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Struggling in Gold 1

 
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N. Mendez

Struggling in Gold 1

My Gold 1 account is down about 20% and I cant seem to get a grip. Anger and frustration sit heavy on my shoulders while fickle crashes about in my head. Recent volitiltiy could have made for some decent profit but I cant stop the losses. I dont usually ask for help, always been a independent soul but I could use some now.

How have you coped with fear and dread?

How can I keep myself from constant strategy hopping?

What helped you keep with consistancy?

Thank you for any insight you can provide.

Thu, 09/27/2018 - 3:56pm
 
stevecooper1001

Hi Nightdrive

I have had two occasions where everything I did went wrong and both times I just stopped trading for a while. I spend a lot of time watching the classes on psychology and they help to keep me grounded.

Correct me if i'm wrong but it looks to me as if you are in a hurry to make it through the beeline. I would be inclined to slow down, test some of your strategy's in your demo accounts and see what is working for you and what is not.

To have got this far you have clearly been doing something right.

Best of luck to you.

 
TraderHewitt

Nightdrive,

Interesting we both have the same investor profile type, and are both in IT!

I think this is a very hard type to apply to trading (if you subscribe to that stuff), as our nature whilst analytical desires certainty, and our profession demands it, we have to solve problems and get it right, so we try to apply this to the market, as a problem to solve.

This doesn't work, and leads to exactly as you say, anger and frustration, I feel it too often.

>>How have you coped with fear and dread?

Honestly, this is a hard one, and I still feel it. Its worse when faced with a loosing streak. Being risk-averse, I then find it very hard to put on another trade (you may have the opposite and start putting on poor trades as revenge)

Ironically, I think its confidence in your edge that helps with this, but in relation to system hoping, this takes time to develop.

I think taking a break is a good idea as tevecooper suggests. I think you are feeling the pressure in Gold 1, which is good as it emulates real trading, but perhaps too early. I agree wth tevecooper, spend some time in demo, and importantly if you can, back test your system, so you can build confidence in its edge (or junk it if not)

I am currently doing this: https://2ndskiesforex.com/advanced-traders-mindset-course/
Was recommended to me, and normally I shy from this stuff, but I feel right now this (psychology) is the last thing holding me back from big success. Disclaimer though I am snot far into it, but have enjoyed it so far.

>>How can I keep myself from constant strategy hopping?

This is hard, really one must just have discipline. Practice is this is not so easy, but it is enhanced by the fact that one is not always sure if your strategy is good or works, and especially after a loosing streak or feeling like you are getting nowhere, the urge to find something that does work is strong.

Problem is your feeling might be right, and sometimes a strategy might not be suited to your personality. So I think a certain degree of hoping is normal when starting.

As above, I recommend back-testing your strategy if you can and have not done so, do anything you can to gain some insight into the stats, and hence build confidence that despite loosers it is profitable, knowing your edge works makes a big difference.

My main thing is I am often not sure, and then feel that doubt.

ForexTester is good for doing replay, lets you trade many days rather than waiting for real-time data (and in forextester the bars play out as they did, and u enter orders, so no hindsight). I have this but have not tried it myself (partly as if does not support custom bar types). I must get off my a$$ though and try it on my swing system.

I use Ninja reply for futures and its a big help,

Ultimately, this however if up to you.

If you have a system you feel has an edge, only you can stop yourself system hoping, Theres no magic bullet. You need to wake up one morning and say "I want this". And stop system hopping.

I also tried many system, but then found one something I liked, it suited everything I wanted for future, and have stopped hoping.

What might also work is get off forums like ForexFactory, close Twitter, don't hang out here. You browse a forum, and theres always some guy who claims to make 500 pips a day using some grand system he just posted for free, and the temptation is rife! Its usually bs, and more importantly, even if true, its likely the edge is the trader, not some random moving average. So avoiding that kind of constant barage of people who appear more successful might help (I did this and this is the first trading forum I have been on in a while, definitely help clear the noise)

>>What helped you keep with consistancy?

Practice and trusting my edge. I still battle with demons (fear of putting on a trade for fear of giving back P&L or early close), but now I have focused on a strategy, and have confidence in its edge, I found it easier to be more consistant.

Really just time in the market. But again, if you find yourself constantly breaking the rules, etc, you are the only one who can fix this. You have to change those habits, no amount of tricks or advice will help unless you control yourself.

A good tool I was given is a "demon finder". I think its ok if I share it, its on public domain in twitter. This is not my tool, but Tom Dante's (http://www.trader-dante.com/) , fantastic guy and trader, his videos are worth every penny.

With the demon finder, you list the errors you struggle with, and tick a box each time you do it. This helps you to see which ones you do the most, and gives you incentive to stop. Put it on your wall, and those checks glare at you, reminding you to behave.

Also, make sure you keep a journal, some kind of a record. This can provide surprising insight into your trading, and you may be closer than you think even if hope seems lost.

Good luck!

Mark

Demon Finder.JPG
 
Rookie

@nightdrove, Steve makes a very good point, about the only useful information in your post, is a help and changing strategies.
I have reviewed your previous posts and you mention the Bands on a pivots thread.

