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eastrader Apr 7, 2020 2:50pm | Post# 1165961

{quote} I see where you are coming from, but I don't entirely agree with you. I believe there is a such thing as a wrong entry. I know because I have made many wrong entries as a trader. I know they were wrong entries because I took the time to examine them to see what I could have done to avoid them. On the other hand, you can have the right entry and still suffer a loss due to having a tight stop loss.
Ok than, hope u could find what u have search.

here2there Apr 7, 2020 2:59pm | Post# 1165962

{quote} Ok than, hope u could find what u have search.
I know what to do, but I don't always do what I know. My greatest need as a trader is to master my emotions.

kuroro001 Apr 7, 2020 3:32pm | Post# 1165963

{quote} I see where you are coming from, but I don't entirely agree with you. I believe there is a such thing as a wrong entry. I know because I have made many wrong entries as a trader. I know they were wrong entries because I took the time to examine them to see what I could have done to avoid them. On the other hand, you can have the right entry and still suffer a loss due to having a tight stop loss.
There is a guy on twitter, he seems to be trading EURUSD only (or 95% of the time). He is ALWAYS short euro, never took a single long positions the past months.
His entries are bad, he adds on the way up, gets drawdown.

But the thing is that he has such a nice money managment, he knows when to cut (a part of this position) then add back higher.

At the end he always end up in profits.

I find his way of trading very bad, but at the end he is profitable. So as you can see any entry can be or bad, depending on the way you manage it

here2there Apr 7, 2020 3:48pm | Post# 1165964

{quote} There is a guy on twitter, he seems to be trading EURUSD only (or 95% of the time). He is ALWAYS short euro, never took a single long positions the past months. His entries are bad, he adds on the way up, gets drawdown. But the thing is that he has such a nice money managment, he knows when to cut (a part of this position) then add back higher. At the end he always end up in profits. I find his way of trading very bad, but at the end he is profitable. So as you can see any entry can be or bad, depending on the way you manage it
Just think of how much more profitable he would be if he only took high probability trade setups, and how much less stress he would have to deal with trying to make a bad entry work out in his favor.

He must have a big account to deal with the drawdown.

Techanalyst Apr 7, 2020 3:48pm | Post# 1165965

{quote} There is a guy on twitter, he seems to be trading EURUSD only (or 95% of the time). He is ALWAYS short euro, never took a single long positions the past months. His entries are bad, he adds on the way up, gets drawdown. But the thing is that he has such a nice money managment, he knows when to cut (a part of this position) then add back higher. At the end he always end up in profits. I find his way of trading very bad, but at the end he is profitable. So as you can see any entry can be or bad, depending on the way you manage it
Watch this small documentary. This trader if you can call him that did the same thing. He blew all his accounts eventually.

Inserted Video


The problem with that useless strategy is that it is a guaranteed failure. Adding for example sell position while the market is going up is not a money management. It is a gamble. If you are adding sell while market is going up, what makes trader think that the market will come back down and pass the price where they sold already? Also who knows when the price will come back down to the price where you sold, and when is the question? By that time, you would have your account into draw down and margin call and all the money would be loss. Not a good strategy. It is a guaranteed failure. Either way watch the video I put and you will get what I am saying.

Watch the video how he is adding sell positions on a 5min TF but you can tell that earlier pattern showed a buy signal. He could've of add so many buy positions and make a lot of money. Like I said the strategy is a guaranteed failure.

KeenPips Apr 7, 2020 3:59pm | Post# 1165966

Agreed, it's a recipe for failure. It's sadly at the root of why most of us retail traders fail. Cutting our losses early together with minimizing them is at the heart of good risk management. At the end of the day, growing your trading account is the long-term goal but before then, you must have enough trading capital to trade the next day or trading opportunity.

Trade safe and prosper.

KP

{quote} Watch this small documentary. This trader if you can call him that did the same thing. He blew all his accounts eventually. https://www.youtube.com/watch?v=lSKT6o3gpo0 The problem with that useless strategy is that it is a guaranteed failure. Adding for example sell position while the market is going up is not a money management. It is a gamble. If you are adding sell while market is going up, what makes trader think that the market will come back down and pass the price where they sold already? Also who knows when the price will...

viptrading Apr 7, 2020 4:23pm | Post# 1165967

{quote} Watch this small documentary. This trader if you can call him that did the same thing. He blew all his accounts eventually. https://www.youtube.com/watch?v=lSKT6o3gpo0 The problem with that useless strategy is that it is a guaranteed failure. Adding for example sell position while the market is going up is not a money management. It is a gamble. If you are adding sell while market is going up, what makes trader think that the market will come back down and pass the price where they sold already? Also who knows when the price will...
I have seen the video, that man came off to me as a paranoid gambler more than a trader. I couldn't imagine trading in this way, constantly staring at charts, jittery, not being able to even enjoy going out for a coffee without freaking out about potentially blowing up.

Something about him seemed very off from the video. I did not even need to know he blew his accounts, I could already tell from the video that this guy had no idea what he was doing, and was not a real trader, but rather a degenerate gambler.

It really is sad that so many people trade in this way...not to mention the amount of followers he probably had taught to trade in the same way, what an idiot. You could tell his wife didn't even truly respect him and was probably cheating on him based on the video too.

Also, the guy recording acting like we are witnessing some trading God. LOL. Man, it amazes me how arrogant some people can become when trading.

Moty Apr 7, 2020 4:58pm | Post# 1165968

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Techanalyst Apr 7, 2020 4:58pm | Post# 1165969

{quote} I have seen the video, that man came off to me as a paranoid gambler more than a trader. I couldn't imagine trading in this way, constantly staring at charts, jittery, not being able to even enjoy going out for a coffee without freaking out about potentially blowing up. Something about him seemed very off from the video. I did not even need to know he blew his accounts, I could already tell from the video that this guy had no idea what he was doing, and was not a real trader, but rather a degenerate gambler. It really is sad that so many...
Totally agreed. The guy in the video is a paranoid gambler. But I never find out or maybe I will one day, how does a gambler, unsuccessful trader like the guy in video get investors to invest millions of dollars. That is something I do not understand...

viptrading Apr 7, 2020 5:13pm | Post# 1165970

{quote} Totally agreed. The guy in the video is a paranoid gambler. But I never find out or maybe I will one day, how does a gambler, unsuccessful trader like the guy in video get investors to invest millions of dollars. That is something I do not understand...
Because most people are sheep. A lot of people see the guy making money and do not care about the fact that his strategy is too risky to succeed long term. They are willing to put money up and copy him since they see him doing numbers.

here2there Apr 7, 2020 5:20pm | Post# 1165971

{quote} Watch this small documentary. This trader if you can call him that did the same thing. He blew all his accounts eventually. https://www.youtube.com/watch?v=lSKT6o3gpo0 The problem with that useless strategy is that it is a guaranteed failure. Adding for example sell position while the market is going up is not a money management. It is a gamble. If you are adding sell while market is going up, what makes trader think that the market will come back down and pass the price where they sold already? Also who knows when the price will...
Interestingly, there is a guy on Youtube who is a contrarian grid trader. He can pull this kind of trading style off. He is arguably one of the best traders in the world, and most people don't even know who he is.

Steve666 Apr 7, 2020 5:51pm | Post# 1165972

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An update from 29 hours and 97 posts ago

A pause is warranted.

S.
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aall77 Apr 7, 2020 7:38pm | Post# 1165973

{quote} Totally agreed. The guy in the video is a paranoid gambler. But I never find out or maybe I will one day, how does a gambler, unsuccessful trader like the guy in video get investors to invest millions of dollars. That is something I do not understand...

