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"Ratios & Harmonics: a Different Way to Trade." Summary 37 replies

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Ratios & Harmonics: a Different Way to Trade

  • #33,921
  • Nov 3, 2017 1:41pm Nov 3, 2017 1:41pm
Now to see if GC can make it down there.
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  • #33,922
  • Nov 3, 2017 1:41pm Nov 3, 2017 1:41pm
For my work I do not have time to study and learn your method
  • #33,923
  • Nov 3, 2017 1:48pm Nov 3, 2017 1:48pm
YM: -9, +1, +1, +49, Total: 42
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  • #33,924
  • Nov 3, 2017 1:51pm Nov 3, 2017 1:51pm
Quoting panusa1807
For my work I do not have time to study and learn your method

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  • #33,925
  • Nov 3, 2017 1:53pm Nov 3, 2017 1:53pm
Quoting Bodiddi
YM: -9, +1, +1, +49, Total: 42 {image}
Very nice Bodiddi
  • #33,926
  • Nov 3, 2017 2:30pm Nov 3, 2017 2:30pm
Quoting Sheeep44
Trailling stop took me out +8 ticks today: 2 winners: 17 + 8 1 BE : 1 1 Loss: -7 total: 19 ticks made, that would be enough for almost 2 weeks worth of targets. In 1 day Aiming for 2 ticks a day average. Happy weekend you all!
Great results Sheeep44.
  • #33,927
  • Nov 3, 2017 2:35pm Nov 3, 2017 2:35pm
Quoting parviz1953
{quote} I want to share my results during one week of using the previously mentioned strategy and i am also sharing rules , i learned from this thread ,mostly Damian lessons , it is in the form of a checklist, that i check before taking any new trade, i really appreciate any comments to correct my mistakes. and my be somebody else may use it if they think it might be of any help.... {image} {image}
Great results parviz1953! Nice of you to share your checklist!
  • #33,928
  • Nov 3, 2017 3:36pm Nov 3, 2017 3:36pm
Quoting PeterT
{quote} Great results parviz1953! Nice of you to share your checklist!
Thanks Peter, I did learn a lot of Damian strategy from, what you have shared before...
  • #33,929
  • Nov 3, 2017 3:47pm Nov 3, 2017 3:47pm
Quoting parviz1953
{quote} Thanks Peter, I did learn a lot of Damian strategy from, what you have shared before...
We all learn from each other
Keep sharing!
  • #33,930
  • Nov 3, 2017 3:59pm Nov 3, 2017 3:59pm
Quoting panusa1807
I know that you do not need that economically, but for those of us who still can not be profitable, it would be very helpful
The purpose of this thread is not to blindly follow "signals". Mr Pip invests a lot of time without charging anybody to learn a profitable methodology. Please do not ask for such things and take the time to learn to do it yourself.

I use the discussion for potential trades in the context of learning (I take at the end the trade that suits my plan and if you see e.g today: I took the opposite on a certain level), but not to get rich on the shoulder of somebody else.

I am very thankfull to Mr. Pip what he does for us and I do not want to put this in danger. Everybody here is willing to learn and help. Ask the question that you have and someone will invest time in you.

Do not take me wrong, but I am very happy here and the daily chats are for diversification (trading is also a lonely thing; I enjoy the chats if tradings allows it) and learning purposes. I wish you all possible profit in the world.
  • #33,931
  • Edited 6:08pm Nov 3, 2017 4:08pm | Edited 6:08pm
Quoting PeterT
{quote} We all learn from each other Keep sharing!
I agree:
After that post ,i nearly lost every thing which i had earned in one week, by two, out of the rule trades.
From last night till now, i followed the check list and this is my result again, but let me tell you that my weakness is my urgency that i get to correct and move my SL when an expectation is failing , with the hope that i will return to my favorite side of trade, when it reach the expected long term expectation of correction, and you know what ,more than 80%of time i loose much more than what is defined as a good R:R ratio, and this the reason you see my average loss is always greater than my average profit.....

And this is the reason that i have added the last line to the checklist, unfortunately the personality and psychology of a person in trading is the hardest to change ..

