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Trading Journal (only my take)

  • #161
  • Feb 7, 2018 6:05am Feb 7, 2018 6:05am
GA is looking after itself now, nothing much for me to do on that one at present.

I've just entered GU long.

Simple tap levels and trigger are in a fair place. This means (for me at least) that probability is on my side to take the trade...no guarantees of course on any single trade ever taken, but over a series, then the odds are in my favour, and means that I don't need to over concern myself when a losing trade inevitably occurs periodically. Anyhow GU h4 live chart attached

Attached Image
  • #162
  • Feb 8, 2018 6:23am Feb 8, 2018 6:23am
Quoting Landline
GA is looking after itself now, nothing much for me to do on that one at present. I've just entered GU long. Simple tap levels and trigger are in a fair place. This means (for me at least) that probability is on my side to take the trade...no guarantees of course on any single trade ever taken, but over a series, then the odds are in my favour, and means that I don't need to over concern myself when a losing trade inevitably occurs periodically. Anyhow GU h4 live chart attached {image}
GA hit final tp

GU....added 2nd entry. TP hit +120.

Taken 50% of initial entry also and stop adjusted. All safe, another happy day lol

Attached Image
  • #163
  • Feb 8, 2018 7:04am Feb 8, 2018 7:04am
Anyone who trades with real money will know that no matter what method is applied, that any given trade can fail. I say this because it is only relevant to real trades where it affects your pocket! The reason being that the real traders big enemy is complacency after a series of strong results. I know for instance, that my very next trade can fail, and that can actually start to become more magnified when I've had a good run of results. In other words, whilst probability with my particular approach favours success, I simply cannot say which one will be a failure, because I definitely know that one will turn up.

So, the story here is, stay rational, and keep position sizes relative...ie don't go mad just because of any recent successes, stick to your plan, because the market always has a habit of biting you in the arse at any moment!
  • #164
  • Feb 8, 2018 8:12am Feb 8, 2018 8:12am
Quoting Landline
{quote} GA hit final tp GU....added 2nd entry. TP hit +120. Taken 50% of initial entry also and stop adjusted. All safe, another happy day lol {image}
Last GU update today

A further 30% taken off

TP and stop adjusted on the final 20% remaining on this position, my plan is to let this play out for now and needs very little babysitting.

All in all, this was the perfect trade.....good entries, good stops, good targets, good management....they are not always this straightforward!

Attached Image
  • #165
  • Feb 10, 2018 6:18am Feb 10, 2018 6:18am
One or two threads are becoming interesting recently amongst all the bs ones.

The trendline thread for example has a few things going for it imo, and even though it seems a little too convoluted and ambiguous, the basic concept looks to be capturing time (consciously or not) within the method.

That's an obvious plus to me, and I think if the ambiguity/interpretation of what definitely constitutes a valid trendline can be removed to leave either just a yes or no entry, then the thread will be a big winner.... providing those refinements are made.

In my case of course, I consider tap in any trade decision, and on occasions I use my own kind of trendline method to confirm an entry, which can be angled, verticle or horizontal, and is both practical and simple (for me that is) and eliminates the ambiguity that I've mentioned.

Additionally, it is effective on any t/f, but I personally prefer h4 and above.

I've quickly marked up a chart using m15 in this case where all the circled areas would be valid entries throughout the day, to highlight the fact that tap is versatile to any t/f.. It's a simple chart and in this example a verticle trendline was used once the conditions of tap that I apply were in place.

As I've said in the past, I'm not here to teach as such, but I do indulge myself sometimes to show alternative ways to think, and from which others might glean something useful for themselves.

Chart attached....note, this is unusual for me to post a non-live trade entry chart, but maybe worthwhile to someone to build from.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM15.png Size: 12 KB
  • #166
  • Feb 11, 2018 7:10am Feb 11, 2018 7:10am
Just a pov.

If someone has a concrete system, why would they want to fully disclose it on FF or any other forum!

The answer is pretty simple....they wouldn't.

So, that obviously should suggest to everyone studying others so called concrete methods that they are in fact more like jelly.

