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My path of becoming a trader


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My path of becoming a trader

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  #81 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Hi friends,

I've taken two trades right this moment, it's GBPAUD and GBPCAD longs.

On both pairs I've got MACD line above 0, pairs breaking 62EMA, and I'm targeting them around 800 SMA.

To be exact,

GBPAUD long @ 1.5750, SL 1.5630 (120 pips), TP 1.5960 (210 pips)
GBPCAD long @ 1.56943, SL 1.55600 (134 pips), TP 1.58500 (156 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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  #82 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Hi guys!

Have to count my deads... Last two weeks for me were lousy.

I'm experimenting and trading a bit of harmonics pattern, beside my 4h regular setup. I'm taking a longer term positions, also 4h or daily chart, according to the channel the currency is trading in, and the pattern itself.

Something for this week,

SELL 0.100M EUR/CAD @ 1.38057, SL 1.40800 (274 pips), TP 1.35600 (246 pips) Gartley bearish on daily chart

BUY 0.100M AUD/NZD @ 1.34944, SL 1.34000 (94 pips), TP 1.37300 (236 pips) bullish ABCD pattern on 4H chart

SELL 0.100M GBP/CAD @ 1.56405, SL 1.57700 (130 pips), TP 1.53200 (321 pips) ABCD short pattern on 4h chart, downward channel on daily

BUY 0.100M USD/CHF @ 0.90848, SL 0.89800 (105 pips), TP 0.91900 (105 pips) bullish butterfly on 1h chart

Good trading!

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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  #83 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received


Hello my dear traders!


Long time no see! I was here but away. Haven't written anything, took some time off the market, to analyse myself and my behavior. I've had some success on the market with long term trend following technique and adding to a winning position, as I previously wrote about that : position trading.


When it comes to swing / day trading, I still suck. No real money there, just losses.


I've came back to basics, study basic candlestick patterns, basic technical analysis pattern like triangle, flag, wedge, and trying to apply all that.


I hope I'll be smarter in the future and that I and you could learn from my journal.


I'm looking forward for writing the journal again.


Happy trading!

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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  #84 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

I watched a webinar about trading psychology and it really hit me over the head and totally recognized myself in the presentation of the teacher.


He is talking about a trader, his patient and his own looking on his trading.


Guy says:
1. I consistently pick wrong side of the trade.
2. I let loosers run and cut winners short
3. I'm buying the highs and selling lows.
4. I micromanage the trade.
5. I'm unable to trade with the trend
6. My losses have made me question everything I have done.


This is something I have been doing over and over again. There is a quick test also, so you can check are you compulsive contrarian trader (just count your yes answers)


1. Do you always prefer the road less traveled?
2. Do you often do things the hard way?
3. Do you develop strong directional biases in trading?
4. Do you rely heavily on intuition in your trading?
5. Are you focused on picking tops and bottoms even during strong trend?
6. Do you typically get in too early?
7. Do you regularly average down?
8. Do you tend to get stopped at swing highs/lows?
9. Does a pullback in an uptrend usually feel bearish to you in real time?
10. Does a pullback in a downtrend usually feel bullish to you in real time?


I must say I have 9 out of ten symptoms. Hope you did the test better then me. There are some actions that should be done to reduce that behavior, I'll talk about them in my next post.

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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  #85 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

This might be really childlish from me, changing strategies all the time. As I have been writing you, I suffer from unable to adopt rule based trading. My trading has been more intuitive then rule based.

I've chosen ichimoku because it's well known strategy with well known rules, not something I made up myself. It's highly selective, and will enter trades on shorter term TF (30min, 1h or 4h) in the direction of the daily and weekly charts where all mentioned criteria match!


Yesterdays trade was EURUSD long @ 1,4869, exit @ TP 1,4918. during the London session.

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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  #86 (permalink)
 Eric j 
NY
 
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kingich View Post
This might be really childlish from me, changing strategies all the time. As I have been writing you, I suffer from unable to adopt rule based trading. My trading has been more intuitive then rule based.

I've chosen ichimoku because it's well known strategy with well known rules, not something I made up myself. It's highly selective, and will enter trades on shorter term TF (30min, 1h or 4h) in the direction of the daily and weekly charts where all mentioned criteria match!


Yesterdays trade was EURUSD long @ 1,4869, exit @ TP 1,4918. during the London session.

Changing strategies is a tough habit to break . Thats the biggest hurdle I had to jump and its still tempting for me to consider changing , especially if I get a couple losers in a row . Ultimately its easier and more profitable to focus on one type of trade that I like to have occur and wait until it sets up - let the market come to me kind of thinking . The next most important thing to not let become a habit is trading a bunch of different currencies . I settled on just pairs relating to USD and it allows me to feel the flow of the market instead of trying to chase the market around .

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  #87 (permalink)
 Big Mike 
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kingich View Post
This might be really childlish from me, changing strategies all the time. As I have been writing you, I suffer from unable to adopt rule based trading. My trading has been more intuitive then rule based.

You might benefit from taking 5-10 minutes and writing down a list of the reasons you feel compelled to make this change. Then in 3 months or so you can review it, or the next time you feel compelled to change again, and just make certain you aren't going in circles - but in fact, forward.

Mike

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  #88 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Not much of ichimoku setups at the moment. If this is a correction we could get nice setups in the near future, if the market is turning then it will take more time.

USD/CHF could be a valid short trade somewhere below 0,88
GBP/CHF - also could be short position around 1,43.
AUD/USD - long trade if price gets around 1,0750.
AUD/CAD long trade if price gets around 1,0350

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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  #89 (permalink)
 Big Mike 
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kingich View Post
Not much of ichimoku setups at the moment. If this is a correction we could get nice setups in the near future, if the market is turning then it will take more time.

USD/CHF could be a valid short trade somewhere below 0,88
GBP/CHF - also could be short position around 1,43.
AUD/USD - long trade if price gets around 1,0750.
AUD/CAD long trade if price gets around 1,0350

How are things going?

Mike

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  #90 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received



Big Mike View Post
How are things going?

Mike

Mike thanks for your concern. Things are rolling somehow, not as fast as I would like but ok :-)

I have been trading ichimoku as described, together with simple pattern strategy on longer term charts.

Now I have been building up a position in CAD/JPY as attached.

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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