Alright, no biggie. MT5 has been scraped for the foreseeable future. My Parallel's software, from 2016, started to flake, giving me gray screens, and only outlines for the software. Days later, no buttons were seen, and the Windows toolbars started disappearing as well.
MT5 also runs very slow through Parallels on the Mac. FXChoice was the next up. It was used for a week before problems arose with the program opening. Finally, I'm signed on to TradingView (in the last hour), which is used through the website. For the time being, I will be getting acquainted with the platform before executing trades. Hopefully by the end of the week, trading strategies can be implemented. There are a few interesting setups that come to mind.
Patience is key here. There's still plenty of reading to be done anyway. It takes much repetition to truly build successful habits, and if life allows me to see it through to fruition, the people nearest me will be those reaping the benefits, eating the fruit, and planting more seeds in the future.
Short entry today, though a lot has happened personally. Much good, the bad is simply put into perspective. Laterz.
Never let your surroundings shrink you.
A great quote. The rest of it is, "... Always spit on the house." This was a weaker trading weak. Balance is $2648.78. Trades were closed early before the TP was reached. Meanwhile, 2 more books and the MT5 tutorial completed: Visual Guide to Candlestick Charting (2012) and FOREX Trading Techniques (2003). That's 36, but who's keeping count?
The easily grasped ideas included some of the major types of candlesticks including dojis, hammers, hanging man, the long bodies with little or no shadows (wicks), and many combinations of two or three candlesticks that act as signals for a change or continuation. It's also important to see the patterns relative to other timeframes. Candlestick charting confirmed some of the things taking shape during my own chart analysis.
This weekend's assignment is like unto last week's. Trades will be planned out after analysis of this week's events. Having a good understanding of how these currencies are moving is the goal. With fundamentals being built into the MT5 platform, references will be paid to past events and notes for ones to come.
1) analyze the week's movements - candlesticks, chart timeframes, biggest movements (size and time of day), compare to previous week
2) note any fundamental movements
3) set up trades for the next week.
Work was back in gear this past week, hindering trading action. It was a nice break, a needed change after what... 2 months now?
The new book is Essentials of Foreign Exchange Trading (2009). Time is also being spent studying different active traders online. "A family that trades together, stays together." Fibonacci seems more reasonable to utilize now, and there's much more interest in adding automation beyond SL and TP; i.e. automated entries and exits. Trendlines, support and resistance levels, and technical indicators will be used this weekend, and we'll see what the profit looks like.
The easily grasped ideas included some of the major types of candlesticks including dojis, hammers, hanging man, the long bodies with little or no shadows (wicks), and many combinations of two or three candlesticks that act as signals for a change or continuation. It's also important to see the patterns relative to other timeframes. Candlestick charting confirmed some of the things taking shape during my own chart analysis.
This weekend's assignment is like unto last week's. Trades will be planned out after analysis of this week's events. Having a good understanding of how these currencies are moving is the goal. With fundamentals being built into the MT5 platform, references will be paid to past events and notes for ones to come.
1) analyze the week's movements - candlesticks, chart timeframes, biggest movements (size and time of day), compare to previous week
2) note any fundamental movements
3) set up trades for the next week.
Work was back in gear this past week, hindering trading action. It was a nice break, a needed change after what... 2 months now?
The new book is Essentials of Foreign Exchange Trading (2009). Time is also being spent studying different active traders online. "A family that trades together, stays together." Fibonacci seems more reasonable to utilize now, and there's much more interest in adding automation beyond SL and TP; i.e. automated entries and exits. Trendlines, support and resistance levels, and technical indicators will be used this weekend, and we'll see what the profit looks like.
9/25 Profitable Trades This Week
That's 36%; a drop from last week. Getting Started with Currency Trading was concluded along with the ebook, Advanced Forex System. From both, the importance of timing was mentioned, affecting the strategies utilized later this week. Balance is $2595. Highest profit this week was $129, largest loss -$75.
Being on the west coast, GBPUSD and EURUSD (London) are +8 hrs away, USDJPY (Tokyo) is -9, and USDCHF (Switzerland) is +9, so adjustments must be made when looking at the charts. On MT5, the charts show the time in the local currency country. NY is +3 from here. Later in the week, trades were entered at the beginning of the market day for different markets around the world. Wednesday night and all day Thursday was rough. For London and Switzerland (GBP, EUR, and CHF), I entered trades around 2330. Granted that was a little late for Switzerland, but oh well. For Japan (JPY), it was 1600 when trades were made. This worked for 2/4 trades, and there's more faith in this system currently than in the strategies attempted previously. Another interesting strategy will be attempted next week while still utilizing TrendRider and TrendBouncer strategies for confirmations. It requires a little automation, so we'll see :)
Calculating trades in reverse will be used as an exercise this weekend, as the big spikes in the week are reviewed. Studying makes automated trading seem like a reasonable goal when strategies can be implemented without needing the active trading component. Work and sleep schedules were tampered with this week, and it was difficult indeed.
The next book is Forex Trading Techniques (2003). It's a quick one, seems pretty basic so far. This is book #34. I'm almost at my goal! More goodness to come. Keep pushing. Fight off mediocrity, know that a good plan for success includes how to handle failure. Build that agility, that perseverance. Imagine the most intimidating, fierce competitor to play the game. Now, become them.
Alright, taking my advice, what's my next step again? Reversing trades? Yeah, that's actually a great exercise. My ultimate competitor does all this stuff in his head, and doesn't need to write anything down (like the ol' school bookies Malcolm X spoke about in Alex Hailey's book. They even had the character in Spike Lee's movie about him. Drugs destroyed him). With that much being done mentally, the necessity for automation is changed, more programming is incorporated to automate intuition and establish protocols levels above personal ability. Later.
Being on the west coast, GBPUSD and EURUSD (London) are +8 hrs away, USDJPY (Tokyo) is -9, and USDCHF (Switzerland) is +9, so adjustments must be made when looking at the charts. On MT5, the charts show the time in the local currency country. NY is +3 from here. Later in the week, trades were entered at the beginning of the market day for different markets around the world. Wednesday night and all day Thursday was rough. For London and Switzerland (GBP, EUR, and CHF), I entered trades around 2330. Granted that was a little late for Switzerland, but oh well. For Japan (JPY), it was 1600 when trades were made. This worked for 2/4 trades, and there's more faith in this system currently than in the strategies attempted previously. Another interesting strategy will be attempted next week while still utilizing TrendRider and TrendBouncer strategies for confirmations. It requires a little automation, so we'll see :)
Calculating trades in reverse will be used as an exercise this weekend, as the big spikes in the week are reviewed. Studying makes automated trading seem like a reasonable goal when strategies can be implemented without needing the active trading component. Work and sleep schedules were tampered with this week, and it was difficult indeed.
The next book is Forex Trading Techniques (2003). It's a quick one, seems pretty basic so far. This is book #34. I'm almost at my goal! More goodness to come. Keep pushing. Fight off mediocrity, know that a good plan for success includes how to handle failure. Build that agility, that perseverance. Imagine the most intimidating, fierce competitor to play the game. Now, become them.
Alright, taking my advice, what's my next step again? Reversing trades? Yeah, that's actually a great exercise. My ultimate competitor does all this stuff in his head, and doesn't need to write anything down (like the ol' school bookies Malcolm X spoke about in Alex Hailey's book. They even had the character in Spike Lee's movie about him. Drugs destroyed him). With that much being done mentally, the necessity for automation is changed, more programming is incorporated to automate intuition and establish protocols levels above personal ability. Later.
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