Then we have those that want to sell said systems. Obviously once again, if the system was so concrete as claimed, then surely more money would be made trading it for themselves and not selling it.

There's no way I'd sell my methods or discuss them in enough detail that they could be back-engineered, it would simply defeat the objective of having an edge over my competition...ie everyone else!

There's a clear message there....those going on about a system and how supposedly great it is are talking crap as usual.

Work on a method, tune it, then keep it!

Finally, it is a known fact that the vast majority do not make money trading. The main factor for that is that the vast majority think conventionally, it is human nature, and the marketeers and brokers are well aware of that, and will guide everyone intentionally down the wrong path. People need to think differently to succeed in this game, which will require a new mind-set in practically all cases.

Failure to do so is guaranteed to end in losses, so my advice is start re-inventing yourself before it's too late, and do not listen to others no matter who they think they are...in most cases, they know no more than anyone else...with just one or two exceptions!
  • #167
  • Feb 11, 2018 4:04pm Feb 11, 2018 4:04pm
Quoting Landline
Just a pov. If someone has a concrete system, why would they want to fully disclose it on FF or any other forum! The answer is pretty simple....they wouldn't. So, that obviously should suggest to everyone studying others so called concrete methods that they are in fact more like jelly. Then we have those that want to sell said systems. Obviously once again, if the system was so concrete as claimed, then surely more money would be made trading it for themselves and not selling it. There's no way I'd sell my methods or discuss them in enough detail...

plenty of users share their systems here in FF. it is not easy for for others to trade it profitably unless they go through the system development process

most noobs need spoon feeding
  • #168
  • Feb 11, 2018 5:49pm Feb 11, 2018 5:49pm
Quoting alphadude
{quote} plenty of users share their systems here in FF. it is not easy for for others to trade it profitably unless they go through the system development process most noobs need spoon feeding
I don't know what your point is...it's uninteresting to me whatever it is
  • #169
  • Feb 12, 2018 6:13am Feb 12, 2018 6:13am
UJ live long trade entry.

Smallish initial position to allow for further entries if required.

Will update as and when as usual, even though it doesn't seem to be of much interest to others whether I do or not truth be known.

H4 chart attached at time of trade nevertheless in keeping with my mantra that any trades must have a chart to prove it's legitimate....because as some may already know, I believe that without supporting evidence in the form of a chart as I lay out, means it is nothing more than a bs FT.

Attached Image
  • #170
  • Feb 12, 2018 2:42pm Feb 12, 2018 2:42pm
Quoting Landline
{quote} I don't know what your point is...it's uninteresting to me whatever it is
uninteresting
  • #171
  • Feb 13, 2018 6:23am Feb 13, 2018 6:23am
Quoting Landline
UJ live long trade entry. Smallish initial position to allow for further entries if required. Will update as and when as usual, even though it doesn't seem to be of much interest to others whether I do or not truth be known. H4 chart attached at time of trade nevertheless in keeping with my mantra that any trades must have a chart to prove it's legitimate....because as some may already know, I believe that without supporting evidence in the form of a chart as I lay out, means it is nothing more than a bs FT. {image}
There was a sizeable move south overnight, which suggests to me that the banks haven't quite got the level that they want to start buying. I had a suspicion that that might be the case, mainly because everything looked too obvious to me when I placed my initial long trade even though my method indicated a buy I had doubts on this occasion, which is why I only took a small position, and with that in mind, I have added another small long position. I may need several bites before the market becomes favourable again, but no rush, and with small positions no real pressure. Stops and targets accordingly adjusted, all pretty obvious and therefore no need to post a chart at present.
  • #172
  • Feb 15, 2018 7:39am Feb 15, 2018 7:39am
The tl thread looks to be growing in popularity which is no surprise to me. As I said previously, it has the real makings of a long lasting thread, but as yet, it still hasn't overcome the ambiguity aspect, where several tls could easily qualify as valid entries. If that is ironed out, then the simplicity should take care of itself. In my case, (if I need to use a tl that is), it either fits or it doesn't, no ifs or buts about it, it also forecasts when I can expect an entry, and what tps I should aim for, and whether I need a re-set, all from just one t/l once tap is in place.

