Perhaps with what you say about Ewaves and QQE with higher time frames it depends whether both or only one broker has a 24 hour price feed. I'm of the view that the market does kind of carry on, as a grey market or futures market if you like, when we think it's closed, governed in large part by movements in currency particularly the Euro, seeing as German company profitability and their equity prices, as an export economy are very much influenced by forex. And Forex is a 24 hour market.
So if we have a 4 hour chart on a 24 hour broker and another on a 0700 to 2100 broker which one should we follow? We will go schizophrenic if we switch around, and we will deviate from the rules if we just decide which one to take on a day-by-day basis.
Personally I always go with the 24 hour chart if I'm on anything higher than M15.
Likewise I don't believe M1 signals to be desperately reliable in the first few candles on a broker who starts his price feed at FO, and won't trade until at least 0730 and preferably not until after 0800 when London lights up the works.
Mickey's Journal
-
wiseambitions
- AIMSter
- Posts: 1127
- Joined: 17 Sep 2012, 21:36
- 13
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
-
kiravon
- AIMSter
- Posts: 835
- Joined: 18 Dec 2013, 14:08
- 11
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
Powerful Indicator!
The QQE ADV is definitely one of my all time favourite indicators.
Although I've never heard anyone else recommend this, when gators
are pointing up on both TFs, away from purple, You can do worse than
simply wait for cross of 50 line on BOTH TFs
It is a very, very powerful confluence!
Just wait for a burst of momentum and jump in
I did +2% on the M1, not my usual TF but I wamted to test this
strategy in real time without falling asleep at 3.00am as usual!
but despite it's popularity I really don't like Hotforex preventing
you moving your Stop up too close to price.
That tells me straight away they are a market maker and not a broker.
They are perfect for M5 and above but irritating on M1 as you have to
use a horizontal line as imaginary stop and close manually.
I would like to find a true broker with really tight spreads like IC Markets
that accepts Polish Zloty accounts
So far its only Hotforex and XM, both are pretty good apart from the above
irritation but neither are really brokers.
But I do want a couple of dollar accounts so maybe I could do lower TFs on
them if I need to.
From December 1st
1) -1% DS 1
2) +1.5% DS 1
3) -1%, +7%, =+6% DS 0
4) BE DS 1
5) BE DS 1
6) -0.5% DS 1
7) -1% DS 1
8) BE DS 1
9) -1% DS 1
10) +7%, +3% = +10% DS 1
11) +2%, +2%, +1.5% =+5.5% DS 1
12) +3% DS 1
13) BE DS 1
14) +3.5%,+3.5%, +1% DS 1
15) +1.5% DS 1
16) -1% DS 1
17) +2% DS 1
18) +3.3% DS 1
+36.3% DS 16/17
Trade 17
The QQE ADV is definitely one of my all time favourite indicators.
Although I've never heard anyone else recommend this, when gators
are pointing up on both TFs, away from purple, You can do worse than
simply wait for cross of 50 line on BOTH TFs
It is a very, very powerful confluence!
Just wait for a burst of momentum and jump in
I did +2% on the M1, not my usual TF but I wamted to test this
strategy in real time without falling asleep at 3.00am as usual!
but despite it's popularity I really don't like Hotforex preventing
you moving your Stop up too close to price.
That tells me straight away they are a market maker and not a broker.
They are perfect for M5 and above but irritating on M1 as you have to
use a horizontal line as imaginary stop and close manually.
I would like to find a true broker with really tight spreads like IC Markets
that accepts Polish Zloty accounts
So far its only Hotforex and XM, both are pretty good apart from the above
irritation but neither are really brokers.
But I do want a couple of dollar accounts so maybe I could do lower TFs on
them if I need to.
From December 1st
1) -1% DS 1
2) +1.5% DS 1
3) -1%, +7%, =+6% DS 0
4) BE DS 1
5) BE DS 1
6) -0.5% DS 1
7) -1% DS 1
8) BE DS 1
9) -1% DS 1
10) +7%, +3% = +10% DS 1
11) +2%, +2%, +1.5% =+5.5% DS 1
12) +3% DS 1
13) BE DS 1
14) +3.5%,+3.5%, +1% DS 1
15) +1.5% DS 1
16) -1% DS 1
17) +2% DS 1
18) +3.3% DS 1
+36.3% DS 16/17
Trade 17
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Last edited by kiravon on 15 Dec 2015, 02:29, edited 3 times in total.
Stop searching for the Holy Grail, you've already found it -
It's in your mind!
It's in your mind!
