Times Two Challenge

[sandra1197]

**EDITED**
I'll not be TEACHING any new egy herecliqforexis already littered with great Idea's, NOR will I be SELLING anything .

That is my diary designed to document all of my transactions my trading system, behavior, patterns overall trading style. The Aim in the title of the page still remains valid, such as me.

The markets have humbled me as it's all of us at one point in time, as usual I choose to begin small the premise being if I can't make profit with a small sum I can't handle a larger account size. I would like posters maintain their advice into themselves [unless it's very constructive].

I'm through studying the craft of trading, browse through countless trading egies, methods and books, there is nothing more to learn from others, all that's left is to develop my own way, again, the way I choose to trade here's MY WAY. If you think its absurd, it'll fail, it makes no sense, you're right, but it's still mine.

A fellow oncliqforexcalled CrucialPoint, said something on one of his threads, he explained The Majors daily range typical from 100 to 250 points... Give me one good reason WHY you are unable to take 10 points from it regular? Simply put if you can't do so, You Do not understand how to trade. This has stuck with me.



THE PLAN: Attached is the guide I'll use in calculating lot-size and profit goal, it is not set in stone, generally my goal is 50pips/week if I cannot do so I don't yet understand how to trade, the egy is quite large risk, to simplify it, a deviation from my price by 100 points stinks the account.

THE SYSTEM: The system relies on the Sonic.R/PVSRA thread rules. But I use my discretion, see attached screenshot. Indiors I use is displayed in the attached image. Time framework M15. Line chart is preferred its easier to see price movement for me. There are 96, M15 candles in a day therefore I picked the 96EMA.

Best Buy Setup:
- Price cross above 96ema trend band (best after A,B,C,D pattern)
- PBF_OSOB (I modified it to signify 96 as periods for a day) is above 0 (angling up).
- GMMA Long band is wide. [added]
- Price around whole number.
- No news/after news.


Notice:
- GMMA Long, helps me specify consolidation (if band is tight -range-) [added]
- Colored candles show area's of high action.
- Stop reduction I put arbitrarily (like to nurse the transaction until it goes a decent . Of pips prior to locking the transaction using an S.L),
- Take Profit will vary. The rest is self explanatory.


P.S: Don't ask me for the indiors/templates, look at the screen shot and google it, you'll find it.
-UPDATE: Removed, MADash, substituted with GMMA Long.
Removed, PBF_OSOB, it gets out of sync using price to often.
https://www.cliqforex.com/attachments/1528704214473037529.jpg
https://www.cliqforex.com/attachments/15287042162047670678.jpg
https://www.cliqforex.com/attachments/1528704199.jpg

[sandra1197]

Missed the GBPJPY sell train, sleeping, times like this I wish I could complete an EA.

EURCAD: SELL

Reasons for trade
- Rejection below entire number
- Below 96EMA
- PBF not but near Zero [it gets out of sync, I am thinking about different options ]

Reasons to not exchange
- Not much, [EUR, USD impact news] but that is past noW

TP: Establish, no S.L set
https://www.cliqforex.com/attachments/15287042831218773281.jpg

[OXkisipk]

Majority of individuals on forum are constantly trying to do so much with so less. Meaning, they looking to double $100 and expect it to become $100,000 . Can you double your account in 1 month or few months in a row? Yes, it's very possible. Can you really do it EVERY SINGLE MONTH? Lets be serious and stop fooling ourselves. Yes, you can say that you simply double a $10 account, but again that's not a true account. Blowing $10, $100, or even $1000 isn't anything, any body can live with that.

Start really trading with some actual money, I'm considering 25,000 , and then you are going to start to see the value of capital preservation. Taking enormous risk in a true account is the best way to wind up broke. Tell me how you will feel blowing a true account in less than a month? It'll leave you devastated, you may think twice. This is a company, not a casino. You truly must work hard to get this to work and not many live in this business. This is the unpleasant reality, I'm just stating the facts.

[sandra1197]

Thanks a lot ViperLead-01, I look forward to impressing you.

