P2PFast Trading Journey
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Thread: P2PFast Trading Journey

  1. #1
    The purpose I wrote down this diary is to list down my entire experience, wrong or right so I can keep on doing what is right and avoid what I have done wrong. Hopefully it is possible to gain from here by Learn from the others error.



    That I hv been trading for 2 yrs. At the beginning, I read book and exchange virtual. It look so straightforward I can flip 10K to 20K inside a week.

    But. The following week, my 20K virtual went straight back to 5K. It enjoys a YoYo down.

    I spend more time studying Forum to search for great indiors. I've got about 800 indiors data document. Reading and loing to get a fantastic system but look like great system just great for others.

    But today, I am in real money and begin earning money. Not too hard but many mind set and self control need to be set up...

  2. #2
    b. After rejected the gambling mind set. Second wrong mind set will begin stopping your from making money...I do not want to lose my cash.
    Once I was in this mind set, my trading life is peaceful. Overall, rarely lose and not earning. Due to not likely to loose, I manual close my commerce before hitting on the preset TP based on analysis.

    Decision:

    I Would like to earn money. Define where state your thoughts set are. Change it. Plan a commerce and trade the plan. Ensure trading is boring. However, the cash earn from trading can make your own happy and excited only when you use it in order to enjoy your life.

  3. #3
    2. No indior is always right. Indior just for reference not the holy grail.

    a. From the forum. People are discussing indiors and egy. I read and read and 100% convinced what they are teaching. But they win cash.
    Indiors is just a reference. Actual trading will focus on support and resistance, trend line. Trade to follow the trend. Follow the trend, trend is the friends.

    B. Newbie always use RSI or Stochastic or Obv or....to forecast the U-turn. They are so excited and convinced that they can always from the U-turn whenever there are still online. Real trader are applying this to prevent if it is possible a u-turn point. To make sure that the trend is still trade and continue follow the trend. At the price action, is U-turn trending or more more. Or you can also trade the range according to resistant and support.

  4. #4
    3. Choose a pair that you Prefered. I choose EJ in my situation.

    a. Since indiors is only for reference, you always have to look at the same pair and you may familiar with the price action. What is the resistant and support at which the price always alter there. Once you've got sufficient screen hours (same like flying hours), you will discover that you will know the the pair very well. It'll eventually become your friends.

    b. At any time, you have to able to tell what is the next support and watertight price and following next support and resistant price. This provides you with a big picture of whre you are. If current price is near the support price and the watertight price remains far, than it is a good buy.

    Recall, for specialized analysis, we are talking about price action. If you do not have a big picture of this price and detail price number on your mind, than you are shooting blank.

  5. #5
    4. Multi time period trading.

    a. Look at Daily and H4. Here you are able to easily specify whether it is up tendency or down tendency. Lets say it is up. The price ought to be transfer up. Stochastic should be below 50s and pointing up.

    B. Proceed to H1, be sure stochastic (8,3,3) weighted is below 20 and turn-up.

    C. Proceed to H15, when the stochastic start go up from below 20s, it is a buy.

    D. Put your goal on the immune stage, typically 30 to 50 pips. (Support and Resistant point is the horizontal line crossing most candle). Use H1 graph to draw resistant and support price and confirm with M15.

    e. My stop loss is 200 pip. Enough for next tide if the initial wave can't reach the TP (Take profit).

    Note: The amount I put here is solely for EJ. I don't have any idea of others pair since the price detail and large picture isn't in my head.

  6. #6
    5. Do not trade time

    a. Only start trading 4 hours after the weekly opening. Let us the price adjust itself while still digesting the weekend news. Normally, the opening price do not demone the true trend or service (S R ) price. It'll confuse you analysis.

    B. Don't trade in 8 hours before the market close. Most the participants in forex trading is similar to me and you. Before market close, a lot of trade will simple close their place to cut lost or take little profit. Technical analysis is speaking about human behavior which can be show out about the price action. When human is fear, the trend is @#$@

  7. #7
    Hi,

    good to see you creating journal. I think rather than learning and become a profitable trader, with what you are doing now, you are only cofusing yourself and the more it will be difficult for you to be on the perfect mindset.

