I’m developing my own method of trading and when I wanted to combine it with indicators, I get very confused. Removed all the indicators.
Testing now Moving Averages. The keyword is MOVING. Good to take quick nice trades. But my main method is only clean chart without moving average etc. It’s about predermined levels.
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So I took trades in those 4 pairs I mentioned earlier and made some nice base hits. At the time of posting this, they are all continuing to retrace towards the 20sma.
I’m just going to continue skulking in the long grass for any nice set-ups for the remainder of the day.
My next big challenge is to learn to hold them longer. I fear I am still trading my P&L which implies I’m over-sizing but I am trying not to be too self-critical. I have low self-esteem as it is so one step at a time! Base hits first, home runs can come later.
On that note, I’m really tempted to scale back the size to 1 or 2 lots for the rest of the day. I’m acutely aware of my weaknesses and as Jared T told me in not so many words, “Don’t let the magician in you takeover.” What he means is, I have a propensity to think I can magically turn $1k into $5k into $100k which is obviously ridiculous thinking. I need to treat every new position as if it is my last trade ever.
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Pay attention GU has rised to my first target as mentioned above. Now the second target in my thread.
Just market structure 
Good luck.
Was it easy getting sessions with Jared Tendler? And did they help as expected?
3 main things that stood out: 1. You are trading super short time frames before if your zoom out is 1hour, so the patterns are less reliable. 2. Mean reversion is not a good strategy for beginners, it teaches you to always trade against the trend and you simply dont have the skillset to continuously extract money via that method. Learn to trade with the trend because even if your entry isnt too good, because you are trading in the direction of prevailing market action, market often bails you out even on a poor entry. 3. You are absolutely correct on now looking for Longs Shorts and everything in between all the time. Pick one strategy and become good using it. Kudos for being brave enough to make this post, most people wont subject themselves to this - hope you are going to make the lost 200K and a few million on top soon
Thks for sharing… you are not alone in this journey.
“… trading is 1% Theory and 99% Experience… so, the most important trading lessons cannot be read, only experienced…” good luck… any help is just at an email ‘distance’.
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Iteresting.
I have been studying forex on a demo for a year and your strategy is the only one that I can see that works.
In the end this is a % game so if you can make10% on capital employed your doing very well if you can make20%your doing fantastic any more is fantasy land.
That’s where I think most people go wrong.
I’m only doing this cause they won’t let me back horses in Portugal.
Hello,
- For your trading learning, try this free course : market life trading by Adams Grimes, author of “The art and Science of technical analysis”
- For your mean reversion strategy, try the cyclic RSI indicator by WhenToTrade, that you can easily and freely found on TradingView platform.
- Finally, good luck and blessings.
Wow that’s some experience you had there. how can I relate to it let see… I have a few similarities with you, I have traded equities market, learned a little in Options but don’t understand much in it and lastly I trade Forex. I have been on my journey as a trader for 2 and a half years now and so far I am doing okay in my opinion in equity market as I have spent more time learning that first.
My advice to you is I believe you should practice and learn for a while on a demo account and validate your trading strategy and prove it first before using real money, although you are eager to be successful in trading and move form your job but trust me the market can be very lethal and will chop a person up in pieces very quickly when you don’t have much knowledge. Next is I believe you should consider reduces your lot size, although i have no idea your account size but I think using 50 or even 20 lots is way to much. You got to remember about Risk management techniques to protect your account from blowing up. Based on what you have said there is other things I would mention to you but I don’t wanna dull you out.
I haven’t done so poorly in trading before but i know how it feels to lose a lot in trading, it took me awhile to get the hang of trading. Keep pushing and best of luck to you, I hope you accomplish your dream.
Sounds like crickets. One can only assume he blew up, again, and if so, no surprise. If its taken 4 years to just about learn how to scalp but blowing $200k in the process, it’s not very indicative of progress. Scalping for scraps using big size is no way sustainable for the average retailer. Not sure a thread on baby pips constitutes the best platform for a journal either. However, wish him all the best whatever but time wasted on this thread including writing this.
