Discussion in 'Journals' started by expiated, Feb 1, 2019.
Post #65 From the My Big Moves journal...
The ONLY Video you Need to Become a Professional Trader | Trading Secrets
(According to Nick Syiek) / Wednesday, November 18, 2020
I have no argument about it taking four years (on average) to become a successful trader. But, if someone had shown me the stuff I do now when I first got started, I think I could have probably become a profitable (as opposed to just a break-even) trader within a matter of weeks, if not less. I have since discovered that Al Brooks does a nice job of explaining how to trade in detail. But, even if I had known of his existence back then, it probably wouldn’t have helped me because, from my perspective, profitable as his method might be, his way of constantly counting candlesticks all over the place strikes me as kind of overboard crazy! On the other hand, according to Nick, my whole system is based on a common new trader error… that of focusing on entries and exits!
For example, this was my "sniper entry" from this morning...
I purchased 50 AUDUSD binary option in-the-money call contracts at around 6:30 AM PST (I have no idea why the NADEX time stamp below says 1:03 A.M. given that this does not even match the time on the USA East Coast) which were still in-the-money at expiry 90 minutes later.
Tuesday, November 24, 2020
To avoid being stopped out, the retail trader should not enter positions unless price pulls back by at least a certain amount. (Do you know what this amount is?)
Friday, November 27, 2020
I think I'm all set up to begin trading next week in accordance with a definitive set of rules and procedures. Consequently, beginning tomorrow, I plan to start going back through all my (115 pages) of notes beginning with what I recorded on Tuesday, May 14, 2020—deleting those observations that I no longer understand or which no longer constitute best practices, and inserting whatever splendid ideas I had completely forgotten about in the most recent protocol I began to establish on Sunday, November 22, 2020.
Of the 115 pages of notes I had, I opted to keep only 21. The rest I deleted forever.
From my Numerical Price Prediction Daily Analyses thread...
Friday / December 4, 2020 / 7:30 AM PST
I have one old client who continues to contact me with projects to work on (even though I am no longer actively seeking independent contractor work) so I haven't had a lot of time to trade lately. However, I wanted to note that though I have the same relative information (i.e., measurements) plotted on all my setups, I nonetheless find it helpful to trade using one-, five-, and fifteen-minute charts, because the different time frames offer differing perspectives, even though they are all using what are essentially the same corresponding settings.
Performance results for the last 24-hour market cycle:
I feel like this helps to add accuracy to the decision-making process. However, it seems to me that anything beyond fifteen minutes lacks the precision required unless one does not mind bouncing in and out of profitability, which I have no desire to do.
I made similar trades in my Forex.com account, which includes a bunch of "Spread Costs" in the performance results, even if they amount to 0.00, which adds a bunch of horizontal lines to the chart. (P.S. The above results were from my OANDA account.)
To me, this seems like a kind of stupid way to report results, because it looks like I made nearly 17 trades when I made only six. (The results from my Ally Trading account use this same [silly] format.)
Cathie Wood of ARK Invest seems to offer an informative summary...
It says on your summary screen that you made 6 trades? What is the issue? I do not see 17 anywhere, and I also see a redacted column on size. What's with that? Any reason to hide the size from us?
Saturday / December 12, 2020
The above is fine for determining price direction on lower-time-frame charts. But, for tracking overall price flow and monitoring price ranges on one-hour charts and above, I need to be auditing the four- and eight-hour measurements—watching for reversals at four-hour support/resistance, and should this give way, at eight-hour support/resistance instead...
For the overall "universal" price flow, I'm looking at the three-day baseline. I seem to recall in the past putting a lot of emphasis on the half-day baseline, but my guess is that the eight-hour price range envelope has ended up usurping that responsibility. Other than that, the 24-hour price range comes into play every now and then, but that then caps all the measures that have proven to be worth my consideration since more-or-less finalizing things beginning last summer.
Given what I wrote above, how is it that I'm now recording thoughts regarding the use of one-, four-, and twenty-four-hour charts? It's because I'm in the middle of working on a big project for a loyal "left over" client, so I'm unable to give much attention to trading right now, necessitating my making trades where I can enter positions and then walk away.
Also, it looks to me like taking longer-term support/resistance into consideration has the potential to virtually eliminate my purchasing Nadex binary option contracts that might end up turning against me.
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