journal of trader formally known as wasp

[dbphoenix]

It would probably be easier to transfer them over to Firewalkers thread (his original and your corresponding answers) but ther is no rush and for convenience, feel free to answer here upon this thread for now dp, I'll probably lean a few things too! (PS. thanks for asking).

Cheers.

Tell you what. If you're esp interested in the questions, reword them in a way that applies to what you're doing and I'll be happy to offer my view. If you're interested in the questions but they don't particularly apply to your work, let's wait.

I know this seems unnecessarily quibbly, but this wandering back and forth can get out of hand. One of the advantages of the "old" journal forum -- where I keep my journal -- is that comments are on a separate track and your own posts are independent. This helps the journalist to stay on track, as well as to ignore off-topic remarks. Eventually the two forums will be combined. When they are, I hope this separate-comment-track feature remains.

Db

 

[firewalker99]

It would probably be easier to transfer them over to Firewalkers thread (his original and your corresponding answers) but ther is no rush and for convenience, feel free to answer here upon this thread for now dp, I'll probably lean a few things too! (PS thanks for asking)

Cheers

sorry didn't mean to mess up your journal, just thought of checking it out and getting the most of it by asking pertinent questions... anyway don't know if the questions are good but you know the Chinese saying...

anyway, I've placed the questions in my own thread
if you wish you may delete them here...

 

[dbphoenix]

sorry didn't mean to mess up your journal, just thought of checking it out and getting the most of it by asking pertinent questions... anyway don't know if the questions are good but you know the Chinese saying...

anyway, I've placed the questions in my own thread
if you wish you may delete them here...

It's not a question of messing it up, and I'm sure wasp doesn't mind, and by all means ask questions of him regarding what he's doing; that's a large part of keeping a public journal in the first place.

But I'm not the journal police. I am, however, perhaps oversensitive to the detours they can take based on what happens regularly at ET.

So just a small heads up and back to business.

DB

 

[wasp]

sorry didn't mean to mess up your journal, just thought of checking it out and getting the most of it by asking pertinent questions... anyway don't know if the questions are good but you know the Chinese saying...

anyway, I've placed the questions in my own thread
if you wish you may delete them here...

It's not a question of messing it up, and I'm sure wasp doesn't mind, and by all means ask questions of him regarding what he's doing; that's a large part of keeping a public journal in the first place.

But I'm not the journal police. I am, however, perhaps oversensitive to the detours they can take based on what happens regularly at ET.

So just a small heads up and back to business.

DB

No problem guys, like db says, thats part of the reason for a journal... Hopefully others input and questions can help us all attain our goals... :cheesy:

 

[wasp]

Oops! Spilt tea on my laptop yesterday, been a quiet week for trading so far for me. Just sorted a replacement to see I missed a nice run up late this afternoon. Typical.

C'est la vie....

 

[wasp]

manic week. Update at weekend.

 

[wasp]

The week



MON: all fine till spilt tea on laptop
TUE: no trading due to lack of laptop :|
WED: normal day
THUR: BoE and EU interest rates
FRI: NFPR

 

[wasp]

T2W - bad for my health

An interesting week its been.

Discipline to my trading plan was the original point of starting this journal and I blew that immediately! I offer thanks to those who have PM'd and responded in kind via this thread but I have to turn on the blinkers and learn to trade my plan and not listen to others too much. This may come accross as rude but its not meant to be this way. I appreciate all the input but I know I'm on to a good thing if I can only stick to it.

As I am still very much in the learning faze, reading others posts and views can play with my mind! First up, I trade FX. FX has no volume and therefore can't be viewed as such which makes most posts elsewhere defunct as the same analysis cannot be attatched to currencies. I like FX and I am making money so whilst looking at the DAX and YM during the week, I couldn't make heads or tails of it all and will, for the meantime, put it to one side. As for FX, reading the live cable thread and seeing others going different ways and some predicting much better than others casts doubt at times, especially when having a bad day.

Next week is a new week and I shall trade my plan alone. I am not interested in learning more, nor trying to understand more at this time, just trying to apply discipline to an already well studied and planned methodology. The best FX moves are based upon news releases and so much can be made when these occur, and there are usually at least 2 good ones a week, if I control my losses and concentrate on staying tight to my plan, then all will be fine.

Therefore, au revoir T2W, this site is doing nothing for my income!

 

[firewalker99]

As I am still very much in the learning faze, reading others posts and views can play with my mind! First up, I trade FX. FX has no volume and therefore can't be viewed as such which makes most posts elsewhere defunct as the same analysis cannot be attatched to currencies.

Therefore, au revoir T2W, this site is doing nothing for my income!

Sometimes I have the feeling the more I read and study the more different opinions are out there. Not sure which to follow though as they all claim to have some truth or a proven track record. Anyway, FX has tick volume doesn't it? I know it's not the same, but anyhow I've left volume out of my latests charts.

If other people's analysis isn't helpful for your trading, perhaps your analysis could be helpful for others'. As for your latest charts don't know if it's intentionally but you haven't annotated anything... don't know how T2W users could be of any help if there's not much to comment on?

Anyhow, you're a senior here, so I won't be saying what you should or shouldn't do but if you're succesful at trading, then sharing some of that knowledge could always benefit the less succesful.

 

[wasp]

Hi Firewalker,

I will be leaving T2W as it isn't helping me at all. Not sure if it is helping you either.

Its a funny old game. First up, don't be confused by the members tag, I may be senior but that is only down to the number of posts I have made. There are members on these boards with thousands of posts and have nothing to offer and others with just a couple of hundred who have been in the business for years and know what they are talking about.

