usd/sek was a good play for you, I’m testing multiple systems at the moment
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yeah, I really like trading several kroners. But, I’m only looking at USD/SEK at the moment. My favorite was always DKK.
What kind of systems are you working on? Technical? Fundamental? All on H1?
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Working on a Technical Fib Trading system, The foundation starts on 1hr chart but the confirmations is on 1min chart
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My laptop is weird. For some reason, it doesn’t store restoration points. My laptop crashed about a year ago, and after I got it back up and running, I set up a restoration point. I remember seeing the box saying that the restoration point was successfully created.
I checked yesterday, and there was nothing. How about that?
My C drive is almost full, and I don’t even know why. It’'s a 60gb drive and had about 500 mg available. I did a disk clean up, and now I have about 7gb. All my stuff is on an SD card, though. So, whatever is happening, my files are stored externally.
I learned my lesson from last time.
I had a bout with impatience yesterday, but didn’t realize it until today.
A pair was pulling back yesterday, so I tried to jump in. I looked today, and I got stopped out. I saw a second signal, and I was scared to take it. I wasn’t confident which direction price was trying to go.
I decided to stay out. I’m looking at the chart again, in my practice account, and I see why I was so confused about the direction.
It was because there’s no real entry signal for me. This is why jumping in mid trend can be dangerous for me. My sign + confirmation entries are much safer. If I miss it, then trying to get on the trend can be quite tricky for me.
I realized that I just have to be patient. Perhaps I should have taken that trade today, but if I’m not really understanding what I’m doing then I should stay out, rather than feeling like I’m guessing.
I felt a bit like I was guessing, so instead I’m drawing my resistance line, and I’m gonna wait for a sign, which I expect to come some time next week.
In the meantime, I’m not gonna chase price and lose money getting stopped out repeatedly.
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I just finished my trading, and there were no new signs for entries or exits. Sure, there are candles I’d like to trade, but I’m trying to trade more strategically and more relaxed.
I finished in about 45 minutes. I feel quite comfortable with the quantity of pairs I’m watching now. I used to watch 40 or so. That’s ridiculous haha. There’s much less activity in my trading, and I feel good that I didn’t place any trades. It’s boring, and it also means that I didn’t waste any money on setups that aren’t actually setups. It reminds me of ProfessorPips’ post
This post reminds me that it’s ok to not trade, and just be patient.
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Just took a look at a EUR/SGD chart from 2022. There was a major down trend, but that doesn’t mean a major bullish pullback can’t happen.
In the midst of a strong down trend, it pulled back for 4 weeks. After that, there were a strong bearish signal, then a few confusing signals.
I’m still getting a grip on being confident in the overall trend. That will help determine, among all the confusion, which signals to follow and which to ignore.
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Nice one!
Am I getting this right, the more pairs you watch, the more time you spend trading, or are there other things that take up your time in trading?
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Yeah, because it takes time to understand what’s going on in each chart. Correlated pairs may not give signals at the exact same time.
Reviewing each chart takes time. Less pairs, less time.
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I practiced a CHF/NOK chart from 2018. I had a tricky reversal situation. I got greedy and traded as if price was gonna continue; not reverse.
I made a very simple mistake. Then after the fact, I remembered my strategy.
As I look up from my computer right now, I have the rule written on the wall…directly in my eye line.
I make these bad mistakes, but at least practice helps remind me of what I should be doing in the market.
Constant reflection on past mistakes is important in trading. We need to understand where we went wrong and make necessary corrections. That’s why I’m DOCUMENTING my trading process on BabyPips, primarily for personal review of the trades I have made. When I go overboard, sometimes constructive criticism from BabyPips peers can help to knock some sense into me and clear the dark clouds. This way, we can gain clarity, as often those involved are too close to see clearly, while bystanders have a clearer perspective.
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I’m gonna take some time to focus on one kind of trade. To help me, I’m gonna prepare some practice charts, and practice them a few times.
Maybe this can help me switch my way of thinking and create some new neurological pathways.
I just started searching my files for charts that I’ve already prepared that may be helpful, and the first chart I opened is not the kind of trade I’m looking for.
