So anyway, anyone who has looked at my account on myfxbook will see that I really lost the plot last week and threw risk management to the wind, losing 12% - Yep, 12%! Iām actually amazed I didnāt do more damage in fact. So this weekend I did a really deep introspection into my trading habits and most importantly, my emotional response to trades, be it winners or losers. Iāve made a few good decisions (well good in my mind at least) and I am ready to stand back up again and make this work once and for all.
Iām tired of falling down time and time again, and always to the exact same issues. So I have gone back to my post a few pages back and read through all those thoughts which lead to less than perfect trades. Now it is time to really milk this market for all itās worth - Iām genuinely trading like a machine from now on, if price doesnāt hit my levels, I aināt taking the trade, pure and simple!
So far this week, things have gone well, but Iāve cut back my risk heavily. Nevertheless, I took a nice entry on fiber at 1.2187 which is over 100 pips in profit - weāll see what happens. Iām going to only post real crackers from now on, because essentially I ONLY WANT to be taking such trades anyway!
Alright guys, I think yesterday was the turning point I needed. There are only so many times one can repeat the same mistakes before they well and truly learn their error.
Letās just say that I have put in some serious measures to ensure that my downwards spiral is put on hold, and that things will be very different going forward! Please guys, keep holding me accountable for my trades. I donāt intend to post every trade so if you check the myFXbook link and Iām doing something horribly wrong, bring it up here
Although I think that you wonāt be seeing much of that anymore
Also, I just want to say Thanks to everyone who has monitored my trades and called me out for it. I think that the transparency makes it a lot harder to get away with these bad habits, so keep it coming guys!
I have decided to start afresh now. I have completely changed what was previously a laid back trade and risk management system and I have now put some concrete rules in place to keep my trading in check. I am working solely on patience and PERFECT entries from now on. If I can be disciplined enough to go to gym and know it produces results then SURELY I can be just as disciplined with my trading
I love keeping my trading public because it means I canāt completely go off the rails at least, and there is that hint of absolute shame having to come back and post here after losing a nice chunk of my account So hereās the new MyFxbook link: Itās my last one ever, I promise!
From now on Iām focusing on sticking to my rules rigidly and focusing on trades that are actually worth taking!
Anyway, for anyone who is interested, there is the āchecklistā of sorts, that I will be using which I will upload later
Bias: [B]SHORT[/B]
My outlook will remain bearish for the foreseeable future. In the pics below I have highlighted some levels which I hope will bring about some retracements. Other than that, itās pretty much one way traffic at the moment. The two levels I will look at for retracements are:
1.20 - This level looks ripe for at least a few pips. The 161.8 extension level from the monthly TT lines up nicely with this level, and itās bound to be key owing to the fact that itās such a powerful psychological level.
1.1880 - This level is key because itās a past level of support from a number of years back.
Last but not least, how about this extension for further confirmation!!
Other than these two levels, I donāt really see any reason to take any LONG positions for the next week at least.
Market flow is bearish on ALL timeframes (as can be seen in the pictures above).
The majority of retail traders appear to be LONG (refer to picture below from Oanda).
Market structure is still bearish (as evidenced by the extension I posted in the picture above) - we are still to make a long term low before any significant move upwards.
So I will be looking for further entry points to get into the downwards trend and pull in some pips!
ā¦ Iām losing hope guysā¦ I was thoroughly worked over by the market again this week This coming week is going to be a telling one for me. I havenāt given up just yet, but letās just say that gym is becoming more appealing to me again versus trading Anyway, I will post an analysis of every trade from now on, in the hopes that maybe someone can show me what the heck Iām doing wrong all of a suddenā¦
Losing hope is the only way to surely lose. Youāll be ok just keep at it. Takes time to build muscle right? And you get sore sometimes :-D. I honestly believe anyone can be a trader they just need the right attitude. Itās not about if you can but will you?
I feel your pain! I demo traded for about 9 months and I followed āthe rulesā. Sure enough I started to make money, well pretend money. I know as long as I strictly followed the rules I would do fine. About a month ago I though it was time to start doing this for real since I had do so well following those damn rules!
Well something interesting happened I took a real loss, 2%. I was like holy carp this is real! Then I took another trade and lost. Being down 4% I dropped my risk down to 1% and proceeded to take 6 more losing trades. Now Iām down 10%!
So I decided to stay out of the market for the last two weeks and just study or read. Last Monday I came across ICTās page and have been slowly trying to digest all of his work that I have had time to read. Iām thinking this is going to take months!
I am way newer at this than you but hang in there, think long term. My goal is to not blow up my account right now! Iām going to go SLOW and get it figured out. Good luck Iāll be following your thread!
Too right bro! Strange, I just watched some ICT videos and all of a sudden all that negativity of mine is gone Iām going to keep going, working ever harder to be patient and disciplined and most importantly of all, focusing on those higher TFs!
Thanks bro - too true, this does take long and I also need to just slow down and focus on everything I have learnt. I get too stuck in the lower timeframes and I struggle to handle losses. Itās so difficult taking losses on a real account, it just hurts all that much more. But nevertheless, I need to accept that the most important thing right now is ANALYSIS, and having confidence in my analysis from the higher TFs, because as long as I keep applying the concepts, it will certainly pay off every now and then!
That is a ridiculous rule if itās true :o How is one meant to edit their original posts to add new detail etc? :o
[U]Week of 30/07/2012 ā 03/08/2012[/U]
Anyway, my bias this week will be [B]BULLISH[/B]. At least, until Friday, since NFP seems to consistently push the foreign currencies out of bed, regardless of the outcome. Last week I was caught following that dear friend of mine, the Judas goat, and I was lead to the slaughter of course! I banked way too hard on seeing price reaching those levels I highlighted in my previous analysis, and I paid the price dearly.
Nevertheless, lesson learnt and itās time to move on. Having made that nice short term low on the daily chart, it would make sense to change the bias to longs for the next couple of weeks. It remains to be seen whether the worst is over for Europe or not, so wherever possible, Iāll rather be focusing my trades on the cable as opposed to the fiber, unless of course it presents a more favourable looking entry to go long. I see absolutely no reason to go short on the cable until we reach at the very least 1.5900 ā 1.6000. So if you see me taking any short entries this week, it means I am clearly not following my rules and my discipline is horrific.
I unfortunately donāt have the benefit of my MT4 charts at the moment to post some analysis, but suffice it to say that Iāll be looking for any area to get in tune with the upwards trend.
My prime area of focus will be on taking Holy Grail trades which coincide with OTEs as well as being in the correct pivot zone for the trade. The confluence of those three concepts as well as lining up with a key support level will be powerful evidence of a good long entry.
[U]Risk:[/U]
My risk percentage is down to 0.5% and at least this gives me the room to maneuver and try out a few things without doing much damage to my account.
So hereās the new MyFxbook link: 
This coming week is going to be a telling one for me. I havenāt given up just yet, but letās just say that gym is becoming more appealing to me again versus trading 
