Bettina's Journal

[Kyle]

It's OK to be disappointed Bettina. These days will happen to us all some time. We have just got to take heart that better days are ahead. Many people cannot get it sorted in their head that we will have losing trades and losing days. It is all about the long term picture, rather than the now.

I have seen you take many, many great trades. Your 3% will soon be picked up and then some :-bd

All I can suggest is that when you are past the emotional side of it, have a good look at your charts (in an emotionally detached way) and see if you would have made the same trades again. If the answer was yes, then it is just a Next and on to the next setup. If you have found errors in your entry or judgement. That is also good. When you see what you missed, you can learn from it.

Bed time for me now. Only 0250 here. See you all tomorrow B-)

[Bettina]

Hy TassieFX, Richard,

thanks a lot for your kind words.
The point is, that I did things, which I never wanted to do again, was not at all concentrated on what I had learnt before.
Might be, that I'm not yet used to the trading rooms. I live alone - and I like that !!! .
So the times, where I always had a lot of people around me, are over.
But I really don't want to make the room responsible for my stupidity.

Now I'll make some music and tomorrow is another day !
Bettina

[Bettina]

Addition :

The first two trades today were minor rents, trades which the other guys from the room were also in, but managed them better.
I had -8.7 and -5.7, I think Immy had -4 and BE.
But for my mental state it is a catastropy to start the day with two losses. I noticed that a few times, but didn't yet take the consequences from that.
I really will stop at least the session, if this happens again. Moreover, this is the same issue as to get rid of the fear to miss something, which I mentioned earlier.

Now definitely good night !

Bettina

[immy]

Bettina

Sorry to hear that you had a -3% day today. However, this would definitely mean that you did not take some of the other trades. Like I was talking to Erik and Sutan the problem many traders face on faster time frames is that you could have a 1-3 losers in a row at times and that becomes very frustrating for them. They become too fearful and protective and dont take the next setup. Most of the time that next setup is the one that would have covered the rents and some more. But you can also set a max loss for each session or something like 2 or 3 strikes out for a session or a day. For me, there is no limit, I just trade and let it roll. If I finish a day with -5% I dont care, I know that I'll look at my 50 or 100 trades and only then raise my stress levels / or concern levels if the account is not going up. Then I'll look at two things. 1. am I trading the system correctly, (which means, am I following the rules, am I disciplined?) 2. Is the system working in the current market conditions. Most of the times it would be point 1.

I agree that trading in a room could also have negative effects. If you know what you're doing and would like to concentrate on just that, without getting your head clogged or effected by other trader's opinions , it would be best for you to trade alone. I personally find it much more relaxing to trade alone. but then I get bored most of the time and lose my discipline. While I'm trading among our group I know that some one will alert me, if I'm not alert myself. or if I'm alert then I may alert some one else. thats how it goes. but we are all different .

Richard: Come and join us so we could learn from you ! Of course you'd never know unless you give it a try!

cheers

[Topher]

Richard: Come and join us so we could learn from you ! Of course you'd never know unless you give it a try!

Immy

I am simply trading your great system of which I will be eternally grateful (sorry for hogging your journal Bettina).

Richard

[Bettina]

Hi,
my day yesterday was good :
4 trades on GU with +8.9, +1.7, -7.2 and + 18.4, + 1,84%
1 EU BE.

today : stopped - ähhmmm want to stop - morning session because of 2 rents
Bettina

[Bettina]

Hi,

I have a question. I didn't take the last EU run down, because of M5 AO lossing momentum at the time of the M1 dots ( see red dotted vertical lines ) . Everything else was perfect.
Is the dark red bar in m5 AO something more to ignore or more to take serious ?????
Really didn't think that it would take off for a third time. David ignored it just because of NY open.
Bettina

[immy]

Hi,

I have a question. I didn't take the last EU run down, because of M5 AO lossing momentum at the time of the M1 dots ( see red dotted vertical lines ) . Everything else was perfect.
Is the dark red bar in m5 AO something more to ignore or more to take serious ?????
Really didn't think that it would take off for a third time. David ignored it just because of NY open.
Bettina

I'll just say this. It was a Setup.

cheers

[Bettina]

Yesterday -7.5 and -6.8, today -8.7 and -6.6.

Immy, I thought it was you, who taught us not to trade on the dark bars' side of M5 AO
I knew it was a setup, I knew there was an arrow, but there are also better and weaker arrows.
Offended that I removed them ?
Anyway, can only become better after three negative weeks.

Bettina

[immy]

Bettina

I thought you'd understand what I meant but it appears that you have not. Apologies for that .

What I was trying to say is that you can have as many reasons for not taking a setup. But the setup on its own, the way it presented itself was a Setup. You'd be not surprised to know that most of us in the group did not take this. Not that it was not a setup but because at that time it looked as if m5 had travelled quite alot. Obviously that decision was not right. Grant however took it and enjoyed it (I guess).

When you see darker bars, it says, "Momentum is still down but decreasing". Notice that at that time there was no divergence. The darker tones appear always after a retrace. AFter each retrace when it turns light again, it shows momentum is now rising again.

The arrows are very powerful. In the days to come we will be relying completely on the arrow.s I hope I will be able to do a video on how I will be using the arrows. I believe it will change radically how we trade. This is ensure that we trade only when the market is moving properly.

cheers