    It's all about correct mindset, proper positioning and MM - money managemet. You must know your risk and just trade (position/ exposure) what is your comfort zone.

    Start a small position and work it up... small earning is smal self assurance... the more you trust your own system yourself though methodology that the simpler for you to pull on the trigger. Just like driving a car... once you feel everything and an ample experience, you are able to relaxingly drive car and reach your destination without tension and accident.

    Only my 2 cents.

    My apology if I am intruding your journal.

    regards.

  8. #8
    Hello, Welcome. Thanks for your advise and comment.

    My Money Management are below:

    Lets say I just have 2.5K. I'll divide it to 1k and 1.5K. Use the 1K for trading and 1.5K for reserve. Need to stay in the trading as long as I can.

    1. For the 1K, I'll exchange 1 pip 1 dollar. TP 30 to 50 pips. SL -200pips. Based to this machine I'm using today, my getting trade is all about 14/15.

    2. When I earn 100 dollors, I'll increase by commerce to 1.1 dollar per PiP. (I start this after 1.3K in the account so that I won't loose everything I earn. But long term, the risk is going smaller)

    My machine only can only granted me to take profit about 400 pip per month. Not everyday can exchange. I'm happy about that. The most crucial thing is constant. To earn more income, I have to gradually increase the dollar/pip. Of course as you stated, MM is very important.

  9. #9
    Quote Originally Posted by ;
    Hi, Welcome. Thank you for your comment and advise.

    My Money Management are as below:

    Lets say I just have 2.5K. I'll divide it to 1k and 1.5K. Use the 1K for trading and 1.5K for reserve. Need to remain in the trading as long as I can.

    1. For your 1K, I'll exchange 1 pip 1 dollar. TP 30 to 50 pips. SL -200pips. Based to the system I am using today, my getting trade is about 14/15.

    2. So when I earn 100 dollors, I'll increase by trade to 1.1 dollar per PiP. (I start this following 1.3K in the account so I will not loose everything I.. .
    Hi,

    you now have a point . How I understand your situation and your capitalization... sorry my friend but you're, to me, below capitalize and that'll be an extremely stressful situation you have there mate.

    To be successful in this company, for me personally, you need to know 3 major things:

    1. To be aware of the market... you need to know who owns the money you are trading and who controled them, and why it moves up and down... what's inter relationship of currencies... those are only the basic things that you need to know for you to have a deeper understanding who's moving the market and why.

    2. To understand yourself... well this place needs for you to research, not anybody but you. You need to know your risk tolerance and hunger. You should know and identify your own comfort zone and truth out of unreal.

    3. And capitalization... that this will really give you an edge on the market although all have respective importance to become successful trader. Having said that, with a proper or say sufficient capitalization for this company, you can easily alloe enough if you ch the market on the right move/ drection.


    My opinion, you need to open a micro mini account first and you're able to exchange as low as .01 a lot till you become comfortable with your own system as you have said it.

    regards.

  10. #10
    Thank You Dongsky.. .Still on Money direction subject....

    Yes, Dongsky is right for the cash management concept. Most of the books or forum are telling us to risk our funds 3% to 5%, typically the most.

    But I have a different way of thinking.

    I had been using virtual cash to exchange. About a year and using it to validate my thinking and system

    Confirmed the machine, be certain the machine, mind set and tension is working. Be certain the earning trade is over 90%. By math, out 10 I will lost 1. So I earn 9. My stop loss is 200 and TP is 50. Net, I earn 250.

    I actually did attempt on micro account. 0.1 cent per pip and slowly increase to currently 1 dollar. Together with the real cash, the trading strain differs of course. Now I exchange on 1 dollar ( ) each pip. In fact, I only use account#1 currency so far.

    Risk is not there. Un-prepare and un-calculated risk is killing. But if at one time I found that my system isn't working, I will go back to virtual. For me, small money is also cash. I will not risk my money with no confident.

    Beside that, every month I pay myself (move cash in the account#1 to account#2), 50 percent of this money I get. I feel this clinic will prepare for full time trader in close future.

    400 pips each month is the target. To further out of here, only dollar per pip can help.

    Note, now I've earned 62 pips. And overshoot the 100pips each week target. Already earned 120 pips this week. Thanks god. I will continue to keep the trading simple and dull.

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