My Journal Of Beginning Again.

[1960]

12/28/05 Anyone is welcome to contribute to this journal.

This is the start of what may have been the end to get a few. Words fromnigeriaforextradingmembers, and my refusal to give up gave birth to this journal. I am especially grateful to SterlingTDR.

February of 2006 will be two years that I've been in Forex, trading live for approximately 8 months. I am not looking back. Yesterday's gone only now matters. To look ahead would mean I want to have goals, a destination for my trip. Aims can and will change, so I'll do my best to update the outcomes.

My first objective of this journal is to put my trading principles. So I'll spend time thinking of my rules and place them as they are about. Another goal is how many pips each day/month I expect to achieve on a basis that is consistent. I'll examine the math on this and post the results.

[lusm11]

Alright, let's make some pips here https://www.nigeriaforextrading.com/attachments/1525172325.png Good luck and decent trading for you https://www.nigeriaforextrading.com/attachments/1525172325.png

[Palbas]

I would wish you luck, but you do not want it. You have something far, a lot more important. You have bulldog determination, and a rock solid belief that you will succeed at Currency Market, for having both of these, and I respect you.

Dial

[alfa6x6]

Good luck. . Having conclusion is a big part of the battle won...

If you have trouble setting pips goal, try working forwards...

attempt to gauge how much your system can produce on a daily/weekly/monthly foundation ...

make certain your targets are in tune with your system.

Eg:

for me, although I trade out of daily charts, but rarely hold positions overnight. So therefore I would have a trade goal which would be the 80 percent of their average daily range of the pair.

If you own scalp, you need to be able to set daily targets. .

If you hold rankings into weeks/months, ... it gets hard to set daily targets.

Why not consider basing it on the trade potential?


Only some ramblings . .

Expect that helps. .

ken

[Chelu97]

12/28/05 Anyone is welcome to contribute to the journal.

Here is the start of what might have been the end to get a few. Reassuring words fromnigeriaforextradingmembers, and my refusal to give up gave birth to the journal. I am especially grateful to SterlingTDR for suggesting I start the journal.

February of 2006 will likely be two years that I've been in Forex, trading live for about 8 months. I am not looking back. Yesterday's only and gone today things. To look would mean I need to have aims. Aims can and will change, so I'll do my best to update the outcomes.

My first objective of the journal is to put my trading rules. So I'll spend some time thinking of my rules and post them as they are about. Another goal would be how many pips per day/month I expect to profit on a consistent basis. I'll examine the math on that and post the results. Rule #1. Its not about trading its about not trading. I know you will know what I mean. I've admired you. Fantastic stuff my friend. jim

[Chelu97]

Good luck. . Having determination is a significant part of the struggle won...

in case you have problems setting pips target, consider working forwards...

attempt to gauge how much your system can create on a daily/weekly/monthly basis ...

make sure your targets are in tune with your system.

Eg:

for me, although I trade out of daily charts, but seldom hold positions overnight. So I would have a trade target which would be the 80 percent of the average daily range of the pair.

If you scalp, you should be able to set daily targets. .

Should you hold positions into weeks/months, ... it gets difficult to set daily targets.

Why don't you look at basing it on the trade potential?


Only some ramblings . .

Hope that helps. .

Ken day trading from daily charts is a road less traveled along with a path to success. I have been on the lookout for this particular announcement for almost annually from somebody. Khoong simply dropped gold if anybody cares to look nearer. jim

[namekplanela]

Thanks for pointing out gold, James 16. I'm a beginner trader. I read something recently that grabbed my attention. It was a remark that it had been common for openings at a market to be in the daily low or high. I really don't know whether this applies to Forex, as well as 24 trading, I'm not certain how to examine it (? Handle every market opening, e.g. London, Asian, NY as a seperate moment?) The remark of daily range brought this to mind. Any comments?

[Chelu97]

Thanks for pointing out gold, James 16. I'm a novice trader. I read something recently that caught my attention. It was a comment that it had been common for openings at a market to be at the daily low or high. I don't know whether this applies to Forex, as well as 24 trading, I'm not sure how to examine it (? Treat every market opening, e.g. London, Asian, NY as a seperate moment?) The comment of daily range brought this to mind. Any comments? You touched on a few of the most difficult aspects of forex trading for people who are utilized to stocks markets. Look at any daily forex chart and notice the staggered effect you get from a 24 hour market. Now go look at a daily futures chart and detect the effect. A one day proceed in forex really is comparable to 3 days or so at a futures market. This fact has and will continue to kick against the ass of many futures traders just starting to trade forex. It did mine until I realised. jim

[namekplanela]

Thanks James;
Not certain what you mean by staggered and piled. Any other notable differences between futures and Foreign Exchange worth noting?

