Aliassmith Beats a "Dead Horse"

[aliassmith]

Sooo…this was an interesting week.
I tried to trade the deadhorse to the best of my ability.
The previous week was a pretty good week for me however, only trading EU (and with my limited experience) was a bit hard as sometimes I had to wait pretty long for a setup.
I also started to watch other pairs but didn’t want to trade them because Alias said so. Last Monday I found a compromise…. I just traded EU on one account and I opened a trial account on “theproptrading”… just to see what would happen and to kill time.

The results were….interesting…

1st; did I reach the profit target of 8%? No I didn’t….I got stuck at 6.5% after trading 5 days.
Still I am happy with that. Not as godlike as you guys but hey…
Analyzing the data of this week, for me the most interesting part was that from all the pairs I traded (about the same list Alias posted recently+some more) I only managed to make profit on EU and GU. All the other pairs I traded ended in a net loss. (Except for a single EURCHF trade)
2nd; if I had only traded EU and GU I would have made the profit target after 3 days. So trading all the other pairs didn’t add value….they just held me back. Trading only EU I had 74% profitable trades. Trading all pairs I just reached 54%....

3th; (from just one week of data) my trades were not profitable at all between GMT 12:00 and 13:00
4th; Analyzing my losses, I had quite some small losses and a couple bigger losses. Most losses were losses where I had a good setup but I got out early trying to avoid a loss.
The biggest losses happened when I panicked… I went short…long, short long…I don’t know what happened in my head but I was lost for a couple of minutes.
5th: If I make a couple of big losses I am able to trade it back positive if I focus and the market wants to give.
6th; My original “only EU” account just kept going up with +/- 2% per day.

I’ll have to dive deeper into my data but I think my plan for the next week is pretty clear so I can prepare for the extreme heatwave that will be hitting Europe next week.
I want to thank everyone who has been posting stuff on the forum last week.
Nearly every post has had value for me. I loved the posts about the “patterns”. I’m not able to participate in the discussion (other than oh and ah) but that will change.
Hope you all have a nice weekend.

So what you are saying is if you trade only EU at your available time with your specific setups you make money?

You also almost passed the prop challenge in 1 week?

Going back and analyzing your trades/charts helps performance?


Most people never learn those valuable lessons.

It is an important time to not get distracted. Avoid chasing the "shiny " things. Stay on task!

Continue to trade those free evals for accountability. When you get them consistently then try a $10,000. Use profits from that on a $100k eval. Then use the profit to get a $200k. If you like the prop trading then get up to $500k merged.

[Yirbu]

So what you are saying is if you trade only EU at your available time with your specific setups you make money?

You also almost passed the prop challenge in 1 week?

Going back and analyzing your trades/charts helps performance?


Most people never learn those valuable lessons.

It is an important time to not get distracted. Avoid chasing the "shiny " things. Stay on task!

Continue to trade those free evals for accountability. When you get them consistently then try a $10,000. Use profits from that on a $100k eval. Then use the profit to get a $200k. If you like the prop trading then get up to $500k merged.

All true, ha, ha

I’ve been diving a bit deeper in my data (knowing that my dataset is not big enough) but it’s still fun and new things keep popping up…

What worries me a bit is that my win rate isn’t very good on EU. It’s just 46% now where is was much better in the previous week.
I understand that it’s also because I closed some trades early to prevent a loss but when I analyze these trades; half of my closes were valid and half not.

I’m thinking do a real test somewhere next week with only EU (it might feel different with real money and if I fail that’s ok as long as I know why) and I’ll trade AUDJPY, GU and the indices on trial. I’d like to separate these pairs so I can focus on learning different things. Maybe I can even do a trial on FTMO and see if there are differences. I’ll have to think about that.

Don’t know If I understand what you mean with shiny things but I’ll keep my eye on the road, have hyperfocus and will not get distracted captain! aye, aye

[aliassmith]

So what you are saying is if you trade only EU at your available time with your specific setups you make money?

You also almost passed the prop challenge in 1 week?

Going back and analyzing your trades/charts helps performance?


Most people never learn those valuable lessons.

It is an important time to not get distracted. Avoid chasing the "shiny " things. Stay on task!

Continue to trade those free evals for accountability. When you get them consistently then try a $10,000. Use profits from that on a $100k eval. Then use the profit to get a $200k. If you like the prop trading then get up to $500k merged.

All true, ha, ha

I’ve been diving a bit deeper in my data (knowing that my dataset is not big enough) but it’s still fun and new things keep popping up…

What worries me a bit is that my win rate isn’t very good on EU. It’s just 46% now where is was much better in the previous week.
I understand that it’s also because I closed some trades early to prevent a loss but when I analyze these trades; half of my closes were valid and half not.

I’m thinking do a real test somewhere next week with only EU (it might feel different with real money and if I fail that’s ok as long as I know why) and I’ll trade AUDJPY, GU and the indices on trial. I’d like to separate these pairs so I can focus on learning different things. Maybe I can even do a trial on FTMO and see if there are differences. I’ll have to think about that.

Don’t know If I understand what you mean with shiny things but I’ll keep my eye on the road, have hyperfocus and will not get distracted captain! aye, aye

https://personalexcellence.co/blog/shin ... -syndrome/

[Yirbu]

https://personalexcellence.co/blog/shin ... -syndrome/

Very interesting read. I had never heard of that.
Don't worry, I absolutely don't suffer from the shiny object syndrome once I am focussed....

