reminiscence of(yet) a (novice)trader

[aag100]

Thanks for sharing aag100. I'd like to throw up some comments if that's alright.

If we're chart traders, everything can be justified by the TA.

On the face of it, going short at p+50 sounds unjustified by the TA. Going long at p+50 might be justified by the positive momentum but its effectively a gamble on the fastest horse to stay in the lead.

Placing the stop at the 20MA might(!) be justified by prior price action that has found support or resistance along this line or at this price level but the line is otherwise meaningless.

Trend-following would be TA-based but you would want to wait for a higher-highs/higher-lows sequence - all we have now is one higher-high - then go long (or place a long order just above the new higher low). And then the TA will show you where to place a stop, such as below a previous higher low.

Your welcome to throw all the comments you like.
Yes,you never know whether it will continue or not but my point is you are seduced into thinking it has to reverse because it's up so much even though other indicators may not confirm this,you get blindsided by the temptation.

 

[tomorton]

Your welcome to throw all the comments you like.
Yes,you never know whether it will continue or not but my point is you are seduced into thinking it has to reverse because it's up so much even though other indicators may not confirm this,you get blindsided by the temptation.

Good observation. And we've all been there.

I dare say day-traders are more prone to getting drawn into this sort of game as trading will be over in a few hours and there is (unnecessary self-imposed) pressure to make a profit every day.

 

[barjon]

Your welcome to throw all the comments you like.
Yes,you never know whether it will continue or not but my point is you are seduced into thinking it has to reverse because it's up so much even though other indicators may not confirm this,you get blindsided by the temptation.

Agree with Tomo. Most pros I know are in the buy high, sell higher (sell low, cover lower) camp.

 

[aag100]

Agree with Tomo. Most pros I know are in the buy high, sell higher (sell low, cover lower) camp.

Exactly.thats why it was the last temptation of the Jezebel trade.

 

[darktone]

I honestly think youre headed in the tougher direction.
Will add some when I get a mo if you like.

 

[aag100]

I honestly think youre headed in the tougher direction.
Will add some when I get a mo if you like.[/QU

one must go through the tough to know what it is.ive been through it in more ways than one.it will now get only easier.
pi$$ed off with myself today again.traded out of -30s 3 times.10 trades,ending -10.2
breaking rules,i still dont know why i allow myself to get into that position.something to do with FOMO but addressing it.
add away!

 

[itspossible]

^^fomo was lying mate-dont believe him-sometimes you just have to admit that you will never make it.
do you know your profit/losses over the years you have traded?

 

[aag100]

and not only that,missed out on 100+ by cutting it early because i didnt want to be taken on another roller coaster ride.getting off and getting back on only minutes later to ride again having forgotten the earlier experience.theres a god damn brain disconnect somewhere.working on that too.

 

[aag100]

^^fomo was lying mate-dont believe him-sometimes you just have to admit that you will never make it.
do you know your profit/losses over the years you have traded?

yes ive mentioned it here before.
to recap for you, about £17k over 6yrs.
i see that as the cost of doing business.
those that have made it to some extent and now have 10-15yrs experience were too told they wouldnt make it after 5-6-7 yrs of trying.

 

[tomorton]

^^fomo was lying mate-dont believe him-sometimes you just have to admit that you will never make it.
do you know your profit/losses over the years you have traded?

Do you mean Forexmospherian?
I thought he was a top trader. I couldn't understand what he was talking about but he said he was.

 

[aag100]

Do you mean Forexmospherian?
I thought he was a top trader. I couldn't understand what he was talking about but he said he was.

NO! FOMO- fear of missing out

 

[aag100]

+30 for the week despite continuing to make all the same mistakes.my problem seems to be pathalogical.i feed that addiction by entering too early when trade conditions havent even been met,rather than waiting and then have to fight back from losses over numerous hours.which i have been successful at atleast a dozen times this week which is bloody exhausting.
jezebel has also reared her (ass)head a number of times and i have given in to the temptation.not fully cured of this addiction but a little better.
rather than totally berate myself,what have i done better this week?
well after giving in to temptation,i have not totally lost my mind and have waited to add at more opportune times although what i should have done was not get into that position in the first place or secondly cut it earlier.
good weekend!

 

[Signalcalc]

+30 for the week despite continuing to make all the same mistakes.my problem seems to be pathalogical.i feed that addiction by entering too early when trade conditions havent even been met,rather than waiting and then have to fight back from losses over numerous hours.which i have been successful at atleast a dozen times this week which is bloody exhausting.
jezebel has also reared her (ass)head a number of times and i have given in to the temptation.not fully cured of this addiction but a little better.
rather than totally berate myself,what have i done better this week?
well after giving in to temptation,i have not totally lost my mind and have waited to add at more opportune times although what i should have done was not get into that position in the first place or secondly cut it earlier.
good weekend!