Those should be the objectives of that thread I think, where complete unambiguous simplicity is the goal. I've done it to complement my own tap method, which obviously took me some time to flatten the wrinkles out, so with some thought, I'd have thought the methods over there could be improved upon with absolute ease in mind.

I do like to see how potentially good threads can become a really good thread without any involvement from me, and I'll be keeping an eye on that one to see how it hopefully develops.
  • #173
  • Feb 22, 2018 3:14am Feb 22, 2018 3:14am
Quoting Landline
The tl thread looks to be growing in popularity which is no surprise to me. As I said previously, it has the real makings of a long lasting thread, but as yet, it still hasn't overcome the ambiguity aspect, where several tls could easily qualify as valid entries. If that is ironed out, then the simplicity should take care of itself. In my case, (if I need to use a tl that is), it either fits or it doesn't, no ifs or buts about it, it also forecasts when I can expect an entry, and what tps I should aim for, and whether I need a re-set, all from just...
My simple tap-based method along with a very easy and unambiguous t/l confirmation nearly always produces my desired result sooner or later and that is the case with my UJ trade for example where I knew I'd need several bites, and have now cashed out on 2 of my 4 positions and am currently in net profit.

As with any method, the right management is always required no matter what the strategy is, because when taking an entry you are basically saying that you are backing your belief of direction based upon your chosen method and that's it. Thereafter, it simply requires conviction to the direction with add-ons at appropriate time and price.

I don't see that as being difficult at all, even though many seem to make it so.
  • #174
  • Feb 22, 2018 3:48am Feb 22, 2018 3:48am
Quoting Landline
{quote} My simple tap-based method along with a very easy and unambiguous t/l confirmation nearly always produces my desired result sooner or later and that is the case with my UJ trade for example where I knew I'd need several bites, and have now cashed out on 2 of my 4 positions and am currently in net profit. As with any method, the right management is always required no matter what the strategy is, because when taking an entry you are basically saying that you are backing your belief of direction based upon your chosen method and that's it....
Of course, if you have a rubbish or overly complex method in the first place, then naturally rubbish end results are bound to follow!
  • #175
  • Feb 23, 2018 5:17am Feb 23, 2018 5:17am
Quoting Landline
The tl thread looks to be growing in popularity which is no surprise to me. As I said previously, it has the real makings of a long lasting thread, but as yet, it still hasn't overcome the ambiguity aspect, where several tls could easily qualify as valid entries. If that is ironed out, then the simplicity should take care of itself. In my case, (if I need to use a tl that is), it either fits or it doesn't, no ifs or buts about it, it also forecasts when I can expect an entry, and what tps I should aim for, and whether I need a re-set, all from just...
I still wonder why anyone would want to give away a supposedly successful method....there will always be a motive!

Could be any of the following

The need for recognition due to insecurity
Ego
The method isn't actually any good
Looking for help but pride prevents asking for it
Trying to attract backers
A need to show off
Financial angle by eventually selling a method
Indulgence, as and when (happens to be my motive btw)

There are others, and you will notice that several are closely related, and says a lot about their insecurity and ego I think.

Ultimately, for anyone viewing such threads, should really be asking the thread starter a very basic question such as....why are you doing this?

Plenty would no doubt say that they want to help others improve. I say that is total garbage, because no way is anybody interested in helping an anonymous total stranger!

As usual, just my take on stuff for others to ponder in this quiet and undisturbed corner of FF lol
  • #176
  • Feb 26, 2018 5:06am Feb 26, 2018 5:06am
Any method worth it's salt must first and foremost be simple and reliable. We see many methods that are perhaps reliable but too complicated, or simple but too unreliable.

A method that can combine both the simplicity and reliability angle without any ambiguity is obviously the goal for everyone I would assume, and is certainly the way that I've developed my own methods over time to arrive at my own solution to know directional bias, entry, stop and tp levels, and takes me about 20 seconds to know whether I have a trade set-up or not.

