Bettina's Journal

[Bettina]

Hi Tomi, Darren,

I'm not sure about it. I see the psychological effect. On the otherhand it often makes a nice 10 p winner, which is already 1 %, to 5 pips.
But that's no decision for me. I'm trading on a small live account, which now is ruined by 70 %.
With that I can only trade the minimum of 0.1 lot and 8 pips SL. Then the risk is 1 %, but I can't trade 0.05 lots with my broker.

Immy , well the thing I would like most, is to stick, what I really want to do and not to get permanently distracted and made unsure by others.

Others is many, it's very very often runs I see, which are fabulous, but the setup is somehow dubious. that always make me doubting the strictness of the rules. But this is a long story.....
I thought you were traveling ???
Hope away from the snow !
Bettina

[immy]

Remember:

There is no such thing as "Wrong Setup". Its either a setup or not. It is our "perception" that could be wrong. I whole heartedly believe that Grant's method is objective and leaves no space for judgment etc. You seem to be a consistent and persistent person. Please give the flow chart a go and if you don't understand anything we are always here to help. The whole purpose of running this forum is to help each other and we can do it. There is no doubt, any one can learn to trade. Thats a tricky phrase though. Yes, it is true anyone can learn to trade infact everybody can trade. But most people can be taught to trade "consistently successfully". And that has to do with a traders belief system. Making pips or money, or consistent equity growth of a trader's account is the consequence, product, end result, of the process of "Consistently" following a proven edge. A market SETUP/EDGE that gives you higher odds. The CARDINAL rule of an EDGE is that it should present LOWEST POSSIBLE RISK with HIGHEST POSSIBLE REWARD. Once this concept is understood the rest just flows like water down a smooth bonnet of a Bugatti!

[Tomi]

Hi Tomi, Darren,

I'm not sure about it. I see the psychological effect. On the otherhand it often makes a nice 10 p winner, which is already 1 %, to 5 pips.
But that's no decision for me. I'm trading on a small live account, which now is ruined by 70 %.
With that I can only trade the minimum of 0.1 lot and 8 pips SL. Then the risk is 1 %, but I can't trade 0.05 lots with my broker.

Immy , well the thing I would like most, is to stick, what I really want to do and not to get permanently distracted and made unsure by others.

Others is many, it's very very often runs I see, which are fabulous, but the setup is somehow dubious. that always make me doubting the strictness of the rules. But this is a long story.....
I thought you were traveling ???
Hope away from the snow !
Bettina

I want to underline that I'm not proposing any advices as I don't have enough competence for that. But you got the psychological effect idea and that was the thing that wanted to share. Like taming the beast inside of us on the way to successful trading.

[Bettina]

Yes, thanks Tomi, I understood you!

[Bettina]

Had again 15 rents in a row since 26.3.
Attached example from today

[wiseambitions]

That's a long run of bad luck and I don't know psychologically how I would cope with that


However the first thing I'd say is the movement on m1 can be a bit tempestuous and you may be better to try m5 for a while, that's how I would react to things, but staying with EURUSD.

I'd also try and see the situation simply, and have regard to setup 1 rather than getting too involved with wave counts. I'd look for a fractal (aims break) soon after a dot alert, and enter so long as it was when the AO was close to zero and only when the new trade would take me in the direction away from the purple line. If the aims break was delayed say more than 4 candles after the dot alert I would tend to wait for better impulsive movement

[Bettina]

Ray, thanks for your tips.
Both trades below were perfect setups with all rules met from my point of view. Or did you see something wrong there ?
At the first one I could have waited for a PC, what I did with the second one.
My SLs were a bit short, though I waited for the red line.
The thing is that I die waiting for M5. I tried several times but I will be never at my desk, when there is a setup.
Bettina

[wiseambitions]

Ray, thanks for your tips.
Both trades below were perfect setups with all rules met from my point of view. Or did you see something wrong there ?
At the first one I could have waited for a PC, what I did with the second one.
My SLs were a bit short, though I waited for the red line.
The thing is that I die waiting for M5. I tried several times but I will be never at my desk, when there is a setup.
Bettina

Hi sorry my eye sight is not good enough to see the trades in your chart perfectly,
as for PC's then I think again it is best to keep it simple and just look for setup1 entries
I do agree your stop losses looked too tight
It is worth waiting for m5 signals but obviously you dont get so many. Fortunately they should be valid a little bit longer so you don't have to watch the screen every minute

[immy]

Ray, thanks for your tips.
Both trades below were perfect setups with all rules met from my point of view. Or did you see something wrong there ?
At the first one I could have waited for a PC, what I did with the second one.
My SLs were a bit short, though I waited for the red line.
The thing is that I die waiting for M5. I tried several times but I will be never at my desk, when there is a setup.
Bettina

Hi sorry my eye sight is not good enough to see the trades in your chart perfectly,
as for PC's then I think again it is best to keep it simple and just look for setup1 entries
I do agree your stop losses looked too tight
It is worth waiting for m5 signals but obviously you dont get so many. Fortunately they should be valid a little bit longer so you don't have to watch the screen every minute

I'd like to add something .M5 do get MANY MANY good setups but may be not per day, however many many per week. M5 can easily raise your account by 5-10% trading 2-10 signals only. 2 per day.
Less is MORE. IMHO even M15 produces 10-15 signals a week using 4 pairs.

[Bettina]

rent series broken !