People like Twalker, Jimbo57, Gammerjammer... all post occasionally but each have +10/20 years experience in the real world of trading, but don't really offer online training and/or advice as much as some. Then there are others who spend all their time boosting their ego to try and look like a god but are full of hot air and words. Everyone is helpful but only to a point.

One thing I would say to you is thus; trading is all about what works for you... I don't mean (and don't believe) in all this BS about 'the market is a mirror of yourself' thats crap IMO, the market is, was, and always will be but how YOU trade it is what is important - Its about hours upon hours off trying things, trying something else, changing it and changing it again, assigning it all to the bin and trying again. Over and over this goes until your content and consistently profitable.

One of the reasons I am leaving is as you said, everyone has their own proven theories and only they are right. Hell, price action is the only way to trade apparantly and despite my dislike of Grey1's ego, he is the only person who consistently posts profits every day and he uses indicators! See, there is no right or wrong and if you want to use them, use them, if not don't. Its your choice, your money and your life. You have to make it work for you. Ego is half the reason so many say price action is the only way... yes, indicators may be delayed but is it right more than its wrong.

At the end of the day, I may be profitable (ish), but I don't have all the answers as NOBODY does, its all about finding a profitable business plan that you can apply the same rules too based on whatever you wish so each day you make profits.

Price, volume, indicators, blank, tape reading or fundamental, they can all work or not, but only through hours of study and trial and error will you find your answers. Don't expect them to come from T2W as their are plenty of opinions but no guarantees.

hope that ramble helps and its all IMO.... find yours!

Good luck

WASP


PS, the charts don't have analysis on them but I shall edit them all just to show what I do.

 

[wasp]

Weeks analysis

Simple rules -

MA crossovers with pivots for trailing stoploss exits
5 trades maximum in a day
No entries after 3:30pm
Finish if new opposing signal after 3:30 or stopped out or run till 8pm and close all
0.5% risk per trade from total capital

(There a few finer details excluded but not relevant for explanation)

Black boxes signal entry points and blue the exits
If a move desn't pass a pivot point I leave the trade till a new opposing signal....

There may have been a better way about all this (larger timeframe = fewer losses) and I could have made more but with the results as shown on the charts, I'm really not complaining. As I said before, the thread was not down o my rules, but instead my discipline to stick to them. I am learning that slowly with the more good days I have....

Both the Interest rate jumpo and NFP were signalled 5 mins before the news and the exit reasons were near perfect the tops...

it works for me and thats what I have finally realised is what matters....

Wasp


PS red crosses = loss.... No red cross = win

 

[Priceman]

Wasp, I see exctly where you`re coming from when you say you`re being distracted mate. I have tried various systems and then quickly read another ground-breaking one so try that for a little while. Now what I will be doing is following the system I believe will suit me and give that a decent go. Maybe you could visit time to time to keep us posted how you`re doing though?

Take care and all the very best

 

[wasp]

New week

After a weekend of soul searching, studying, checking, rechecking and decision making I have finally succumbed to my final trading plan and one I shall stick with for the next 3 months regardless. A weekend of checks has increased my confidence and the only step now IMO is to check it live with real money.

The main changes made are to remove all pivots and use only MA crosses and breakouts with immediate short term S/R to trail positions behind. Not a fan of S/R thats already been surpassed previously as this would cause more lines on the chart and they would get to the point whereas you couldn't see price and, from research and study, they do not seem that important to day trading esp. in my way.

So the final changes are as shown on the chart for S/R's and all trails will be once a new candle is printed above/below the S/R level and the stop tightly snuck in behind.

Although I stated I would never darken these doors of T2W again, I think the testing of discipline will be enhanced if I can keep to it whils all those around are trading their own plans.

At the end of the day, its all just probabilities and I for one know I can't predict the future so I shall just trade what I see..........

 

[wasp]

Dull monday

As expected after the previous 2 trading days, a dull unexciting sideways day.

The unexpected hike on Thursday and the NFP on friday gave the market a 350 pip move and, with the FED on Tuesday, a flat couple of days are to be expected but still, can't make 100 pips every day!

All done for today with -5... Not complaining all things considered. :cheesy:

 

[dc2000]

wasp are you just trading the European session or a max number of trades per day

 

[Pippppin]

NOTHING works 100% of the time...

Wasp, the law of gravity works 100% of the time
How do you know that there are no laws which apply to financial markets 100% of the time?
You are assuming that nothing works 100% of the time

 

[wasp]

Max number of trades per day.

I used to just trade the morning and the afternoon but once I got off my **** and took a proper look back it worked out better this way.

Occasionally I'll miss out on some good trades later on but I was finding myself making 10-15 trades in a day which, if they were small wins and numerous losses, it caused a dent in the account. 90% of the time, I can catch most of the day within 4 trades and like Thursday and Friday, I only got 4 or so signals and caught most of the days moves.

Its a limitation thing.

 

[wasp]

NOTHING works 100% of the time...

Wasp, the law of gravity works 100% of the time
How do you know that there are no laws which apply to financial markets 100% of the time?
You are assuming that nothing works 100% of the time

I certainly am assuming that. Outside of the markets maybe but in trading, I've yet to find a perfect 100% never lose, always right 100% of the time method, so I'll stick with my current theories for now.

 

[wasp]

Dull Tuesday

Although not very exciting again, a profitable day to the tune of equalling out yesterday!

Didn't fancy FOMC as past experiences were always choppy and it didn't dissapoint this time either.

Hopefully the rest of the week will provide some tasty swings both ways( :cheesy: ) and mean I'll end the week with a nicer profit.

 

[wasp]

wednesday

Great morning but the afternoons tightening action saw a few losses.

The quick rise and buy at the top screamed stupid at me but the plan is a plan and I know when the good comes, I'll be glad I ignored my mind and followed my plan.

Still, not a bad day overall.