It’s got me rethinking my approach, but I can’t get scatter-brained. I gotta choose ONE strategy at a time. I can make a different category later for other setups. For now, I’m gonna work on just one setup.
Yes, there are many types of scenarios, but I need to approach my problem systematically, not randomly.
This may lead me to preparing a ton of new charts, though. I’d better get cracking.
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My balance has dropped below last month’s. I have some trades that are still running and would bring my balance higher than last month, but I’m not closing them prematurely. There’s still another week left for this month. We’ll see.
I check my wall and I have my weird little reminder calendar. I cross of the day and I say out loud the rule, and I focus on just that.
There was a trade that I got a clue, and I wanted to set an order but I got scared. I thought it was premature. Turns out it wasn’t.
But it wasn’t a typical clue + confirmation trade. It was one of those retracement trades that has a clue but no confirmation. So, I decided not to take it.
Right now, I’m focusing on clue + confirmation. That means some trades will pass me by. It sucks, but I’m trying to train my mind to trade these clue/confirmation trades when I see them, and not get scared.
Also, I’m still preparing practice charts for this one type of setup. It’s taking time, but this is a necessary step. I can go as fast as I want, but I can’t skip it. I can go fast, but it can’t be rushed.
Patience, young padawan.
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I just finished my trading. There’s nothing going on, so I was just checking up on my trades. They’re in between S/R levels, so there’s nothing to do.
There is just one trade that hit support a couple days ago. I’m still waiting to see what happens. It’s still dancing around support, but hasn’t hit my stop. So…
I finished reviewing my charts in 13 minutes. I wasn’t rushing, but that’s how long it took. I’m glad to see my trading to reduced to such time. I’m learning to simplify the process, and it’s not exciting at all.
There was no eagerness to trade; no rush to close/open a position. Such days are quite nice. No excitement–just observation.
Now, back to preparing practice charts.
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There were some retracement/pyramid opportunities that I had noticed. I wanted to take them. But, when I take such trades, there’s risk that I could lose my original position.
I didn’t want those kinds of thoughts bouncing around in my coconut. So, I made the decision to let those trades go. Now, I see that I wouldn’t have gotten stopped out, and I wish I had taken those positions.
But right now, it’s not about making money–it’s about trading correctly. I’m focusing on trading one particular strategy at the moment–and it’s not this retracement/pyramid strategy. Another day, yes, but not right now.
I told myself that in order to keep focused on one strategy will require letting other trades go. That means watching trades slip through my fingers. For the sake of the long run, so be it.
Patience, young padawan.
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I caught myself grooving to this one
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I’ve been collecting charts for the past week. I’ve collected about 40 for this one strategy. Now, I have to edit the pictures for speed trading. It’s taking a lot longer than I thought.
And I have to do this for three more strategies.
I never thought of my strategies as separate, but technically they are. Trading retracements and pyramiding, for me, are two separate strategies, although based on the same price action principles.
My brain has been mixing all these things up together. I’m trying to separate them now, so that I experience less confusion when setups appear. It’s kinda like reorganizing the kitchen drawers.
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I had a nice reversal trade that I had running. And this is the kind of trade I’m practicing now. Well, I’m preparing several charts for it, but I haven’t actually started practicing it.
Yesterday, there was a contradictory signal that I didn’t take, so I got stopped out.
To be half fair, I’m not focusing on contradictory signs yet. But I also didn’t take it because I was scared. It’s ok, though. I’m gonna get to that strategy soon enough.
Patience, young padawan.
For the past 9 trading days, I’ve been marking off my calendar. Each day I have the same rule written. I read it aloud, and cross the day off. I’ve forgotten to do it on two or three days towards the beginning. But, I’m paying more attention to it now.
I’m not sure how long I’ll keep up this routine for. Until the end of December? I don’t wanna do it that long, but it may be necessary.
After that, the practice is gonna get a bit bonkers, because the following strategies involve smaller movements.
The strategy I’m following now is the simplest, and possibly least profitable. I take a trade and just hold on. I hold throughout the retracements, etc.
But next, it involves trading the retracements. It’s gonna be a doozy.
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