-
kiravon
- AIMSter
- Posts: 835
- Joined: 18 Dec 2013, 14:08
- 11
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
I do actually like Hotforex, I probably just need a stealth trade
manager that places tight POs and stops under their radar so to speak.
although to be realistic, they let you move stop up to within 4/5 pips
of price, and on M5 you wouldn't trail any closer than that anyway
its just a technical point, and any broker with an impeccable reputation,
tight spreads, highly regulated can be forgiven that
Trade 18 +3.3% DS 1
manager that places tight POs and stops under their radar so to speak.
although to be realistic, they let you move stop up to within 4/5 pips
of price, and on M5 you wouldn't trail any closer than that anyway
its just a technical point, and any broker with an impeccable reputation,
tight spreads, highly regulated can be forgiven that
Trade 18 +3.3% DS 1
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Last edited by kiravon on 22 Dec 2015, 14:29, edited 1 time in total.
Stop searching for the Holy Grail, you've already found it -
It's in your mind!
It's in your mind!
-
kiravon
- AIMSter
- Posts: 835
- Joined: 18 Dec 2013, 14:08
- 11
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
If a set up doesn't jump out at you there is no set up!
Probably if there is one ultimate comment in this forum
that can make you the most money by preventing you
handing all your profit back to the market, it is likely
Michael's admission regarding the pressure of actionism.
he was specifically referring to,shall we say 'peer pressure'
of zealous newbies eager to try their hand when there
is nothing even remotely approaching a set up in front
of them
and of course when there is no set up to trade, the next best
thing is to imagine there is a set up
That can be expensive!
Sadly, you don't need the influence of newbies to cause you
to go astray, we can all be our own newbie at times
The danger is ever present
When the markets are a mess, stagnant, choppy, in short simply
untradeable how hard do we keep looking for a set up?
if a set up doesn't jump out at you there is no set up
I will repeat that for the hard of hearing as this may be the
second wisest comment in this forum
If a set up doesn't jump out at you there is no set up!
I'm looking at the chart below, where QQE ADV have both crossed nicely over
the 50 line and we are just in a nice W5 on current time frame (M5)
but price is predictably bouncing up off Purple on HTF
but as you see, I am in denial
I am 'willing' the market to just burst through Purple and trigger my PO
Price is also respecting AIMS on HTF and LTF but I am undeterred,
miracles do happen, and despite all the evidence I am determined that
the price will drop.
It may do
but what is happening in my head?
I have had a great month so far, a very profitable T20 almost
Why must I trade at all today?
Why must any of us?
In all likelihood I will just cancel this PO and no harm will be done
but harm will be done if I don't have total discipline
I don't need to trade!
These days I don't trade most of the time unless a set up jumps out at me,
but it only needs a few moments of weakness to decimate an account
Have you ever struggled to stay on a diet? or known someone who has?
You do really well until you eventually succumb to that bar of chocolate
not the end of the world
but then you find it so much harder to resist the next bar and the next!!!
( no pun intended )
So discipline is key, and is never a matter to become complacent about.
When the set up is there go in without hesitation!
The rest of the time stay away!!!!
Actually if the PO below gets triggered and I win something, that might
be the worse thing that can happen psychologically
as it can become the start of a very bad habit
If a set up doesn't jump out at you there is no set up!
Yes as I type price is now dropping .... PO triggered!
Probably if there is one ultimate comment in this forum
that can make you the most money by preventing you
handing all your profit back to the market, it is likely
Michael's admission regarding the pressure of actionism.
he was specifically referring to,shall we say 'peer pressure'
of zealous newbies eager to try their hand when there
is nothing even remotely approaching a set up in front
of them
and of course when there is no set up to trade, the next best
thing is to imagine there is a set up
That can be expensive!
Sadly, you don't need the influence of newbies to cause you
to go astray, we can all be our own newbie at times
The danger is ever present
When the markets are a mess, stagnant, choppy, in short simply
untradeable how hard do we keep looking for a set up?
if a set up doesn't jump out at you there is no set up
I will repeat that for the hard of hearing as this may be the
second wisest comment in this forum
If a set up doesn't jump out at you there is no set up!
I'm looking at the chart below, where QQE ADV have both crossed nicely over
the 50 line and we are just in a nice W5 on current time frame (M5)
but price is predictably bouncing up off Purple on HTF
but as you see, I am in denial
I am 'willing' the market to just burst through Purple and trigger my PO
Price is also respecting AIMS on HTF and LTF but I am undeterred,
miracles do happen, and despite all the evidence I am determined that
the price will drop.
It may do
but what is happening in my head?
I have had a great month so far, a very profitable T20 almost
Why must I trade at all today?
Why must any of us?
In all likelihood I will just cancel this PO and no harm will be done
but harm will be done if I don't have total discipline
I don't need to trade!
These days I don't trade most of the time unless a set up jumps out at me,
but it only needs a few moments of weakness to decimate an account
Have you ever struggled to stay on a diet? or known someone who has?
You do really well until you eventually succumb to that bar of chocolate
not the end of the world
but then you find it so much harder to resist the next bar and the next!!!
( no pun intended )
So discipline is key, and is never a matter to become complacent about.
When the set up is there go in without hesitation!
The rest of the time stay away!!!!
Actually if the PO below gets triggered and I win something, that might
be the worse thing that can happen psychologically
as it can become the start of a very bad habit
If a set up doesn't jump out at you there is no set up!
