Thread: My way to highway

a lesson to self.



GbpJpy M5...

there is nothing special about this chart, so why to post it?

time to time I feel to bang my head into the wall.
This really is a smaple of this.
GJ needed a grand day, without obvious reasons. No effect news I am aware of.
So, apart from 2 small bites earlier, once the chance came again, about 200 pips up for the day, and what seemed to be a breakout which shouldnt get too much without testing back, I jumped.
GBP was overextended in lots of ways, not only RSI, and there was a prior high at 149.38 that out to hold back things, right?
Wrong on that.
The price regardless of all the things pointing into a inpending pullback, was going upward, nearly a good 60 pips before beginning to level a little.
Was time to regroup, begin to reduce vulnerability, as the functioning drawdown went to approximately as large as 2%. . .yep, far from alarm bells ringing, but with the current drawdown playing in my thoughts, not something that I wish to get out of control.

Using ADR approx 2x the day, I knew that likely the worst place to begin to get out about, but there is some fear factor ( for much better word for it) when it isnt evident that despite the indiions the things are popping up so much against me.
Thus chose bailing out, with slippage and all in the end giving up a small chunk of their profits booked earlier, also.

All together feeling/knowing the trade itself was right.
But occasionally it isnt about being right.
There's always another trade there.
I could be right but can make a time mistake.
Or even a sizing one.
Or perhaps a time and sizing both together.
Or just be oblivious to some simple fact that others are aware of, and dismissing it might get me into the incorrect side of the trade. RSI has it limits, and perhaps not -by far- a holy grail indi by itself , more like an overview.

Of course, all together final I believed that being shaken out, and it was that the market a mere 10 minutes later broke down and would give me a great moment.
Thus the mind banging.
and smaller place size would help. (even though my current position dimensions remains approx 20% lesser than used before enter the current hole).
It is a lesson to self, but perhaps some of the readers find worth reading it.
Being right about the leadership is one thing, but being able to stay with this belief, comfortable, and time that the move spot on that lead into the profit.

Anyhow, the new trading week is on, and the major account is upward 0.09%...a beginning. Could be a lot better ( and can be on some my my other accounts) but might be worse day also. . .but feels in a while to do a end of this day summary.

happy trading!

Hi ,

just for what it is worth (as I really know nothing), I watched another good trading action against you yesterday.

Lt;lt;lt; of course, all together closing I believed that being shaken out, and it turned out that the market a mere 10 min afterwards broke down and would give me a fantastic moment.
Thus the head banging.gt;gt;gt;

Plus it could have gone another way also, and pretty quick as you were quite leveraged at the point.
And you'd have been deeper on your own emotions.
It was risky second, and you also salvaged the day at a really straightforward and effective way.
Very well done!!!
There is always another trade... ;0)

The reality of it, from my small unexperienced point of view, is that you'd one day of complete equity stop, followed by yet another day of about 60 percent of equity stop.
That arrived just when you were flying with new business oportunities.
Bad fortune, but nothing you can do about it.
As you constantly say: this is the long term that counts!!

You said it at the start of your thread too: despite weeks of no shedding day (not a single one, how awesome was that!!) , it is possible that 2 complete equity stop will happen at a raw, and there is nothing you can do about it...

Well here we go, it was not 2 full in that circumstance, but not that way.

You are just awakened (and it is a great thing in a means!!! The proof that you care and are human :0) and your clients have to be confused whereas there is nothing quite surprising if everybody interested take some time to comprehend how you trade.

Your results are just amazing!!!! Mind blowing!!
But clearly that kinds of outcomes ask for risk.
Even if you've got 1000 days without loss, the daily risk is still here (10% equity in your case, and you've proved 3 times already that you can be trusted to honor it. Another good point for you!!) .

Anyway, I speak too much.

Overall, from a person (because I don't have any money on you, so no emotional involvement, even though I clearly wish you the best), I see an extremely consistant trader, which can be trusted he will follow his principles, which has exeptional outcomes, controling well his substantial risk too.
Risk and returns are linked (even if like you, it is done in a really smart way).
Having at some point 140% annual, risking only 0.2 percent per trade will be AWESOME... but let us be honest it is very unlikely in real life.

