How to be a MOnster

[Leoheart]

Now that I paid a champagne bottle to my broker - aka I burned my micro account one more time - I’m back home.
I took a pause from the forum to focus on my mistakes and as Leo says I’m back to the day one.
Lately I’ve been on Dc’s “1-2-3” thread and it convinced me to look for simplicity.
Simplify is my new motto, I want no more over-complicate stuff.. it’s not profitable.

My first trade from last night was a small win, hoping that it can sign up a new beginning for me and my trading.

As you see I’m still trading doji zones, a MA should separate the point #1 and #2 of a 1-2-3.
A momo back to the zone marks the #3 point.

3D693D69-7CC0-4AC1-BD52-8CDAF659D825.png

Welcome back home, Mira.

Blue:What were some of these complicated things? Perhaps others can learn from your experience. Thanks.

Hi Leo!
Thank you, is always a pleasure coming back home.

In the past two or three months I tried to improve (my view of) doji zones and didn’t go well.
I don’t even know what to reply, my thought process was made of “if price does this I do this, but when it reaches the zone like this then I should do that” and so on.
Idk maybe it could even be profitable but not for me, not now.
My goal is to become profitable and I need a clear mind to do this.

When I’ve been on Dc’s thread I saw how simple trading could be and I really like to follow the beautiful example he shared with us with the 1-2-3 setup.. then, only then, I’ll add up.

At the moment I'm focusing on targets.
I have the terrible habit of set the take profit too far just because I opened the trade at a bad price *palmface*.
My idea is to learn grabbing some pips before looking for any kind of continuation.

A little word before asking more questions. The biggest failures in trading are folks that have lives & responsibilities outside of trading. Fulltime jobs, wife + kids, mortgage etc.. Trading demands are just an added pressure, if not dealt with properly.

You have to acknowledge that you are going into a fight handicapped. As you limp across the ring, continually think about 'chopping' the other guy down with least amount of exposure (mental effort).

Your trading Frequency should be such where the trades naturally fall into your lap. You shouldn't be hunting for trades, its just added effort that you cannot accord based your life (busy schedule). There is alot of talk about Bill Williams around here lately. I remember he would say (upon pulling up his chart) , it takes him no more than 30 seconds or less to decide where he is going to enter & exit in his trades. It should be no different for you Mira. Find the simplest of truths, and fit it around your schedule & decide quickly when the opportunities present themselves.

Now once you figure it out:
What TF are you planning to use? How much time do you have to trade? What hours are you trading?

In terms to TP:

What were you basing your TP on before which failed?

EDIT: Mira I hope you understand my English.

[Mira]

Started the week with a B/E on USDJPY but i had a good one overnight on GC

GBPCADM15.png (44.82 KiB) Viewed 3147 times

[Mira]

Welcome back home, Mira.

Blue:What were some of these complicated things? Perhaps others can learn from your experience. Thanks.

Hi Leo!
Thank you, is always a pleasure coming back home.

In the past two or three months I tried to improve (my view of) doji zones and didn’t go well.
I don’t even know what to reply, my thought process was made of “if price does this I do this, but when it reaches the zone like this then I should do that” and so on.
Idk maybe it could even be profitable but not for me, not now.
My goal is to become profitable and I need a clear mind to do this.

When I’ve been on Dc’s thread I saw how simple trading could be and I really like to follow the beautiful example he shared with us with the 1-2-3 setup.. then, only then, I’ll add up.

At the moment I'm focusing on targets.
I have the terrible habit of set the take profit too far just because I opened the trade at a bad price *palmface*.
My idea is to learn grabbing some pips before looking for any kind of continuation.

A little word before asking more questions. The biggest failures in trading are folks that have lives & responsibilities outside of trading. Fulltime jobs, wife + kids, mortgage etc.. Trading demands are just an added pressure, if not dealt with properly.

You have to acknowledge that you are going into a fight handicapped. As you limp across the ring, continually think about 'chopping' the other guy down with least amount of exposure (mental effort).

Your trading Frequency should be such where the trades naturally fall into your lap. You shouldn't be hunting for trades, its just added effort that you cannot accord based your life (busy schedule). There is alot of talk about Bill Williams around here lately. I remember he would say (upon pulling up his chart) , it takes him no more than 30 seconds or less to decide where he is going to enter & exit in his trades. It should be no different for you Mira. Find the simplest of truths, and fit it around your schedule & decide quickly when the opportunities present themselves.

Now once you figure it out:
What TF are you planning to use? How much time do you have to trade? What hours are you trading?

In terms to TP:

What were you basing your TP on before which failed?

EDIT: Mira I hope you understand my English.

I have a part time job (08.30-12.30 local time) so i have all the afternoon and evening to trade.. i'm on the screen 30 minutes before the NY opening session and i go to sleep 1 hour after rollover time.
After many attempts with different time frames at the moment i'm on 15m charts, they're fine to me.

In terms to TP i admit that i always tried to hold TOO much
Now i'm basically trading 1-2-3s with a TTE when possible and my first target should be around the point "2" of the pattern.
I don't know how many people told me to do grab the "easy pips" first.. MO, Doji, Lem, PTG, Alias, V8, Mr. Hyde, Jala.. i surely remember at least one of their posts saying "Mira, take profits to accumulate before holding in a trade"

[Mira]

Loss -7

two opposite valid 1-2-3 are something that i need to think about.
When i opened the chart (1 or two bars before my entry) i immediately looked for a way to go long, but when i saw that price was already going up i took the opposite zone targeting #1 sema.. a bit "scalpy".


on the long side it was perfect

USDCADM15.png (43.97 KiB) Viewed 3125 times

[Mira]

Long overnight, took profits at the white arrow.