Most traders have a very rough go of getting thru S2 and 5 profitable days in a row. What were you doing to accomplish that task?
Just do the same thing, G1 is no different.

@Trader, that is one cool post and chart.

 
TraderHewitt

Also, I know Apiary modules say you must have a different strategy for each market condition, etc etc, but take that with a pinch of salt.

I was taught the opposite, focus on mastering one strategy and potentially even one market.

The problem with having too many strategies and trying to do it all, especially like us when you are not profitable, is information overload. You are trying to manage all these things, and trying to decide what strategy for what market you are just overloading your "neural bandwidth" as they say.

Quite common advice is to focus on one system, master it. If possible, pick one instrument. If you system is a swing strategy, that will be hard, but from that I have seen of Beeline so far, they don't want swing traders, the number of trades in total and per day are suitable only to day trading (and heavy at that)

If you trade short-term, maybe try it. Pick your favorite strategy, and master it. For short-term, maybe pick one market, what ever suits you best (I use EU only, and 6E (eurofx) on futures),

Backtest it, maybe use ForexTester for deliberate practice. Do real-time practice on a demo account . The idea is when you focus on just one market you get accustomed to the way it moves, etc. Markets are fractal, and same concepts apply to them all, but each one has its own "personality" which affects exactly how you trade it.

Once you have more experience then expand and look for other systems (but also remember trading is about being profitable over time, not being active, despite the appearance the beeline drills give, not trading on days poor for your system is the right thing to do, not finding other systems so you are always active (brokers love always active traders, remember they encourage over trading as they want commissions))

 
N. Mendez

Incredible I knew I could count of my bee friends.
Steve your right I didnt know it until your post made me stop and realize do I need to slow down.
Mark I think your my new best friend we are alike and you gave me a lot to consider and tools to try.
Rookie I believe your wisdom but now I have to remember what that was. It might have been Todds HMA
I feel better thank you

 
Rookie

ach... no diary ugh... you may need to change something, I used to be aggressive and analytical, not analytical and methodological.

As Hac said get spanked enough and you will learn. But you already know that..:)

 
Meagan

Gold 1 is just a mini version of Gold 2 in preparation for trading real "the fund" in Gold 3. This is the best time to struggle and through that process you really learn how to trade and read price action. Check out the thread "Let's All Get Out of Gold 2"... there is a lot of good advice in there from Bees who have been there and that advice is absolutely relevant to Gold 1.

When my Gold 2 account was down I went to the Sandbox for 4 months and didn't leave it except for 5 trades a week in Gold. I didn't go back to my Gold account until I understood my rules for entries and exits and was applying them consistently in the sandbox. Once I was confident there I only did a few trades a day in Gold until I got my stats back.

Remember stats are calculated only for the last 50 trades in Gold 1. Any drawdown you have in the account will only keep you from taking too big of risks and developing your money management skills - and that's not a bad thing.

Finally, the best thing I ever did in Gold was to take the time to learn Price Action by trading "bare" with NO indicators in the sandbox. Learn how to recognize candle patterns and then go find 200 examples of that candle pattern: do that and you will be able to recognize it when the Price Action is live and fast!

You can do it Nightdrive! The one thing they know how to do at Apiary is develop good traders and one day you will be one of them!

 
N. Mendez

Thanks Meagan for the vote of confidence. I admire price action only traders I will also check out that thread you mentioned for more advice.

 
andrewaranda77

You might try starting your trading day by stating things you are thankful for. For a couple of minutes to lift up your energy and confidence. Just stating things you are thankful for, I believe has given me the confidence to follow through with my analysis. You made it to Gold 1, so you know what you are doing but you might just be focusing on your bad trades too much.

 
whale

Hang in there! We have all been there! I have found that the best option is to step away. Two weeks ago I had about a 20% decrease in my account and by Thursday I said enough was enough. No matter what I did, the market was turning against me. So, I stopped trading Thursday and I did not trade again until Monday morning. I took that time to enjoy other things but I also did some calculations on where I needed to be by the 20th of the month. Last week I was able to not only make up the 20% loss but I added another 10% to it.
In short, best advice is to step back for a few days, if you can.

Good Luck! It will turn around!

 
traderbr549

I get your frustration. I too am in gold 1 and having a bit of trouble getting things going. But also need to look at what the market is doing currently also. The market is doing a bit of whip sawing which makes it tough to get those trend trades going. Also agree with the other posts, pick 1-2 strategies and jump around. Hope all this helps.

 
bigbadmikeusa

I completely understand, on three separate occasions, I had one objective left before the risk manager interview. I was confident that I could get that last objective by trading the next big news cycle. I failed every time and it set me back. So I went back through notes I made and reset my charts for alignment. I now have a little sticky note that just says stick to the strategy taped on my computer and it seems to help. I also wrote down that I would pick a time and trade and set a limit. If I couldn't find a trade I'd walk away. I'm slowly coming back with my stats, but I'm not going to rush anything.

 
burton

nightdrive, stress can be a physically punishing experience and mentally exhausting.

traderhewitt mentioned your "trading profile" so i looked...oops, analytical...every profile has a strength and a weakness. here's what you wrote...

