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disbellj 09-15-2008 03:04 PM

Can I get that squiggly line indicator?
 
Metalorn,

What's the name of the indicator you have that is on the charts, is a moving average, and whose color changes when going up vs going down? Can you tell me where I can get it?

Thanks,

Don

TheRumpledOne 09-15-2008 03:14 PM

http://i34.tinypic.com/2m2t1fl.gif

Dang it!!!

Missed this one.... grrrrrrrrrrrrr :mad:

That's what happens when you are NOT PAYING ATTENTION!

TheRumpledOne 09-15-2008 03:16 PM

Quote:

Originally Posted by edacsac (Post 68222)
So how are you guys so lucky with this? I'm going to have to get a second job to support my trading losses! Dudes come in here with <10 posts, and in a couple of weeks they are doing well. I've been studying this for a few months now and I'm doing worse than ever. Maybe everyone starts to fail after awhile. I did way better when I first started than I am now. I could shoot myself.


LUCKY??

No...

You must learn to SEE.

You must learn to WAIT.

TheRumpledOne 09-15-2008 03:17 PM

Quote:

Originally Posted by Sweet Pip (Post 68223)
So part of seeing "IT" is seeing the "Waves"?


Yes, SEEING the price go UP and DOWN.

TheRumpledOne 09-15-2008 03:22 PM

Quote:

Originally Posted by disbellj (Post 68224)
Metalorn,

What's the name of the indicator you have that is on the charts, is a moving average, and whose color changes when going up vs going down? Can you tell me where I can get it?

Thanks,

Don

In the NEVER LOSE AGAIN zip file, there is the MA IN COLOR indicator that I modified.

disbellj 09-15-2008 03:34 PM

Money management calculator
 
1 Attachment(s)
Avery,

After looking at the "$1,000,000 QUESTION" post on
kreslik.com - Traders Community :: Home Page
I decided to see what it would take to get there. You said 6 pips per trade in that post. Same as you got here that you scalped. That would mean a 3 pip stop loss, and a reward/risk of 2:1 on every trade, and winning every trade.

Here's a money management calculator that is in OpenOffice (Microsoft Office alternative, free download, look on google) format and anyone can put new info into the yellow boxes and get how many lots to trade to get there (noting that the worksheet does not count spread cost or commissions, but does give how many lots to buy and how much each pip will really be worth when taking number of lots into account).

Note: The top of the calculator is a recreation of picture seen on kreslik.com - Traders Community :: Home Page post named "$1,000,000 QUESTION". The bottom part of the calculator is for position sizing using an equation I made, and is independent of the top of the calculator.

It's my stomach that keeps me from using this money management right now (I'm trading 1 micro lot until I get totally comfortable with the trading technique, cause I've already had the "deer in the headlights" happen to me already by increasing risk without being fully comfortable with the strategy I was trading/indicator I was using).

Let's say someone starts out at $500. The first trade, if won, would gain $20, and if lost, would lose $10. If someone were to get to that $1,226,322, they would be risking the same 2% as always, same 3 pips as always, have the same 2:1 Reward/Risk ratio as always, but be trading 8,175.48 mini lots (MB Trading default contract size) in the next trade, risking $24,526.44 for possible reward of $49,052.88 for that one trade (not counting cost of trade which is gonna be at least 1 pips worth at best if using commissions and not spread, which would make cost approx. $8,175.48, leaving real gain at 5/6 of what's listed in the calculator).

Anyone out there got the cojones to actually trade this leverage with a 3 pip stop? How often would we get stopped out instead of profit? Good question. Staying in the trade and hoping it comes back, or "trading yourself out" (which I'd still like to understand although I've seen you use the term) doesn't look like options if using this much leverage for the initial trade entrance. What do you think?

Don


Quote:

Originally Posted by TheRumpledOne (Post 68220)

In at 188.87

Out at 188.93 6 pip scalp.

Can you do that using a FIXED SPREAD BROKER?


disbellj 09-15-2008 03:50 PM

got the moving average indicator
 
Quote:

Originally Posted by TheRumpledOne (Post 68229)
In the NEVER LOSE AGAIN zip file, there is the MA IN COLOR indicator that I modified.

Avery,

Thank you. BTW How is yours different than the original 'MA_in_Color'? They look the same on the chart to me. Am I missing something?

