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Gold 1 day 2

 
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shaunga

Gold 1 day 2

Held break even for 50 trades then stoped out on four in a row at a 10 pip loss on each. Bringing me to my 5 percent. Got to keep working it. Got in at the top of the channel twice and got in at the bottom of a sell twice and it reversed on me. I need to remenber to let trades come back to the trend line before getting in some times. Bet then how do i play a small break out. I need to learn that usually it stays within the channel. Starting day three at 6:00 pm when the day resets. Even when i was up 13 pips i was still down $60. Got to work that profit margin to the up side.

Many blessings.

Thu, 04/19/2018 - 4:35pm
 
shaunga

Day three. My intuition said to end the day when i was up three pips. I didnt listen and lost the next 4 in a row. Boom hit my 5 percent.i cant seem to get ahead. When i do i loose it. I could be in gold 1 for a while.might decrease my risk size. I need to get over the resistance of trading .8 lots..01 and .8 should not change my success rate but it does for some reason.i keep choosing the pair that does not move while the rest of them do. What is in my energy that constantly makes me make that choice. A pattern i need to change. I am in resistance to making money. My friend tells me it is because i have lived so many life times with a poverty vow. This life time i am going to make 20 million. One small step at a time gets you up the mountain.

 
cousin.john

I make the same mistakes. I've been in Gold 1 for 7 months. I going to keep on keeping on. I'm going to start calling myself,"Terminal Gold 1." Maybe They'll make it a new level.
Good luck

 
Rookie

would you folks post your stats block? for some analysis? With a brief mention of your strategy?

Cousin John, Assuming your doing your homework of plot trading and ode history analysis what do you think is issue is?
Its certainly not in your determination. Jeff says if your serious fill this out, he has also said don't call me without it. https://drive.google.com/drive/folders/119weUV_l8FBJsS708htT4QqTY3_MXRLE

 
cousin.john

I've tried several different strategy. I would say I keep my stops to tight, I trade in the evenings on the Asian markets and the chop kills me. I'm now in the strategies lab. I've been doing my trading for the last 5 months on my demo account so I don't dig my hole deeper on my Terminal Gold 1 account.

 
Rookie

That's very good John and I'm certain Todd is the man to help your quagmire.
However my advice stands and should be applied during the process also the information gained will be helpful to both you and Todd.
Good luck.

John, I'm not wanting or intending to hurt with my boldness.
I think unwillingness to change is a big form of stuberonessness, of ego and pride.
Methinks the psychology needs to be tackled first so one can clearly see and read and respond accordingly to price action o matter the strategy.

 
shaunga

Going to try looking at the cci for reversals and 8 hma for trend movement. See if this will help with consistency. I need some 10 or 20 pip trades to bring up my profitabilitymargine. My loosers are still bigger than my winners. Need to turn that around.

 
cousin.john

That's the ticket, bigger winners. Me too

 
shaunga

Checked out the playbook. Would have been good if i tooknotes through the b line. I have read numerouse books on trading and trained with tyler balhorn. Mostly i find being succesfull is about mindset. We need to attract success, eg winning trades, and that also means a succesfull life. It is all connected.

 
Rookie

@shaunga, I agree on the note taking but as newbies, keep a log what are you talking about... I here to learn to trade not go back to a trade school. Then as we move along the yellow brick road of the beeline we start to figure it out. A long time ago I started writing down every strategy and change to it and compared with my orders history. I have more eggs in my outlook files drawers than I can count. I also now keep brief but meticulous notes in my orders comments section.

Thats said here is a converted Copy of Jeff's plan with all the credit etc. I don't think Jeff will mide as it is available to anyone that goes to his channel and in this case for any bee that takes the time can only improve the trading.I did convert it to a word doc but not so well. So I dumper it to notepad and built a great outline then back to word to fill out and annotate. By the time I complete it to may satisfaction I will have maybe 50 or more hours on it.

Jeff suggests using mind maps with it aka mmind which is powerful but expensive and I didn't test any of the free? offerings.

As Jeff said to me one morning the day after being funded do you really want to be successful how committed are you here is the link go do. I had been there previously a while back and blew it off, humming hole crap I like my sort Rexlike version method.... well here I am defining my trading to long way.

Well all that said and I can't upload it even though its only 1700K less than the 2gig limit. So if you want a copy send me a message with your email or just email me direct at edlarson@choicecom.net.

So for those of you that see this post, how serious are you? How successful do you want to be?

 
bperkins8654

Hey guys,

Just a quick thought, you mentioned that your position size is .8 lots. That is quite big for a 10K account. I trade with anywhere from .05 to .1 lot size. I can take many hits before I hit the 5% mark. Also, I would recommend checking out the videos on the trade room and the summit videos where they trade live. Also, trader on the street on you tube. These have helped me quite a bit.

Keep us posted on how you are doing.

Also, just a side note. You are not doomed to poverty my friend. If so, there would be no reason for you to have discovered the Apiary Fund.

Trade On!

 
bperkins8654

Another note. You my want to trade at a different time of day. The market is moving pretty good between 6am and 11am. After that, it begins to wind down.

Trade On Folks!

 
tradergennady

we all deferent but some things we have to do religesly same with you own way and stayl...
Just keep practesing

 
triguylm1

Yep! 5% is only about a 22 pip move when one trades the full size lot and about 26 pips with a 0.80 lot size. simply go small and let your strategy work for you. don't let the market eat up a "tight" 20 pip SL setting. Instead look to place SL away and beyond several S/R levels.

 
Lyn G

Sounds so familiar .... UGHHH

 
adi.goka

@Shaunga

triguylm1 is right
0.8 is too high a lot size - I trade at a Max of (.05) per trade - with 10 Trades for a total of 0.5 max exposure - I have this to be the sweet spot - If I don't have trading opportunities it will be less than the total Amount (.5) from the Benjamin Formula Max Position Size is 1.0 for a 10,000$ Account Size - I trade half that
However, that rest of the 0.5 lot comes in handy to top up Winning trades to get maximum Profit out of the trade.

Irrespective of the effects of Metaphysical concepts attraction etc (IMHO) - I believe all of us Bees have tremendous opportunities both for Great failure and Stupendous Success - and Great Failure usually leads to Great Success.

I wish you Great Success Shaun - reach out if you need anything We are the Hive :)

 
shaunga

I will switch to .5 lots. I am also switching to another account till i become consistent. I am all ready town to 8000 dollars. I dont eant to eat it all up while i am on this loosing streak. Somewhere there is a bottom. Found some new hope today.

 
Rookie

@shaunga, do you know why you are down $200 bucks is more important?
Can you post your stats for the last xx traeds. Perhaps we can offer some advice.

 
bperkins8654

I would still recommend lowering your lot size more. Focus on making pips not dollars. The dollars will come as your pip count increases. Keeping your lot size low allows for you to make mistakes and still recover. You are not giving yourself a chance. In some ways you are protecting yourself by protecting your money. Slow down, take a breath and do it again.

I lost 450 pips yesterday. It only affected my balance about $300. Just missed the call and fought the trend. I was able to recover about 350 pips before calling it quits for the day. So I am still down a little. This happened while trading with Shawn in the trading room. You should go watch the recording and see how he handled it. It was great!

Trade On!

 
shaunga

Made a 1000 pip trade on 50 positions on the NZD/USD. Hit my 20 pip take profit. I was trading .01 lots. Thought i had my requirments met. However it is last 50 wins to 50 losses. I was betting .1 lots before so that is what my losses are in. Then i found out my trade expectancy on what i win is based on last 30 days and when i entered gold 1. I am screwed. Not sure how to get out of that one. I am all ready down 2000 on account. I think i have to somehow make that back. Tradind .01 lots wont work. Maby i can do it trading .1 lots but it would take months. Hoo ya!!!

 
Rookie

@shaunga, I guess you will be learning cash management and the %R very soon.

 
shaunga

I was j7st watching shawn trade. It was neat how his risk was so small when he was going for a 3 to 5 pup scalp. He would risk 2 pips. I am going tolook at this more. Taking a 10 to 8 pip hit when that is all i make does not work.

 
Rookie

@shaunga, That will help essentially taking medium bytes...
But how many willers do you take verses how many looser? you need to know that.
What is your win-loss ratio, out of every X trades. Then you can plan like a pro.
Once you do you can plan your position size accordingly.
You can be back on track before the cow jumped over the moon.

 
shaunga

I would always focus on the tasks in silver. Yes, now it is about cash management and %R. Making money. This is good for me. :)

 
shaunga

Last 191 trades for gold 1 account won 103 lost 86 +189
Profit +$925 lost -$2233. -$1308
Pips up 1162 down 304.8. Total 857.2
Average win $8.98
Average loss -$25.9
Expectancy -$6.92

 
natkas10

Hi fellow-traders,

Gold 1 took me 5 weeks though I almost gave up around week 3. Having watched Shawn's videos "on the street" I decided not to take trades higher than 0.1. I also took 0.05 if I wasn't so sure and even 0.01 when completely unsure. It's weird but my risk became so much smaller and even if I got it wrong, I was able to fix everything. Started Gold 2 yesterday and the highest I can take now is 0.05 which is all you get with 1000$ account because the position you are allowed is 0.2 only. Good thing I practiced in Gold 1 and now have no trouble sticking to smaller lot sizes and making profit, though small but consistent. Maybe it'll help you too to watch Shawn's "on the street" videos for inspiration and lot size change? Good luck!
Natalie

 
fitzmax2k

Shaunga, as the old saying goes - The grass is always greener on the other side. I got Gold I on last Friday and I am proceeding with caution. I find it very helpful to study the market before I get in. Look before you leap. One currency might be smoking it and as soon as you get in it heads the other way. Good luck my friend. Just think positive energy. Cheers!

 
shaunga

Called in for help. Solution 1 is to scalp 1 lot so that the win loose ratio is high. The other solution was to use mini or micro lots and just let my big loosers run out on my 30 day period.it was trading 1 lot that got me into this mess. Lol. Will have to think on it.

 
Rookie

@shaunga, based on the 191 trade stats above,
Just decreasing your lot size is not going to fix the problem.
You said high win-lose ratio, your ratio is 54% which is good enough depending on other factors but not high.
Hig is above 80% and 90% consistently. And that doesn't guarantee one has a positive expencentcy.
Example take you current negative expectancy of -$6.92 times 100 trades x 54% = you will make $373.68 for every 100 trades.
It will take 350 trades to break even financially at your current rates.
While adding 54 winner and 46 stats for every 100 trades
So 54 x 3.50 =189 wins and 161 losers, lets add that to you current stats.
winners 189 + 925 = 1,114: Losers -46 + -2233 = -3303 you new win loss is ??.

Now will just going from a 1.0Q lot to a .01Q, solve that problem, no way boss.

 
shaunga

What needs tohappen is that my winners be larger than my loosers. And that i win more than i loose. Only that will change my trade expectancy no matter what lot size i trade. This has to be consistent over time. That is the training of gold 1.

 
triguylm1

Shaunga, Your'e just a few days in. Simply, "regroup": Meaning, take a better approach at taming the wild market conditions. Suppose, you have better expectancy by simply staying in the market longer; thus the losing trade bounces off S/R and becomes a profitable trade! Also, if the winning trade has reached about 12 pips or more, try moving a hard stop to 6 pip profit, and see if the market will run that winning position up another 12 pips, then start trailing that to achieve higher profit potential.

The only way to stay in the market longer is to use 0.01 lot size, but remember, in Gold 2 you only have $1,000.00 funds to work with, so think of that as about 0.10 lot size in Gold 1.

Do the math, if your position stays in the market long enough to earn a 150 pip profit at 0.10 lot size that is about $150.00 depending on the currency pair. So would 10 of those trades put you back into positive territory? $150.00 x 10 = $1,500.00 by just going 0.10 lot size.

 
shaunga

I lost every trade i made today. I am hexed trading 1 lot. Lol i am walking away from the computer. I need to trade during an expansion. Keeping a small stop loss i get stoped out every time. Think i could get in one trade that didnt reverse as soon as i got in it. Lol

 
triguylm1

Shaunga, lol, I have to agree, seems like that happens all the time, because of the chaotic nature of the markets. Again, you will find if one trades small lot size, then one can stay in the market long enough for the price to return and move into positive territory. The GBP currencies will make 100 to 150 pip runs during the busy trading hours in London and New York sessions. Try using EUR/USD and expect about 30 to 50 pip runs.

Best wishes!

 
shaunga

Starts about 6am here. The ny open is at 7:30. Mabey something will move for me. Lol

 
Rookie

@shaunga, The NY open overlap is a good time to and for me better than the London overlap.
However what the euro get to about 5:00- 5:30 am CST to maybe 7:30 CST funny things can happen, after that the NY open is good till about 9:30 am AM CST manage my trades to close and 10am CST I'm out.

 
Rookie

@shaunga, this is an exercise that Brian had his group do. It worked for me and I still use it. I was a scalper maybe not as good as you but did fairly well. I stopped for two reasons.1. Occasionally I world get lopsided and it was just to costly wiping out a lot of positive trades. The second reason the results of the first is obvious I wound up in the same position as you but with a much higher win-loss rate.

Ok the plan is to increase the number of pips taken per trade with the net result of increasing the expectancy.

Use the 1 hour or 2 hour chart to get the ATR and plane your scalp. You will be using 50% to 70% of the ATR when placing your trade.
I started out with 50% as long as it was greater than 5 pips.

Now drop down the 5M or 15M chart. I started with the 5M and now mostly use the 15M for my entries.
Ok lets say your using the 5M once the candle is the same color as you trade direction enter you trade and let it run for the full TP or 5 pips whatever you set it at.

I have added this variation. Instead of placing one order with a 0.02Q. I place two orders (sometimes more these days) at 0.01Q. This has the same effect of the higher quantity but allows more flexibility. For example you might close the first order out at 5 pips and let the second one run the whatever percent of the ATR that you selected.

This accomplishes several of the goals. Maybe more importantly it is a simple system which can be used on any time frame for a scalper. While reducing the stress level of a one minute noise chart.

I hope you will try this small change to you current scalping.

 
michaelsedgley

Shaunga,

Gold I was a reality check for me to as i tried to copy someone here that uses very wide stop losses and is actually very successful, but you will need a lot of practice to use a system that allows wide stop losses. I hit my 5% just after a few days into Gold I using that system. Then after the day out i completely changed my approach and every trade from then on had a 3 pip stop loss which you might think would be almost impossible to have more winning trades than loosing trades, yet low and behold i was getting wins as well as losses. My big problem was getting good entry points and anticipating the momentum and direction, if there is no real direction in the market this is much more difficult using a 3 pip stop. I did not worry about the big loss just the following 30 days using 3 pip stops and 0.01 - 0.06 lot sizes, that got me through in 45 days. Remember you don`t have to show you can make huge profits. Using a 3 pip stop is not realy a system but is about as risk controlled as is possible and if you are not 100% confident about your system you will do no harm in bringing your stop losses right down and just accept them being hit without the temptation to keep adjusting. Don`t give up and don`t over trade.
Happy trading.

 
kingofwood

Good morning...I agree that there seems to be a place for certain pairs and certain times of day. At least one of the pairs must be open, preferable both and the volume needs to be above average...happy hunting

 
shaunga

Switched to .01 lots but alot of times i will make either 5 10 or 20 positions depending on the move. Having much more success . up 250 pips on last 100 trades. Made a 20 pip trade this morning vith 10 positions getting out at 20 pips an 10 getting out at 14 pips. The new york open has some good moves. Also got wiped out of a few with volatility. I am using a 5 pip stop. The good news is it was an up day. I still have to work on my winners being larger than 5 pips. A lot of the time the trade doesnt give it. Yet it always finds it going the other direction. In essence i am trading .1 lots using .01.

 
shaunga

That is the hard part. Letting it run till it hits my take profit. I have it set at 20 pips. That rarly gets hit unless i am in it for hours. Most of the time i get stoped ou on a pull back when i do that. Most of the time when i get into a trade it starts going sideways and i am lucky to get three pips.

