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Dragon Riders GBP/JPY

  • #24,941
  • Jun 27, 2017 10:11pm Jun 27, 2017 10:11pm
Quoting bigboss
MONEY MANAGEMENT: your system has to have 3 times the pips you are ready to lose. Meaning: your stop is 30 pips, your TP must be at least 90 pips (or more).
No.

Absolutely not.

Setting the risk reward at 3 to 1 or even 10 to 1 will NEVER give the trader some kind of special advantage.

When you play the Lotto for example, you "only" risk 1 dollar (or euro) to make millions, but it does not mean that you will make money in the long run, far from it, just because you are "only" risking a buck (Quid in England) to earn millions.
  • #24,942
  • Jun 27, 2017 10:17pm Jun 27, 2017 10:17pm
often NZD shows the way, and it is starting to look more to change than reload, but we will see

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  • #24,943
  • Jun 27, 2017 10:18pm Jun 27, 2017 10:18pm
Quoting Mr Breakout
{quote} You are right on the money on this one, it all depends on the time frame we use. For example an uptrend on the 30-min chart could be perceived as a downtrend on the 4h chart.
Which is why we should trade when all timeframes align.
  • #24,944
  • Jun 27, 2017 10:23pm Jun 27, 2017 10:23pm
Quoting Mr Breakout
{quote} No. Absolutely not. Setting the risk reward at 3 to 1 or even 10 to 1 will NEVER give the trader some kind of special advantage. When you play the Lotto for example, you "only" risk 1 dollar (or euro) to make millions, but it does not mean that you will make money in the long run, far from it, just because you are only risking very little to earn millions.
--- Again, probabilities:

The lotto example is not right, because you are playing against THOUSANDS of probabilities, no matter if is 1 dollar or 1.000. BUT you can INCREASE your chances if you play 1.000 times with 1.000 dollars, than risk 1.000 dollars in one shot, hoping to hit the jackpot at the first.

In Forex, instead having thousands of probabilities, you only have TWO choices: BULL OR BEAR. If your SL is 30 pips and your TP is 90, you can be wrong more than 50% of the time and still win in the long run.



.....
  • #24,945
  • Jun 27, 2017 10:23pm Jun 27, 2017 10:23pm
Quoting pipmaster77
{quote} Which is why we should trade when all time frames align.
Not necessarily.

Do you cross the street when the lights are green not only in front of you, but also three blocks around you?

Of course not.
  • #24,946
  • Jun 27, 2017 10:28pm Jun 27, 2017 10:28pm
Quoting bigboss
Trend, trend, trend..... ALLWAYS the trend, specially with GJ. Counter-trend strategies can work for some time with other pairs. But I never see one that consistently work with GJ. --- Rules allready are well established and for good reasons: 1).- Cut your loses fast, let your winers run. 2).- FOLLOW THE TREND like a hunting hound 3).- MONEY MANAGEMENT: your sistem has to have 3 times the pips you are ready to lose. Meaning: your stop is 30 pips, your TP must be at least 90 pips (or more). If your trading sistem doesent give you that signals, FIND...
These are like part of the 10 commandments... so tell me why people still lose? I you and everyone on this forum is in search of information.... I've read endless books endless articles... endless posts... I backtest... I forward test live.... I stick to my strategy using an EA and still I have hair raising moments. We all have a bag of tricks some conventional some not so conventional. Show me a conventional trader that has made big money and I'll show you 100 unconventional ones that have made money too.......lol
I'll pick up the crumbs don't need the whole pie
  • #24,947
  • Jun 27, 2017 10:31pm Jun 27, 2017 10:31pm
Quoting Quickiepip
{quote} These are like part of the 10 commandments... so tell me why people still lose? I you and everyone on this forum is in search of information.... I've read endless books endless articles... endless posts... I backtest... I forward test live.... I stick to my strategy using an EA and still I have hair raising moments. We all have a bag of tricks some conventional some not so conventional. Show me a conventional trader that has made big money and I'll show you 100 unconventional ones that have made money too.......lol
Forex is tabo here in Canada 2% a year profit is overwhelming
I'll pick up the crumbs don't need the whole pie
  • #24,948
  • Jun 27, 2017 10:34pm Jun 27, 2017 10:34pm
Quoting pipmaster77
{quote} Which is why we should trade when all timeframes align.
as a day trader, means that no open trades at nights, I believe that no need for that, and when trend changes, you can see it first in one minute chart
but every one can do what suits them best
  • #24,949
  • Jun 27, 2017 10:35pm Jun 27, 2017 10:35pm
Quoting bigboss
. If your SL is 30 pips and your TP is 90, you can be wrong more than 50% of the time and still win in the long run. .....
Wrong.

