My Journal - Pathways to Improvement

[sun11]

Hi Sun,

Your 90% strategy remembers me some Monty Pythons movie...

I'm not absolutely sure that it will bring you consistent return for long term investment.

Have a nice day.

R.

Hello Remulix,

It was just little thing to get cheer about on full 100% loss.

Have a nice day you too.

Hope you are making good profits.

 

[remulix]

Hello Remulix,

It was just little thing to get cheer about on full 100% loss.

Have a nice day you too.

Hope you are making good profits.

Just sent you a PM...
R.

 

[Forexmospherian]

I was checking something, I made a calculator along with my requirement.

But fact is my avg win rate is 44%
Avg win is 3.5 pips
avg loss is 4.75 pips

Based on all past trade records, almost 700+ real transaction.

in case of demo, 1500+ transaction.
Avg loss is 5.93 pips
avg win is 5.59 pips.
win rate 47%

Means in this 6 months of training, i am able to keep my avg loss around 5 pips. I can be happy with that.

Excellent analysis - backing up point on live account you cannot make wins count more and make over 10 -15 pips etc

Control and discplines

As you know a 40 to 60 % win ratio is just too low for my method

You need ideally 60 to 80% win ratios - and as Major M as shown - its all possible - he's even had win ratios of 85%+ on batches of 100 trades

Trouble is you will never get 70 -80% win rates on scalping or intraday until we get you reading PA correct on the coalface - in the noise - on a tick or 1 min chart

At moment on demo you have had the 70 -80% win ratios etc

On live - its all changes - its normal - pressure stress worry - real live money etc etc etc

Thats the bit that can be overcome once we have improved your PA and LR reading and bias etc etc

You will get there Sun - these are just hiccups on the way

700 trades is nothing really - I think MM needed well over 1000+ for consistency - and I will be on 23000+ plus this year - so that's why I maybe why I am able to read PA better ;-)

 

[keen246]

My status by Jan-2016

Hi all,

I thought it could be interesting to share my current status on this thread.

I’m still on demo but soon (maybe next week) I’ll go live –small account, of course. I’ve been studying and trading intensely as usual since I decided to become a trader. But since a few months now, I’ve been keeping a log of price action observations (coal face trading as F might put it). I also keep a log on which I analyze each one of my trades. I know it’s boring and time consuming, but that definitively helps your brain to process the information. I feel that has helped me a lot. My entries have improved dramatically but I still screw it once in a while, but overall I’ve seen a noticeable improvement. I’m totally convinced now that making consistent profits is doable. Not that I’m there yet, but through perseverance you can get anywhere.

I love trading the M1 TF. I’m not making hundreds of pips, but losses are small….as well as the gains, but I feel I’m moving forward. My major flaw at this moment is exiting perfect entries only based on FEAR. I have to work harder on controlling that emotion. Any advice on that matter would be welcome.

Being on this time zone, really restrains your trading career. I’m trading NY session and a couple of hours in my evening which is around Tokyo opening. Lucky you guys living in Europe time zone.

I’ll update once in a while my status and I’ll be around on both threads. I enjoy reading (and learn from) MM’s narratives on his trades.

Cheers,
Keen246

 

[Forexmospherian]

Hi all,

I thought it could be interesting to share my current status on this thread.

I’m still on demo but soon (maybe next week) I’ll go live –small account, of course. I’ve been studying and trading intensely as usual since I decided to become a trader. But since a few months now, I’ve been keeping a log of price action observations (coal face trading as F might put it). I also keep a log on which I analyze each one of my trades. I know it’s boring and time consuming, but that definitively helps your brain to process the information. I feel that has helped me a lot. My entries have improved dramatically but I still screw it once in a while, but overall I’ve seen a noticeable improvement. I’m totally convinced now that making consistent profits is doable. Not that I’m there yet, but through perseverance you can get anywhere.

I love trading the M1 TF. I’m not making hundreds of pips, but losses are small….as well as the gains, but I feel I’m moving forward. My major flaw at this moment is exiting perfect entries only based on FEAR. I have to work harder on controlling that emotion. Any advice on that matter would be welcome.

Being on this time zone, really restrains your trading career. I’m trading NY session and a couple of hours in my evening which is around Tokyo opening. Lucky you guys living in Europe time zone.

I’ll update once in a while my status and I’ll be around on both threads. I enjoy reading (and learn from) MM’s narratives on his trades.

Cheers,
Keen246

Well Done K and please keep the study and commitment up

I appreciate it is more difficult for you in the US with covering the main trading window - but I am sure if you can overlap a busy 90 mins or 2hrs - you can benefit every day.