62A5B2EF-2F9B-4A72-8D1C-8E03526DD90D.png (188.69 KiB) Viewed 3103 times

[Mira]

I haven’t posted the latest trades, however I closed the second week in green.
Yes, I still have some doubt but slowly I’m learning to switch chart instead of forcing the market to do what I’m seeing.

I’m understanding that once you have the informations that you need, and this place is full of great people sharing their knowledge since 2006 , the biggest wall is the discipline.
Sticking to one method until you get it, tunnel vision as Pawel said. It’s a ‘learn by doing’ model.

[Mira]

After a few B/E finally a small profit to start the week, i had a higher target but price was slowing down and i have to go to gym now lol

AUDJPYM15.png (34.28 KiB) Viewed 3002 times

[Mira]

After reading Lem’s, Pawel’s and Alias convo about the position sizing I started to think that maybe I should mitigate the risk over more trades instead of only one.

I could set a daily goal, i.e. two lines or N pips, and divide the size in more trades without increasing positions until the next day..
The only problem is that, since I haven’t all day but only the NY session (and some day off because of other stuff), trading the 15 min doesn’t offers me so many trades all the times.
I’m thinking then to go down to 5 a min chart biased on, to say, a 15/30 min chart. Looking at the current week I had only one occasion on Monday, not so much..

I’m just thinking out loud, any suggestion is well accepted.

[paweldobkowski]

After reading Lem’s, Pawel’s and Alias convo about the position sizing I started to think that maybe I should mitigate the risk over more trades instead of only one.

I could set a daily goal, i.e. two lines or N pips, and divide the size in more trades without increasing positions until the next day..
The only problem is that, since I haven’t all day but only the NY session (and some day off because of other stuff), trading the 15 min doesn’t offers me so many trades all the times.
I’m thinking then to go down to 5 a min chart biased on, to say, a 15/30 min chart. Looking at the current week I had only one occasion on Monday, not so much..

I’m just thinking out loud, any suggestion is well accepted.

first of all
i wanna congratulate you on your second week ending green
although try not to think how many days/ weeks/ months you got green in the row tho
it can get to your head ---- that was at least my experience early on

keep things light
there is this unique dichotomy you need to keep in mind
this is easy work when you got your sht down ---- you need to feel like its not a big deal
but at the same you need to stay grounded ---- stay focused on the process
but if you can pull 2 weeks off you got it in my opinion

NOW THE SMALLER FRAMES

we got more or less the same price action and order flow on all the timeframes
but the feeling and timing of the market is HUGE
so the transition might require a little adjusting
but in the end of the day you need involvement
so i would go for it

i dont know exactly what you trade
and i dont want to mess your sht up (because what you do clearly works)
dont start to switch up things
but when you go from TF to TF keep in mind the price movement
not the candles ---- candles are there to mislead you
failed low on H1
is a perfectly good low and turn on M1
even tho the candles will be "sliced" by time differently you can still look for the same patterns
but please dont spend too much time on what i said
you should be able to move lower -> get more action -> and still do what you do
maybe just check ATRs because you dont want to be waiting for the same moves etc.
this will come with time anyway tho!
sorry if i rumble too much

[Mira]

After reading Lem’s, Pawel’s and Alias convo about the position sizing I started to think that maybe I should mitigate the risk over more trades instead of only one.

I could set a daily goal, i.e. two lines or N pips, and divide the size in more trades without increasing positions until the next day..
The only problem is that, since I haven’t all day but only the NY session (and some day off because of other stuff), trading the 15 min doesn’t offers me so many trades all the times.
I’m thinking then to go down to 5 a min chart biased on, to say, a 15/30 min chart. Looking at the current week I had only one occasion on Monday, not so much..

I’m just thinking out loud, any suggestion is well accepted.

first of all
i wanna congratulate you on your second week ending green
although try not to think how many days/ weeks/ months you got green in the row tho
it can get to your head ---- that was at least my experience early on

keep things light
there is this unique dichotomy you need to keep in mind
this is easy work when you got your sht down ---- you need to feel like its not a big deal
but at the same you need to stay grounded ---- stay focused on the process
but if you can pull 2 weeks off you got it in my opinion

NOW THE SMALLER FRAMES

we got more or less the same price action and order flow on all the timeframes
but the feeling and timing of the market is HUGE
so the transition might require a little adjusting
but in the end of the day you need involvement
so i would go for it

i dont know exactly what you trade
and i dont want to mess your sht up (because what you do clearly works)
dont start to switch up things
but when you go from TF to TF keep in mind the price movement
not the candles ---- candles are there to mislead you
failed low on H1
is a perfectly good low and turn on M1
even tho the candles will be "sliced" by time differently you can still look for the same patterns
but please dont spend too much time on what i said
you should be able to move lower -> get more action -> and still do what you do
maybe just check ATRs because you dont want to be waiting for the same moves etc.
this will come with time anyway tho!
sorry if i rumble too much

Thank you Pawel

Two weeks in green are just a small goal into a long red string
However I’m working hard to get the right mentality, I was about to leave trading forever since a month ago.. your job here gave me the strength to start again this time too.

At the moment I’m just focusing on keeping things simple so that can stay clear in my mind.. let’s see!

Funny that you talked about ATR, I was thinking about it last night but I know too little about it.
My idea was to use ATR to find my first target (I.e where I’d close 50% of the position size).. or am I saying weird sht? Lol