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Trading Journal (only my take)

  • #101
  • Edited 7:43am Oct 28, 2017 7:26am | Edited 7:43am
I haven't posted live trades lately, there seemed little point with no direct gain to do so, and have limited myself to my ideas of what trading is all about instead along with any other views I may feel like expressing, and as result, I am very aware that this journal has obviously proven that it holds no interest to others, probably because I haven't given the detailed secrets of my golden goose technique fully away.

Anyhow, that said, I can add that I've had another extremely good week after a sluggish start, (which is not what most people want to hear, they prefer to see losers, of which the forums are full of lol) and I now hold only a Gold and GU trade open as it stands, both doing well, and all my trades are in my own unique style which I've touched on here and there and which does not consciously mirror anyone elses ever. There is a message there!
  • #102
  • Oct 29, 2017 7:18am Oct 29, 2017 7:18am
The majority of the trades that I enter are from pending orders, and as I've said before, roughly about 50% trigger, which is acceptable for me, and 50% don't trigger, which is also acceptable. I do use market orders at reduced size quite often for those occasions where the bus would have left without me.

So, the entry level of a trade, however it is taken, is obviously important. I operate mainly from H4 and D1 and use tap with a couple of conditions,to find an area that interests me from a swing trading perspective first and foremost, and then a level from those conditions where I want my entry to trigger.

There are those occasions, when my conditions are in place, the trade triggers, and the market then goes into hibernation for an extended period of time, often a week or more. With my strategy, I usually expect the market to make a decisive move in my favour, but when price goes flat, it is more than likely then that the accumulation and eventual release will propel the market in it's original direction. When I see those kind of market conditions especially, and I have a trade existing which may still satisfy the conditions of my entry btw, yet I know that a flat market is normally a tell tale sign for continuation eventually, and if I'm on the wrong side as I'd suspect then I will very likely exit at the most opportune moment at minimal loss or profit.

The overall message is that there is a fine line, in the decision making under those sort of particular circumstances, and both experience and acceptance to take a minimal loss is perfectly ok and is the smart move. There are several other market shapes of course that I personally react to, but felt it worth pointing that one out at least.
  • #103
  • Oct 29, 2017 8:31am Oct 29, 2017 8:31am
Quoting Landline
I haven't posted live trades lately, there seemed little point with no direct gain to do so, and have limited myself to my ideas of what trading is all about instead along with any other views I may feel like expressing, and as result, I am very aware that this journal has obviously proven that it holds no interest to others, probably because I haven't given the detailed secrets of my golden goose technique fully away. Anyhow, that said, I can add that I've had another extremely good week after a sluggish start, (which is not what most people want...
Hi Landline,

There have been a few occasions when my Trading has taken a BiG Step forward.

One, was when I started to think who was on the other side of my Trade - Zero Sum Market.

Another was when, as you have stated above, I started to realise I had to find my own Style and Methodology to become successful.

There must have been these moments in your Trading development.

Would you mind sharing them?
  • #104
  • Oct 29, 2017 9:04am Oct 29, 2017 9:04am
Quoting stevepatt
{quote} Hi Landline, There have been a few occasions when my Trading has taken a BiG Step forward. One, was when I started to think who was on the other side of my Trade - Zero Sum Market. Another was when, as you have stated above, I started to realise I had to find my own Style and Methodology to become successful. There must have been these moments in your Trading development. Would you mind sharing them?
Hi Steve,

Yeah I could, but tbh my story is probably similar to most others, but the main difference being that we both tell the truth, warts n all, 99.9% of the rest are full of bs.

Anyhow, I have made many mistakes in my trading journey, but the biggest, and yet at the same time, the best ironically enough was right at the beginning, when I knew zilch, and I decided to shell out a large sum of money to attend a stocks trading course which at the time seemed a good idea to me. Turns out that I soon realised after several months of trading that the "teacher" was useless. I scrapped his method, and had a think.

It dawned on me of course, that I'm bright enough, so do it my way, and listen to on one else ever again and I've not looked back since then..

So, it was an expensive lesson, but very useful in a strange way lol.

You above all others btw, seem to understand my general principles that I've discussed, and I'm pleased for you in that you too have adopted the mantra of "trusting yourself" without reliance on others. It is the only way amongst the sea of sharks who will fill peoples minds with utter nonsense.
  • #105
  • Oct 29, 2017 11:04am Oct 29, 2017 11:04am
I should say also, that I played around with various combinations of indicators and whatnot early on, changing this, adding that etc etc before I realised what aspect was missing.... and the one thing that is always constant..... time!

