prochargedmopar wrote:MightyOne wrote:Prices rise and fall by HUNDREDS of pips every day and some how most
every one cannot figure out how to make even 1% per day.
I just dont get it, I really don't
So I am going to lay out the frame work for profiting in a such a way
that can be accomplished by anyone:
1. Which way is price likely to move in the long term (more on this later).
2. How small can I make my stops (you would be surprised)
3. Risking 1% per trade/chart enter with the momentum of the small time frame.
4. Exit all when you feel that price is likely to reverse and add that profit to your SL amount less commission.
EXAMPLE: 10 pips = 1%: You make 15 pips on a short and exit as the market starts to reverse. The next trade you risk your initial 10 + the 15 gained from shorting less 1 pip for commission to re enter.
5. Price starts heading in the long term direction and again you get an entry to short on your small TF. You short with your 25 pip stop and the market starts stalling at +7 so you exit (you are at +32).
Price retraces 45 pips and you believe price is again heading south so you short again on you small TF with a 31 pip stop.
7. YOU CAN ONLY EXIT WHILE IN PROFIT OR GET STOPPED OUT!
Price retraces 27 pips and then turns around and plummets 74 pips.
What time frame are your trading? What does that chart look like?
How many bars has it been since you first started shorting?
Trade NO MORE THAN 2 bars of any time frame!
8. You either reach your goal and make 7, 15, 26, 52, or 80%+ on your account or you lose 1%.
By reinvesting profit, having an unwillingness to let price trade to your stop while you are were profit at some point, and by sticking to a goal knowing that PRICE DOES MOVE HUNDREDS OF PIPS EVERY DAY (just about) then you will reach the goals you set out to attain and your losses
will cause you great laughter.
Think and grow rich PRO
I printed this post.
I will keep it by my side for the next few days.
It's very interesting.
Question:
Long/short time frame?
I want to trade setups from the 15m chart as es/pip is doing but use the 5m candles to get in/out.
What is my long time frame? 30m MA slope, H1 MA slope, or use a MA on the 15M chart and try to ride 1 or 2 5m candles?
I think this is what has given me the most trouble so far. Not knowing what Macro direction to use with the TF I want to trade.
I hear, always trade in the direction of the D1 and H1. Does that mean to look at a chart or if the CURRENT candles are red/green according to the CAN meter?
Those things can be ALL red/green but the currency can be in the middle of a trend reversal. 1's then 5's then 15's start popping up in the opposite color. If you wait till they are all one color your toast most of the time because it is then overbought/oversold. I need to know what to use as my major trend/direction indicator to NEVER TRADE AGAINST.
Anyone know? I swear that the currency was in a trend upward when I took my trades earlier, What do I need besides a 5 year old to tell me what the trend is doing? The market had opened at 98.06 and I was trying to trade long from 98.22. That's up right? So what do I use as a major trend indicator.
Wow, looking at the u/j now say's go short.......it's waaaaaay down. How was I suppose to know/see? Looks like it's coming up off support from 97.65 and is at 97.77 hr open. I'd say trend is down but the last hour was up/weak. Buyzone trigger was just hit short at 97.73 BUT. I'm off to work. Late.
1 min later.............
What do you know, there's 10 pips profit for a buyzone junkie, I wasn't in it though. As usual.
Thanks.
Pro
How powerful is color that we should buy if its green or sell if its red?
How powerful is the line that leads us to believe that price is supported or resisted?
How powerful is the indicator that lulls us into believing that
every thing will be ok if we just follow its magic.
EVERY OBJECT ON YOUR CHART HAS A POWERFUL IMPACT ON YOUR
PERCEPTION!
If you sat down to trade and bought on a green candle could it decline or change to red before it closes?
Hour, four hour, daily, weekly, monthly, yearly, what do these mean to you?
No matter the time frame and no matter the color price will either go up or go down from the time you sit down to trade to the time
you get up.
In the beginning it may go up and down, but price cannot run horizontally for long periods of time in fact price moves up or
down by hundreds of pips most every day.
Do you want hundreds of pips?
How about hundreds of pips while using a 10 pips stop?
The secret to surviving is to reinvest your gains into your stop.
Let price retrace and then trade in the same direction with the
larger stop.
Keep reinvesting your profits into your stop and do not exit
without new profits or move your stop closer.
WHATEVER YOU ARE RISKING YOU ARE RISKING!
If you risk 2% over 10 pips and add 20 pips in profit then
you are risking the initial 10 and the 20 pips for a 30sl.
If you risk 10 pips every trade without inflating it with profit then you may find your self getting whipsawed and no one can recover from that.
If you increase your SL to 20 and then take 20 pips in profit then
you are going to risk all of your profit on the next trade for another
mediocre profit.
Even if you made 40 pips you are risking half your profit and for what, a 2 to 1 return?
Even if you go for big pips you just sliced your profit potential in half!
By reinvesting your profit back into your stop you give your self "option like" staying power.
You use your day trading abilities to make a push on a small TF
and then you retreat (stay out DO NOT REVERSE!) as the animals give chase. Add more pips to your armor and then advance.
Keep retreating, adding, retreating, & adding until you reach your goal or your line dissolves.
What line?
The line that tells you which way your are trading!
This one:
You are not here trying to make Baby Pips (there is another forum for that) you are trying drain all the cash right out of the pockets of the Illuminati.
At 1% a 100 pip gain is a profit of 20%
At 2% a 100 pip gain is a profit of 40%
At 1% a 300 pip gain is a profit of 60%
At 2% a 300 pip gain is a profit of 120%
Risking even 0.5% per trade and reinvesting profits until
you reach your goal is enough to make the same as a trader
risking 5% per trade in and out of the market.
