My Journal - Pathways to Improvement

[Forexmospherian]

I think i'm done today...not a good session for me.

pl : -19
no of trade: 9
Max win: 4.7
Max loss: 6
win rate: 33%

I will trade tomorrow...

Hi Sun

Yes good to stop if you are not in the zone etc

Please study every trade you took and think why? etc

I can see we need to improve your wave reading in bias

You were correct to want to sell the EU this morning after 7 00 am

its then a case of reading PA in the noise or coalface to see when you sell

It was a scalp buy from 7 08 / 9 am - then the perfect sell was 8 08/9 am

Check it out and ask yourself -

1. Does the movements now make sense to you

2. Patience - it was approx an hr later required to sell rather than when you wanted to - now OK with larger stops size say 10 or 12 pips you would have been OK - but my method is 10 pips is a scalp in itself

3. We all know its easy in hindsight - but did you buy after 7 08/ 9 and make say 3 + pips - if not - why not ?

4. then after LO at 8 00 am - it was time to look for next move

5. I had said it needed over 1002+ to stay with scalp buys - it stopped under 1000

6. ideally you sold at say 0995 or 0992 or 0990 - if not - why not

7. It then dropped over 20 pips in under 20 mins - what was you doing then ???

All the questions will help you challenge your PA reading and your focus etc

We need to get your trading mindset into the same zone it was when you were on demo

Would you have stopped on demo with only 9 trades - no ?

See this i showing how your mind focus as moved away from the trading zone - purely to the cash negative side - and we will change that next.

Maybe - you stop and watch for next 1 hr of 2 hrs - and then no pressure - see if there is any set up you would take - and if you feel confident take it - if not don't.

You are then in control again - and that's the important part - letting your mind know you are in control etc - not just your negative emotions etc ruling you.

Pat yourself on the back for getting the EU direction correct - and then think - why was I not looking more for scalp sell set ups from say 8 00 am to 8 10 am ??

I think maybe tomorrow - unless the EU is easy - stay away from it and try AU or EA or UJ or NU etc - but always scan 3 -6 pairs looking for the better set ups etc etc. EJ from after 7 00am was a nice buy - but was not on your radar.

What will happen over next month - this will all get easier - trust me - it will - you will still have losses etc - but you will catch better winners etc and feel more in control and able to read all the clues

Regards


F

 

[Forexmospherian]

Another little tip to think about

Lets say we look at 15 -20 trades in total over 3 - 4 hrs up to 9 30 am UK time - change your chart times to UK time

Now you know you stop if you have 3 consecutive losses for say 30 mins - but aim to keep losses as tight as possible - even minus 2 or 3 pips

Lets say you start off really bad and have 6 losses in a row over first 90 mins - including a break

Now if you had kept it really tight ( by having great entries lets average each loss at 3 pips - one might be 1.6 pips another 5 pips but average 3 pips = 18 pips

Then you catch a couple of winners - suddenly you can go from 6 losses to say 9 trades and be in profit - even though you win ratio is rubbish and under 35%

When you hit your trading "zone" live - you will have 60 to 75% win ratios and then all changes again. Your entries will be on the money and you will know you are with it etc etc.

Suddenly - even with 3 or 4 losses - your 7 - 10 + wins put you in profit above 25 pips - even as high as 35+ pips - your wins will be 7 -15 pips - not your 3 pips - because you are reading the waves and the timing correctly and your mind is not thinking negatively .

You know you can do it - ie you have done it already on demo.

Now we will take you through the change stages of getting back in charge.

Regards

F

 

[MajorMagnuM]

Morning MM,
I had loss on current day...so if I thought if I miss this trade out of greed. Then it will create more loss..so out of fear closed it.

ok whenever im in that mindset i reduce initial stakes

 

[sun11]

Hi Forexmospherian,

Yes I can see now about EU direction i was correct...but very unfortunately case...& I got stopped early. I read all of your points..I understand your recommendation about Wave studies..higher high / higher low = bullish & lower low / lower high = bearish...I will spend this evening studying it more..

Going back in time i was trading EU this morning...you warned me about the perfect breaching..I had couple of trade taken before reading it..I am not sure...what is a perfect breaching means...i know i am asking this question to you 2nd time...but really i am very confuse..any graphical example would be nice.

I have shared my those EU Trades. See in this chart...price was creating lower low...bearish...I marked last low..around those yellow bars...I entered as sell considering breakout..When got failed...I bought..thinking that it is the low for now...& its 30M up...but that got failed too...Around those buy points...i know said about 1002...but wasn't it above all LRs?

So what is a perfect breaching....:?:

Thank you
Regards

 

[sun11]

Suddenly - even with 3 or 4 losses - your 7 - 10 + wins put you in profit above 25 pips - even as high as 35+ pips - your wins will be 7 -15 pips - not your 3 pips - because you are reading the waves and the timing correctly and your mind is not thinking negatively .