As Sun is showing - on a live account with extra stress and pressure etc - its not easy - but every trader goes through this at different stages of their trading journey

Major Magnum as proved what is possible and pleased that Shacau shared his figures today - as he as been a follower for quite a long time

Never hesitate to ask any questions or queries - because both MM and myself will try and explain and assist etc etc

All the best

Regards

F

 

[sun11]

Real 29-1-2016

Total number of trade: 19
Win rate: 63%
Pl= -19 (Actually pl should be -30 including all charges. But thanks to Remulix with his idea, i run closeby function. That reduce my losses 40%. Excellent.)

 

[keen246]

Well Done K and please keep the study and commitment up

I appreciate it is more difficult for you in the US with covering the main trading window - but I am sure if you can overlap a busy 90 mins or 2hrs - you can benefit every day.

As Sun is showing - on a live account with extra stress and pressure etc - its not easy - but every trader goes through this at different stages of their trading journey

Major Magnum as proved what is possible and pleased that Shacau shared his figures today - as he as been a follower for quite a long time

Never hesitate to ask any questions or queries - because both MM and myself will try and explain and assist etc etc

All the best

Regards

F

Hi F,
I'm really anxious and excited to start my first real account. That's one of the things I like about trading...it's exciting to deal with uncertainty. It will be interesting to see how I handle my emotions.
Maybe I'll win, maybe I'll lose....never mind, it's just part of the learning process.

Cheers,
K

 

[Forexmospherian]

GU

Sun's comment from approx 6 hrs ago

We needed under 4339 to b/o of BTTZ zone after a false try up - and she got that right

Trouble is - she never left a sell on - and the stop she needed was just 3 or 5 pips

Now down over 175 pips from there

Another Lesson learnt on the journey - all part of trading - the good and the bad times - but as long as you learn from it - then its all going to be worth it in the future

Hi Sun

Don't want to rub it in - because you have had a frustrating week

BUT

PLease - Please - Please learn from all these little mistakes

This is what you will be working for - to be able to leave part stake trades on - with stops even in profit and leave alone with no stress

We need you to be an accurate scalper and get the best entries possible - so even when you are wrong - you still might get out with plus 1 or 2 pips

We dont need you to take 20 or 40 scalps a session - yes whilst learning the skill - but then 5 to 15 a session is enough if they are good and end up with just a few with partials on - and there's your money making machine etc etc

Main things from this week

1. You need to improve your scalp entry timings to catch near interim tops and bottoms - its all possible - you dont need swing confirmations - get in asap when all lines up

2, Recognize BTTZ tease zones and dont trade them - wait for the b/o or next 30 or 60 mins

3. LiTs area - know them on every pair throughout the session

4. Levels to scalp sell and buy and jot them down so you are aware to use them

You could set up pending orders ( its know as "wrapping" a tight range ) but maybe better to enter on pullbacks a lot of the time - you need accuracy

5. The main session is over 12 hr long. ok you might only be available for 3 to 5 hrs - but spend it wisely working out bias and key levels to act on

6. Discipline a few time you have been up and then lose all your winnings - never let it happen whilst you are trying to bulid up your confidence. Ok you need to be at least 15 + pips up - but I know you knwo what I mean

7. Take control of your emotions etc and say you can do it - you did it on demo and know you know more



New week - new month - you will change this month - because you are now ready to improve and we know all your silly mistakes etc and so focus on not let them keep happening etc

Have a nice weekend

Regards

F

 

[sun11]

Thank you F for your post.

This weekend I will study on levels as you mentioned..There is couple of thing about entering on levels.

1. You need to improve your scalp entry timings to catch near interim tops and bottoms - its all possible - you dont need swing confirmations - get in asap when all lines up

4. Levels to scalp sell and buy and jot them down so you are aware to use them

You could set up pending orders ( its know as "wrapping" a tight range ) but maybe better to enter on pullbacks a lot of the time - you need accuracy

Basically two types of trade can be possible around these levels. 1st one you mentioned...selling from interim high & buying from interim low..I have no problem with it. In fact I enter very fast even with 1min chart. My stops stays 3-4 pips. Price 90% time bounces around those levels at least for 2-3 pips. I catch those 90% of the time. But i get only 2-3 pips. I don't hope much. Cause if price need to break a level. It will.

Now is the 4th point, entering on pullback. I am weak at this level. So far 90% of my losses are happened in this 5 months in BTTZ zone. Cause I was confused about the trend. Will it be up or down. I know about the 30 minutes rule & LITs zone. But sometimes it creates expending BTTZ zone..which are bad. I will work on this.

I am available full day no problem on both session if I didn't hit maximum trading limit. It's curable.

Next trading day morning, before taking trades, I will post my lits area & levels as usual.
Will cover only 2-3 pairs. But will trade one pair at a time.