Yes as I type price is now dropping .... PO triggered!
You do not have the required permissions to view the files attached to this post.
Stop searching for the Holy Grail, you've already found it -
It's in your mind!
It's in your mind!
-
kiravon
- AIMSter
- Posts: 835
- Joined: 18 Dec 2013, 14:08
- 11
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
A Pyrhric Victory
I won +1% which I think is a testament to the power of QQE ADV
but I get my second Zero for Discipline Score this T20. Unless I
lose - 40% on trade 20 which is not likely, this has
been my third exceptionally good consecutive T20 which I
attribute largely to Ray's influence, specifically absence of fear,
along with Immy it must be added -
You simply cannot be a successful frightened trader!
but along with their inspiring example I would also
acknowledge my vastly improved discipline last few weeks.
Today I really just traded on intuition which paid off, but effectively
setting a PO when price was moving into Purple!!!! since when has that
been one of my rules?
It is in fact more of a cardinal sin than a rule, so I have no choice but
to impose a second zero for discipline which according to my trading plan
means I suffer the ultimate forfeit of having to paint one wall in my
apartment.
and we all know, once you start painting it makes the other walls look shabby
so then you have to paint them all, which then makes the ceiling look bad and
so on...
But I want to amend my Trading Plan
I think before i really start trading live i need to double my demo account
of course I could possibly do that in a few days but i mean double the
account by responsible trading ie 1% max risk per trade etc
No one can accidentally double their trading account in this way, and
if we can we should then have a lot of confidence to start risking real
money.
So the last few weeks have been a great step in that direction, and hopefully,
by avoiding overconfidence and so called intuition I should be live trading
before the Summer
From December 1st
1) -1% DS 1
2) +1.5% DS 1
3) -1%, +7%, =+6% DS 0
4) BE DS 1
5) BE DS 1
6) -0.5% DS 1
7) -1% DS 1
8) BE DS 1
9) -1% DS 1
10) +7%, +3% = +10% DS 1
11) +2%, +2%, +1.5% =+5.5% DS 1
12) +3% DS 1
13) BE DS 1
14) +3.5%,+3.5%, +1% DS 1
15) +1.5% DS 1
16) -1% DS 1
17) +2% DS 1
18) +3.3% DS 1
19) +1% DS 1
+37.3% DS 17/19
I won +1% which I think is a testament to the power of QQE ADV
but I get my second Zero for Discipline Score this T20. Unless I
lose - 40% on trade 20 which is not likely, this has
been my third exceptionally good consecutive T20 which I
attribute largely to Ray's influence, specifically absence of fear,
along with Immy it must be added -
You simply cannot be a successful frightened trader!
but along with their inspiring example I would also
acknowledge my vastly improved discipline last few weeks.
Today I really just traded on intuition which paid off, but effectively
setting a PO when price was moving into Purple!!!! since when has that
been one of my rules?
It is in fact more of a cardinal sin than a rule, so I have no choice but
to impose a second zero for discipline which according to my trading plan
means I suffer the ultimate forfeit of having to paint one wall in my
apartment.
and we all know, once you start painting it makes the other walls look shabby
so then you have to paint them all, which then makes the ceiling look bad and
so on...
But I want to amend my Trading Plan
I think before i really start trading live i need to double my demo account
of course I could possibly do that in a few days but i mean double the
account by responsible trading ie 1% max risk per trade etc
No one can accidentally double their trading account in this way, and
if we can we should then have a lot of confidence to start risking real
money.
So the last few weeks have been a great step in that direction, and hopefully,
by avoiding overconfidence and so called intuition I should be live trading
before the Summer
From December 1st
1) -1% DS 1
2) +1.5% DS 1
3) -1%, +7%, =+6% DS 0
4) BE DS 1
5) BE DS 1
6) -0.5% DS 1
7) -1% DS 1
8) BE DS 1
9) -1% DS 1
10) +7%, +3% = +10% DS 1
11) +2%, +2%, +1.5% =+5.5% DS 1
12) +3% DS 1
13) BE DS 1
14) +3.5%,+3.5%, +1% DS 1
15) +1.5% DS 1
16) -1% DS 1
17) +2% DS 1
18) +3.3% DS 1
19) +1% DS 1
+37.3% DS 17/19
You do not have the required permissions to view the files attached to this post.
Stop searching for the Holy Grail, you've already found it -
It's in your mind!
It's in your mind!
-
kiravon
- AIMSter
- Posts: 835
- Joined: 18 Dec 2013, 14:08
- 11
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
Go for Gold!- In the Certain Way
November 9th -19th DS 20/20 +26%
November 20th - 30th DS 20/20 +33%
December 1st > DS 18/20 +40% plus? ( was +42.3% )
This may be highly significant!
Over the Last month I have almost completed three T20s
+26%, +33% and current T20 my goal is to make +40%
but I need + 2.7% to make it a round +40%
and we know there is no certainty
so how to proceed?
well a ridiculously generous SL will allow the price enough latitude
to hit the target.
but risking say, no more than 2% to make 2.7%?
