10 perfect trades
Page 1 of 732 12 LastLast
Results 1 to 10 of 312

Thread: 10 perfect trades

  1. #1
    Hi , this is my first diary, I have waited much, too much to begin a trading journal, that is among the keys to success because with it you have to follow your personal egy, have discipline to apply it and find out about your mistakes.

    I have 1 year of expertise Forex, after blowing up several accounts I know today what are my principal mistakes: overtrading and let emotions trading for me personally. In last month I used to make 5 trades at day, but a few days, in the beginnig, I get to make until 100 trades at day, this is completly mad and the most important, I have found I have lost with the spread and the commissions than with the losses of my trades.

    Forex is an overly simple market when you see it in historical perspective, therefore, why 95 percent of individuals lose like me? Since we all make the same mistakes, we kill ourselves overtrading and let our emotions take the constraint of our trades.

    I am inspired by the thread Forex House of Pleasure and Pain of Jacko and by the book Trading for a living of Elder, in fact, you don't want much more to became a profitable trader, only a good book and good advices to begin.

    So, these are going to be my untouchable principles:
    1. - No emotions.
    2. - Larger timeframes, from 4H to Weekly.
    3. - Tight SLs, between 20 and 30 pips and large TPs, between 100 and 200 pips.
    4. - 50 percent of Fib Retracement.
    5. - Sell in Resistances, Buy in Supports.
    6. - Take a look to fundies and news.

    After a single year trading I think that is far better to seek out a trade that you believe that could be perfect and utilize with it all your margin with the maximum leverage than open a lot of impulsive trades with less leverage.

    That is all, my goal is to loe this summer, using an average of 150 pips every one. That is an average of 3 trades per month using 450 pips each month. I don't need more. Along with the golden rule isif I can not find a potential perfect trade, I will not open any place. It is likely that I will not open any trade in next 3 weeks, and it's likely I start more than 10 trades, this doesn't matter, the secret is that every trade must be a canditate for an ideal trade.

    Sorry for my poor english..., and let us go! I will update the thread once I find the first candidate to became a perfect trade, see you until then.

  2. #2
    Sell USDJPY @91.975, SL: 92.255, TP: 90.199 I will tell the Motives:

    - Monthly downtrend
    - Following the weekly breakout the up trend can't define well
    - Yesterday we had a trendline break of an uptrend
    - Nowadays the price has reached 50% Fib retracement at a resistance level (92.2)
    - The dollar index is near a resistance and will go down at least in the Brief term

  3. #3
    Quote Originally Posted by ;
    Sell USDJPY @91.975, SL: 92.255, TP: 90.199 I'm going to tell the reasons:

    - Monthly downtrend
    - Following the weekly breakout the up trend can't define well
    - Yesterday we had a trendline rest of an uptrend
    - Today the price has attained 50% Fib retracement just at a resistance level (92.2)
    - The dollar index is close to a resistance and will go down in the brief term
    - Monthly downtrend:


    - Weekly breakout:


    - Yesterday breakout and 50% Fib retracement:


    - Dollar index close to a resistance:


    - 92 is a historical support/resistance:


    Why 90.199 as my TP? Because is over into a round and a psicological amount from where the price may go up, and since is between 100 and 200 pips just like one of my rules tell.

    I have found my first candidate to eventually become an ideal trade quickly, but this wasn't the original idea, just for luck, I hope now the 92 resistance don't break and I have my first ideal trade. Regards.

  4. #4
    Here is the next candidate to become a perfect trade: Sell EURUSD @ 1.2117 in the last powerful support which has turn into a resistance, SL: 1.2133, TP: 1.1931



    it's also that the 50% retracement from the daily chart:



    I am still waiting to close the 1st trade, we are at a lateral market in USDJPY, however it's attempting to violate the 90.8 support.


  5. #5
    I have to mention I do not trade through MT4, I use it for charting. I like other platforms such as Trading Station II of FXCM or Navigator Guru of MBT... But MT4 remains for me the best platform for charting. I despise it to exchange because MT4 is specifically designed for the traders of market makers bucketshops, rather than for ECN or NDD trading. Regards.

  6. #6
    Quote Originally Posted by ;
    This is the second candidate to be a perfect trade: Economy EURUSD @ 1.2117 in the last strong support that has turn into a resistance, SL: 1.2133, TP: 1.1931
    SL hit, -16 pips, it was not a fantastic trade this one.