Don

TheRumpledOne 09-15-2008 04:34 PM

Quote:

Originally Posted by disbellj (Post 68232)
Avery,

Thank you. BTW How is yours different than the original 'MA_in_Color'? They look the same on the chart to me. Am I missing something?

Don

I modified the indicator to display the price boxes.

edacsac 09-15-2008 04:35 PM

Quote:

Originally Posted by TheRumpledOne (Post 68226)
LUCKY??

No...

You must learn to SEE.

You must learn to WAIT.

I do see. I don't know about waiting. It either looks good or it doesn't. I don't have the luxury to use any of your indicators on my mobile platform. So I'm doing a lot of mental calculations before I enter a trade. I don't really have the time to watch the screen and wait. If I get a few minutes free, thats a few minutes to put in a trade. Gotta make a choice - up or down.

Right now I'm stuck in a trade thats 140 pips in the hole. I don't see the USD/JPY coming back any time soon. I could just let it margin call and start with a fresh account. I think I would feel better starting fresh, since even if I do well afterwards, it's going to take a month or better to recover using my current goals, small positions and the money management I use to enter trades.

TheRumpledOne 09-15-2008 04:35 PM

Quote:

Originally Posted by disbellj (Post 68230)
Avery,

After looking at the "$1,000,000 QUESTION" post on
kreslik.com - Traders Community :: Home Page
I decided to see what it would take to get there. You said 6 pips per trade in that post. Same as you got here that you scalped. That would mean a 3 pip stop loss, and a reward/risk of 2:1 on every trade, and winning every trade.

Here's a money management calculator that is in OpenOffice (Microsoft Office alternative, free download, look on google) format and anyone can put new info into the yellow boxes and get how many lots to trade to get there (noting that the worksheet does not count spread cost or commissions, but does give how many lots to buy and how much each pip will really be worth when taking number of lots into account).

Note: The top of the calculator is a recreation of picture seen on kreslik.com - Traders Community :: Home Page post named "$1,000,000 QUESTION". The bottom part of the calculator is for position sizing using an equation I made, and is independent of the top of the calculator.

It's my stomach that keeps me from using this money management right now (I'm trading 1 micro lot until I get totally comfortable with the trading technique, cause I've already had the "deer in the headlights" happen to me already by increasing risk without being fully comfortable with the strategy I was trading/indicator I was using).

Let's say someone starts out at $500. The first trade, if won, would gain $20, and if lost, would lose $10. If someone were to get to that $1,226,322, they would be risking the same 2% as always, same 3 pips as always, have the same 2:1 Reward/Risk ratio as always, but be trading 8,175.48 mini lots (MB Trading default contract size) in the next trade, risking $24,526.44 for possible reward of $49,052.88 for that one trade (not counting cost of trade which is gonna be at least 1 pips worth at best if using commissions and not spread, which would make cost approx. $8,175.48, leaving real gain at 5/6 of what's listed in the calculator).

Anyone out there got the cojones to actually trade this leverage with a 3 pip stop? How often would we get stopped out instead of profit? Good question. Staying in the trade and hoping it comes back, or "trading yourself out" (which I'd still like to understand although I've seen you use the term) doesn't look like options if using this much leverage for the initial trade entrance. What do you think?

Don

I would NOT advise entering a trade and putting a 3 pip SL in action.

You're just asking to get WHACKED!!

ewokuk 09-15-2008 04:42 PM

ive made 6 trades tonight, +7, +2, +5, +10 and currently still have 2 open at -20 and -10.

i havent used any stops tonight and all 4 of those winners ended up more than -10 before comming back the right way. i would normally try to use a 10 pip stop so would have lost them all. the problem is all its going to take is one to go the wrong way and stay that way and its wipeout time again. on the other hand i dont want to put a 30 pip stop on it only to see it go -30 pips and close out and then come back the right way, plus closing a trade on -30 screws a good 6 or 7 trades of profit all in one go so i woud want something smaller. its difficult deciding where to put the stops.

the other problem is the 2 still open are short AUDUSD so i need to get them closed soon as the fed is expected to cut rates tomorrow which will screw over the dollar and wipe me out if these arent closed by then.

TheRumpledOne 09-15-2008 04:49 PM

Quote:

Originally Posted by edacsac (Post 68237)
I do see. I don't know about waiting. It either looks good or it doesn't. I don't have the luxury to use any of your indicators on my mobile platform. So I'm doing a lot of mental calculations before I enter a trade. I don't really have the time to watch the screen and wait. If I get a few minutes free, thats a few minutes to put in a trade. Gotta make a choice - up or down.

