Forex knowledge and live trading journal

[aliasentric]

Furthermore… You have to understand the story as it unfolds. It's very easy to look at prior PA history, and look at all the trades you could have entered but didn't enter. But what you don't see is all the false signals, or PA patterns that were part of a bigger picture, that could have mislead you if you take them out of context.

It is imperative that one learns to read PA as it unfolds, as it is happening in real time. Studying charts will only get you so far. One has to progress to where the focus is there to understand what the PA is saying as it is saying it, and at the same time relate it to what has already been said, so as to understand the direction of the story that is being told, and finally to recognize if you have enough information to enter a trade, or if you need more information. And finally to anticipate, what kind of information you are waiting for to complete the story...

 

[aliasentric]

A pin bar is a perfect example of what is stated above. I think I lost more money entering trades based on pin bars, than any other price action pattern. Until I learned what a pin bar actually is, and how to associate it with the context. Then I saw that there is never a situation that I would enter a trade based solely on a pin bar.

What is a pin bar? It is like the later "A". It doesn't tell you anything. It's just a letter. You have to relate it to the word, paragraph, chapter, and story it is part of.

 

[aliasentric]

So, the process of learning to read price action is clear, just like the process of learning a language is clear. But how does one know if they can succeed?

Have you ever learned to do anything similar to learning to read price action? Yes. You are reading this. You have learned to read and understand a language.

People who know more than one language are good candidates to be able to learn price action. People who have learned programming languages are also good candidates.

But there many other factors. How well are you at understanding and following direction? How is your communication skills? Do you listen with the intent of understanding, and only respond after you understand? How honest are you with yourself? These are critical factors in learning to read, understand and follow the direction of what price is telling you. Many other factors involved...

Bottom line is that anyone who reads and understands any language, even if it is just one language, can learn to read and understand price action. And if they learn to follow the direction of what the PA tells them, they can become a successful trader...

 

[aliasentric]

Trade management update for:

GBPAUD, GBPNZD, EURAUD, EURNZD, EURJPY, USDJPY

Video: TradeManagement20131219

http://www.youtube.com/channel/UCmn5UWtVQolz1L4OxAMQzzw

 

[aliasentric]

Trade management update for:

GBPAUD, GBPNZD, EURAUD, EURNZD, EURJPY, USDJPY

video: TradeManagement20131219 2


http://www.youtube.com/channel/UCmn5UWtVQolz1L4OxAMQzzw

 

[Forexmospherian]

So, the process of learning to read price action is clear, just like the process of learning a language is clear. But how does one know if they can succeed?

Have you ever learned to do anything similar to learning to read price action? Yes. You are reading this. You have learned to read and understand a language.

People who know more than one language are good candidates to be able to learn price action. People who have learned programming languages are also good candidates.

But there many other factors. How well are you at understanding and following direction? How is your communication skills? Do you listen with the intent of understanding, and only respond after you understand? How honest are you with yourself? These are critical factors in learning to read, understand and follow the direction of what price is telling you. Many other factors involved...

Bottom line is that anyone who reads and understands any language, even if it is just one language, can learn to read and understand price action. And if they learn to follow the direction of what the PA tells them, they can become a successful trader...

I would agree up to a point

When you learn a language - normally you are not being mislead - ie all foreign footballers playing in English league are learning all the swear words first and in some cases not told that they should not be saying these words - ie they are deliberately set up - for a joke ;-)

Well PA can deliberate set you up - as false moves are manufactured and commonly called - false sentiment

Also you can have a 80% success rate at reading PA to make trading decisions - BUT - still lose money

There are so many components making up the entire picture that normally - just one in isolation might be less than 30% of the equation.

i think you are trying to simplify the process which in theory is correct - but trading to make continual profits is just not simple. To me it's up there with rocket science and brain surgery - it is that difficult to put the whole equation together.

I know you will think rubbish - but loads of clever people never get there - they can be members of Mensa - Professors etc etc - but still not make it. Please don't think low intelligence might help neither - you need above average intelligence but other qualities that normally many forget - ie patience - total mind control - to be able to work under pressure - and one which can really help you - a photographic memory

Regards

F

 

[aliasentric]

I would agree up to a point

When you learn a language - normally you are not being mislead - ie all foreign footballers playing in English league are learning all the swear words first and in some cases not told that they should not be saying these words - ie they are deliberately set up - for a joke ;-)

Well PA can deliberate set you up - as false moves are manufactured and commonly called - false sentiment

Also you can have a 80% success rate at reading PA to make trading decisions - BUT - still lose money

There are so many components making up the entire picture that normally - just one in isolation might be less than 30% of the equation.

i think you are trying to simplify the process which in theory is correct - but trading to make continual profits is just not simple. To me it's up there with rocket science and brain surgery - it is that difficult to put the whole equation together.

