Hi John
Thank you for your support this week and your Skype calls. It’s so good to have someone who knows his stuff to talk to and get encouragement and when I mess up get told off :-)
This has been quite a week. Very exciting. As you know I went back on to demo to test a new system a few weeks back that I feel works for me. This Monday I went back live. I made consistent wins when I followed the system.I had no losses and my daily target was 10+ pips a day. Never did the tradeg o more than 6 against me.
Usually I was instantly in profit especially when trading the euro with its 2 pip spread. Cable took 4 pips to get into profit due to its spread. I joined up with a trading group on Skype. I met them on the Forexfactory forum and was invited to join their group. They have traders from Californiato Hong Kong and I felt privileged to be invited. They trade together but each one enters on his own and does his own thing.
The leader of the group has been a serious full time trader for quite a few years making a small fortune. He obviously has a large bank and trades big money with very wide stops. He looked at my system and made some comments which were very positive. As I’m new he’s taken an interest in my progress as well.
Yesterday they asked me to join them in going long on the Euro. We worked out a good entry and stop and profit taking and away we went. All went well I thought. My signals had told me to enter at 2591 but they said to enter at 2635 after it broke resistance. We worked on the 1h chart but the lower time frames didn’t agree. I thought what the heck I’ll go with them as they know what they are doing. It went to 2635 and they entered automatically as they had set an order. The stop was 2595. A bit too big for my liking but Iwent with it on the larger time frame to give the currency space to breathe.The euro was going to rocket right?
Personally I felt that to enter you need a new candle to break 2935 for proper confirmation. I didn’t like wheret he previous candle ended and to me that wasn’t confirmation especially on my system. The trade went against me and took me out at my stop.
All myprofits of the week went with it. They kept saying stay in this will turn and they widened their stops by a further 30 pips. I had committed to 50 togive it room to breathe and refused widen it. 7 hours later the trade went the way it should and I was right that I needed a clear cut entry over 2635 or better 2650 and set an order with a tiny stop as by then the trade was on its way. I learned a lot by this. Stick to what you know. The markets are random as you keep saying and nobody really knows exactly what will happen.
You havetaught me well and everything I have learned since the courses has been tof ine tune the way I now trade. The euro messed about over quite a range. A beautiful range on a much smaller time frame to go short and long and make good pips. Probably more pips than the final run up and not wasting 7 hours to get there. If your system works despite what the ‘experts’ say follow your system. I had quite a few chuckles reading the forums as some would go long at the same point where others went short. What does that tell you?
So I ended the week down due to the last trade yesterday but am still veryhappy because I proved to myself I am confident in the trades I am now enter using my system. I can place smaller stops even on larger time frames if the entry is correct and feel confident that it will work and if not I’ve not lost much.
Your results of 75% wins since the beginning of this year is the target I want to reach. You do what you teach. That’s awesome. I’ve told many aboutyour courses I am going to increase my £ per pip next week and work my way up. You are right trading smaller time frames on smaller amounts won’t feed my family BUT I had to become confident of my system before increasing my stake and now I feel I can do it.
My system works well on small and large time frames. A great week and I’m taking the weekend off and doing little. May be someback testing on larger time frames to work out stop sizes. Can’t wait for our trip to France on Thursday and to spend time with you and learn even more. I had a terrible blow to my confidence since middle of December with one loss after another and couldn’t work out what time frame works for me. To be honest I still don’t know. I would rather a longer time frame but I find now that the time frame isn’t really the issue. It’s to find a system that works for me and to understand why I enter and exit trades and to stick with my plan. Previously every trade felt a bit like Russian roulette now I don’t feel that way anymore. I also need the gym now for cardio workouts as the trading isn’t giving them to me anymore :-) Have a super weekend and chat tomorrow Desiree
Saturday, 21 February 2009
16th February
Hi John
Just as well you are not trading today. It's an American public holiday andthe markets are flat. I picked up 6 pips at 7.30 this morning and haven't traded since. I have gone back live. Now I'm watching the charts. I think the risks today are greater than the rewards so I'll maybe close VT for today and practice demo on dealbook to get the hang of that platform again I have a few questions re our visit. Do you have a hair dryer? What plugs do we need to get? I don't have any European ones. Regards Desiree
Just as well you are not trading today. It's an American public holiday andthe markets are flat. I picked up 6 pips at 7.30 this morning and haven't traded since. I have gone back live. Now I'm watching the charts. I think the risks today are greater than the rewards so I'll maybe close VT for today and practice demo on dealbook to get the hang of that platform again I have a few questions re our visit. Do you have a hair dryer? What plugs do we need to get? I don't have any European ones. Regards Desiree
Thursday, 5 February 2009
5th February
Subject : Going back to basics and practice, practice, practice
Hi John
Hope you enjoyed your few days away. This last weekend I decided to spend this week practicing my entries and exits and to try out whether to go long term or short term. To do this I went to my demo account and spent the last few days going in and out of trades. Where as before on my demo account I was so cautious and treated it as real money as I just wanted to bag pips and avoid any losses. This way I didn’t learn much so when I went live I had a rude awakening as I had had two months of solid good ‘safe’ trades that were very carefully chosen and didn’t practice like I am doing now.
