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The Swamp

  • #19,661
  • Jun 8, 2018 10:00am Jun 8, 2018 10:00am
Quoting Boulder
{quote} i have pending shorts there too at 1781 as well... I am just keeping trading shorts,, cash out profits frequently,, till my 1H downtrend reverses to prove me wrong....... Look like I am going to cash out those 1766 shorts soon... easier to trade with the trend...
save 2 pips.. make it 1783 or higher
those who can, do. those who cant, talk about those who can
  • #19,662
  • Jun 8, 2018 10:02am Jun 8, 2018 10:02am
Quoting Boulder
{quote} just cash out another lunch money at 1754...70 pips total for less 2 hours work,, no stress.. 10 pips here and there with the trend...easy money.. just make sure I always have tight stop loss though,,,
i only let ea for swing trades.. all my manual trades are short term trading M1 and M5 chart..
  • #19,663
  • Jun 8, 2018 10:03am Jun 8, 2018 10:03am
Quoting Boulder
{quote} just cash out another lunch money at 1754...70 pips total for less 2 hours work,, no stress.. 10 pips here and there with the trend...easy money.. just make sure I always have tight stop loss though,,,
since yest closed higher.. i still have to wait..30 min to go
those who can, do. those who cant, talk about those who can
  • #19,664
  • Jun 8, 2018 10:07am Jun 8, 2018 10:07am
Quoting gatorinla
{quote} since yest closed higher.. i still have to wait..30 min to go
Gator, I don't have your patience....
I do recommend a book if someone into this way of trading for small profits

"Pit Bull - lessons from Wall street's champion trader." .by Martin "Buzzy" Schwartz
  • #19,665
  • Jun 8, 2018 10:08am Jun 8, 2018 10:08am
Quoting Don96
{quote} or not..
Don't want daily close above 76
  • #19,666
  • Jun 8, 2018 10:11am Jun 8, 2018 10:11am
Quoting Boulder
{quote} i only let ea for swing trades.. all my manual trades are short term trading M1 and M5 chart..
1 min may set up 1787+ or 1812+.
the chances are good because 1783 has the attraction to build the setup. 1min chart
those who can, do. those who cant, talk about those who can
  • #19,667
  • Jun 8, 2018 10:14am Jun 8, 2018 10:14am
Quoting Boulder
{quote} Gator, I don't have your patience.... I do recommend a book if someone into this way of trading for small profits "Pit Bull - lessons from Wall street's champion trader." .by Martin "Buzzy" Schwartz

When you have time. Here Is Some Words By Marty Schwartz, A Successful Trader :


And, if I am wrong, I am going to use risk control and stop myself out
X dollars away. That is the most critical element.

When did you turn from a loser to a winner?
When I was able to separate my ego needs from making money. When I was able to accept being wrong. Before, admitting I was wrong was more upsetting than losing the money. I used to try to will things to happen. I figured it out, therefore it can't be wrong. When I became a winner, I said,"I figured it out, but if I'm wrong, I'm getting the hell out, because I want to save my money and goon to the next trade." By living the philosophy that my winners are always in front of me, it is not so painful to take a loss. If I make a mistake, so what!

One of the most suicidal things you can do in trading is to keep adding to a losing position.


You liquidated your long position very well on October 19. Did you think about actually
going short?
I thought about it, but I said to myself, "Now is not the time to worry about making money; it is the
time to worry about keeping what you have made." Whenever there is a really rough period, I try to
play defense, defense, defense. I believe in protecting what you have.


Whenever you get hit, you are very upset emotionally. Most traders try to make it back immediately; they try to play bigger. Whenever you try to get all your losses back at once, you are most often doomed to fail.

After a devastating loss, I always play very small and try to get black ink, black ink. It's not how much money I make, but just getting my rhythm and confidence back. I shrink my size totally—to a fifth or a tenth of the position that I trade normally.

The great thing about being a trader is that you can always do a much better job. No matter how successful you are, you know how many times you screw up. Most people, in most careers, are busy trying to cover up their mistakes. As a trader, you are forced to confront your mistakes because the numbers don't lie.

I always check my charts and the moving averages prior to taking a position. Is the price above or below the moving average? That works better than any tool I have. I try not to go against the moving averages; it is self-destructive.

Before putting on a position always ask, "Do I really want to have this position?"

After a successful period, take a day off as a reward. I've found it difficult to sustain excellent trading for more than two weeks at a time. I've had periods where I can be profitable for twelve days in a row, but eventually you just get battle fatigue. So, after a strong run of profits, I try to play smaller rather than larger. My biggest losses have always followed my largest profits.

This next rule is a major problem for me; I'm always trying not to break it. The rule: Bottom fishing is one of the most expensive forms of gambling. It's OK to break this rule on occasion if you have sufficient justification.

That brings me to my next rule: Before taking a position, always know the amount you are willing to lose. Know your "uncle point" and honor it. I have a pain threshold, and if I reach that point, I must get out.
The most important thing is money management, money management, money management. Anybody who is successful will tell you the same thing.

The one area that I am constantly trying to improve on is to let my gains ran. I'm not able to do that well. I'm always working on it. To my dying day, I'll probably still be working on it.

Yes. If you're ever very nervous about a position overnight, and especially over a weekend, and you're able to get out at a much better price than you thought possible when the market trades, you're usually better off staying with the position.

Why do most traders lose money?
Because they would rather lose money than admit they're wrong. What is the ultimate rationalization of a trader in a losing position? "I'll get out when I'm even." Why is getting out even so important? Because it protects the ego. I became a winning trader when I was able to say, "To hell with my ego, making money is more important."

