Stay a broke loser or be a professional trader (Journal to a dream)
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Thread: Stay a broke loser or be a professional trader (Journal to a dream)

  1. #1
    # 1 is planned by my attempt on a Trading.

    1. What type (e.g., scalping, day trading, and standing ) and type (e.g., short or long ) of
    trading egies will you be using? PA and SR on H4/D1
    2. What securities and tools (e.g., stocks, futures, options) will you trade? Live Forex, Spot Metal, US Stocks, and Asian Indices
    3. In what markets (e.g., NASDAQ, NYSE, and FOREX) will you trade?
    4. Which are the main”most favorably traded” tools (e.g., e-mini(s)) which are traded
    by professionals in these markets? EURUSD I guess... and Spot Metal, and the Nikkei
    5. Are there some reasons to be concerned about exactly what markets and tools you're likely
    to trade (e.g., merchandise expiry, new competing goods, etc.)? Metal seems to lack assurance, asian indices, just hang seng futures has monthly expiry.
    6. Will your egies become automated or will they require you to execute them manually? Discretionary

    Mission Statement:

    I will be a disciplined trader in following my rules of discretion, choosing the best trades just, and risking a predetermined amount always, that is why I'll take the best trades just.

    Goal and Objectives:

    Goal: To be a consistently profitable trader on a monthly/quarterly basis

    Objectives: total money management which involves 1 percent risk or fixed percentage risk on every trade, making compounding more evident
    Taking the best trades just
    End my month with profits

    1. What's required as a trader to trade at a manner?
    Comfortable Risk and Method
    2. What's important to you in trading?
    Consistency
    3. Are there some tenets you will follow through your development?
    Accept the risk and proceed, the trend is your friend.
    4. Describe your trading style and the way that it is consistent with your personal demeanor.
    Discretionary, Creative, flat, easy, I am a non statistician individual and I believe in learning by doing.
    5. How will you position yourself to become poised to take advantage of the trading opportunities
    related to your trading style?
    Sit on my hands when in doubt
    6. Describe your most important trading strengths and core competencies.
    Letting trades run
    7. What factors will force you to succeed in trading? What do you think your major
    competitive strengths will be? In what areas do you have insufficiencies?
    My major competitive strength is that my love of finding a way to trade consistently profitable, and allowing trades move, trading with assurance and comfy risks, I have insufficiencies in constant position sizing.
    8. What background experience, skills, and strengths do you personally bring to your
    trading enterprise? None.
    9. Are you going to be developing a trading company thing? No .
    If so, which legal form of ownership:
    Sole proprietor
    Partnership
    Corporation or
    Limited liability Corporation (LLC)
    10. Why have you chosen this form?

    I have identified myself as a swing trader, optional, and a novice trader
    My stops are placed behind the strongest PPZs that if broken would be a sign that my commerce is no longer valid, or so the chances are no longer in my favor, stops are strong broker ceases, and percentage based.
    Share size lots, or standing size is relative to the %R Risk management system.
    Maximum loss policy: Monthly Loss: maximum 4 percent in 4 trades.
    If lost more than 4 percent in 4 trades, stop trading this month and proceed download new data and practice every pair in forextester and examine J16 videos and re-read novels, and re-evaluate the loss trades.

    I use trailing stops for my trades, and I exit when facing a case of particular very powerful resistance plus PA to another hand

    Break stops are utilized immediately when trading counter tendency.

    Produce an Exits article on your journal also, setup type, charts, plogical state.

    I swing commerce with 4H and Daily PA setups, I really don't like weekly, I'd try monthly bars with position sizing.

    Trade:

    Bullish market conditions will be defined by the following:
    The last 2-3 years proceed is bullish, or so the tendency is up
    Draw weekly trendlines up to the last 3-4 years period.

    Bearish market conditions will be defined by the following:
    Last 2-3 years proceed is bearish, or so the tendency is down.
    Draw weekly trendlines from the lows of past 3-4 years.

    I really don't define impartial market conditions.

    Strategy:
    Condition 1: Price is on weekly PPZ
    Condition 2: There's PA revealing rejection on the 4H/Daily
    Condition 3: PA is using the weekly trend
    Condition 4: There's SPACE to the abandoned


    If condition 1,2,3 and 4 are met, then enter having a stop order on the other side of this PA and put the stop on the other side of the PA if the PA is on the highest/lowest peak of this play, else put stop behind weekly PPZ.

    Ranking size are taken from the account size, risking 1% on every trade.

    If commerce is the last bar on Friday evening, stand on the sidelines.

    Trade Management:
    Stops will be transferred behind the small PPZ on the timeframe the trades are accepted, 4H or D1, all trades will be given leeway to some maximum loss of 1 percent equity.

    Cash and Risk Management:
    Constantly use 1 percent on every trade, with%R, calculate the pip size in line with the stop levels.