I know you will think rubbish - but loads of clever people never get there - they can be members of Mensa - Professors etc etc - but still not make it. Please don't think low intelligence might help neither - you need above average intelligence but other qualities that normally many forget - ie patience - total mind control - to be able to work under pressure - and one which can really help you - a photographic memory

Regards

F

I guess we can agree to disagree on this. As I don't think learning a language is simple. Communicating and understanding in a new language is also not simple. Languages are extremely complex. Some languages are tonal, and you could say the one thing in 2 completely different contexts, and it would only be correct if you used the right tone. There are plenty of things that can mislead one, when it comes to language.

Plus think about all of the misunderstandings that occur in language. How may lies are told? How hard is it to see the truth when you think you are being mislead by someone. There are so many parallels between languages and price action, I could write a book on it...

 

[aliasentric]

Forexmospherian - I might respectfully ask, how many languages have you learned? If you've learned more than just your native tongue, I'm surprised you'd think language is simple. I've learned the basic structure of 4 different languages, including my mother tongue. I'm only fluent in 1 of them as of yet.

I've also learned more than 10 programming languages, and also see the similarities with that arena.

Just not sure where you are getting anything simple out of this. Do you also know any programming languages? And how long it takes to learn even just one?

 

[aliasentric]

Forexmospherian - I'm sorry, but you have really surprised me with your post. The market is a like an evil dragon out to devour you. It's telling you what it is going to do, but it is sneaky, and will try to deceive you every chance it gets, in order to breathe it's fire and incinerate you by stopping you out, or taking your profit.

If you can unlock what the market tells you you can slay that dragon. Incidentally, the GBPJPY is nicknamed, "The Dragon"…

I realize I have some new ideas that have never been presented before, or at least I've never heard them anywhere. But I think if you have an open mind you'll see they make sense. If not, that's okay. I'm only trying to help people who need it. If you got it all figured out, then that's great for you.

 

[aliasentric]

I've also compared the market to surfing. You have to wait for a wave. Ride the the wave, and know when to jump off.

An illustration doesn't have to fit exactly, and have the exact same amount of complexity. The whole point of an illustration is to simplify things so people can understand. And that's why I think I didn't really learn how to trade from any one person or source. I felt like no one was able to break it down in a way that I could understand. So, I had to break it down myself.

 

[aliasentric]

So, if trading is like brain surgery, then how would you teach someone how to trade? Send them to medical school first? Sorry, I don't think that will work for all the people who don't have the time or money or desire for medical school.

 

[aliasentric]

Trading needs to be broken down in terms that people can understand. They need to be able to relate it to something that they understand and are familiar with. Otherwise, if a teacher cannot do that, they cannot teach how to trade.

 

[aliasentric]

Forexmospherian - Lastly I might respectfully add. I believe you are overcomplicating trading. I believe that is a very common mistake that people make. Yes, trading is complicated. But sorry, it's not brain surgery. I know I could not be a brain surgeon, as I'd probably faint at the sight of someone's blood. But I can trade.

 

[Forexmospherian]

Forexmospherian - I might respectfully ask, how many languages have you learned? If you've learned more than just your native tongue, I'm surprised you'd think language is simple. I've learned the basic structure of 4 different languages, including my mother tongue. I'm only fluent in 1 of them as of yet.

I've also learned more than 10 programming languages, and also see the similarities with that arena.

Just not sure where you are getting anything simple out of this. Do you also know any programming languages? And how long it takes to learn even just one?

I learnt 3 languages 40 yrs ago - and only can speak French at a basic communication level - due to many visits there over last 25 yrs

German - I found difficult - had monthly PLC Board meetings in Munich for 18 months many yrs ago - luckily all the guys there could speak English better than I could speak German - but my son is fairly fluent within 2 years.

With regards to programming and Maths - trading is not a science - its not black or white - grey is the main colour - what might work today - could fail tomorrow - but if its good it will work over 60% if the time.

You are really just like me during my first 2 yrs - i thought by year 5 I would be a multi - millionaire from trading - instead - 5 -6 year later than year 5 - never made more than a quarter of that in 12 months - and also found out I cannot mentally handle trading over 20 full lots per pip - - like being a marathon runner and hitting the "wall"" at 15 miles - so near - but still so far - shame - You might be OK - and as I have already said - I really wish you well

Regards

F

 

[aliasentric]

Forexmospherian - I think you've struck a nerve with this topic. Again, respectfully, I will add:

The reason why most people fail as traders is because they don't have someone to teach them how to really do it. You are underestimating the human mind, if you think that there are only 5 or 10 percent of people in the world that have the mental capacity to learn how to trade.

Human brains have the ability to expand knowledge by adding new synaptic connections, increasing mental capacity and ability. The average life span uses less than 100th of 1% of the brains potential. I believe there's enough in there to work with to develop trading ability.

The only question is, does someone have the drive, desire, patience, etc to really want to do it. Would they enjoy it? Or would it be a chore? Would the stress be too much for them? But as far as mental capacity, I truly believe anyone could do it. It's not that complicated.

