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My way of trading - Robertczeko


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My way of trading - Robertczeko

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  #71 (permalink)
 Robertczeko 
FM, Czech Republic
 
Experience: Intermediate
Platform: MT4
Broker: IC Markets
Trading: forex trader
 
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Posts: 139 since Jan 2010
Thanks: 219 given, 264 received

hi traders,

how was your day...I was not very well prepared for todays session. I had a lot of time, but CL is creating for me too many supply and demand areas, so when I marked up all of them, I was not able to read from chart . So I decided to make a change in charts, I took today only two charts with 3RB and 9RB. It was fine for my eyes and still good for spotting all necessary areas.

And how did I lead my trades? Not good, not bad, but it was a good "dot" at the end of week.

Trades

nr.1 this one I entered too soon, still not decided market, where to go, after a while I saw, that my chosen direction was ok.
nr.2 this trade was without power, I moved my sl according to a plan, but I have to say, that after entering each of those trades was difficult to manage trade - very shaky moves up/down.
nr.3 the last one was finaly a winner with a little positive slip at the end. Before this trade I was thiniking about doing more trades, I had a gamble mood, but now I am fine .

I will review last 2 weeks during weekend to see what am I doing, that I am still on 0$ balance...
I need to move forward, I feel inside me strong pressure a need of success and trading on real account, but I promised to myself, that I need to be at least 3 months in profit(over 1k$ with 1 contract/ month) to switch from demo. So I will hold on

R.

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  #72 (permalink)
spartacus
New York, NY, USA
 
 
Posts: 55 since Nov 2010
Thanks: 23 given, 63 received

Hi Robert,

I agree Robert, about 3 months of consistent profit would do you well before going live. Also, if I may suggest that you write about what the reasons were for entering & exiting every trade. Even if you don't know what the reasons are for any of the trades you take, then you should write that down as well - then at least you know that you should've had a reason for entering a trade. One of my biggest problems holding my trading back was not know the reasons behind every transaction; for me it was just wasting good live market simulation practice time, but more importantly, not having a reason for my entries and exits made it impossible for me to move forward. If you are writing reasons for your ins and outs then I'm happy and please disregard what I just wrote.

Have a nice weekend!
spartacus

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  #73 (permalink)
 Robertczeko 
FM, Czech Republic
 
Experience: Intermediate
Platform: MT4
Broker: IC Markets
Trading: forex trader
 
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Posts: 139 since Jan 2010
Thanks: 219 given, 264 received



spartacus View Post
Hi Robert,

I agree Robert, about 3 months of consistent profit would do you well before going live. Also, if I may suggest that you write about what the reasons were for entering & exiting every trade. Even if you don't know what the reasons are for any of the trades you take, then you should write that down as well - then at least you know that you should've had a reason for entering a trade. One of my biggest problems holding my trading back was not know the reasons behind every transaction; for me it was just wasting good live market simulation practice time, but more importantly, not having a reason for my entries and exits made it impossible for me to move forward. If you are writing reasons for your ins and outs then I'm happy and please disregard what I just wrote.

Have a nice weekend!
spartacus

Spartacus, thanks for your reaction. It looks, that you hit the nail on the head.. I needed this to realize what could be the cause of making wrong decisions. It will be hard to change my flow of thoughts, but I have to. I have plenty signals, but the main and very often reason is that the mid.BollingerBand + HMA crossed - not very objective reason, I respect trend, but I forget very often about global view on market, where the price is currently situated, where are barriers and where could be most significant place to gain some money.. I read somewhere on BigMike forum, that is always good to have multiple reasons for entry , I accept this. I am going to be more precise about my decisions and I will write it here.

R

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  #74 (permalink)
 Robertczeko 
FM, Czech Republic
 
Experience: Intermediate
Platform: MT4
Broker: IC Markets
Trading: forex trader
 
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Posts: 139 since Jan 2010
Thanks: 219 given, 264 received

Hi traders,

I found out in my notes too late, that your day in US began little bit earlier than usual. What that means for me...I came at the close of market. I just checked potential situations, which would interest me. Very nice and clean moves in decent uptrend, it looks, that it finished dropping price from new highs, so we will see tommorow which way to go.
I tried to follow mini dow on new contract, but there was no chance to jump in. It was very lazy and slow moves..

That means no trades for me. I will try to come earlier tommorow, our timezones will be "in sync" with yours in couple days, then it will be fine.


R.

p.s. I am going to buy new monitor, so finally my charts will be enough big for reading .I am still using old crt monitor, which is not able to offer me good resolution. And it looks, that my graphic card will be replaced too very soon, it makes weird sound and it is noisy.

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  #75 (permalink)
 Robertczeko 
FM, Czech Republic
 
Experience: Intermediate
Platform: MT4
Broker: IC Markets
Trading: forex trader
 
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Posts: 139 since Jan 2010
Thanks: 219 given, 264 received

hi traders, we had today many news..but I dont know how it reflected in markets. I have now many technical problems with my "big calculator" , I have to solve it asap, it is killing me. I have ordered new parts, but I will have to reinstall ninja trader too, I am not able to start it, it is really strange. I am trying to keep my computer in good sw condition, but sometimes you can do anything and it is still not enough.