All the very best , it appears you are experiencing BIG TIME the emotional portion of trading (and us all too by following you and your thread, even though at a lower intensity compared to you clearly).

Once more, I do not know anything about trading, and so probably all of my ramble above is rubbish.
Sorry if it is the case.

Best of luck.
Cheers,
J-F

Originally Posted by ;

Hello , only for what it's worth (as I really know nothing), I watched another fantastic trading activity from you yesterday. Lt;lt;lt; of course, all together final I felt that being shaken out, and it turned out that the market broke down and could provide me a day. Thus the mind banging.gt;gt;gt; And it might have gone the other way as well, and fairly fast as you're really leveraged at the point. And you'd have been even deeper on your emotions. It was risky second, and you salvaged the day in a very simple and efficient way....

Hi J-F,

lol, dont belittle your expertise, I dont

sure bad things can and do happen in trading, my focus is on keeping the rules, least the major ones, ie. Equity SL, even though there's a belief that the direction is perfect.
Thus the case the article above, being right, timing wrong. . .sort of.

For sure, I had any managed account that hurried to the door before the previous entry was closed; it's somewhat good that have been accounts I was anyway to drop for different reasons.
In the meantime had handled accounts which took a little to pick, and arrived at the conclusions that this is trading, and no rules/agreed terms were violated, what is a good ( and not the common thing).
And believe it or not, in talk about some prop firm now ( yes, yet another one!) That seem to be very interested and appreciate that the keeping to the rules facet, as well the drawdown to reunite ratio....

So, what I meant to say, everyone has a different spin on a trading account.
Mine ultimately is, that I am trading for a living, and so wish to create a living.
I am, for a variety of reasons, not attaching or showing all of my trading accounts, the TE only represent a part of those.
A reason my final month ended marginally above BE, and how this month I am already ahead.
It isnt something a gain to brag about, but on course to pay my monthly expenditures, probably. And that with a drawdown like that previously, is not bad.

As for the equity SL, together with the previous 2 losses, there's a total of 8 today...I understand the landmark 10 is closing in, but prefer not to rush it. . .and every instances were within the -10 percent limitation.
Just as previously stated, I do this for a living, and also have a decent 5 digit equity of my own in the frontline. Not a lot, for me personally it's, because I am from a background. I am not looking to blow it away in one shot that is crazy.
The prop handled money is only a potential bonus bargain, the icing; also something else, yet another 'goal', and something I wanted always to learn about peeking behind the scene what it's like. ( so far, after 7 months, I would say a lot less glamorous than most would believe, lol).

Because I am here, the wrapping of the day:
as luck is, today the best opportunity for me happened during the hour was chatting with these prop guys.
2 small entrances, net 7.7 pips, 0.06 percent. . .another small step forward.
Tomorrow a different trading day.

Joyful trading

PS:
missed this: All the best , it appears you're experiencing BIG TIME the emotional part of trading (and us by following you and your thread, even though in a lower intensity compared to you clearly).

It isnt that bad, really. The distributions of losses not ideal, but that doesnt mean I am in a total limbo.
Contrary to everything you believe, I had a session together with Axi/Psy risk management man too, and we agreed things are on course, and managed as was anticipated in such scenario, really.
but it's a journal, together with the good and bad, and cant fully dismiss the emotional effects, because that sort it'd be a lie, and this isnt a thread telling lies!

Afterward , keep it real!!!

Thanks again for sharing your trip, as your thread is an invaluable one.

Cheeers,
J-F

Hi ProfitFarmer,

now that I've read all of the thread I'd love to thank you and congratulate you for your effort you put in your journal.

I found the content very valuable and I more useful than other threads onforexintuitivethat simply explain a trading egy.
In particular, the risk management and little trading part were strong confirmations to me.

