I entred at the red arrow(short order) the yellow line is my stop, i usually dont have problem taking profit, once its 30pips in my favor i adjust my stop to my entry point.

How do i post chart cant believe i cant sort this myself?

[IMG]C:\Documents and Settings\PC\Desktop\new.gif[/IMG]

[IMG]C:\Documents and Settings\PC\Desktop\eur5mins.gif[/IMG]

You need to capture the chart...I use paint which is an accessory in Microsoft. Get the chart up you want. Press Alt +PrtScn. Go to the Paint application and just press Ctrl V. This should put your chart into paint. Go to File and save as and make sure you safe the file in a name and location you remember but make sure you safe as .gif format. Its nice a small and does not take too much time to download.

Next step - come to forex-tsd and post reply. In this section scroll down to manage attachments and click. You then use the browse facility to find your chart. Press the upload button on the manage applications section. You attachment will now be ready to post. YOu can close the window and then press submit reply. Your chart will post with your reply. Its the way I do it there may be other ways.

Hope this helps.

All the best,

Techno Rockie

Hey Spitfire,

I hope I'm not flogging a dead horse but from my post #1532 I wrote about how reducing my lot size from $10/pip to $1/pip removed my fear of losing.

It's those gremlins, demons, inside all of us that want us to make a killing to better our standard of living. By following the gremlins and demons we trade $10/pip hoping to get $1000 from a 100 pip move. Unless we have a $50,000+ account, this is way too much for our "real and logical" emotions to handle when the trade turns into a 40 or 50 pip loss.

We have to fight those gremlins and demons and not let them interfere with our logical and "real world" thinking. As others have said, drop down to a $/pip level that is comfortable for you to accept WHEN YOU LOSE. The trick is to base it on LOSING and not WINNING. Forget about thinking how much you will win and instead focus on how much you will lose. Doing this controls your losses and you will find the winners just take care of themselves.

I was told this a long time ago and rejected it - it's taken me 9 or so years (and many $thousands lost) to finally realise and accept this and put it into practice. After doing this, I was finally able to treat my trading as a business - some you win, some you lose and after a loser, just quietly move on to the next trade.

Also, with a lower $/pip, you can put on multiple trades. Bank a third after say 20 pips and move the rest to break-even. This way you make 20 pips no matter what the rest do. If all goes well, bank another third after say 50 pips and then trail the final third.

Don't be an idiot like me, Spitfire, and wait 9 or so years, DO IT NOW!

Hope this helps.

Rock on!

Hello everyone

Well, I started the week very positively, beating my daily target Monday & Tuesday. Yesterday I faired less well, and today has been simply awful

Only 2 trades

GPBCHF entered very late last night
short
(was still around entry point at live room open)
(went against me with stirling strength, but this was a long term trade & seemed to have peaked, so I left it. Totally missed the really big clue in Zaks am report looking for it to go long)
logged in for NY open - stop hit
-100

EURGPB
short
(in far too late, during the voltitity around the announcements)
-50

total for today - (thats minus) 150

aiming to turn it around tomorrow
keep posting the ups & downs guys
Paul

Im re-sendng my message with the failed attached charts. Thanks rockdrive for pointing me to the manage attachment. I got the chart earlier just didnt know where to upload it...

I entred at the red arrow(short order) the yellow line is my stop, i usually dont have problem taking profit, once its 30pips in my favor i adjust my stop to my entry point.

Attached Images

	new.gif (66.3 KB, 271 views)
	eur5mins.gif (65.9 KB, 270 views)

Hey kol8701,

While Rocky's sleeping and dreaming of the pip fairy, I will give you my observations, if I may.

The first thing I notice is that your Heiken Ashi is not coloured correctly. Go in and edit your Heiken Ashi so that it says Red, Royal Blue, Red, Royal Blue under the colours tab.

Looking at the short trade you took on M5 on GBPUSD at around 14:30. First of all, if you go to H1 at that time, you will see that prices just made a recent low which now becomes support. Second, price has made a significant move down from the H4 20ema which means a pullback should be expected. Third, price is oscillating around the H1 20ema which suggests indecision. Fourth, price is oscillating around WS1 again suggesting indecision. Fifth, the price is heading into a box between WS1, H1 20ema and H1 50sma, meaning stand aside until price tells you where it is heading.

Looking at your long trade on M5 on EURUSD at around 0900. The H1 is in a downtrend (as are all other time frames), the 50sma is just above acting as resistance and above that is the H4 20ema acting as resistance. The only trade to consider here is a short when price bounces back off the resistance ma's.

It seems from this that you are making decisions and taking trades based off M5 charts which is not recommended by even the pros. The Monkeys base their trading decisions on H1 and when everything lines up (the ma's and CCI's), then and only then do they drop down to smaller time frames and then only to M15 with maybe, maybe, a look at M5 to fine tune their entry.

Or it could be that this is a game to you, in which case the best suggestion is to go out and buy Playstation or similar as it will be much, much cheaper.

If you are not already a member of fx500club, I encourage you to sign up so that you can learn and fully understand this strategy. I have learned more in the short time I have been with Dan and Zak than in all my previous 17 years of trading!