You are right...
Generally when I am at BE or just started or already in profits..i try to pick big trades...as i am not in any pressure...
I am on 10+ pips loss..i pick & closed at 5+...& again pick large trades...

20+ pip loss == ending the day..because..after that i will get freaked out..so its wise to stop...

So honestly I get know at the beginning of the trading day..that how the day will end up....I am pulling 10+ pips profit in my account..I know I can earn more 20+ pips...So lets go..! This is my loop...I don't know its right or wrong...

But trust me..i am trying to workout with my mind....its not an easy task...but i am going technically. step by step.

 

[keen246]

Hi Forexmospherian,

Yes I can see now about EU direction i was correct...but very unfortunately case...& I got stopped early. I read all of your points..I understand your recommendation about Wave studies..higher high / higher low = bullish & lower low / lower high = bearish...I will spend this evening studying it more..

Going back in time i was trading EU this morning...you warned me about the perfect breaching..I had couple of trade taken before reading it..I am not sure...what is a perfect breaching means...i know i am asking this question to you 2nd time...but really i am very confuse..any graphical example would be nice.

I have shared my those EU Trades. See in this chart...price was creating lower low...bearish...I marked last low..around those yellow bars...I entered as sell considering breakout..When got failed...I bought..thinking that it is the low for now...& its 30M up...but that got failed too...Around those buy points...i know said about 1002...but wasn't it above all LRs?

So what is a perfect breaching....:?:

Thank you
Regards

Exactly Sun....that's what is like trading on real time. Someone who doesn't trade on real time just won't understand that.
Cheers,
K

 

[Forexmospherian]

Exactly Sun....that's what is like trading on real time. Someone who doesn't trade on real time just won't understand that.
Cheers,
K

Hi Sun and K

This is were I think you have the time rules slightly muddled

Ideally we need an interim low - or high to hold with no proper breach - ie over 7 pips - for a minimum 30 min plus. However price can still then test that low /high the next 20 -30 mins - and can breach it - as what happened with the EU this morning.

That's why you may have though not to sell it thinking once it covered over 30+ mins then its changed direction - which is not always the case .

If price had stayed in between the low and 0998/9 high with both low and high holding over 30 mins - thats when you get the BTTZ tease zone or tricks going on

Th fact that 8 09 am onwards was over 1 hr from the low - that meant it was OK to try under and breach

Between say 30 and 50 mins - it would not normally be the case.

Regards

F

 

[keen246]

Hi Sun and K

This is were I think you have the time rules slightly muddled

Ideally we need an interim low - or high to hold with no proper breach - ie over 7 pips - for a minimum 30 min plus. However price can still then test that low /high the next 20 -30 mins - and can breach it - as what happened with the EU this morning.

That's why you may have though not to sell it thinking once it covered over 30+ mins then its changed direction - which is not always the case .

If price had stayed in between the low and 0998/9 high with both low and high holding over 30 mins - thats when you get the BTTZ tease zone or tricks going on

Th fact that 8 09 am onwards was over 1 hr from the low - that meant it was OK to try under and breach

Between say 30 and 50 mins - it would not normally be the case.

Regards

F

Hi F,
Glad you mentioned the proper breach. It's something I've been studying a lot lately as it's crucial to have further clues about where price might go next.
My observations tell me that the validity of the breach depends a lot on how price moved previously to the breach. For example those very quick moves on first touch of the previous swing, are normally false moves.
Volman on his last book says a proper breach is preceded by some sort of stalling in price, but I'm not sure about that....I don't see that quite often.

Interesting to study the quality of the breach having the time variable taken into account. I'll add that to my trading homework.

Cheers,
K

 

[Forexmospherian]

Hi F,
Glad you mentioned the proper breach. It's something I've been studying a lot lately as it's crucial to have further clues about where price might go next.
My observations tell me that the validity of the breach depends a lot on how price moved previously to the breach. For example those very quick moves on first touch of the previous swing, are normally false moves.
Volman on his last book says a proper breach is preceded by some sort of stalling in price, but I'm not sure about that....I don't see that quite often.

Interesting to study the quality of the breach having the time variable taken into account. I'll add that to my trading homework.

Cheers,
K

Good Point

Sometimes a breach of 3 to 5 pips is enough - ok you might get a pullback but the move continues

normally over 7 pips is enough - but another trick is a 12 -15 pip move as b/o past the key price level - then a stall and a total retrace - with high holding over 30 and 60 mins

This is why I take a lot of notice of price structure more than just price action- using my LR set up

For example today on the EU - under 1020 - it was clear structure was bearish before London opens and price would fall

Regards


F

 

[remulix]

Today's stats

Hello All of you...

I had some free time to trade today...


and my wife made a fantastic piggy (IMHO)




Some people could kill to get a cute lil pig like this ! :cheesy:
Have a nice evening

R.

 

[keen246]

Hello All of you...