If your stop loss is 30 pips and your TP is 90 pips then mathematically your 30 pip stop will get hit 75% of the time, on average, assuming the prices are normally distributed.
  • #24,950
  • Jun 27, 2017 10:37pm Jun 27, 2017 10:37pm
Quoting Mr Breakout
{quote} Wrong. If your stop loss is 30 pips and your TP is 90 pips then mathematically your 30 pip stop will get hit 75% of the time, on average, assuming the prices are normally distributed.
Mr. Breakout... just tell me which way to the money... so I know what to do and I can go to bed.... lol
I'll pick up the crumbs don't need the whole pie
  • #24,951
  • Jun 27, 2017 10:41pm Jun 27, 2017 10:41pm
Quoting Quickiepip
{quote} Mr. Breakout... just tell me which way to the money... so I know what to do and I can go to bed.... lol
Hahahahaha, you are a funny guy

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  • #24,952
  • Jun 27, 2017 10:48pm Jun 27, 2017 10:48pm
Quoting Quickiepip
{quote} These are like part of the 10 commandments... so tell me why people still lose? I you and everyone on this forum is in search of information.... I've read endless books endless articles... endless posts... I backtest... I forward test live.... I stick to my strategy using an EA and still I have hair raising moments. We all have a bag of tricks some conventional some not so conventional. Show me a conventional trader that has made big money and I'll show you 100 unconventional ones that have made money too.......lol
--- Well, works for me. Usually traders apply that rule, but forguet and mess with the FIRST commandement: Cut you loses and let your winners run. Most of the time those rules seems to crash with each other.

--- The worst you can do is to add losing AGAINST the trend. Is a recipe for a disaster sooner or latter. Can work some times and give you enthusiasm, but is false. MUCH better to add to a winning one.
  • #24,953
  • Jun 27, 2017 10:48pm Jun 27, 2017 10:48pm
price now under that 10 sec 55 pips spike up, what that means...
  • #24,954
  • Jun 27, 2017 10:48pm Jun 27, 2017 10:48pm
Mr. Breakout truthfully you've been right a lot... but I stick to the the EA, I don't like to deviate... Mr. Breakout is the good shit and I'm a fly
I'll pick up the crumbs don't need the whole pie
  • #24,955
  • Edited 11:10pm Jun 27, 2017 10:52pm | Edited 11:10pm
Quoting Quickiepip
Mr. Breakout truthfully you've been right a lot... but I stick to the the EA, I don't like to deviate...
Do whatever works for you Quickiepip, just don't take unnecessary risk, that's all I am suggesting.

For example don't risk a total of 10 units just to earn 1 unit (or just to break even).
  • #24,956
  • Jun 27, 2017 10:55pm Jun 27, 2017 10:55pm
Quoting bigboss
{quote} --- Well, works for me. Usually traders apply that rule, but forguet and mess with the FIRST commandement: Cut you loses and let your winners run. Most of the time those rules seems to crash with each other. --- The worst you can do is to add losing AGAINST the trend. Is a recipe for a disaster sooner or latter. Can work some times and give you enthusiasm, but is false. MUCH better to add to a winning one.
I don't question anyone's ability or their interpretation of the charts.... I just like to see how they are doing in real life trading.... I can sit here and quote from trading 101 too. All trading styles are , is a strategy to make money... bees fly which is impossible but they do. There is no right or wrong way if you make a plan and effectively know how to deal with crap when crap happens. That in a nutshell is successful trading
I'll pick up the crumbs don't need the whole pie
  • #24,957
  • Jun 27, 2017 10:57pm Jun 27, 2017 10:57pm
Quoting Mr Breakout
{quote} Wrong. If your stop loss is 30 pips and your TP is 90 pips then mathematically your 30 pip stop will get hit 75% of the time, on average, assuming the prices are normally distributed.
--- Thats why TREND exists. Because price is not normally distributed. And every pair has his own statistical average movement that can define a SL that most of the time is not hitted when the pair is "breathing".

--- If TREND doesent exists, then supply and demand tendencies doesent exists. But it does. We are all trying to trade supply and demand tendencies.


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  • #24,958
  • Jun 27, 2017 11:00pm Jun 27, 2017 11:00pm
Quoting Mr Breakout
{quote} Stock brokers noticed a long time ago that traders do indeed spend most of their time trying to pick tops/bottoms. Why? Because we humans hate to buy "expensive" stuff (buying on strength) or sell our stuff at a cheaper price (selling weakness). In other words, following the trend, up or down (and letting our profits run while cutting our losses short) is psychologically hard to do for most people, that's why trading is so difficult. Instead, we prefer to buy stuff at a "bargain" price and sell it (or short it) when it's "overpriced". The...
this is good stuff,...if you know what the problem is, then fix it

have to change human nature...
  • #24,959
  • Jun 27, 2017 11:07pm Jun 27, 2017 11:07pm
Quoting bigboss
That's why TRENDS exist
Precisely, that why betting against them (and adding to losing positions) is suicidal.
  • #24,960
  • Jun 27, 2017 11:09pm Jun 27, 2017 11:09pm
Quoting Quickiepip
{quote} I don't question anyone's ability or their interpretation of the charts.... I just like to see how they are doing in real life trading.... I can sit here and quote from trading 101 too. All trading styles are , is a strategy to make money... bees fly which is impossible but they do. There is no right or wrong way if you make a plan and effectively know how to deal with crap when crap happens. That in a nutshell is successful trading
-- That is not just trading 101 ( the basics are the most overviewed and turns to be advanced trading) and I am not going to impose you any trading stile or rule. At he end of the day, is just you and your computer.

--- Just telling that those "commandments" do work for me and where stablished by traders way more experienced than us all. I am not going to re-invent the powder, just apply it.



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