"I have learned many Technical and Fundamental studies but trading knowledge does not equate to profits in the Markets, of this I know."

clearly "YOU KNOW ENOUGH", well, at least from a mechanical perspective. this is why so many traders end their trading careers...here's what i mean...

- in baseball, once you master the swing...you can hit the ball. there are no ifs ands or buts, you absolutely can hit the ball.
- the bicycle, once you master riding a bike...you can ride the bike. there are no ifs ands or buts, you absolutely can ride the bike.

such mastery can be called success, however, in trading that is not true. the mechanics can lie to you, even if you have the ability to explain exactly what mechanics (i.e., tactics) you are deploying the market does not have to move accordingly.

there are levels of mastery...

- once you master the basic mechanics, have a complete and effortless understanding of it's implementation then you graduate to the next level.

- mastering your ability to identify the setup your mechanics are built for...if you cannot identify your setups in hindsight, the odds of you being able to identify the setup in real time is highly suspect. once you can easily scan a historical chart and identify your preferred setup, you have mastered this phase.

note: "your preferred setup" also known as your bread-n-butter setup. if you do not have a preferred setup, stop here and figure it out.

the more things you attempt to master, at the same time, the greater your chances are of mastering nothing.

- knowledge is the goal, the mastery of practical application is the goal.
- profit is not the goal, the mastery of consistent execution is the goal.

- okay, next level of mastery, the ability to identify your preferred setup in real-time. this can be with a demo account or a live account. this is not about trading your setup, rather, it's about recognizing your setup in real-time.

once you can consistently and easily identify your preferred setup you have mastered this level.

- next level, identifying your preferred setup as it is setting up...what does this mean?

from a mechanical perspective you will now want to master the mechanics of your pre-setup...

- when does your setup fail
- when does your setup succeed
- what mechanics are different previous and during the setup

once you are consistently able to identify when price movement favors your setup, you have now mastered the next level.

it is now time to go back to real-time, your sole purpose now is to identify when price is most likely setting up for your setup to happen.

note: not all setup are tradable...if a trader cannot identify a practical way to recognize when it is setting up, trading the setup consistently becomes questionable. trading is about probabilities...not mechanics.

now that you've mastered all of the above, it's time to start trading your setup...demo mode is probably best, if live then keep positions as small as possible...remember, this is about mastering a process.

"MASTER THE PROCESS AND YOU WILL MASTER PROFITS!"

it is important that you have been taking notes all along. mastery is, in part, about observation. learning to notice what you notice. no matter how rough your notes, just make sure you are taking notes.

make sure some of those notes are about noticing yourself, what you are thinking, feeling, etc...and remind yourself often of the end goal of all your work. celebrate your progress and acknowledge with each level it will be like you are starting over...that is the nature of mastery and learning.

back to your next level...

this is where your notes will become priceless.

as you work to identify your preferred setup and you begin to open trade positions, accordingly. most likely you will notice that there is a gap between what you know and your ability to act on what your know in a practical and consistent way.

there is a saying, you do not know the trade until you are in the trade.

it is particularly difficult to understand the current price action as an observer, however, once you open a position your focus will change and your appreciation for "what is" will change.

use your notes, trade as many as your setup as reasonably possible...if you can record your sessions with a screen capture tool.

take 100 trades using your preferred setup, again, keep notes...notice "YOU"...

- what are your thoughts as you are opening the position?
- are your actions contrary to your thoughts? ...if you were to place an entry alert, would your placement be inline the price movement or would it be projecting a move in the opposite direction.

eventually you are going to come to the realization that mastery of "self" is the ultimate goal.

once you have your trades completed, now it's time to go back through your trades, before doing so, understand that reviewing your trades "HAS NOTHING TO DO WITH SHAMING YOURSELF! AND I DO MEAN NOTHING!"

review is about learning, it's about seeing what is not easily seen in real-time...nothing more. celebrate the fact that you are reviewing your trades because very few traders ever take the time do the same.

next, your goal is to identify the trades that worked..."AGAIN, THE TRADES THAT WORKED!" ...what's the point.

- you can build a habit of being an consistently effective trader or you can build a habit of be a struggling trader. how you choose to focus on your review will either re-enforce the skills you want to grow or strengthen the skills that will not serve you as a trader.

is there a caveat, absolutely...

is there a benefit in reviewing the trades that did not work..."YES!" still, you must be disciplined and rigorous in your review of such trades...

- was this my setup? ...yes or no, if no, move on. remember your are working on mastering your setup. let this go...focus on what works.

if it was your setup, did you trade it according to your defined rules? ...if no, with all the work you've done, up to this point, is it going to benefit you to not follow your rules? ...keep in mind you're talking to yoursefl, are you committed to following your plan? ...acknowledge that you made a mistake and "MOVE ON, FORGET IT!".

if yes, then you followed your process, nothing more to do.

- where you distracted? ...what distracted you? ...okay, move on.

once your review is complete, review your summary notes, what stands out? ...is there a trend? ...a tendency?

with your review completed, it's time for the next 100 trades and then you will repeat the process. at some point, with patience, discipline and commitment you will find fewer and fewer things to address.

over time, you may find that there is one or more tendencies that you have not been able to change...at this point, it's time for a third party intervention. it's time to learn "what you don't know that you don't know".

once this level is mastered you will begin to trade live, starting small and going through the same process. as your consistency improves so too will your profits.

the journey of a profitable trader is one of mastery, not profit.

best of luck

 
pjmann55

Seems to me like you are striking your self real hard here and think most of us do it.

