Aliassmith Beats a "Dead Horse"

[aliassmith]

4R today is good. Was going to ask how many R you made this week, but there is 1 more day to go.

So far I have +5.5R.
Mon: -1.5R
Tue: +5R
Wed: -3R
Thu: +5R
Could I have made more?...sure...but I could also have less.

I can see I need to be more patient with my trades...the winners will reach more and the losers might become winners.

11R. Over a 5 day period is good. If 1R = .5% then you get about 20% a month. Keep going and continue reviewing your work.

[Yirbu]

4R today is good. Was going to ask how many R you made this week, but there is 1 more day to go.

So far I have +5.5R.
Mon: -1.5R
Tue: +5R
Wed: -3R
Thu: +5R
Could I have made more?...sure...but I could also have less.

I can see I need to be more patient with my trades...the winners will reach more and the losers might become winners.

11R. Over a 5 day period is good. If 1R = .5% then you get about 20% a month. Keep going and continue reviewing your work.

Yes, 11R would be nice.
I feel I should be able to get there and beyond with more experience.
Today was a day with various trades. 2 nice ones but my position size was smaller by mistake.

Price broke yesterday's high but wasn't able to stay above it. It kept dancing between yesterday's high and the 1.02 level.

220729 - EURUSDM5.png (155.35 KiB) Viewed 1094 times

Managed to get +3.5R in total today. Nice because I was afraid I would loose my +5.5R, ha, ha.
This brings my weekly score up to +9R

It's a nice score but I see so many things I overlooked, would have done different in hindsight, etc. etc.
But I also get a better feel for how price is behaving and that's good.

And I managed to follow my SSP (Super Simple Plan). Next week I will replace "not trading during lunchtime" (because that was too simple) with something else.

Hope you also had a nice week

[aliassmith]

So far I have +5.5R.
Mon: -1.5R
Tue: +5R
Wed: -3R
Thu: +5R
Could I have made more?...sure...but I could also have less.

I can see I need to be more patient with my trades...the winners will reach more and the losers might become winners.

11R. Over a 5 day period is good. If 1R = .5% then you get about 20% a month. Keep going and continue reviewing your work.

Yes, 11R would be nice.
I feel I should be able to get there and beyond with more experience.
Today was a day with various trades. 2 nice ones but my position size was smaller by mistake.

Price broke yesterday's high but wasn't able to stay above it. It kept dancing between yesterday's high and the 1.02 level.

220729 - EURUSDM5.png
Managed to get +3.5R in total today. Nice because I was afraid I would loose my +5.5R, ha, ha.
This brings my weekly score up to +9R

It's a nice score but I see so many things I overlooked, would have done different in hindsight, etc. etc.
But I also get a better feel for how price is behaving and that's good.

And I managed to follow my SSP (Super Simple Plan). Next week I will replace "not trading during lunchtime" (because that was too simple) with something else.

Hope you also had a nice week

9R is very nice also.
Continue to practice.
Continue to stay away from shinny things.
Continue to review your live trading sessions.
Continue to convert your hindsite into execution.
Don't limit yourself with return goals, set yourself up for success.

People don't understand the importance/power of mastering 1 pair, 1 session, 1 methodology.

[aliassmith]

This is how I look at the chart.
It isn't how you must look at it.

I don't trade for R.
I trade for cash.

Trades #1, #2, #4, #5, and #6 = Cash
Trades #3 and #7 = Give back Cash

So, 5 out of 7 hit rate during "London"
35+ pips for this work or 8R

Even if you try to copy what I do, it won't be the same.
This is when you figure out what works best for you.

Analysis, Execute, Review, Refine, Repeat.
Practice, Practice, Practice, and Practice
There is no substitute for screen time.

[Yirbu]

This is how I look at the chart.
It isn't how you must look at it.

I don't trade for R.
I trade for cash.

Trades #1, #2, #4, #5, and #6 = Cash
Trades #3 and #7 = Give back Cash

So, 5 out of 7 hit rate during "London"
35+ pips for this work or 8R

Even if you try to copy what I do, it won't be the same.
This is when you figure out what works best for you.

Analysis, Execute, Review, Refine, Repeat.
Practice, Practice, Practice, and Practice
There is no substitute for screen time.