It’s been quite a revelation to me and this week I decided I want to perfect what I’ve learned since going live and do it on the demo over and over again until I am successful. The first day out of 30 trades I won 10. I broke even end that day. The second day I won 4 out of 6 trades and ended the day with 8 in profit. Yesterday, Wednesday I won 2 out of 3 and ended my day 20 pips in profit. I spent the weekend back testing and on Monday I felt ready to start practicing. I’m feeling a lot more positive now as I feel I’ve found something that works. It may be simple and I may miss pips before getting into the trade but end of the day the trades I do enter are mostly winners.
What I did was follow the indicators and go with support and resistance and what I learned on your courses. When I stuck to the rules I did well. With my losses I had purposely entered too early and too late and was bitten every time. As soon as I went back to the basics and the rules I was fine and my wins were successful. I set the parabolic to .03 after doing some research on it and I am now getting in on the 2nd parabolic. Sure I miss out on a few pips till the second parabolic appears but by the time it does I can see whether the trade will run or peter out. I’ve found by entering on the 2nd parabolic I am lot more consistent and yesterday had a run of 4 pips (got out at support although it did keep going south) and then a run of 35. I was able to trail my stops. By doing this I found I’ve been in profit almost instantly and it seldom goes more than 5 against me. I comfortably set my stops at 10 and keep a mental log of when I will hit the button to get out. I went over your lessons on the scalping course again and have learned so much. When you are new you learn a lot on the course and once you have a bit of knowledge and then go over the lessons again you pick up so much more. Setting your stops and then mentally trailing works well for me. If the run is good then I trail the stop on VT manually but if it’s a short run I set a stop and then trail it mentally.
I also tried the 15m as well as the 1m chart. I gave myself a 50 pip stop on the 15m and watched the trade. It never went close to 50 but it messed about between 20 and 30 for what seemed forever. I’ve sat at my computer watching the trades all week, getting into the rhythm and while doing that I found I was wasting my time on the 15m chart because the pips that went against me before I went into profit I could have picked up on the 1m or 5m chart. Instead of waiting 45 minutes to make a few pips I could have bagged double my daily quota in half the time while it was messing about between 20 and 30 pips against me on a smaller time frame. This got me thinking and so I put away the 15m and went back to very short term. I still use the longer time frame for the trend. I had previously put away the 1m chart as I’d had such bad runs with it but with my bank being small and to build it up again I have had to return to smaller time frames.
I am fortunate in that I can watch the charts and entering and exiting on the 1m I was able to pick up some good pips going with the trend. When I saw a hesitation I got out as I found that more times than not on the smaller time frame that’s the start of a reverse. Eventually when I have a fat bank I think I’ll prefer the longer time frames but for now and as I have the time to do so, I can watch the 1m and get in when the runs are good. I watch and trade the euro, cable and euro / pound. I’ve done most of my trades on the euro and cable as the runs are bigger. The setting of .03 on the larger time frames works too.
Yesterday Leigh and I watched the trades together and he also felt a lot more confident because he could see this makes sense and so this is what we will be practicing for the next couple of weeks and keeping an analyser to see how we do. As you said one has to find a system that works for you and stick to it. I’m also watching the charts a lot earlier but with this system there is always a trade sometime during the day. I realise I should have found a system a lot sooner but its taken me a lot of time to find my feet. So let’s see where this takes us. I’ll keep you posted
Have a good day - Desiree
Hi John
Hope you enjoyed your few days away. This last weekend I decided to spend this week practicing my entries and exits and to try out whether to go long term or short term. To do this I went to my demo account and spent the last few days going in and out of trades. Where as before on my demo account I was so cautious and treated it as real money as I just wanted to bag pips and avoid any losses. This way I didn’t learn much so when I went live I had a rude awakening as I had had two months of solid good ‘safe’ trades that were very carefully chosen and didn’t practice like I am doing now.
It’s been quite a revelation to me and this week I decided I want to perfect what I’ve learned since going live and do it on the demo over and over again until I am successful. The first day out of 30 trades I won 10. I broke even end that day. The second day I won 4 out of 6 trades and ended the day with 8 in profit. Yesterday, Wednesday I won 2 out of 3 and ended my day 20 pips in profit. I spent the weekend back testing and on Monday I felt ready to start practicing. I’m feeling a lot more positive now as I feel I’ve found something that works. It may be simple and I may miss pips before getting into the trade but end of the day the trades I do enter are mostly winners.