Now this is the last trade analysis of mine, although the profitable trade rate is more than 70%, but look at the sharp ratio , it is awful, and this is due to trading out of the rules.......
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EDITED:
a short explanation of sharp ratio quoted from investopedia
"The Sharpe ratio can also help explain whether a portfolio's excess returns (http://www.investopedia.com/terms/e/excessreturn.asp) are due to smart investment decisions or a result of too much risk. Although one portfolio or fund can enjoy higher returns than its peers, it is only a good investment if those higher returns do not come with an excess of additional risk. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been."
  • #33,932
  • Nov 3, 2017 4:10pm Nov 3, 2017 4:10pm
Funny thing, I took another trade on Gold. However, I closed my trade because it was late and I got visit. After my close (saw it now), price shooted to my target (blue horizontal line).
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  • #33,933
  • Nov 3, 2017 4:17pm Nov 3, 2017 4:17pm
Quoting evocpr19
{quote} The purpose of this thread is not to blindly follow "signals". Mr Pip invests a lot of time without charging anybody to learn a profitable methodology. Please do not ask for such things and take the time to learn to do it yourself. I use the discussion for potential trades in the context of learning (I take at the end the trade that suits my plan and if you see e.g today: I took the opposite on a certain level), but not to get rich on the shoulder of somebody else. I am very thankfull to Mr. Pip what he does for us and I do not want to put...
Couldn't of said it better, thank you SIR! Don't poison this thread this, you did a good thing

  1. evocpr19 (https://www.forexfactory.com/evocpr19)

"Luck is when opportunity meets preparation"
  • #33,934
  • Nov 3, 2017 4:23pm Nov 3, 2017 4:23pm
Quoting parviz1953
{quote} I agree: After that post ,i nearly lost every thing which i had earned in one week, by two, out of the rule trades. From last night till now, i followed the check list and this is my result again, but let me tell you that my weakness is my urgency that i get to correct and move my SL when an expectation is failing , with the hope that i will return to my favorite side of trade, when it reach the expected long term expectation of correction, and you know what ,more than 80%of time i loose much more than what is defined as a good R:R ratio,...
Psychology is the key to being consistently profitable in this industry, I myself and almost everyone in this room struggles with it. Depending on your lifestyle ( not much time / moneywise / personal wise: impatient / patient, and so on) it is very hard to master. I believe that trading is more than 85% psychology than technical. I have learned a lot by this simple trick, believe me or not, but is has really helped me.
If I daytrade, which I do, I ask myself every 15-30 M this question:
" how do I feel in this very moment"
anry / sad / joy / impatient / sleepy / stressfull.
And try and trade only when I feel good. For the first time in weeks I was able to quit today after my 3 wins and 1 los and could call it a day, for the first time ever!!!!! I would normally overtrade and f*ck everything up, so to say. And taking trades because I was emotionally invested.
But it is getting better and the above question has helped a lot, aswel as this forum!!
We and many others really got to learn the psychology about trading and not get so caught up over the money, process over outcome!
Have a nice weekend buddy!
"Luck is when opportunity meets preparation"
  • #33,935
  • Nov 3, 2017 5:45pm Nov 3, 2017 5:45pm
Quoting S41nt
Hey Damian, my biggest issue lately is trusting in my analysis even though I know the trade will work out in my favor (and then mostly seeing price get to my take profit). I'm not sure if you can help with that one, but if so that would be awesome.
If you truly already know the trade will very probably work out in your favor, then you are just a small step away from where you need to be.
I think you need some insights in your own psychology, why your are afraid and why you shouldn't be afraid.
Also you need to truly see that it's all a probability game.
What personally helped me a lot, and I would really recommend, is the book "Trading in the zone", from Mark Douglas.
When you're reading it, it may seem a bit repetitive and wordy, but it contains really powerful and important messages that you need to grasp as a trader (in my opinion).
I got rid of the majority of my psychological barriers just by reading this book very attentively.
  • #33,936
  • Nov 3, 2017 5:51pm Nov 3, 2017 5:51pm
First of all Thank you very much for MR pip to showing us this wonderful method of trading & explaining the depth. I was wondering why I didn't found MR pip's videos few years back. If I found that would have been a life changer.

Couldn't agree more on your comments sheep44 and others. Trading is all about Psychology. Any system can be a winner with correct mind set. we are looking only a mechanical system to trade. we not think about our mind set. we want all our traders to be winners. if we get 3 4 losers in a raw either we try to tweak or change into different system.

This cycle never changed. I had gone through with this cycle a lot. I system hop to find holy grail, try all the indicators in the world. Then try to find signal providers which most of them are fakers ,least guys what I found.
Then I finally realise price & you are the main things on trading. nothing else. What we need to master is our self & our Psychology. Then we all can be winners.

