Comment by Indy on January 11, 2013 at 9:56pm

hi Romano,

good post, Its something that i think a lot of traders go through in the learning process. gradually adding more and more stuff to thier charts until they can't trade them any more, then eventually coming out the other side and start removing stuff again until they are left with something that works.

 I look forward to the next installment,

regards 

Indy

Comment by Romano on January 11, 2013 at 10:40pm

Hello Indy and thanks! I just published second part. Hope u enjoy that too. I think everyone who didnt gave up on trading eventually went or will go through stripping, even if (s)he decide to use different strategy than "levels". Well, except Peter of course! ;))))) 

Comment by Splithand on January 11, 2013 at 10:50pm

Laws of probability : Novice traders any way you choose the bits and pieces that win, you will have something of a clearer chart that you and you alone can understand I had attempted to use any and all the methods systems and indicators MAs candles bars ichi confuses me as do fibo the list goes on and on this is what I find no I repeat NO method system is perfect to 100% it does not matter 80% is the best I can achieve 20% loss is due to market action, bottom line Money Management  Stop ,Study, Plan do your homework get to know the tool you are working with Learn it as well the pairs you trade learn as much as you can of those and learn them good if it yields pips study it more more never give up on your system tools K.I.S.S. is my mantra keep on swinging new batter up  

                                               Your Forkin Friend:

                                                                   Splithand

Comment by Romano on January 11, 2013 at 11:10pm

Hey Split, great to have u here, havent seen u for some time but true is I wasnt on chat for long too.

Money Management is another gold, well said! 

Comment by dev on January 12, 2013 at 7:28am

Good post by Romano..the more you learn the more you loose in forex...better tool  is to wait for market timimgs and follow the move and not to trade during any impotant news atleast for one hour ....everybody has loose money in forex including me..

Comment by Peter jcp on January 12, 2013 at 11:30am

Hi Romano –great post and also a nice explanation of how you have evolved during  your last year and have gone from completely “bare” – to “part loaded” – then “fully loaded” – then “bells and whistles” to nowadays –  “nearly naked”.

I have briefly seen part 2 of this blog so will explain more of my view in their – but meanwhile will say – you have done extremely well in your first year – and your evolution is working for you.

I remember having one of my “debates” with Lisa last year – and she said something that I have always remembered – “we are all different” – not just as humans – but also as traders – and of course besides being right  - this is why we all prefer different methods and charts to assist us with our decision making.

Amongst my set ups today – I too do have “totally naked” charts that I do look at most days on the main pairs I trade – but also on different time frames such as 5 min – 60 min – 4 hr and daily – just to get a quick fix .

But for me charts are probably only 30 -40% of my “total package” of trading – and after first listening to a Dr Sivaraman webinar over 4 yrs ago – I realised he did not even look at charts to make some of his trading decisions. For me they are definitely needed but because some of us are more visual – whereas I am more analytical we all have different preferences.

Right a bigger explanation in your part 2 section – which I don’t think will make you change your view – but might throw more light on how we can get nearer to our own “holy grail” ;-)

 

Regards

 

Peter

Comment by Romano on January 12, 2013 at 2:49pm

thank you all, I posted in part 2 regarding your comments as well

Comment by Peter jcp on January 12, 2013 at 3:39pm

Hi Romano - I think if you start to become very good at spotting these liquidity pools and going with them - you are correct you will not need 100 -150 pip stops for your 200 -500 pip trades - but will be able to catch them with just 5 -10 pip initial stops and end up with trades with RR's of 20 -50+ all within a week or month.

I mentioned the other day to a trader for every 60 pips I am up - I dont mind seeing it go against me 15 -25 pips  - as I am still in profit and as long as I dont see over 50% of my profit go - I can live with it. 

Saying  that the rare occasions last year when i did catch swing trades over 500 pips - i was not prepared for them to then go 200 pips against me (to stay in) - even though I had been scalping against myself on higher lot sizes.

As an example - 3040 -3050 - must have been a so called "liquidity pool area on the EU last week.

I reckon under 3020 and 3000 - we would have dropped another 150 -200 pips - but 3000 acted as support and then the large pool of buys then came into play and took price back up 300 pips during the rest of the week. I actually had a scalp buy at 3044 - which agreed with Brian's buy as well - but unfortunately did not leave even just 25% of the stake on.

If I had that would have then earned me more then my original scalp stake - and it would have been a so called "free trade" - as stop would have been at entry - or in a few pips profit - and you then just cannot lose on those trades - what ever happens;-))

Enjoying your comments Romano - but I reckon I will still we be learning more in my next 9 years - its an endless learning journey and I really do think - you can never know enough in this business- as you say its evolving as well - just like our charts

Regards 

Peter

Comment by Romano on January 12, 2013 at 4:59pm

Hello Peter, I believe real pool start at about 3400, however sometimes there is such things as frontrunning that I already explained before. If u look at daily we basically almost reached it. We also reached one on eur/jpy as my other blog post "Dark Ride" shows - there I closed this friday with 380 pips(my 3rd position on that pair). Monday we may still hit that level(3400+) as price still didnt truly reversed so far, in any case next week I really recommend caution here, preferably only scalping... - so u`ll be fine as u`re good at it ;) 

Comment by spikeone on January 12, 2013 at 7:11pm

Comment