Discussion Forum for trading analysis, help, signals and learning how to trade. Chat with other traders , post analysis, trades and ask questions. This is the public part of my website. For more in-depth discussions please consider joining to chat with other members
25th January 2018
Watching resistance levels 7650, 7670, 7700; Support 7640, 7610, 7598
Longed Dax this morning at 13352 (emailed to members at 7am) and its bounced well off that level
Gold continuing to rise, needs to break 1360 now
Quote from Nick on 25th January 2018, 10:16 amLonged Dax this morning at 13352 (emailed to members at 7am) and its bounced well off that level
How did you know? I tried long 13375 but then it was too early. Did you take any long higher or waited till 13350? Do you have a lot of losing trades in general during a month? I looked at your figures for FTSE and it shows in average 100 points per month profit where as today you've already had a possibility to get 40-50 points. 3-4 days like this and it is 120-200 points per month should be, plus there are other days. I hope you will answer my questions.
This is all currency driven at the min. Would expect FTSE to test that breakdown area between 7670-90 before more down. But going to need sterling to come off a bit for the pop. Can see Draghi talking the euro down today which might see the dollar rally as this has mainly been a dollar move. Overall can see 7560-600 being tested by next week
Quote from Jack 2 on 25th January 2018, 11:46 amQuote from Nick on 25th January 2018, 10:16 amLonged Dax this morning at 13352 (emailed to members at 7am) and its bounced well off that level
How did you know? I tried long 13375 but then it was too early. Did you take any long higher or waited till 13350? Do you have a lot of losing trades in general during a month? I looked at your figures for FTSE and it shows in average 100 points per month profit where as today you've already had a possibility to get 40-50 points. 3-4 days like this and it is 120-200 points per month should be, plus there are other days. I hope you will answer my questions.
Had a support level there so went long. Members are on it too. All results from the morning members email are on that spreadsheet.
Quote from Nick on 25th January 2018, 12:19 pmQuote from Jack 2 on 25th January 2018, 11:46 amQuote from Nick on 25th January 2018, 10:16 amLonged Dax this morning at 13352 (emailed to members at 7am) and its bounced well off that level
How did you know? I tried long 13375 but then it was too early. Did you take any long higher or waited till 13350? Do you have a lot of losing trades in general during a month? I looked at your figures for FTSE and it shows in average 100 points per month profit where as today you've already had a possibility to get 40-50 points. 3-4 days like this and it is 120-200 points per month should be, plus there are other days. I hope you will answer my questions.
Had a support level there so went long. Members are on it too. All results from the morning members email are on that spreadsheet.
Yes, checked it out, the support was classical but I didn't notice.
I was thinking to join but still have my concerns as to how many losing trades I will endure. This really puts me off for ages. Although I do suffer a lot of losing trades with or without... but I struggle to cope with losing trades as a matter of fact. It has to be a tiny but win, what's wrong with me. Sometimes I am more consistent, sometimes not. I am really trying hard improving my motivation, energy but sometimes I cannot cope and open that SL and start averaging. I know nobody can help me but myself but I was thinking maybe if I join I will be more disciplined? Scared though after losses.
Quote from Jack 2 on 25th January 2018, 1:28 pmQuote from Nick on 25th January 2018, 12:19 pmQuote from Jack 2 on 25th January 2018, 11:46 amQuote from Nick on 25th January 2018, 10:16 amLonged Dax this morning at 13352 (emailed to members at 7am) and its bounced well off that level
How did you know? I tried long 13375 but then it was too early. Did you take any long higher or waited till 13350? Do you have a lot of losing trades in general during a month? I looked at your figures for FTSE and it shows in average 100 points per month profit where as today you've already had a possibility to get 40-50 points. 3-4 days like this and it is 120-200 points per month should be, plus there are other days. I hope you will answer my questions.
Had a support level there so went long. Members are on it too. All results from the morning members email are on that spreadsheet.
Yes, checked it out, the support was classical but I didn't notice.
I was thinking to join but still have my concerns as to how many losing trades I will endure. This really puts me off for ages. Although I do suffer a lot of losing trades with or without... but I struggle to cope with losing trades as a matter of fact. It has to be a tiny but win, what's wrong with me. Sometimes I am more consistent, sometimes not. I am really trying hard improving my motivation, energy but sometimes I cannot cope and open that SL and start averaging. I know nobody can help me but myself but I was thinking maybe if I join I will be more disciplined? Scared though after losses.
Hi Jack.... Try being a lot more selective in the trades you place...try to put probability more in your favour and pick your battles more carefully....if it's pulling back and your looking for a long entry wait longer and if you miss your entry so what.....sometimes less is more.....
Yes, I overtraded yesterday, anstel. I was unwell, kids at home unwell but I was so desperate like “I was waiting for this day” or something and everything turned out not how I expected. And I was determined it was going to be long and didn’t believe the support broke, just put that thought at the back of my mind. I had no thoughts but when I realised I didn’t manage to close before and I had no stops already I saw a piling losing sum of money as a single pot and realised I need to close That amount. And great I closed after a few more seconds of hesitation giving a last chance. I would have lost a lot more if I didn’t. It spiralled out of control yesterday desperately trying to battle with headache. Why did I do it to myself? That was a rock bottom I hit yesterday. Rock bottom in everything. I did lose in the past but this one got me. I did cry but recovered today. I still got my account and I can recover but it cannot carry on like this.
Maybe trading isn't for you Jack, you sound like its affecting you mentally in a bad way and thats not good?
Take the money out the account, and spend it doing something with the kids instead.
Quote from Nick on 25th January 2018, 3:16 pmMaybe trading isn't for you Jack, you sound like its affecting you mentally in a bad way and thats not good?
Take the money out the account, and spend it doing something with the kids instead.
