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The Oracle Thread- Specify your current trading problem

  • #1
  • First Post: Edited Aug 21, 2018 5:36pm Aug 20, 2018 9:21am | Edited Aug 21, 2018 5:36pm
It's often highly beneficial to gather your thoughts and put them into writing. I can't say based on my 10 years trading experience that I know everything, but even a little direct, tailored help is better than no help at all. Something might click and its worth the effort.

Are you constantly getting unexpected consecutive losers? Cant find the right trading system? etc, etc, specify your problem clearly, I wont answer all responses, only the ones that resonate with me and I think my answer may supply some light.

It is of course absolutely right for the whole community to make comments and provide their own take on your stated problem.


The sacrifices we make today, will pay dividends tomorrow.
  • #2
  • Aug 21, 2018 4:16pm Aug 21, 2018 4:16pm
Hi,

Noticed you commented on another thread of 1 min trading taking profit at 2-3 pips with a stop of 12+. Do you trade with a higher risk then reward and therefore rely on a very high win rate?

Cheers.
  • #3
  • Aug 21, 2018 4:52pm Aug 21, 2018 4:52pm
In the other thread I was addressing AmmaBoss who said he had a good hourly or daily strategy, but was scalping instead. His stats showed he was out of a trade in 8 min on average and he was hitting the 1 min time frame.

My advice definitely would have helped him improve his existing break even results.

Yes thats how the scalp works. The 12 pip stop keeps you from getting too many losers and rely's on many winners. You would also use the "no buy without anti-direction" rule, simply meaning you dont get in long unless there is at least a 5 pip dip, but I didnt share that with him as he was focused on his current strategy.

The other pieces to the puzzle are strictly the EU, US sessions and only eur/usd for this idea.

Strictly 3 pips including commission, as soon as you get greedy for 5 or 10 pips the strategy falls apart.
  • #4
  • Aug 21, 2018 5:14pm Aug 21, 2018 5:14pm
SunSaltWater, you can bounce around from strategy to strategy for years. Im a firm believer in people developing their own strategy that makes sense to them and suits them.

What I want to do here in this thread is find out what people are doing and help people trouble shoot and straighten out their existing growth route.
  • #5
  • Aug 21, 2018 5:25pm Aug 21, 2018 5:25pm
Invite other traders to assist in answering questions on your thread. You can state this in an edit of your first post.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #6
  • Aug 21, 2018 5:39pm Aug 21, 2018 5:39pm
thanks for the tweak advice. done.
  • #7
  • Aug 21, 2018 7:05pm Aug 21, 2018 7:05pm
Quoting richyRich27
It's often highly beneficial to gather your thoughts and put them into writing. I can't say based on my 10 years trading experience that I know everything, but even a little direct, tailored help is better than no help at all. Something might click and its worth the effort. Are you constantly getting unexpected consecutive losers? Cant find the right trading system? etc, etc, specify your problem clearly, I wont answer all responses, only the ones that resonate with me and I think my answer may supply some light. It is of course absolutely right...
My current problem is that i’d like to trade because i enjoy it and also because “compared” to the old MrGreen i am better and i feel ready , but i just don’t have the money for do it
  • #8
  • Aug 21, 2018 9:41pm Aug 21, 2018 9:41pm
You need surplus money to make money Mr Green. If your passion is trading, you must be mad. I hate the chaos, but I do like that easy, dirty, filthy lucre.
  • #9
  • Aug 21, 2018 10:12pm Aug 21, 2018 10:12pm
Quoting richyRich27
In the other thread I was addressing AmmaBoss who said he had a good hourly or daily strategy, but was scalping instead. His stats showed he was out of a trade in 8 min on average and he was hitting the 1 min time frame. My advice definitely would have helped him improve his existing break even results. Yes thats how the scalp works. The 12 pip stop keeps you from getting too many losers and rely's on many winners. You would also use the "no buy without anti-direction" rule, simply meaning you dont get in long unless there is at least a 5 pip dip,...
. Are you saying if you have to pay 1.2 pip spread each side that you should be targeting 0.6 net pips profit with 14.4 pip net loss or 3 pip net profit with 12 pip net loss?
  • #10
  • Aug 21, 2018 10:22pm Aug 21, 2018 10:22pm
You cant do scalping with a thieving broker. Find one that gives you the actual spread, which is zero most of the time. Accept a commission of around 0.7 pips return, then this makes sense.
  • #11
  • Aug 21, 2018 10:30pm Aug 21, 2018 10:30pm
Quoting richyRich27
You cant do scalping with a thieving broker. Find one that gives you the actual spread, which is zero most of the time. Accept a commission of around 0.7 pips return, then this makes sense.
Don’t want to scalp, just trying to understand your thought process as price action is fractal. So what you are saying is, risk 4x on the stop to make 1x profit and go for really high win rate? But make sure if you are buying do so after a pip drop and selling after a pip pop with pip amount based on time frame. For 1 min this pre buy or sell drop or pop is 5 pips?
  • #12
  • Aug 21, 2018 10:53pm Aug 21, 2018 10:53pm
Quoting richyRich27
SunSaltWater, you can bounce around from strategy to strategy for years. Im a firm believer in people developing their own strategy that makes sense to them and suits them. What I want to do here in this thread is find out what people are doing and help people trouble shoot and straighten out their existing growth route.
Dear richyRich27,