( not good maths usually but for a special occasion I can live with that )
There is absolutely no guarantee nor any certainty whatsoever but
I believe I can greatly increase my chances of hitting my target of 40%
How?
Simply by avoiding doing the one thing we've discussed so many times
Actionism!
Trading for trading's sake!
Boredom!
Craving for the trading fix!
etc
So I am very eager to break the 40% profit threshold
but I only have one shot at it because I am up to Trade 19
in my T20 and have only one more trade left
So what am I going to do tonight when I monitor the AUD and
JPY and I see a passable set up?
or tomorrow when I see a possibility on the DAX or EU?
I don't want possibilities!
I really want +40% profit this T20!
So I think we all know what that means
We probably all know I have a very good chance of hitting
my target
providing....
I have the discipline to keep my powder dry...
I have the discipline to pass over a number of quite nice looking trades....
I have the discipline to wait for that optimum set up that really jumps out at me!
in short, providing I have the discipline
So let's really think about this....
Let's suppose that my discipline really pays off and I get my 2.7%
just think of the ramifications!
What about my next T20 ( might give holiday season a miss, any advice on that btw? )
But next T20 Trade 1...
What if I was equally determined to make 2% on Trade 1?
There still is no certainty or any guarantee
but by employing the exact same mindset as above I will have
the exact same chance of success!
But if I view it as just another ordinary trade will I continue
to get just ordinary results?
This is actually fast becoming one of those lightbulb moments
How much care do we really put into the selection and execution
of every trade?
In 1910 Wallace Wattles wrote his masterpiece 'The Science of Getting Rich'
in which he mostly tells you all the things you don't need to have, be or do
to get rich and merely adds in every chapter, almost as an afterthought how
by contrast the rich simply do things in the certain way.
This gets repeated and repeated over and over again but not once does Wattles
even begin to tell you what that 'certain way' is! It's very irritating!
But if you have some savvy and you really are determined to succeed you soon
figure out that his book would never have survived as the quintessential handbook
on wealth creation unless the secret really was contained within it's pages.
So you read it again to see if you missed something
Eventually, if you are determined enough, and this was Wattle's intention, you
do learn the answer cleverly hidden in plain sight within a simple play on words!
When you learn how to conduct your business in the certain way that Wattles
alludes to but never specifies you do succeed spectacularly exactly as he says
everyone does
and so it is with trading
99.6% do not succeed...
nevertheless there are many that do, who have no special ability or
special intelligence, and absolutely no magic indicators or system
but they all have one thing in common
they all trade in the certain way
Ironically I never associated Wallace Wattles and his book to trading before,
neither have I read of anyone else making that connection before this evening
although Mark Douglas is probably saying the same thing in a different way.
So if I manage to get my 2.7% in the certain way I should get very similar
results in trading generally
and even if I miss out on the 2.7% I will still come out ahead every month
by remembering and applying this one essential, all important lesson!
Sorry if this post sounds a bit pretentious, it is not original at all, the 2.7%
business just triggered the memory of Wallace Wattles.
I had actually forgotten about him but I will be putting his truths which have
actually been plentifully reiterated within this post into decisive and determined
action from this point on!
November 9th -19th DS 20/20 +26%
November 20th - 30th DS 20/20 +33%
December 1st > DS 18/20 +40% plus? ( was +42.3% )
This may be highly significant!
Over the Last month I have almost completed three T20s
+26%, +33% and current T20 my goal is to make +40%
but I need + 2.7% to make it a round +40%
and we know there is no certainty
so how to proceed?
well a ridiculously generous SL will allow the price enough latitude
to hit the target.
but risking say, no more than 2% to make 2.7%?
( not good maths usually but for a special occasion I can live with that )
There is absolutely no guarantee nor any certainty whatsoever but
I believe I can greatly increase my chances of hitting my target of 40%
How?
Simply by avoiding doing the one thing we've discussed so many times
Actionism!
Trading for trading's sake!
Boredom!
Craving for the trading fix!
etc
So I am very eager to break the 40% profit threshold
but I only have one shot at it because I am up to Trade 19
in my T20 and have only one more trade left
So what am I going to do tonight when I monitor the AUD and
JPY and I see a passable set up?
or tomorrow when I see a possibility on the DAX or EU?
I don't want possibilities!
I really want +40% profit this T20!
So I think we all know what that means
We probably all know I have a very good chance of hitting
my target
providing....
I have the discipline to keep my powder dry...
I have the discipline to pass over a number of quite nice looking trades....
I have the discipline to wait for that optimum set up that really jumps out at me!
in short, providing I have the discipline
So let's really think about this....
Let's suppose that my discipline really pays off and I get my 2.7%
just think of the ramifications!
What about my next T20 ( might give holiday season a miss, any advice on that btw? )
But next T20 Trade 1...
