I think I will be the first one who list out my results of the week. I still have 2 opening trades which is the EURAUD and AUDCHF. I trade based on the weekly BUEB (swing low) and BEEB (swing high). At first the EURAUD showed bullish sign and go with my direction, meanwhile, since there are some bullish sign so I decided to let it go on. Unfortunately, since yesterday sudden bearish, the whole direction is against me until now. I know we didn’t look at the news but I did checked the news, it seems like EUR having all the bad data while AUD got all the good data. I will let it as I trade the weekly signal. I hope to get some opinions from you based on these. =)
I’m in the NZDUSD Daily PB going up. Besides that, I’ve been looking into volume and its made me very curious. Currently reading about VSA and its looking good. So just testing out a few things to incorporate into my trading plan. Taking the best of both(or in this case many) worlds.
So gotta thank you for sparking my interest in new ways to go about trading Gotta keep an open mind you know?
BTW might look into the EURUSD Weekly BEEB. Hit a pretty nice trendline, right off of the 61.8 Fib, and the 1.38 Round number. Theres also a pretty nice resistance right where the 61.8 hit. Just flying some thoughts off the top of my head.
Aaron, sometimes I need to read your posts a couple of times for all the wisdom to sink in. Thanks for the last post explaining your rationale behind high R:R… it boils down to me simply having to do the maths this weekend to see what the difference in results would be and as you have found yourself, the maths don’t lie.
As far as results go, I’m not trading exactly as taught here although I am certainly trading price action, all from the daily and 4-hour time frames. Here are my results for the week:
In case it’s a bit unclear, that is 1007 pips in open profit at the moment. Some positions are close to their TP levels so I’m hoping to finish the week by moving most positions to BE and settling in for the last leg of the moves.
I hope you all have an amazing, blessed weekend.
Cheers!
Nothing to be proud about here, I stopped trading for this week after a totally stupid mistake (forgot to set my SL) and thus I find myself dropping 7% this week alone
I had high hoped to end my first month ever in profit (even if it was just by 1%) but here it goes I failed.
Today is not just the end of a week but also the beginning of a new month and a firm resolution that I will be profitable in November. I will take it slow and steady and hope to get there with your help (all of you)
One additional note on the “let you profit run” I tried that a couple of times (twice this week only) and each time the trade reversed and wiped me out at SL and I start thinking I should have closed it manually when I had the chance …
No need to be brave. I had 3 losses so it’s a 12% drop for the week so far. Still have open trades so telling now is just like taking a PA signal before the close of the candle. It doesn’t make much sense. I’m already off for this week as I am not looking for new trades today but I am never really far away from the market as I am reading a great book called:
John Wiley & Sons - Beat the Odds in Forex Trading - How to Identify and Profit From High Percentage Market Patterns
I am enjoying the feedback and honesty. It’s crucial to face the truth as that spurs you on to figure out what went wrong and how to fix it…
…and on that topic, I would like to add to the discussion, an open question to all who had a losing week: “Why do you think you lost money this week?”
When you now look back at the losses, see if you can learn something. It has always helped me tremendously to not ignore the losses but actually go back to them and see what went wrong. If it was a perfect trade where I stayed disciplined and it just went wrong, then GREAT! That is an acceptable loss and we can move on.
If it was me who was an idiot, then I note that, note what I did wrong and should never do again and the next time such a scenario presents itself, I actually have a plan of action.
You guys rock. EternalNewB, I applaud you, thanks for sharing.
The funny thing is that, despite consciously knowing all of this, our brains just short-circuits sometimes and despite all your better judgement, you still mess up! sigh
Even though we might be feeling down today, we are going to come back again strong next week… new week, new month, so much possibilities to be good traders. Keep that chin up and we do it a bit better again next week.
I just want to add a last bit of wisdom from personal experience.
Eventually every trader needs to find that trading time frame and style that works for him. I personally know that I am just not suited for intraday trading at the moment, it stresses me out and drives me crazy!
But at least I know that and could make a choice to move up to different strategies on higher time frames. That has made me a happier trader and because I am more relaxed, I make better trading decisions.
Many will probably find that this thread gives them exactly what they were looking for, and some will realize it’s just not for them. Either way is good, because like I always say:
“Trade in the way that is least in conflict with your own inner greed and fear.”