 
Rookie

@shaunga, sounds like your making progress, as always been there and done that so I will offer my most humber suggestions.
1. Plane you trade say on the 1H chart. Use an ATR. Then use whatever percentage of that ATR is left to move. As you are scalping I would use a 5 period ATR.
2. After you drop down to a 5M chart place your trade with that stop loss.
3. then sit on your hands, take a walk about the house for 5 minutes.

If you insist on the 1M chart do what I used to do. first off the 5 pip SL is to small. When looking for a pair to scalp find a horizontal channel. draw a rectangle or chat lines on top and bottom extended past the PA. Put a center line in the rectangle for a reference.
Nor Measure the distance between the top and bottom boundaries. Make sure it is at least ten pips I. E. 5 pips on either side of the center line. Use a TP = to the spread of the rectangle. Use the same number plus 10 pips. Now if the PA moves outside the boundaries just close the trade not matter what you think. Now just trade the back and fourth bounded channel. This works and you can build positions if you want but stay within your boundaries. One or two breakouts will ruin your day. Now when you have a breakout use something like the momentum bust or just place trades where you think the S&R will be. A new consolidation channel will form and you can rinse and wash.

Let me know how it goes?

Actually I do this all the time but with a 5 pip minimum trade. even yesterday while the paint was driving in the afternoon I did this with a 3 pip TP until Tokyo had an inkling of column. I mean the markets were flat city. I made over 75 Pips doing this. During either overlap I can make hundreds with this system, I just chooses not to use it very often with lower time slices. In fact it is the same I would use from much higher time frames.

Enjoy!

 
michaelsedgley

Hi again i like to add - i can see it will be possible to make a lot of pips trading in a channel setting the stops wider and closing trades at the break of boundaries, this will take practice and patience to master. The thing with getting through Gold I and Gold II, correlating - win loss averages and ratios and keeping the expectation positive is the real challenge and if you set you stop losses wider you will have to assume they will get hit at some point. You can gaurantee you will get caught out at some point. Then this will make it much harder to keep your last x number of wins bigger than your losses and your expectations positive. If your potential wins remain higher than your potential losses you can control your wins and improve your ability to let some trades run and you won`t get caught out if the volatility increses suddenly breaks the channel and throws your good statistics out the window.

Anyway happy trading.

 
triguylm1

exactly, can be so fustrating! eventualy, then; one has to let the winners run to higher profit targets so they overcome large SL setting

 
shaunga

Stop at 5 pips and getting some 10 to 7 pip winners. Letting the winners run to 10 to 20 pips. I will have to wait 30 days before my averages work in my favore as i am trading .01 lots

 
Rookie

If your on the statistically upward slope your expectancy should increase a penny or two daily with that strategy.

 
julianrny

I like to thanks to every one in this chat, alot of good information to be available to continue with this proyect.
thank you

 
michaelsedgley

shaunga. Your doing great - your on track to Gold II now.

 
shaunga

Three days in a row with 300 pip profit. Making about $30 a day lol. However this consistency will get me to gold II. Thank you everyone. I will get over the making money hump later on.

 
Rookie

@shaunga, Congratulation you have earned it!

 
brich98

After getting to silver 3, how long does it take to get funded?

 
Rookie

@brich98, my friend you have been on the yellow brick road for about 6 months not. You should know the answer to that question.
Once you complete S3, G1 is similar but the emphasis shifts from pips to $$$. In G2 your pre fund account the account size drops to $1K (rumor control has it $2500 but that is not confirmed) this level at $1,000 causes many a hardship depending on their trading strategy. That said its not how long but how well you have learned and adapt.