So cut a long story short....time and price emerged...tap and those 2 elements became my primary tools
  • #106
  • Oct 29, 2017 2:23pm Oct 29, 2017 2:23pm
Quoting Landline
{quote} Hi Steve, Yeah I could, but tbh my story is probably similar to most others, but the main difference being that we both tell the truth, warts n all, 99.9% of the rest are full of bs. Anyhow, I have made many mistakes in my trading journey, but the biggest, and yet at the same time, the best ironically enough was right at the beginning, when I knew zilch, and I decided to shell out a large sum of money to attend a stocks trading course which at the time seemed a good idea to me. Turns out that I soon realised after several months of trading...

Hi Landline,

I was foolish enough, at the very beginning, to buy a "System" based on the angle of the 40 EMA during the Asian Session on GBP/USD. Completely mad but it did work for a short while.

I was lucky, the only money I spent on my Trading was that "System" I even managed to get a refund.

I soon realised, like you, that I had to make a committed effort to learn and become self efficient.

Like everyone I have dabbled with Indicators but I soon learned the cleaner the Chart the better.

Most of my Trading has been based on Momentum - PullBack - Price Action - Trade

Although, now I'm leaving out the Price Action and entering on a Limit Order to get into a Trade at a better Price.

At the moment I'm working on Stop Loss and Take Profit Levels.

I guess I'm following the Yellow Brick Road and making improvements, to my Trading, on the way.
  • #107
  • Oct 29, 2017 4:22pm Oct 29, 2017 4:22pm
Quoting stevepatt
{quote} Hi Landline, I was foolish enough, at the very beginning, to buy a "System" based on the angle of the 40 EMA during the Asian Session on GBP/USD. Completely mad but it did work for a short while. I was lucky, the only money I spent on my Trading was that "System" I even managed to get a refund. I soon realised, like you, that I had to make a committed effort to learn and become self efficient. Like everyone I have dabbled with Indicators but I soon learned the cleaner the Chart the better. Most of my Trading has been based on Momentum -...
Yeah I've seen that you're making efforts to improve those areas that need strengthening up. I'd expect you to achieve an acceptable level, and there are one or two of my posts that talk about the subjects you've mentioned which might help you.

As I've said before, I think that you're on the right path now, or at least a better path than you were recently. There comes a point when whatever method is applied, that the successful trader knows that by applying the same repetitive conditions will result in a profitable outcome.

I'm not saying you have reached that point yet, because when you do, you will know that yourself, and that will be evident in your confidence, because, ultimately a successful trader by definition is a confident trader. Most, and I'm suggesting 95% +. will not make it for a number of reasons, and one of those believe it or not is actually a lack of confidence, which prevents their commitment when in a trade, and their lack of commitment is caused by their fear of losing.

Once a trader can overcome those aspects, assuming they have a half decent method in the first place that is, then they can really take off, but the numbers are proof that that is a lot easier said than done.
  • #108
  • Oct 30, 2017 11:59am Oct 30, 2017 11:59am
A bit of a heads up from my perspective only, I'll be looking to short GJ in the next 2 or 3 days by the looks of things, tap is not bad right now, but the trigger not quite right just yet though for me.
  • #109
  • Oct 31, 2017 6:01am Oct 31, 2017 6:01am
I have just taken a small market order entry on both AN and EN in accordance to my conditions via D1. I may need one or two bites at these to be fair, hence the smaller sizes, and as they are swing trades, then I don't expect immediate market reactions which is quite normal for this type of trading...it's a patience game remember, as usual.
  • #110
  • Edited 3:03pm Oct 31, 2017 2:46pm | Edited 3:03pm
Quoting Landline
A bit of a heads up from my perspective only, I'll be looking to short GJ in the next 2 or 3 days by the looks of things, tap is not bad right now, but the trigger not quite right just yet though for me.
Initial short in play at 151, which is a better price than I expected to enter, and also about a day earlier than I thought. This is part of the precision topic I talked about....sometimes better, sometimes worse, it's what it is and the nature of trading, and we simply work with whatever condition we have entered from, that part doesn't change!
  • #111
  • Nov 3, 2017 5:22am Nov 3, 2017 5:22am
The plans for this week played out well and without too much hassle..... GJ and EN now closed out for good profits, I'll leave AN for a bit longer, but looking to close out in the next hour or two and before NFP.

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  • #112
  • Nov 3, 2017 7:04am Nov 3, 2017 7:04am
Quoting Landline
The plans for this week played out well and without too much hassle..... GJ and EN now closed out for good profits, I'll leave AN for a bit longer, but looking to close out in the next hour or two and before NFP. {image}
OK...no change, time to close out now with the unpredictability of NFP fast approaching, and be more than satisfied with gains made, and start the process again next week.
  • #113
  • Nov 4, 2017 7:08am Nov 4, 2017 7:08am
There are thousands of ways to trade of course, and each individual will see things differently.