What if I was equally determined to make 2% on Trade 1?
There still is no certainty or any guarantee
but by employing the exact same mindset as above I will have
the exact same chance of success!
But if I view it as just another ordinary trade will I continue
to get just ordinary results?
This is actually fast becoming one of those lightbulb moments
How much care do we really put into the selection and execution
of every trade?
In 1910 Wallace Wattles wrote his masterpiece 'The Science of Getting Rich'
in which he mostly tells you all the things you don't need to have, be or do
to get rich and merely adds in every chapter, almost as an afterthought how
by contrast the rich simply do things in the certain way.
This gets repeated and repeated over and over again but not once does Wattles
even begin to tell you what that 'certain way' is! It's very irritating!
But if you have some savvy and you really are determined to succeed you soon
figure out that his book would never have survived as the quintessential handbook
on wealth creation unless the secret really was contained within it's pages.
So you read it again to see if you missed something
Eventually, if you are determined enough, and this was Wattle's intention, you
do learn the answer cleverly hidden in plain sight within a simple play on words!
When you learn how to conduct your business in the certain way that Wattles
alludes to but never specifies you do succeed spectacularly exactly as he says
everyone does
and so it is with trading
99.6% do not succeed...
nevertheless there are many that do, who have no special ability or
special intelligence, and absolutely no magic indicators or system
but they all have one thing in common
they all trade in the certain way
Ironically I never associated Wallace Wattles and his book to trading before,
neither have I read of anyone else making that connection before this evening
although Mark Douglas is probably saying the same thing in a different way.
So if I manage to get my 2.7% in the certain way I should get very similar
results in trading generally
and even if I miss out on the 2.7% I will still come out ahead every month
by remembering and applying this one essential, all important lesson!
Sorry if this post sounds a bit pretentious, it is not original at all, the 2.7%
business just triggered the memory of Wallace Wattles.
I had actually forgotten about him but I will be putting his truths which have
actually been plentifully reiterated within this post into decisive and determined
action from this point on!
Stop searching for the Holy Grail, you've already found it -
It's in your mind!
It's in your mind!
-
wiseambitions
- AIMSter
- Posts: 1127
- Joined: 17 Sep 2012, 21:36
- 13
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
You're doing well there my friend, but please DONT get OCD about statistics and targets!
I find any attitude of "I'm gonna get my next trade right" is a sure fire way of giving money back to the market.
We know the system works in the long run. But is the long run 20 trades? 200 trades? 2000 trades? 20 has significance because it doesn't take long to amass 20 tries. One a day takes a month. 10 a day takes a couple days. I can't remember what Immy said, it might be something like 80% chance of making 50% return on capital. It's definitely a positive target whether it's a 50% return or a 10% return or a 100% return. I find myself often trading 50 and 100 times a week (bad for the RSI on the wrist you might say)..where RSI stands there for repetitive strain injury not whatever it means in Forex (haha). And the true reality is that smoothing out all the experiences within a set of 100, I find it is boringly reliable to be saying that for 1 - 2% risk and measuring several batches of 100 I am rolling up capital at 0.3 to 0.4% return EVERY TIME I trade!
Keep at it, but please don't get yourself in a sweat over the return from just the next trade! Just look at the 1100% PA growth potential that 1% a day is giving you. Steady does it.
I find any attitude of "I'm gonna get my next trade right" is a sure fire way of giving money back to the market.
We know the system works in the long run. But is the long run 20 trades? 200 trades? 2000 trades? 20 has significance because it doesn't take long to amass 20 tries. One a day takes a month. 10 a day takes a couple days. I can't remember what Immy said, it might be something like 80% chance of making 50% return on capital. It's definitely a positive target whether it's a 50% return or a 10% return or a 100% return. I find myself often trading 50 and 100 times a week (bad for the RSI on the wrist you might say)..where RSI stands there for repetitive strain injury not whatever it means in Forex (haha). And the true reality is that smoothing out all the experiences within a set of 100, I find it is boringly reliable to be saying that for 1 - 2% risk and measuring several batches of 100 I am rolling up capital at 0.3 to 0.4% return EVERY TIME I trade!
Keep at it, but please don't get yourself in a sweat over the return from just the next trade! Just look at the 1100% PA growth potential that 1% a day is giving you. Steady does it.
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
-
kiravon
- AIMSter
- Posts: 835
- Joined: 18 Dec 2013, 14:08
- 11
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
I was seriously prepared to wait a few days
But almost straightaway I saw the chance on the USDJPY
It was exciting!
On both M5/M15 was same story, price retraced into W4
and QQE ADV on both charts screaming out it was about
to explode to the upside!
Gators upturned, both Ewaves on the incline up past Zero
Price broke AIMS on the M5 quite decisively so I jumped in
I could see the TP could be max 5R as there was a prior AIMS/Resistance
five days prior but I knew it would come back to haunt us
and it broke that level!
