As much as this should have been a picture-perfect success, I was on the 1-min chart and closed out for only half the available profit! I’ll have to start a new file labeled — – “Be very thorough in your strategy review before you begin!”
Note to self:
Bankers Close Perfect set up but you were trading on the one minute when you were supposed to be on the 5-min chart! OK, wise guy. If you are going to be a wise guy, use your wisdom. Lesson learned, drop the pain. Thank you. BDT
This post is not exactly on point as it is not about any one achievement in any of the Beeline levels.
It may, however, be helpful to some of my fellow bees. The video link below should open in whatever viewer you use for such things and if you have 15 minutes to listen to me drone on about what happened and how I feel about it, please do. If you have any trouble viewing it, please let me know.
Spoiler alert – there is almost NO strategy discussion in this content (except the retracement setup after a big price move on the news (NFP)) and, I neglected to mention Jeff’s comments about how people feel when they want to hold onto their equity. He said, “Get naked with it.” So, you want to take your new Gold level to bed with you, sleep on it, enjoy it, before you are willing to put any of it at risk. That pretty much nailed how I was feeling. And if you would really rather spend your time learning from someone who knows what to do on news day, this might be a much better use of your time: https://apiaryfund.com/calendar/2018-03?event=35358&d=0#calendar-event (Note: Only Apiary Fund members may use this link.)
Here is a list of things I’ve said in this video. I made this list to examine how many emotion words are in the mix. At minute 4, I’m trying to remember where my trades were, so you can just skip to minute 5 to save yourself some time. I’m laughing at times, at myself, employing a favorite philosophy – if you can’t be perfect, at least be funny. Realize, I’m talking to myself here…
Sort out my feelings, “a very smart person” Jeff in CATT Tools, 1 p.m. Pacific Time, reluctance to share “in disgust” video, pain I was feeling, 4 p.m. GMT Gold level, got out of bed (didn’t know why), I should check the news – rule #1, was I long or short – skip from minute 4 to 5 to skip my confusion, wait 15 minutes after the news from Jeff and Todd, selling a wick after the retrace exactly 20 minutes later, buying the bottom wick (if you are brave), telling you what I was thinking – I didn’t make the trades, after yesterday’s drubbing, sleep patterns are interrupted, willing to share their successes, angry, and kind of frustrated, suffered enough, drone on, the psychology of this, not all puppies and rainbows, making me see things about myself, character defects I have, manage my emotions, bottom line up by 10 or 20 or 30%, experience the benefit of all the training, not about anything else, there’s a ton of stuff to get, getting trained up on how to trade, get some fresh air…
Now, I see perhaps I should have been saying this to myself from the start.
This is just another lesson along the way.
Well, alright! Be prepared to meet yourself head-on here. I’ve learned more about myself than I ever knew I didn’t know! Be clear on this one thing, failure is a part of the process. Getting it wrong is just fine, as long as you take the lesson from every mistake.
This group and its members are the best resources for learning how to trade. You, however, are responsible for being fearless, being willing to lose, being willing to try and fail and try and fail, as many times as necessary to learn what works.
I’m just spouting off here based on my experience. I’ve lost more than one-third of my equity and I feel like I’m finally starting to think I might be improving. My last few days have been some of my worst and the progress I’ve made by the lessons learned has been some of the best.
If someone had told me how difficult this would be or how bad it would feel to consistently be wrong with my trades, I might never have been able to get this far. Then again, perhaps I would have been the very stubborn, never give up, do or die person I’ve always been, too proud to quit, too sure of myself to admit defeat… etc.
You get the picture, I’m sure. And, I’d be willing to bet there are dozens or hundreds of other traders that would echo my sentiment.
Best of luck to you. Use the Forums for feedback. Learn to trade well by making all of your mistakes while there is no real money at risk. We are all in this together.
After today’s sessions (of the BCS (Bankers Close Strategy), two rounds), I realized I’m still getting into the trades a bit early, although I did better today as you’ll see and hear in the videos I’ve shared. This realization leads me to believe that there is simply something not quite right about the overall timing of this strategy. Because if you’ve seen any of the previous sessions and the after-bankers-close sessions that I sometimes trade, you are likely to see what I’m seeing, that I’m getting out too early, too!
So, I’m penalized twice sometimes. Once by my early entries, which sometimes are taken out by my stops. And, again when I close my trades soon after the London close, only to watch as price continues to move in my direction. The penalty there being pips I did not get because I thought I was done.
Tomorrow, I’m going to shift my time frame to the right by 10-15 minutes and see how that affects my bottom line. If it is an improvement, then I’ll be re-writing the BCS again for my post in the Forums.
After a conversation today with a client/friend of mine, I’m thinking of perhaps adding a payment gateway to this website. While I’m still learning and sharing my progress with fellow bees in the hive at Apiary Fund, the videos and other content I produce here will likely continue to be available at no cost.
However, when I do get to the point where trading is what I’m doing for a living, I’ll be selling subscriptions to this material. That trickle of income will motivate me to continue providing useful content for up and coming traders, even if I don’t need the money (because I’ll be a successful trader) as the time and energy it takes to put content on this site and produce and share videos is no small thing in my world of limited resources.
One of the (what I call requirements) achievements in the Beeline for Silver III is to “Emotitag 25 Trades” – something I would never do if not required to do so.
Here is the explanation: “When we can identify the emotion we feel when placing a trade, trends begin to emerge between that emotion and the profitability of a trade.”
My goal is to trade without emotion and it seems this requirement will force the exact opposite behavior necessary to achieve my goal. Where’s the upside?
Perhaps it will make sense at the end of the exercise, but I’m far more likely to simply tag every one of my 25 trades with the same emotion, with no regard for my feelings, just to get it done.
I’ll consider playing along for the sake of potential learning, but I’ll be asking myself all the while, “What’s happening to my trade while I’m playing around with smiley faces?” Will I lose money, will my trades go farther in either direction due to the time it will take to tag each one? Will I actually develop feelings (other than disgust at having to do this) for my trades, as if they are my babies, being sent off to school for their first day? I’m predicting some of them will be stopped out or be closed as they hit my profit target before I remember to add a tag.
OK, that’s all I’m willing to say at this moment. But, I will be recording this experiment for review. We’ll see how it goes and I’ll be back to post links and images to illustrate the results.