This one really struck me and would like to put some clarity on it for a new trader.. if you want to survive long term in this game one of the very basics is divide your max draw down by 3 and trade with the trend enter 1/3 of max draw down up to three or 4 times and add to upon retracement after positive. this will give you an acceptable win ratio and keep emotions in check

why would you say this is bad system, unless it just needed to be clarified.. Ive been using for 20+yrs and my father before that ,, and we aint broke lol

here2there Apr 7, 2020 8:34pm | Post# 1165974

{quote} This one really struck me and would like to put some clarity on it for a new trader.. if you want to survive long term in this game one of the very basics is divide your max draw down by 3 and trade with the trend enter 1/3 of max draw down up to three or 4 times and add to upon retracement after positive. this will give you an acceptable win ratio and keep emotions in check why would you say this is bad system, unless it just needed to be clarified.. Ive been using for 20+yrs and my father before that ,, and we aint broke lol
Perhaps you can share some examples?

EvilEye Apr 7, 2020 8:45pm | Post# 1165975

{quote} Interestingly, there is a guy on Youtube who is a contrarian grid trader. He can pull this kind of trading style off. He is arguably one of the best traders in the world, and most people don't even know who he is.
I've seen multiple grid/pyramiding/hedging EAs employ these kinds of strategies. They always explode accounts, no matter how you "optimize" them. Drawdown is massive. Also it takes ages to make any profit, and then you're sitting through forever waiting for the equity to bounce back. Just a terrible way to trade.
EAs suck anyway. Don't use them. None of them can read price action anyway, so many time the indicators will get fake signals which hit stops.

Anyway - today looking at selling the EU - hard.
Looks like the market has moved down already, but I suspect we'll get a little run up during asia before dropping hard.

aall77 Apr 7, 2020 8:45pm | Post# 1165976

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ive been selling gbp usd for over a since mid feb. if i had tried to go "all in" would have been unacceptable, I broke down "all in" into 3 levels of max drawdown,

If i had been right to begin with then well small profit may add as i go if i scale in then i have some breathing room for price action and discovery along with known manipulation.

I should have taken a lot of profit at or near the low, but held on to long so adding to my shorts now. see the lows again in couple weeks or month
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aall77 Apr 7, 2020 8:53pm | Post# 1165977

{quote} I've seen multiple grid/pyramiding/hedging EAs employ these kinds of strategies. They always explode accounts, no matter how you "optimize" them. Drawdown is massive. Also it takes ages to make any profit, and then you're sitting through forever waiting for the equity to bounce back. Just a terrible way to trade. EAs suck anyway. Don't use them. None of them can read price action anyway, so many time the indicators will get fake signals which hit stops. Anyway - today looking at selling the EU - hard. Looks like the market has moved down...

I probably should look at the video before i comment, I am misunderstanding the hole blow your account,, IF big if you discipline yourself to break down your overall risk and enter in upon sound reason leaving room for 2 or 3 more entries then one doesn't have to overcome a myriad of emotions and wrong but right and right but wrong syndrome,, I have several trades that have went positive from initial trade, however, the not making what i wanted is easier than loading up hitting max draw down and then being right.

to each his own, this has served me well. I envy the traders that can pick tops and bottoms lol

here2there Apr 7, 2020 9:00pm | Post# 1165978

{quote} I've seen multiple grid/pyramiding/hedging EAs employ these kinds of strategies. They always explode accounts, no matter how you "optimize" them. Drawdown is massive. Also it takes ages to make any profit, and then you're sitting through forever waiting for the equity to bounce back. Just a terrible way to trade. ...
Well, you likely haven't seen the guy I am talking about.

If you understand his system you would likely conclude the guy is a trading genius. It's hard to watch his videos however, because he has a very filthy mouth and a perverted sense of humor. That's why I don't share his videos or recommend him to anyone. Otherwise, I would.

aall77 Apr 7, 2020 9:02pm | Post# 1165979

{quote} Perhaps you can share some examples?
right now i shorted audjpy at 65 and 67.00 this is my 3rd entry as my others are negative and a break above 67.5 my parity will be about 66 target at 60.0

if i had been spot on at 65 then great, and less profit unless i found a way to reenter, but now im fully loaded and here we go.. who knew it would get to 67?

andrern2000 Apr 7, 2020 9:07pm | Post# 1165980

Putting some longs.


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