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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

  • #33,941
  • Nov 4, 2017 1:05am Nov 4, 2017 1:05am
you can check my ea file attached it works according to your strategy
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File Type: ex4 Harmonics.ex4   5 KB | 428 downloads
  • #33,942
  • Nov 4, 2017 3:38am Nov 4, 2017 3:38am
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.
That sounds like a great idea and i think would add a huge value to the learning curve, to see you thought process and how you act and manage different type of market conditions.

It definitely should not be about copying your trades so if we can come up with some kind of solution, maybe something like johny8984 said with lagging chart or i don't if someone else mentioned this already but only displaying one chart to discuss and taking trades on another chart.
I don't know if this is would be a workable situation for you.

if i can help with something let me know !
  • #33,943
  • Edited 5:34am Nov 4, 2017 5:08am | Edited 5:34am
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...
I have never participated in a trading room, so I do not exactly know how it is going to go. I agree that there is immense value in learning in realtime from someone like Damian, but I am also afraid that it will devolve to an inferior form of this thread. Which is to say that learning might take a backseat.

Maybe there is a lean way to try this out, starting perhaps 3-4 times a month where we all join in for a live session.

Looking forward to the video this week.

Prad

EDIT : Turtle Traders trained under Richard Dennis for two weeks, then 3 months of trading with 25k where they had to defend taking/not taking a trade.
  • #33,944
  • Nov 4, 2017 6:18am Nov 4, 2017 6:18am
Quoting civo
{quote} That sounds like a great idea and i think would add a huge value to the learning curve, to see you thought process and how you act and manage different type of market conditions. It definitely should not be about copying your trades so if we can come up with some kind of solution, maybe something like johny8984 said with lagging chart or i don't if someone else mentioned this already but only displaying one chart to discuss and taking trades on another chart. I don't know if this is would be a workable situation for you. if i can help with...
I am a friend of keeping things simple (e.g. as done in the present form + once or twice a month a live session; this gives time to digest and moves with own trading forward). A dedicated trading room will end up in a burden for Damian (e.g. dealing with other progams/tools), which I wish to avoid.

However, I only state my opinion. The Boss decides.
  • #33,945
  • Nov 4, 2017 7:29am Nov 4, 2017 7:29am
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.
Mate, I am not a pro, but the thing that has helped me get A LOT OF CONFIDENCE, nowhere near perfect, we are all here to learn and help each other out. BacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktest. Untill you get AT LEAST 300+ trades, then you can forward demo trade, stay 3 months consistently profitable and you can than start to start live small and work your way up. Only 0,01% gets it right of the back, trading a big account and being profitable right away.
This is what helped me a lot personally, so try to find something that works for you and gets you more confident.
Remember Rome wasn't build in 1 day, you got to put the time and effort in it. Late nights, early mornings, not a lot of free time, depending on the time you want to achieve it of course.

Have a nice weekend bud!
"Luck is when opportunity meets preparation"
  • #33,946
  • Nov 4, 2017 7:34am Nov 4, 2017 7:34am
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.
Why not host livestreams every 2 or 3/4 weeks, get as many people to watch, let it stay on for 24 hours for people that missed it, and they can recap going back in time and doing backtest, with the audio on and just go candle by candle. Every 2/3 weeks you can maybe talk about the issues and just slowly progress into more difficult opportunities, like counter OF trades. Delete the video after 24/48 hours so no1 can copy who doesn't deserve it and gets rich right of the back. Let the people in THIS forum participate and the others to watch for recap? Put in a 2/3 min delay so it is harder to copy for people? Maybe thats an idea? Kinda like what we do now but then more advanced topics and a little different schedule, so everyone knows when it is?
Maybe an opportunity for thought, maybe not haha.
"Luck is when opportunity meets preparation"
  • #33,947
  • Nov 4, 2017 8:17am Nov 4, 2017 8:17am
A trading room sounds nice, but if it has to be a paid one the cost should be kept as low as possible, Otherwise a lot of beginning (or low budget) traders are excluded and that should not be the case.

But that being said I do not know what it costs to host a trading room + other possible costs, not to mention the time involved for Mr Pip. So i do not want to sound disgracefull... because I can not thank Mr Pip enough for what he does here.