[Yirbu]

When I started trading today I could already see that EU was trending strongly and we were heading for yesterday's high (red dotted line)

220719 - EURUSDM5.png (26.85 KiB) Viewed 1427 times

As I sat down just before London open I was able to grab an inside bar entry. When price stalled I closed it for +/-1R just to see price shoot up.... when it does that I just don't know what to do. There was an entry on the m1 but I am not used to switch down yet so I noticed that when reviewing the day. After price went beyond the daily ADR (the fat red line) I tried to cool down as we had 40°C/104F today and it often stalls a bit around the ADR level. I had one more trade when I came back which delivered just 1/2R and I didn't try to find an other trade because price was just ranging up and down.

I'll have to figure out how to tackle those days when price just tanks from London open because it happens at least once every week.
I keep thinking that price is too far from the Sma and chances are we will get a mean reversion. So I wait and do nothing.

btw: I can see some very sexy entries in that range using your z-line entries Jhx

[aliassmith]

When I started trading today I could already see that EU was trending strongly and we were heading for yesterday's high (red dotted line)

220719 - EURUSDM5.png
As I sat down just before London open I was able to grab an inside bar entry. When price stalled I closed it for +/-1R just to see price shoot up.... when it does that I just don't know what to do. There was an entry on the m1 but I am not used to switch down yet so I noticed that when reviewing the day. After price went beyond the daily ADR (the fat red line) I tried to cool down as we had 40°C/104F today and it often stalls a bit around the ADR level. I had one more trade when I came back which delivered just 1/2R and I didn't try to find an other trade because price was just ranging up and down.

I'll have to figure out how to tackle those days when price just tanks from London open because it happens at least once every week.
I keep thinking that price is too far from the Sma and chances are we will get a mean reversion. So I wait and do nothing.

btw: I can see some very sexy entries in that range using your z-line entries Jhx

I doesn't seem that your line of thinking is not correct. You appear to have thought it over logically and still made money on your terms.

Some won't do that. They see the price running away and get into bad positions. There are times where the market makes fast directional moves and you sit on your hands. There are occasions when the market slips up and gives you an entry.

Stick to trying to figure out the market's story each session. Having that knowledge is better than following a method blindly.

[Yirbu]

I doesn't seem that your line of thinking is not correct. You appear to have thought it over logically and still made money on your terms.

Some won't do that. They see the price running away and get into bad positions. There are times where the market makes fast directional moves and you sit on your hands. There are occasions when the market slips up and gives you an entry.

Stick to trying to figure out the market's story each session. Having that knowledge is better than following a method blindly.

thx. This helps. I'm trying to find out what works for me.... I know my mind is playing tricks on me.. but I have no problem sitting on my hands.... I don't like it but I'll do it if it prevents me from having a loss.
Today is a really bad day. My first negative day after two weeks of trading and all my profits from yesterday have evaporated.
I hate that...

I wanted to write: "the day isn't over yet..." However...is just seems that every trade I do results in a loss today.
It's better to stop trading and start all over tomorrow.

So you are saying I should look at the markets story per session...? I have been watching the story unfold on a day basis...
I'm going to try and see what the difference is if I consider each session as a separate chapter.

[Jhx]

I doesn't seem that your line of thinking is not correct. You appear to have thought it over logically and still made money on your terms.

Some won't do that. They see the price running away and get into bad positions. There are times where the market makes fast directional moves and you sit on your hands. There are occasions when the market slips up and gives you an entry.

Stick to trying to figure out the market's story each session. Having that knowledge is better than following a method blindly.

thx. This helps. I'm trying to find out what works for me.... I know my mind is playing tricks on me.. but I have no problem sitting on my hands.... I don't like it but I'll do it if it prevents me from having a loss.
Today is a really bad day. My first negative day after two weeks of trading and all my profits from yesterday have evaporated.
I hate that...

I wanted to write: "the day isn't over yet..." However...is just seems that every trade I do results in a loss today.
It's better to stop trading and start all over tomorrow.

So you are saying I should look at the markets story per session...? I have been watching the story unfold on a day basis...
I'm going to try and see what the difference is if I consider each session as a separate chapter.

Coincidence, but went through a very similar thing today , I'll write up a few thoughts in my thread when I post the chart.

[Yirbu]

My day didn't go so well. In the end I did loose a bit over 2R. These are the EU trades and then I lost 2 trades trying to recover on us30.

220720 - EURUSDM5.png (131.99 KiB) Viewed 1291 times

There was 1 trade (trade 2) where MT5 sort of froze...the chart wasn't moving but price was. I got confused because I couldn't see the loss on the chart but it was in the books...(I traded it on a mac. It uses wine to make it work so you don't need windows. On MT4 this is crap but it seemed to work just fine with mt5. Guess I will not be using that again). The trade wasn't the best setup in the first place but I feel I could've closed it earlier if I could see it go wrong.

My 4th trade was also a bit stupid. I closed it around +1 because it felt price was not going anywhere.
I should have stopped trading after trade 4 or maybe even after trade 2. I felt I wasn't in sync with the market and I guess it shows as I shouldn't have taken trade 2,3 and 5.
Tomorrow is a new day.

[Jhx]

My day didn't go so well. In the end I did loose a bit over 2R. These are the EU trades and then I lost 2 trades trying to recover on us30.

220720 - EURUSDM5.png

There was 1 trade (trade 2) where MT5 sort of froze...the chart wasn't moving but price was. I got confused because I couldn't see the loss on the chart but it was in the books...(I traded it on a mac. It uses wine to make it work so you don't need windows. On MT4 this is crap but it seemed to work just fine with mt5. Guess I will not be using that again). The trade wasn't the best setup in the first place but I feel I could've closed it earlier if I could see it go wrong.

My 4th trade was also a bit stupid. I closed it around +1 because it felt price was not going anywhere.
I should have stopped trading after trade 4 or maybe even after trade 2. I felt I wasn't in sync with the market and I guess it shows as I shouldn't have taken trade 2,3 and 5.
Tomorrow is a new day.

How are you entering your trades? Or are you using different entry methods?