What is noticeable with many of the systems out there, is the seemingly apparent need by most to absolutely pin point their entries. Traders should accept that that is impossible, and most with that mind-set, looking for that pinpoint accuracy, will inevitably be stopped out 9/10. Remember, the entry level, which is obviously important, only gets you into a trade, and no one can know when/if the trade will become favourable, and which is why a reasonable stop is vital.

I would urge everyone to take stock of my points when developing their own method ie the musts of any good method are

Simplicity
Reliablility

Directional bias
Entry level
Stop level
TP level

If all those are always present, then confusion and ambiguity are reduced/eliminated, and you should then end up developing a rock solid system....

The t/l thread I've mentioned before for example (and is one of the better methods out there), contains some good characteristics, but imo, is some way short at this point in time from fulfilling what I've talked about here, namely the complexity and ambiguity leading to confusion and doubt.

Still, my method(s) didn't happen overnight either, so there's plenty of time for that particular thread to improve.
  • #177
  • Feb 26, 2018 6:59am Feb 26, 2018 6:59am
Someone asked a question concerning what level of skill is required to trade.

It's a fair question (I guess you're new to trading), but not a straightforward answer though.

I'd say very little skill, in fact none. Familiarity of trading platform is essential though.

Thereafter, no skill required, just common sense. People talk about being skilful at trading...that's nonsense. Just use your own brain, do some thinking, copy no one, believe in yourself, create a proven profitable system for yourself (yes, that will be the time consuming part!), then you'll be confident in your belief that your system makes money.

You don't need to be an academic....average intelligence is plenty good enough to figure out what's important to see on your chart and what isn't.

Get rid of what you don't need, and that will then allow you to easily and quickly focus only on what you do need to see.

Like I said, it's all common sense....anyone telling you different is full of bs.
  • #178
  • Feb 28, 2018 7:46am Feb 28, 2018 7:46am
Taking an entry at what I consider a value level is a key component of my approaches. This means that not any old trigger qualifies. Of course I must have tap in place always, which provides a few things, including my directional bias. A straightforward decision to take a trade or not is then simply a matter of whether I have a signal or not.

This week for example, out of the 20 odd pairs I watch on the daily t/f, there are 6 pairs that have qualified, and I'm trading 4 of them, and this is quite typical every week.

The point I'm making is that with some thinking, a system can be developed, whereby all the analysis to verify the systems performance should have been carried out over an extended period, in both real time trading and back testing. Once all that has been satisfactorily performed, then obviously it is super easy to take on trades with confidence, because the performance testing has proved itself. How much time an individual needs to get to that stage is down to themselves naturally.

In my case, I know exactly what I need to see, with zero ambiguity, and that was always my goal. There have been many trades that I could have entered in the past, but were borderline qualifiers for my methods, and they often ended up as would be big winners. Again, my point here is that, work with defined rules rgardless....a strong system has no wishy washy ambiguity about it and will still generate enough signals to enter trades. The t/l thread, is pretty good as I've said before, but very open to interpretation and that along with complexity, are it's main downfalls, and that really seems to apply to the vast majority of methods out there imo.

As usual, take my comments with a pinch of salt....it's only my take after all, but all my trades have been well documented throughout this thread, and the simplicity should be evident I think.
  • #179
  • Feb 28, 2018 10:08am Feb 28, 2018 10:08am
Hello Landline,

Some interesting posts you have here. I just wanted to let you know I subscribed and will enjoy reading about your thoughts from time to time. Just a side question, are you trading full-time at the moment?
  • #180
  • Feb 28, 2018 10:59am Feb 28, 2018 10:59am
Quoting LetUsForex
Hello Landline, Some interesting posts you have here. I just wanted to let you know I subscribed and will enjoy reading about your thoughts from time to time. Just a side question, are you trading full-time at the moment?
I happen to trade when I see an opportunity to enter a position..... but I don't see how your question is relevant to anything I've spoken about.
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