looks like Cable has already popped the Lagavulin ... I think I will pull out some poker cards, this is too lame ...
Fix up, trade sharp ...
1
Trading Rules for die-hards... 47 replies
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die young 8 replies
Disliked{quote} Yes, you can see it like pulling out marbles. But the nasty marbles have to lose less than the good ones ... that is why I am advocating a sl. Manage the loss ...ok, if you can do that, I cannot control my risk that way. I think Claudia also uses sl. It calms your trading.Ignored
Disliked{quote} Method of optimizing SL and TP could be a discussion point. Fixed SL and TP not works good. I prefer, having one position till it hit the TP, closing it when the trade direction is changed. It could work well for with trend entries and helps avoiding wrong closing when market behavior is weird.Ignored
Disliked{quote} That is nicely summed up for all! Nothing more. We do need to brainstorm on what-if scenarios once the trade is opened!Ignored
Disliked{quote} Sorry no offence at all, Lem was not insulting you and neither was I. It is English Scottish Humour no more no less, so please do not be offended.Ignored
Disliked{quote} Ok, we can discuss fixed TPs, although they work in trends as I have tested, however if the sl is not fixed on the entry (if this does not mean trailing stop towards the target), then how is the risk defined?Ignored
DislikedAnyone try the "Billy bar" this morning ? Smacked me out of a short failing to reach 5 pips before it reversed so losing six pips. Got in again for "Wick Zone" trade ( LEM ) long which saved my bacon. Like Lem says, that once in the trade you have to manage it with a pre thought out plan. I learnt that some time ago and found "wick zone" excellent -it's just that , sometimes, in the heat of "wot the f... do I do now?" that I forget. Overall a break even trade and a few frazzled nerves. {image}Ignored
DislikedAnyone try the "Billy bar" this morning ? Smacked me out of a short failing to reach 5 pips before it reversed so losing six pips. Got in again for "Wick Zone" trade ( LEM ) long which saved my bacon. Like Lem says, that once in the trade you have to manage it with a pre thought out plan. I learnt that some time ago and found "wick zone" excellent -it's just that , sometimes, in the heat of "wot the f... do I do now?" that I forget. Overall a break even trade and a few frazzled nerves. {image}Ignored
Disliked{quote} We need to take a back step. A) What Risk Reward we are looking at/expected? 1:2 means say 50 pips SL and 100 pips TP B) Is this risk reward is going to work uniformly for all instruments? C) At what point I should set my SL or Risk? D) Should I now calculate or put my TP based on RR? ---- E) I now know, my RR is working for Instrument 1, 2 and 3 but not for 4, 5 and 6. F) I see my RR is not working because my winning rate % is less than 80% --- G) How to improve my win rate% H) My win rate is >80% but is my SL and TP or Risk Reward optimized?...Ignored
Disliked{quote} Ok, so ... A) Yes. For example, I am good with 2:1 because I only need 40 %. Can geht that via trends. B) Probably not, so one has to choose their assets wisely. C) Obviously before the trade ... is it smart to start analysis while a trade is ticking against you at a rate of 30, 40 pips a minute? D) Yes, but only if it is realistic that the market can reach it. Does not yield much to set TP + 200 if the market is unlikely to move there any time soon. E) Cut them out then F) Puts a lot...Ignored
Disliked{quote} Ok, so ... A) Yes. For example, I am good with 2:1 because I only need 40 %. Can geht that via trends. B) Probably not, so one has to choose their assets wisely. C) Obviously before the trade ... is it smart to start analysis while a trade is ticking against you at a rate of 30, 40 pips a minute? D) Yes, but only if it is realistic that the market can reach it. Does not yield much to set TP + 200 if the market is unlikely to move there any time soon. E) Cut them out then F) Puts a lot of pressure on imo to aim for such high winrates G) Maybe...Ignored
Disliked{quote} When you scalp, it is crucial that you have a pre-set plan. You simply cannot wait and think about what to do next. If you try that, even for a second or two, the big algos will already have gobbled up your entry and you'll be getting in as they are getting out. Baaaaaaaaaaaaaaaaaaaaaaaaaad...Ignored
DislikedThe Monster is up to something... H1 {image} Things are tightening up and price has worked its way back into the box-zone I have carried over from the left edge and set up over the last big-move period.Ignored
DislikedAll set, changed the spread, added a bit of something that ends in gale and should not be mentioned lol, trying to claw back a bit from last night. {image}Ignored
Disliked{quote} Like the OP of this thread "Billy" has proved -Little profit and often is statistically more realistic than looking for "runs" - just look at his charts.Ignored