Will i ever get it.

dbphoenix said:
Is note ever given the opportunity to contribute to his own journal?
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I'm the one who prompted him to start a journal - little did I know the idiots it would attract


He's on his way - just needs to assimilate some things into a fully working approach

RN
 
note said:
All right, so finally i am here. I am starting this journal because just talking to myself would not help much. so i thought why not put it out there, some one some where will know what the heck is going on. and off-course knows the obvious, which surely i don't know.

In this journal , i will post my eur/usd trades, and fellow members are more than welcome to put there meaningful comments. Only request is that show me the path only if you are already walked on this path, and crossed that success door. i have already done so many things if this time this does not work, i am going to stop this forever.

so i woke up at 4:30 AM to trade EUR/USD. i have attached the chart , i basically took two trades one long one short, and was sitting there just to see my stop hit.

1st long, i sold half of my size few points above, but eventually it hit my stop loss.
2nd short , was a mistake i think, i should have shorted , where my stop was. but off-course i am learning so i have excuse. :)

i am done for the day, as i have to go to office. I can not post / trade each and every day but i will try to do my best this time, and i really appreciate your comments / suggestions, which can help to reach goal a bit faster.
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FWIW my advice to you is below. These are things I wish i did from outset.

1. Locate your nearest reputable prop firm. Learn your trade there. Be aware there are many imposter prop firms.

2. locate and find profitable traders. Meet up with them to verify wealth. Convince them to help you. Dont pay them.

3. Dont trade FX on short timeframes to begin with it is heavily gamed. Good if you know what you are doing but lethal if you are new. Game selection is very important. Trading something like treasuries would be a much wiser choice.

4. Avoid all books on trading apart from the bible one on market structure forgotten its name and specialist product handbooks.

5. Only trade demo or chump change until you are confident in your edge.

6. Be wary of people who talk about PA, support and resistance.
GL
 
EUR USD today ..
 

Attachments

  • EURUSD-9 Jan.GIF
    EURUSD-9 Jan.GIF
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Of course, when reading advice from others, it helps to determine whether or not they know what they're talking about. Much of what one reads on message boards comes from stuff people have read or overheard somewhere and has little relevance to one's own efforts.
 
dbphoenix said:
Of course, when reading advice from others, it helps to determine whether or not they know what they're talking about. Much of what one reads on message boards comes from stuff people have read or overheard somewhere and has little relevance to one's own efforts.
More...

yes I agree. I would take all anonymous internet forum posts which a big pinch of salt. There are a few posters around who are worth listening to though. imo.
 
When reading forums, you also have to be careful of stooges sent in by the financial industry. Their purpose is to encourage people to gamble. Often they can produce a profit statement. But they know very little of trading. They certainly would not be able to show you they are trading and making the PnL they are claiming. PnL is used for dazzling the beginner easily. Without seeing the evidence of the PnL generation or knowing the risk taken, the length of time take, the PnL is meaningless.

Stealth "trainers" work in a similar fashion although they know some of the basics. Again if you were to ask them to make money using their method, they wouldn't be able to.
 
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