Peter's Journal

[wiseambitions]

Phewww there are a lot of trades there, I think it was good money management which kept your losses to 8pc, but I imagine you would be frustrated that you didn't have 8pc gain instead.

I think you have enough trades to analyse all kind of parameters. You've noticed for yourself that some entries were late, however some were spot on, sometimes the market did not respond powerfully to the signals, sometimes you got out too quick and sometimes you stayed in too long. I think consistency is part of the way to profits, for example you could try to hang in until price falls back to the green line.

An aspect I think you might like to research would be the time of day when you had the most success or failure. I have often found my best results come from the first main surge after FO and LO, and the least useful results come after NYO but I might be kidding myself with a self fulfilling prophesy. In other words if I had a good session 8 to 10.30 am I'd be more profitable to retire for the day than to keep going.......

Hopefully some of the other correspondents will add their thoughts because you've gone to a lot of bother to put up all the charts.

[immy]

Hi Peter

Thank you for uploading your pictures of your trades. I'd like to point it very briefly what I have noticed
1. Too many pairs with too many variations of time frames.
2. Impulsive Entries and Exits probably based on "emotions" rather than "what the market was telling you".
3. There is no consistent pattern of setups. Some entries are breakouts in the direction of trend some are against the trend breakout on higher time frames.

Here is what I think you should do.
Based on your time available for trading Write down a trading plan. (if you don't have one yet, you're not yet a trader)
Decide one Set of Time frames to trade. M5/M1, M5/M30(of h1) H1/H4 etc
If you decide to trade m5/M1 If you can, trade only 2 hrs from London open. If you decide to trade Dax m5/m1 stick with that only.
Based on current volatility of markets, dont trade m1 until Grant and I give you the signal to go ahead again. Meanwhile if you still want to trade shorter time frames on currencies, go for Either m5 or M15 time frame with no more, read again, no more than 3 pairs. thats it.

lets speak again later

ps: i'm sure I don't have to repeat this but I will just for the sake of it, always use correct position size. Never risk more than 1% or 2% per trade. If you risk 1% per trade then never risk more, if 2% is your usual then never more than 2%, chose 1 and stick to it. If you think this setup is not very good I'll risk less and see what happens you rather not trade it then risk less. I've found that such tendencies bear bad habits. also if you think this setup is very high probability lets risk more than usual thats also the gambler within talking to you. stop him. Stay consistent.

pss: i thought you took 8% drawdown within one day. that is what gutted me. So you're sitting at a 8% drawdown for the last month. Thats ok . it means you are using correct money management all you need is to cut down on your pairs and time frames. Stick to 1-2 5's. or if you want h1, trade 4 pairs on h1. and stick to it. most importantly Trade Higher Probability setups and Higher Probability of Setups = Breakouts in the direction of higher time frame trends.

[immy]

UCad m5, belated entry.


70% of these trades where in the past 3 weeks were not perfect entries, and exits. But with good risk management only 8% DrawDown I have. I hope, it will be better in the future.

No need to trade anything pre-NFP. Infact if you're not experienced rather not trade at all. You can ofcourse sit and watch and see how the market responds to news
(and pls don't bother whether news is good or bad, as the market's expectations never makes sense, there is no logic there The market responds like wives responds to their husbands. They are never happy :o3 ) And trading UCAD on NFP is certainly a no no. YOu may want to trade UJ or EU after NFP if there is a setup and clear trend direction. Don't forget, Trend Trading is the way to trade. The market will always trend on a certain degree, that is the structure of the market. If something is worth buying the traders will know it, and they will buy it and if others follow , this act of following or similar "thought process" will be printed as a trend on our charts. The markets are not going to lose trend ever. There will always be trend. So we wait for it, and when trend is confirmed we milk it!

[immy]

Kiwi m5 trade.