For a split second I thought it might go on indefinitely but then I saw it
twitching down so I remembered just in time I only needed 2.7%, I didn't
need to be greedy, that's all I needed and if I didn't close instantly
my gains could disappear before my very eyes as has happened so
many times before. and I didn't want that, I really wanted +40%
this T20 so I had to be disciplined and determined
It can be done!
Anyone can do this with determination, persistence and discipline
and for the avoidance of doubt - this is the certain way!
So I closed for 5R and a +5% profit to my account
and sure enough price couldn't get past that prior AIMS and started to drop
shortly after.
My third T20 in a month +42.3%, after the last two +26% and +33%
borders on the incredulous!
I really should manage at least +10% per month now.
and assuming I will continue to be a profitable trader now, what is it
that really makes the difference? Well for one thing the answer is in that
question - I don't assume, wish or dream anymore. I actually view myself as
a trader now. Even a few weeks ago that wasn't the case
I viewed myself as a Forex hopeful like so many reading this.
But what else really makes the difference between a trader and a hopeful?
You are reading it right now!
1,200 AIMS members and how many current journals? no, not how
many spasmodic journals, how many serious daily journals that have
even been updated within the last two weeks, or last month even?
Look through each and every AIMS member on their profile page
as I have done many times.
How many disappeared shortly after joining with virtually no posts
and often literally no posts. What level of commitment does that reveal?
To me it is so easy to believe that 99.6% traders don't make it
Most don't have all the amazing advantages that AIMS members have
yet even most who joined AIMS never really made the most of the
opportunity.
Around 60 are spending money every month to aid their trading career,
and that is money well spent, no question about it
but spending money without being fully committed is a bit like gym
membership when you never actually do anything, as if simply
paying money will get you into shape
it won't!
so where are all the journals?
Call me naive, but I genuinely believed that as this group are just
a little private that there might be some private area where they
keep their journals but this doesn't seem to be the case
those that spend the time analysing their trades and other's trades,
monitoring their discipline, their psychology and emotional
responses to loss - and profit for that matter. these are
the ones that progress
there is no quick fix!
If you pay a subscription at least get the value from it by
working along with it, yes you will hear a lot of great and
inspiring things, but unless you are seriously monitoring
your trades in your journal it can just amount to having
your ears tickled.
When I read over my early entries yes I cringe a little
but getting the trades out in the open is priceless!
the feedback from successful traders has slowly steered
me in a more profitable direction
You should really understand that Forex trading really
isn't easy! if it was everyone would be making money but
very few are! You definitely can succeed but it takes more
commitment than most are prepared to make!
So lecture over here is my last trade of my last T20
PS Thanks for the advice Ray, and I hope it's as much of
an inspiration to others. but no I probably wasn't expressing
myself very well. I meant that to improve my chances of a winning
final trade I was prepared to wait a bit longer for a valid
set up, patience doesn't guarantee a winner because there is no
certainty at all, but it definitely improves the chances of success
and the point being that we should only ever be doing that anyway!
but I'm glad it provoked a great post from you, yes looking at the
long term stats is an absolute inspiration
Trade 20 +5% DS 1
But almost straightaway I saw the chance on the USDJPY
It was exciting!
On both M5/M15 was same story, price retraced into W4
and QQE ADV on both charts screaming out it was about
to explode to the upside!
Gators upturned, both Ewaves on the incline up past Zero
Price broke AIMS on the M5 quite decisively so I jumped in
I could see the TP could be max 5R as there was a prior AIMS/Resistance
five days prior but I knew it would come back to haunt us
and it broke that level!
For a split second I thought it might go on indefinitely but then I saw it
twitching down so I remembered just in time I only needed 2.7%, I didn't
need to be greedy, that's all I needed and if I didn't close instantly
my gains could disappear before my very eyes as has happened so
many times before. and I didn't want that, I really wanted +40%
this T20 so I had to be disciplined and determined
It can be done!
Anyone can do this with determination, persistence and discipline
and for the avoidance of doubt - this is the certain way!
So I closed for 5R and a +5% profit to my account
and sure enough price couldn't get past that prior AIMS and started to drop
shortly after.
My third T20 in a month +42.3%, after the last two +26% and +33%
borders on the incredulous!
I really should manage at least +10% per month now.
and assuming I will continue to be a profitable trader now, what is it
that really makes the difference? Well for one thing the answer is in that
question - I don't assume, wish or dream anymore. I actually view myself as
a trader now. Even a few weeks ago that wasn't the case
I viewed myself as a Forex hopeful like so many reading this.
But what else really makes the difference between a trader and a hopeful?
You are reading it right now!
1,200 AIMS members and how many current journals? no, not how
many spasmodic journals, how many serious daily journals that have
even been updated within the last two weeks, or last month even?
Look through each and every AIMS member on their profile page
as I have done many times.
How many disappeared shortly after joining with virtually no posts
and often literally no posts. What level of commitment does that reveal?
To me it is so easy to believe that 99.6% traders don't make it
Most don't have all the amazing advantages that AIMS members have
yet even most who joined AIMS never really made the most of the
opportunity.