[Chelu97]

Thanks James;
Not sure what you mean by staggered and piled. Any other differences between futures and FX worth noting? Because you've got a large close time for futures that the open can and can gap much of the time at which in a 24 hour market that the open will always start right at the close of the previous bar. This causes the bars in FX to pay the majority of the previous bar during its high and low movement. In futures the gap will counter move and then tendency the management of the gap. It's difficult to explain but very easy to see. The differences would be to many to list. Many traders think TA is considerably easier with FX but I am not in that camp yet. Because I spent years trading stocks. jim

[fleavius]

I agree with that - I think it's easier to commerce and egy off dailies instead of smaller timeframes.


day trading from daily charts is a road less traveled and a path to achievement. I've been on the lookout for this announcement for a year from someone. Khoong just dropped gold if anyone cares to look closer. jim

[1960]

Thank you for the kind words guys. This means a lot to me personally. Trading begins in January.

**Goal #1: To gain 20 pips per transaction for the first 20 trades. No more than 15 pip loss per transaction. Should the commerce transcend my 20 pip goal my cease moves in addition to the trade. Should the commerce hit my stop, that's it for the day.

**Trading rule #1: I'm a trend trader. I'll always trade the tendency, not a single candle's motion. That is where I dropped almost all of my cash, entering trades on candle movement's delight. I'd shed waiting for the candle.

I like the idea presented to trade daily charts. Short term charts, IMO, are for the pros who have plenty of trading funds and is able to lose 50-70 pips a trade. I'll see the daily charts the remainder of this week. I feel much better already. https://www.nigeriaforextrading.com/attachments/1525172325.png

[alfa6x6]

One important point to notice:

the larger the time frame the price action happened, the more powerful its 'significance'.

Eg pinbar on daily (read thread about pinbar) is a much more powerful indior of a trend change than the usual pinbar you view to the 15min chart.

Great luck.

ken

[Chelu97]

One significant point to note:

the larger the timeframe the price action happened, the more powerful its 'meaning'.

Eg pinbar on daily (read thread about pinbar) is a much stronger indior of a trend reversal than the usual pinbar you watch about the 15min chart.

Good fortune.

Ken khoong is right on as usual. All of you who are new to these theories should look only in the daily and weekly charts until you are succesful there. Such as khoong says they are dependable and a lot less stressful and they just level work on those timeframes.

[1960]

**Trading Formula #2: Trade one currency pair at a time. Frequently I traded two or three pairs, attempting to create the pips flow.

**Trading Rule #3: There should be at least two reasons for entering the trade. Whether it's technicals, fundamentals, or simply because the chart seemed good to resist, I want to have information to back up my entrance. Help me out if there be a motive? Should the exit be predetermined?

**Trading principle #4: Once a trade has been placed, stop and limit set up, that's it. Have you ever had the price getting the stop a little to close to you and a stop move? Man, what a way to lose!

[JulesW/]

Hello,
**Trading rule #1: I am a trend trader. I'll always trade the tendency, not a single candle's movement. That is where I dropped almost all of my cash, entering trades on the excitement of candle movement. I'd lose awaiting the candle. How are you defining a fad?

**Trading Rule #3: There should be two motives for entering the transaction. Whether it's technicals, fundamentals, or because the chart looked too great to resist, I want to have information to back up my entry. Could you define what's going to qualify as a motive and what will not qualify as a motive?

**Trading rule #4: Once a transaction has been placed, stop and limit in place, that is it. How will you determine your limit and stop?

Just trying to explain your egy https://www.nigeriaforextrading.com/attachments/1525172325.png

Best regards
Alan

[mimyam88]

....To look ahead would mean I need to have goals, a destination for my journey. Goals can and will change, so I will do my best to update the results. ....
....Another goal would be how many pips each day/month I hope to profit on a consistent basis. I will look at the math on this and post the results.... Mark Goals are significant and its appropriate that you are thinking this way but the essence of those goals are equally significant. Possessing a daily pip target is a distraction from what you need to be focusing on and besides which its quite meaningless.

You can only create, in terms of pips, what the market is ready give on any given day, irrespective of your goal. With an notion of what your yield is 1 thing, but makeing it a goal is setting yourself up for failure because you can't force the market to yield what it does not what to, without straying out of your egy.

Certainly you would be better served by setting daily goals that you'd control over?
E.g. Flawless execution of you trading egy or only taking high probability transactions, things like this. The outcome will probably likely be regular and consistent profits. On some days you will make alot and on the others you may shed somewhat but you are going to be.

Only a thought.
Good to see you doing this diary BTW.

