Vicky's Journals

[vickyp]

The essence of Setup 1 is to take TIGHT boxes... that break into Wave 5. Discipline please.

Thanks for your comments Immy. You are right I seem to have steered from the path!
This batch so far, while not having the large draw down to deal with like last batch, it has not really done anything yet.
Thanks for the reminders, and the push back to the correct path.

Why am I commenting on H1 trades? You trade H4 don't you?

I had seen so many good setups on H1 previously, and at the begining of the batch I put down I would do H1 as well. There have been very little on H4 of late that I can catch.
Point taken H1 is not working for me, is it? It maybe a case of less is more.

[vickyp]

21/11/18

Batch 6

Trade 14

Usd/Chf H1 Short
DS0, wrong wave.

End result was -1R

R result to date for this batch: -1.5R

DS score for batch: 9/14

Overall total R score: (all batches) +14.5R

[immy]

FOCUS ON DS 1 / 70% DS FOR THE BATCH... DO NOT THINK WRITE OR LOOK AT DRAWDOWN OR ALL THAT STUFF. if it bothers you too much. then go back to Demo. Trade Correctly, earn the right to trade the live account. The reason you're so discouraged is that you trade a very small account. Since account was small your risk per trade was high. but you were enjoying a win streak so it was all fun. but when the losing streak arrived, the same high risk per trade created a bigger drawdown.

This is why it is important to understand Risk MAnagement. We must know how to do it, and we invest at least the amount of money that allows to trade no more than 1% risk. When account is small you are left with one choice. And that is to trade with the lowest lot siz.e But that could sometimes mean, risk more than 1% 2 or 3% per trade. WE don't hurt until its a losing trade.

So once you know that it is the case, then you should be prepared for it. I don't risk 3% per trade. because I know if I lost 5 trades in a row , I'll lose 10-15k. I don't want to lose that... so I control my risk. I can only lose 4-5K in a losing streak. so I would do everything in my powers to stop losing. Risk Management is in MY CONTROL... winning and losing trades is NOT.

Keep going... You're doing fine... actually far better than alot of prop firm traders.

btw: stage 1-2 is NOT for profitability. if you are profitable, its just an added bonus. You're training for discipline. Once past stage 2, I'll show you how to control your riss further and how to convert more trades into profitable ones.

[vickyp]

Hi Immy
Thanks for the post, each time I get a new ahh moment to move me forward so it is great.

FOCUS ON DS 1 / 70% DS FOR THE BATCH... DO NOT THINK WRITE OR LOOK AT DRAWDOWN OR ALL THAT STUFF. if it bothers you too much. then go back to Demo

Still have funds so continuing with my small live account at this point rather than going back to demo.

Risk Management is in MY CONTROL... winning and losing trades is NOT.

Great point agreed, even more important for my large account to come.

Keep going... You're doing fine... actually far better than alot of prop firm traders

Thanks, my account is still up 36% on my starting capital.

You're training for discipline. Once past stage 2, I'll show you how to control your risk further and how to convert more trades into profitable ones

Looking forward to this. Is this after batch 10?
Now for discipline, discipline and patients for signal on H4 and D1.
Vicky

[vickyp]

03/12/18

Batch 6

Trade 15

Gbp/Usd H4 Short
S1, swiftly out at -1R

End result was -1R

R result to date for this batch: -2.5R

DS score for batch: 10/15

Overall total R score: (all batches) +13.5R

[vickyp]

04/12/18

Batch 6

Trade 16

Silver D1 Short
Took awhile to play out, a few times I thought I was out and then it bounced again, but ended at SL.

End result was -1R

R result to date for this batch: -3.5R

DS score for batch: 11/16

Overall total R score: (all batches) +12.5R

[immy]

04/12/18

Batch 6

Trade 16

Silver D1 Short
Took awhile to play out, a few times I thought I was out and then it bounced again, but ended at SL.

End result was -1R

R result to date for this batch: -3.5R

DS score for batch: 11/16

Overall total R score: (all batches) +12.5R

I see 3 DS0 Trades on this one chart. I'll let YOU be the judge of that.

[immy]

03/12/18

Batch 6

Trade 15

Gbp/Usd H4 Short
S1, swiftly out at -1R

End result was -1R

R result to date for this batch: -2.5R

DS score for batch: 10/15

Overall total R score: (all batches) +13.5R

We have got to focus on Setups that Give us a positive edge. We want to trade the CLEAR moving Markets. A Nice Clean Clear Wave 3, followed by a nice clean sideays and boxed Wave 4.

2018-12-04_10-48-50.png

Be choosy be very selective in your trades @vickyp

You see Clearly moving markets? Drop a time frame and find your Setup 1 entry.

or in other words, FIND a CLEAR moving market on the 5XHTF and trade Setup 1 on your chosen Current time frame.

H4 is easy to trade, I would have imagined... as in, don't trade unless you see a CLEARLY MOVING D1 Chart.

but alas, that way you'll see only a few setups a month. and that is the TRICK. you have to be very selective.

When the Trend is Confirmed be aggressive on the entries... when the trend is half confirmed be ultra strict on getting the entries right.

```Its less risky to think "this market is not moving I should not risk money here" in comparison its RISKIER to be scared when think "this market has moved a lot its running out of steam now, let me not risk my money".```
Its less risky to trade Moving Markets than to trade sideways markets.

[vickyp]

Thanks Immy. I have had a coffee meeting with Jasmien today, to regroup and work through some areas to get me back in the game.
Very lucky to have her close, and that she has the patients of a saint!
Onward and upward.
Vicky

[immy]

Thanks Immy. I have had a coffee meeting with Jasmien today, to regroup and work through some areas to get me back in the game.
Very lucky to have her close, and that she has the patients of a saint!
Onward and upward.
Vicky

Thats the way it should be. Well done on that. She is a Saint indeed. lol
The whole purpose of the forum and the chatroom is to provide some kind of support. Men do it really badly. they have ego issues.
They want to show me they are GREAT traders. instead of learning to trade. You gals will beat us all in trading ...

cheers