if you think I am somebody called "Profx" ??

(personal attack deleted by JumpOff)

Bless

 

[Lighthouse]

Now, I dont see many people on FX boards talking about Skuba Diving do you?

Hello anybody There.


30x

Just being pedantic here, but it's actualy scuba NOT skuba !

Self Contained Underwater Breathing Apparatus.... SCUBA

 

[Charlton]

Words of encouragement

Dear Mr Lighthouse, ( I triple checked that)

I'm Sorry, I would like to apologise, I just got home from work and realized that you must be a Newbie too. Maybe we could help each other, I like to learn different stuff and grow as a person,
I always look for a mentor, ( thats like someone who knows more than me) thats why I like 7th a lot, he helps newbie's like us to think different, try new things and encourages people to use their imagination.

He uses lots of big words that i dont understand but hey, I just get out the dict dictionary and BAM! I just learned and grew some more! How easy is that.

And the beauty of his words is that they make the same amount of sense in any order

He is much smarter than me, he must have gone to a good school and I bet he's got a good job!

No - you missed the post where he said he quit corporate life. Well one would wouldn't one, with $18 million !

I find his threads interesting and he never bothers anyone, he just likes to talk with his friends about new ways to learn things. Thats when I learned the most, by reading and piecing all the puzzle bits together. How cool is That.

Quite so !

He says he has six years of FX experience, I only have three months, what about You?

Incredible - only 6 years. It seems like a lifetime he's been around

Some people may have ten years, BUT if you dont learn and you dont grow, what you got is one years experience repeated ten times!! How DUMB is that!


I Just had an idea popped into my head. I'm going to record how much I grow and learn every single day, in fact I'm going to create a chart ( in excel of course) and at the END of every day I can draw my historical trend line to see how I progressed. Now, you understand that I need that
EOD Data to join the dots so I can look back in time.

I do admire the way you have picked this up so quickly

Hey Mr Lighthouse, do you own a boat? With a name like that you must live near the Water?
I used to go out with a friend on his boat , we were into Scuba Diving, and we tried to find different locations whenever the boat hit the water. Learning new locations and growing with experience. We always did two dives and in between dives we would drop the Anchor and just relax and have coffee and lunch. When I compare this to what happens in the FX markets it seems to me that a great deal of traders just cruise on up to the broker, drop Anchor, and stay there,never pulling that Anchor out. That would be like doing the same dive day after day after day. How BORING is that , same type of trade using the same old indicators. Never trying anything New!

Anyway maybe you can teach me about money management ,you must have a great system,
When can we expect your next Live trade call?


30x

By the way don't mention trends around here - people are very sensiive

Good 4X Trading

Charlton

 

[Lighthouse]

Just for the record, it's actually not actualy .


30x

Have you finished ?

I said this before and I will say it again.

I do this for a living and I'm pretty good at it. ie. I give me, my family, my friends and my parents a pretty good life. just get over it

I don't have an ego problem . I think you do.

PS. check out your old O&C dictionary. there are 2 spellings. I'm English.

Center not Centre ?

 

[Lighthouse]

Three posts containing three perfect examples of five year old body language.

This is my last post here, Mission Accomplished.


30x

Wrong my misguided friend.

This is a forex trading forum. The "mission" is to make money, serious money.

that is it, all, the end.

maybe you should look at yourself and re-appraise your worth and/or potential in this field.

Some can and some can't. I don't in honesty think you will get past losing your first 50k let alone turning that into 250k in a month, (personal attack deleted by JumpOff)

 

[JumpOff]

Let's see if we can get back to the part where Lighthouse posts trades (if and when he feels it is appropriate). Then we can ask questions and give comments about those trades.
JO