FOREX PRO Weekly July 30 - August 03, 2012

asif faryad

Sergeant
Hi all

There has been quite a bit of discussion recently regarding the part that the traders mindset plays in their success. Thanks to recommendations made here I have read the Mark Douglas book 'Trading in the Zone' and found it a real eye-opener. Because he goes into so much detail about the mistakes that traders make and why I now understand that I can change the parts of my mindset which stop me from succeeding.

That knowledge is what opens the door but it is my actions that will change the mindset. As he recommends I am starting to be an observer of my own behaviour. Over the last few weeks I have experienced the same greed and fear and the same drives to react when I shouldn't. The difference is that I have been much more aware of what is going on and have managed to not respond when I otherwise would have - sometimes :rolleyes: .

I think it may be helpful to others to have a thread to share experience and advice so I will post in this thread from time to time about my experience and would invite everyone else to join in. I'll not be posting about trades other than to use them to explain something.

Last week was a great example of negative mindset.
I have started trading GBPUSD mechanically. I passed on two trades the week before because I was just back from holiday and didn't want to rush in without being prepared. Both reached what would have been my target (COP)
I opened a trade early last week and it went straight against me until stopped out. I then opened another in the opposite direction to try to catch the move against me. I closed this for a small loss.

Missing the first two trades was the right thing to do as I wasn't fully prepared, but it left me feeling as if I've missed out.
The first losing trade actually had a strong contra indication which I didn't see until it was too late.
The last trade was just stupid and I was right to close it when I came to my senses!

While all of this was going on I was short EURUSD and made a healthy profit, more than offsetting my losses. My handling of the winning trades was much better despite having to fight the urge to close too early.

All of this is covered in Marks book but knowledge isn't the same as experience and that's why I just need to keep doing it mechanically until the mindset changes.

All the best

Michael
Well done your on your way to making a great trader ,just keep on as its a daily challenge,soon will become part of you!!!

Asif :)
 

craig bryan

Private, 1st Class
Hi all

There has been quite a bit of discussion recently regarding the part that the traders mindset plays in their success. Thanks to recommendations made here I have read the Mark Douglas book 'Trading in the Zone' and found it a real eye-opener. Because he goes into so much detail about the mistakes that traders make and why I now understand that I can change the parts of my mindset which stop me from succeeding.

That knowledge is what opens the door but it is my actions that will change the mindset. As he recommends I am starting to be an observer of my own behaviour. Over the last few weeks I have experienced the same greed and fear and the same drives to react when I shouldn't. The difference is that I have been much more aware of what is going on and have managed to not respond when I otherwise would have - sometimes :rolleyes: .

I think it may be helpful to others to have a thread to share experience and advice so I will post in this thread from time to time about my experience and would invite everyone else to join in. I'll not be posting about trades other than to use them to explain something.

Last week was a great example of negative mindset.
I have started trading GBPUSD mechanically. I passed on two trades the week before because I was just back from holiday and didn't want to rush in without being prepared. Both reached what would have been my target (COP)
I opened a trade early last week and it went straight against me until stopped out. I then opened another in the opposite direction to try to catch the move against me. I closed this for a small loss.

Missing the first two trades was the right thing to do as I wasn't fully prepared, but it left me feeling as if I've missed out.
The first losing trade actually had a strong contra indication which I didn't see until it was too late.
The last trade was just stupid and I was right to close it when I came to my senses!

While all of this was going on I was short EURUSD and made a healthy profit, more than offsetting my losses. My handling of the winning trades was much better despite having to fight the urge to close too early.

All of this is covered in Marks book but knowledge isn't the same as experience and that's why I just need to keep doing it mechanically until the mindset changes.

All the best

Michael
A Lot of traders hit slumps usually after a loss that they were just not prepared for, & it affects them harder than it should, an increasing number use hypnotherapy to build their confidence quickly.......better that, than getting caught using drugs.... ;)

self confidence is a key factor in trading, knowing you have a good position is not enough if you are not confident in yourself.....if you doubt yourself then you will doubt your position & either close too early or not even open

craig
 

craig bryan

Private, 1st Class
hello Craig,

what about short at 1,2309, stop 1,2330 ?
the long this morning was @ 1.2248 rolled the position @ 1.2302 into a short
....still waiting to hear from admin re posting the link to my charts this morning...........as I've shown triantus ...I use join.me to share my charts ....make explanations, a lot easier .......& it's free (best bit)
 

papao

Private, 1st Class
Hi Papao,
when I've joined FPA, I had to track demo for a year, but currently, speaking honestly, I do not track it.
Sometimes I use it, just to not forget trades that we've discussed in video and daily update. Unfortunately, I do not have solid time to seariously trade on demo. Someday, if I'll get this time, we probably put this demo on testing as it was during first time.
Statement, that I've posted - that was just some current statement from some account. Since I do not place trades on demo regularly, accounts close from time to time.
Dealing with financial statements of companies left not much time for other stuff.
thank you sive! i look forward to ear some news about it :)

But I can tell you that fair price of PEPSICO currently is 72.36$ per share :) May be this info will somehow compensate my demo's abscence :cool:
...it looks like now it's (almost) fairly priced :D


Papao,
If you like, check this post out about Sive's trading method. It also has the link to his demo account statement, pics, glossary and somestats.

http://www.forexpeacearmy.com/forex-forum/general-forex-talk/20869-complete-break-down-sive-mortens-trading-strategy.html
Hi WaveRider, thank you for taking time to post it. I'll read it with great interest! :D
 

Triantus Shango

Sergeant Major
guys, some of you may have noticed, but for those who haven't, after a somewhat significant move and once price retraces that move beyond the 100% node, and hits the 127.2%, more often than not it bounces off the 127.2% quite nicely. just thought i'd mention it for those who would like to find more scalping opportunities.
 
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