I never recommend trading Kiwi on M5. This pair is for INVESTMENT not trading. Hence I do not recommend trading Seeds or equivalent S1 setups. Having said that you did not select too bad of a setup, however, if you looked at the higher time frame chart (based onthe m5/m1 strategy) m30 or h1, you'd see that your "position of the seed on h1 or position of the Setup on m5, was within the end of the wave on h1)


The chart below is simply stupid entry. Impulsive trade with no edge. You know it was wrong.



Nothing much wrong with this entry below. well done. You should have taken the next short as well. That was better entry, box was relatively smaller than others.



Swissy m15 below. Good trade, low risk sadly it did not drop like expected. good trading here



Gold M15 (I don't remember when was the last time I traded Gold m15, perhaps once in the last 6 months) H1 and above for Gold. Anyway, good setup, first entry seems to be a market order, which means an impulsive trade, market orders are the bane of my trading. Good trade in the end when you re-entered but re entry was at the peak of a move, best to stick to AIMS levels breaks.



EU on M5, the market was lacking momentum as usual for April this year. Not a bad entry, well done




You know it yourself, a wrong entry, bad setup. Discipline was lost here, but congratulate yourself on exiting correctly.



So you can see, as Ray "wisely" notified earlier, too many impulse trades, variation of time frames and pairs. It will be hard to establish which pair is best for you and what time frame is for you. it is your job to stick to a time frame or a setup of time frames.

Enjoy the rest of the weekend!

[exponent83]

Today was 3 trades, ended with small profit, but a lot of opportunities at all today.
Firts of all the UCad, which was too early exit, fear.


This was a good one on uj h1:)


And the last one with Dax m1 S1, inside m5 AIMS levels, and at the end of complete 1-5waves on m1.

[immy]

Today was 3 trades, ended with small profit, but a lot of opportunities at all today.
Firts of all the UCad, which was too early exit, fear.


This was a good one on uj h1:)


And the last one with Dax m1 S1, inside m5 AIMS levels, and at the end of complete 1-5waves on m1.

You might want to stick ot hte H1's . seems that you've got the hang of it... well spotted setup UJ!

[exponent83]

Today was a little minus at all.

EU trade on H1, closed on trailing 5 green candles, before news.


2 UJ m15 trades, one rent, one little win.


A UCad trade, exit was too early, before USD news. I don't know, which is the better decision on H1.
1. close the trade before the news
2. let it run


2 DAX trades on m1. The second one was too early exit.
The best exit here would be the TZ1. Trailing AIMS was not the best choise, because of PC.


And the last one was an ej m1 trade. After news, good S1 setup. Too early exit again.


Missed some good trades on EG H1, and on Dax M1, and on EU M1 after news setups. Today will be more than 10% on my account, without these faults, errors, in my mind. Next... (But I'm happy to stop my losses.)

[immy]

Today was a little minus at all.

EU trade on H1, closed on trailing 5 green candles, before news.


2 UJ m15 trades, one rent, one little win.


A UCad trade, exit was too early, before USD news. I don't know, which is the better decision on H1.
1. close the trade before the news
2. let it run


2 DAX trades on m1. The second one was too early exit.
The best exit here would be the TZ1. Trailing AIMS was not the best choise, because of PC.


And the last one was an ej m1 trade. After news, good S1 setup. Too early exit again.


Missed some good trades on EG H1, and on Dax M1, and on EU M1 after news setups. Today will be more than 10% on my account, without these faults, errors, in my mind. Next... (But I'm happy to stop my losses.)

1. Too many pairs on too many different Time Frames.
2. Ucad first exit was wrong, 2nd one, today, was good.
3. UJ was crap today on m15. There was no beautiful famous setup.
cheers

[exponent83]

I took a trade together with Sam, with nice result. But too early exit, so next time it will be better and better Add-on was after Seed on m15.

[exponent83]

I didn't post my trades since long time. Today was a great day, with result 3.68%

Dax m1 trades:


Nasdaq100 m15 trades, with too early exit:


Gold m15 with small rent:


And an m5 Dax with trailing AIMS levels: