Strategies, Systems & Indicators
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Eddie and buddies,
Closed the month on a positive note. Had a target of 10% over and above 20% that I was showing post 10 days of trading however closed Oct at 53.25%.
http://www.myfxbook.com/members/sanjoykumarrroy/san40014884/54996
I know its too good and will seem like I am trying to boast but that is not the case. I believe it is coming full circle for me.
1. Greed - lot of fine tuning still needed here but I will roughly aim at 50 pips per trade.
2. Fear - becoming patient is the only antidote but need to have good MM to counter it in a better way.
3. Hope - still too hopeful, meaning still lot of work to be done.
Lost $600 on a EU trade just because I did not stick to my conviction but then how far to go with one's conviction. When I sold EU, I was sure that USD will bounce back and it did but I closed the trade much before that and got the setback.
Some of the things I believe I am zeroing on will be:
1. 200 pips a month
2. Not more than 3 open trades (currently have 6 open)
3. Have some MM at least
4. Need not have more than 15-20 trades a month (had 43 in Oct)
For every $1000 (rounded off to lower '000) that I have in my account I will have 0.1 STD LOT open trade. So to graduate to trade 1 STD LOT, I need to reach $10000 first.
Equity stands at approx. $4800 today (rounding off to lower '000 means $4000 i.e. max 0.4 STD LOT). Target for Nov will be to reach $5600 i.e. profit of $800 (~17%) which on 0.4 STD LOT will again be 200 pips.
Wish me prudence and patience.
Thanks,
Sanjoy
Closed the month on a positive note. Had a target of 10% over and above 20% that I was showing post 10 days of trading however closed Oct at 53.25%.
http://www.myfxbook.com/members/sanjoykumarrroy/san40014884/54996
I know its too good and will seem like I am trying to boast but that is not the case. I believe it is coming full circle for me.
1. Greed - lot of fine tuning still needed here but I will roughly aim at 50 pips per trade.
2. Fear - becoming patient is the only antidote but need to have good MM to counter it in a better way.
3. Hope - still too hopeful, meaning still lot of work to be done.
Lost $600 on a EU trade just because I did not stick to my conviction but then how far to go with one's conviction. When I sold EU, I was sure that USD will bounce back and it did but I closed the trade much before that and got the setback.
Some of the things I believe I am zeroing on will be:
1. 200 pips a month
2. Not more than 3 open trades (currently have 6 open)
3. Have some MM at least
4. Need not have more than 15-20 trades a month (had 43 in Oct)
For every $1000 (rounded off to lower '000) that I have in my account I will have 0.1 STD LOT open trade. So to graduate to trade 1 STD LOT, I need to reach $10000 first.
Equity stands at approx. $4800 today (rounding off to lower '000 means $4000 i.e. max 0.4 STD LOT). Target for Nov will be to reach $5600 i.e. profit of $800 (~17%) which on 0.4 STD LOT will again be 200 pips.
Wish me prudence and patience.
Thanks,
Sanjoy
Dear Sanjoy,
I am glad that you are getting the rhythm and confidence back. Remember 'nothing succeeds like success'.
Just one question to you and people similar to this thought'....
You said, I am looking for 50 pips per trade..... some say 20, some hundred....
My question is why 50, or 20 or 100.... what kind of generalization is this... in a cricketing parlance, it's like a batsman saying, "I am looking at 2 runs every ball"... no it's not averagely 2 runs, but only two runs everyball....
think of it and you will see the vanity in this idea.
to say that the market moves in a 50+ pips pattern or 20+ pip pattern and so on is a very myopic idea in my opinion.
I want you guys to be vigilant and diligent enough to read the markets, with whatever tools you have and most importantly you believe....
So just give it a thought and think of it, you will see my point. It's like the tailender batting, who swings his bat at every ball.. because he can't think of anything else than a 4 or a 6 in every ball... and surprisingly in contrast, Sachin scores a single, a 4 or a 6 and even consecutive dot balls, but still manages to clinch victory for us.. just think of it.... trading is no different than other disciplines... the logic remains the same....
Asitasu thanks for your kind words of encouragement....
Everyone who doesnt' understand the significance of Money Management has never made any money and will never make any money in any kind of trading.
In my forex training programs, I often ask on simple question.... 'If you are running a business with a 1 crore rupee turnover per annum, what is the maximum credit you will extend to one big and good client of yours'....
The answer most of the time ranges from 3% to 10% but never ever more than that.....
Imagine, in trading every one tosses this simple logic to the wind and trades the maximum lot available..... isn't it the paradox of life...