Anyway I will post a YouTube video which will explain trading Psychology


https://www.youtube.com/watch?v=sg4YzRhILFE&t=2386s
  • #33,937
  • Nov 3, 2017 6:20pm Nov 3, 2017 6:20pm
Quoting parviz1953
{quote} I agree..."
Thanks for sharing again parviz1953.
Sharing winning trades is easy.
Admitting you've lost it all afterwards, that is what separates you from the majority!
You should be happy. The great news is, your results can greatly improve. All you have to do is follow your rules!
You don't have to worry about anything else.
I recommended a book in my previous post.
You should give it a try, if you have not read it already.
  • #33,938
  • Edited 9:55pm Nov 3, 2017 9:35pm | Edited 9:55pm
Quoting Mr. Pip
We should work on building a real trading room. But the issue with that is that it couldn't be free. And I don't want to charge but people would just come in to copy my trades and make tons of money. That would not be fair either but it sure would be nice to do something like that.
The discussion is not new, but I have to say that I learned a lot from trading in realtime with you. I helped me to get better on trade management (still room for inprovements; but far better as in the past). This is difficult to learn if it does not happen in realtime.

I also adapted the whole concept that you teach to something that I can better manage (smaller swings for profit).
If you check my trades (all posted here) from today and in the past, you will see that there is litte overlapp (e.g. except the short were you entered with high lots; but at that time I did not know it and my TP was smaller), since there are also days where I only trade NQ and/or Gold. However, even if I take other trades, I follow the thought process and progress of your trades and how you handle difficult trades.

Moreover, what I do not like about trading is that it is basically a lonely activity. I enjoy the realtime discussions (as far it is possible whilst trading and if my mobile connection allows it) with you and others.
People that are jumping in to copy trades will not survive on the long run. I do not see this as an issue.

However, you are the master in the ring, you decide. I am thankfull for everything you share with us and also what others post here, especially also the losing trades. All these informations influence positively the learning curve.
  • #33,939
  • Nov 3, 2017 10:26pm Nov 3, 2017 10:26pm
Quoting PeterT
{quote} If you truly already know the trade will very probably work out in your favor, then you are just a small step away from where you need to be. I think you need some insights in your own psychology, why your are afraid and why you shouldn't be afraid. Also you need to truly see that it's all a probability game. What personally helped me a lot, and I would really recommend, is the book "Trading in the zone", from Mark Douglas. When you're reading it, it may seem a bit repetitive and wordy, but it contains really powerful and important messages...
I do agree, I need some self-reflection. Hopefully it is like you said, and that is just the small step away. I have read that book, it is a great recommendation. I tend to forget the probability aspect, maybe focusing on that will help me out a lot. I may have to go back and read it again to refresh me. Thanks for the advice Peter, I'll let you know how it turns out.
  • #33,940
  • Nov 3, 2017 11:42pm Nov 3, 2017 11:42pm
Quoting evocpr19
{quote} The discussion is not new, but I have to say that I learned a lot from trading in realtime with you. I helped me to get better on trade management (still room for inprovements; but far better as in the past). This is difficult to learn if it does not happen in realtime. I also adapted the whole concept that you teach to something that I can better manage (smaller swings for profit). If you check my trades (all posted here) from today and in the past, you will see that there is litte overlapp (e.g. except the short were you entered with high...
Hi Damian,
I have the same opinion as Evocpr. Trading is a damn lonely activity and I believe that it brings joy to the trader when he/she speaks to other traders as the same language and the emotions involved in trading can be easily understood by all parties. I have definately learned more than I could ever imagine since I started learning here and it makes trading a joy when your presence is around. I really get to learn your thought process before, during and after the trade is taken. I have even taken a few trades where only later I found that you had also taken the same entry. This enforces me to keep digging and learning more as it shows that I am moving in the correct direction in learning how to trade exactly you do!
As for the copy traders, I don't think they will survive long as you may not be around consistantly and this will kill the expectancy of these traders. They may be lucky for a while copying the good trades but on a bad week, they may trade the losing trades when you are around and miss the good ones when are away. As mentioned in your live stream a number of times, this is definately not a good thing in trading in the long run.
Your once a month or sometimes twice monthly live stream is already a damn good source of learning and I can't imagine what a trading room with you around most trading days would be like! Regardless of whether the trading room do or do not kick off, I am extremely grateful for all the learning tools you have so selflessly given to us till today.

Your humble and loyal student always,
Milfortra.
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