OMGtrader you're so right, no trader with expertise can assert differently. It's'impossible' to strike such a goal each and every month, and as matter of fact even 10pip targets are not always achievable, it isn't arithmetic, hell I might even blow this $10 initially, but it is the goal I have set and you know what... I am stubborn like that. https://www.cliqforex.com/attachments/1528704200.jpg

[sandra1197]

Attached is my opening equilibrium, Broker gave me a 30% bonus.

I forgot to say that the 96,5,8 stoch which I use as a discretionary tool.

Also I won't be using the Trade Explorer as I would love to keep a few things private.
https://www.cliqforex.com/attachments/15287042201533238401.jpg

[mpokte]

$10 account, come on sinqua it might also be a demo account!!

[sandra1197]

Ahahahahaha.

Ok I admit its embarrassing, I would do something about it soon.

[mpokte]

put your money where your mouth is. Let us see an account of at least $25K

[sandra1197]

WOAH 25K!! Thats so from my league, how about just a little patience we could both afford that, not to worry you are able to evaporate, I'd buzz you when the cash is heavy.

[sandra1197]

Entered my 1st Trade some time before, market from the Arrow signal, fingers crossed. The stop-loss is just a Fail.Safe, I would rather manually handle the transactions
https://www.cliqforex.com/attachments/15287042231545443803.jpg

[sasuyoh]

Here to wish u good luck. Though my current explorer show that a failed effort for this month, but I strongly believe its potential to double account in 1 month, but to always do it for each month will be hard.

Reading some answers, different pple have various views. My views a bit different, I rather placed 5 digits capital in stocks than in forex maybe bcos I suck in it, but felt safer. And I rather spend between $100~3000 on forex using a bit of leverage rather than a huge amount of money risking 2% while 98% waiting for my money to rot in my forex acct not doing anything and I can still make almost the same kind of profit compare to people who use bigger capital. And my max drawdown can be much smaller that it dont even prick a little off me.

Anyhow just my private opinion. All of the best.

[sandra1197]

Within a year gone, no successhttps://www.cliqforex.com/attachments/1528704203.jpgFX is an average monster. I'm back.
Current balance $300
System Strategy sound, MM fine, Discipline - Hugely inadequate (I hope a general display of my trading will help this issue)https://www.cliqforex.com/attachments/1528704203.jpg
https://www.cliqforex.com/attachments/1528704226242320029.jpg

[sandra1197]

Position's shut. Adequate profit. Now for the difficult part. . .waiting

[sandra1197]

Two bad transactions, first one was a lack of discipline, instant trade was just bad luck. I must take my profits instead of letting them run out

[sandra1197]

Trade 1: no S.L, or T.P yet, nurse trade for a couple hours, tentative S.L 7pips above 96 band

Reasons for trade: Divergence in earning, tug straight back from yesterdays fall, 96 band resistance. No News.

Reasons not to have entered trade: PBF above . Price just above number.

EDIT: Minutes earlier USD high Effect news S.L set at 1/3 of Equity.
https://www.cliqforex.com/attachments/1528704229191733170.jpg

[eljermo]

A fellow oncliqforexcalled CrucialPoint, stated something on one of his threads, he explained The Majors daily range average by 100 to 250 points... Give me a good reason WHY you cannot take 10 points out of it regular? Simply place if you can not do so, You Do not understand how to trade. This has stuck with me. Wow... forum... Just wow...

generally my target is 50pips/week when I cannot do so I don't yet know how to trade The result of your trading depends upon what the market does. Having an arbitrary aim like 50pips/week is foolish.

[sandra1197]

o trading professional Atokys your foolish announcement retains no water, you want to criticize nice, be constructive about it, I don't have enough time for this kind of conversation, the only component you seem to have read is the component that you see fit to critic, you seem to have disregarded the part where I said Take Profit will vary or it is not set in stone.

In the above trade, did you see that a T.P of all 50pips? Can you find that a T.P of all 10pips? Can you find any T.P?
Why do you assume I do not know the market determines exactly what I get??

My goal is 50 pips/week, I will repeat it. To help you avoid jumping into conclusions and falling, this implies my prerogative to trade in any particular week diminishes (should diminish) once I reach 50 pips, in other words I will lower my risk and cherry pick whatever other trades that I take after obtaining 50 pips.

Please concentrate more on your own trading, in case you've got no constructive things to say.