Steve

[1960]

Thanks for asking Alan,


Hi,How are you defining a trend? Simply as soon as the market is making higher highs and higher prices, then it's in an uptrend. The principle suggests that I will trade instead of merely trying to ch a ride on hot candle motion.

Could you define what will qualify as a reason and what will not qualify as a reason? An example of a reason would be that the price has transferred two full candles above/below -- support/resistance, whatever the case may be. The fundamentals indie that the dollar is gaining/losing strength because oil prices are rising/falling. The principle suggests that I want advice to back up my commerce instead of throwing a dart at the chart and hoping to get a bull's eye.

How will you determine your limit and stop? I was taught to put stops and limits above/below the past known high/low. I will have to determine just how many pips am I willing to risk and stop the trade there rather than moving the stop to prevent being stopped out. But, I'm a huge fan of moving stops to protect profit. The limitation is the one that is tough . On one hand you would like to move the limitation to continue earning profit but on the other hand once the trade turns back your captured in the warfare of stopping the trade or not.
Mark

[1960]

Mark Aims are important and its proper that you are thinking this way but the nature of these goals are equally important. Possessing a daily pip goal is a diversion from what you ought to be focusing on and moreover which its meaningless.

You can just make, when it comes to pips, what the market is willing give on any particular day, regardless of your objective. With an notion about what your return is 1 thing, however makeing it there is a aim putting yourself up for failure because you cannot force the market to return what it really doesn't what to, without straying out of your egy.

Surely you'd be better served by setting daily goals which you'd control over?
E.g. Flawless execution of you trading egy or just taking high probability trades, things like that. The result will probably be regular and consistent profits. On some days you will make alot and on the others you will shed somewhat but on balance, you are going to be ahead.

Just a thought.
Good to see you performing this journal BTW.

Steve All great points Steve. I think regular and consistent profits defines trading as a whole. As it coincides with sticking to the principles with a aim of just taking high probability trades is an excellent suggestion. If I adhere to my principles, then the likelihood of the transaction will probably be greater than entering a trade as a candle jumps 10 pips in a few seconds.

The path I was searching with my pip aim was to place my trade, hit my goal, and stop trading until the next opportunity. This is where a lot of my difficulty is, the inability to walk away from the chart after losing or obtaining in a transaction. I would enter another trade immediately, looking to regain losses. Therefore a pip goal gives me the safety of being able to walk away knowing I made a trade, closed with a profit, and did not lose by trying to gain greater.

[Mmessi]

I truly appreciate the maturity with this forum, people. Howtotrade...I actually admire your courage to continue with this particular journal. I too am currently going 'live' again (an older futures trader). I have always had only a trading plan. It was overall, I had excuses to do something different and forget the rules.

Right now I am minding my plan. I am trying to be Ruthless together with myself in creating the egy objective and not giving my chance to change the rules. FIREHORSE'S comments are so important. For one, how do you specify trend. When you say higher High's and lower highs, that's a start (at least for me), however, I constantly struggeled if in a trading range, and this also gets all goofed up. SO I need to specify something which tells not just what the trend is, however, also when there is not one on my trading interval to me! Somehow, an definition must be made.

Other things I'm wanting to do:
1. Keep the plan straightforward and clear. When and when I can't use discretion! I would like to be able to unemotionally backtest it.
2. Clear initial and trailing stops, entrance, and exit standards.
3. Trade record clears. Don't cheat in demonion mode.
4. Clear % of capital that I wll risk. Too much, and I get nervous!

Best of luck this past year to you as you continue. Look forward to seeing good results for you

Jim

[1960]

Yes, I understand how that works also. Thanks.

[Amalinga]

Hi,

Do I know that you are left only with an account of USD 400.00 only ?

Thanks

[1960]

Hi,

Can I know that you are left just with an account of USD 400.00 just ?

Thanks Yes
I know that it's not enough to be able to place 40 - 50 pip stops, but what I've been doing is setting 15 - 20 pip stops and watching the price movement. Whenever the trade goes - 15 pips to profit, the stop move. Continue moving the stop to follow the profit. One thing I've learned not to do is run from the commerce when it goes leaving the halt in place rather than dropping/raising it to avoid being stopped outside.

[mimyam88]

Yes,
I know that it's not enough to be able to place 40 - 50 pip stops, but what I've been doing is setting 15 - 20 pip stops and watching the price movement. Whenever the trade goes - 15 pips to profit, the stop to break even move. Afterward continue moving the stop to follow along with the profit. One thing I've learned to not do is run from the trade once it goes from me, leaving the halt in place rather than dropping/raising it to prevent being stopped out. Your primary prevent defines your risk for the trade. When and in which you move it is not a factor in the risk calculation.