I have seen hundreds of aspiring traders and I have only seen 10s of successful ones... and the only thing that differentiates them is Money Management (which results in emotional discipline)
I am fond of talking about it, because I know that was my 'Aha' moment....
People say there isn't a Holy grail, but I disagree with them, Money management and emotional discipline is my Holy Grail
Take care and God bless
I am glad that you are getting the rhythm and confidence back. Remember 'nothing succeeds like success'.
Just one question to you and people similar to this thought'....
You said, I am looking for 50 pips per trade..... some say 20, some hundred....
My question is why 50, or 20 or 100.... what kind of generalization is this... in a cricketing parlance, it's like a batsman saying, "I am looking at 2 runs every ball"... no it's not averagely 2 runs, but only two runs everyball....
think of it and you will see the vanity in this idea.
to say that the market moves in a 50+ pips pattern or 20+ pip pattern and so on is a very myopic idea in my opinion.
I want you guys to be vigilant and diligent enough to read the markets, with whatever tools you have and most importantly you believe....
So just give it a thought and think of it, you will see my point. It's like the tailender batting, who swings his bat at every ball.. because he can't think of anything else than a 4 or a 6 in every ball... and surprisingly in contrast, Sachin scores a single, a 4 or a 6 and even consecutive dot balls, but still manages to clinch victory for us.. just think of it.... trading is no different than other disciplines... the logic remains the same....
Asitasu thanks for your kind words of encouragement....
Everyone who doesnt' understand the significance of Money Management has never made any money and will never make any money in any kind of trading.
In my forex training programs, I often ask on simple question.... 'If you are running a business with a 1 crore rupee turnover per annum, what is the maximum credit you will extend to one big and good client of yours'....
The answer most of the time ranges from 3% to 10% but never ever more than that.....
Imagine, in trading every one tosses this simple logic to the wind and trades the maximum lot available..... isn't it the paradox of life...
I have seen hundreds of aspiring traders and I have only seen 10s of successful ones... and the only thing that differentiates them is Money Management (which results in emotional discipline)
I am fond of talking about it, because I know that was my 'Aha' moment....
People say there isn't a Holy grail, but I disagree with them, Money management and emotional discipline is my Holy Grail
Take care and God bless
Eddie and buddies,
Closed the month on a positive note. Had a target of 10% over and above 20% that I was showing post 10 days of trading however closed Oct at 53.25%.
http://www.myfxbook.com/members/sanjoykumarrroy/san40014884/54996
I know its too good and will seem like I am trying to boast but that is not the case. I believe it is coming full circle for me.
1. Greed - lot of fine tuning still needed here but I will roughly aim at 50 pips per trade.
2. Fear - becoming patient is the only antidote but need to have good MM to counter it in a better way.
3. Hope - still too hopeful, meaning still lot of work to be done.
Lost $600 on a EU trade just because I did not stick to my conviction but then how far to go with one's conviction. When I sold EU, I was sure that USD will bounce back and it did but I closed the trade much before that and got the setback.
Some of the things I believe I am zeroing on will be:
1. 200 pips a month
2. Not more than 3 open trades (currently have 6 open)
3. Have some MM at least
4. Need not have more than 15-20 trades a month (had 43 in Oct)
For every $1000 (rounded off to lower '000) that I have in my account I will have 0.1 STD LOT open trade. So to graduate to trade 1 STD LOT, I need to reach $10000 first.
Equity stands at approx. $4800 today (rounding off to lower '000 means $4000 i.e. max 0.4 STD LOT). Target for Nov will be to reach $5600 i.e. profit of $800 (~17%) which on 0.4 STD LOT will again be 200 pips.
Wish me prudence and patience.
Thanks,
Sanjoy
Closed the month on a positive note. Had a target of 10% over and above 20% that I was showing post 10 days of trading however closed Oct at 53.25%.
http://www.myfxbook.com/members/sanjoykumarrroy/san40014884/54996
I know its too good and will seem like I am trying to boast but that is not the case. I believe it is coming full circle for me.
1. Greed - lot of fine tuning still needed here but I will roughly aim at 50 pips per trade.
2. Fear - becoming patient is the only antidote but need to have good MM to counter it in a better way.
3. Hope - still too hopeful, meaning still lot of work to be done.
Lost $600 on a EU trade just because I did not stick to my conviction but then how far to go with one's conviction. When I sold EU, I was sure that USD will bounce back and it did but I closed the trade much before that and got the setback.
