Traders Anonymous

[1pipatatime]

Hi everyone and welcome to this thread.

In this thread we will endeavor to have conversations that will improve everyone’s trading ability whether it be Psychological or Technical.

Please respect other participant’s opinions and idea’s.

Try and stay on subject, imagine you are searching for an answer; you don’t want to be going through a lot of meaningless chit chat.

Remember it’s all about recognizing and dealing with the confrontations that arise during trading and if unable to deal with them yourself to seek advice from someone who has been there before you.

The other thing I would like to say is that trading should be fun and if you are not enjoying it then it is either not for you or you are having one of your beliefs challenged and you will be required to deal with this belief and maybe replace it with one that serves you better.

Cheers

1pipatatime

[1pipatatime]

Hi Everyone,

Here is a Diary that I use to keep track of my trading sessions, hope you find it useful.

Please note to use a decimal point for the last digit, if you have any troubles let me know.

Cheers

1pipatatime

[1pipatatime]

Hi Everyone,

What is the most important thing you need before you start to trade?

!!!!!!!!HAVE YOUR TRADING PLAN UP TO DATE!!!!!!!!

How do you identify the trend?

How you enter a trade?

How you manage a trade?

How you exit a trade?

What pip target are you intending to obtain? (Once this has been decided forget about it while trading)

How long are you going to spend on the market?

When are you going to analyze your trades?

What do you have to let go of to move forward with your trading?

What do you have to take on to have this endeavor become successful?

What are your strengths as a trader?

What are your weaknesses as a trader?

What worked with the trade?

What didn't work with the trade?

What can you do to strengthen the trading method or manage yourself around the trading method?

Are you following the trading method correctly?

How are you being around your trading?

These are some examples that you may wish to include in your trading plan.

Remember trading is meant to be fun and if it is not then maybe you need to look at why it is not and address this/these area's of concern.

Cheers

1pipatatime

[1pipatatime]

Hi Everyone,

This post is for the people who want to replace their income in a safe manner.

This process will take around 5 weeks depending on your commitment and time availability to trade.

Starting off with a mini contract (now this is in USD not AUD) which will be around $47-50 so lets just say a mini will cost $50 which will make the calculations a lot easier anyway.

After you have been on the charts for awhile you will understand that this pip target is reasonable.

We are looking to make 50 points a day, five days a week which equals 250 points a week. If you cannot make 250 points a week yet, then just follow this procedure when you reach 250 points. DON'T PUT UNDO PRESSURE ON YOURSELF.

So here is how it works.

Starting off with $200 we are trading 25% of the account on margin but only risking 15 points for beginners or 10 points for people that are confident with the system, so the risk is 7.5% for beginners or 5% for the advanced people on their trading capital.

NOTE WHEN YOU REACH A LEVEL OF INCOME THAT YOU ARE COMFORTABLE WITH, TRADE A PERCENTAGE LEVEL OF YOUR ACCOUNT THAT SUITS YOUR BELIEF STRUCTURES.

50 points a day = 250 points or $250 a week which now gives us our original $200 + $250 for the week which adds up to $450 at the end of our first week.

Start of the second week we take 25% of $450 which = $112.50 or at $50 a contract it lets us trade 2 mini contracts.

50 points a day = 250 points or $500 a week which now gives us our nest egg from last week being $450 + $500 for the week which adds up to $950 at the end of our second week.

Start of the third week we take 25% of $950 which = $237.50 or at $50 a contract it lets us trade 4 mini contracts.

50 points a day = 250 points or $1000 a week which now gives us with our nest egg from last week being $950 + $1,000 for the week which adds up to $1,950 at the end of our third week.

Start of the fourth week we take 25% of $1,950 which = $487.50 or at $50 a contract it lets us trade 9 mini contracts.

50 points a day = 250 points or $2,250 a week which now gives us with our nest egg from last week being $1,950 + $2,250 for the week which adds up to $4,200 at the end of our fourth week.

Start of the fifth week we take 25% of $4,200 which = $1,050 or at $50 a contract it lets us trade 21 mini contracts.

50 points a day = 250 points or $5,250 a week which now gives us with our nest egg from last week being $4,200 + $5,250 for the week which adds up to $9,450 at the end of our fifth week.

So after 5 weeks you are now on an income of $5,250 per week making 50 pips a day or 250 pips a week.

All you have done is put $50 on margin and risked $15 to make $5,250 a week after 5 weeks.

Now the key to this is to not focus on the money but focus on executing the system according to your trading plan, focus on executing the trades and the by product which is money will appear. If it is not appearing then ask yourself why and if you don't discover the answer then seek coaching.

Cheers
1pipatatime

[neatz]

Hi everyone,

I've been trading the new system for the last 3 weeks now, but I've been using these indicators for the last 18 months. I know a few people have been having issues with how to pick the trend and where to look for entries so I thought I'd add my two cents worth and let you know what's been working for me.

First thing I look for is the trend. Now I know that with this system we have the ability to trade in both directions, but at this stage if you're just learning the system, it makes far more sense to pick the trend at the beginning of your trading session and then trade in that direction only!

To pick the trend look at the 13 ma's and the stochastic on the hourly chart. If they are BOTH going in the same direction, ONLY trade in this direction. The other thing to look at is where the is price in relation to the 13 ma's on the 1 hour chart.

The tricky part of this is when the stochastic on the hourly goes +/- 40. When this happens, again look at the price in relation to the ma's. If the price is a fair distance away from the ma's don't look to trade in the opposite direction. If the price is hovering on, or very close the ma's, then you can start looking for trades against the trend of the ma's when the stochastic has crossed and CONFIRMED on the hourly. Again, only do this if the price is close the ma's when the cross happens. If not, keep trading in the direction of the hourly ma's.

