Where did I go wrong thread (Trade Journal)

[iamnewuser911]

I see this as too easy of a way of not putting much effort into learning and depending on everyone else to show you the way. First off, it has been my experience that most stay lost for a year, and the best you can hope for is reading books like Edwards and McGee about chart reading, cause unless you can read charts like a book, getting insights from other traders will be generally waste of time. You have to be able to memorize what is support and resistance, and all the patterns of charting. You have no clear timeframe, and for that matter, I doubt have any well defined definition of trend. Until you have at least well defined patterns and trend, you going to be swimming in very small goldfish bowl.

Thank you for pointing me into a direction, could I have the full titles of the book names you recommended?

I am almost hitting the 2 year mark.
I figure that trading is about "reading the markets" but have absolutely no clue except for looking for consolidation/trends then sell downtrends, buy uptrends and sell support/reistance in consolidation. And often it is not so easy to identify.

Thank you.

Edit: I've downloaded Technical Analysis of stock trends

 

[JackRab]

Why would you put it so high?

Sorry I meant support turn resistance.

Entry was 1.323

Stop 1.3275

Because it's been very volatile.. and likely to remain volatile, and therefore likely to be stopped out if you set your stop so close to entry.

If your stop was at 1.3275 you should've had you profit target around 1.315... 2x distance to stop. I believe the low was 1.312ish... so plenty of opportunity for a profit. Or at least lower your stop to the entry level once you're in profit on paper.

But if you wanted to get more out of it, which would be fine according to your strategy... you should've put your stop higher.

But that's my opinion.... what do I know....

 

[Handle123]

Thank you for pointing me into a direction, could I have the full titles of the book names you recommended?

I am almost hitting the 2 year mark.
I figure that trading is about "reading the markets" but have absolutely no clue except for looking for consolidation/trends then sell downtrends, buy uptrends and sell support/reistance in consolidation. And often it is not so easy to identify.

Thank you.

Edit: I've downloaded Technical Analysis of stock trends

That can be one of your problems, why are you depending on others to help you out when you should be helping yourself out? Took 10 seconds to go on Amazon, you can't do this?
https://www.amazon.com/s/ref=nb_sb_noss?url=search-alias=aps&field-keywords=Edwards+and+Mcgee

You been at this for 2 years? And have no clue? You will never get this, pick another hobby, you have to have incredible dedication at WORKING, you should have made a well back tested method by now, if I had something like ET when I first started day trading, it would have cut time I wasted by 2/3rds. Read the Educational areas of this forum. Takes a solid two years and 10,000 hours of screen time to get hang of this, but if you have no clue, wasted much time.

 

[iamnewuser911]

That can be one of your problems, why are you depending on others to help you out when you should be helping yourself out? Took 10 seconds to go on Amazon, you can't do this?
https://www.amazon.com/s/ref=nb_sb_noss?url=search-alias=aps&field-keywords=Edwards+and+Mcgee

You been at this for 2 years? And have no clue? You will never get this, pick another hobby, you have to have incredible dedication at WORKING, you should have made a well back tested method by now, if I had something like ET when I first started day trading, it would have cut time I wasted by 2/3rds. Read the Educational areas of this forum. Takes a solid two years and 10,000 hours of screen time to get hang of this, but if you have no clue, wasted much time.

Yea, sorry. I have the physical book and ebook, I went to borrow it already at the library few hours ago.

Will do thanks. I'll raise any questions I can't answer myself and continue posting setups on this thread.

 

[Handle123]

Yea, sorry. I have the physical book and ebook, I went to borrow it already at the library few hours ago.

Will do thanks. I'll raise any questions I can't answer myself and continue posting setups on this thread.

I don't see the point of posting setups unless you have done min 300 backtests well defined rules of how well you done. You need to have stats to show yourself where you need improvement.

 

[iamnewuser911]

I don't see the point of posting setups unless you have done min 300 backtests well defined rules of how well you done. You need to have stats to show yourself where you need improvement.

I own forex tester 2, have been using that.

What kind of stats do you look at? Win rate, RR, drawdown?