Interesting. I can see I had the same trades so I've progressed on that one.
Looking at trade #3...would you bail before it has hit your SL? Or would you hang in? And why/why not?

I'm not afraid that my trading will differ from yours. It wil and that's ok.
Still...I can learn a lot from you and I am grateful that you are willing to give me a peak in the kitchen.
I'm learning your way to cook but will add my own sauce

Thx!

[aliassmith]

This is how I look at the chart.
It isn't how you must look at it.

I don't trade for R.
I trade for cash.

Trades #1, #2, #4, #5, and #6 = Cash
Trades #3 and #7 = Give back Cash

So, 5 out of 7 hit rate during "London"
35+ pips for this work or 8R

Even if you try to copy what I do, it won't be the same.
This is when you figure out what works best for you.

Analysis, Execute, Review, Refine, Repeat.
Practice, Practice, Practice, and Practice
There is no substitute for screen time.

Interesting. I can see I had the same trades so I've progressed on that one.
Looking at trade #3...would you bail before it has hit your SL? Or would you hang in? And why/why not?

I'm not afraid that my trading will differ from yours. It wil and that's ok.
Still...I can learn a lot from you and I am grateful that you are willing to give me a peak in the kitchen.
I'm learning your way to cook but will add my own sauce

Thx!

Hard to say about #3. It depends on my mental state and money management at the time. It depends when my F-it moment comes and hit close.

[aliassmith]

Its even easier financially to make it in Forex.

My outline for a professional career in Forex by pulling up your bootstraps.

Learn
Practice
Test yourself on FTMO or ThePropTrading demo
If you don't pass go back to refining your method
Test yourself on the demo again
Test yourself on the demo again
After a few passes then you can spend $50 on a MyForexFund $5000 evaluation.
If you fail go back to practice and demo trading.
After a few passes try the paid evaluation again.
When you pass trade the $5000 eval until you can pay for a $50k or $100k evaluation account.
Continue this process earning your way up the ladder until you max out your evaluation account size.
This doesn't have to be MFF. You can use the money for other company evals.

[aliassmith]

You have managed to build up your prop cashflow to $10,000 a month.

Try to max out 3 different companies if you can. This is for redundant risk dispersion. Make sure you trade each account enough to maintain them.

If you make a big mistake on one account you'll have backup.

With your cashflow allocate funds to a personal account.
Examples would be funding a futures account
Or funding Ameritrade account for stocks, ETF. Or options.
Or a trusted Forex broker in your country.

If you get your backup plan in place you will be insulated from prop failures. You will be independent.

[aliassmith]

Its even easier financially to make it in Forex.

My outline for a professional career in Forex by pulling up your bootstraps.

Learn
Practice
Test yourself on FTMO or ThePropTrading demo
If you don't pass go back to refining your method
Test yourself on the demo again
Test yourself on the demo again
After a few passes then you can spend $50 on a MyForexFund $5000 evaluation.
If you fail go back to practice and demo trading.
After a few passes try the paid evaluation again.
When you pass trade the $5000 eval until you can pay for a $50k or $100k evaluation account.
Continue this process earning your way up the ladder until you max out your evaluation account size.
This doesn't have to be MFF. You can use the money for other company evals.

I wanted to add that this isn't made up and untested. I went through this process to verify it will work. It's good practice and also an inexpensive way to get to your end goals.

The newish $5000 evaluation made it less expensive. I tested on the $10,000 account that costs $89.

Make 8% on the $5000 account in month 1 then you can try a $50k evaluation or wait until you have enough for a $100k evaluation.

The idea is to not have to invest a lot of your own money.

[Don_xyZ]

Its even easier financially to make it in Forex.

My outline for a professional career in Forex by pulling up your bootstraps.

Learn
Practice
Test yourself on FTMO or ThePropTrading demo
If you don't pass go back to refining your method
Test yourself on the demo again
Test yourself on the demo again
After a few passes then you can spend $50 on a MyForexFund $5000 evaluation.
If you fail go back to practice and demo trading.
After a few passes try the paid evaluation again.
When you pass trade the $5000 eval until you can pay for a $50k or $100k evaluation account.
Continue this process earning your way up the ladder until you max out your evaluation account size.
This doesn't have to be MFF. You can use the money for other company evals.

I agree. I wish this MFF offer and the others existed back then. It would have saved me a lot of headaches.