Have nice weekend you too..
Regards
Sun

 

[itspossible]

Hi F,
I'm really anxious and excited to start my first real account. That's one of the things I like about trading...it's exciting to deal with uncertainty. It will be interesting to see how I handle my emotions.
Maybe I'll win, maybe I'll lose....never mind, it's just part of the learning process.

Cheers,
K

Best of luck.I would start trading very small with a small amount in your account.
Dont be an idiot like me and start trading as a novice from a big account..
Be aware of black swans and how you can end up owing your broker if your account blows and you go negative-F will fill you in on the dangers

 

[sun11]

Reading levels

Sunday evening, reading charts.

EURAUD:
Marked UK Time on the chart. Calculated Lits area from 0:00 UK time using the 3 longer LR with PAC.

I also counted second Lits after London start. Marked 20D TD.
I marked coupled of area for trade, among them only B & C point was a point where I could have trade 10+ pips with keeping 5 pips sl.

There was another trade available from double bottom in mid US session.
what ever time zone i use, US session starts after 4 hours from London session. Then next 4 hours in US session is another important zone.
Now I got all those timing....
GN...

 

[sun11]

Real 01-02-2016

Pl = -22
No of trade: 4
Win rate: 0%



Something in life never changes. no matter how hard I try. Sometimes I feel like I should leave fx trading forever, get a job or die or something.. But then I think, If I do that, then all of my effort for last 5 years i will be gone into water. So giving myself one more year of time to DO IT.

Hope someday my effort will pay off..

 

[Forexmospherian]

Pl = -22
No of trade: 4
Win rate: 0%

View attachment 216210

Something in life never changes. no matter how hard I try. Sometimes I feel like I should leave fx trading forever, get a job or die or something.. But then I think, If I do that, then all of my effort for last 5 years i will be gone into water. So giving myself one more year of time to DO IT.

Hope someday my effort will pay off..

Hi Sun

First thing I will say - besides missing your posts this morning on my thread - I also missed these last 2 post on your thread - so sorry as thats not helping

You will not waste your 5 years - You will get there

BUT

Not the way you are operating atnm - so much fine tuning needed with you and meanwhile I think you are taking trades atm live when you should not be - as live mode sends your logic out of sync and you panic and are no longer thinking in the trade zone - just scalping without reading price etc etc

Its all overcomeable - but you are on a roller coaster of just negativism atm etc etc

Its back to basics on my method and I will get you reading PA correct for a start

Also your last chart - TL not correct - will redo etc in a bit

I think you have to go back to demo for a bit - as yoiu cannot keep just carrying on with a live account when you are no way in the trading zone for my method

We will fix it this month - thats 100% for sure

Regards


F

 

[Forexmospherian]

Sunday evening, reading charts.

EURAUD:
Marked UK Time on the chart. Calculated Lits area from 0:00 UK time using the 3 longer LR with PAC.

I also counted second Lits after London start. Marked 20D TD.
I marked coupled of area for trade, among them only B & C point was a point where I could have trade 10+ pips with keeping 5 pips sl.

There was another trade available from double bottom in mid US session.
what ever time zone i use, US session starts after 4 hours from London session. Then next 4 hours in US session is another important zone.
Now I got all those timing....
GN...

Sorry - a few things incorrect here

Will advise in a bit and correct

F

 

[Forexmospherian]

Best of luck.I would start trading very small with a small amount in your account.
Dont be an idiot like me and start trading as a novice from a big account..
Be aware of black swans and how you can end up owing your broker if your account blows and you go negative-F will fill you in on the dangers

Agree - start with small Live account - under even $500 or $1k

Also - nowadays get a broker with - no negative balance guarantee - so you can never lose more than your capital account - even with a black swan event

In the 13 + years I have been trading - I think in total there as only been 5 maximum

Lucky me never affected by one yet - but does not mean you cannot be in future etc

Saying that real luck is when you are in a black swan and it goes you way making you hundreds of thousands etc etc ;-)

Regards


F

 

[sun11]

Hi Sun

First thing I will say - besides missing your posts this morning on my thread - I also missed these last 2 post on your thread - so sorry as thats not helping

You will not waste your 5 years - You will get there

BUT

Not the way you are operating atnm - so much fine tuning needed with you and meanwhile I think you are taking trades atm live when you should not be - as live mode sends your logic out of sync and you panic and are no longer thinking in the trade zone - just scalping without reading price etc etc

Its all overcomeable - but you are on a roller coaster of just negativism atm etc etc

Its back to basics on my method and I will get you reading PA correct for a start

Also your last chart - TL not correct - will redo etc in a bit

I think you have to go back to demo for a bit - as yoiu cannot keep just carrying on with a live account when you are no way in the trading zone for my method

We will fix it this month - thats 100% for sure

Regards


F

Thank you for the positive comment.
No problem you missed my post. When get time you can correct me on my posts.