Be calm my friend you will certainly get your goal because your desire to do it is strong.

I used to think, I am going to get as good as Shawn and work hard to try that. You know what, when I listen to us all trying to emulate him it is clear so many are prepared to work extensively to achieve. BUT you now what, today I thought "okay I can hold my own territory here." Surely to get to a level we can be proud of at some stage that should be enough of a short term goal.

Management in my previous said you are always boiling the ocean Paula. Try smaller achievable steps... ha well never did that for a minute, however think we can try that here.

Wish you tremendous success and see you soon on top.

P

 
rsbrady67

My struggle at Gold 1 was knowing when not to trade. Some days my schedule did not allow trading at a good tome. I had to control myself and not trade that day.

 
denpips

I was in the same boat Jumping form strategy to strategy not giving the strategy a single chance. I thought every indicator was BS I knew best and was going to show the market. Wrong. Find a simple strategy and stick with it no matter what for 50 or 100 trades. My problem was losing 5 trades in a row and I would think this strategy is terrible then start using the next one.

Review each of your trades and you find out its not the strategy. Its where you enter in the trade that most likely ruined the trade. By going back and looking at what you did wrong you will see a pattern that you keep doing that breaks your rules. Keep a system and no matter what keep going you will eventually see how the market moves.

Set a strict set rules to enter and only enter when the rules are met. If you ever wonder why no one can explain a good exit plan its because nobody knows when its going to go up and down. You eventually just get a feeling for when is the best time to get out. That will come with trading the same strategy over and over again.

Take a look at courses in the tab above then intermediate strategies I think. Its Todd's "No Name Strategy" its really simple and is getting me though gold and gold 2. I had to watch every video on that strat over and over again. I picked up something new each time. The biggest thing I got out of those videos is when Todd said this strat might lose multiple times in row. This happened but like he said you find success by plowing through and brushing off the losses. Not those exact words. Good luck!!!!

 
Exchange

Met all the objectives for Gold 1, except for the 3 trades for 3 weeks achievement - in that final week, a sizeable Long Position trade I had on the EUR/USD took a hit overnight - it was the beginning of the USD breaking back up over that $95 handle. I re-entered the trade to the long side several times - and the USD continued moving up over a $96 handle. This all happened as the U.S. equity markets (I was simultaneously managing two Alveo simulation accounts using the exact same stategy - which were profitable during this time) (...was also simultaneously managing my equity portfolio, which ran into some turbulence) were taking their first leg down....which is currently still in the process as of the end of October 2018. My Gold 1 account fell from 10,100 to 8250.00 (nearly 20% drawdown). In the past week, I made some corrections, and have since stabilized my account - picking out a lesson that will help me in the long run.

Trading Plan review (Forensic Inspection)
1) Focus became too divided (thus, I ignored the market as it was shifting probabilities to the downside - EUR/USD)
2) Increased position size - (From .01 lots to .25 lots) right as market volatility spiked (if anything, I should have been halving my size & widening stops)
3) Strategy change - Adopted long position trades - borrowed from my simulation accounts - to apply in my Gold 1 account
4) Trade Time & Frequency - Began trading during low volume market business hours more frequently - to book profit/offset losses made - veering away from my business trading plan.

Review Lessons (Word Origin for lesson from Latin lecture/legere "to read, originally to gather, collect, pick out, choose")
1) When managing money, keep accounts separate and clear (Including TIME, STRATEGY and MONEY)
2) When markets start to correlate to 1 (i.e. major corrections), POSTPONE simultaneous trading or REDUCE SIZE if possible. i.e. I could have put the simulated accounts on hold - possibly even the Gold 1 account, as I had already completed nearly all achievements.

AttachmentSize
ALVEO ACCOUNT REVIEW - TOPIC POST.pdf 1.72 MB
 
pjmann55

A good way I found consistent and which I will use again in G2 prefunded to get over that one will be the same. I bombed out and blew at 5% even though getting lots of pips. So IF when it moves in non preferred direction, get rid of SMALL pip loss to bring yr win/loss ratio back into context. Wish you every success night drive!!!!!!

 
PierreD

It’s all simple until all of us as human beings complicate it. Nobody is Perfect. My advise to you when going through the different levels of the Bee Line. Try to identify where you can “kill 2 birds with 1 stone”.

 
N. Mendez

I made Gold 2 this night and wanted to update this thread if someone ever reads this in the future. Key changes I made that helped me.

1. Stopped revenge trading. If I had a losing day and everything was going wrong I stopped trading live. I either took a break or went to demo if the itch to trade was that bad. I am glad I did that because it showed me the dangers of overtrading. You can over trade on an up or down day, you either make loses worse or give money back to market so stop.

2. The only indicator I use is the Apiary pivots and trade support and resistance no overlays, oscillators or Fibonacci. Indicators are not for me. I have tried them all in all sorts of combinations but nothing beats a 3 bar reversal on a pivot point in the direction of the trend.

3. Before I take a trade I define my exit and I stick to it. Sure the market may come back but it is always that one time it does not that will kill you.

4. Came to the forums often to find inspiration and comfort.

5. Finally, sheer perseverance. I felt like giving up many times in these 2 months I was stuck in Gold 1 but after seeing Shawn take his family to help in Florida. I thought to myself I want more than anything to be part Apiary because just look at the amazing leadership. Apiary is going places and I want to be there with the funded family.

I had to come back and edit. I forgot the most important thing that helped me turn the bad trading around. I started keeping a journal, nothing complicated. I don't put exact levels and so forth but more like how did this trading session go versus my analysis. What did I notice about me or the markets today. This helped immensely so if you are reading this and you don't journal give it an honest try and watch your results improve gradually of this I am certain.

 
DonnaK

Congratulations! Thank you for sharing the key changes you made. I journal but not faithfully. I'm making a commitment to faithfully journal.

 
N. Mendez

I was against journaling for the longest time. I though why waste time that I could be using to study this that or the other. I put some thought into why keeping a journal helped. I have come to the conclusion that in my case I created a sort of accountability to myself. In the moments of trading my emotional wavelength is erratic but when I journal after the trading is over, either for that session or that day. I am calm, focused and the person I want to be when trading. It forced me to remember and analyze my behavior such as did I stick to my plan or did I waiver and why? Did it work out or blow up in my face. You are not a very good liar to your self because you saw, you were there.

I primarily scalp so writing down levels and all that does not really help me since I can place a dozen trades in a few minutes and close them all in the next few minutes so that is why I focused on the psyc side of a trading journal.

I wish you the best, see you at Gold 3.

 
DonnaK

I like your plan doing the journal based on the psyc side.

Yes, see you in Gold 3. I'm sure you'll be there soon. Best to you, too.

 
albin

Good job Nightdrive. Thank you for you posts. They are helpful. I also like the apiary pivots, especially the red ones. Onr of these days I will also be in Gold 2. You might be in Gold 3 by then. Keep up the good work.

 
TawnyTran

Congrats on making Gold2 Nightdrive! I've been stuck on Gold1 so taking inspiration from you and from everyone contributed to this thread. Thanks ALL!

 
waldner354

it seems like we all are going thru a learning process.been locked out of my accounts few times already.thanks for everyone advice.

 
Rookie

@waldner, getting locked out before funding is a good thing, even before reaching gold is a better thing. Why because it teaches the extent and boundaries of a trading system and Apiary cash management. I wish I had made better use of this capability early on instead of the conservative middle of the road like a moving average.

 
saturninotorres2003

Thanks a lot for these thread. I learned a lot. I hope to see you all in Gold 2 and Gold 3. God bless.

 
prosperalways

Nightdrive I thank you for your share.

 
centory

i think journaling should definitely help!

 
dahmd92

Hi Nightdrive,

Thank you for your post and updates! Congratulations on reaching Gold 2 where I am now. I think your previously learned lessons will definitely help you at this level. I have been bouncing between strategies and have gone back to a simple EMA strategy that works for me and my work schedule. I realize that I was forcing trades that did not actually fit my strategy. #TraderHewitt's input early in this post may help with other problem areas also. Everyone talks about keeping a journal but actually doing it is another thing! I see that it does not actually have to be specific levels and so on- even just the psych part of it. Best wishes and on to Gold 3!!!

 
bocarav

pjmann55, and waldner354. Been there (blown 5% and locked out) once and learned a good lesson concerning my limits in regards to loss limits. And yes ROOKIE I think it was a good thing, an eye opener and a reality check. It brought the hypothetical into reality. I don't want to go there again but I know now that 1) what trades to get rid of before losing everything, and 2) that I can climb back out of that hole and become profitable again.

I am a long term trader and it is not unusual to keep trades open for days at a time and even over the weekend. For me, indicators are helpful in determining whether to enter trades long or short. Week, day, and 4hr are my primary decision tools. My primary concern is that my entry is into a trade that has a potential for continuing a trend for at least a day. That is the challenge with my system. Once I pull the trigger, I need to give the trade time to settle into a trend. If it moves against me, I have to reexamine my logic to determine if I think that the trade will move back into the direction I wanted Sometimes it does and sometimes it doesn't, but I have to give it time enough to prove itself. That means that my stops have to be out far enough to not get in the way. Most of my trades are closed manually, not with stop loss limit. Currency pairs that are in a consolidation mode (many waves) are eliminated right away. Pairs that work the best are those that are currently at an extreme, high or low, for the current time frame history that the chart will give me. The PROBABILITY that they will continue further into the extreme is not as great as the PROBABILITY that price action will move back to a historical average. Again, picking the correct long term direction (day at least) is the key. Using whatever tools, charts or indicators that work for you is the key. Pulling the trigger knowing that hours will elapse before you look at your trade again takes the assurance of a history of many trades. You will win some and lose some, hopefully, as in my case, the winners outnumber the losers.

Frustration at having everything go wrong is something that I had to fight also. I guess that we are all in the same boat in that regard. Perseverance, many trades, and continuing education wherever you find it are the cure.

Gook luck, good trading to all.

 
blomst7

I started Gold I 10 days ago and the first 3 days was disaster. So I stopped and waited untill I fell good again and got the currage to trade again. Not that I was kicked off, but too many looses, because I paniced and deleted a lot of trades in red, because I was not quite sure about the limits i.e the 2% and the 5%, so I thought I had rescued me from the big stop, instead I lost a lot of good trades that way and finally I found the place where it was written down. It was a mistake and I got so angry with myself, so I just stopped trading a few days. Then I started again and yesterday I made 1095 pips in one day. So the sun is shining again in my trader life and I am confident. Usually I am a scalper, but I have changed that and trade bigger portions now also.
I wonder how it will be in Gold II. Shivering a bit, because it only is a 1.000 account.

 
Okore

Does anybody have a strategy using 5min and 15min scalping that has worked well? I just started Gold 2

 
Okore

Does anybody have a strategy using 5min and 15min scalping that has worked well? I just started Gold 2

 
bivensjm

@ blomst7 and @ Okore >>>> a simple strategy I use for scalping:
1. Mark closest area of strong support and resistance using 15 Min chart.
2. Goto 5 Min Chart using SMA 30: If Price Action (PA) is above look to place BUY, if below look to place SELL
3. Price cycle and Time cycle are important. I do not use an indicator for this, BUT I am always aware
Once PA exceeds Price cycle and Time cycle, I proceed with cautions ==>>
I've heard Shawn say this several times: once price breaks out, you can expect price action to go 2-3 bars B4 resting or reversing.
This is crucial when scalping (DO NOT LET WINNERS BECOME LOSERS)!!! <<< I've done this several times BTW***

Looking @ today' s activity on the EURUSD, PA broke above SMA30 around 7:30 am.
I expected price to hit major resistance @ 1.1339.
I start trading @ 8am so I placed a buy @ 1.1328 on the 3-bar reversal.
The FOMC was scheduled to say something @ 8:30 am: FOMC makes market move.

AS you can see .... I did not hit my TP for 1.1339
Since I was scalping, I was able to pickup 3 & 5 pip wins B4 the market turned due to FOMC
Following my scalping plan, I was also able to pick 3 & 5 pip wins @ 8:30 am after price crossed below SMA30.

As you know, Forex market very volatile. When scalping, I found that being aware to Price cycle and time cycle is very important.I need to have a realistic expectation of what is still left on the table for the current direction of the market.

Hope this helps!

EURUSD - 15Min - 11272018 - Capture.PNG EURUSD - 5Min - 11272018 - Capture.PNG
 
TGI

thank you for sharing, this is a valuable string!

 
gstrek100

awesome thread, will be re-reading often!

 
mackmack

One of the most important lessons I've learned is to maintain composure and a sense of balance, whether you're winning or losing.

Developing equilibrium in trading can be difficult, but is a skill you can acquire with patience and practice.

Keep the focus on your goals and the big picture, and remember that we're micro traders in a macro world. But be humbled by that fact, no intimidated.

I'm well acquainted with the fear and panic you experience with a series of losing trades that can put you in a deep hole. My problem was that I'd then double down and increase my lot size to make up for the losses, and only dig the hole deeper.

As mentioned above, document what works and what went wrong and consider tweaking your plan before abandoning it and jumping to another. The markets are never static, so what worked on one pair last week doesn't mean it will be successful this week.

All we really have control over is our behavior. In the words of Henry David Thoreau, 'Not until we are lost do we begin to understand ourselves.'

Study constantly and have faith in your plan. You'll turn things around and begin to build confidence again soon.

 
N. Mendez

It looks like this thread is still active so I wanted to update my progress. I am not cherry picking my stats so the full 10000 is shown for my pre fund account.
I still journal everyday I trade to force me to re live the trading sessions for the day. I hardly go back and read it but it does help to keep a record and to keep me honest about how I am trading beacsue I have to write about my self and my trading. It can be as simple or complicated as you like but I believe the journal is so helpful is because it creates accountability to yourself and you cant fix something until you admit something is wrong. Anyhow you can see I am about 50% correct and eeking by on expectancy but one thing is certain. I am getting better everyday and you can too. How? Trade. Trade every chance you get until you get that ah-ha moment. What works for me may not work for you and thats ok just keep trading until you find it.
For me its a trading style that uses Apiary Pivots, Support and Resistance and Fibonacci retraces. This is a trade I was in this morning first I go to 1 hour for direction then go to 5m for entry. Highlighted in the box is a three bar reversal at past resistance, shown with the red pivot that also coincided with the .50 fib and was below the 20 SMA. If the trade closed past the .618 I would have closed with no question at a loss. I learned all this from Apiary and decided to stick with it through the good and the bad. Keep pushing, you wont make it otherwise, thanks.

stats1.JPG stats2.JPG trade1.JPG
 
Rookie

Nightdrive, great work, you will be funded very soon. Your Positive, Steady-as-she-goes!

 
N. Mendez

Thanks Rookie for the vote of confidence it means a lot.

 
mackmack

Nightdrive, it looks like you have a pretty good grip on things. I too like the simpler approach to trading, and like you, I have tried every indicator in the book but it usually just leads to frustration and confusion for me. Eventually I scaled back my charts to nothing but price action but since have begun using SMA's for a little more clarity of direction. And Apiary Pivots, always. Support and resistance and overall trend have to be respected regardless.

I won't go so far as to say that trading gets easier with time, but you are right that the more I trade the more confident and comfortable I feel when placing trades, and exiting, either profitably or otherwise.

Someone once said that traders are people who learn to be comfortable with being uncomfortable. I stopped letting fear and anxiety rule me by being more deliberate in my trading, being patient and waiting for setups into high probability trades.

Very informative thread, thank you. And keep up the good work.

 
Grady E. Morris

Nightdrive, It looks like you made it to Gold-II, good work! I just advanced to G-II this morning! Good Luck.

 
N. Mendez

Well I did it this night. It is about 12:30am and I have to work in the morning but it was worth it.
Gold 3 has been achieved and I can throw my fist up and enjoy this victory just for a little while and then its back to work.
To anyone who finds this post, don't give up and persevere it is achievable.
If I did one thing right it was put the work in at least 20+ hours a week on top of my full time job.
Nothing worth doing is easy and everything you need is here, so go get it.

 
mabhilash95

Congrats on reaching Gold 3 Nightdrive.

 
kapenda

Hi
Congratulations.

Trading is different to each one of us.
There are however common experiences.

It appears Focus on the process with following the rules of the strategy goes a long way.

I accept it is not easy but with discipline,perseverence and persitence it will pay off.

DO NOT GIVE UP

 
kapenda

Hi
Congratulations.

Trading is different to each one of us.
There are however common experiences.

It appears Focus on the process with following the rules of the strategy goes a long way.

I accept it is not easy but with discipline,perseverence and persitence it will pay off.

DO NOT GIVE UP

 
tcpig2012

Hang in there. I too struggled in Gold 1 and I found that profit was not my friend. I started to just take good trades and worried more about pips a day (50 - 100). Once I began to look at my trading that way I started to make profits. I turned around a fund hovering around $9600 to 10433.00 in just under 4 weeks.

 
340v8dart

I too use the Scalping Strategy. I place 5-2 pip trades with 35 pip S/L. This test the Market for me then when it moves I go with the flow knowing when to exit trades in a timely manner if it runs I place trades in the opposite direction. This Strategy works so well for me.

 
asherecha

If I am doing momentum trading on a 5 minute chart , I need to see that trend and see it from the beginning . If I enter what could be the middle of the trend , it may actually be the end of the trend and now it is time for reverse .The same rule should hold true on 30 minute and even 1 hour charts . If I am sitting at the computer and I see some profit , it may be wise to take it and not be greedy for more . I need to evaluate the chart and make a decision within a minute .

 
Rookie

@asherecha, this is a subject Shawn is all about,

https://apiaryfund.com/forum/fast-track-funding-0

 
dspry5554

Hi Nightdrive,

I too have felt the frustrations of not being able to catch a break and find myself trading with desperate emotions that only lead to more losses. When I find myself in this position I like to take time away to reset my thoughts. May be 5 minutes or a couple of days. Changing pairs sometimes helps. Perhaps giving your strategy a rest revert back to a basic strategy or try a new one on a simulated account. Hope this helps.

 
burton

very nice nightdrive, bravo, for your persistence and ultimately your ability to let go and trust a different process.

one thing, as i was reviewing your stat pics...i'm concerned that your losses are running to far.

not knowing how you trade, it's hard to say if that is true...yet, from a number/math, point of view, it does appear that the losses are running to far.

also, when taking profits, how much of the move are you catching? ...if you plenty of room to stretch for a couple more pips, i would suggest that it might be a great exercise for you and potentially a solid new profit habit.

once you have clear separation between your wins and losses, i'm guessing your trading will take on a completely different feel.

again, well done, it's exciting to see you at gold iii. no doubt, well deserved. =)

 
b.faria32

Hi Nightdrive

Try to keep your lot size small using 1 micro lot and start trading with the long term trend. I use the 200 period Weight moving Average of the high to determine long or short entry on the 30M bar. Go long above the 200 period WMA and short below the 200 period WMA. Keeping the lot size small permits a larger stop and longer period in the trade to remove noise of the 6 to 20 pips that may go against you until the long term trend resumes.

Good Luck.

 
Shah

It may be an idea to adopt a strategy and own it. Meaning, no matter what, you convince yourself that, that strategy will work for you with good success rate. If it does not work for you, you keep working at it to make it work because you are the owner of the strategy now.. its your pet now.. you brought it home, no one else will look after that :-)

 
hjagne

Congratulations Nightdrive, you are a motivator. Wish you the best of lucks in future tradings.

 
Pip Bandit

Hey guys,

My two cents worth.

I had a huge problem with the phycological side of things and I now tend to trade the longer time-frames because of it. I opt for the set it and forget it approach and hedge according to the time frame I am using. This way I know that, worst case scenario, I can only loose X amount per trade. It also helps to use tiny lot sizes.

Hedging works very well for me and I see it as an opportunity to re-enter the trade with a better entry point. The only drawback is that you must check your charts according to the time frame you are working in. I find the 4hr time frame works best for me. So, I enter a few positions, according to the strategy and signals I am getting, and then I check the charts every 4 hrs, only. I also don’t get married to my charts. No point at all looking at your charts every 10 mins when you are adopting this type technique.