    Taking Profits:
    Take profits when trades hit on the weekly S/R lines.

    Trading Expenses:
    Currently all my charts, data feeds, and platforms are all free.
    Later I might buy stock data feed, also buy Martin Pring's Novel on Price Patterns.
    Later I might need to rely on Interactive Brokers' charges
    Internet Connections are currently cheap 64kbps cellular online
    Later I could buy 2Mbps ADSL line when I eventually got the money to lease a home.
    Telephone calls to brokerage needs to be dully noted also.
    Electricity for future multiple screens... lol.
    Later I will need to take taxes in acccount when my trading size got bigger

    To Do:
    Loe an online free equity curve generator or reside trading log
    New type of trades will always be taken with a minimal size position possible, on a separate account following the trade type is verified to become profitable on backtesting with forextester
    Produce a trading performance review every month.

    Try to compose a Trading Lesson Learned on every exit article.





    Here is how this thread started on 2008.
    -----------------------------------------------------------------------
    Hey. I'm very new on this forum, just started seeing it a year ago and just have started posting this month.
    I reside in Indonesia where living is cheap and easy and there's everything there is for a man to live with. But there's a major flaw in that installation: the inflation is bigger than what you get from a increase in a year, sure u can live for just $500 a month, but due to the yearly inflation of 10%, u're like 10% poorer annually.

    I've worked on a stock futures trading company for a year or so, traded my life's cash of 25K USD, dropped all of them on asian stock index futures , go figure, I dropped 25K USD gradually but certain in 3 months, why did I get to this small business? The typical slick mouth marketing got me, gotta confess I'm a true fool at the times, not certain if I'm not a fool at this time, telling all to you here, anyways, this is my trade journal, and I've just been trading forex for 3 months, making me a complete newbie, although the abundant of folks here have adventures like 2 years on forex and equities trading, mine is similar to nil.

    To cope with this, I have a trapped life with a trapped family, I got no home, got no girlfriend, and just around 2K USD to last for a few months, but that is a different story, this is a trading journal, not a diary to share sorrow bedtime-soap-opera-stories

    I certainly hope to get better support from this forum, as I've seen lots of rise from rags to riches in years.

    My dream, more like my only route, is to become a professional forex trader. And I can't stop studying, not ever.

    But while words may be sweet, reality is not so, everything starts with a bang, and gradually gathered pieces by bits. I can't use a broom, I must select everything by hand and begin from scratch.

  2. #2
    No Trades for now,

    More terrible news, I've heard that the litigation could now be jeopardized because of something they've againts my fiancee's cousin, they told me that tommorow they'll put him in jail if based on schedule, looks like my investments will be for nothing whatsoever, I have to look and reassess myself, why am I in all this mess? I'm accountable for everything and I don't know until it came over me and states:

    helloI do not think you can take me on anymore... and I could not, as a matter of fact, I just could not, I do not know exactly what to do anymore right now, can't think, can't even look at charts, knowing the easy actuality that I will make everybody around me dissapointed, I just hope I still have some place to live by then, it's better that way though I think, what's the use of living in fictitious grandeur and delusional pride in a golden birdcage but without cash and even more debts than any other things in my lifetime?

    I need assistance, emotionally, to cope with this, LOL, right now I am fighting the temptation to drink up that alprazolam.

    If a skilled worker loses his job (unless it's because of something such as an injury) he STILL has his skill but NOT his income. To put it differently he STILL has a way of making money but must find another job.

    If a trader loses his capital, he loses his MEANS of making cash.

    What big words, I am no trader at the moment, I am just a regular guy living in between occupations and moan in a sizable debt, my side income was from trading, until I used up my entire capital to live and pay for that stupid litigation.

    I think I am not the only one, but this really is a point in my life where I'd love to shout as loudly as I can so that everybody would take me because I am, not the mask I've always attempted to reveal, I guess my days are numbered and the time will come to ultimately accept fact, and I hope I can live through that, and if I should be lonely later, so be it.

  3. #3
    Well, this morning I read a post about getting a job as a trader in a few of those big investment banks, also, or hedge funds, or brokerage firms... it shook the hell out of me, I believe the great replier of that post was trader888, he basically tells that live as a pro-trader, as it is extremely rewarding financially, are also crippling you , you don't get to spent quality time with the family as a result of constant market analysis, and the list continues.

    Being a trader is highly stressful, as he states, but it disturbs me the most the way that he reveals his wife he suffers such emotion on a daily basis, a semi gambling-trading match, and a fairly expensive one on that.
    Https://forexintuitive.com/forex-tra...avy-train.html

    Along with the reward as a pro-trader too, is quite small, if you compare to working a day job, but here in indonesia, I should tell, things may be different...

