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Yup, you nailed me and read me like a book . After the first hour of trading today, I got impatient and greedy. Then everything start tumbling down. Check out my trades from yesterday and the day before when I'm all cool and calm and following my trade rules & plan.
You're also exactly right on Dan and Zak's strategy/method, but I AM my Holy Grail. Maybe I will literally take your word and put a mirror next to the monitor to remind myself.
Thanks for your input.
Salat
Hi Salat, good to see U posting here again, I copied the text of strato's epos and put this header on it :
Take time out, look in the mirror and tell the idiot staring back at me to read this over and over again..
I'm tape that phrase on my laptop from now on..
keep in touch later..
Fighting the little gremlins, the demons, the little man inside your head and especially the guy in the mirror is THE hardest discipline to overcome in trading.
If I could count the number of times I have recognised a good entry and the idiot in the mirror told me not to do it (FEAR) and the number of times the idiot in the mirror told me to take a trade when there were no triggers (GREED), I would be a multi-millionaire a couple of times over!
Something that worked for me was reducing my lot size from $10/pip to $1/pip. I can almost trade without fear doing that and the days of hot and cold sweats and your stomach in your mouth are almost gone.
The strategy is sound and proven so just focus on YOU.
You might want to try doing cleaning and ironing at the same time which seems to help some keep their emotions in check. (Sorry, Rocky, I couldn't resist!)
Fighting the little gremlins, the demons, the little man inside your head and especially the guy in the mirror is THE hardest discipline to overcome in trading.
If I could count the number of times I have recognised a good entry and the idiot in the mirror told me not to do it (FEAR) and the number of times the idiot in the mirror told me to take a trade when there were no triggers (GREED), I would be a multi-millionaire a couple of times over!
Something that worked for me was reducing my lot size from $10/pip to $1/pip. I can almost trade without fear doing that and the days of hot and cold sweats and your stomach in your mouth are almost gone.
The strategy is sound and proven so just focus on YOU.
You might want to try doing cleaning and ironing at the same time which seems to help some keep their emotions in check. (Sorry, Rocky, I couldn't resist!)
Strat
Thanks for the support Strato, nice sundaymorning to recap all my trades from this week:
I tryed to follow about 14 currency pairs I placed about 10 trades a day.
last week I made 845 pips and I lost 1431 pips so not good at all!
but it was one stupid trade what killed me for 670 pips , so if I not jumped in that last trade of the day I still would have a little profit.
and I traded at the 2e jan. with no volatility at all for minus 102 pips..
reflecting all this I set up some rules and if I can stick to them I'm sure it will be a good year to come.
RULE OF ENGAGEMENT HANS CONTRA HANS
MAX 4 CHARTS TO FOLLOW
EUR/USD
CAD/USD OR PICK OF THE DAY
OIL
WSFUTS
MAX 2 POSITIONS OPEN
STANDARD STOPLOSS 50 OR >
WEEKLY TARGET 300 PIPS
STOP TRADING BY > 150 PIPS/DAY
at least I had me statistical draw down for 2009 done and dusted
and start over again coming week, I mail my results next Sunday..
Fighting the little gremlins, the demons, the little man inside your head and especially the guy in the mirror is THE hardest discipline to overcome in trading.
If I could count the number of times I have recognised a good entry and the idiot in the mirror told me not to do it (FEAR) and the number of times the idiot in the mirror told me to take a trade when there were no triggers (GREED), I would be a multi-millionaire a couple of times over!
Something that worked for me was reducing my lot size from $10/pip to $1/pip. I can almost trade without fear doing that and the days of hot and cold sweats and your stomach in your mouth are almost gone.
The strategy is sound and proven so just focus on YOU.
You might want to try doing cleaning and ironing at the same time which seems to help some keep their emotions in check. (Sorry, Rocky, I couldn't resist!)
Strat
Hey Strato,
I am not the least offended - reason being you are so right. For me the 'chores' as I refer to them keep me grounded and real and stop me getting to far away from reality, which when we trade can sometimes happen.
I listen to music -chat with my mates on skype and definitely trade when I am in the mood. I don't trade every day and sometimes wake up and think, oh crap I am not in the right frame of mind. Its amazing if you don't find it how you reach the right level mentally. Coming from Wales I'm mental anyhow (Gavin and Stacy!!).
