wasp

Hi JT, I have no objections to posting them but only if it benefits someone. I make 4-15 trades a week, 50 weeks a year, over the next 20 years that means a lot of trades and so one week to the next makes little odds to me, its just a job. I just don't want to look like I am showing off as I have no reason to care what anyone else thinks of my abilities. If my posting encourages others and we can all help each other then sweet, otherwise it all just seems a bit pointless is all.

Maybe that's the case but some of use relish big size and only pay attention when the average profit kicks in around 20/30k a trade. Another book cliche that states we should panic, not enjoy. If the percentages are correct and you treat this like what it is, business, then size should be a pleasure, not a fear. Ok, yes, I do have a loose outline of a plan but its the screen time and years of experience that tell's me when I am wrong, when I should get out and get in and yes, I could write down 'buy S and sell R' but there are many little factors here and there that are not set in stone is all. For anyone coming to, or, having troubles with their trading, a plan you can write down is vital, but you also need the discipline to hold through all conditions. As for the title of the thread, for those outlined above, I would say it is 50/50. You cannot be successful if you only have half the equation. The longer I trade, the stronger I stand by my opinion that experience is more important than anything. KNOW the market like you know yourself, only then can you really get out the most from it. As for coming back after time away, I always think (this is the only analogy I can use as its the one linked to me), of my bartending days. Once upon a time, a screwdriver was in the toolbox, now, I could make 150 cocktails and shooters without thinking about it. I have not stood the wrong side of a bar for 5+ years now but at any party with more than 3 bottles of liquor I go to, I can make anything for anyone. It's like riding a bike IMO, it is so ingrained into my brain now that I do without really thinking. It may take you a day or two to get back in sync but IMO, once you know what you are watching, and understand what you are watching, its impossible to 'forget'. Taking your 'volatility' example, so what? So the market moves more, that's a good thing, adapt to it and enjoy I say! I have tried for a couple of people but no, they couln't get it down. Why? Partly because I couldn't write it down and partly because its not that simple, nothing ever is. My ability to trade successfully is not (just) because I have a 'plan' and discipline, it is due to years of 6/7 days a week, 20 hours a day with a laptop glued to my hands. Like a F1 driver, yes they have a plan of how to get round a track fastest but they have been doing it for years, they understand the car, the engine, the track and the other racers. If Lewis told you how to get round Silverstone the fastest (brake here, speed up there), would you beat Schumacher?

I don't have a plan I can write down. I don't think I have an edge. I use reasoning that I would if I was shopping in the high street/mall. I still shout at the screen, kick myself occasionally and congratulate myself when I do well. I still make plenty of money though. I trade from years and years of 100+ hour weeks of experience and trial and error. I've tried it all. IMHO, you partly need an edge, you partly need yourself in check and have the right mentality, but most of all, I think you need experience. Once you truly understand what you are watching, realise this is just business (passion for the business helps!) and man up and trade like you would if you had a 'real' job (clock in and clock out), then you are onto a winner. 20% (loose) plan, 20% common sense (its a job, do it like any other) and 60% skill, experience and understanding is the right mix. All IMO of course.

Cheers cowpip, just don't go following me too much. (I know you aren't copying me but just be wary of paying too much attention to my trades.) You have to find your own path as all our needs and limits and our trading personalities are different. Have a good one.

You are right, it has opened up but no, I am not happy I jumped out. I don't usually succumb to fear but I broke my own rules and that's the worst thing. I should take the trade and accept the losses instead of taking a profit in order not to give pips back. :crap: I hate missing out more than losses too! Nice trade btw, good little move you had there. Anyhow, I am off or the weekend... Have a good one, catch you all Monday.

I knew I would end up kicking myself!!! Serves me right for looking at other markets and having an 'opinion'. The trendline has been rejected again and now I must await till next week after watching one of the better single candles move without me this week :doh:

Closed long for +12. Against my 'rules' but, with EJ and EU and cable dropping and the daily TL breaking, I cannot see this getting back up to 212 again. I may be kicking myself by the next candle but going to stand out for now as its Friday lunch and the US open did little. That's +431 on the week. I feel like I am showing off and massaging my ego posting live so I am going to stop unless everyone would like me to continue. Back to watching the olympics for now....

Not sure... they happen though! Its not over yet and my long looks like it may have been a slight pullback before short continuation at the moment. :doh:

Long @ 211.06

Closed at 210.94 for +176

Sorry JT but, despite what may be written by the 'experts', there is no defining characteristics that state exactly what justifies me adding or removing lines, nor can my 'plan' be written down. The longer I trade, the looser my 'plan' becomes and the more it becomes 'sense'. I don't think I could write down what defines it, I just gauge it through experiences.

All pound and euro dropping nicely now... could be on for a sell off me thinks... would like to see this daily TL broken with a vengeance on GJ though EDIT: I still cannot believe, the one market supposedly with bigger movement than all the rest i trailing. EJ, EU and cable already moved 300 and GJ just hitting 200! (yes, I am in GJ and none of the others! Grrrrrrrrrrrrrr!)

Remember why we came here guys. Freedom to talk shop without the idiots at T2W, plus boards full of trading talk instead of spam and people looking for arguments. Half the members are holidaying and there are some still who are posting on the main boards. Plus of course firewalker has forgotten how to trade so he's not posting much! :rofl: Once the onslaught of rain and school terms start again, the board will come alive once more imo and lets be honest, T2W may have 150'000 members but at the end of the day, all but about 5 of them are shit!

Some stupid idiot forgot to plug in his laptop overnight and it went to standby as the battery dwindled. I awoke to see I didn't take a trade I technically should of and was 70pips better off. Not anymore! There is no solid S/R to cause the reversal I can see of. As it is bouncing off resistance at the moment, it makes me look to the dailies and, as the daily trendline has been rejected twice in the last week, both times the bounce being less and less, it makes me think it could be time to break and drop. The EURJPY is pushing the similar trendline too. Either that or fly high!!!!

Having a quiet couple of weeks... Thought I'd keep things in just 6 figure sizes since its summer As it goes, GJ is still bigger BUT, not been as smooth and thus not as many pips because the winners haven't been bigger than the losses as they would have been on EJ.

To be honest, I just can't be arsed!

All well and good as long as the day you switch, so does the big money and they go back to the market you just left!!

Don't you start! I don't need to follow a plan, the market needs a plan to follow me!

In comparison to EURJPY, this is a ****ing joke. go in a straight line GJ you poxy thing!

Slightly better view overall...

Swings and roundabouts. traded EJ for a while, swapped to GJ as it had bigger % moves and of course its switched again now but yes, unless you play 10 markets simultaneously, you can never get them all. Unfortunately.

TBH, as much to dbpheonix's dismay(!), I think there is a lot of discretion / gut / experience playing out in my trading. I have been doing this a few years now and sometimes you can see what's going to happen through experiences.

The other problem is the vast array of FX markets available. Kicking myself for just comparing EJ to GJ!!!!

Be sure of your lines and be sure of your decisions. It's far too easy to make 3 or 4 trades in quick succession as you panic and doubt the level your basing your trade on. I know, I have done it many times!!!

Pretty much... markets don't wait around for you!