Maybe you are right, so should I just give up now? Is there any point to try again? Is there anything I can do to change myself? Do you think that joining you might help?
Maybe it is all flu. Next week will be another day and I will do what is right for me.
Quote from Jack 2 on 25th January 2018, 4:03 pmQuote from Nick on 25th January 2018, 3:16 pmMaybe trading isn't for you Jack, you sound like its affecting you mentally in a bad way and thats not good?
Take the money out the account, and spend it doing something with the kids instead.
Maybe you are right, so should I just give up now? Is there any point to try again? Is there anything I can do to change myself? Do you think that joining you might help?
Don’t give up.. but maybe a break would help. Cut your leverage, that’s probably why you can’t take a loss.. you’re going to be wrong about half the time, make money by cutting losses and running winners.
Leverage should probably be about £1 a point per £1000 and to do this full time you need to be doing £10 a point minimum really to make a living. So that means £10k capital. That should help with taking losses as if they’re £100 a time (£10 x 10 point stop loss) it doesn’t affect your account too much.
if you don’t have £10k to throw at it then save up until you do.. better to come from a position of strength rather than just wasting time on small leverage yet still overleveraging on a tiny account. In the meantime trade the demo to build confidence until you’re ready mentally and financially to do it.. it’s not impossible but everything needs to be set up right or you won’t make money and that will feed the anxiety etc and it’s a viscious cycle
Mcg, I think it was the new drug my doctor gave me to treat some condition. I tried it for 2 days and felt rather odd, confused, dizzy, watery eyes, depression. I read the leaflet for side effects and found it all there. Cos it was very strange experience I’d tell you. I will have to stop it cos it messes with my brain at all. I tried to simplify my life with that drug but I guess I will have to do without. But that sounds like an excuse. I take my responsibility on it. OK, I made a mess but what I am not a person any more and don’t deserve an opportunity? To improve my will power to survive, to prove myself that I can do it? I don’t want to write myself off as a human being.
I will take it easy and when I am ready I will start back on £2 (as I need to take half off in a trade and I got 2 grand in account) as I usually do well on it. It is when I increase the problem starts. I don’t need to make a living so no pressure. But I got to get grips before I start anything.
Quote from Jack 2 on 25th January 2018, 9:25 pmMcg, I think it was the new drug my doctor gave me to treat some condition. I tried it for 2 days and felt rather odd, confused, dizzy, watery eyes, depression. I read the leaflet for side effects and found it all there. Cos it was very strange experience I’d tell you. I will have to stop it cos it messes with my brain at all. I tried to simplify my life with that drug but I guess I will have to do without. But that sounds like an excuse. I take my responsibility on it. OK, I made a mess but what I am not a person any more and don’t deserve an opportunity? To improve my will power to survive, to prove myself that I can do it? I don’t want to write myself off as a human being.
I will take it easy and when I am ready I will start back on £2 (as I need to take half off in a trade and I got 2 grand in account) as I usually do well on it. It is when I increase the problem starts. I don’t need to make a living so no pressure. But I got to get grips before I start anything.
Hi again Jack.....ive been out .....right looking at what you have written I'm trying to picture how you are feeling generally and also I'm picking up a bit of desperation I think.....
Firstly,this trading is extremely hard and there is much more to it than meets the eye...
I have made every mistake you can imagine......emotionally I have been absolutely euphoric with really big trade wins and absolutely and completely dejected with some really big losses....
It does affect you.....well it affects me....it's not nice losing money small losses are part of the game but I've taken some bit hits through holding on to losers to long...
Ive thought of giving up....I have but ive been doing this now for over four years and what we are doing is accumulating experience..and it costs money when you learn the hard way....
Its not about trading or technical analysis it's about knowing yourself....greed...fear....stubbornness... It's all about your Psychology.....you need to look at yourself carefully.....
You are not a failure if you make a losing trade...or even a series of losing trades....you are only a failure if you give up...Take everything you have learnt and try to bring it altogether into a stable refined trading mind.......
You need to be able to watch and wait for good probability trades.....in your post you mention I trade on such a day because that's a day I have free.....that's no good....you need to monitor the market at all times and trade when the opportunity arises....The Market is not going to arrange good probability trades for you around your timetable ....they will turn up .....but hardly ever when you want them too....
As for drugs if we were meant to be taking pharmaceutical drugs we would be born with a canula in our arm and little cutouts in our tongue to fit the tablets in...lol :0)
Id try and get off the tablets and start eating a healthy diet....organic fruit and vegetables...get a blender and blend a load of celery. And drink it ...advocardoes spinach washed! Broccoli all the good stuff......give your body the fuel it is designed to run on.......not all the processed crap...
Next Dont give up........have a break.....your life is complete without trading....trading is just one way of earning an income..spend some time with the kids and enjoy whatever you like doing and appreciate what you have already....life is a gift.:0)
Then after a careful and close study of yourself ....analyse your emotional state as you trade....really feel and understand how you feel and what you think before,during and after a trade.......mindfulness in a word......then take the parts that you know are counterproductive to your consistency and put like a little red flag in your head....like when I feel this or think this.....red flag alert.....when you know in the past it has been detrimental to your account balance......and try and get it to signal to you to act by remembering the pain it caused you in an earlier trade...to sum up be aware of yourself and act appropriately when situations occur that have been bad before...
And keep small.....think of the process not any losses you may have taken....they are only losses if you view them as such.....I prefer to consider them lessons and knowledge that I have had to pay for...
For now though have a break...step away from trading for a day, a week ,maybe a month and get it all back into perspective....then take all the experiences you have had...all the knowledge you have gained and study yourself then try again but stay £2pp and look for consistency....
its very hard......just remember how hard it is and keep the size small...
good luck Jack
anstel...