[Piolel]

Whew, Nader! I will need to get back to you on that one. Have you ever considered starting a business plan consulting company? I believe you'd be profitable! Well, I am not sure if this could be a good thought or not..But who knows, maybe I will start you later on https://www.nigeriaforextrading.com/attachments/1525172793.png


Thank you,

Nader

[Piolel]

ANSWER: My initial objective was to acquire enough profit to pay off my spouse's car, much to her surprise. But now my profit objective is to get 20 pips per trade, whatever else is a bonus. So how many trades (On average) you make a week or a month??? If your objective is to gain 20 pips per trade, then you must have some idea regarding the frequency of the occurence of your trades. . .It will be worthless to trade should you buy 1 trade a month, taking 20 pips from it, if it happens to be a winner...


ANSWER: I'll keep looking back at this journal and also make sure I'm not getting off track. You should have another copy of this Journal elsewhere besides the forum..What if the Board is to get a day or 2?? Imagine if Merlin chose to close the board forever (GOD forbids)...


ANSWER: USD vs EUR, JPY, CAD, GBP, and that I kinda gave up viewing the AUD. In my opinion, this sum of pairs are too much to watch. . .Do all of them comply with your risk and egy model??? Which one of these gives you the very best results??


ANSWER : I like to watch support/resistance and trendline breaks. Excuse me, however, this isn't a fantastic definition for an entry egy...two distinct traders interested in seeing support/resistance lines, nevertheless, one of these will buy support anticipating that this service will hold and price will rally, while another will will short support trusting that it will not hold and will be broken...

A fantastic definition for an entry is something like that (This is just an example):


Setup:

Condition 1: Daily price produces a new 10 day high (Or low) and remain above (Below) it to get at least 1 hour (This is a daily chart condition combined with a 1 hour chart affliction)

Example: EUR/USD 10 day range (High to Low) is 1.1800 - 1.2000
Price divides the 1.2000, makes a new 10 day high of 1.2030 and remains over the 1.2000 for 1 full hour, illness is fulfiled

Condition 2: Following illness 1 is fulfiled, the price is given yet another 1 hour, where it MUST not return to the initial 10 day high (Or low) we're measuring out of, and at the exact same time, inside this 1 hour, the price should break out the newly created top

Example: The EUR/USD preceding, remains over the 1.2000 mark for another 1 hour, and during this hour, it breaks the 1.2030 high.


Entrance: Once state 1 and two are fulfiled, our breakout entrance sign is generated and we enter the market

In our example we ought to enter long the EUR/USD anytime throughout the second hour after it breaks the 1.2030 top

Here is what I mean from the entrance egy or egy. . .This is simply to tell how you enter the market and under what conditions, not to mention that commerce direction then, stop loss point, position sizing are all different loions and ought to find a few fantastic maintenance...


ANSWER: Mostly trend egies, though Im not really clear on what represents a particular egy. You ought to be clear enough, at least with yourself regarding your trading egy. . .Do you like trend trading, range bound trading or volatility trading. . ?? you handle everything else 11, this is really essential. . .Trend egies for example have possessions, they have high reward/risk ratios they have reduced percentage, they have lots of false signals, and they may produce massive drawdowns. . .Are you ready for characteristics??? If you're ready for these, then no problem for a fashion trader...


ANSWER: Well, at first I tried to be a short term trader, but now I believe medium to long term is going to work out better for me. Time period is component of your trading egy, and so what I said just earlier applies here also. . .Time eyeglasses have different properties also, which means you would need one to match your conditions. . .And when you join time period with the trading methodology or egy, you're having a actual trading egy...

by way of example, you may be trend trading on the 10 minutes chart, this is completely different from trend trading on a daily chart. . .It's the Exact Same trend trading system, but the two differ greatly...

Breakdown the rest of the questions by class and continue answering them man, exactly... https://www.nigeriaforextrading.com/attachments/1525172793.png


Thanks,

Nader

[1960]

Nader,
Thanks for all of your interest and comments. I've not posted nor traded in a few days, my job was keeping me pretty tired. So I've just been doing some studying. I will bounce back in a few days.
Mark

[Piolel]

Nader,
Thank you for all of your comments and interest. I've not posted nor traded in a few days, my work was keeping me pretty tired. So I've only been doing some reading. I will bounce back in a few days.
Mark Good luck with whatever you are being stuck with https://www.nigeriaforextrading.com/attachments/1525172793.png


Thank you,

Nader

[JulesW/]

Hi Nader,

Great Articles https://www.nigeriaforextrading.com/attachments/1525172793.png

Best regards
Alan