Right now I'm stuck in a trade thats 140 pips in the hole. I don't see the USD/JPY coming back any time soon. I could just let it margin call and start with a fresh account. I think I would feel better starting fresh, since even if I do well afterwards, it's going to take a month or better to recover using my current goals, small positions and the money management I use to enter trades.

They only place you are stuck is in YOUR MIND!

Once you realize this then you'll never be stuck again.

ewokuk 09-15-2008 06:13 PM

well those AUDUSD trades came back my way just now for 10 pips profit. so tonight after London close ive managed 6 trades, 0 losses, 34 pips profit.

still not sure what stoploss to use most of the time, using none tonight gave me 6 non-losing trades when using a 10 pip stop would have had 6 losers (even a 20 pip stop would have had 4 losers i think). however having no stop has wiped me out twice in the past so i am considering perhaps a 50 pip stop although that seems huge to me when going for 5-10 pips on average but the plus side is trades that go -20 then go back my way will be winners rather than losers, which may more than make up for the odd one that does make it to -50, and 50 means i cant get wiped out in one go. i havent decided yet, 50 still seems big.

Sweet Pip 09-15-2008 06:33 PM

Quote:

Originally Posted by TheRumpledOne (Post 68228)
Yes, SEEING the price go UP and DOWN.

And the waves...they go in a 1 2 3 up down pattern like /\/ & \/\?

johnnykanoo 09-15-2008 06:39 PM

Holy sh** I can't beleive merill and lehman bros!!!! Im surprised the $ isnt hit harder, but will the fed cut rates tomorrow???? We'll see.

TheRumpledOne 09-15-2008 06:56 PM

Quote:

Originally Posted by ewokuk (Post 68240)
ive made 6 trades tonight, +7, +2, +5, +10 and currently still have 2 open at -20 and -10.

i havent used any stops tonight and all 4 of those winners ended up more than -10 before comming back the right way. i would normally try to use a 10 pip stop so would have lost them all. the problem is all its going to take is one to go the wrong way and stay that way and its wipeout time again. on the other hand i dont want to put a 30 pip stop on it only to see it go -30 pips and close out and then come back the right way, plus closing a trade on -30 screws a good 6 or 7 trades of profit all in one go so i woud want something smaller. its difficult deciding where to put the stops.

the other problem is the 2 still open are short AUDUSD so i need to get them closed soon as the fed is expected to cut rates tomorrow which will screw over the dollar and wipe me out if these arent closed by then.

If this KEEPS HAPPENING, then enter your LIMIT BUY ORDER for 10 pips LESS than you planned.

johnnykanoo 09-15-2008 07:34 PM

http://img227.imageshack.us/img227/9028/eurjpyag8.gif
http://img227.imageshack.us/img227/e...gif/1/w620.png

damn i missed this one

johnnykanoo 09-15-2008 07:36 PM

http://img232.imageshack.us/img232/1404/eurjpyet6.gif
http://img232.imageshack.us/img232/e...gif/1/w620.png

look how fast its moving. bounces support H1 bias is long and there she goes

johnnykanoo 09-15-2008 07:39 PM

http://img171.imageshack.us/img171/4673/eurjpyzm6.gif
http://img171.imageshack.us/img171/e...gif/1/w620.png

now get out coz you are against the D1 for a quick 50 or so.

Im surprised nobody commented on my table of $300 -$30,000 in 6 months chart. You would only need 2 moves like this a week to make a million in about 2 years with the right management.

thanks Avery for teaching us how to keep it simple!!!!

BTW Does anybody see how it bounces the short line. But ....
We don't go against the H1 candle color!!!

johnnykanoo 09-15-2008 07:51 PM

http://img151.imageshack.us/img151/1883/eurjpyxe7.gif
well good we got out when we did (even though I missed this one) but now bias is short. It would have gone against one of the golden rules so it was not a good setup but now bias is hsort on the daily and hour so if it breaks support it could be a great short. we'll have to wait and see

johnnykanoo 09-15-2008 08:00 PM

http://img151.imageshack.us/img151/8785/eurjpyus7.gif
http://img151.imageshack.us/img151/e...gif/1/w620.png

ooow look it brok support lets see what happens.