 

[Forexmospherian]

Trading needs to be broken down in terms that people can understand. They need to be able to relate it to something that they understand and are familiar with. Otherwise, if a teacher cannot do that, they cannot teach how to trade.

I think you have hit it on the head there ;-)

Over 80% of teachers / gurus cannot teach to the level required - ie continual daily / weekly profits on going for months and years etc

That's why the teach - and its easier money

Regards

F

 

[aliasentric]

Forexmospherian quote: "You might be OK - and as I have already said - I really wish you well"

I guess I just don't understand the intentions of people. It took me 8 months to learn how to trade. And everyone insists that since it took everyone else years to do it, then I must not know anything yet.

I've been through all of the ups and downs, lost most of my money, from blown accounts. And thought several times that I was there, only to find I wasn't. So, I've experienced all of the things you are describing, just at a faster pace.

Did you spend every day all day, and all night for 8 months learning? No, you had other things going on. You don't think that you could have learned more quickly if you would have focused on just one thing?

I could close this weeks trades out right now with 35-40% profit for the week. 20 trades with 19 winners, 1 loser. I started posting before I knew what these results would be at the beginning of the week. I made a video of almost every decision as I was making it. I'd think maybe before people tell me I don't know what I'm talking about, they'd give it a chance and watch and listen. Maybe learn something. If I figure it out in a fraction of the amount of time it took you, perhaps there's something to my approach?

Or maybe you can actually share your experience and help me if you don't think I know what I'm doing? So far, the only "helpful" thing I've heard is that I don't really know how to trade yet. But that's not helping me

 

[aliasentric]

maybe the solution for me not to waste time with these types of discussions is just to post my trading videos. I think that's what I will do.

It's been fun, but I just don't have time for debating how long it takes to learn how to trade. I'm going to go back to actually trading…

bye

 

[Forexmospherian]

Forexmospherian quote: "You might be OK - and as I have already said - I really wish you well"

I guess I just don't understand the intentions of people. It took me 8 months to learn how to trade. And everyone insists that since it took every else years to do it, then I must not know anything yet.

I've ben through all of the ups and downs, lost most of my money, from blown accounts. And thought several times that I was there, only to find I wasn't. So, I've experienced all of the things you are describing, just at a faster pace.

Did you spend every day all day, and all night for 8 months learning? No, you had other things going on. You don't think that you could have learned more quickly if you would have focused on just one thing?

I could close this weeks trades out right now with 35-40% profit for the week. 20 trades with 19 winners, 1 loser. I started posting before I knew what these results would be at the beginning of the week. I made a video of almost every decision as I was making it. I'd think maybe before people tell me I don't know what I'm talking about, they'd give it a chance and watch and listen. Maybe learn something. If I figure it out in a fraction of the amount of time it took you, perhaps there's something to my approach?

Or maybe you can actually share your experience and help me if you don't think I know what I'm doing? So far, the only "helpful" thing I've heard is that I don't really know how to trade yet. But that's not helping me

I think you maybe misunderstanding me and I will try and explain it slightly differently

I am not saying you cannot trade

You have said this week you will have 19 winners out of 20 trades - which as far as I am concerned is excellent stuff.

BUT

If you do an average 15 -25 trades a week and it took you 8 months to get to your level- that means you might have only been doing live trading for last 4 - 6 months - and therefore you have not even seen a "full window" yet.

For me no system is proven until you have over 2 years of live results. With your strat 2 yrs of trading will be be over 1200 - 1500 live trades - which is a great sample and easy large enough. Unfortunately some 2 yr results have less than 300 trades - and really that is not a large enough sample in the time frame.

When you have 2 yrs of live results - with ideally no losing month - than I would say you have something that should continue successfully - but will need constant updates and fine tuning.

If someone said to you I have learnt to speak say French fluently in 3 days - you would not believe them

Well basically to learn to trade from zero to the level you say you are at in 8 months is a similar type of analogue. The market as either been very kind to you - or you have been extremely lucky - or even it could be both ;-)

Now if you had said - i have been doing this for 3 years - no problem - I would then say - you must have gone through the bad periods - survived and fine tuned - but with you have up to 10% stake per trade and in up to 5 trades at once - all the experienced traders know you have not seen any storm yet

Hope that explains it better

Regards

F

 

[aliasentric]

Forexmospherian - I think you are missing my point, and will respond for the last time to this topic (i hope)

It is fine if you don't think I am a proven successful trader. What good does it do continually point that out? Once you felt you had things going in your journey to learn to trade, would you have wanted someone following you around telling you that you aren't there yet? Please. What good does that do?

I'm not asking for your vote, or endorsement. And I'm still not sure what good it really does to have this type of discussion. My goal is to share what I learned and maintain my success. I think I can do that without someone constantly telling me I really don't know if I 'm there yet.

Here's an idea. If you really don't think I"m there yet, and have any REAL suggestions for me to improve, I'd be happy to hear that. But no one has commented on my videos, except for your one question, which I've already answered.