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Strat's PASR Long Term, Stress Free Trading

  • #12,141
  • Aug 21, 2019 3:26am Aug 21, 2019 3:26am
Quoting Rub
{quote} Well, scratch that. I made the classic mistake of arguing with the market that I was right, then doubling down. Managed to get out with my seed money intact, but blew my profits. Still staying afloat though, and haven't exploded my account. Just sitting pretty much where I started.
Hi
If you are on M1 M5 , never argue with the strat shadow on M15 and H1 and try to catch the trends
this might help
  • #12,142
  • Aug 21, 2019 3:35am Aug 21, 2019 3:35am
Sometimes it is funny how it works still the same, periscope stopped at resisstance and confirm it, then PRICE stopped and reversed at this level again with reasonable PRICE action to go short in Asia session


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Green pips

MH
  • #12,143
  • Aug 21, 2019 3:47am Aug 21, 2019 3:47am
Quoting Mhons
Sometimes it is funny how it works still the same, periscope stopped at resisstance and confirm it, then PRICE stopped and reversed at this level again with reasonable PRICE action to go short in Asia session {image} Green pips MH
And classic trend trading

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MH
  • #12,144
  • Aug 21, 2019 6:33am Aug 21, 2019 6:33am
GU

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Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,145
  • Aug 21, 2019 7:29am Aug 21, 2019 7:29am
Quoting Hickson
{quote} What I found with the lower TFs is that even if you have some years of experience under your belt and a reasonable discipline that will keep you from blowing your account is that when you start trading lower TFs than you are used to, overtrading can sneak in. Let us say you were trading H1 or M15, going to M1 can result in tons of bad trades if you are not careful. It happened to me before and it is something I want to avoid at all cost in future, because it can drain your account even if you are using reasonable RR ratios.
What do you mean “using RR ratios”?
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,146
  • Aug 21, 2019 7:30am Aug 21, 2019 7:30am
Quoting BeyondTheSea
{quote} What do you mean “using RR ratios”?
risk / reward ?
  • #12,147
  • Aug 21, 2019 7:44am Aug 21, 2019 7:44am
Quoting bistolis
{quote} risk / reward ?
No i meant the context of the quote. I know what R/R is
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,148
  • Aug 21, 2019 7:51am Aug 21, 2019 7:51am
Quoting BeyondTheSea
{quote} What do you mean “using RR ratios”?
Not sure what you mean, but I will try. My point was that overtrading can lead to a loss in your account even when the RR ratio for the trade is in place - but the trade itself is just not a good idea in the current market environment, mostly in choppy markets. The sl can be hit 10 times, but the profit target not one time.
Fix up, trade sharp ...
  • #12,149
  • Aug 21, 2019 8:05am Aug 21, 2019 8:05am
Quoting Hickson
{quote} Not sure what you mean, but I will try. My point was that overtrading can lead to a loss in your account even when the RR ratio for the trade is in place - but the trade itself is just not a good idea in the current market environment, mostly in choppy markets. The sl can be hit 10 times, but the profit target not one time.
Ah I see now. You are setting yourself a target to hit and calculating your RR before you’ve entered a trade and then getting stopped out?

I used to think like that because of all the nonsense written about it and stupid trading courses.

RR is a myth until your trades are closed. Only then can you calculate it.

I don’t think in RR. It’s a load of old bollocks because you have no idea what is going to happen apart from how you manage the trade when you are in it.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,150
  • Aug 21, 2019 8:32am Aug 21, 2019 8:32am
Quoting BeyondTheSea
{quote} Ah I see now. You are setting yourself a target to hit and calculating your RR before you’ve entered a trade and then getting stopped out? I used to think like that because of all the nonsense written about it and stupid trading courses. RR is a myth until your trades are closed. Only then can you calculate it. I don’t think in RR. It’s a load of old bollocks because you have no idea what is going to happen apart from how you manage the trade when you are in it.
Totally agree with you.

You could plan 100 RR for trade and it does not matter, market decide where will PRICE go always, only you could do is to put SL (hard or mental) and watch price and manage trade to earn pips or loose pips.

Do not complicate it

MH
  • #12,151
  • Aug 21, 2019 8:38am Aug 21, 2019 8:38am
Quoting BeyondTheSea
{quote} Ah I see now. You are setting yourself a target to hit and calculating your RR before you’ve entered a trade and then getting stopped out? I used to think like that because of all the nonsense written about it and stupid trading courses. RR is a myth until your trades are closed. Only then can you calculate it. I don’t think in RR. It’s a load of old bollocks because you have no idea what is going to happen apart from how you manage the trade when you are in it.
Agree, that is a huge problem. I have often entered good trades that turned ahead of the target by a few pips only to see them in the sl later. John Carter described this situation in his book as well. He literally wrote: "Do not make a fool out of yourself for a tick!" So instead of stubbornly shooting for a target, it is better to see what price does and close the trade accordingly. As long as the defined risk is always ok, it should not be much of a problem as long as letting the winners run. Hard to describe, but yes, this whole RR thing is good to see what a trade might give if it works out, but indeed only thinking in RR is probably as wrong as having no understanding of MM and risk at all.
Fix up, trade sharp ...
  • #12,152
  • Aug 21, 2019 8:53am Aug 21, 2019 8:53am
Quoting Hickson
{quote} Agree, that is a huge problem. I have often entered good trades that turned ahead of the target by a few pips only to see them in the sl later. John Carter described this situation in his book as well. He literally wrote: "Do not make a fool out of yourself for a tick!" So instead of stubbornly shooting for a target, it is better to see what price does and close the trade accordingly. As long as the defined risk is always ok, it should not be much of a problem as long as letting the winners run. Hard to describe, but yes, this whole RR thing...
Just stop it. Clear it from your mind because you will never become profitable.