Avery thanks for this amazing indicator that you freely gave me its definatly top quality!!!

metalorn 09-15-2008 08:06 PM

TRO did comment on that, and I agree. If you're going to use a 3 pip stop loss you will be stopped out a lot of times, unless you are able to spot high probability trades.

Another thing, I guess a lot of people wouldn't care to download the open office suit.

Quote:

Originally Posted by johnnykanoo (Post 68256)
Im surprised nobody commented on my table of $300 -$30,000 in 6 months chart. You would only need 2 moves like this a week to make a million in about 2 years with the right management.


johnnykanoo 09-15-2008 08:08 PM

http://img151.imageshack.us/img151/4853/eurjpyog9.gif
http://img151.imageshack.us/img151/e...gif/1/w620.png

buying again h1 and d1 are long

metalorn 09-15-2008 08:13 PM

If the USDJPY continues raising above the day opening, then it's a setup for long trades.

http://i37.tinypic.com/2extvzq.gif

johnnykanoo 09-15-2008 08:17 PM

Quote:

Another thing, I guess a lot of people wouldn't care to download the open office suit.
the zip files were the indicators i posted

http://img152.imageshack.us/img152/134/eurjpydj3.gif

ok out at 45

disbellj 09-15-2008 08:29 PM

Addendum to Don's money management post
 
Quote:

Originally Posted by TheRumpledOne (Post 68238)
I would NOT advise entering a trade and putting a 3 pip SL in action.

You're just asking to get WHACKED!!

I agree. Even a mental 3 pip stop can get blown by faster than a person could react. Because of the high leverage, a margin call would be coming (hopefully) to get a person out of the trades before losing too much more. The thing is, that chart given on kreslik makes it look real easy. What is not taken into consideration, that traders MUST be aware of, is spread (unless they know how not to pay it), commissions (if they are going to be charged), and margin (VERY IMPORTANT!).

For instance, let's say I have that $500. I want to go for 6 pips profit, need at least a 2:1 reward/risk to make it worthwhile (trading rule), so stop (mental) must be 3 pips. OK. I plug that into my calculator (my personal version, not the one I posted).

If I was trading a USD-based pair, the margin requirement would be (for me) $100 per mini lot (1 mini lot is MB Trading's default contract size, so pips are ~$1 per pip per lot). According to my calculations, I should trade 3.3 mini lots. So margin requirement would be (contract size / leverage) * number of lots, so (10000 /100) * 3.3 = $330. So would have 500-333.33= $166.67 left to pay for trade cost(s) and handle drawdown. Let's say there were no costs. At $3.33/pip (assuming pip value per mini lot is $1), we could handle drawdown of about 50 pips before a margin call. We wouldn't want to trade any higher number of lots though, or we'd be going over 2%. Our account could handle the trade.

If I was trading a non-USD-based pair, the margin requirement would be (for me) range from $80 - $180 (depending on pair) per mini lot (1 mini lot is MB Trading's default contract size, so pips are ~$1 per pip per lot, except for EURGBP which is about $1.80). According to my calculations, I should trade 3.3 mini lots (but this doesn't take into account margin requirement, just 2% risk). Since I'm using GBP/JPY in this example, I can use GBP/USD's margin calculations here (too much to go into here unless asked for, so just trust me), which would be (contract size * bid / leverage) * number of lots. So margin requirement would be (10000*1.7923/100) * 3.3 = ~$597. The margin requirement is larger than our account balance! So would have a margin call as soon as I entered the trade, if we were even able to enter the trade (hope it wouldn't let us screw ourselves just to pay the cost of the trade for nothing).

So said all that to say this: Anytime anyone sees the things that look too good to be true, make sure you know everything that is involved. In the examples above, I could have been safe trading about anything other than a GBP-based pair (although EUR-based pairs get close to margin call), and using the equation I made to determine number of lots could be used.

But if using GBP-based pair (such as we are talking about in this thread), then we would over-leverage and get a margin call using my equation to get number of lots trying to get to the million in the manner set out on kreslik. We would have to have a more complicated money management calculator that takes margin requirement and spreads/commissions into account when choosing number of lots. I've made such a calculator for myself and it took awhile to understand and implement/create it. For those trading GBP-based pairs and wanting to use the calculator I attached to an earlier post to get number of lots, you can just half the recommended risk % to be 1% and not 2% (quick fix to make sure not over-leveraged).

Don

johnnykanoo 09-15-2008 08:37 PM

Quote:

Another thing, I guess a lot of people wouldn't care to download the open office suit.
this is what i meant about mm that has the potential to go from $300-$30,000 in 6 months

Step 1 $0 to $399 trade 1 mini lot 100 pips*
Step 2 $400 to $599 trade 2 mini lots 100 pips
Step 3 $600 to $899 trade 3 mini lots 100 pips
Step 4 $900 to $1299 trade 4 mini lots 100 pips
Step 5 $1300 to $1999 trade 5 mini lots 140 pips
Step 6 $2000 to $2999 trade 6 mini lots 166 pips
Step 7 $3000 to $4499 trade 7 mini lots 214 pips
Step 8 $4500 to $6999 trade 8 mini lots 312 pips
Step 9 $7000 to $9999 trade 9 mini lots 333 pips
* From your start of $300
(Note: This plan assumes you are following a strategy that only risks a maximum of 20 pips per trade you may need to adjust this plan to fit your equity management rules.)Considering that you could realistically get 100 pips per week (20 pips a day!!!) that means that you could possibly get to $10,000 in just 4 months.
Compare that to sticking $300 into your local bank’s savings
account – you’d be lucky to earn a dollar in the same time frame!

Step 10 - $10,000 to $14,999 – trade 1 regular lot – 500 pips
Step 11 - $15,000 to $19,999 – trade 2 regular lots – 250 pips
Step 12 - $20,000 to $29,999 – trade 3 regular lots – 333 pips
After this point you should only increase your regular lots traded
as you move up $10,000 (or more).

disbellj 09-15-2008 08:45 PM

Money management calculator as Excel file
 
1 Attachment(s)
Quote:

Originally Posted by metalorn (Post 68262)
Another thing, I guess a lot of people wouldn't care to download the open office suit.

If someone doesn't want to download a FREE open source and reliable suite, then they don't get to open the goodies I guess (good luck on getting Office to open anything except their proprietary files, when on the other hand OpenOffice can also open Microsoft Office files). There are those of us that would rather use OpenOffice then pay for Microsoft Office when we basically get the same functionality we're looking for and have in Microsoft Office - for FREE.

Oh well, since I can save Excel '97 out of OpenOffice, here's an .xls copy attached. Hope it works for you. (Why would I want to pay for something that does the same as I get for FREE - and I can do even more in OpenOffice?).

Don

metalorn 09-15-2008 09:00 PM

I agree on the free and reliable, but what about the "most widely distributed" software. Don't get me wrong, I used to be anti-microsoft a few years back, but I had to comply to my corporate environment. I like linux but my company used windows, I like "C" but the "VB" community was wider and stronger and offered more support. Add to that, receiving information (in msoffice formats) from vendors around the world, that gives an idea of what is the stuff most of the people out there use. At the end, gotta use what works for you.

Quote:

Originally Posted by disbellj (Post 68275)
If someone doesn't want to download a FREE open source and reliable suite, then they don't get to open the goodies I guess (good luck on getting Office to open anything except their proprietary files, when on the other hand OpenOffice can also open Microsoft Office files). There are those of us that would rather use OpenOffice then pay for Microsoft Office when we basically get the same functionality we're looking for and have in Microsoft Office - for FREE.

Oh well, since I can save Excel '97 out of OpenOffice, here's an .xls copy attached. Hope it works for you. (Why would I want to pay for something that does the same as I get for FREE - and I can do even more in OpenOffice?).

Don


TheRumpledOne 09-15-2008 09:51 PM

Quote:

Originally Posted by TheRumpledOne (Post 67625)
WHAT IS THE DIFFERENCE THAT MAKES THE DIFFERENCE?


Some people are finding success ( some for the first time in their trading lives ) since reading this thread.

Some people are LOSING since reading this thread.

Can't be the thread.

WHAT IS THE DIFFERENCE THAT MAKES THE DIFFERENCE?

Some people are using the methods and indicators and raking in more pips than ever.

Some people are using the methods and indicators and have almost blown their account.

Can't be the methods or the indicators.

WHAT IS THE DIFFERENCE THAT MAKES THE DIFFERENCE?


What is it that one person does that the other doesn't do?

What is it that one person doesn't do that the other person does?

What is the difference between success/failure?

WHAT IS THE DIFFERENCE THAT MAKES THE DIFFERENCE?

What does one person see that the other doesn't?

What does one person fail to see that the other does?

What is the difference between profit/loss?

WHAT IS THE DIFFERENCE THAT MAKES THE DIFFERENCE?

Where does the answer lie?


TO BE CONTINUED...

It's obvious that some traders are making money.

What about the rest of you readers?

What are the answers to my questions?

TheRumpledOne 09-15-2008 09:54 PM

Quote:

Originally Posted by metalorn (Post 68277)
i Agree On The Free And Reliable, But What About The "most Widely Distributed" Software. Don't Get Me Wrong, I Used To Be Anti-microsoft A Few Years Back, But I Had To Comply To My Corporate Environment. I Like Linux But My Company Used Windows, I Like "c" But The "vb" Community Was Wider And Stronger And Offered More Support. Add To That, Receiving Information (in Msoffice Formats) From Vendors Around The World, That Gives An Idea Of What Is The Stuff Most Of The People Out There Use. At The End, Gotta Use What Works For You.

Let's Stay Focused On Making Money.

disbellj 09-15-2008 10:19 PM

Answer to your questions
 
Avery,

Psychology is what it is (at least for me).

I want to be as confident as I can, but only screen time trading will give that to me. Until then, should I risk as much as I can to maximize number of lots able to trade only risking 2%, or learn the strategy and get comfortable trading it first?

It does seem that the strategy changes. First it's looking at H1 and D1, then I've also seen M5 on some pics given. Seems to me we have to learn to not go against the D1, but learn what chart is most comfortable for us to trade, and we can go for shorter or longer trades, but we must act on price movement in the moment without hesitation, use fibs of some sort to not buy at the 50 fib retracement (like I did) or something like that, but yet stay in some trades long enough to make more profit than scalping, and know when to tell the difference somehow. Oh yeah, and ANYTHING CAN HAPPEN!!!

Don

Quote:

Originally Posted by TheRumpledOne (Post 68281)
It's obvious that some traders are making money.

What about the rest of you readers?

What are the answers to my questions?


metalorn 09-15-2008 11:18 PM

WHAT IS THE DIFFERENCE THAT MAKES THE DIFFERENCE?

What is it that one person does that the other doesn't do? keep it simple
What is it that one person doesn't do that the other person does? keep it simple
What is the difference between success/failure? reaching the goal
What does one person see that the other doesn't? price movement
What does one person fail to see that the other does? price movement
What is the difference between profit/loss? a good plan
Where does the answer lie? the individual

edacsac 09-15-2008 11:31 PM

Quote:

Originally Posted by TheRumpledOne (Post 68281)
It's obvious that some traders are making money.

What about the rest of you readers?

What are the answers to my questions?

Those that are doing well aren't concerned with why some are failing and the differences between. Those that are failing don't know the answers or they'd be doing well themselves and be in the group that is concentrating improving their profits.

I don't think the question is really worth asking. I think there are too many variables aside from the knowledge your sharing here. It's not going to be the same for every person. I still can't get my risk/reward ratio positive without getting stopped out 100% of the time. I'm in a trade thats currently at a 180 pip loss and I don't know why I'm there. Way earlier in your thread I successfully followed the waves on a couple of different occasions. It all made sense. It still makes sense. But now I every time I open a trade it reverses and I don't know why. I'm always on the wrong side of price movement. I see the H1 and D1 in agreement, I open a trade and they both change. I'm not sure how that can happen consistently, especially the D1 chart.

My failures are totally different from anyone else that may be doing poorly. Those that are successful are also probably doing some things that are different from each other.

Maybe it's a matter of time. By Thursday of the week I usually start to straighten myself out and see something good happening, then in a blink of an eye the weekend is here and the market closes. Then I have to start all over on Monday. Each week is 3 steps forward and two steps back.

Maybe it's prior experience. I notice a lot of new folks to this thread come from other types of investing. The only investing I've done before this is adjust my 401k once a year because I've lost money.

metalorn 09-16-2008 12:07 AM

please post a chart, or give us more info on the entry you took: currency pair, entry time, price, type (long/short) and the reason why you took the trade.

