Early Rant Wednesday, 10/20/2010

Posted by FxEpic | Posted in Forum | Posted on 20-10-2010

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Wow it’s been one month since my last entry…hasn’t seemed that long.. I know it’s not Sunday but I had a moment of clarity today, Wednesday October 20th 2010! An epiphany you might say. Something wonderful happened today…I lost 25 pips. Earlier I took 22 pips so I’m net -3 pips. What could be wonderful about that, you ask. Well here’s the story. Most here know that I use the DBRS (see www.fxepic.com for how that works) for my MO’s (Market Opportunities) and recently I have come to find that the 10 minute chart (and I have Liz to thank for this) on the Meta4 platform gives wonderful DBRS signals. About four weeks ago it dawned on me that the pip take from the signals (on the 10min TF) are best only at certain TOD (Time Of Day). This is not to say that signals generated at other times were not valid, only that the ones at certain times were stronger ¬†and went for more pips. I’ll leave this for a bit to move to another topic that I have struggled with so that I can tie it all together later. Most of you also know that my personality is that of a Sniper (I prefer this to Scalper), and, as we are told by the more experienced Forex pioneers, it is best to form your strategy around your personality. This will allow for Forex System Synergy rather than Forex System Stalemate. Why you ask? Because when your personality flows with your system they support each other rather than having your personality fight or oppose your system. So what does this mean? Well, for example I simply like a Snipe. In ….Out, count my pips. I go crazy being in a MO for hours. That may change, but for now I use lower TF’s. (The 30second is a favorite of mine lol) All of this to say that I struggle with being patient. Waiting for the MO to appear. Sitting in front of the screens watching every tick. Sooner or later taking a manufactured, rule braking MO. And the inevitable question, Why did I do that? And the lament, if only I had waited. Patience. Time OF Day. How are they related? In a moment of clarity today, I realized that I simply have to WAIT for the right Time Of Day! That’s IT! Patience now has some meaning! I’m not waiting in vain. I am only waiting for the most Opportune time to take advantage of the Signals that my System produces. Suddenly Patience is not this daunting activity that I have to struggle with. It has lost its sting! Now, I can’t wait to be patient!!! This “Clarity” happened when I was waiting and watching for my 9:30 AM MO to appear on the 10min TF. Sure enough BAM there it was! Right on queue. Finger on the button….and …. I’m at work and let’s just say that I have to wait.. Maaaaannn. This MO took off like a bullet..140 pips later, I am livid. Revenge. I am telling myself ¬†beware of the Revenge Entry. Do not do it. Ok so you guessed it. I did. I had taken 22 pips from an earlier MO at 8:30AM so I put my Risk at 25 pips. Seemed reasonable at the time. Nothing to lose right? Wrong. That was disrespectful of my hard earned pips. Easy come, easy go. That mental attitude will get one nowhere fast. I did wait…. I was patient for some time. But the time that I took the MO was not the RIGHT time! It was not the TOD for my entry. It all came to me after the loss that I would still have my pips if I had waited…for the right Time Of Day. The TOD that my signals appear AND have the greatest probability of being successful. Yup, stack up those probabilities, pile them on. It does not guarantee a successful MO but it does give you an edge. I can’t wait to be patient… but I can wait for the TOD! Selah.