What I did was follow the indicators and go with support and resistance and what I learned on your courses. When I stuck to the rules I did well. With my losses I had purposely entered too early and too late and was bitten every time. As soon as I went back to the basics and the rules I was fine and my wins were successful. I set the parabolic to .03 after doing some research on it and I am now getting in on the 2nd parabolic. Sure I miss out on a few pips till the second parabolic appears but by the time it does I can see whether the trade will run or peter out. I’ve found by entering on the 2nd parabolic I am lot more consistent and yesterday had a run of 4 pips (got out at support although it did keep going south) and then a run of 35. I was able to trail my stops. By doing this I found I’ve been in profit almost instantly and it seldom goes more than 5 against me. I comfortably set my stops at 10 and keep a mental log of when I will hit the button to get out. I went over your lessons on the scalping course again and have learned so much. When you are new you learn a lot on the course and once you have a bit of knowledge and then go over the lessons again you pick up so much more. Setting your stops and then mentally trailing works well for me. If the run is good then I trail the stop on VT manually but if it’s a short run I set a stop and then trail it mentally.
I also tried the 15m as well as the 1m chart. I gave myself a 50 pip stop on the 15m and watched the trade. It never went close to 50 but it messed about between 20 and 30 for what seemed forever. I’ve sat at my computer watching the trades all week, getting into the rhythm and while doing that I found I was wasting my time on the 15m chart because the pips that went against me before I went into profit I could have picked up on the 1m or 5m chart. Instead of waiting 45 minutes to make a few pips I could have bagged double my daily quota in half the time while it was messing about between 20 and 30 pips against me on a smaller time frame. This got me thinking and so I put away the 15m and went back to very short term. I still use the longer time frame for the trend. I had previously put away the 1m chart as I’d had such bad runs with it but with my bank being small and to build it up again I have had to return to smaller time frames.
I am fortunate in that I can watch the charts and entering and exiting on the 1m I was able to pick up some good pips going with the trend. When I saw a hesitation I got out as I found that more times than not on the smaller time frame that’s the start of a reverse. Eventually when I have a fat bank I think I’ll prefer the longer time frames but for now and as I have the time to do so, I can watch the 1m and get in when the runs are good. I watch and trade the euro, cable and euro / pound. I’ve done most of my trades on the euro and cable as the runs are bigger. The setting of .03 on the larger time frames works too.
Yesterday Leigh and I watched the trades together and he also felt a lot more confident because he could see this makes sense and so this is what we will be practicing for the next couple of weeks and keeping an analyser to see how we do. As you said one has to find a system that works for you and stick to it. I’m also watching the charts a lot earlier but with this system there is always a trade sometime during the day. I realise I should have found a system a lot sooner but its taken me a lot of time to find my feet. So let’s see where this takes us. I’ll keep you posted
Have a good day - Desiree
3rd February
Hi John
I was demo trading yesterday as Mondays don't work for me. I worked on my entries and exits and made tons of trades and won a1/3 of them. Carrying on today to perfect this. picking up pips more reliably and will do this for a few days more then go back to real time. Seeing what I did wrong and it feels good to make some winners again Enjoy your time off Desiree
I was demo trading yesterday as Mondays don't work for me. I worked on my entries and exits and made tons of trades and won a1/3 of them. Carrying on today to perfect this. picking up pips more reliably and will do this for a few days more then go back to real time. Seeing what I did wrong and it feels good to make some winners again Enjoy your time off Desiree
27th January
Hi John
I am so pissed. I entered a euro trade when all signals were in my favour and thought I'd chance 10 pips as it could have been near the end of a run but it was retracing and I got in after a retracement to sell. I set my stop at 10. VT accepted and then it didn't execute for whatever reason so no stop. The currency wasn't racing anywhere so no reason for it to requote or ignore it. Then sods law the euro went north instead of south and I was at-15.
I tried to get out again. Nooo lets play with Desiree today. It ignored my request a second time to get out and eventually after banging ont he get out button it took me out at negative 31. If it was around an announcement when things go mad it would have made sense but on a regular trade with not much activity it made none. And joy, 10 pips later - it went all the way back down and I would have made a healthy profit. I was trading the smaller time frame so didn't want a stop larger than 10.
There I was consoling Leigh at his two losses yesterday and what do you know I go and do the same today. Now he's consoling me. Feels like a see-saw around here today. Not in the best humour right now. I've closed VT and will try again tomorrow
Have a good evening Desiree
I am so pissed. I entered a euro trade when all signals were in my favour and thought I'd chance 10 pips as it could have been near the end of a run but it was retracing and I got in after a retracement to sell. I set my stop at 10. VT accepted and then it didn't execute for whatever reason so no stop. The currency wasn't racing anywhere so no reason for it to requote or ignore it. Then sods law the euro went north instead of south and I was at-15.
I tried to get out again. Nooo lets play with Desiree today. It ignored my request a second time to get out and eventually after banging ont he get out button it took me out at negative 31. If it was around an announcement when things go mad it would have made sense but on a regular trade with not much activity it made none. And joy, 10 pips later - it went all the way back down and I would have made a healthy profit. I was trading the smaller time frame so didn't want a stop larger than 10.
There I was consoling Leigh at his two losses yesterday and what do you know I go and do the same today. Now he's consoling me. Feels like a see-saw around here today. Not in the best humour right now. I've closed VT and will try again tomorrow
Have a good evening Desiree
Subscribe to:
Posts (Atom)
Posts
