Pitbull Trader with Position Building

because brijon ripped the name and some of the fantasy-land story bullshit he told and convinced these kids was stuff about himself from the book. he's a wannabe marty schwartz. google it and you'll see. he wasn't even smart enough or creative enough to change the name and stuck with pit bull.

So what man....lots of ppl in this world are not inventors anymore....the are merely innovators...

Google CEO accept that Steve Jobs is a great thinker inventor but he has taken ANdroid and the smartphone concept to whole new level....
See how many manufacturers are using android on there handset.

Android is a free opensource app..and he re-engineer it with is group and MAKE MONEY..
That's why ppl login to forex factory..to see the opensource thinkers who are willing to share ideas and re-engineer the methods if possible...

The mind is a wonderful thing...So go out and share something today anything with anyone...MUST BE RELEVANT
Do you see how much companies are charging for a forex course...So only the rich must get richer concept...I see

Pitbull Trader resonate with me...and I did NOT have to pay..

Today..I was able to Exploit the Tripple SWAP RunUP to the rollerover time....I learn that from Brijon videos. PITBULL SHOWED LONG on AUD ALL DAY

So sites talk about this kinda stuff but does not show it live....

I have more ways ...of controlling the DD.....can you Share some...

SAFE Trading..manage your line of Credit..Business loan..Brokers spread whatever you want to call it
Thanks

maximuzz

1) No I leave the basket trades open until I finish the day.
2)If a pair enters DD I hedge it to recoup some DD or if I decide not to hedge it then I have a MAX DD for any one pair of -$200 (this is just my own way of limiting DD. I won't let a pair run away to more than that. I may not hedge it if the basket is showing a mixed trend so close at -$200.
3) Bigger lot size. try.50 to make up the Dd quickly then close the original and leave the hedge pair run if its doing well.Care though!

Avoid greed is the challenge (overtrading and too big a lot size)

Cheers

my way of controlling drawdown is by not being a total retard. here's a slow clap for you and your long-winded post.

now watch me ignore your silly little posts from now on since i was merely replying to tommbstone's valid question and you truly are of no interest to me. you kids enjoy yourselves.

Hi
I wait for min 1 hour maybe more. After one hour I look to see if the basket if forming some sort of trend if not I wait. Be flexible.

Sorry but I can't answer your question on when to trade re the 7 hours I have no experience. You may have to experiment. Perhpas Chips could comment.

The bottom pair has to be in profit and stable.
As Chips says...open a basket and just watch it it will become clear.

Cheers.

Peace and Love....NO ppl bashing just pure kindness..and humbleness..
greatfullness , free mind, free spirit...make this world a better place

We all learn something everday...

Did everyone know that KIDS are the future of the world....

Brijon called it Pitbull Trader because that how they user trade back inthe days with no charts just watching info on the tape.

Tick chart is another type of indicator..

If he wanted to call it another i dont care bro.if just the information in it..that is powerful...and you know have to try and fit EMAline and tl and shape of candles...

just trade where the money is following..Bottom line
BUY if UP and SELL IF DOWN...

cheers

Pitbull trader

This is your AUTOMatic Market Synchronizing Machine.

STart the basket and observe the movement during slow time and busy time... with a script or with no script

it shows volatility, numbers moving fast, sudden burst.. movement of pairs jump slots..

Strong pair sits steady on the bottom line in profit

it shows Trend...Buys together ....?
Sells together?

it show ranges

Obesrve it for a week....take no trades...i ppl are serious they will do it..if not cant help

I had demo running for over a month now....it goes loss profit loss...

and never exceeds the max dd limit..... I still have my startup capital

cheers..

Wild

Thanks for sharing... whatever you do share it..
There is no wrong or right way to trade...

Trading is creating, innovating low risk ideas and act on it

Do wha works for you.....but be patient

I think this line is overlooked by the method. Seems to me that people concentrate on trading the bottom pairs, which are in positive amounts, and forget that the top pairs, although the 0.01 trade may be negative, could be moving even faster than the bottom pairs.

Therefore, logically, make sense to trade the top pairs opposite to the feeler trades, correct?

chips, any feedback on using that strategy along with the trading the bottom pairs?

I agree. I trade the fastest moving pairs.
Ex. If the bottom trade or most profitable trade is moving more than 20 pips in profit, I add to it with a bigger lot size. (If bottom trade is a buy 0.01 lots,I buy 0.02 lots of the same pair and I keep the original trade on.)

If the top pair or biggest loser moved more than 20 pips, I open a opposite trade with a larger lot size. (If top trade is a sell 0.01 lots, I buy 0.02 lots of the same pair.)

[quote=chips;5269078]Wild

Thanks for sharing... whatever you do share it..
There is no wrong or right way to trade.../QUOTE]

Why don't we invite Brijon to participate in this thread with us through youtube.
I think he will be very pleased and honoured to learn that there are more people using his Pitbull method every day and would wish he was here with us for help and support.
I will check youtube the next couple of days if he responded to this suggestion.
Brijon used the youtube name "Brijonjoanna".