With so many ways, it is actually not surprising that so many lose, because the majority rarely stay focussed on one method long enough to fully understand both the strengths and weaknesses of a method, because I can assure anyone viewing, that any method will certainly have both!

Usually, the simpler the method, the more effective it is in the long run, and that means using core trading principles, as opposed to relying, as in so many cases, on a whole bunch of indicators, ma's, stochastics, cci's and the like, which in my view will doom any trader who is using an excessive number of these.

My charts for instance, tell me all I need to know to make an informed decision with a reasonably high level of confidence, and no silly oscillators or an excess of indicators in general are needed to do so.

For example, say I see a set of conditions that I like on D1, and I enter the trade accordingly based upon core trading principles. I'm likely to be in the trade for 3+ days, so could I really care less what oscillators etc are doing...of course not, because I know that the market will go up and down in any case, and an oscillator or loads of ma's won't make any difference to that whatsoever.

As usual, my views won't be welcome to the vast majority, but then of course the vast majority lose!

So the message today is very obvious....keep it as simple as possible without sacrificing the core trading principles, and that way improvements are bound to happen if a disciplined approach is maintained, instead of hopping from thread to thread, thinking the next idea must be the best....none of those beat reading the market conditions correctly, which is how I personally approach it.
  • #114
  • Nov 4, 2017 3:44pm Nov 4, 2017 3:44pm
Hi Landline,

Thanks for starting this thread I find it very useful so far and find your charts very useful to look at. I'm trying to find a 'setup' that works for me, fitting in around my job so have been watching daily charts and h4 charts for a while, whilst trying to find my 'edge'. Ive found Stevepatts charts / post absolute gold. I understand your reasoning behind not sharing your method as everyone is different. I hope its okay to share some charts, as per your rules, any comments are very welcome

Phil
  • #115
  • Nov 5, 2017 5:28am Nov 5, 2017 5:28am
Quoting Philios13
Hi Landline, Thanks for starting this thread I find it very useful so far and find your charts very useful to look at. I'm trying to find a 'setup' that works for me, fitting in around my job so have been watching daily charts and h4 charts for a while, whilst trying to find my 'edge'. Ive found Stevepatts charts / post absolute gold. I understand your reasoning behind not sharing your method as everyone is different. I hope its okay to share some charts, as per your rules, any comments are very welcome Phil
Hi,

I'll assume you have read everything I've said in this thread, and I mean everything.

That being the case, and it complies to the rules, then go ahead and post. On that basis, you will not be negatively criticised by me I assure you. but you may be constructively...I won't know that of course until I see what you want to share
  • #116
  • Nov 5, 2017 12:31pm Nov 5, 2017 12:31pm
Quoting Landline
{quote} Hi, I'll assume you have read everything I've said in this thread, and I mean everything. That being the case, and it complies to the rules, then go ahead and post. On that basis, you will not be negatively criticised by me I assure you. but you may be constructively...I won't know that of course until I see what you want to share
I would genuinely welcome any constructive criticism as I am trying to better myself!

thanks Landline
  • #117
  • Nov 6, 2017 4:46pm Nov 6, 2017 4:46pm
Hello,

Hope this reply meets the criteria. USDJPY has a tempting daily sell candle. Set sell order at 114.25 targeting 113

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  • #118
  • Nov 6, 2017 4:57pm Nov 6, 2017 4:57pm
coming into today I was expecting GBPUSD to go up, but as we are in consolidation and have been for a few weeks I wasn't sure if we were going to break down in price especially with GBP taking a hit with the interest rate rise. Today nice daily buy bar, so am hoping to take a long from 1.31 targeting 1.32 / 1.325
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  • #119
  • Nov 7, 2017 4:05am Nov 7, 2017 4:05am
Everyone note.

Post 1 outlines the rules for posting charts and trades here. Anything less will be deemed by me as nothing more than bs FT's and will be dealt with immediately.

I may accept an occasional educational chart for clarification, but remember, this is primarily a trading journal, where I often express my take and it is not for direct teaching!

If all of that is understood, and complied with, then there will not be a problem. Honest and real is what matters here, remember that, and I intend keeping it that way..... there are dozens of other threads if you want bs FT, but I will not allow it in this one no matter who you are!
  • #120
  • Nov 7, 2017 1:42pm Nov 7, 2017 1:42pm
NU long set now in play live. The conditions that I need are in place, and I'll add on, adjust, exit, take pp and generally manage the set as it plays out through the week etc etc as and when required along the same lines as I've illustrated in all my other trades that I've posted live previously.posted.

As the saying goes, I live and die by the sword...but it's real.... with no bs, and you don't see many others confident enough in their method prepared to do the same....funny that...can't think why lol.

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