The idea of delayed charts being suggested here sounds nice, so maybe that is a possibility
veni vidi vici
  • #33,948
  • Nov 4, 2017 9:09am Nov 4, 2017 9:09am
Quoting evocpr19
{quote} I am a friend of keeping things simple (e.g. as done in the present form + once or twice a month a live session; this gives time to digest and moves with own trading forward). A dedicated trading room will end up in a burden for Damian (e.g. dealing with other progams/tools), which I wish to avoid. However, I only state my opinion. The Boss decides.
100% agree . Keep it simple and effective . It works very well as is.
Trading in the shadow of SM
  • #33,949
  • Nov 4, 2017 9:53am Nov 4, 2017 9:53am
Citando al Sr. Pip (https://www.forexfactory.com/showthread.php?p=10457499#post10457499)
Deberíamos trabajar para construir una sala comercial real. Pero el problema con eso es que no podría ser gratis. Y no quiero cobrar, pero la gente simplemente viene a copiar mis oficios y hacer toneladas de dinero. Eso tampoco sería justo, pero seguro sería bueno hacer algo así.
  • #33,950
  • Nov 4, 2017 10:07am Nov 4, 2017 10:07am
All of us who are in this business are looking for the goal of making money ... and I believe that the safest way is to receive signals from a merchant who has already proven that it is profitable, obviously paying for their services. Mr. Pip is the one who can make that decision.
The one who does not agree is because he wants everything for free ... the good costs
  • #33,951
  • Edited 11:37am Nov 4, 2017 11:15am | Edited 11:37am
Quoting panusa1807
All of us who are in this business are looking for the goal of making money ... and I believe that the safest way is to receive signals from a merchant who has already proven that it is profitable, obviously paying for their services. Mr. Pip is the one who can make that decision. The one who does not agree is because he wants everything for free ... the good costs
No i don't think that is so general as you are saying.
You know there is always two group of people, leaders and followers, i myself don't like to remain follower for all my life, i always learn from the leader, and owe them and respect them for what they have thought me, but there come to a point which i wish to depend on myself and lead my own way, contribute as my teacher did, and lead the others that may need my help, i don't like to be spoon feed, i don't like giving me the fish just to relieve my hunger , i like to learn fishing ....

You know at the end it is not all business that matters, to begin with we are all humans first, teaching others , helping others to find their ways and stand on their feet. Humanity needs devotion, giving back some of the thing that you earned from others...,and this is what Damian is doing now.
  • #33,952
  • Edited 11:40am Nov 4, 2017 11:25am | Edited 11:40am
Quoting panusa1807
All of us who are in this business are looking for the goal of making money ... and I believe that the safest way is to receive signals from a merchant who has already proven that it is profitable, obviously paying for their services. Mr. Pip is the one who can make that decision. The one who does not agree is because he wants everything for free ... the good costs
Apparently you did not read my previous reply to you.

Your statement "The one who does not agree is because he wants everything for free ... the good costs" has also to be seen in the light of your previous statement:
Quoting panusa1807
For my work I do not have time to study and learn your method
Apparently, you expect to pay far less in comparison to what you expect to earn with little effort (Mr. Pip should do the work for you).

For me, this is an insult to the thread and to the people here. However, I wish you all the best.

PS: I Invest a lot of time here since a couple of years in the thread and to learn (maybe I am not smart as others to learn).
I will not write anymore about this subject-matter.
  • #33,953
  • Nov 4, 2017 12:42pm Nov 4, 2017 12:42pm
Quoting panusa1807
Citando al Sr. Pip (https://www.forexfactory.com/showthread.php?p=10457499#post10457499) Deberíamos trabajar para construir una sala comercial real. Pero el problema con eso es que no podría ser gratis. Y no quiero cobrar, pero la gente simplemente viene a copiar mis oficios y hacer toneladas de dinero. Eso tampoco sería justo, pero seguro sería bueno hacer algo así.
You used Google Translate to translate it to Spanish, but your translation of Mr. Pip's post to Spanish is not correct.
The translation makes it look like he suggested it himself. You misunderstood.
I'm sure you are a good person and you had no bad intentions but you do not understand the purpose of this thread. Of course I can not speak for Mr. Pip but I am very sure Mr. Pip will never start selling trading signals. It doesn't fit his philosophy at all.