Just trail your trades if you need to until you reset your mindset or develop the willpower to close a profitable trade for less than what your mind allowed you to lie to yourself BEFORE you even entered the trade.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,153
  • Aug 21, 2019 9:33am Aug 21, 2019 9:33am
Nice juicy trend structure today..

GBPAUD
Attached Image (click to enlarge)
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Focus, Patience, Discipline, Determination and Perseverance
  • #12,154
  • Aug 21, 2019 9:58am Aug 21, 2019 9:58am
Quoting Suran
Nice juicy trend structure today.. GBPAUD {image}
Looks like cable crosses have more meat once again ... sl only 12 pips?

Quoting BeyondTheSea
{quote} Just stop it. Clear it from your mind because you will never become profitable by stubbornly hanging on to that thought . Just trail your trades if you need to until you reset your mindset or develop the willpower to close a profitable trade for less than what your mind allowed you to lie to yourself BEFORE you even entered the trade.
Fixed your post. Otherwise, I totally agree with you I remember Strat himself had no clear answer to whether let the initial sl on or choose BE. But he was very clear about exiting trades that started to develop against our initial target. And he said a small win is better than a loss, a break even is better than a loss. I believe that was a key I had overlooked during past trading days, but I was able to apply that in the past - that is funny in trading, you can do something right for months, then "forget" about it and mess up!
Fix up, trade sharp ...
  • #12,155
  • Aug 21, 2019 12:22pm Aug 21, 2019 12:22pm
Quoting Hickson
{quote} Looks like cable crosses have more meat once again ... sl only 12 pips? .....

some times I prefer to place my stop behind strat shadow and behind 200. Just in case.
Focus, Patience, Discipline, Determination and Perseverance
  • #12,156
  • Aug 21, 2019 1:01pm Aug 21, 2019 1:01pm
Quoting Suran
{quote} some times I prefer to place my stop behind strat shadow and behind 200. Just in case.
Thanks for transparency. Yes, the 200 EMA is also something to watch.
Fix up, trade sharp ...
  • #12,157
  • Aug 21, 2019 1:30pm Aug 21, 2019 1:30pm
Quoting BeyondTheSea
{quote} Ah I see now. You are setting yourself a target to hit and calculating your RR before you’ve entered a trade and then getting stopped out? I used to think like that because of all the nonsense written about it and stupid trading courses. RR is a myth until your trades are closed. Only then can you calculate it. I don’t think in RR. It’s a load of old bollocks because you have no idea what is going to happen apart from how you manage the trade when you are in it.
very true
RR should be calculated on your closed trades to have an idea of how much/if you improve over time (or not improve)
limiting your profit potential by having a target based on expectations of R rather than PA is going to hinder improvement at best
  • #12,158
  • Aug 21, 2019 1:37pm Aug 21, 2019 1:37pm
Quoting bistolis
{quote} very true RR should be calculated on your closed trades to have an idea of how much/if you improve over time (or not improve) limiting your profit potential by having a target based on expectations of R rather than PA is going to hinder improvement at best
This is also true. Closing big winners too early because the target was reached. Then again, Strat advices to trade from first S/R to then next first. But this is the key thought to the next level, riding the winners.
Fix up, trade sharp ...
  • #12,159
  • Aug 21, 2019 1:42pm Aug 21, 2019 1:42pm
Quoting Hickson
{quote} Looks like cable crosses have more meat once again ... sl only 12 pips? {quote} Fixed your post. Otherwise, I totally agree with you I remember Strat himself had no clear answer to whether let the initial sl on or choose BE. But he was very clear about exiting trades that started to develop against our initial target. And he said a small win is better than a loss, a break even is better than a loss. I believe that was a key I had overlooked during past trading days, but I was able to apply that in the past - that is funny in trading,...
"Fixed my post"

Just priceless. Forex Factory is a joke....

So long..
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,160
  • Aug 21, 2019 2:33pm Aug 21, 2019 2:33pm
Quoting BeyondTheSea
{quote} "Fixed my post" Just priceless. Forex Factory is a joke.... So long..
You either did not understand it or are really that arrogant, but who cares here on FF, as you said, thanks for the few objective parts shared ...
Fix up, trade sharp ...
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