Ralf's Journal

[immy]

Yesterday was definitley not an easy one for me and I've no clue how Immy always turns such a day into a very profitable one. ^:)^

Ralf

Its just a matter of being in the zone, being in synch with the market or not. Sometimes, i just keep collecting the rents and miss the good ones. If I realise its happening to me, I stop and do something that makes me happy. Bring some joy into life and often it works and I'm back in tune with the market. I'm sure Zlabis will tell you today, if he reads this that he was not in synch today. he was in fact totally going the opposite but he soon realised it and stopped plus he's got a good 2hr time limit so even if you're completely out of zone, out of synch the time limit plus the maximum "daily" loss limit will take care of your account and you know what THERE IS ALWAYS TOMORROW.

[Skywalker]

Thank you Immy, so here is tomorrow

I took only one trade during the morning session at LO. Frankly, I was not sure how to handle the trade after the strong move. I decided to trail candles but setting SL at least half way down the second large bar would have added another 20pips. At the afternoon session I was about to take the short fruit at 16:10 CET but skipped this due to upcoming FOMC statement ~x(

[Skywalker]

At the morning session I took a long fruit before LO and SAR'd as market trended downwards. SAR was closed by trailing candles after strong move. Then I took a long fruit but it was a rent, followed by a SAR to re-enter the trend but market started to move sideways (I'm not sure whether I was correct to take the latter SAR as market already moved down by 170pips).

During the afternoon session I took a breakout short after NEO but it turned into a rent. Then a nice AA appeared and I called it the last campaign for the day as continuation of the sideways movement had a high probability. I closed the trade with one add-on at reverse fruit.

Overall, I'm happy with my trading as I think I haven't performed big mistakes today.

However, I'm asking myself whether trading primarily FO/LO and NEO on M5 is sufficient - like on M1 - or if trading M5 requires nonstop screen time to catch the trends on DAX? Personally, I prefer to take some time off after 2-3 hours trading to clear my mind and then ring the bell for the afternoon round. Does this mean I would be better off in the M1 camp?

As usual, comments very welcome!

Cheers,
Ralf

[Skywalker]

I'm fine with the two short trades taken during today's morning session but I missed to take the nice long fruit as I thought the bar is too big, i.e. risk is too high. (I actually had about 5 minutes to think about this and still took the wrong decision; so can't blame it on time pressure) ~x(

In the afternoon I took a short fruit at NEO which I reversed for the up-trend but then closed for taking another valid short fruit. In retrospect another SAR of the short fruit would have taken me into a nice up-trend journey.

So, not taken these two opportunities might not be mistakes by definition (entry, management, exit) but cost me a lot of pips.

I'm going to start running my batch report shortly. But I'm not sure whether I should switch back to M1 specifically as the Skype Group seems to have re-adjusted its main focus back to this TF again. So from a timing (discussed in my previous post) and learning perspective it might make sense to get in line with the Skype spirit. ?

[immy]

Hi Ralf

It appears you were completely out of synch with the market. When it was taking a nap you got in synch to enjoy the nap apparently but perhaps your intention was for it to turn around and go down only gator had eaten much food (150 pips move up) . When it was ready to wake up and eat again, you thought it was going to turn around and go the other way. but it decided to create a strong wave 5 or possibly could turn in to new wave 3. its ok some times we are not in synch, horrible thoughts, bad friends, unwanted circumstances, people and events all play there part on our "emotional conditions". A trader in synch is a trade who is in a state of joy, having fun, focused but relaxed and full of self confidence and fear less and carefree. If you experience fear at any point, KNOW it that you are NOT in the zone which would 99% of the time for beginners.

ps: oh and yes, the "bar too big" thing was never mentioned in the book was it? but if you want to create a rule then why not go with two lot sizes, one based on 2x of the normal. but I know one thing for sure, in the long run, they all average out. so it does not matter unless SL requirement is 100 points on an m1 chart haha.

[Skywalker]

Thank you Immy for your comments. You are absolutely right, the "bar too big" stems only from my fear and care. Maybe your lot size trick is another great advice from you to help me out until I got closer to the fearless and carefree state of mind.

Here is the vicious cycle I have to break through: Confidence in the system and a fearless state of mind prosper by applying the system properly/successfully but applying the system properly/successfully requires confidence and a fearless state of mind. Oh man you are so right: "Trading is 80% mental"

[immy]

T20 principle is an exercise that will instill belief in probability and care free state of mind. MUST START IT. Batch 1...

BTW have you read the pdf?

[Skywalker]

You mean the T20 pdf? Yes. I'll start the batch report including DS shortly. Thanks

[Skywalker]

Today's morning session started with a choppy market. I took a short fruit between FO and LO and SAR'd this fruit right at LO; both trades were rents. I then took the next short fruit with good angulation and placed two add-ons at next AIMS levels. I took profit for the entry trade at a TZ1 level as price was continuously bouncing off this level. For the two add-ons I wanted to stick to the rules and give them room to breathe. So I ignored trailing candles and waited for green line or valid fruit exit, whatever comes first.

Thanks to Immy's comments YD, I felt much more calm during today's trades even when price started to come back after first add-on was in for the last trade and total risk was close to 50pips. So thank you again Immy for all your teaching and patience ^:)^

One campaign is missing for my full batch report, so might be able to present it after the afternoon session.

Cheers, Ralf

[Skywalker]

During the afternoon session I went short on a fruit right at NEO which turned out to be a rent. Actually, it just got stopped out by 2pips before a long downtrend started. At 16:00 CET a nice S1 developed but unfortunately I was not at my desk at that time to join the trend from there.

Below you also find the report of my first batch. The DS looks ok but it actually does not reflect the numerous obvious opportunities I missed due to fear and care, e.g. not taking a signal due to high risk; looking out for exit opportunities/afraid of giving back profits instead of enjoying the ride; ANTICIPATING a specific movement of the market; etc. So, I've to work very hard on getting into the zone state of mind and hopefully these batch reports will help me on this way.