Around 60 are spending money every month to aid their trading career,
and that is money well spent, no question about it
but spending money without being fully committed is a bit like gym
membership when you never actually do anything, as if simply
paying money will get you into shape
it won't!
so where are all the journals?
Call me naive, but I genuinely believed that as this group are just
a little private that there might be some private area where they
keep their journals but this doesn't seem to be the case
those that spend the time analysing their trades and other's trades,
monitoring their discipline, their psychology and emotional
responses to loss - and profit for that matter. these are
the ones that progress
there is no quick fix!
If you pay a subscription at least get the value from it by
working along with it, yes you will hear a lot of great and
inspiring things, but unless you are seriously monitoring
your trades in your journal it can just amount to having
your ears tickled.
When I read over my early entries yes I cringe a little
but getting the trades out in the open is priceless!
the feedback from successful traders has slowly steered
me in a more profitable direction
You should really understand that Forex trading really
isn't easy! if it was everyone would be making money but
very few are! You definitely can succeed but it takes more
commitment than most are prepared to make!
So lecture over here is my last trade of my last T20
PS Thanks for the advice Ray, and I hope it's as much of
an inspiration to others. but no I probably wasn't expressing
myself very well. I meant that to improve my chances of a winning
final trade I was prepared to wait a bit longer for a valid
set up, patience doesn't guarantee a winner because there is no
certainty at all, but it definitely improves the chances of success
and the point being that we should only ever be doing that anyway!
but I'm glad it provoked a great post from you, yes looking at the
long term stats is an absolute inspiration
Trade 20 +5% DS 1
You do not have the required permissions to view the files attached to this post.
Stop searching for the Holy Grail, you've already found it -
It's in your mind!
It's in your mind!
-
wiseambitions
- AIMSter
- Posts: 1127
- Joined: 17 Sep 2012, 21:36
- 13
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
Well done for your continued success!
One thing I find for sure is no two trades are related. Nor do winners come in any particular order. It is possible to have 5 winners in a row, and just as easily 5 losers. The thing is to carry on doing what we are doing, which we have found works, and try and avoid acting on impulse.
Another thought. I have had other traders in my office and I've said look at this chart I'm going to take that trade it looks a good setup, and they say "Oh this will make you the last person trading today/this week/the dearest buyer in the market" or any other excuse. And yet had I taken that trade there would have been profit in it! I think we are each responsible for our own success and have to make our own decisions, not listening to what the fortune tellers say. And even though I may be in some part successful I would hate to be telling others which way to trade and what exit points etc. I like just to be responsible to myself for whatever the outcome.
Following my signals might give a bumpy ride. I'm up 41% in the last 100 trades but there have been a few where there was "adverse excursion" before a bonanza win. Eg I just got out of my longs at 1115GMT, they had been 50 points lower in the previous hour or so. I bet it will carry on going up now!
Yes I know what you mean about waiting for a legitimate setup to develop
The moments after taking a loss are very dangerous for us guys too aren't they !
One thing I find for sure is no two trades are related. Nor do winners come in any particular order. It is possible to have 5 winners in a row, and just as easily 5 losers. The thing is to carry on doing what we are doing, which we have found works, and try and avoid acting on impulse.
Another thought. I have had other traders in my office and I've said look at this chart I'm going to take that trade it looks a good setup, and they say "Oh this will make you the last person trading today/this week/the dearest buyer in the market" or any other excuse. And yet had I taken that trade there would have been profit in it! I think we are each responsible for our own success and have to make our own decisions, not listening to what the fortune tellers say. And even though I may be in some part successful I would hate to be telling others which way to trade and what exit points etc. I like just to be responsible to myself for whatever the outcome.
Following my signals might give a bumpy ride. I'm up 41% in the last 100 trades but there have been a few where there was "adverse excursion" before a bonanza win. Eg I just got out of my longs at 1115GMT, they had been 50 points lower in the previous hour or so. I bet it will carry on going up now!
Yes I know what you mean about waiting for a legitimate setup to develop
The moments after taking a loss are very dangerous for us guys too aren't they !
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
-
kiravon
- AIMSter
- Posts: 835
- Joined: 18 Dec 2013, 14:08
- 11
Re: Mickey's Journal [Awarded Title: The Wizard of Words]
'The moments after taking a loss are very dangerous.......'
Absolutely right Ray!
Anyone can make 10% profit on a trade, actually it isn't that hard
but virtually no one can make 0.4% per trade on average month in
month out
The certainty, the only certainty is the edge, which only really
manifests itself over a larger sampling of trades, but once we have
established that edge we need really to have implicit faith and trust
in that edge.
Without that trust and confidence we have fear and hesitation and
by the time we muster up courage the move is likely over
There is of course no certainty in any trade or even series of trades.
