But why you dont include these losing trades in your journal ? I think you and others here might lern more from these big losses and blowups than from your winning trades.
it was after that disaster that i shifted to one minute time frame...doing better because i do not like to wait for profit and here the information market gives is continuous: while beginners cannot understand this information , i thrive on it!!!
i do not include most of my trades.i just do have time. most of my trades i hold for 1-3 min. i make 2-10 pips and i get so many opportunities now trading one minute i do not have time to go to toilet. i am happy because i am occupied whole day and i am learning much faster in one min there is not much chance for major disaster because market here is always ranging:so since i do not put stop because i believe you cannot exactly catch top or bottom,i do not lose because market in one min moves both ways. Al said do not use M1 and so all these years i did not use it.i am regreting it but eur is the most liquid in the world and it is not choppy at all except between us close and sidney open
I came across this system within the past year or so. It has 2 mechanical entry rules (you'll find that one of them is superfluous) and then the OP makes sure he clears either any recent S/R first or that there's some divergence in his favor. If anything, it's a study in how to be methodical in your trading. Of course, that OP is not showing consecutive trades but I see no reason (I've done my own study of it on the e-mini futures) why 50% winners area would be in doubt and, as always, the presence of volatility is what allows you to capitalize on reward to risk ratio favoring. That is, the higher the volatility, the more opportunities you will have and it's all about getting repetitions in if using size is not your forte. http://www.forexfactory.com/showthread.php?t=583609 You say that all you need is X number of pips a day to make Y kwan (money). You are headed down A VERY DIFFICULT ROAD by chopping noise. These 2-5 pips winners you're posting, when looked at in the longer term, demand 80% win rates and having to risk 2x the reward (aka you're upside-down trading) and that's IF you actually have a positive expectancy trading system. Here's what I think is realistic for you to achieve: 50/50 chance of winning over 1000's of trades with a 1.5x avg gain vs avg stop (overall, doesn't mean every trade taking this end statistic). Most people can't accept that they're hardly better than 50/50 and the ones who are closer to 70% winning can't accept that they won't surpass a 1:1 win/ loss ratio long-term. There is a "math" to the markets which everyone is bound to. That's what opens up new doors in your trading: knowing what is and is not possible long-term and not letting the short-term results fool you into thinking otherwise. This trading you're doing now will end you. There's a person (ichikuse) on that thread I posted who is far newer than you but is making greater progress by sticking to a fixed set of rules the OP there laid down for him. He's currently 50/50 in his results since he started, making more than he's losing, not changing if he happens to lose 3-6 in a row, sticking with his system. You could learn from his example. Lots of disgruntled wannabes in the ET forums spouting that if they can't win after all of their tireless efforts then no one else must be either. It's not true. What I see that most of these people have in common is a failure to grasp mathematically what the markets can and cannot give them based solely on a long-term winning pct and maintaining favorable reward to risk ratios in the presence of sufficient volatility. Some here wil tell you then: "Well, I can trade a channel in a dull market and be right 70% of the time with a 1:1 reward to risk ratio!" Well, no sheet Sherlock...my point exactly. And if that same person comes back and tells me, "I can even be 80% accurate with a 1:1 RR!". And there I call BS...no, you can't long-term...you were right the first time.
you are very kind but i have seen and heard it all:i know what i am supposed to do.that does not suit my personality. i have finally found what suits my personality but i have found it only 3 days back. M1 suits my personality and my objectives because i love to trade and that drive me i do not care for the money much i read my first book in 1994.since then i must have read 400 books . i traded elliot wave for 5 years.in 9/11 my portfolio fell 1%: i outperformed the indexes by 50%. systems move on math markets do not move on math;they move because buyers buy and sellers sell. buyers want lower prices and are very happy if they fall. sellers want higher prices and are happy to sell high. in a range both are happy. if it moves out of the range,up, seller are even more happy to sell. i sell with them. I fade breakouts. i fade trends when they weaken.i scalp.my trades last 2-3 mini make 3-5 pips in a trade. i trade M1. i keep doing it all day long. it is my world.i am not sure how many people will survive in it but i am loving it Last 2 hours i made 24 transactions lost only one and that was the least gross amount of .11 usd.....trading .01 lot made 7 usd
You misinterpreted what I said. We are ALL bounded statistically in what we can and cannot do in the long-term. There is no such thing as "my world" / "your world" in that context. It is "everyone's world". My point was that not being aware of what the boundaries are puts you at a disadvantage in knowing whether what you are doing IS long-term profitable. Don't you think it's a red flag that you have made a point of emphasizing all of the years and all the books that you've read and yet, just "three days ago", you say you have found your true calling in trading? You have a very, very strong ego. You show me someone getting 3-5 pips per trade out of a Forex market trade and I'll show you someone who must maintain either a 1:1 RR ratio at 70% winners or have to risk 2x what they win per trade with an 80% win rate to make the system worth trading LONG-TERM. That's the math you're up against whether you accept it or not. On your current trajectory, you are going to find out the hard way. What is implicit in the above is that, we, as human beings, are imperfect and always will be in our trading. THAT'S WHY YOU ARE BETTER OFF STAYING AWAY FROM HIGH WIN RATES IN YOUR TRADING AS A DISCRETIONARY TRADER. It requires too much perfection. Your personality cannot have what you want out of the style of trading you have chosen. Perfection is paramount in "that world". If your own history is any guide, what you have to bring to the trading table and what you want from the trading table are incongruous.
that is why i have lost money for ten tears not because i am an idiot but because I WANTED PERFECTION. Work for it it is attainable: buyers and sellers are predictable.it is easy to know when they come in. you are barking up the wrong tree. i have worked for it I know what i have in my hand and my statements will prove it day after day after day. To me not to anyone else. That is what i am saying: work for it; work for the joy of trading I have no intention to teach anyone for love or money Believe you can be the best in the world and then work for it instead of begging on a forum for tips.Sacrifice your life for it. i have worked for it and you cannot take my reward from me
systems you can take off the shelf and trade.you may even make money. Pray if you do not. discretionary you have to work a life time. which one is better: the one you think is better, the one that fits you better. the shirt you wear is not right or wrong it fits you