lukx zline trading log + cfabian p.35 + adaseb p.48

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pablo101
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Postby pablo101 » Wed Nov 04, 2009 9:17 am

lukx wrote:There's no point to lie and say that I can see while I can't.


Well no, I think you can see something, you were doing ok before. I think this is a pysch problem since you can't seem to cut your losses, who in their right mind has loss of -150 pips??

Quote from Sam: There will be five outcomes to any live trade:

1. Big loss
2. Big win
3. Small loss
4. Small win
5. BE

If you stuck with your initial trading plan you would could have lived with point 2,3,4 or 5, not 1!
What line? The line that tells you which way you are trading! - MO

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Shinobi-X
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Postby Shinobi-X » Wed Nov 04, 2009 11:17 am

lukx wrote:-150 pips, getting closer and closer to margin call:
Image


I don't mean to butt in in your journal and I don't mean to be rude but I couldn't resist commenting on this one.

I see that you have put your commitment in continuing to write in your journal. commitment is the key word here. I just noticed that your initial entry had profit at some point, no? if the answer is "yes, I had a profit but I intended to hold for more profit" then you're doing it wrong. I had such trading in the past. but then I learn about this thing called stop order. so until now I surely don't want to repeat the same mistake.

lock your profit, but not too early. so for example, you already had 20 pips go in your favor quickly lock 10 pips. not too close so you have a buffer of volatility. this way if the SL order is hit you'll still end up with AT LEAST X pips.


however, if the answer to the question is "no, the market turned after my initial entry" then you have to improve your chart reading (not indicator reading) and enforce the discipline (follow your trading plan regarding cutting loss/SL). it's crucial to be able to read the market, if you read wrong then you'll have wrong understanding. zoom out then zoom in (from higher TF to lower TF). another thing is emotion. you need to be able to control it. brainwash yourself and think only this "it is not OK to lose".

if a small loss is called loss what do you call huge loss then?
The gap between reality and dream is called action.

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dragon33
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Postby dragon33 » Wed Nov 04, 2009 12:09 pm

This is my stepplan

1) search for the right entry of what you think is the right entry. Do also watch if there is room for a trade! If not stay out.

as soon as you have decided where you are going to pull the trigger you MUST have your SL in place.

2) Once your order is filled start immediate with searching for the next possible supply or demand zone (i use the MO indi to target the next H1 zone)
Once price is there you have a few options we will talk about later if you want. But for now i recommend you to take your profit.

3) Be patient and repeat points 1 and 2

Image

Image
Trading is like cycling, first you need to learn how.
Two options: you either lose or win!

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lukx
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Postby lukx » Wed Nov 04, 2009 12:30 pm

Thanks Dragon, I really appreciate your advice !.

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dragon33
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Postby dragon33 » Wed Nov 04, 2009 1:54 pm

lukx wrote:Thanks Dragon, I really appreciate your advice !.


Do you know why H1 is important to enter?

For every trade you make you expose yourself to the market!

If you can make the right entry on H1 and target 50 pips in just 1 trade then you could have a possible loss of just 10 pips.

If you do the same but based on a M5 or M15 chart going for 50 pips then you have to expose yourself a lot more to the market.

That's also why i advice you to search for the zeroline entry on H1. Another point could be helpfull using the zeroline approach.
Just draw a horizontal line on the daily close of yesterday. Above you only buy and below only selling. That way you have a sort of direction. Never trade the pullbacks untill you get it!
Trading is like cycling, first you need to learn how.

Two options: you either lose or win!

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mthomas
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tks

Postby mthomas » Wed Nov 04, 2009 8:18 pm

Very good Dragon.
I'm ready for the next lesson.

Have a great session,
Alotofpips

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Shinobi-X
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Postby Shinobi-X » Thu Nov 05, 2009 1:04 am

on a side note....

a momo bar is also known as "tsutsumi" in the original candlestick pattern (engulfing pattern in english version). it's good to have an understanding of candlestick patterns (although not all of them can be applied to the fx market being originally developed for the instrument that frequently deals with price gaps). stephen bigalow authored a book that simplified the readings of candlestick (a useful book if you intend to stay in the market).

I read this book years ago and I personally recommend this book to whoever wants to get a cleaner look into candlestick. Steve Nison's Japanese Candlestick Charting Techniques is also good but I found Stephen's more straight to the point.

the book:
http://www.amazon.com/Profitable-Candle ... 487&sr=8-1

the author:
http://www.candlestickforum.com/PPF/Par ... estick.asp

Great trading to all!
The gap between reality and dream is called action.

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cfabian
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Postby cfabian » Thu Nov 05, 2009 1:41 am

Lukx, did you notice you were selling at a D1 ZL, where you should be looking for long trades?

lukx wrote:-150 pips, getting closer and closer to margin call:
Image
WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!
"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"

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lukx
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Postby lukx » Mon Nov 09, 2009 6:10 am

cfabian wrote:Lukx, did you notice you were selling at a D1 ZL, where you should be looking for long trades?

lukx wrote:-150 pips, getting closer and closer to margin call:
Image


nope I didn't notice it.

I didn't trade last week because I was holding this huge drawdown from going short there. Today after over 300 pips - I got margin call so I'm starting fresh and with tiny account :) 27 $. I will be doing only what Dragon said from now on.

Image

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adaseb
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Postby adaseb » Mon Nov 09, 2009 8:11 am

How big were your lots that you traded?

Just trade with 100 units.

Trust me last week I had a bad day with over 100 pips loss and guess what it cost me? Only $1.00.

$1.00 is a small price to pay to learn how to get out of a bad mistake.

Because if you can't trade with $0.01/pip then you surely shouldn't trade with $10+/pip

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