You must note, when trading the longer time-frames, you must be disciplined and very patient, as you could be in the trade for, hours, days and is some cases weeks, especially if you are waiting for an exit signal to occur, and it’s not unusual for see a 50 pip draw down. However, the longer time-frames usually mean bigger pips. I personally prefer to harvest 100 pips per trade, rather than scalp 33 trades for 3 pips each.

I was losing big in the beginning, but when I analysed my historic activity, I realized that I would have been correct about 70% of the time, but I ended up losing trades, because my stop loss was always too tight and my money management was basically trash.

You should also remember, if you have a 60% edge on the market with your strategy, that it’s all about probability and it is theoretically possible to lose 40 trades in a row, out of say 100. It’s not likely, but it is possible, so you must work out your money management and hang in there, because probability will always work in your favor, in the end.

The other important thing is that you must take all your signals, or probability will not work in your favor and you could end up taking just the bad trades.

Use small lot sizes and calculate how much draw-down your account can afford to incur, and don't expect to win all the time.

This guy changed my way of thinking all together and I am now enjoying trading more than ever, instead of being fearful.

Trade Like a Casino for Consistent Profits by Adam Khoo: https://www.youtube.com/watch?v=bRCtBRsLPmk

I hope this helps.

 
Cori

Hi edemarco. I too have had a challenge with the "psychological" aspect (I think that's what you mean..) It's been just over a month since becoming funded and adapting to reality. How did you find your strategy to be at least 60/40? Mostly back test on MT4/5... ? Care to share the jist of your strategy? Thanks:) I like that guy too, btw.

-Cori

 
Pip Bandit

Hey Cori

I have purchased a few systems from a chap called Russ Horn, from Tradeology. Think you can do a search for Russ Horn on YouTube. I am aware that there is a huge amount of BS on the web, but this guy is genuine, in my opinion. They are paid for systems (only 7$ each), so I can’t really publish, due to the Apiary copywrite rules etc. However, I can say I have had a lot of success with Forex Logica and Forex Growth code.

These systems are based on standard indicators, which can also be found in the Alveo platform, and when combined with good money management, and price action, they are very robust.

The trick is to take all the signals, not to be fearful and be patient. It always works out in the end.

I use MT4 mostly and screen capture all my trades using conventional methods. I think if you watch the Alveo tutorials, there is also a way to search within the platform. I think it was in the “How to customise Alevo” tutorial, if my memory serves me correctly?

Ping me on my personal e-mail and I can provide a little more detail, if you like: edemarco@gmail.com

 
hmanuel.nn2

Can't really give you an advice since it will be my next challenge.

 
radoslawmurawski

just patience and if youhave to walk away from trading for a day refresh

 
dave_7

WHEW!! Had a close call today with a 1/4 lot trade on the EUR/USD. I was trying to go short with expectations that price would most likely rally up to near the downward drawn trendline and then hopefully bounce back down and hit my 60 pip take profit.

Price actually did as expected but man I was down about $130! before it started to turn around. I don't usually let my trade get that far out of the money before I close it out BUT I decided to stick to my trade plan. In the meantime, I was placing long trades too since price was not going short anytime soon. So I figured I'd book some 2 pip profits at a 1/2 lot each (about $10 each) to help offset the losing short trade. I did manage to book upwards of $50-60 and then at 2:00 I got some much needed help (OK, I got luckily blindsided) by a beautiful but unexpected FOMC news report and I saw my -$130 losing trade go down to right about -$30, so I closed that out IMMEDIATELY and ended up with about +$30 when it was all said and done from the profits on my long trades. Yea, WOO HOO!!

The moral of the story is: To ALWAYS BE AWARE OF UPCOMING NEWS REPORTS especially if you have significant money at risk!

I learned my lesson WELL today, so I have no more excuses moving forward...

Hope this helps... :)

 
dave_7

If all goes well, I should be getting my Gold I tomorrow! Yea!!

 
dmarto7

Thank you for your scalping trading strategy. I found it helpful and informative.

 
yorevolte12

I like the way you do it and I think of trying it.

 
Grady E. Morris

Is the system down today?

 
pjamacaz

Hi, I am new here and don't know the system. I have since last night been unable to run Alveo. My log in seems to work but hangs in connecting to the server. I don't know how to recobnize when an account has been locked but this is all I can say until I talk with support. Maybe after Jan. 1. Hope this helps.
manuel

 
vdijoes

I am funded now, but I struggled greatly in Gold 1. I think I was pushing too hard with a smaller amount to work with, things got much better after I slowed down and stopped trying (or expecting) the market to reverse course. Really have to honor the stop losses, and go with the market, not against it.

 
vdijoes

I am funded now, but I struggled greatly in Gold 1. I think I was pushing too hard with a smaller amount to work with, things got much better after I slowed down and stopped trying (or expecting) the market to reverse course. Really have to honor the stop losses, and go with the market, not against it.

 
andres-trader

On Gold I what hit me hard was one of those days when Alveo was down... gee I lost some money. Somehow I managed to keep my balance in black numbers.

 
prosperalways

Having just graduated into Gold 2 just over a day ago, I got there by perseverance.