Last but not least because I exchange manually one of many variants of the 00-levels egy, that is a mostly trend following way of trading I have found in your egy the natural complement to this method, so that typically at the London Open I preferably exchange the 00-levels and in the afternoon when some pairs have attained their ADR, I switch your egy or at least my way of distributing it, anyway 100 % counter-trend.

The entrance signal is given by the RSI and the affirmation by the traces of a CSM.
As for your trade management I utilize a predetermined TP of 5 pips and like you no SL, but a equity stop of 10 percent of their account balance.

Of course these rules aren't set in stone and there's a lot of optional end experience involved there.
Only with the aim of demoning what I do I've attached one of those transactions I took before today, but if you think that it clutters your thread I'm ready to remove it immediately.

As a final note, I would wish to add that even when I'm only trading this egy as one month, I must inform I feel more comfortable trading this manner, I do not know if it is due to how entrances seem to have since the beginning a far greater chance to go to TP or when this depends in the absence of a stoploss which makes me feel better.

Anyhow, thank you one more time for posting your experience at FF.

Best regards,
Bubincka

Hi Bubincka,

a fantastic summary generally.
yes, as it's counter trend what I mostly trade, I need a particular part of the ADR move to determine to think about an entry.
That filters out that RSI can get easily set of after a flat period of time, something that usually wiser to dismiss.
Yes, I love to see CSM and RSI to confirm eachother, though in a subsequent stage of the day as matters progress some of this can be relaxed a little, and can pay more attention to neighborhood support/resistance.
If a single note, while risking occasionally to be early, I am more interested in the right today of these indis, than waiting to an actual confirmed turn round, and risking to be late and stuck in a stage phase. Of course, timing is almost always a point that is subjective, and a right answer is not, need just a little luck.
For mepersonally, scaling into a position takes some of the need to be always exactly spot on. And of course the vulnerability add some downside risk too there is no single one way fir all transaction egy. . .but something that statistically I found to satisfy me better.

Thank you for taking your time to browse the journal, and glad you had found worth in it.
This egy, as you mentioned, can be an perfect compliment to the 00-level breakout trading that tend to work best earlier during the day.
You arent the first person recognizing this 1

happy trading!

Hi Profit Farmer,

thank you for the answer.

Yes, once you get the main idea then it is just a matter of finding your own way to exchange a egy.

Differently from you I don't scale into places (at the moment), so I chase to get a more exact entrance. Then I use period but in the long run I was given the beginning by you and if it.

Best regards,
Bubincka

I am taking a long weekend, thus a bit sooner around up for this week end (driving all day tomorrow will likely prevent me from investing).

Now was a decent trading day, even though I am still just a bit trigger happy as it pertains to shutting out trades.
On the flip side, for example GJ now, it prevented me from getting married to a position while the price had another 100 pips go reduced.
End of this day, it is scalping, right?
Here's a chart of this. Unfortunate, the final rally was out of my trading period, that may differ from all day battling tendency.
Things sure easier to get a more concurrent moment.



(the other pair I had been trading has been ECad.)

Overall, a good day with 32 pips, that was enough for 0.37%.
The position sizes eventually back into the normal range too.
The week ends with 0.87%, not far off from favored range.

It's clear, the restoration is still going relative slowly. But steadily.
That the month is down -7.88 percent on the major account, and it is not likely that complete recovery will be in reach before the end of April.
But yesterday and now finally things are resemble into the usual trading action, size is back to normal, emotions cautious but clear of any panic, generally on course to generate a decent run again, rather than at all impossible to achieve equity high as well.

To get a couple of reasons I have opted to drop my prop account at Fixi for now.
It was a good learning experience, and overall I came out of it forward too.
They're legit as it pertains to regaining account and payment, but there are problems that only bug me, thus my decision.
While I am giving up a massive account there with additional potentials, I believe that is ( contrary to what it seems) a good, logical decision.
My personal funds (was a 10k master) from there'll be utilized on some different projects probably, or just added to my other trading accounts.
I am still in the point once I am attempting to compound accounts a little more, and attempt to prevent unnecessary withdrawal for dwelling.
though I somewhat passed the personal finance range set out in the beginning of the journal as needed to exchange for a dwelling or about, it is clear understanding that these amounts are more a base requirement than the last goal. ( the post: https://forexintuitive.com/discussio...-ibook-g4.html).