We can have the absolute perfect set up with all indicators pointing
in the right direction and seconds after placing the trade some
bright spark weighs in with literally billions of dollars in t'other direction
We can never know when that might happen
Yet we must have what Napoleon Hill called 'Definiteness of purpose'
and Wallace Wattles called ' The Certain Way' both alluding to the same
thing. In other words a mental toughness and determination where
failure is not an option!
Yes take the rents on the chin but proceed undaunted knowing the
numbers and the edge will play out.
There is danger of a psychological kind in experiencing success,
actually it emerges in various ways.
Self sabotage is an issue for many. If we have deep rooted feelings
of unworthiness the mind can find a way to equalize by offloading
most of our winnings until we find our 'natural level' again.
So we need to believe in ourselves and our strategy.
But I am very interested in what you say about providing signals
for others - I'm not sure many would have the mental stamina
to keep up with you
and it's very interesting to note how many successful traders and indeed
horse racing punters do very well until they start selling signals or tips
to others, then performance anxiety kicks in and they fall apart.
But there is something I am very confused about
I think you and Immy are in the same camp here
Immy recommended that Michael just run his own show and not sell out
to others by managing funds etc ( if I understood him correctly )
and you refused such an offer yourself recently I believe.
but one extremely respected mentor whose 5 star testimonials
are seemingly endless, and I know myself is the real deal and
is totally honest
He always stresses to get away from the high flying approach of
trying to make 20%, 50% or 100% per month as this is a very
shortsighted recipe for disaster
and he himself has made +50% per month or more on occasion.
but rather, he always insists you should much better aim for
1% per month consistently as your consistency will soon
be picked up by the broker
and the only way to make consistent money in Forex is by
accumulating the 20% of all the traders who are following
you on their PAMM accounts.
You and Immy and some of the other seasoned Pros on this site
are proof that its't strictly true
but what really is the downside to going the PAMM route? Potentially
there could be 20% of hundreds of thousands for no extra effort
Isn't it just leveraging?
Can it adversely affect your personal results or profit?
If it was all a winwin situation either you or Immy and likely both
of you would surely be smart enough to likely
make millions this way - and for absolutely no extra effort
but as far as I know, neither of you manage funds or PAMMS
so there must surely be a very good reason?
Is there something I'm missing here?
Absolutely right Ray!
Anyone can make 10% profit on a trade, actually it isn't that hard
but virtually no one can make 0.4% per trade on average month in
month out
The certainty, the only certainty is the edge, which only really
manifests itself over a larger sampling of trades, but once we have
established that edge we need really to have implicit faith and trust
in that edge.
Without that trust and confidence we have fear and hesitation and
by the time we muster up courage the move is likely over
There is of course no certainty in any trade or even series of trades.
We can have the absolute perfect set up with all indicators pointing
in the right direction and seconds after placing the trade some
bright spark weighs in with literally billions of dollars in t'other direction
We can never know when that might happen
Yet we must have what Napoleon Hill called 'Definiteness of purpose'
and Wallace Wattles called ' The Certain Way' both alluding to the same
thing. In other words a mental toughness and determination where
failure is not an option!
Yes take the rents on the chin but proceed undaunted knowing the
numbers and the edge will play out.
There is danger of a psychological kind in experiencing success,
actually it emerges in various ways.
Self sabotage is an issue for many. If we have deep rooted feelings
of unworthiness the mind can find a way to equalize by offloading
most of our winnings until we find our 'natural level' again.
So we need to believe in ourselves and our strategy.
But I am very interested in what you say about providing signals
for others - I'm not sure many would have the mental stamina
to keep up with you
and it's very interesting to note how many successful traders and indeed
horse racing punters do very well until they start selling signals or tips
to others, then performance anxiety kicks in and they fall apart.
But there is something I am very confused about
I think you and Immy are in the same camp here
Immy recommended that Michael just run his own show and not sell out
to others by managing funds etc ( if I understood him correctly )
and you refused such an offer yourself recently I believe.
but one extremely respected mentor whose 5 star testimonials
are seemingly endless, and I know myself is the real deal and
is totally honest
He always stresses to get away from the high flying approach of
trying to make 20%, 50% or 100% per month as this is a very
shortsighted recipe for disaster
and he himself has made +50% per month or more on occasion.
but rather, he always insists you should much better aim for
1% per month consistently as your consistency will soon
be picked up by the broker
and the only way to make consistent money in Forex is by
accumulating the 20% of all the traders who are following
you on their PAMM accounts.
You and Immy and some of the other seasoned Pros on this site
are proof that its't strictly true
but what really is the downside to going the PAMM route? Potentially
there could be 20% of hundreds of thousands for no extra effort
Isn't it just leveraging?
Can it adversely affect your personal results or profit?
If it was all a winwin situation either you or Immy and likely both
of you would surely be smart enough to likely
make millions this way - and for absolutely no extra effort
but as far as I know, neither of you manage funds or PAMMS
so there must surely be a very good reason?
Is there something I'm missing here?
Stop searching for the Holy Grail, you've already found it -
It's in your mind!
It's in your mind!