Australian (ASX) Stock Market Forum

FX banter

Jump to new
peter2 said:
Great. Why would I say great? Because I hope you learned a few things from the bad day.

1. Bad days - we're going to have them, they're unavoidable and we never know when
2. Ego is a problem - no losing days this week
3. Emotions are a problem if you let them be.
4. Trend indicators always lag. This can be both an advantage (pull-backs) and a disadvantage (deeper pull-backs or trend changes)
5. Money management is important. You're still in the game.

Thanks for owning up to your bad day. It's important to acknowledge them and I know it's hard to do it publicly. This is evidence of a growing maturity for a trader. This adds to your trading experience and should make you more determined to avoid days like yesterday in the future.

It takes time to improve so don't think you'll be able to fix everything next week. I suggest you focus on one problem that you noticed yesterday. Next week try to avoid repeating that mistake all week.

After that bad day I think you're doing OK.
Click to expand...
Yes ego was a big one mostly and the trend indicator second, now I have to control myself and as you say focus on one problem. In the past I would start playing around with my strategy and end up with a completely different system, hard to get off the hamster wheel.
 
I thought I would kick this thread back into life, I have spent this week putting together a simple pivot system and trading it in a Demo account.
A daily system with a profit target for the day and stop target to pull the pin if having one of those days.
 
At this stage I am trading AUSUSD, GBPUSD and USDJAP.
My trading day starts at near the end of Asian market and mainly the London market, I want to be out before open of US market.
My R/R is one so I am after a winning % greater than 50.
After 4 days of demo trading today was the first day were I hit my daily target, 11/4 win/loss and all positions closed by 5:30 pm (WA time).
 
The system is rules based discretion and simple so I can place positions quickly.
Daily target is 5%, with and bet sizes about 1%.
Main thing for me to control is my emotion and the consistency to follow my system.
With a low starting Capital 5% doesn't seem to have any play on my emotion but as Capital grows I will have to see how it effects me and scale down to keep my emotions in check. Also at this point only demo trading so emotions easier to control but still wanting to go live once I have proven to myself I have consistence to follow my system and it has positive expectancy.
 
i've been looking for something to work on AUDUSD but want it coded/completely mechanical.

hope this works for you :)
 
Hi Warr87 , will wait and see as demo trading until happy with it.
The plan is to double my Capital in demo then start again live with same Capital allocation and double it again.
 
After reading the comment by Peter2 in another thread about the edge being mathematical I went over my trades and can see were I can tighten my entry stops to get the win/ loss ratio back out to about 2:1.
 
willoneau said:
Looking to see if any traders are interested in discussing currencies as they unfold?
Click to expand...

willoneau said:
Concentrating on EURUSD at the moment.
Click to expand...

Since you are concentrating on EUR/USD, let's discuss it. To me, it has been a very interesting pair to watch over the past month. It has been consolidating right under a key psychological level of resistance - 1.2000. After wicking into that level with a shooting star candle it proceeded to break structure - now creating lower lows and lower highs. Before the shooting star it was still creating higher highs and higher lows. A break in structure - very important! We also have the additional confluence of the 8/21 EMA cross two days ago. Needless to say, I am short EUR/USD.

I trade on the daily charts, but I look to the hourly to get a more precise entry.

KB5q8ath.png
 
Hi Cam019 , I also saw that break and am going short too. I am swing trading in the direction of the longer trend, am looking at 25/50 EMA on the hourly for direction. Entering using the 15 min when I get my signal.
 

Similar threads

M
Exploring Trading Apps: Need Advice!
Replies
3
Views
1K
greggles
greggles
Fiona96
Trading US Stocks
Replies
3
Views
2K
karenjones
K
AydinHajiyev
To Perth stock traders
Replies
12
Views
2K
Gunnerguy
G
rolly1
XJO, Gear, Spi, Overwrites & CC's (no not the chips)
2
Replies
21
Views
3K
Rosscoe62
Rosscoe62
Garpal Gumnut
Thoughts on Trading and Investing : Garpal Gumnut :
Replies
15
Views
2K
Garpal Gumnut
Garpal Gumnut
Top