TygerKrane's Pip-Pickpocketing

[TygerKrane]

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In trying to perfect my trading, I see that my main causes for bad decisions in trading are

1. Too little patience, taking entries in less-than-optimal trading setups
&
2. Too much confidence, in my larger timeframe analysis, which leads to #1

That being said, I think I can say that I've developed a 'sixth sense' that lets me know when I am taking a B.S. garbage entry...when I take an entry, and have ABSOLUTELY NO DESIRE WHATSOEVER to take a screenshot of it!!
Seriously. I hit the button and I already know that nothing can be learned or positively reinforced from reviewing that trade entry, so why even bother.
Of course, there is nothing wrong with the occasional gamble of throwing in an entry (at less than usual leverage) (if you see PA lining up from way back, for example), but balance must be maintained with that sort of thing; It definitely should only make up a minority of the trading entries taken.

Other than that, it's GREAT to know that money lost can be money regained; That type of confidence is PRICELESS.

So in light of this, what can I see for my account?
trickle, trickle...OPEN THE FLOODGATES!!...trickle, trickle, (trade off weekly extremes)...RELEASE THE KRAKEN!!

We'll see, I hope I'm not just all talk.
I'm actually thinking of doing something like posting my account balance maybe weekly or something to ensure that I don't do anything stupid to incur big drawdowns when I'm by myself trading...


I'm not quite MightyOne on the charts, but I'm no longer quite Mr. Bean on the charts now anymore either.




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[LittleKnown]

Hey TK, maybe you could post your accounts but would that not create a bit more psychological pressure than needed as in trying not to make mistakes whilst worrying about posting accounts at the same time, just a thought, I tried posting a couple of trades once and felt I was concentrating more on the posting than the actual trades.
Maybe post the trades after you have cross examined them and know why you entered them and then let people try to disprove your entry/exit method, then again what do I know lol?

[TygerKrane]

Thanks L-K, you reminded me...
What I forgot to mention in my post when I said the 'trickle, trickle' part was that I felt really strongly about risking 4.5-5% a week lost max as suggested by MightyOne. (Maybe, I'll give myself 6%.)
Over the last week I experienced twice that I could've added in aggressively and OPENED THE FLOODGATES on my account, but since my account was down more than I wanted it to be, I only added in a little. I made X% on the trade, but had my weekly account not been so negative, I would've added in more, moved my stop to my average line and made 3X% on that trade.

If I'm not afraid of letting you guys see me fail, then I should be able to try posting my accounts for a bit. Maybe I post the account with the agreement that I stop if I reach say, -20% of that original balance? ...Because I do accept that as a possibility as well, and you guys know from the start that I am not a certified-gangsta on the charts yet. Right?


[highlight=#0066CC]^^^^^^********^^^^^^
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Other than that, I think its simply AMAZING how sometimes I can scan the charts and my brain is just a dead blob of no activity, and other times my brain is just vibrant and I can't stop it from firing off IF/THEN blueprints for me to follow on these roadmaps. (Not to say that the blueprints are always right or even mostly right; but I have an idea and I am just oh so ready to Act/React to whatever is going to happen.)

The pairs I look at are:
AChf / AJ / AU
ChfJ /
EA/ ECad / EChf / EJ / EU
GU / UCad

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At times, I will trade more than one pair at time, but sometimes though, for example, based on PA I will see a reason to go Long EU & Short GU.
But it just feels wrong to me
b/c for the Long trade, I am saying "The USD will get weaker"
while (at the same time) for the Short trade, I am saying "The USD will get stronger"

[font=Comic Sans MS]How do you guys cope with this type of scenario? Am I the only one who gets analysis paralysis over this?[/font]

[bettlebox]

Hi Tyger

What i do is grade my trades. Doing this helps you pick best setups.

i have:-
A++ <-- perfect setup everthing ticks boxes
B Over half boxes ticked
C Dodgy position

So like opposite postion on E/U and G/U i would look how good the setup was
on both and pick the one that has the best score. This makes nice easy and stops yourself getting in a knot about which trade to take.

Also i make a yearly correlation table this is from end sept 2011 to end sept 2010.


if its 80%+- its green or red
if its between 60%-79% +- its Aqua or Orange
everthing else it white



BB

Thanks L-K, you reminded me...
What I forgot to mention in my post when I said the 'trickle, trickle' part was that I felt really strongly about risking 4.5-5% a week lost max as suggested by MightyOne. (Maybe, I'll give myself 6%.)
Over the last week I experienced twice that I could've added in aggressively and OPENED THE FLOODGATES on my account, but since my account was down more than I wanted it to be, I only added in a little. I made X% on the trade, but had my weekly account not been so negative, I would've added in more, moved my stop to my average line and made 3X% on that trade.

