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My path of becoming a trader
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My path of becoming a trader

  #31 (permalink)
Elite Member
Zagreb, Croatia, Europe
 
Futures Experience: Beginner
Platform: Dukascopy
Broker/Data: Dukascopy SA
Favorite Futures: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

just an overview of the week

AUDUSD + 95 pips
USDCHF - 80 pips
EURCHF + 147 pips
EURUSD - 100 pips

current closed profit : +62 pips

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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  #32 (permalink)
Elite Member
Zagreb, Croatia, Europe
 
Futures Experience: Beginner
Platform: Dukascopy
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Favorite Futures: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

morning thoughts

Its funny how all this influences me on subconscious level. I feel like I'm constantly in the market, even when I'm not looking at charts. It's like my brain is processing levels, figures, movements, strategies, plans, what i need to try out, test, look, read, check.....and that happens all the time.

I've over clocked my processor (brain) :-)

This causes me to be really burned out at evenings, cannot really think anymore. Do you have the same problem? Sometimes I even dream trading ...

As much as I'm trying to distance my emotions and myself from trading, it's not quite working. It looks like it took control over me and like an addiction, is always present.

Am I enjoying the trading itself? It's really a hard question. For me it's more like a battle with myself, and a struggle that this is something that has to work out for me, to pull me out of the poverty and uncertain future.

Then I say to myself, did you have to choose the most volatile, uncertain and riskiest business that should get you out of the uncertainty of the corporate jobs and mortgage payments and other shits Iím experiencing... Didn't I should choose something easier instead?

And the answer is I don't know. The expression "It takes money to make money" hit me over the head the other day. I see people earn enormous amounts not risking anything, and I'm here, risking my small savings and putting it on the line of fire, to earn something for a living? I donít want to be a gambler. But itís not only the job, itís also some health problems that Iím experiencing and that are working against me Ö So here I am, doing exactly what I shouldnít be doing, trading for money, trading from a pure need.

Itís like it doesnít work that way. First you need to have money, then you should have the money you don't really need, then you have to learn to trade, and then you could put it in the markets and try out your skills.

So, what I'm doing is completely different. I'm looking at it as a longer term project, but still, there is always doubt, if this is right thing to do?

I read somewhere; this is really hardest easy money you can ever make....

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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  #33 (permalink)
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Manta, Ecuador
 
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If you are not 100% sure you want to trade, and if you are not 100% sure that you are positioned to succeed in trading, then do not trade.

You should know the answer to those things immediately. If there are challenges like too small a trading account, insufficient time due to other responsibilities, then you really should stop trading until you can address those things.

It is natural to second guess yourself every now and then, but to be successful at trading you really must minimize that. Always be moving forward, not reliving the past. When I dream about trading, I am not dreaming about past trades. I am dreaming about future ones, visualizing the setups, taking them, and being rewarded for it.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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  #34 (permalink)
Elite Member
Zagreb, Croatia, Europe
 
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Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Thanks Mike for your quick reply.

I'm sure that I want to trade, but yeah, I'm not 100 % sure that I'm positioned to succeed in trading, for the reasons I've mentioned.

I understand what you're saying, but I doubt I will ever be able to address those things that prevent me being 100 % sure I can succeed - now- , like small trading account and insufficient time, if I don't take that challange.

It's good and natural you dream about the future, since you're proven to yourself that this is right thing what you do and it's working out as planned.

Too many questions I'm running in my head :-)



Big Mike View Post
If you are not 100% sure you want to trade, and if you are not 100% sure that you are positioned to succeed in trading, then do not trade.

You should know the answer to those things immediately. If there are challenges like too small a trading account, insufficient time due to other responsibilities, then you really should stop trading until you can address those things.

It is natural to second guess yourself every now and then, but to be successful at trading you really must minimize that. Always be moving forward, not reliving the past. When I dream about trading, I am not dreaming about past trades. I am dreaming about future ones, visualizing the setups, taking them, and being rewarded for it.

Mike


The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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  #35 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,220 received

I got the impression from your post that you were very uncomfortable with both the size of your trading account and its source of funds. I don't mean to me negative, only realistic. Correct me if I am wrong, by all means.