  7. #7
    Quote Originally Posted by ;
    Hi , this is my first journal, I have waited much, too much to start a trading journal, that is among the secrets to success since with it you have to follow your own egy, have discipline to apply it and learn about your mistakes.

    I have 1 year of expertise in Forex, after blowing up many accounts I know today what are my principal mistakes: overtrading and let emotions trading for me personally. In last month I used to make 5 trades daily, but a few days, at the beginnig, I get to make until 100 trades daily, this can be completly insane and also the most...
    2 and 3 are incompatible with each other. I am sure anyone worth listening to about here will tell you that you cannot be successful doing larger time frames and smaller SL's. I'm also sure you will try prove me wrong

  8. #8
    Quote Originally Posted by ;
    2 and 3 are incompatible with each other. I'm positive anyone worth listening to around here will tell you that you cannot be effective doing bigger time frames and smaller SL's. I'm also sure you will try prove me wrong
    Maybe you are correct, but the intention of this journal is to find perfect trades, if a trade is perfect, the connection between SL and TP must be, at least, 5x, too, 1 rule would be buy in supports and market in resistances, in case a S or a R is broken by over 20 pips hardly ever the price returns to the S or R, sowhy let losses run? I also use weekly and daily charts simply to ascertain the trend, not to exchange, for trading that I use 4H charts, but I repeat, the purpose is to find perfect trades, if a trade moves against you over 30 pips in a 4H chart is since the trade was not perfect. From the EURUSD trade by way of instance if I've used 30 pips of SL rather than 16 the trade will still open, since the price has reversed... But this does not care me, I'm not doing this to get money in short duration, but to find a method of succesful in extended term, and if I wish to survive in long term within this market like only 3% do, I must to use tight SLs and large TPs. Thank you for the critique, this egy is only in its testing stage, if it does not work I will attempt to obtain a different or to modify this one. Regards.

  9. #9
    Quote Originally Posted by ;
    Perhaps you're right, but the purpose of this journal is to loe perfect trades, even if a transaction is ideal, the connection between SL and TP ought to be, at least, 5x, also, one rule is buy in supports and sell in resistances, in case a S or a R is broken by more than 20 pips hardly ever the price returns to the R or S, so, why let losses run? Also I use weekly and daily charts simply to determine the trend, not to trade, for trading I utilize 4H charts, but I repeat, the purpose is to loe perfect trades, even if a transaction moves against you more than 30 pips in a 4H chart...
    great luck trad3r on your travels.

    In my opinion trading is all about proper money management. The majority of the times our commerce goes in our direction, but due to improper TP, SL levels we lose out on the profits.

    You said 1:5 RRR. However, what about the strike rate? You win 150 pips, shed 30 pips. However, you lose 100 transactions and acquire 30 trades. Other way is to give more space to a commerce. You win 150 pips, shed 50 pips but hit rate could be more. In my opinion giving reasonable space is important. S, R levels are fine, but some times market doesnt care about these numbers and there will be false signs and sometimes they just take out all stops and reverse the direction.

    I prefer more space (on lengthier TF), adjust the lot dimensions accordingly

  10. #10
    Quote Originally Posted by ;
    great fortune trad3r on your journey.

    Within my view trading is all about proper money management. Most of the instances our trade goes in our leadership, but because of improper TP, SL levels we lose out on the profits.

    You said 1:5 RRR. But what about the strike rate? You win 150 pips, lose 30 pips. But you lose 100 trades and win 30 trades....
    I am not going to wide SL, when a support/resistance is broken by over 20 pips, it's broken, even if following the price reverses itself, as we saw EURUSD final week, but the resistance was already broken, that is because now we view the EURUSD at 1.226.

    But it's possible that I decrease the TP or, at least, adjust it to reach rule 5: market in supports, buy in resistances, I have broken this rule at the USDJPY, why? Since I identified a service last week and I did not buy (= near the sell) at it. So, I have placed a buy limit together with the half volume at 91.175 to close it (you can do this in certain platforms like Navigator of MBT), with only 80 pips of profit, the major TP stays at 90.199, '' I expect the price returns to 91 level because now it is trying to break the 92.2 resistance, the trade is still open by only 10 pips.

    This is the service that I did not take into account:


    Regards.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.