FF'professionals' never stop to amaze.

TRADE UPDATE: shot out at S.L, multiple chances to close sooner, I must take note exit as soon as market begins to show warning signals.
Reasons to have closed commerce:
-Friday
-News response.
-T.A
https://www.cliqforex.com/attachments/15287042321747647151.jpg

[eljermo]

From the above trade, did you find a T.P of all 50pips? Can you find a T.P of all 10pips? Can you find any T.P? Why do you assume I don't know the market determines what I get?? My goal is 50 pips/week, I'll repeat it. To help you avoid jumping into conclusions and falling, this means my prerogative to exchange in any particular week falls (should diminish) once I achieve 50 pips, in other words I will lower my risk and cherry pick whatever other transactions I consider later gaining 50 pips. Your post made me smile. I understood you the first time plus its own illogical, but please, dont take it from me.

Good scalpers and short term traders like Jesse Livermore and Linda Raschke never operated with such X pips each week mentalities. Actually, ive only ever seen this motto on forum, and you wonder why many people are so cynical about success.

[sandra1197]

quote Your post made me grin. I understood you the first time and its own foolish, but please, dont take it out of me. Scalpers and traders such as Jesse Livermore and Linda Raschke never operated with these X pips each week mentalities. In fact, ive only ever seen this motto on forum, and you wonder why lots of people are so cynical about achievement. Heh, X pips/week mindset: if Livermore and Linda did not do it my way, which has nothing to do with it being illogical, I am neither one of them, now that is my target, that is what defines when I boost my lot-size as you can see from the (excel sheet) among other things that I pointed out, I don't guarantee or expect X pips/week every other week, its not possible to do that clearly (some weeks -50 other weeks 20 since the market proceeds ) no where did I say it had been set in stone.

IT IS A GUIDE, A YARDSTICK, at what point do I change my trading pattern, lot-size e.t.c? That is it 50, there is not many other ways to place it, if you did understand we won't be talking this.

Now you've yet to say its illogical, say why, list your things, then we might have the ability to commence a sensible conversation, or hold your peace.

P.S: The outcome of my trading is decided by my entries and my exits. Every other issue is icing on the cake.

[eljermo]

I could say that its more rational to set weekly goals based on multiples of initial risk per trade ('R') but I guess you can do whatever suits you.

[sandra1197]

I could say that its logical to set weekly goals based on multiples of initial risk per trade ('R') but I figure you can do whatever suits you. Finally we're speaking

Risk: Amount that you are willing to loose per commerce, say I'm willing to loose 5% of equity/trade and also my weekly goal is 15 percent of equity (using the popular 1:3 Risk-Reward ratio).

Now comes handy appliion:

I have $100, on each trade I am ready to loose $5, now I could loose it onto a varying number of pips (determined by my selection of lot-size), generally the lower the lot-size the tougher it would be to loose the $5 and the tougher it is to create the $15, lower lot-size would demand greater pips (most likely also a higher number of trades to become taken/week) my experience in trading states that the greater the number of trades that the greater the frequency of losses.

Really risk is simply really defined when an S.L is set, before that it's 100% of your equity regardless of lot-size. So I have to decide the maximum S.L I can have on any given trade, which is determined by lot-size, not forgetting the number of trades (what modulates these decisions?)

As you can see there's not any clear definition on lot-size, S.L or not any. Of trades to be chosen utilizing this suggestion. My egy helps me define no. Of trades (to some given amount ) and also lot-size. I think S.L always varies, as does T.P.

I might be wrong with my assumptions, this really is your suggestion, you could shed more light on the process (it could be useful to other viewers).

[eljermo]

You have likely had it with those who say everything is totally up to you to decide, but its literally completely up to you to decide. That includes you want to manage risk. 'R' multiples are just beneficial when you have a fixed amount which reflects your highest loss per trade. Its possible to do without this. What you end up doing isn't as crucial as having thought about it and understanding it entirely.

[sandra1197]

USDCAD: SELL
This transaction is against all my principles:
Reason for taking it: Price is in the time high area, tested 4 times as its against principles S.L is the tightest.

