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A Honest journal
Aug 12, 2011 at 15:13
Ok 11:03 AM here in south Florida and I'm calling it a week. I'm beyond my weekly target so no sense in watching the markets anymore. I'm tired and I have a lot of remodeling schedule for the weekend.
132 pips puts me very in line with my average gains. The week was not a easy one but I can't complaint. I'm still a little erratic on my trades due to been tired from parallel activities. My goal of trading professionally has being delayed because of things beyond my control.
Just like on forex i have to be patient if I try to rush things too much I will end up messing up everything.
Good weekend to all.
132 pips puts me very in line with my average gains. The week was not a easy one but I can't complaint. I'm still a little erratic on my trades due to been tired from parallel activities. My goal of trading professionally has being delayed because of things beyond my control.
Just like on forex i have to be patient if I try to rush things too much I will end up messing up everything.
Good weekend to all.
Forex or bust!
Aug 12, 2011 at 15:24
Chikot posted:
Yes, but it took years of trading and practice.
I think technically day trading is the second hardest style after scalping but most newbies start exactly with scalping.
It is easier for starters to trade longer term than intra day as stops are wider and market is more forgiving.
The reason newbies start scalping or even day trading is because the market presents them with more opportunities and as we know newbbies want to get rich fast. To trade longer term they would have to know about risk control, positioning sizing and MM in general, which most don't. I blew out account just because of that. Luckly i'm over it now, but still prefer day trading.
Aug 12, 2011 at 16:18
IMHO to trade long term you have to know what you are doing otherwise the learning curve will take too long.
If I traded on weekly or even daily charts I would be way behind on the whole bunch of tests that I run over the years.
The fractal structure of Forex lets you run the same tests in the 1 minute or weekly chart.
The amount of trial and errors that I had to go through during these four and a half years, would take decades on the monthly charts.
If you are lucky enough to find a system that works right the way, fine,you can trade higher time frames. that was not my case so i'm really grateful we have access to 1 min charts.
If I traded on weekly or even daily charts I would be way behind on the whole bunch of tests that I run over the years.
The fractal structure of Forex lets you run the same tests in the 1 minute or weekly chart.
The amount of trial and errors that I had to go through during these four and a half years, would take decades on the monthly charts.
If you are lucky enough to find a system that works right the way, fine,you can trade higher time frames. that was not my case so i'm really grateful we have access to 1 min charts.
Forex or bust!
Aug 12, 2011 at 17:02
(edited Aug 12, 2011 at 17:03)
The mini Dow stopped at the bottom of the channel, a very technical spot. We may rebound from here, if not it will be hell.
The buzz now is about France not being in a good shape. It seems that apart from Germany and the more Nordic countries Europe is in hot waters.
Greece is a done deal. people are still assimilating Portugal and Spain. Add France to the Italy rumors and we may see the bottom of that channel broken.
The buzz now is about France not being in a good shape. It seems that apart from Germany and the more Nordic countries Europe is in hot waters.
Greece is a done deal. people are still assimilating Portugal and Spain. Add France to the Italy rumors and we may see the bottom of that channel broken.
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Forex or bust!
Member Since Jan 14, 2010
2279 posts
Aug 13, 2011 at 00:14
(edited Aug 13, 2011 at 00:14)
Yes, I understand what you mean. Tried to participate in one of those threads in FF last year fall/ winter. The guys still learning while being in the market longer than I am and still looking for some Holy Grail system. While system works the thread is active and new guys sing accolades. When it doe snot, it's quite. As the system is trend following one and few pairs are trending they feel good but once range sets and it will happen bye bye hard earn money. while good day traders can make money in all market conditions.
trader757 posted:
Chikot posted:
Yes, but it took years of trading and practice.
I think technically day trading is the second hardest style after scalping but most newbies start exactly with scalping.
It is easier for starters to trade longer term than intra day as stops are wider and market is more forgiving.
The reason newbies start scalping or even day trading is because the market presents them with more opportunities and as we know newbbies want to get rich fast. To trade longer term they would have to know about risk control, positioning sizing and MM in general, which most don't. I blew out account just because of that. Luckly i'm over it now, but still prefer day trading.
Member Since Jan 14, 2010
2279 posts
Aug 13, 2011 at 00:17
Just see Eur/Usd. the pair has been in range for a very long time. Great time to trade with no stops until market breaks out, mistake in choosing direction, no stops and hence big and fat tail starts growing bringing down the whole account.
same with trend following guys. Market can change any time.
same with trend following guys. Market can change any time.
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 13:18
You must be long my friend no doubt 😄
It looks like that daily trend line gonna be tested again.
It looks like that daily trend line gonna be tested again.
Aug 15, 2011 at 13:55
(edited Aug 15, 2011 at 13:55)
Chikot posted:
You must be long my friend no doubt 😄
It looks like that daily trend line gonna be tested again.
No really, no trades so far. The only signals i had were around 4 AM when I was still sleeping.
I'm still waiting for a entry but with a freaking rally like this one I don't even know if I'm gonna trade at all today.
Forex or bust!
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 13:57
(edited Aug 15, 2011 at 13:58)
I get it. You probably waiting for some kind of pull back or retracement to enter, right?
E/U is pretty much going straight up.
E/U is pretty much going straight up.
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 13:59
Considering what I wrote about fat tails, some guys who trade with no stops and short trends might find themselves in deep dodo if this thing really breaks above that trend line.
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 14:01
Oh man, E/U burning!
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 14:06
(edited Aug 15, 2011 at 14:06)
Yep, it's too late for now. it is approaching trend line now.
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 14:08
still there might be some opportunities later.
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Aug 15, 2011 at 15:44
Took a short (with tight stops) at 4455 basically trying to capitalize on some profit taking since London is almost done lets see how low this thing will go.
I'm not giving more than 10 pips if price goes against me.
I'm aiming for 4425 or maybe 4420.
I'm not giving more than 10 pips if price goes against me.
I'm aiming for 4425 or maybe 4420.
Forex or bust!
Aug 15, 2011 at 16:48
I don't like to trade Mondays and i don't like to trade Fridays. But if I want to become a professional trader Mondays and Fridays must be traded.
Looking back at my charts I see "now" a very tradeable signal at 1.43. If I was not out of tune with the market (as happens every Monday) I would've jumped on this trade.
Anyways i will hang on here for a little longer if I see that this trade I'm in is not going anywhere I'm gonna kill it.
Tomorrow is another day.
Looking back at my charts I see "now" a very tradeable signal at 1.43. If I was not out of tune with the market (as happens every Monday) I would've jumped on this trade.
Anyways i will hang on here for a little longer if I see that this trade I'm in is not going anywhere I'm gonna kill it.
Tomorrow is another day.
Forex or bust!