    More over specialized analysis, this guy really doesn't believe any of them, or should I say, he believe people can get profit from TA, but not so much as the real big traders at the bank made out of pure fundamental analysis

    But I have not give up, this thread gave me a massive chunk of fact to work with, being a professional trader is as hard as carving your name on granite using a needle, without a hammer. It takes a long time, and also a rigorous effort... maybe I'll start a project as an IB in among the brokerage back home, that way I'll spend less on living expenses, and get more time to research forex... financials are extremely exciting, I know I shouldn't have taken that electric eng. Major at the first loion

    I should learn everything from the core: stocks, individual stocks, bonds, options, at least I should know all of the basic stuffs initially, indiors can come after, price patterns? Well... that is you to consider too

    I am better off trading micro first, and I'll use my savings to make an appliion for personal membership at the set, although it's a bit pricy for me personally, for $129 a month... I think I should learn by myself first and then collect the money to join. I have seen many traders success from that thread, and I believe I can be among them.

    A novel I read shows me that a great trading coach is a very quickening part on your journey, I hope that book is right.
    In the end, school costs money, why wouldn't learning forex costs money too?

  4. #4
    Wonderful journal (thogh you've just started anyhow )! I will pop in as often as I can if you don't mind. I'm a newbie to an extent also and exchange the FX Prime system as well and trade only the EURUSD also. I could hear from you and you from me. I promise to not mess up your journal!!!

    Have a Wonderful trading day.

    P.S. would you place your current template?

  5. #5
    @pipsot
    Please do return, I desire for visitors
    my template really was that the 1st FXprime template, just with sidewinders on them, so there is nothing particular about it

    The next day trading was better, gotten off at a 30 pips profit for the afternoon, however hesitated too much on trades and gotten off one more at -12 pips, so would just be 18 pips profit, but it is a profit nonetheless, and the rigorous emotional transfer I'm placing myself into requires a lot of effort, but I will state it clear here that I'm not likely to give up pursuing this specific skill, since it is the fact every trader needs to have in order to succeed

    I have enrolled myself into the local trading competition, there is quite a trophy on the winners, so I guess I will give it a chance, trading is the travel!

  6. #6
    I can tell you now you wont end up a pro-trader trading the'FX-Prime system'.

    Goodluck.

    Leon

  7. #7
    Quote Originally Posted by ;
    I can tell you right now that you wont find yourself a pro-trader trading the'FX-Prime system'.

    Goodluck.

    Leon
    Thanks for your concern

  8. #8
    Day 3, Monday, November 10, 2008.

    I started the day by practicing the fxprime system on some stock index futures, well it went well with just a couple of minor false signals, and that I waited till one o'clock to grab the momentum of the EU and GU pairs.

    I exchanged now until 6:30 PM EST and score a load of 155 pips. Well it could've been that but really I am feeling lucky, there are a few false signals I missed during the afternoon since I am busy preparing my meal.

    I exchange with 3 lots, which 2/3 I shut after attaining 10 pips or more, after I move SL to BE and let it run till TP, which generally I put at 25-30 pips.

    It was really 167 pips, until I opened a 1 lot trade on a false signal that hit on my SL
    and after that night, after the opening bells of new york markets, I still don't actually looked at the market, however I find numerous false signals happening, don't know whether that's due to the news, however I find no news at that time, only CAD, and much more news really declared at the time once I was trading.

    I guess now I was luckier than ever.

    I found myself reading a couple of good novels about when to exchange and how long should I hold a position in a trade, might be helpful, but the tables they generate told me to not exchange for EU and GU at 1-5AM EST. whether that's accurate or not, that small suggestion has saved me lots of pips today

    My belief shing works partly now, I hope that I can manage to do it better tommorow, now off to bed.

  9. #9
    That is a ? Im also in middle east, 500$ per month dam great for one person enjoying around or even living on. With this fact take very great care of your remained 2K (by trading?) , you receive no where as a follower in each egy here, but you get there just as someone who knows entirely what you are doing, the moment you go into the trade you already get the confidence inside which brings the pips for ya and that requires great understanding of the market itself, other aspect that's plogical area of the market and trading that you are yet unable inside as long as there is emotion frees you every now and then, you may be lucky make some yields but can not continue it. Take my post very favorable btw

  10. #10
    Quote Originally Posted by ;
    that's a here goes ? Im also in west, 500$ per month dam good for a single individual enjoying around or even living on. With this fact take very good care of your remained 2K (by trading? ) ) , you get no where a follower in each egy , but you get there only as someone who understands wholly what you are doing, the moment you enter the commerce you already get the confidence inside which brings the pips for and that requires great understanding of the market itself, additional factor that's plogical part of the market and trading which you are yet not responsible inside as long as there is emotion frees you every now and then, you may be lucky earn some returns but can't continue it....
    Thank you very much, well I do need advices on where to start, if I do not start on after a egy, where can I start? do tell.

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