"I hear and I forget. I see and I remember. I do and I understand."
I've already started to run my trading diary, but haven't been persistent in doing it. This contest and community will I hope help me be more active and run things scheduled.
This is not be about me teaching you but me teaching myself. As for the time being, I was trading inside myself, subjective to emotions and without anyone know what I think, feel and do. After reading all possible literature, I've found myself doing the same mistakes all over again. So I figured out I'm going to do it live with main intention to keep my thoughts, emotions and trades open to public. I'll run my personal open trading diary which can be then subjective to critics.
There is one interesting story I've read, and Iíd like to share it with you. It's from one of Trevor Neill's conference talk.
It has been proved, that if you put a frog in boiling water, it will jump out right away. But, if you put it in like warm water, and heat it slowly, you can cook a frog alive. It won't go out of the water.
This story hit me so strong, because Iíve realized that I've experienced it in many ways in my life.
When you have a position in equity, if it suddenly drops 10 %, you're going to jump out immediately. It will be a shock and natural defensive mechanism. But if it's been slowly falling, day after day with -0,2 % daily, you're be always thinking, itís not a big deal, it will come back eventually. But most likely you will end up loosing a great portion of your capital. To rephrase it, like a frog, you will be cooked alive.
I have been cooked alive too many times in the markets, and also havenít been disciplined in following my trading strategy but rather jumping from one to another every couple days. This inconsistency also cost me money, time, knowledge and confidence.
I wasnít treated trading as a business, but likely as a game. Another mistake is that I was always trying to be trend predictive, happy when I succeed and frustrated when I donít.
This I can compare with my school days. For a long period of time, Iíve rejected to practice math in order to learn and get best grade. I really havenít done it at all. Learning for me was that you pick up out what you can by listening on the class and thatís it. I even refused to write on the class in the notebook. After that no work has been done, except 1 day before an exam I would just flip around through the book, see if there is some formulas I need to know and that would be it.
Then when I come to an exam, see some math problem for the first time in my life and get right on solving it. If I succeed in solving it and get a decent grade (not the worse one, not the best but somewhere in the middle), which was always the case, I felt like being on top of the world, because Iíve done something not by learning from others but from my own intelligence abilities.
It was better then practicing all possible math problems, known every type of task that can arrive and then finish the test blindfolds and be happy because you think you outsmarted others or even outsmarted yourself. You didnít.
Iíve respected but havenít really cared about the folks who got the best grades, because I knew they were going through the book and learned it from there. There was no creativity in this. No mental challenge.
In the same manner Iím behaving in my trading. Rather then learning and practicing and writing out all the things I can about the market, Iíve been doing the same thingÖ I have some basic knowledge, and day after day Iím writing an exam, in front of the screen, trying to figure out where the market goes. If I succeed, Iím a genius, if not then a whole bunch of negative emotions arrive in my consciousness. It is something beyond my abilities, of course. Iíve overestimated myself.
Another thing is that I guess I enjoy the rush of excitement in the markets, rather then subject myself to strict rules, and make a trading just like any other boring business. This is not a good approach folks.
For now, it got me nowhere. So from now on, Iím going to write down my trades, thoughts and reasons behind them and try to learn something from it, by reading it from time to time.
For you who decide to track me, hope you'll learn from my mistakes, and find something useful on my thread.
The following 9 users say Thank You to kingich for this post:
I'm putting my orders once a day, at evenings... I've been using several strategies, on daily it's mostly pinbar rejections of the support / resistance zones, channel trading. On 4h I'm looking at divergences and targeting retracement to the zone between 50-100 EMA.
As I'm limited in not viewing the market during most of the forex active hourse, from 8-17 GMT, swing trading is the only possible way for me. I've been searching myself for the last year and a half.
EUR/CAD long @ 1,3355 SL 1,3260 TP 1,3520, looking for retracement between 50-100 EMA on 4h chart.
USD/CHF short @ 0,97 targeting 0,9570 with a tight stop loss @ 0,9750
GBP/CHF short @ 1.55557, SL 1.56200, TP 1.53500
GBP/JPY short @ 133.526, SL 134.400, TP 131.200
EUR/GBP long @ 0.84336, SL 0.84100, TP 0.85100
And the results...
EURCAD long + 165
GBPCHF short - 68
GBPJPY short - 88
EURGBP long - 24
USDCHF short + 129
It was a tough week, GBPCHF stopped me out and then went south, I almost got stopped out on USDCHF, been within 10 pips to stop loss, but managed to survive and price went back and hit my profit target, and of course went another 100 pips in my direction. I haven't put any orders from Wednesday till end of week, was too tired after work to look at charts.
In the attachments are my charts and analysis.
Hopefully I'll post my analysis for next week's trading during next couple of hours.
The following 2 users say Thank You to kingich for this post:
I'm looking at charts, cannot really spot any instant entries. I'm just going to post some ideas and references.
On weekly chart, GBP/JPY looks bullish but trading in a range whole year. This could be a surprise box.
Daily chart is showing some exchaustion in the momentum, trading at the top of bollinger bands, with bearish divergence on oscillator.
Also 4h chart is showing me that I should try short, at market, with stop above previous highs and targeting 133,05.
EUR/USD and EUR/CAD have almost reached their daily R3 on Friday, and think they could exhaust a bit and move down to pivot points.
That's it for now! If I see anything new, I'll let you know!
In the last couple hours, it looks like GY has broken the ascending TL and rejected 135 pretty soundly. We'll see how it plays out. Looks like a big retracement in the works 3-400p. Either that, or we have STRONG support at 134.80.
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.
The following user says Thank You to Big Mike for this post: