[19:32:10] Similo Zakwe: hi
[19:35:15] Forex Trader (Denis): hi!
[19:36:11] Similo Zakwe: hope you doing ok that side....how is trading treating you today?
[19:36:33] Forex Trader (Denis): i have accomplish my daily goal!
[19:38:33] Similo Zakwe: WOW happy for you, your website is so helpful man it has improve my knowlagde in trading so I thank you for that
[19:38:56] Forex Trader (Denis): I am glad to here that!
[19:39:17] Forex Trader (Denis): I am writting another two posts!
[19:40:03] Forex Trader (Denis): very interesting!
[19:41:21] Similo Zakwe: Looking forward to it, so do you think the EUR/USD will reach 3810 again?
[19:43:38] Forex Trader (Denis): you mean like today?
[19:43:53] Similo Zakwe: yes
[19:44:19] Forex Trader (Denis): we still have intraday down trend!
[19:45:21] Forex Trader (Denis): long term we have UP-trend!
[19:46:32] Forex Trader (Denis): posible support at 1.3734
[19:48:14] Similo Zakwe: ok...I see, here I am using 5 indicators isn't too much Danis?
[19:49:10] Forex Trader (Denis): I don't work with indicators!
[19:49:43] Forex Trader (Denis): Tell me your situation, do you have open position?
[19:51:52] Similo Zakwe: yes and I am in long position (EUR/USD) I entered at 3799 using a 5munites chart
[19:54:06] Forex Trader (Denis): what is your take profit point and stop loss?
[19:55:42] Similo Zakwe: take profit is at 3705 and stop loss is at 3749
[19:57:00] Forex Trader (Denis): when did you enter the position?
[19:58:01] Forex Trader (Denis): before how many minutes?
[19:58:47] Similo Zakwe: 20:00(57 munites ago)
[20:00:43] Forex Trader (Denis): price should come back minimum to 1.3783
[20:01:36] Forex Trader (Denis): You have make a mistake when you enter long at this time!
[20:01:50] Forex Trader (Denis): and you must admit your mistake!
[20:02:07] Forex Trader (Denis): Don't allow to lose 50 pips!
[20:02:20] Forex Trader (Denis): try to exit the trade with small lose
[20:02:37] Forex Trader (Denis): for now wait!
[20:03:19] Forex Trader (Denis): If price bounce rigt now then you will have a chance to exit on break even!
[20:03:42] Similo Zakwe: Ok, yes I admit I made a mistake and I only fealise now
[20:05:28] Forex Trader (Denis): this is a good sign!
[20:07:03] Similo Zakwe: does not look good now you see!!!!!
[20:07:28] Forex Trader (Denis): I am watching the chart for you!
[20:07:47] Forex Trader (Denis): M5 has good sign for now!
[20:08:14] Forex Trader (Denis): bouncing from 1.3770
[20:11:13] Forex Trader (Denis): time is passing and that is good!
[20:15:25] Similo Zakwe: yes you are right...I think the combination of my indicators is not good( Stochastic oscilators, MACD, Rsi & Moving Average) for an itaday trader like me....what do you think Denis?
[20:15:59] Forex Trader (Denis): I think that you are reading them wrong!
[20:16:57] Forex Trader (Denis): FIRST thing that you need to detect is what trend is infront of you!
[20:17:15] Forex Trader (Denis): Did you detect trend first?
[20:18:59] Forex Trader (Denis): If price come to 1,3766 you can close your position and admit your mistake!
[20:19:52] Forex Trader (Denis): price is near our firs target 1.3784
[20:21:52] Similo Zakwe: Yes it is....NO I do not detect the trend I only look at what the market is doing at the time
[20:22:56] Forex Trader (Denis): now is the question will price break 1.3784 resistance!
[20:24:43] Forex Trader (Denis): ok!
[20:25:25] Forex Trader (Denis): we have chance to close this with minimum loss I would say roun 70%
[20:26:13] Similo Zakwe: what do you mean roun70%?
[20:26:44] Forex Trader (Denis): 70% to go in our direction and 30% to go against us!
[20:27:27] Similo Zakwe: OK I see so lets watch!
[20:31:52] Similo Zakwe: looks like the price gonna go side way now
[20:33:46] Forex Trader (Denis): close the position now!
[20:36:15] Forex Trader (Denis): did you close the position?
[20:36:49] Similo Zakwe: yes I have closed it, may I ask you why you said I should close it?
[20:37:20] Similo Zakwe: At a 17 PIPs lose
[20:37:23] Forex Trader (Denis): It was down-trend!
[20:37:48] Forex Trader (Denis): And price has stay for a crtain time in one place
[20:38:00] Forex Trader (Denis): And that is 50/50 chance
[20:38:29] Forex Trader (Denis): you are risking 33 pips to get 17 and that is lousy equation
[20:38:55] Forex Trader (Denis): This move would be called cut your losses short!
[20:39:57] Forex Trader (Denis): It is much better to find another better apportunity to get this 17 pips than this one!
[20:41:15] Similo Zakwe: Yes you are right
[20:41:47] Forex Trader (Denis): FIRST you need to detect the trend (UP or DOWN)
[20:42:11] Forex Trader (Denis): SECOND meassure the moves!
[20:42:48] Forex Trader (Denis): action move is move from C to B and reaction move is from B to C.
[20:43:38] Forex Trader (Denis): So when you find price near possible C then you have to watch indicators for confirmation.
[20:45:14] Forex Trader (Denis): If you don't understand what you see on m5 graph then zoom out to m10 or maybe m15! If you still don't undertand what you see then zoom out some more m30,1h...
[20:47:08] Forex Trader (Denis): You will make mistakes even in future! why? Because this is a game and you can be the best player but you will suffer the lose. WHY? Because there is no 100% accurate trading system. Try to compare forex trading with TENIS game.
[20:48:50] Forex Trader (Denis): The most important thing is, when you find out that you have made mistake then try to find your way out with minimum loss. I didn't say that it must be zero. Just calculate the risk!
[20:50:37] Similo Zakwe: Understood, so how do you come up with these moves(B to C)?
[20:51:27] Forex Trader (Denis): how I came up? One old trader has tell me!
[20:54:35] Similo Zakwe: can you reveal to me on how you meassure those B-C please?
[20:55:52] Forex Trader (Denis): Can you read with ABC method?
[20:55:59] Forex Trader (Denis): TREND
[20:57:10] Similo Zakwe: To be honest with you I've tried to but I realy found it hard to understand it!
[20:58:56] Forex Trader (Denis): if you watch m5 you will see Cx
[21:00:10] Similo Zakwe: EUR/USD?
[21:00:16] Forex Trader (Denis): yes
[21:00:54] Forex Trader (Denis): I will sell now
[21:01:24] Similo Zakwe: With what target?
[21:01:34] Forex Trader (Denis): 10-15 pips
[21:02:12] Forex Trader (Denis): stop 15 pips
[21:02:35] Forex Trader (Denis): it is 60/40
[21:03:28] Similo Zakwe: Ok but looks like its gonna go up though!
[21:04:54] Forex Trader (Denis): I expect side-way trend
[21:11:58] Forex Trader (Denis): now is 70/30 for sell
[21:12:26] Similo Zakwe: Ok why now?
[21:12:56] Forex Trader (Denis): price has make new high
[21:13:14] Forex Trader (Denis): buy pressure has drop down
[21:13:35] Forex Trader (Denis): price is high above ma20
[21:13:51] Forex Trader (Denis): stoch is above 80
[21:14:08] Forex Trader (Denis): we still have down trend
[21:14:41] Forex Trader (Denis): price has gone up in one move round 34 pips
[21:15:32] Forex Trader (Denis): best place would be round 1.3820
[21:21:55] Forex Trader (Denis): I have lose 15 pips!
[21:21:58] Similo Zakwe: Sorry I lost connection, so its best price for what?
[21:22:13] Forex Trader (Denis): So I must not trade any more!
[21:22:37] Similo Zakwe: for now!
[21:22:50] Forex Trader (Denis): You must have your daily goal
[21:23:17] Forex Trader (Denis): If you reach your daily goal then you must not trade any more for that day.
[21:23:48] Forex Trader (Denis): And if you lose round 2% then you must not trade any more that day!
[21:24:17] Forex Trader (Denis): this trade was on a demo account because I allready have accomplish my goal!
[21:24:38] Similo Zakwe: Ok, 2% of your investment?
[21:24:50] Forex Trader (Denis): FOR EXAMPLE!
[21:25:18] Forex Trader (Denis): daily goal 1%, daily risk 2%
[21:25:30] Forex Trader (Denis): so what does that mean?
[21:25:58] Forex Trader (Denis): If you reach your daily goal it is over for that day!
[21:26:27] Forex Trader (Denis): but if you lose 2% in a day then trading is over for that day
[21:26:55] Forex Trader (Denis): That does not mean that you should risk 2% per one position
[21:27:25] Forex Trader (Denis): and that does not mean that you should take profit of 1%
[21:27:36] Forex Trader (Denis): this is just your daily goal!
[21:28:01] Forex Trader (Denis): Same as you have daily goals you must have weekly goals!
[21:28:08] Forex Trader (Denis): for example:
[21:28:27] Forex Trader (Denis): Weekle goal 3.5% and risk 3%
[21:28:36] Forex Trader (Denis): What does that mean?
[21:29:10] Forex Trader (Denis): If you reach your weekly goal than trading is over for that week
[21:29:33] Forex Trader (Denis): if you lose 3% then trading is over for that week.
[21:29:48] Forex Trader (Denis): Monthly goal 14% risk 5%
[21:30:15] Forex Trader (Denis): If you lose 5% in two weeks than trading is over for that month
[21:30:47] Forex Trader (Denis): or if you earn 14% in four weeks trading is over for that month
[21:30:55] Forex Trader (Denis): that is called trading plan!
[21:32:58] Forex Trader (Denis): So one losing month will drawdown your account for only 5% and one sucessfull month will cower 3 loosing months.
[21:33:14] Forex Trader (Denis): To have a trading plan is very important!
[21:33:54] Forex Trader (Denis): not only to keep money managment but to protect you from yourself!
[21:35:18] Similo Zakwe: OK I see so how do you detimine how do you detemine the risk you put your stop loss on that percentage(ie.3%)?
[21:36:15] Forex Trader (Denis): this depends on your trading strategy!
[21:36:35] Forex Trader (Denis): I like to scalp the market!
[21:37:17] Similo Zakwe: me too thats what I like....
[21:37:40] Similo Zakwe: And I end up overdoing it sometimes
[21:37:51] Forex Trader (Denis): overtrading!
[21:38:04] Similo Zakwe: yes
[21:38:13] Forex Trader (Denis): Thats why I have trading plan!
[21:38:25] Forex Trader (Denis): My last position is overtrading!
[21:38:56] Forex Trader (Denis): and my trading plan says to me not to trade on a live accoun any more today!
[21:39:59] Forex Trader (Denis): Do you know what emotions are involved when we are trading the market?
[21:40:33] Similo Zakwe: Gready and Fear?
[21:40:42] Forex Trader (Denis): ok!
[21:41:08] Forex Trader (Denis): so you can recognize when greed and fear attaks you?
[21:42:16] Similo Zakwe: yes but most of the time I get attecked by fear not greed
[21:42:35] Forex Trader (Denis): Are you trading live or demo account?
[21:42:50] Similo Zakwe: both
[21:43:07] Similo Zakwe: but that one was a live one
[21:43:14] Forex Trader (Denis): ok
[21:43:50] Forex Trader (Denis): then you can tell is there any other emotion that attack you when you are trading?
[21:44:11] Similo Zakwe: no....
[21:44:43] Forex Trader (Denis): have you ever feel ucertain about entry into position?