I will get better and be more disciplined it is not a question of IF it is of WHEN, the sooner I realize how childish I can act sometimes the quicker I will be able to change.
I am lucky to have had some gain earlier that month so my loss was less “hard”
I am up about 20% profit for the month (Most of which I took at the beginning of the month) and this week has made me a small profit which I am happy about. I have only entered three trades this week, EURCAD daily which never got triggered and I have now cancelled, I am still in the NZDUSD daily and this sweet pin bar on the AUDUSD 4hr yesterday got me some pips:
I am finished for the week now other than the NZDUSD which is ongoing I won’t be doing any trading today.
1:15 ratio is awesome Aaron, I would be very interested to learn more about how you trail these trades to make such great profits, will there be a lesson on this?
Also wanted to add that this month has been a great learning curve for me, allowing me to experiment and discover what works well for my trading plan and what doesn’t work so well for me. One of those things is entering on the break of a signal opposed to a retractment. As Aaron mentioned in an earlier post, success rate is definitely higher using the break of signal and this is what I will be sticking to from now on.
One thing is what you want to have, but the other thing is what market offers you and you can’t demand market to have a specific RR, the RR is as it is, which is clearly shown on charts. If you try and adjust the S/L for your needs, then you may end up losing, because the S/L was too tight. You can’t make your trade to be 15:1 (for example) when it is only 5:1, 2:1 or less, simply due to the FTA and logical areas, where the trade may turn opposite. In my opinion, traders shouldn’t focus so much on RR (of course if it is not ridiculously low such as 1:0.5), but on very good quality setups and areas they are taking the setups from. It’s possible to greatly increase the RR by taking trades with obvious trends. BUT hey! If it works for you, then keep on doing it! I’m not saying it’s a bad trading style, I’m just not comfortable with retrace entries.
As for the profits, then I still have an opened trade on AUD/USD, but apart from that I have made ~5% profit this week.
I appreciate all of the honest responses here and I know many others do also. Instead of responding to everyone individually, I will just do it here. It looks like there are some here that are doing tremendously well, and I say congratulations. I even saw some comments about those being able to stretch a little and experiment with new methods and strategies. I think that is great and I really encourage people to do that. Any trader, no matter how successful they already are, can grow and learn new things that will bump up their success and profits even more. I saw a few here that are ending the week with small or moderate losses, but in every case it seems they have identified their mistakes and already taken action to make sure it doesn’t happen again. If a trader is honest with themselves and very quick to fix their wrongs, I believe they can go from losing to winning very quickly. Again, I appreciate the honesty, and this isn’t just for us to read about you, but I think writing it out helps the traders learn about themselves. Keep up the good work, I can tell everyone here is absolutely serious about becoming better traders. I will be posting a video this weekend, and maybe find some time to write about an important topic.
I am still going to hold off before posting any end of week results since I still have a few open trades, but right now I am up about 10% since starting this thread a little over 3 weeks ago.
I saw some comments on the EURCHF trade I am in. If I get a chance this weekend I will post a full commentary. There was a comment about not making a trade 1:15 if it’s only 1:2, etc. I didn’t arbitrarily pick a RR number I liked, the 1:10 and 1:15 values I posted are the next 2 daily resistance levels.
Sorry for my “intrusion”.
I first come across the PA for beginner thread and got in there but it seems there no movement there. So i decided to come here.
I decided to drop in because of some of the member’s great results.
I got bit lost to trace all the month’s posts…anyway i will try to
Also I would like to start to post my trade if possible here…in order to learn. (and becoz the post is getting too fast)
Thank Aarron for the post.
Hope that i can be a part of the successful followers.
Welcome Curious. You are more than welcome to be a part of either thread, or both at the same time. If there are topics here that you are not comfortable learning yet, just ignore or skim over them. I need more articles and videos dedicated to beginners topics before the other thread will really start thriving and growing. The advantage here is that most of these traders have a good understanding of price action and have been trading for months or years.
I encourage people to post their trades, just make sure you follow the minimum requirements of posting a clear screenshot, with a pro/con list of the trade, and a 1-5 star quality rating of the trade. Chart analysis is a great way to grow in your understanding of price action, and learn new price action patterns and strategies. I look forward to seeing you around!
Gotta keep an open mind you know?