The beauty of (FX) trading, it is a changing, evolving travel.
Right now, there's also a specific target ( full recovery) to operate on, something that helps to keep things more on course.
It's always good to find something to inspire on the shorter term.
And it will be needed to make another longer term motivation as well, later, if this task completed, but yet to learn a special one.
My car suits me okay for today, being round the world already some, loe lot less thinking about travelling. . .but surely will figure something out.
Maybe a condominium on the shore, maybe a villa with a pool. . .LOL, I am light years away from those but certain, long term motivation could be anything. . .well long-term

happy trading!

Hi ProfitFarmer,

I guess that you are classified as a Professional Trader with them, right? I see it is a requirement.
I also begun to trade with them, small live pro acc for testing purpose, my current issues with them are trading associated, ... yours are comparable or? In the event you don't mind.

Happy long weekend!

Originally Posted by ;

Hello ProfitFarmer, I figure that you are egorized as a Professional Trader with them, right? I see it's a requirement. Additionally, I started to trade with them, small dwell pro acc for testing function, my current problems with them are trading associated, ... yours are similar or? If you do not mind. Long weekend!

Hi aa4fx,

I had a large number of problems at different stages, now, the newest is withdrawal...
generally things got fixed once a while, but nonetheless issues are annoying if repetitive.
The final nail was that following recent 2 DD days I contacted the liaison person about the prop account, and . . .yes, and nothing.
For me, communiion is extremely important. Feedbacks moving is essential.
Also, the trading price (complete 7$ commission) was not best suiting my scalping style.
I was going to explore some tiny modifiions to proceed, but like I mentioned, the communiion facet frees there to my liking, and I love to feel familiar with everything I do.
Of course, if I wish to begin right now, I would likely approach them little differently, but, trading is a constant evolution, the important to understand from the experience, and let that knowledge form the things to come. It isnt that philosophic because it sounds, lol.

Was I egorized as a pro trader there?
I cant really answer this, but perhaps yes.
Afterwards, I cleared the initial point with track document, and got funded.
I cleared the first 6 months as funded trader, and obtained quadrupled prop alloion.
And yes, they pay out, and no, I had no fees to pay, or any other cost connected, aside from the regular deposit fees ( by the bank) of my funds on a master account.

Nevertheless, weighting every choices currently, for now, I decided the best suiting me would be to withdraw from that program.

I'm keeping the Psy/Axi prop program, actually I will likely add some of my own former Fixi money to my Axi account.
I'm also in the preliminary phase with a different prop company about trading for them, suppose, even regardless of the current dd, things arent looking poor, least not to a professional level.
(I believe I may mentioned earlier that I had turned down a russian prop company, cos their supply was generally inferior to any aforementioned).

I keep repeating: there are opportunities out there. Untrue ones, and plenty too!!
Not some smoke and mirror just, like pay for a demo account to qualify.

That the key to open up them: TRACK RECORD!
And a consistent one. Not only consistent profit, but always keeping the rules. All you may talk will acknowledge that it is not a simple task, and worth.

I'm by no mean a supertrader, or a professional trader, or a coder with the next holy grail.
What I attained so far that is open to any trader ( with at least 4 digit capital with a legit broker to make a track record).
All this can be achieved in 9-12 months.
I'm the case, and this very journal is the proof.
The diary, aside from passing my time, always meant to show where things can evolve, and to motivate those who seriously have had enough of chasing the unicorns and other moist dre, and would love to set out to make some money, but have a somewhat restricted capital for going full time in their right at start.
I am one of those, and when I can, everyone else can.
I dont have any particular skill or particular system to do, in fact, those who will read between the lines, and also look at the charts, pretty much everything is layed out clear what I do, and why.

OK, so much about inspirational, but because I am happy of the approaching looong weekend here is something to see and believe for you guys!

happy trading!