[21:44:50] Forex Trader (Denis): uncertain
[21:45:11] Similo Zakwe: yes almost every time
[21:45:18] Forex Trader (Denis): That emotion is called indecision!
[21:45:28] Forex Trader (Denis): it is your enmy!
[21:45:56] Forex Trader (Denis): when you feel indecision then don't trade, just wait!
[21:46:23] Forex Trader (Denis): there are two conditions that must meet up to take a trade!
[21:47:01] Forex Trader (Denis): first you must be ready for trading the market (knowing your self and your feelings)
[21:47:13] Forex Trader (Denis): be patiance
[21:47:22] Forex Trader (Denis): devote your time
[21:47:48] Forex Trader (Denis): When you sit in front of your computer
[21:48:02] Forex Trader (Denis): what is your intention?
[21:48:53] Similo Zakwe: is to meet my projections for the day
[21:49:53] Forex Trader (Denis): I hope that you didn't sit in front of a comp. and think lets trade (few trades).
[21:51:01] Forex Trader (Denis): because second thing is: Market must be ready for you (for your trading strategy)
[21:54:02] Forex Trader (Denis): When you sit in front of charts you must have only one thing on your mind and that thing is:" I will watch charts only for next half hour and if I see opportunity with 3 spots (entry,stop,take profit) then I will take a trade but if I don't find that opportunity in next half hours I will turn off my comp. and leave"
[21:56:03] Forex Trader (Denis): There is another emotion:
[21:56:27] Forex Trader (Denis): When price starts to go against us and we don't wanna close the position but we are telling ourself:"It will come back!"
We just don't wanna admit our failure and we can call that ignorance or pride (to proud to admit that I was wrong).
[21:56:56] Forex Trader (Denis): did you experienced that?
[21:59:45] Similo Zakwe: yes but sometimes you see that you analyse your charts correctly but just when you enter the trade the trand change emidiatly thats realy confusing me..and I think we tend to want fast profit
[22:01:23] Forex Trader (Denis): when that happens you just need to react as today (cut your looser short)
[22:01:52] Forex Trader (Denis): lose is part of every game!
[22:03:45] Similo Zakwe: So the important thing is to know your equity before you take a trade and know how much you gonna risk on that day?
[22:04:09] Forex Trader (Denis): that is the most important
[22:05:13] Forex Trader (Denis): for example I risk round 1% per position and my goal is to take 1%
[22:06:26] Forex Trader (Denis): I trade only one position per a time
[22:07:40] Forex Trader (Denis): if price bounce and start to go agains me then I get out with small profit or small lose.
[22:14:34] Similo Zakwe: right..so do you have time table for your trading or you trade any time you see the opportunity?
[22:18:08] Forex Trader (Denis): wait a min I will come back!
[22:18:30] Similo Zakwe: no problem
[22:52:15] Forex Trader (Denis): Hey!
[22:52:18] Forex Trader (Denis): I am back
[22:54:04] Similo Zakwe: Welcome back
[22:54:09] Forex Trader (Denis): ok
[22:54:17] Forex Trader (Denis): I see the question...
[22:54:51] Forex Trader (Denis): I like to trade after LONDON closes
[22:55:47] Forex Trader (Denis): but I must be certain that there is no relevant news sheduled
[22:56:59] Forex Trader (Denis): And if everithing is clear than I will start searching for trading opportunity
[22:57:48] Forex Trader (Denis): I never trade more than 2 hours in one day
[22:58:42] Similo Zakwe: and on that time your normaly meet you goal?
[23:00:17] Forex Trader (Denis): yes
[23:00:50] Forex Trader (Denis): only depend will opportunity show up.
[23:01:32] Forex Trader (Denis): if opportunity does not show then I don't trade that day
[23:02:09] Forex Trader (Denis): I am sleepe!
[23:02:29] Forex Trader (Denis): so I will say good night to you!
[23:03:11] Forex Trader (Denis): That is everything for today!
[23:03:21] Forex Trader (Denis): by!