We all have to make sacrifices to devote time to study Mr. Pip's method. A lot of us have full time jobs like you, and children, and obligations. You are not the only one
If you want a cheap signal service, please go somewhere else. If you want to learn how to trade, then this is the only place to be!
  • #33,954
  • Nov 4, 2017 12:54pm Nov 4, 2017 12:54pm
Quoting Sheeep44
{quote} Mate, I am not a pro, but the thing that has helped me get A LOT OF CONFIDENCE, nowhere near perfect, we are all here to learn and help each other out. BacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktestBacktest. Untill you get AT LEAST 300+ trades, then you can forward demo trade,...
Thanks for the kind words brother, no matter if your a pro or not, all help and advice is welcome. So just a little background, I've been trading and following Mr. Pips system for a little over a year and have followed what you have suggested. (Not so much backtesting, but trail, error, and tons of blood, sweat and tears haha), that aside if spent a lot of time just staring at charts and practicing on many timeframes as well as keeping screenshots of before and after my trades. My issue it seems is that on smaller lot sizes, like .05, I'm fine. No fear and losses don't matter, but I start to doubt myself the moment I raise the lot sizes which is frustrating because I can drop down and go right back to doing fine.... Personally I think it may be a comfort zone issue that I'm not allowing myself to work out of but I'm not sure honestly. I really appreciate the comment and will definitely continue the practice, hopefully I will soon break free of the rut I find myself in haha. You have a nice weekend too!
  • #33,955
  • Nov 4, 2017 1:30pm Nov 4, 2017 1:30pm
Quoting S41nt
{quote} ... I tend to forget the probability aspect, maybe focusing on that will help me out a lot. ...
I'm not a pro-trader yet, but I can only say that in my case, realizing it is a probability game, this completely removed my fear of my stop being hit.
These points are important to remember:
- losses are normal, you can NEVER eliminate them. Accept the losses, they are part of the whole probability process.
- more losses in a row is hard to take but is still normal
- it's all about probability
- it is all about strictly following your rules

If you apply these points correctly, and trust in the method and in your rules, your wins will exceed and eliminate your losses.

It is really important that you risk an amount that you are willing to lose on a particular trade.
That means that your stop is in a good place (like below/above the main swing), and when your stop is hit, you lose that amount.
Make sure this amount is max. 2-3% of your account, or even 1%, so you can have a series of losses in a row without losing a substantial part of your account.
Whatever amount you choose to risk per trade, make sure you are comfortable with it. Because you MUST accept the possible loss before you take the trade.
If you cannot stand looking at price going towards your stop loss, then you have not accepted the loss beforehand, and you might have to lower your maximum risk per trade until you are comfortable with it.

Also, consider to include a mandatory trading pause (minutes, hours, days..) in your rules after taking one or more losses, so you don't act on emotions, trying to make up for your losses as quickly as possible, making mistakes and just making the loss larger.

Although I'm still struggling myself sometimes, I believe these points are the core of what it's all about.
Good luck to you
  • #33,956
  • Nov 4, 2017 2:21pm Nov 4, 2017 2:21pm
Quoting evocpr19
{quote} Apparently you did not read my previous reply to you. Your statement "The one who does not agree is because he wants everything for free ... the good costs" has also to be seen in the light of your previous statement: {quote} Apparently, you expect to pay far less in comparison to what you expect to earn with little effort (Mr. Pip should do the work for you). For me, this is an insult to the thread and to the people here. However, I wish you all the best. PS: I Invest a lot of time here since a couple of years in the thread and to learn...
People like this shouldn't even be allowed in this forum in my opinion, people looking to be spoon fed, PUT IN THE F*CKING WORK PLEASE, instead of looking for the get rich quick thing. Just my 2 cents. I won't reply to it either anymore, kinda wasting our time IMHO.
"Luck is when opportunity meets preparation"
  • #33,957
  • Nov 4, 2017 2:39pm Nov 4, 2017 2:39pm
Been doing some backtesting, talking about a hot streak
Attached Image (click to enlarge)
Click to Enlarge Name: NQ 12-17 (233 Tick) 2017_10_30.png Size: 87 KB
"Luck is when opportunity meets preparation"
  • #33,958
  • Nov 4, 2017 2:44pm Nov 4, 2017 2:44pm
Sorry wasn't done yet.
Attached Image (click to enlarge)
Click to Enlarge Name: NQ 12-17 (233 Tick) 2017_10_30.png Size: 105 KB
"Luck is when opportunity meets preparation"
  • #33,959
  • Nov 4, 2017 8:29pm Nov 4, 2017 8:29pm
Quoting Sheeep44
Sorry wasn't done yet. {image}
That looks like a pretty good day

I have been doing backtesting every chance I get and I agree, it helps immensely.
  • #33,960
  • Nov 4, 2017 8:29pm Nov 4, 2017 8:29pm
For anyone struggling with discipline, please read "Trading in the Zone" by Mark Douglas (suggested earlier in this thread). And learn about and be aware of your Risk of Ruin with every trade. One mindset change I would suggest before entering into a trade is to calculate the account size if that particular trade hits SL. That way you will only take trades / go for a volume size you're comfortable with and train your mind to think in terms of managing the losses instead of wishing for gains.
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