Quote:

Originally Posted by edacsac (Post 68291)
I don't think the question is really worth asking. I think there are too many variables aside from the knowledge your sharing here. It's not going to be the same for every person. I still can't get my risk/reward ratio positive without getting stopped out 100% of the time. I'm in a trade thats currently at a 180 pip loss and I don't know why I'm there. Way earlier in your thread I successfully followed the waves on a couple of different occasions. It all made sense. It still makes sense. But now I every time I open a trade it reverses and I don't know why. I'm always on the wrong side of price movement. I see the H1 and D1 in agreement, I open a trade and they both change. I'm not sure how that can happen consistently, especially the D1 chart.


TheRumpledOne 09-16-2008 12:09 AM

Quote:

Originally Posted by disbellj (Post 68284)
Avery,

Psychology is what it is (at least for me).

I want to be as confident as I can, but only screen time trading will give that to me. Until then, should I risk as much as I can to maximize number of lots able to trade only risking 2%, or learn the strategy and get comfortable trading it first?

It does seem that the strategy changes. First it's looking at H1 and D1, then I've also seen M5 on some pics given.
Seems to me we have to learn to not go against the D1, but learn what chart is most comfortable for us to trade, and we can go for shorter or longer trades, but we must act on price movement in the moment without hesitation, use fibs of some sort to not buy at the 50 fib retracement (like I did) or something like that, but yet stay in some trades long enough to make more profit than scalping, and know when to tell the difference somehow. Oh yeah, and ANYTHING CAN HAPPEN!!!

Don

PRICE IS THE SAME ON ALL CHARTS!

We look at H1 and D1 candle colors to tell us which way to trade.

M5 chart is used to pinpoint the entry.

You are COMPLICATING things.

HORIZONTAL LINES and CANDLE COLORS are all that you need.

TheRumpledOne 09-16-2008 12:12 AM

Quote:

Originally Posted by edacsac (Post 68291)
Those that are doing well aren't concerned with why some are failing and the differences between. Those that are failing don't know the answers or they'd be doing well themselves and be in the group that is concentrating improving their profits.

I don't think the question is really worth asking. I think there are too many variables aside from the knowledge your sharing here. It's not going to be the same for every person. I still can't get my risk/reward ratio positive without getting stopped out 100% of the time. I'm in a trade thats currently at a 180 pip loss and I don't know why I'm there. Way earlier in your thread I successfully followed the waves on a couple of different occasions. It all made sense. It still makes sense. But now I every time I open a trade it reverses and I don't know why. I'm always on the wrong side of price movement. I see the H1 and D1 in agreement, I open a trade and they both change. I'm not sure how that can happen consistently, especially the D1 chart.

Maybe it's a matter of time. By Thursday of the week I usually start to straighten myself out and see something good happeneing, then in a blink of an eye the weekend is here and the market closes. Then I have to start all over on Monday. Each week is 3 steps forward and two steps back.

Perhaps you are waiting too long.

Perhaps you are not waiting long enough.

metalorn 09-16-2008 01:05 AM

The last post on page 15 of the Daytrade 2.0 for small traders starts with the following phrase:

"The idea of having a price based approach is not to maximize profits but to minimize risk and reduce the probabilities of bad trades."

Remember to read the thread from the start.

Sweet Pip 09-16-2008 02:28 AM

Quote:

Originally Posted by TheRumpledOne (Post 68281)
WHAT IS THE DIFFERENCE THAT MAKES THE DIFFERENCE?



It's obvious that some traders are making money.

What about the rest of you readers?

What are the answers to my questions?

The difference for me right now is that I'm still stuck on whether I'm "seeing" it yet or not :cool:

I posted earlier (but is buried now) if whether what we're supposed to be seeing is the up/down 1-2-3 waves? Those I see but wasn't putting much thought to them being "it". Unless I can move on from there (the seeing it part) then success/failure profit/loss it still hung up at that point because it determines the next step... in picking higher probable going long or going short entries & exits.

TheRumpledOne 09-16-2008 02:30 AM

Quote:

Originally Posted by Sweet Pip (Post 68311)
The difference for me right now is that I'm still stuck on whether I'm "seeing" it yet or not :cool:

I posted earlier (but is buried now) if whether what we're supposed to be seeing is the up/down 1-2-3 waves? Those I see but wasn't putting much thought to them being "it". Unless I can move on from there (the seeing it part) then success/failure profit/loss it still hung up at that point because it determines the next step... in picking higher probable going long or going short entries & exits.

Are you SEEING up/down 1-2-3 waves?

The point is to SEE.

If you can see the up/down 1-2-3 waves, then you are on your way.


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