David's journal

[azadar]

candle pattern tells me i should have closed that around 1.3043

[immy]

candle pattern tells me i should have closed that around 1.3043

Nicely traded David. Your job as a trader is not to count pips or money per trade. Your main objective is to Achieve Consistency. Have you been consistent? Have you followed your exit plan? if the answer is YES... the byproduct of doing the same thing over and over would be a "Statistical Edge" which means your account will grow steadily... a smooth equity curve is what we want. Consistency is the objective. Successful trading = consistently applying a consistent formula to get consistent results

I say Well Done!

[azadar]

Thanks for the words of encouragement Immy.

Back when I was successful on instaforex, I was closing at the first sign of a reversal so probably 80 or 90% of my trades ended up within 5 pips of the entry. I rarely had trades go over 10 pips because I wouldnt give them enough breathing room. It was working ok but its not the best way to trade, it requires too much time sitting in front of the screen. I think I can achieve the same or even better results with less time by letting winners run and cutting loosers early.

I am currently adjusting to the new strategy but things are improving every day. Within a few weeks I should have adjusted and should notice more big winners.

Consistency is definately the key, I can just look over at Grant's journal (or yours) and see how he consistently makes 30+ pips every day. Thats just amazing!

Ill get there someday

[immy]

Yes, and one more thing.... lets not trade Crazy Charts.... this chart tbh, and no disrespect to you or miss eu... is ugly...
We liketo trade Aesthetically pleasing charts... like ti was earlier in the day.... For everyone reading, draw an imaginary line around london or frankfurt open. and see how far price has gone away from it. if its gone in uni direction over 50 pips you may have some more left in that direction if its gone 100... it may be time to say good bye and come another day. Your statistical advantage comes when the market has not yet moved. its hard to explain here may be some other time!

[wiseambitions]

But how would one suggest cleaning up his charts?

Gator. Good - Except the no trade zone is like an itchysomething cloud and I think it is the main cause of the clutter.

Candles - fairly standard stuff.

Aims boxes. Perhaps not the ideal colour

Dot alerts. OK.

He's got the Ewaves. Good

Ewaves shows projected FIB extensions. Good

What else?

[azadar]

Thanks Immy for your feedback and honesty. You are a busy man and I very much appreciate you taking the time to review and comment on my trades. By the way, dont bother sugar coating your comments, I can handle criticism

Yes I agree its an ugly chart lol and it was not the safest trade setup.

Your comment made me realise something. Why did I take the trade while I knew it wasnt a perfect setup? Lack of discipline for one but I also think its related to my trading schedule. Im never around during the good trading hours so when I see a half decent setup Im tempted to take the risk because that is probably one of the best setups I will see in the day. My day job keeps me from trading US session so im left with asian session which is far from ideal (not enough movements so its difficult to turn a profit while using a breakout strategy like aims, no matter how good it is) or london session which means I need to wake up at 3am.

I cant quit my day job, not until I can generate the same level of income as my day job and do so for at least a few months. This week I woke up(2-3 times) at 6 am but by that time its already too late, the moves that started at LO are basically over by 6am.

That leaves me with only 1 solution: trading the london session. I will try to sleep during asian session and wake up at 3 am to trade london session until i gotta leave for work.

When you want something in life you got to be ready to make the necessary sacrifices to reach your goal. If I have to wake up at 3am to become a successful trader then so be it!

[azadar]

But how would one suggest cleaning up his charts?

What else?

I think what he means by ugly chart, and correct me if Im wrong Immy, is that price was all over the place. We see long m1 candles both up and down (prior to the move down), this shows uncertainty in the market.

We can also see this in the light grey (purple in my case) aims box. What we would want for an ideal setup is a tight aims box which we did not have at the time I took the trade.

[immy]

Thanks Immy for your feedback and honesty. You are a busy man and I very much appreciate you taking the time to review and comment on my trades. By the way, dont bother sugar coating your comments, I can handle criticism

Yes I agree its an ugly chart lol and it was not the safest trade setup.

Your comment made me realise something. Why did I take the trade while I knew it wasnt a perfect setup? Lack of discipline for one but I also think its related to my trading schedule. Im never around during the good trading hours so when I see a half decent setup Im tempted to take the risk because that is probably one of the best setups I will see in the day. My day job keeps me from trading US session so im left with asian session which is far from ideal (not enough movements so its difficult to turn a profit while using a breakout strategy like aims, no matter how good it is) or london session which means I need to wake up at 3am.

I cant quit my day job, not until I can generate the same level of income as my day job and do so for at least a few months. This week I woke up(2-3 times) at 6 am but by that time its already too late, the moves that started at LO are basically over by 6am.

That leaves me with only 1 solution: trading the london session. I will try to sleep during asian session and wake up at 3 am to trade london session until i gotta leave for work.

When you want something in life you got to be ready to make the necessary sacrifices to reach your goal. If I have to wake up at 3am to become a successful trader then so be it!

London Session will do. All you need for M1 is 1hr of trading. If it sets up nicely and breaks out fine. if it does not so be it , so what.... NEXT. 1 trade a day will keep the jobs away.... Be very very choosy and pick the most attractive, compelling, magnet setups. Even if that means that in the beginning you might filter many good ones... but for the longer term you will know which ones to take and which ones to filter. easier said than done . i know, but this is how it is in trading world! we gotta face reality. or another way, more difficult way, is to trade mechanically and I would recommend this to everyone starting out so they keep taking the setups where all the rules are met and with experience and time they will eventually know which ones are their favourite setups and their trading personality might start matching the market the trade. I hope it makes sense...

[Herbert]

Sound advice....... the thin layer between the perplexed and the successful.... B-)

[azadar]

2 small trades this morning