I am not going back to demo. Demo trading is now useless for me. Seriously. It's useless. Cause no emotional game get played in there.. which is the vital part of the training.

So i am shifting to a Cent account. I know it will not be ECN account. But logically speaking at this stage. I need 7-10 pips average on per winning trade to get to the 500 pips/mo. In my ECN I also have a hard stop of 10 pips standard. So If I keep 7-10 pips sl on my non ECN account. Get average 7-10 pips on my trade win rate. I will improve my entry overtime. As I can't take trades for 2-3 pips like I do on ECN account.

Regards
Sun

 

[Forexmospherian]

Thank you for the positive comment.
No problem you missed my post. When get time you can correct me on my posts.

I am not going back to demo. Demo trading is now useless for me. Seriously. It's useless. Cause no emotional game get played in there.. which is the vital part of the training.

So i am shifting to a Cent account. I know it will not be ECN account. But logically speaking at this stage. I need 7-10 pips average on per winning trade to get to the 500 pips/mo. In my ECN I also have a hard stop of 10 pips standard. So If I keep 7-10 pips sl on my non ECN account. Get average 7-10 pips on my trade win rate. I will improve my entry overtime. As I can't take trades for 2-3 pips like I do on ECN account.

Regards
Sun

I admire you for staying live and the cent account might be away

But please do not take any more scalps without checking with me etc and tell me your thoughts and ideass in advance

So sorry this morning as just did not see you comments first before - lost them in previous pages

I think we need to go back to basics though on price action and the bias of a price structure#
#
How did the GU set up seem to you first thing - because it was bullish - it played a trick to take out weak bulls - but then over 67 and 72 etc it stayed with price structure

Please post my your GU chart and i will then point out all clues etc etc


Regards


Peter

 

[sun11]

I admire you for staying live and the cent account might be away

But please do not take any more scalps without checking with me etc and tell me your thoughts and ideass in advance

So sorry this morning as just did not see you comments first before - lost them in previous pages

I think we need to go back to basics though on price action and the bias of a price structure#
#
How did the GU set up seem to you first thing - because it was bullish - it played a trick to take out weak bulls - but then over 67 and 72 etc it stayed with price structure

Please post my your GU chart and i will then point out all clues etc etc


Regards


Peter

Hi Peter,

No I will not take trade without sharing my view on your thread, as you said.
As said earlier about the GU lits. This was my chart on GU.

I marked the london start time.
I got blown up 1 hour before that up movement. I bought from lits area 53 & then when it failed I sold which got stopped out for 10 pips.

On my chart lits was 53-27. I guess my lits counting was wrong...I counted lits based on the start of the UK 0:00 & 3 longer LR position.

 

[Forexmospherian]

Hi Peter,

No I will not take trade without sharing my view on your thread, as you said.
As said earlier about the GU lits. This was my chart on GU.
View attachment 216236
I marked the london start time.
I got blown up 1 hour before that up movement. I bought from lits area 53 & then when it failed I sold which got stopped out for 10 pips.

On my chart lits was 53-27. I guess my lits counting was wrong...I counted lits based on the start of the UK 0:00 & 3 longer LR position.

Hi Sun

Sorry to have to say - your longer Lrs are wrong on this chart

You Lits area is OK

So above 53 + you scalp buys

Problem is then your timing - unfortunately you are then looking for buys at interim highs before pullbacks and entering sell whilst still above the LiTS area saying buy bias

That's the bit we have to focus on with you

Timing of scalp in a bias price structure etc

Back a bit later

I am sorry - my browser is playing up - there are so many post I am not see ing and they arrive maybe 5 -10 mins later on than your post time ??

Strange ?

Regards

F

 

[sun11]

Hi Sun

Sorry to have to say - your longer Lrs are wrong on this chart

You Lits area is OK

So above 53 + you scalp buys

Problem is then your timing - unfortunately you are then looking for buys at interim highs before pullbacks and entering sell whilst still above the LiTS area saying buy bias

That's the bit we have to focus on with you

Timing of scalp in a bias price structure etc

Back a bit later

I am sorry - my browser is playing up - there are so many post I am not see ing and they arrive maybe 5 -10 mins later on than your post time ??

Strange ?

Regards

F

T2W server is slow probably. That's why it's happening.
But how longer Lr could be wrong?
This is my Ctrader GU chart in the morning. It is exactly same.
Marked the 8AM UK time.

About Pullback..I really don't know how to enter. For example on GU chart, if I really need to enter after pullback then i would enter after 4268. But I would get stopped anyway when it fall back from 4255 zone.

Also, For example range is 1-100. 100 is the top. Market touched 102 & then went back to 70. I shouldn't be waiting to buy from 70? instead of buying above 102? as I know the trend is up. So 70 will give me better price?

Looking for your view on this.

Thank you
Regards