I hope this helps.

Rock on

Strat

Hey Paul,

It happens to us all, don't feel bad. The next good trade is just around the corner.

I just screwed up on my long term H4 trade on USDCAD. I saw the 4th top at 1.2338 on 1/13/09 so, being a quadruple top, thought it should be a good trade. I placed an order to sell below the low of that high, 1.2226 with my stop loss a few pips above the highest high, 1.2394.

I checked back a few hours later and saw that I was already up about 60 piparoonis and that it was on it's way back down to the recent low at 1.1769 or the long term up trend line and that I was OK for about the next 13 H4 bars.

On getting up next day, I was stunned to see my stop loss hit!

After doing my post mortem on the trade, I realised I made the following mistakes:

Sold when price was above ALL the ma's - H4 20ema, H4 50sma, Daily 20ema and the Daily 50sma.

LESSON: WAIT FOR THE BREAK AND RETRACE (1-2-3) OF THE MA's (which occurred 3 bars later!)

Sold after the H4 20 & 50 cross up (unbelievable - what an idiot!)

LESSON: LOOK AT YOUR CHARTS BEFORE MAKING A TRADE - ASK QUESTIONS - WHERE ARE THE MA's?
ONLY TRADE IN THE DIRECTION OF THE CROSS (AND TREND)

Had a pre-conceived idea of where the market was going (and when)

LESSON: FORGET THINKING - ACT ON WHAT THE MARKET IS TELLING YOU!

Went to bed without pulling my stop to break even. I was waiting for 100 pips profit before going to break even.

LESSON: Review stop loss position before going to bed

MAIN LESSON: ONLY TRADE THE CORRECT MONKEY STRATEGY WHEN EVERYTHING (MA's, CCI's) LINES UP.

So, another session in front of the mirror for me telling the guy looking back at me what a stupid, stupid idiot he was. He told me he was having a hard time undoing the bad and incorrect things he had previously learned. He promised me he would follow the rules from now on (again!)

Just goes to show that we have to learn the strategy until it is second nature to us so that we can do it in our sleep.

Rock on.

Strat

thanks alot strato, gosh i knew this( follow the trend from 1hr tf downward) how come i forgot... thanks alot, i m little awaken from my slumber now... i will post more as it comes. thanks once again.

Stratocaster59 "Or it could be that this is a game to you, in which case the best suggestion is to go out and buy Playstation or similar as it will be much, much cheaper"
How manage you know that this guy Kol8701" likes playing playstation games,infact he's the best player in our state because i knows him in person.Man you're guru.
I notice that most traders fall in to this choppy market in the last two days.
I believe there's three major movements in FX; Long(uptrend), short(downtrend), and sideways(choppy). Both long and short movement can give alot of money provided you obey all the FX rules, may while choppy market can kill, even run someone MAD and it can let you loss your shirt. So, to be a good trade you must know how to identify these three movement perfectly.
The difficult aspect of these movement is choppy(sideways) market which is very essential for all traders to know how to filter this choppy market out as soon as possible in the market.
Moveover, whenever there's a very long (uptrend or downtrend) in the market, that is where choppy market show face (occur) which it will look like continuous trend or reverse of a trend but all it doing is to kill (Loss) any trader that takes a position during this period.Then what is the solution?
Firstly, don't want to be in a market all the time, what i mean is that, is not all move you see that you trigger.Rememeber, that if you miss a trade, thousand of it is still coming on your way so have more patient.
Secondly, i think by making us of TREND line will help to filter the choppy market easily but you have to obey the trend line rule by drawing the perfect one or find an indicator(s) to draw this for you.There's many of them in this site.
Thirdly, by making use of different TF(timeframe) will also help to filter the choppy movement. That is, by taking your trend from larger TF to smaller one will definitely help you.
Thanks a million.
"IF YOU GIVE A MAN A FISH - HE WILL HAVE A SINGLE MEAL. IF YOU TEACH HIM HOW TO FISH - HE WILL EAT ALL HIS LIFE"

Thanks for this, Stratocaster,
I know Pipdrive (my new name for Rockdrive) likes a bit of plagarism so I thought I'd join in.
I used to do a lot of visualisation and stuff while being very successful in other areas. So, I'm a strong believer in this.

Now, not to get too airy fairy and arty farty about it, I have amended it to suit myself. Note, I have taken out all the "will" words. That beckons the question "when?" I like to think in the present. Or as Lightning McQueen says "I AM quicker than quick, I AM speed..." He doesn't say " I will be quick...."

See attached. (what a puff I must be!!)


On this topic, I use IG Index and have hidden the running profit/loss columns and now only think in pips. I know it's easy to calculate pips x stake, but believe me, this made a huge difference to me. The profit/loss is not staring you in the face telling you to close as soon as it goes a bit negative. But, also it stops you from closing as soon as it goes a small bit positive. The charts should be telling you where to close.
You can do this on GFT too. Not sure about others.

UPDATE: I've just realised the attached talks in pips too, not in money. See, it does work!!!!

Attached Files

I am a professional trader.doc (26.0 KB, 119 views)

__________________
Honest Bill