Journey to Profitability

Discussion in 'Journals' started by iamnewuser911, Nov 16, 2017.

  1. Last edited: Nov 16, 2017
    Simples likes this.
  2. Here's what I currently have.

    I look for H4 zones, then see if price reacts to them. Here's an example.

    After that I look for a breakout of SR on lower time frame and enter on the pullback, in hopes of new highs.

    Result: Missed

    Other trades this week

    Result: Won

    Result: Stopped

    Result: Missed

    I will continue to update with more trading setups tomorrow/next week and continue refining
    Last edited: Nov 16, 2017
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  3. Sprout


    Your new title is more supportive of your goal. It's a clearer, more aligned focus. Good job!
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  4. Current to do:

    1) Backtest this system more, I have done 3 pairs which seems to work from years 2010 - 2017, however I have dozens of system break down so I can never be sure.

    2) Forward test it with small risk in current market conditions without hintsight.

    3 books on the TO READ List

    1) Traders of the new era

    2) John hill the ultimate trading guide

    3) Diary of a professional commodity trader

    I have applied to some prop firms and got an interview however this one seems shady. Will go for the interview and see how it goes, nothing to lose. I will be getting a day job in the mean time, should I? I think it is the right choice.
    Last edited: Nov 16, 2017
  5. rin4et


    You will be met with a lot of trolls here. People don't like to see you become more successful than them.

    95% of the advice you get on this website is worth about as much as you pay for it. Same with what you get on the net. Your time in front of the screen is much better spent researching price action, backtesting, paper trading, trading - not chatting, writing blogs or researching web sites. A good portion of what you read or can buy on the internet is from people who have failed at their attempts at trading for a living and now excel as prophets of TA or as teachers.

    There is a saying where I come from, "Those who cannot do, Teach". You usually reflect the skills of your mentor. You do the math.
    Those who are worth listening to generally don't post, they spend their time researching, backtesting, trading.
    Your journey will be frustrating and time consuming. You will question your commitment to this quite often. However, when the time arrives and it finally clicks, your trades will be almost effortless.

    A word on profits - If you are not making money consistently, you shouldn't be trading real funds. Once again, once it clicks, your trading will be almost effortless. Demo it up and trade it true. Be true to your money management rules and your strategy.
    Only once you are consistently making money in your sandbox, then and only then go to live rounds. Easier to say than to do. Your desire to learn quickly takes away from your learning correctly. Take it slow, there's plenty of time.

    Lastly, you have not failed until you quit. Persistence is key. Know that it WILL click at some point.... it is a matter of time and effort put into the chore at hand.
    Fu510n and Simples like this.
  6. Handle123


    Often heard of "Buy low, Sell high" many simply don't understand this concept is actually very true when you become a chartist, buying support/selling resistance, but you have to build rules around this concept and have answers before the questions arise, must have clear trading plan with first of how you define trend, what you allow for retracement in regards of current trend, what can make trend to go into no signal mode and what it takes to either restart trend or new trend starts. So keep good notes and print out good charts.

    All advice I have received, I backtest it to show it either works for me or ask more questions or discard. What works for one often times will not work for another.

    Much info on the web, but you have to make it where you understand it for yourself, don't think a few sample size is enough, this in terms of hundreds/thousands if you can program, more stats you have, more you can expect recurring patterns will continue or can be a fluke of duration of an economy, what worked in odd year of a decade might not work two years from now.

    Learn from your profitable trades and study why they were profitable.
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  7. Well, first of kind of geared specifically towards the individual;

    It would help to know What you are trading. and time frame. and risk level, and general profit/trade goals, mindset and viewpoints, and etc etc.

    But generally speaking, don't gamble like a dumb idiot. -- Treat trading like a complex, dynamic...thing, or entity.

    There is no flat, perfect answer. Each trade, and chart and kind of always slightly different.
    It's important a trader be open-minded, and calm, and malleable. Have initial conviction of direction, but patience still.
    Last edited: Nov 16, 2017
    toucan likes this.
  8. 777


    Google the prop firm and read the reviews

    Start an ET thread asking for reviews of the firm
  9. Sprout


    Since you are on Tradingview, an insightful view of PA is to use the tri-panel screen set-up. Timeframes from longest to shortest, L to R. The middle view being the timeframe you trade. Your annotations will carry over to the other timeframes. You expand any panel to fullscreen by clicking the box in the lower right hand corner.

    In terms of your display, the current price scale and dimensions of bars would be anxiety producing for me. If you play with it, there's a sweet spot that allows you to monitor price accurately but without getting 'twitchy' and 'reactive'. Monitoring on the next slower TF up helps to smooth this out.
  10. 777


    Be sure to post the deal prop firms offer you before you accept by putting down money!!!

    Ask about the firm in your post

    Ask about the proposed deal in your post.

    Do not be shy in asking about specific prop firms you hear about in ET threads/ posts!

    A good firm and deal may help you fly and bad ones may badly hurt you.
    Last edited: Nov 16, 2017
    #10     Nov 16, 2017
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