[quote=istvan;5269627] Infractions overload - no longer allowed to be active on here

not sure if that ban is long term or not though.

I am glad that chips has started this Thread. I have traded this method on demo for the last few months and all of my directional trades as a whole have been closed in profit which I think has a lot to do with the thin market as of late and I only had to activate DD control twice.

For example, I open the basket with 0.01 lot and wait for a few hours and then sort the basket based on profit and loss amounts. Then I long the pair with the biggest profit if it is a long position in the basket with 0.4 lots and also long the pair with biggest loss amount if it is short position in the basket with 0.4 lot. I don't trade the jumping pairs. This means that I have 2 trades open. Now everybody gets upset over not very clear rules of TP, SL, BE and DD levels in trading this system.

You have got to use money management that fits your account balance and comfort level. There are many different ways to control DD.

First, you can wait out the losing trade to come back to profit which I don't recommend since this could cause account blowup. Second, close the losing trade for a loss at the recommended 2% to 5% account value which I don't find to fit this style of trading. Third, set a maximum level of DD and then hedge the losing position ( sorry US traders) and if you have another position open wait for it to go in profit and once your account is in the plus then close all orders. Once, I am hedging then that is when I am trying to repair a bad trade, so I am going to be quick to take a small profit or even BE, so won't be greedy. Just want to survive.

What if I have to hedge both of my open trades, then I do so and the check my open basket ( indicator) and enter a position on a pair that is in profit and so on until either I am at BE or profit then I close all positions. The more hedged positions I have the more willing I am to close all orders at BE or even a small loss. Once if you have to hedge both of your open positions enter a trade at 0.4 lot on a pair that is in profit after looking at your basket list. Keep in mind that you can't open new positions forever since this move against us could last for maybe 1000s of pips so you have got to be willing to pull the plug on all trades at an absolute worst case scenario. It is like trading a scalping trading system with a 70% hit rate with an emergency SL of 50 pips and a TP of 10 pips but most of the time you pull the plug at the average loss of 15 pips but once in a while your 50 pip SL is hit.You got to survive to keep on going forward.

Now since the basket is on one side JPY heavy, how do we protect ourselves form Bank of Japan(BOJ) intervention. Our basket is opened with 0.01 lot so a 500 pip move would mean very little to our bottom line but just in case you could open the basket in a demo account, just to be safe, and your other trades in your live account. What if I am sleep and have a JPY trade open and then BOJ manipulates their currency and it moves 500 pips against me???

This is what I like how Chips compares trading to a business. You have got to have a plan for a possibility of a trade going against you. What do I do to protect myself is that on my 0.4 lot live trade, I put a pending hedging order based on the maximum DD level that I am willing to absorb. For example, if my max DD on an open position is 10% then I set a PO for a hedging position at the 10% DD level so if my trade goes against me then my hedge is activated. I do a PO hedge trade on all my open trades no matter what.

Now, some might say, what if the move against our position is so violent that our hedge PO isn't filled??? My answer to that is then Forex trading isn't for you. Just like in any other business venture, there is always a possibility risk of ruin and going out of business so plan for it and only trade with the money that you can afford to lose. I recommend that you demo this method profitably for at least 3 months before you go live. Happy Pip Hunting To All in 2012.

Please.
Could you tell me the significance of PO and to BE.
THANKS

PO= Pending Order
BE= Breakeven
Hedge= Open order on opposite direction, same lot size.

Please keep in mind that this method isn't newbie friendly but with many months of demo trading you can learn to trade this method. Just my 2 cents.

"I open the basket with 0.01 lot and wait for a few hours and then sort the basket based on profit and loss amounts. Then I long the pair with the biggest profit with 0.4 lots and also long the pair with biggest loss amount with 0.4 lot. I don't trade the jumping pairs."

Hi Pipsninja,

A couple of questions for you because I am not clear on this:

1) if the biggest profit pair was a short position (say AJ) and the biggest loser was a long position (say AU) you would enter a long position (0.04) on both, am I correct?

2) you would then enter only the two trades on a separate live account without the basket?

Pete

Great questions pedross. I guess, I wasn't very clear on my explanation. I am going to fix my original post. If AJ short is the strongest in profit then I short it and if AU long shows the greatest loss then I short AU. In this case 2 shorts. I believe that the basket presented here needs to be traded in the live account along with our directional trades. This was just a suggestions for those who were complaining about the basket being JPY heavy and the fear of BOJ intervention. Hope this help, I myself trade the modified basket pairs that are on the T101 method thread. I trade the basket (indicator) in one demo account and then my actual trade in another account.

that explains a few things in your post - great to see some original basket traders dropping in, i believe this thread has a great furture.

There has been many times that I have placed a trade based on another method and a while later, I have told myself that if I knew what I know now!!!!!

Not quite so simple but I think that basket trading gives us the chance of a do-over. You place the basket trades based on no bias and then a few hours later you pick and choose which pairs and which direction you want to trade them based on profit and loss amount. Then you also have a plan on what to do if your trade goes against you.