If the price was a long distance away from the ma's what you'll see happen, is the price will go sideways a bit, as the stochastic crosses and moves in the opposite direction to the ma's. Once the price hits the ma's again, the price will continue in the direction of the ma's, and the stochastic will cross back up continue with the trend.

Just a point to note about this....notice how I've made no mention of the 15 minute chart here? The 15 minute chart is great for seeing the trends within the trend, but it's not reliable if you want to find safe entries when you're first getting used to the system.

Please read over what I've just written over and over again, until you get it...check it against your charts and make sure you know what I'm talking about because I promise you, if you can get this, it will eliminate 70-80% of the mistakes you're making!

Next thng is how to take your entries and how to manage them.

Here we need to look at the 15 minute chart and the 5 minute chart.

When trading with the trend, continue to follow the 15 minute stochastic until it reaches +/- 40 in the direction of the trend. At this point, once you get more experienced I would say you could look to scalp in the direction of the 15 minute stochastic when it's going against the major trend, but as a beginner I would strongly resist the temptation...

Now the tricky part of this....when you go with the trend and the 15 minute stochastic turns, DON'T start trying to take trades against the trend yet.

There are 2 scenarios that will occur:
- 15 minute stochastic will cross but the stochastic is still in the extreme area (+/- 40). In this case you can keep looking for re-entries and keep trading with the trend.
- 15 minute stochastic will cross and move OUT OF the extreme area and to what I've called no man's land (the middle bit on the stochastic indicator). What you need to do is now is WAIT for the 5 min stochastic to go all the way back to +/- 40 again, before you can look to take trades back in the direction of the trend. AND (!!), the 15 minute stochastic does NOT have to go all the way back to the other extreme to confirm a re-entry with the trend. You only have to wait for the 5 minute stochastic!

I think these are the major things that you need to take care of. I can't figure out how to put this in bullet form, but if you've got questions about any of it, feel free to fire away. I'm sure Lance will add anything that I've missed with any of this, but I think it will help a lot of people get started with this.

And just so you know I'm still learning this as well....I've only picked up most of this in the last week but it's already made a huge difference with my trades and it's eliminated a lot of the silly mistakes that I was making when I was first getting my head around it all!

If anything's not making sense here, let me know and either myself or Lance will be able to clarify it for you.

Cheers!

[1pipatatime]

Hi Everyone,

Here is what you can do when confronted about using the system.

Worked out what you are having trouble or struggling with, eg entry points, management of the trade or exiting the trade.

Once this is identified then re-learn this section and get to know it inside out. If you are still struggling with it then seek coaching or make a request from someone in the community an explaination or maybe even a run through on the section that you are confronted by. Make sure that the person you talk to has an understanding of the section that you require assistance with.

In the past I have seen a lot of people go down the track of enrolling people in their own point of view and this only gets people into a right and wrong conversation about trading and this is the quickest way of destroying your trading.

Why do people do this, generally because they would rather shift their focus onto something else instead of dealing with the issues that stand in their way to the life they desire. (in other words putting the blame on something else so they have an easy way out).

Remember if you say yes to something you are saying no to something else.
So if you become unwilling to deal with what comes up for you then you are saying "no" to your desired life and saying "yes" to what you already have.

You and you alone are responsible for what you get out of life, so its up to you to put the work and effort into achieving what it is you want out of this life for yourself, no-one else is going to do it for you.

Cheers

1pipatatime

[Harnic]

Thanks Neatz, having it written by another person I think may have been a help for me. Will be trying it from this angle on Monday and shall see how it goes

[1pipatatime]

Good post neatz,

Well put and its good to hear it from another angle.

Remember everyone that its a learning curve as there are multiple entries with this system and be patient by learning one at a time and learning the next one when your ready or even if you want to learn the next entry system, its not about being the best trader in the world its about obtaining what you want in your life from trading.

Cheers

1pipatatime

[trading diva]

Thanks Lance and Neatz for going to so much trouble to spell out what we've been learning lately.
After a frustrating day and night of trading yesterday, with me jumping out of trades way too quickly, I can now see from what I have just read that I have been trying to tackle too many things at once, rather than taking it easy and taking my time to learn. I have a bad habit of being hard on myself and just when I think I have given that up, up comes another example of it. So more work to do on that one. Yesterday was really an easy trading day, with a good long run and quite a few re-entry positions, yet I ended up minus for the day, after having been ahead. My biggest mistake was setting a pip target for me which at this stage seems too big, even though it was only 50. But since I haven't reached any where near that target yet, it makes sense to start much smaller and build my confidence. I know the system works and I know what to do. Just have to practice and practice and practice and I know I will be a brilliantly successful trader one day soon.

[winddragon]

Trading Diva - My two cents.

I was having trouble with the pip target - I had it written at the top of my trade record sheet so that every time I did a trade - good or bad it was there.

A good trade = elation and closer to the target
a bad trade = beating myself up or frustration

but in the spirit of making it work for myself...
I've stopped writing the pip target (I know it in my heart)
additionally I've stopped calculating the profit / loss from each trade
whiole I'm trading - I leave that till the end of the night.

That way all I'm focused on now is the entry, exit, and stop numbers and what time they occured,

It's totally taken my mind off the or the and now it's just numbers - which is much easier and stops me getting in my own way with the emotions during a trading session.

it may be something to try...