Thanks for making this thread. Something I wonder about is if traders bounce from system to system, what about the other side; Having more then ONE system?
Do you think that it is a problem to trade more then one system at a time? The idea behind it is they can be unique and target different market conditions. From your experience is that a good direction to follow, or will having 2+ systems having draw-down periods at the same time wipe you out, no matter how unlikely as market is unpredictable at times?

Kind Regards,
Tzamo
"Work hard, put in the effort, and follow your dreams..." -Me
  • #13
  • Aug 21, 2018 11:22pm Aug 21, 2018 11:22pm
Tzamo, I trade with an ipad, about 2 hours per day 5 days per week. I can do it while dining at a restaurant, I could be at the beach or shopping. It only takes a second to look at the price and 12 seconds to make a change.

A very good friend of mine has a dedicated office and see's his trading as a job. 6 screens, enormous amounts of financial data to monitor, and at least 12 different "systems" he maintains, all keeping him busy, while the other trade is developing. We both are approximately booking around the same % gains each year.

If you already have a strategy that requires you to sit in front of the screen for lengths at a time it is absolutely logical to try to develop a more active strategy like scalping or swing trading at shorter time frames. In separate segregated accounts of course.

Thank you for your question.

Are you advanced? Or beginner?
  • #14
  • Aug 21, 2018 11:24pm Aug 21, 2018 11:24pm
Yes Salt, thats what was meant. Theres actually more details than that. We can go further if it interests you.
  • #15
  • Edited 11:49pm Aug 21, 2018 11:38pm | Edited 11:49pm
I'll just assume you do.

The final part is the open ended take profit. I did say that its crucial that the 3 pips is grabbed without fail. BUT if you place an automatic take profit, it will always only give you 3 pips gross. My auto tp is always well away from 3 pips becAuse very often you will get a spike that needs no managing, just grab the extra pips.

The rule is when it gets to 3 pips, pause just a few miliseconds before locking it in. Delay if it spikes your way then catch it like catching a pancake in a frypan if that image makes sense.

(when I say spike, I just mean another 2 or 3 pips which is very common)
  • #16
  • Aug 21, 2018 11:51pm Aug 21, 2018 11:51pm
Also I know what fractal is, but can you explain what you mean by fractal in terms of practical decisions and actions? or do you mean you use an indicator that is fractal based that gives entry signals?
  • #17
  • Aug 22, 2018 5:14am Aug 22, 2018 5:14am
Quoting richyRich27
Also I know what fractal is, but can you explain what you mean by fractal in terms of practical decisions and actions? or do you mean you use an indicator that is fractal based that gives entry signals?
Thank you for your replies. I use zero indicators. My explanation is quite simple, if you took a chart of the E/U and removed the time frame label (i.e. M1, D1, M15, etc.), if there was enough candles or bars / data on the chart, it would be impossible to tell the timeframe of said chart. Price does its thing, ranging, trending, volatile, quiet on all timeframes - again, if there is enough data so it has time to show you the various price cycles.
  • #18
  • Aug 22, 2018 9:51am Aug 22, 2018 9:51am
Quoting richyRich27
Tzamo, I trade with an ipad, about 2 hours per day 5 days per week. I can do it while dining at a restaurant, I could be at the beach or shopping. It only takes a second to look at the price and 12 seconds to make a change. A very good friend of mine has a dedicated office and see's his trading as a job. 6 screens, enormous amounts of financial data to monitor, and at least 12 different "systems" he maintains, all keeping him busy, while the other trade is developing. We both are approximately booking around the same % gains each year. If you already...
What do you use for your trading? Price action? Technical analysis? Fundamental analysis? I'd love if you could put me and all the traders here that can't really find a good aproach in the right path.

Thanks
  • #19
  • Edited 7:15pm Aug 22, 2018 10:40am | Edited 7:15pm
Hi emicovi,

ah that old chestnut. I decline interest from a commercial swiss bank last year, some hong kong investment house offered me a "very auspicious future" Hec my brother-in-law wants "the scoop on this forex game" and as much as I want to assist, my voice is muffled by their erroneous assumptions.

Im not going to disclose what I do, ever, but I am completely certain I can help anyone find their own true north. Just give me your broken strategy and we can fix it together point by point.

trades of last few days
  • #20
  • Aug 22, 2018 11:04am Aug 22, 2018 11:04am
emicovi in response to your question I use raw price data
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