Some of the things I believe I am zeroing on will be:
1. 200 pips a month
2. Not more than 3 open trades (currently have 6 open)
3. Have some MM at least
4. Need not have more than 15-20 trades a month (had 43 in Oct)
For every $1000 (rounded off to lower '000) that I have in my account I will have 0.1 STD LOT open trade. So to graduate to trade 1 STD LOT, I need to reach $10000 first.
Equity stands at approx. $4800 today (rounding off to lower '000 means $4000 i.e. max 0.4 STD LOT). Target for Nov will be to reach $5600 i.e. profit of $800 (~17%) which on 0.4 STD LOT will again be 200 pips.
Wish me prudence and patience.
Thanks,
Sanjoy
Dear Eddie,
I agree to you that we should not fixing any PIP targets per trade and go with the flow (trend) and decide accordingly.
I am trying to fix a target of 50 pips becuz I feel on 4H and D TF I will be able to achieve that. Trading on a lower TF is not possible for me both becuz it is not my cup of tea and also becuz of time restrictions of job.
I still have a lot to learn and thank you for your kind advice.
I am having some queries for MM. Will shoot them soon, once I collate them.
Wishing my 'aha' moment hits me soon.
Regards,
Sanjoy
I agree to you that we should not fixing any PIP targets per trade and go with the flow (trend) and decide accordingly.
I am trying to fix a target of 50 pips becuz I feel on 4H and D TF I will be able to achieve that. Trading on a lower TF is not possible for me both becuz it is not my cup of tea and also becuz of time restrictions of job.
I still have a lot to learn and thank you for your kind advice.
I am having some queries for MM. Will shoot them soon, once I collate them.
Wishing my 'aha' moment hits me soon.
Regards,
Sanjoy
As you grow old in any kind of trading, you will find doing the following things:
1. Decrease the no. of trades taken drastically
2. Decrease the no. of pairs to trade and concentrate on two or three max
3. the 18 hour trader becomes a euro or us session trader
4. Increase the TF, from 15 min and 5 min tornadoes
5. becomes less involved emotionally in trades
6. Feels that a sound system is important but it's secondary to Emo discipline and Money management
7. His definition of profit and loss shifts from trades to weeks and months....
8. And knows that all weeks are not in profit
9. Doesn't rush to try the newest fancy robot or system or strategy on the block
10. Enjoys life other than trading
I believe this are the signs/symptoms of a trader who is on the path of becoming a pro/successful trader...
God bless you guys,
Hope your diwali vacation plans are in place and rocking
1. Decrease the no. of trades taken drastically
2. Decrease the no. of pairs to trade and concentrate on two or three max
3. the 18 hour trader becomes a euro or us session trader
4. Increase the TF, from 15 min and 5 min tornadoes
5. becomes less involved emotionally in trades
6. Feels that a sound system is important but it's secondary to Emo discipline and Money management
7. His definition of profit and loss shifts from trades to weeks and months....
8. And knows that all weeks are not in profit
9. Doesn't rush to try the newest fancy robot or system or strategy on the block
10. Enjoys life other than trading
I believe this are the signs/symptoms of a trader who is on the path of becoming a pro/successful trader...
God bless you guys,
Hope your diwali vacation plans are in place and rocking
Iferdous and friends
I think the least we discussed was on the Traffic signal dashboard.
Normally people are hung up on MACD, Stochs, RSI, Ema's on different tfs.
Our dashboard gives you the pictorial view of what is happening in each TF on all the above mentioned indis. So when the trend is reversing you can see all the lower tfs becoming green or red.... giving an indication that something is cooking.
Honestly, I don't use it religiously. The idea to put it here, is for those who are habituated of using the above mentioned favorite indicators.
If some of you find some good interpretation or pattern in it's working, I would love to learn from you... so please shoot.
Happy Diwali to all of you guys, enjoy life, dont' sit in front of your MT4
Take care and May the Lord bless you with His peace and success
I think the least we discussed was on the Traffic signal dashboard.
Normally people are hung up on MACD, Stochs, RSI, Ema's on different tfs.
Our dashboard gives you the pictorial view of what is happening in each TF on all the above mentioned indis. So when the trend is reversing you can see all the lower tfs becoming green or red.... giving an indication that something is cooking.
Honestly, I don't use it religiously. The idea to put it here, is for those who are habituated of using the above mentioned favorite indicators.
If some of you find some good interpretation or pattern in it's working, I would love to learn from you... so please shoot.
Happy Diwali to all of you guys, enjoy life, dont' sit in front of your MT4
Take care and May the Lord bless you with His peace and success
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