Why? Because he’s clearly knows how and where he went wrong, as opposed to a majority of traders? Because he’s identified that his psychology is where he needs most work, again as opposed to a majority of losing traders? Because he’s getting personal sessions from a really well known psychiatrist like Jared Tendler, like you did maybe? Because it’s highly suspect for anyone to have real life commitments that prevent them from updating a forum thread?
Hopefully you don’t assume as much when you trade.
Woah, easy there tiger. I think how open about his journey is great and brave too and I do hope he’s doing well (as I said). However, I’ve yet to see someone complete a challenge they publicly set themselves, whatever the market. Sure life gets in the way but hope he returns to complete it or at least update, not sure about you but I can’t trade time for more time, wish I could
Ah, ok. I didn’t get the impression it was a challenge though. Just went through a few of his initial posts and I got the impression it was a sincere attempt at being publicly accountable and an attempt to get to know folks of a similar mindset.
Being based in Dubai throws a few more challenges during times of crisis. Employment is much more volatile there at times of crisis and I believe it’s worse now than during the Financial Crisis. Unemployment results in a notice term from 1-3 months and visa cancellation, which requires you to immediately uproot yourself back to your country. The impact is especially hard on folks who have family as visa dependents.
Not saying there’s no chance he’s blown his account but his most recent steady gains, sessions with Tendler and being based in DXB leads me to think there could just as easily be other reasons for the hiatus.
Edit: Jared Tendler is a legend among poker players. He’s helped tons in I believe in 2 decades and I believe got his start helping golf pros. Here’s a session with Tendler from a Trader’s blog.
No worries at all, like I said I hope everything is good with him, he was doing really well at one point up £10k in a week or so from starting. Anyway, yeah, I would NOT choose to live there but if that’s were your job takes you then guess you don’t always have a choice.
About this Tendler guy, why is everyone so into him? Was he a trader? I get the correlation with poker and the sports psychology thing but it’s like he’s a god in here. Don’t get me wrong, if he’s helped you and a bunch others then great. That said you got my attention, I might check him out
I’m too new to trading to know if he’s as well respected in trading circles tbh. I know of him from the time I was an eager amateur poker player. And he’s got a legendary rep in poker circles. He’s helped tons of well-known and profitable players over the years.
As for myself, I was a losing poker player for about 2 years. I’ve been guilty of chasing my losses, playing on tilt (very similar to revenge trading), playing above my skill level (higher stakes), overplaying (upto 8 tables at once), and playing across the spectrum of game types. Many parallels with the same traps traders get into.
His book at the time, “Mental game of Poker”, was a huge eye opener for me. I don’t think it would’ve had a lot of impact on me personally if I didn’t experience playing as badly as I did at the time. So, I guess context matters too.
While I believe I plugged a lot of holes and leaks, I haven’t re-read it or practiced a lot of what I learnt since I stepped away from poker, so I have my work cut out for me.
I see he has a book on trading now: The Mental Game of Trading: A System for Solving Problems with Greed, Fear, Anger, Confidence, and Discipline.
So many traders were poker players at one time as many seem to come from an engineering background too. I often doubted myself because I didn’t have such a background, either way, whether you lost more than you won, you could have an edge and so an advantage. Wish you luck, its been good talking with you
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If you want to make money and use a truly mechanical approach which can be repeated with very high probability of success look at trading options. 85% of options trades lose but that reflects options bought. Selling or writing options is the other side of the coin. There will be those who tell you that this is terribly risky but that is not true if you apply the right strategies.
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Dead thread, but I like this. David Paul made a comparison with traders and successful dentists/oral surgeons.
He said the dentist focuses on doing each procedure perfectly. If he can do each root canal, each filling, etc perfectly; then the patients will keep coming.
Focusing on one trade at a time is how the profits will be earned.
This is something I have to keep in mind.
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best advice is to get a mentor over your shoulder who gonna identify your blind spots and fix you instantly on the spot