EURAUD: SELL
Reason for trade
- Price below whole number
- Price below 96 MA
- PBF under 0

Reason to not trade
- Pre London session

**UPDATE**
USDCAD: Stopped out, S.L was too tight. Now look for re-entry.
EURAUD: Establish S.L to B.E, additional tentative T.P

**UPDATE II**
- Both trades moving as observed, procured trades with S.L, searching for potential depart on USDCAD (next whole number is chosen ).

**UPDATE III**
- Both trades exited via S.L, the market gives what the market needs.
https://www.cliqforex.com/attachments/1528704263442309709.jpg
https://www.cliqforex.com/attachments/15287042661401753216.jpg

[sandra1197]

GBPCAD: SELL

Reasons for commerce:
-Below 96EMA
-PBF under 0
-Price rejected upper whole number level multiple occasions

Reasons not to take commerce:
-Pre london session
-News at a couple of hours

No S.L/T.P set nonetheless

**UPDATE**
Exited both transactions at B.E - pair is acting up prior news, too random for my liking.
https://www.cliqforex.com/attachments/15287042701525638290.jpg

[sandra1197]

To Note: When the market is not behaving as expected, stay on the sidelines.
Problem: Economy bias needs to be exorcised from my sub-conscious.

GBPNZD: Sell

Rationale for trade: multiple price rejection in whole number.
Reasons not to trade: Against regular rules.
https://www.cliqforex.com/attachments/1528704273762705389.jpg

[sandra1197]

Another lesson for me in commerce

GBPNZD: SELL (5min)

Reasons for commerce:
-Expectation, sell bias
-setup on 5min instead of 15min chart as standard

Trade management fail. Had chance to depart at minor reduction.
https://www.cliqforex.com/attachments/152870427760056275.jpg

[sandra1197]

Its hard keeping a Journal.

Previous trade took a loss, as usually occurs, it went as observed - south. Problem is your Risk of being incorrect out-weighed the rewards.
Result: A Fantastic loss.

GBPCAD: SELL
Reasons for transaction:
- Rejection of top entire number
- Gut feeling.

Reasons not to trade:
- Don't pass stated rules.

- S.L set, tentative T.P set.

**UPDATE**
-Trade stopped out by S.L, look towards re-entry. (S.L was altered, I should practice leaving S.L after first setting)
https://www.cliqforex.com/attachments/1528704280999690718.jpg

[sandra1197]

For record keeping.

Creating Theory

My foundation theory of price movement is that it seeks'whole' amounts, all these are my support and resistance levels, if price breaks a whole number, it attempts to get to the upcoming whole number, if it can't, it moves back to the previous whole number.

If price is has been reversed by lower and upper whole numbers it is in RANGE, to translate Bull/Bear stress, the quantity of time price lingers above/below the mid point during this range indies the BIAS.

I shall observe and try to record the validity of this theory.

[sandra1197]

EURCAD upgrade

Again I have stopped out via S.L [it was too tight]

Slept of and missed the train now, recall pips always return, don't beat yourself over missed pips.
https://www.cliqforex.com/attachments/1528704286504310061.jpg

[sandra1197]

Classic behavioral pattern took precedence today causing an unnecessary setback

Took a revenge market trade on the GBPJPY, was overcome with missed market chances I reacted negatively

GBPJPY: SELL

- Reason for commerce: revenge behavioral pattern.
- Reason to not trade: News, Market random

Fortunately, I spotted the news pattern unfolding in time and set an S.L, took an average reduction.

Current Trade:

USDCAD:SELL

Rationale for trade:
- price refused upper whole number, and it has stayed near bottom whole number for a while.
- price below 96EMA
- PBF under 0
Reason to not trade:
- News in just two hours.


Notice: I have observed PBF_OSOB gets out of sync regularly. It is validity is questionable. It will be taken out from my own template. Post 1 will be upgraded.

Trade update:

USDCAD: Exited due to bizarre movement prior news. Re-entry after news. S.L moved to B.E.
Tried for a market at the top bet on GBPNZD - got burnt badly. Thou won't gamble on thy account!
https://www.cliqforex.com/attachments/15287042891220419457.jpg
https://www.cliqforex.com/attachments/15287042931560969413.jpg

[mpokte]

Fantastic fortune sinqua, I look forward to viewing your results within the comong months.