Can's journal

[Ural]

Can I ask why are you trading eur/usd m1? It would be better if you traded h1 and above. Dont rush it. You can probably do 5 batches of T20 in a week on m1. And it won't do you any good.

Thanks for stopping by I have no intention to finish 5 batches of T20 in a week, i have time and i will be patiently trading until i feel confident enough, even if it takes 50 batches I had free time today so checked through time frames, drank my tea, and then realised there are few setup 1s that i can take. I will mainly trade H1 and H4 though but when i have time, why not? B-)

Hi

I know it makes sense to you. But this statement is fundamentally wrong in many ways... which you will know in time...

If you have extra time to explain, please do. I mean, when i did those trades, i didnt do anything different than what i would do in H1 or H4; maybe thats where i am wrong. But, I am here to learn and execute; otherwise i dont want to be a hopper.

[immy]

1. Have a Trading Plan.
2. Do 1
3. Do 1
4. Do 1
5. Have you still not done 1?

[immy]

What we are doing is "playing with chaos". we are finding order within randomness. In order to do that, we have to find order in ourselves. That means, finding the structure that is appropriate for trading. That means, having a structured routine. that means, you must have at least a basic trading plan. That defines what tiem frame you should trade, what entry mechanism you should use, where would be your stop loss etc etc. We have a sample trading plan and a trading plan template in this forum. That is very useful.

The objective of a trader is to be able to achieve a performance level where trading becomes second nature and that takes time. I'm not asking for the 10,000 hr rule. I'm asking for the 20Hr rule. 20 Quality hrs of trading will get you to a level where you'll become pretty competent. That can only be achieved if you plan your time.

So take some time out to create a trading plan. then apply that plan methodically. If you ever try to learn a new skill , you must first "know" what are the things that you must do to achieve competence. Once you know what you are supposed to do, the next most important bit is to actually do that. That means, practice. A practice must be structured. Ideally it should be an exact simulation of the actual environment except the risk is eliminated so you can practice with cool head. Divers first go to swimming pool environment to learn to dive before they go to hte open sea. etc etc.

But probably you've been at it, at trading, for a few years and you have developed other habits that demand that you don't practice at all. I hope it makes sens.e

Never mind, back to the point. Its best to stick to a set of pairs and a time frame. Don't just trade m15 simply because you have time. I have all the time in the world, yet i don't trade m1 or m15. Why? Utility Theory applies here. For me its too much work for too little reward. So my trading plan is based on D1 Trading for the bigger account and another account specifically for the h1/h4 time frame. Basically I look for Hunt signals on h4 and since H4 hunt signals are often Setup 1 on h1, i often find myself trading Setup 1 on h1.

this reply have elongated sorry for taking your time and hijacking your journal.

[Ural]

What we are doing is "playing with chaos". we are finding order within randomness. In order to do that, we have to find order in ourselves. That means, finding the structure that is appropriate for trading. That means, having a structured routine. that means, you must have at least a basic trading plan. That defines what tiem frame you should trade, what entry mechanism you should use, where would be your stop loss etc etc. We have a sample trading plan and a trading plan template in this forum. That is very useful.

The objective of a trader is to be able to achieve a performance level where trading becomes second nature and that takes time. I'm not asking for the 10,000 hr rule. I'm asking for the 20Hr rule. 20 Quality hrs of trading will get you to a level where you'll become pretty competent. That can only be achieved if you plan your time.

So take some time out to create a trading plan. then apply that plan methodically. If you ever try to learn a new skill , you must first "know" what are the things that you must do to achieve competence. Once you know what you are supposed to do, the next most important bit is to actually do that. That means, practice. A practice must be structured. Ideally it should be an exact simulation of the actual environment except the risk is eliminated so you can practice with cool head. Divers first go to swimming pool environment to learn to dive before they go to hte open sea. etc etc.

But probably you've been at it, at trading, for a few years and you have developed other habits that demand that you don't practice at all. I hope it makes sens.e

Never mind, back to the point. Its best to stick to a set of pairs and a time frame. Don't just trade m15 simply because you have time. I have all the time in the world, yet i don't trade m1 or m15. Why? Utility Theory applies here. For me its too much work for too little reward. So my trading plan is based on D1 Trading for the bigger account and another account specifically for the h1/h4 time frame. Basically I look for Hunt signals on h4 and since H4 hunt signals are often Setup 1 on h1, i often find myself trading Setup 1 on h1.

this reply have elongated sorry for taking your time and hijacking your journal.

Hijack my journal as much as you want, its not just my journal, all the journals here are also traders points to stop by and see what people have experienced. Last week, you told me to trade setup 1 only so i am really strictly trying to trade setup 1s only. You are spot on about too much effort for too little reward; but as you have already said, main idea is not reward, especially at this point when im still trying to learn and practice setup 1. I maybe needed some positive outcomes of executing setup 1, that might be the reason to check m1 and m15; but that also helped me have a better spirit too. Sorry for doing all the novice mistakes in the book, which is what i always do in everything possible, but in the long run i am confident i will manage. Or then i would always be stick with a demo account to enjoy looking at charts.

[Ural]

1st T20; 6/20

EURJPY
H4
Risk= 112 pips
Purple on D1 is away, Risked 1%, exited after red dot, I should have been trading setup 1 but i rushed through the trade, definitely a loser, next.
-63.5 pips
DS=0

[Ural]

1st T20; 7/20

USDJPY
M30
Risk= 16 pips
Purple on H1 and H4 is away, Risked 1%, took profit with half before price going sideways, then tried to let it run with the rest but got stopped out while trailing.
+58 + 49 = 107 pips
DS=1

[Ural]

Opened first position yesterday and thought of adding on at the second breakout of the box too but most likely will get a red dot with this candle and close of position, will post the results later.

[Ural]

1st T20; 8/20

EURCAD
H4
Risk= 80 pips(Initial box was 80 pips and price triggered at 16.03, then new box created at the risk of 35 pips, not going past the previous box so i set my first TP at 36pips)
Purple on D1 is not close and on the side of buy, Risked 1%, took profit at second box's 1% level with half of my position, moved SL to BE then tried to let it run with the rest but got stopped out.
+36 pips
DS=1

[Ural]

1st T20; 9/20

EURUSD
H1
Risk= 26 pips
Purple on H4 is away and in D1 price crossed it up, Risked 1%, stopped out on second box before being able to take profit, paid rent, next.
-5 pips.
DS=0, because of late entry without a PO and having some greed and then that decision leading to not being able to take profit and getting stopped out.

[Ural]

1st T20; 10/20

GBPUSD
H1
Risk= 42 pips
Purple on H4 is away, Risked 1%, not exactly a Setup 1 and i was actually waiting for price to go sideways more and my mistake was putting PO before seeing a blue dot and price spiked, my PO activated and then i took first profit at 1% with half of my position and closed other half with another spike up. Overall, profitable trade but not according to rules so not a disciplined one.
+27 + 75 = 102 pips
DS=0