I will check charts on barchart.com or similiar web to see, what moves market did and what could be the reason for that. I hope, that tommorow I will bring more informations about my trading session, no more complains or problems, please . I will go through yours journals to catch yours view and reactions in market.


R.

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  #76 (permalink)
 Robertczeko 
FM, Czech Republic
 
Experience: Intermediate
Platform: MT4
Broker: IC Markets
Trading: forex trader
 
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Posts: 139 since Jan 2010
Thanks: 219 given, 264 received

Yeah! I am again on horseback . Everything works, I have a new monitor ( finally I have some space on a desk) and I resuscitated old ninja trader 6.5 ( v.7 still not working - I have to figure out, what happened) .

So, how was my day...well, I behaved more as a observer than participant of market moves. I have been trying to spot best places for entry but I did not catch it, I took two trades. I thought, that I will get the power of markets on my side, but I was wrong. Lets have a look on charts.

Trades

#1 reason for entry: short trend, price bounce from broken demand area and "round" number, enough space for movement in my favour. After a while I was prepared for moving my sl according to a plan, which saved me couple ticks.
#2 reason for entry: long trend, price bounce from previous demand area, bounce from yesterdays close - too fast move, I got a signal for exit, I closed at the best possible price at the moment.

After a short brake I felt today like in a new world, I had problems with being focused, I tried too much to be perfect, which was in final result counterproductive. I missed couple strong moves, but I didnt have good reason for entry, so I stepped back.


R.

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  #77 (permalink)
 Big Mike 
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What kind of monitor did you get?

Mike

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  #78 (permalink)
 Robertczeko 
FM, Czech Republic
 
Experience: Intermediate
Platform: MT4
Broker: IC Markets
Trading: forex trader
 
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Posts: 139 since Jan 2010
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Big Mike View Post
What kind of monitor did you get?

Mike

it is older type from Dell - E207WFP . I guess, that it is not the best choice, but it is always better than my old crt monitor .

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  #79 (permalink)
spartacus
New York, NY, USA
 
 
Posts: 55 since Nov 2010
Thanks: 23 given, 63 received

Hi Robert,

Good job listing your reasons for your entries and exits.

When having done this for a while, soon you should start to see what is working and what is not working. For whatever is not working you'll need to adjust, replace or eliminate it.

The best opportunity to improve your trading is NOT trying to be perfect, and to make mistakes. Mistakes in the market present the best opportunity to find out what is wrong. I assume that now you are training and educating yourself to become a proficient trader. If that's the case, now is the time to make mistakes. Now is the time not to be perfect. The reason being is that you want to reveal what is wrong in order to fix the problem while you're still training in simulation mode, not trading in a live market - you don't want to be finding out new problems in the live market that you didn't uncover in the simulated environment. So I wouldn't try to be perfect now if I were you. I would trade my plan to see if my plan needs adjusting. It's a lot of work but it's fun.

It's important to understand that when you're ready to go live, there will still be losses, but most of these losses should be expected because they are losses from good trades that just did not work out; I call these good losses. The bad losses are losses that come from trades entered into the market without any reasoning or plan behind them (impulsive entries) - these are bad losses. And, conversely, there are good wins and bad wins.

I hope this will shed light going forward.

Regards,
spartacus

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  #80 (permalink)
 Robertczeko 
FM, Czech Republic
 
Experience: Intermediate
Platform: MT4
Broker: IC Markets
Trading: forex trader
 
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Posts: 139 since Jan 2010
Thanks: 219 given, 264 received


what a straight move upstairs today . Ok, in my view it was not so lined up in one way, I took also 1 short trade..but lets take it from beginning. First what I did was that I woke up in not very good mood, this happens (not to me!! ) . Hot chocolate in work helped, then I was ready for anything.

I tried to prepare before my session started with marking up supply/demand areas, I am following previous moves as in replay mode. I am more connected with market and it helps me a lot to stay focused.

Trades

#1 reason entry: price bounce into a trend, on the top of demand area and EMA. I got few ticks slip on entry, thats why I didnt have too much space for possible pullback and it happened. My target was below supply area, there was more than 25 ticks space.

#2 reason entry: = #1 ; I believed in this setup, it had a good potencial, I just needed good timing of entry. This one was better, but still no power from market, I had to exit my trade, but then it continued in my way...

#3 reason entry: broken demand area, bounce from bottom of this area. There was only a short move after entry, I saw space down to 100,70 (around 30 ticks) , but my exit signal from stop loss side was faster.

After closing market I was researching how to get better timing or how to spot faster changes in market, but there was a barriers around other potential entries, so it was complicated situations. On 30 min chart is smooth uptrend, couple pullbacks were created around OHLC values from previous days..

So, thats it. I will trade tommorow earlier, because of celebrating name-day my father and father-in-law (Joseph) .

R.

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