If I'm not afraid of letting you guys see me fail, then I should be able to try posting my accounts for a bit. Maybe I post the account with the agreement that I stop if I reach say, -20% of that original balance? ...Because I do accept that as a possibility as well, and you guys know from the start that I am not a certified-gangsta on the charts yet. Right?


[highlight=#0066CC]^^^^^^********^^^^^^
*******^^^^^^********
^^^^^^********^^^^^^[/highlight]

Other than that, I think its simply AMAZING how sometimes I can scan the charts and my brain is just a dead blob of no activity, and other times my brain is just vibrant and I can't stop it from firing off IF/THEN blueprints for me to follow on these roadmaps. (Not to say that the blueprints are always right or even mostly right; but I have an idea and I am just oh so ready to Act/React to whatever is going to happen.)

The pairs I look at are:
AChf / AJ / AU
ChfJ /
EA/ ECad / EChf / EJ / EU
GU / UCad

[highlight=yellow]^^^^^^********^^^^^^
*******^^^^^^********
^^^^^^********^^^^^^[/highlight]

At times, I will trade more than one pair at time, but sometimes though, for example, based on PA I will see a reason to go Long EU & Short GU.
But it just feels wrong to me
b/c for the Long trade, I am saying "The USD will get weaker"
while (at the same time) for the Short trade, I am saying "The USD will get stronger"

[font=Comic Sans MS]How do you guys cope with this type of scenario? Am I the only one who gets analysis paralysis over this?[/font]

[TygerKrane]

We Are Traders - A Tribute to All Those Trading the Markets

[TygerKrane]

I was looking at the ECad and was about to take screenshots to better understand how I would go about trading it:





I then realized to myself, "NO, this chart setup is NOT for you; That is why You have [font=Times New Roman]11 pairs[/font] available to scan - so you can find the Price Action you are comfortable with and can easily integrate into - So Why are you trying to Force Yourself into charts that don't naturally make you go "



I then decided to open up the M20 chart fullscreen...DEFINITELY found price action forming in a fashion that naturally made me go : (for whatever reason, in this 'consolidation area' {as it looks like to me} spread out on the M20 like that, I found it very easy to be satisfied picking smaller targets to shoot for).





But no, won't make any attempt to trade it, I am currently basing my main trading decisions off of H3 and H1, so I want to keep my mind focused in those timeframes. But in the distant future, I will remember this 'trick' if I have overall chart setups that make me go , that I want to make me go .

[aliassmith]

[marq=right][font=Verdana][highlight=black]¤¤ 4-Phase Aggressive Pushing System, by [/highlight][highlight=black]aliassmith ¤¤[/highlight][/font][/marq]


http://kreslik.com/forums/viewtopic.php?p=47713#47713
http://kreslik.com/forums/viewtopic.php?p=47776#47776
http://kreslik.com/forums/viewtopic.php?p=49430#49430
http://kreslik.com/forums/viewtopic.php?p=49436#49436
http://kreslik.com/forums/viewtopic.php?p=49460#49460


**aliassmith**
I had to slightly alter the way I increase leverage. I can't go 4, 8, 16, 32:1 leverage; b/c at 32:1 it limits the pairs that I could actually trade at that point. (Trading the main USD crosses I would have ~113pips till margin call; getting some of the more expensive cross currencies I would have between @13.5~7.5pips till margin call )
I also recalculated the fail rate. I'd have to fail 11 straight times to end up a bit past breakeven on my 12th attempt. (2% above breakeven, lol) (If I failed 12 times and succeeded on the 13th, I'd be down 1.6%)

Hi Tyger, The example I proposed was to demonstrate methodology. It is
a way to visualize pyramiding, adding to positions, etc. It is a concept I
"took away" from some great traders. So, look at it, study it, adapt it, to
fit your needs.

[TygerKrane]

I think that I know what I'm doing, but one of my current weaknesses is that when I'm on my own trading, sometimes I get these megalomaniac visions of grandeur. Definite account killer.
So I figure I might put myself out there for public scrutiny to make myself a bit more accountable for my actions. I remember when prochargedmopar was posting his account (I think sometime last year, or late 2009), I thought that was heroic.

