Start a Trading Journal - Start Posting Your T20 Trades Here.
Tips for First Post: Start with personal introduction, share your story, your future plans.
Use Template Prodvided for Recording Trades.
Tomi wrote:Thank you Immy for the feedback. W5's are easy to trade if markets are making good waves. You said it exactly right that it's a trap as even if there's W5 it can be so short that even BE can be difficult. Still, of course W5 are fantastic when those occur!
Also I think that hitting to W2 is more enjoyable compared to W4 as in the morning before big market moves AIMS boxes are usually quite tight and the risk should be minimal.
Yes, we don't need luck, we need setups
Let me shed some light on the difference between being stuck in Wave 2 as compared to being stuck in Wave 4. For starters, wave 2's are the smallest corrections... yes they can be as big as wave 1 i.e. w2 can have 100% retrace but most wave 1's on M1's are around 3-20pips...
compared to that wave 4's could be as big as almost 62% and sometime more than that, of Wave 3. so e.g. wave 3 was 100 pips... you may be stuck within a 50 pip range of wave 4... as we know that 80% of Wave 4's retrace between 38 to 50% of wave 3. So I hope you see why trying to catch wave 3's is far better and low risk as compared to hitting wave 5's even though the later might look more attractive and obvious to many. The later comment may itself be giving away the secret of wave 3's and its success.... The Pro's get early!
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Flippen awesome Tomi!!! I am suddenly a even more happy chappy looking at this post....
Luck = LABOR UNDER CORRECT KNOWLEDGE - Forex Joe
"Nothing wins more than superior research and preparation" AIMS - The art of Trading markets successfully
I had chart time in the early morning and just before about to leave the setup came. Of course I took the sucker as that's what traders do. Managed to set SL to BE and had to leave. It was very nice trade even though didn't get anything out of it - expect the valuable experience!
I feel really good about the new strategy tweak - to get in to fresh and juicy W3's and let W4's be on their own kingdom.
Hopefully every twat all the way from chief to junior twats are in the big move right now (rofl)
Kind regards, junior break-even twat today
20130327_1.jpg
If you constantly do that, once or twice a week you'll hit 50-100 pipper! Well Done anyway!
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