You do have a plan right? What would the outcome have been this week if you'd stuck to the plan, how many pips?

 

[aag100]

You do have a plan right? What would the outcome have been this week if you'd stuck to the plan, how many pips?

discretionary trader, so futile to look back and think i would have entered here and got out there for x points.but ive saved numerous losses,tallying 500 points easily.
i hate to say it but 50-100 points a day should be achievable and i would settle for 20.

 

[Signalcalc]

discretionary trader, so futile to look back and think i would have entered here and got out there for x points.but ive saved numerous losses,tallying 500 points easily.

i hate to say it but 50-100 points a day should be achievable and i would settle for 20.

But even discretionary traders have a plan to work from, something where parameters can be tweaked within bounds. You are just reacting to information presented to you, but have you defined that information and parametrised it so that you can trade it effectively or are you just random trading, flipping a coin?

 

[darktone]

aag100. can you post up a chart showing where you opened and closed those trades friday? easy if your using MT4, just drag them from the history and drop em on the chart.

 

[aag100]

But even discretionary traders have a plan to work from, something where parameters can be tweaked within bounds. You are just reacting to information presented to you, but have you defined that information and parametrised it so that you can trade it effectively or are you just random trading, flipping a coin?

i do have a plan but have not fully followed it 100%.i might do something which is part of the plan and something else which totally ignores the plan and then something else which i have gone and done because ive inadvertantly overlooked an aspect of the plan.
as they say,the best laid plans turn to $hit in the heat of battle.
so this is akin to almost flipping a coin with still an even chance.
but i am beginning to internalise the strategy and will be instinctively adhering to it more.

 

[aag100]

aag100. can you post up a chart showing where you opened and closed those trades friday? easy if your using MT4, just drag them from the history and drop em on the chart.

i use free basic charts provided by broker,nothing as complicated as mt4.

heres the trades

11.24 7038.9 -1 11.44 7048.6 -1
12.47 7043.6 12.47 7043.6
-4.7 +5

silly trades taken on mobile whilst sat watching tv because i feel i should be sat at desk immersed in markets.1) should not have been taken on mobile 2)jezebel trade-again another reason not to haven taken them 3)went against trend and support 4)added despite the same reasons.
then went to sit down at desk to get a better picture and find a place to get out after running it to -35 and luckily got out just in time. minutes later and i would have been riding the rollercoaster back to -30s
then i thought id take a break and spend some time with my 1 month old nephew who had come rather than get stuck in another trade.

14.49 7016.2 +1
14.51 7019.2
+3

this trade should not have been taken as was against strategy but for possibly one aspect.so seconds later when it gave me +3 i took it.didnt want to be caught like earlier.

15.03 7017.2 +1
15.05 7019.9
+2.7

was in strategy risk of 5.took +2.7 out of fear.few seconds more would have netted another 5 or so.but mind clouded by thoughts of WTF am i doing squatting flies so better to get out and calm down.
and minutes later im only back in


15.16 7023.9 +1 15.23 7020.2 +1
15.31 7023.6 15.31 7023.6
-0.3 +3.4

within strategy but risk of 10 and 7.im thinking resistence must break but (mofo) it doesnt,runs to -17,still within strategy so i hold for one aspect of strategy to possibly save me and when it gives me chance to get out i do and think thats enough for today.hasnt been a losing day.
but it wasnt enough

16.10 7014.6 +1
16.14 7015.4
+0.8

again found myself in a position against strategy,went to -7 or so.then realised it can be volatile around uk close and didnt want to pay a roll charge and increased spread so got out and be done for the day.
only i wasnt

16.35 7020.6 +1 16.38 7018.2 +1
16.46 7026.6 16.46 7026.6
+6 +8.4

i try not to trade after uk close but saw a set up.within strategy and risk of 20.
the only other reason not to take this trade would have been out of fear and i would have felt defeated not to have taken it.it worked out giving a quick few points.
i might have started to revenge trade if it had gone against me.the pathalogical trait i need to control and dump.
the fight goes on

 

[aag100]

i painstakenly arranged those trades in columns and T2W has fked them up! hope theyre still interpretable

 

[darktone]

do you have a PC? you know how to use MS paint or similar?
fullscreen you your chart and take a screenie. Draw a line from entry to exit, doesnt have to be exact, blue for long trade red for short.
saves all the typing and a screenie communicates a lot more imo.