Those things can certainly change with time, you can improve them. Whereas if you "force the issue" and trade with an undersized account, or trade with funds you cannot stand to lose, you will do yourself harm.

I'm not saying this is you --- but too many people think they can be successful at trading when they really don't ever position themselves to be successful. In retail, it's "location, location, location". In trading it's "risk/money management, psychology, experience". Not as catchy, but all true. I would say it's probably 10% method and 90% the other things, yet most traders feel they failed because of their method (hence why so many are looking for automated systems and holy grails).

Have a good weekend,
Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
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  #36 (permalink)
Elite Member
Zagreb, Croatia, Europe
 
Futures Experience: Beginner
Platform: Dukascopy
Broker/Data: Dukascopy SA
Favorite Futures: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

You're right absolutely. I'm trading with money I cannot afford to lose, and by obeying all rules and not overleveraging, with an assumption of being successful it would take years to grow to a size where I could say I can now only trade for a living.

I am forcing the issue. That's why I am doubting if I can be successful, and not taking it for granted, like other people, because with having good risk/money management, psychology and experience, it's still not enough!

Thanks, have a nice weekend too! I'll be here to check NFP volatility show!

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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  #37 (permalink)
Elite Member
Zagreb, Croatia, Europe
 
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Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Hi everyone,

will post some details afterwards, just to record a new trade.

Entered short EUR/JPY @ 114.79, SL 115.70, TP 113.50.

In attachment I'm providing the chart, possible correction to the 50-100 SMA's, 4h MACD histogram negative.

Also, some bullish hidden divergence on USDCHF, still holding that long from last week.

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
Attached Thumbnails
My path of becoming a trader-eurjpy.gif   My path of becoming a trader-usdchf.gif  
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  #38 (permalink)
Elite Member
Zagreb, Croatia, Europe
 
Futures Experience: Beginner
Platform: Dukascopy
Broker/Data: Dukascopy SA
Favorite Futures: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Hi folks!

It's been a active weekend with my son :-) It's good to be back at work :-)

I have 3 open positions now, and that's quite enough for this correlated markets. I'm not sure about opening more positions until I see what will happen with USDCHF and USDCAD, where I'm holding longs.

EURUSD hit long resistance, knowing that it has fundamentals to rise, I'd like to see him around 1,33. It's still under 70 on the RSI. If it breaks the 70 RSI, definitely buy.

GBPUSD also hit it's resistance line, showing slightly bearish divergence on the RSI pointing downward. If I'd have to put money right away, I'd say short.

This USAD cad is showing divergences both on daily and 4h chart, we'll see what happends.

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
Attached Thumbnails
My path of becoming a trader-eurusd_daily.gif   My path of becoming a trader-gbpusd.gif   My path of becoming a trader-usdcad_daily.gif   My path of becoming a trader-usdcad_4h.gif  
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  #39 (permalink)
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FM, Czech Republic
 
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Favorite Futures: forex trader
 
Robertczeko's Avatar
 
Posts: 139 since Jan 2010
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Hi Kingich,

I am sticking around for couple days and I really like your way of trading, it is clear and "simple" . Keep on it, perfect job. I am watching forex market during my work-hours in job(proxy allows me to use only MT4, cant use ninja), but I cant get used for longer time frames which show more clear movement on markets, nice to see that someone does .

R.

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  #40 (permalink)
Elite Member
Zagreb, Croatia, Europe
 
Futures Experience: Beginner
Platform: Dukascopy
Broker/Data: Dukascopy SA
Favorite Futures: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received


Thanks :-) I've also checked your blog, but cannot say something smart cos I never traded futures, and also, bcos of my job cannot trade short term time frames. Good you can combine those two. Good luck in trading!



Robertczeko View Post
Hi Kingich,

I am sticking around for couple days and I really like your way of trading, it is clear and "simple" . Keep on it, perfect job. I am watching forex market during my work-hours in job(proxy allows me to use only MT4, cant use ninja), but I cant get used for longer time frames which show more clear movement on markets, nice to see that someone does .

R.


The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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