What is the best advice you can give to the ordinary guy trying to become a better trader?
Learn to take losses. The most important thing in making money is not letting your losses get out of hand. Also, don't increase your position size until you have doubled or tripled your capital. Most people make the mistake of increasing their bets as soon as they start making money. That is a quick way to get wiped out.

Marty Schwartz's story should encourage those whose initial attempts at trading have met with failure. Here is a trader who was unsuccessful over a ten-year period, managing to lose enough money to keep himself near broke, despite consistently earning good salaries. Yet, Schwartz was eventually able to turn things around and become one of the world's best traders.
How did he do it? There were two essential elements. First, he found a methodology that worked for him. Throughout his losing years, Schwartz used fundamental analysis to determine his trades. It was not until he immersed himself in technical analysis that he became successful. The point here is not that technical analysis is better than fundamental analysis, but rather that technical analysis was the methodology that was right for him. The key lesson is that each trader must find his or her own best approach. The second element behind Schwartz's transition to success was a change in attitude. As he describes it, he became successful when his desire to win took precedence over his desire to be right.
Risk control is an essential element of Schwartz's trading style, as attested to by his incredibly low drawdowns. He achieves this risk control by always knowing his "uncle point" on any trade. No doubt, his approach of sharply reducing position size after large losses, as well as extended winning streaks, contributes heavily to his success. The rationale for reducing position size after a destabilizing loss is apparent.
  • #19,668
  • Edited 10:30am Jun 8, 2018 10:16am | Edited 10:30am
Quoting gatorinla
{quote} 1 min may set up 1787+ or 1812+. the chances are good because 1783 has the attraction to build the setup. 1min chart
add 1840... 1783 may act like some r.. it may push it back down to 1755,, twice. still early, but 1783 is likely to attract it. 1783--1755--1783+, 1755/26. 1840
Attached Image (click to enlarge)
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those who can, do. those who cant, talk about those who can
  • #19,669
  • Jun 8, 2018 10:37am Jun 8, 2018 10:37am
q bearish, month bearish, week bullish, day bearish.. mixed signs. I left my pending shorts below/against 1852
those who can, do. those who cant, talk about those who can
  • #19,670
  • Jun 8, 2018 10:38am Jun 8, 2018 10:38am
Quoting gatorinla
{quote} add 1840... 1783 may act like some r.. it may push it back down to 1755,, twice. still early, but 1783 is likely to attract it. 1783--1755--1783+, 1755/26. 1840 {image}
I think today action is done ..even M5 becomes dead market now ,,
  • #19,671
  • Jun 8, 2018 10:46am Jun 8, 2018 10:46am
Inserted Video
When life gives you lemons, make lemonade
  • #19,672
  • Jun 8, 2018 10:49am Jun 8, 2018 10:49am
Quoting Boulder
{quote} I think today action is done ..even M5 becomes dead market now ,,
i left pendings.. just in case a wtf spike.. the attraction to 1783 could trigger something.. but i'm not anticipating anything but pa pattern on a unreliable 1 min..
those who can, do. those who cant, talk about those who can
  • #19,673
  • Jun 8, 2018 10:52am Jun 8, 2018 10:52am
Quoting gatorinla
{quote} i left pendings.. just in case a wtf spike.. the attraction to 1783 could trigger something.. but i'm not anticipating anything but pa pattern on a unreliable 1 min..
ok...I have two pending there 1781 and 1783 for lunch money.. all my manual trades have been closed with profits...
  • #19,674
  • Jun 8, 2018 11:01am Jun 8, 2018 11:01am
Quoting Boulder
{quote} ok...I have two pending there 1781 and 1783 for lunch money.. all my manual trades have been closed with profits...
great! the kids will eat..
those who can, do. those who cant, talk about those who can
  • #19,675
  • Jun 8, 2018 11:23am Jun 8, 2018 11:23am
Quoting Don96
{quote} hmm, I sold at 485, still holding 1.1832, 35 36: 1.1782 and 84, 1.1768.
ouch - looks like Im going to get stung on a few of these....

didn't get chance to move my stops all day.. Shit
  • #19,676
  • Jun 8, 2018 12:44pm Jun 8, 2018 12:44pm
Gator,

Quick question on LC theory/idea/strategy of yours. If L closes above previous day, highs should be re-tested, ideally. If it closes below previous day's close, does it work vice versa?

Thanks in advance.
  • #19,677
  • Jun 8, 2018 2:36pm Jun 8, 2018 2:36pm
Attached Image (click to enlarge)
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  • #19,678
  • Jun 8, 2018 2:50pm Jun 8, 2018 2:50pm
Quoting gatorinla
{quote} 1 min may set up 1787+ or 1812+. the chances are good because 1783 has the attraction to build the setup. 1min chart
So your trading mofu even on the 1 min ? i like it
Back from the dead * ding fries are done *
  • #19,679
  • Jun 8, 2018 2:52pm Jun 8, 2018 2:52pm
Quoting Boulder
{quote} ok...I have two pending there 1781 and 1783 for lunch money.. all my manual trades have been closed with profits...
hope these were shorts..........
Back from the dead * ding fries are done *
  • #19,680
  • Edited 3:37pm Jun 8, 2018 3:13pm | Edited 3:37pm
Quoting ryder950
{quote} hope these were shorts..........
yes.. for shorts.. but I cancel those pending now since no hit ,,,, place new entries next week.....
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