The first two weeks at the very least will start off very slow, as I will feel a bit more cautious/apprehensive at the start of this Instant Self-Discipline experiment, but there is no doubt that this will be a GOOD kind of caution.

¤I'll do this at the end of each week. I have no idea how this will turn out (I couldn't fully tell you which side of the 95% I am on just yet.)
¤I'll try to limit my losses to -5% a week.
¤I'll go back into the shadows to regroup and reorganize if my balance gets -40% from this starting point.

As LittleKnown pointed out earlier, {paraphrase}"Won't this put unnecessary added pressure on myself?"
I can only say, back in his prime, Mike Tyson was knocking the heads off of 95% of the people out there; so I wouldn't be too embarrassed if I went in the ring with him and people saw me get my head knocked off too.
95% of traders fail, therefore...

Basically, for my [font=Comic Sans MS]current [/font] level of trading ability, I need to remember to keep a Marathon Mentality, and not the mentality for a Mad-Dash-for-Cash.

I will probably start off each week, and every few days by watching, We Are Traders - A Tribute to All Those Trading the Markets.

[TygerKrane]

Hi Tyger

What i do is grade my trades. Doing this helps you pick best setups.

i have:-
A++ <-- perfect setup everthing ticks boxes
B Over half boxes ticked
C Dodgy position

So like opposite postion on E/U and G/U i would look how good the setup was
on both and pick the one that has the best score. This makes nice easy and stops yourself getting in a knot about which trade to take.

Also i make a yearly correlation table this is from end sept 2011 to end sept 2010.


if its 80%+- its green or red
if its between 60%-79% +- its Aqua or Orange
everthing else it white



BB

Bettlebox, you're right, I should just pick the pair I am most comfortable with and do my best.


So you track yearly correlations?

OANDA has a page where they do correlations for many different timeframes as well:




In comparison to your chart, however, they don't have AUDJPY or CHFJPY.

I uploaded these with my 4shared.com account, I hope this doesn't cause a problem in the future; there was no way I was typing tinypic.com's security code 12times!

::EDIT::
Dammit, they're not letting me link the direct images onto here. Sorry!! At some point in the near future, I guess I will go through and do the tinypic.com thing, so I can have the images here like I want them to be.

Tygs, at II i use the tinypic API..

go to any thread on II and hit the 'post reply' button (not quick reply)
in the attachment part is the upload to tinypic...
the API does not have use the captcha

G.

Wow bredz, surely, you have thought of everything; That is truly a very slick site over there at Insanity Industries.

~Krane

[bettlebox]

Well every 4 months i update it.

How i produce it
1. in metatrader i goto daily chart use the save as feature. This save all data ie open,close high and low, date stamps etc in to csv file.
2. i import it in to excel spreadspheet and manually strip the time period im interested in. ie data from last year to date. I do this for all indexes i watch. Each index has tab of it own by the way.
3. Once i have all data , i use the correl function on all years data on 1 index and correl to another pairs index.

I have attached my spreadsheet i created.
If dont have excel upload to google documents and yes thier excel

I like that oanda page very niffy .

Hi Tyger

What i do is grade my trades. Doing this helps you pick best setups.

i have:-
A++ <-- perfect setup everthing ticks boxes
B Over half boxes ticked
C Dodgy position

So like opposite postion on E/U and G/U i would look how good the setup was
on both and pick the one that has the best score. This makes nice easy and stops yourself getting in a knot about which trade to take.

Also i make a yearly correlation table this is from end sept 2011 to end sept 2010.


if its 80%+- its green or red
if its between 60%-79% +- its Aqua or Orange
everthing else it white



BB

Bettlebox, you're right, I should just pick the pair I am most comfortable with and do my best.


So you track yearly correlations?

OANDA has a page where they do correlations for many different timeframes as well:




In comparison to your chart, however, they don't have AUDJPY or CHFJPY.

I uploaded these with my 4shared.com account, I hope this doesn't cause a problem in the future; there was no way I was typing tinypic.com's security code 12times!

::EDIT::
Dammit, they're not letting me link the direct images onto here. Sorry!! At some point in the near future, I guess I will go through and do the tinypic.com thing, so I can have the images here like I want them to be.

Tygs, at II i use the tinypic API..

go to any thread on II and hit the 'post reply' button (not quick reply)
in the attachment part is the upload to tinypic...
the API does not have use the captcha

G.

Wow bredz, surely, you have thought of everything; That is truly a very slick site over there at Insanity Industries.

~Krane