I had some free time to trade today...
View attachment 208976

and my wife made a fantastic piggy (IMHO)
View attachment 208978
View attachment 208980
View attachment 208982

Some people could kill to get a cute lil pig like this ! :cheesy:
Have a nice evening

R.

Nice piggy!! and handsome results:clap:
Cheers.
K

 

[remulix]

Nice piggy!! and handsome results:clap:
Cheers.
K

Thanks Keen

R.

 

[Forexmospherian]

Hello All of you...

I had some free time to trade today...
View attachment 208976

and my wife made a fantastic piggy (IMHO)
View attachment 208978
View attachment 208980
View attachment 208982

Some people could kill to get a cute lil pig like this ! :cheesy:
Have a nice evening

R.

Hi remulix

Love it

Not just your trading results - but also the piggy lol

Some very nice trades - and a lot of them ( 28) but a very nice result.

What's your thought's on Sun's progress ?

I know it's what most traders go through at some time of their trading journal- whether from just the live account part - or when they hit their own financial "wall" when they might compound too quickly and suddenly feel uncomfortable on too large a stake size etc

It had me for about 6 months before I felt comfortable to try going to a larger stake size - and even now - its a lot lower that i originally planned over 10 + yrs ago - but still easily large enough to make a very good return.

I think your idea of rebates and alerts for copiers on a demo account could assist Sun progress and give her more confidence etc.

Am I correct too say some successful demo account traders who offer their services can collect quite a following and also earn at the same time ?

All the best

Regards

F

 

[NickBk]

Pigs

Hi Rem,
Out of posting retirement to comment, I don't care about your pips way more impressed with the Pig.
Did my santa sell out then I take it


For F,
Only in a fairyland is the answer to this
Am I correct too say some successful demo account traders who offer their services can collect quite a following and also earn at the same time ?

 

[itspossible]

Hello All of you...

I had some free time to trade today...
View attachment 208976

and my wife made a fantastic piggy (IMHO)
View attachment 208978
View attachment 208980
View attachment 208982

Some people could kill to get a cute lil pig like this ! :cheesy:
Have a nice evening

R.

I DO NOT BELIEVE YOU-
YOU REALLY MAKE EM HAHA

 

[itspossible]

Hi Rem,
Out of posting retirement to comment, I don't care about your pips way more impressed with the Pig.
Did my santa sell out then I take it


For F,
Only in a fairyland is the answer to this
Am I correct too say some successful demo account traders who offer their services can collect quite a following and also earn at the same time ?

I perceived something before aswell

 

[remulix]

Hi remulix

Love it

Not just your trading results - but also the piggy lol

Some very nice trades - and a lot of them ( 28) but a very nice result.

What's your thought's on Sun's progress ?

I know it's what most traders go through at some time of their trading journal- whether from just the live account part - or when they hit their own financial "wall" when they might compound too quickly and suddenly feel uncomfortable on too large a stake size etc

It had me for about 6 months before I felt comfortable to try going to a larger stake size - and even now - its a lot lower that i originally planned over 10 + yrs ago - but still easily large enough to make a very good return.

I think your idea of rebates and alerts for copiers on a demo account could assist Sun progress and give her more confidence etc.

Am I correct too say some successful demo account traders who offer their services can collect quite a following and also earn at the same time ?

All the best

Regards

F

Hi F,

I don't have to think anything about Sun's progress, just can try to support her with some advice (good or bad) but i'm sure she will do it
You are the only one that can think something about her progress.

Yes the piggy is absolutely fantastic.

Concerning lot size: the volatility became so high lastly that I did the same and lowered the risk (a little bit) but I still feel comfortable because it's not my money.

About rebates and trade copiers, these are 2 different things:
Getting rebates it the job of the Introducing Broker and you must know some people that will let you trade with their money, then you get rebates for each and every lot you trade, may it win or lose.

Trade copy: it's a service of MQL5 and MyFxBook, some other brokers like Roboforex are also offering this kind of feature.

Have a look at MQL5 and you will see that some signals are from demo accounts, and are copied by real traders.
Some people are living extremely well from these incomes.
Let's be clear, I'm not married with MQLx as I consider they are a real band of crooks but sometimes...:whistling

Have a nice evening.

R.

 

[remulix]

Hi Rem,
Out of posting retirement to comment, I don't care about your pips way more impressed with the Pig.
Did my santa sell out then I take it


For F,
Only in a fairyland is the answer to this
Am I correct too say some successful demo account traders who offer their services can collect quite a following and also earn at the same time ?

Sure Nick, the pig is 100 times more impressive than my results; 100% agree.

Atm, the school fair had not started, will occur just before the Xmas holidays.

All the best.
R.

 

[remulix]

I DO NOT BELIEVE YOU-
YOU REALLY MAKE EM HAHA

Hi IP,

Excuse me but English is not my native language and so I don't really understand what you mean.

All the best.

R.

 

[sun11]

Hello & Morning Remulix,

Good results in there....& nice piggy...

I see you are all set for Xmas...

Thank you for your support..

Good day..