Personally, I have a clear business plan (not a trading plan you will note). I am doing this as a business not as some part time extra cash venture. I review performance versus plan and look at where I think I can improve said performance. I am tracking a proper quarter i.e Jan 01 - Mar 31. etc. Nothing like a business plan, but it must live and breathe and not just be on the desk.
Anyway, been good this week. Hit my spin cycle everyday and up to 60mins session. Healthy body - healthy mind. Time for some food.
I don't want this to get into a "Hollywood you pat my back and I'll pat yours" but it is clear that you DO have a "magic indicator" - it's the space between your ears! You have reached that place where we are all striving to get to - where trading becomes automatic - almost second nature.
I'm really, really pleased for you (especially as your livelihood depend on it) - the next step is to gradually and slowly compound your success which seems to be just around the corner for you.
You have found what works for you - the strategy, the correct mental attitude, the banter with other traders and knowing when you are in the "Zone" (and conversely, knowing when you're not) - not to mention putting your pinny on to do the housework to take your mind off the markets.
Interestingly, I'm your total opposite. Last week was my first week in the "Club" and I had my first losing week since, well I can't remember. I tried before with the same results but thought this time it would be different. I was again sufficiently distracted/influenced to take trades I normally wouldn't take (which were mostly losers) and worse still, didn't take trades I would normally take (which were mostly winners). Note I am in no way blaming Dan, Zak and James - I know who is to blame - the guy in the mirror!
I need solitude, peace and calm when I trade with no distractions or suggestions/beliefs from others (even the missus knows to keep out of my hair). So it just goes to show that what works for one does not always work for others. We have to find what works for us and stick with it.
I hope you continue to post here with your trades and your writings for you are a great inspiration to us all.
Your whole post made so much sense to me, and I only became profitable when I switched to 1hr/15min!
I find the live room crazy too and I have lots a lot of pips jumping into something on impulse that I don't follow. Now I just switch off unless they are talking about something I am interested in and it works.
I hope you stay!
Nicola
Quote:
Originally Posted by stratocaster59
I knew it as soon as I went on there - I was getting caught up with the frenzy of those guys wanting to be in every trade going and ended up making trades I shouldn't have and making trades based on other people's decisions. I could feel myself going backwards fast into that black hole again.
I also learned that while I was profitable using the M15/M5 combination, I was having a hard time deciding which squiggly line to ignore and which was going to be a retracement or a rally - way, way too stressful for me. I have now moved over to trading M15 and it is more profitable, more consistent (even with GBPJPY) and definitely less stressful. For a guy that just celebrated his 3rd 20th birthday this June, I can do without that thank you. So now I am trading H1 and M15 in addition to the Daily and am looking at changing the Daily for H4 and then having another separate account for the Weekly.
BE PATIENT AND LET THE MARKET COME TO YOU
Strat
Since this post, I have joined the fx500Club but again you won't see me - I'm just in the background - still learning and earning.
WTI 40.09 - 39.71 +38
Swissie 1.1162 - 1.1189 +27
Gold 849.50 - 845.9 +36
CABLE 1.5048 - 1.4982 +66
eurogbp - 8902 - 8898 +5 (stopped out after moving s/l)
gby/jpy - order at 135.50 moved s/l to 135.30 but looking to hold lower
total this morning +172 and excludes my jpy trade.
Turned to 60m chart for jpy and lets see.
Happy pipping
Monday Rockie
p.s. since posting earlier I took cable short below DP 5m - closed for +4 pips. Closed gbpjpy trade after 15m retracement at 134.75 +75 pips. It will go lower but I am now finished for the day closing total +251 pips. A fine start to the week.
Last edited by Rockdrive; 01-12-2009 at 10:12 AM.
Reason: update on trade
You guys make it so easy - almost like robbing the banks
Hi all
I had to show u this from my other thread...I am so happy to see these kind of results. Excellent news!!!
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Hi Dan.
At my first whole session in the live room I banked a whooping 360 pips today, I'm impressed, and this was only in the afternoon session. I came in too late for the am session as I was working night shift yesterday.
Looking forward for tomorrows AM session.
My trades were
£/Y short 97 pips
€/Y short 150 pips
$/Y short 59 pips
€/£ Long 54 pips.
. After the first hour of trading today, I got impatient and greedy. Then everything start tumbling down. Check out my trades from yesterday and the day before when I'm all cool and calm 
and following my trade rules & plan. 
I placed about 10 trades a day.
, so if I not jumped in that last trade of the day I still would have a little profit.
Linear Mode
