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Trading An Edge...

  • #1,681
  • Nov 6, 2020 10:05am Nov 6, 2020 10:05am
Dow - Long

above H1-PP probably spike retrace and resume

EDIT: Closed 50% +69
EDIT: Caught my SL there closed remainder +35

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  • #1,682
  • Nov 6, 2020 11:02am Nov 6, 2020 11:02am
all done for the week... excellent week it was too, take care peeps
  • #1,683
  • Nov 6, 2020 11:05am Nov 6, 2020 11:05am
Quoting MaxDoom
all done for the week... excellent week it was too, take care peeps
It's been a boster of a week! Thanks Max
  • #1,684
  • Nov 6, 2020 11:16am Nov 6, 2020 11:16am
Trading levels like you are seeing on this forum is easy with Pivot Prof.
It offers low drawdown trading, find out more here ► Pivot Prof - Trading An Edge

This post is also useful: https://www.forexfactory.com/thread/...1#post13247961

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  • #1,685
  • Nov 6, 2020 11:19am Nov 6, 2020 11:19am
One for the road...
Short Dax just above D-Open and my diagonal line (it is Friday )
SL to BE +5
EDIT: Out +16
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  • #1,686
  • Nov 6, 2020 11:51am Nov 6, 2020 11:51am
Ok im done
  • #1,687
  • Nov 6, 2020 12:49pm Nov 6, 2020 12:49pm
What's the ratio you use guys for lotsize:balance (or equity)?
Learn the market, then earn from the market
  • #1,688
  • Edited 2:15pm Nov 6, 2020 1:48pm | Edited 2:15pm
Quoting hakucaleno
What's the ratio you use guys for lotsize:balance (or equity)?
Hi there, i personally dont complicate the issue, my balance is a tool nothing more, whatever i make beyond that tool, i withdraw. My money management is tight and aggressive so i dont worry about all this 1% of balance, 2% of balance stuff for stops, i have a set lot amount per trade that never changes, this way i dont give it a second thought, its just pips im after. If im wrong by any more than 5-8 pips but never more than 8, im out and its forgotten, onto the next.
Now this may sound different to many others but after many years, its my way, that suits me, and my personality, hope this helps
EDIT: And this is a big one for me.. i dont have daily targets, i take what i can take, on each trade on each day. For me, targets mess with your head and add stress.
  • #1,689
  • Nov 6, 2020 2:30pm Nov 6, 2020 2:30pm
Quoting Stev1929
{quote} Hi there, i personally dont complicate the issue, my balance is a tool nothing more, whatever i make beyond that tool, i withdraw. My money management is tight and aggressive so i dont worry about all this 1% of balance, 2% of balance stuff for stops, i have a set lot amount per trade that never changes, this way i dont give it a second thought, its just pips im after. If im wrong by any more than 5-8 pips but never more than 8, im out and its forgotten, onto the next. Now this may sound different to many others but after many years, its...
Understand, just willing to know what's the minimum lot you use at which minimum balance.
With your strategy how much is loss against win on average? I mean real figures, if you make $100 you make $900 loss VS $1000 win? What's your leverage? Commission per lot?
Learn the market, then earn from the market
  • #1,690
  • Nov 6, 2020 2:34pm Nov 6, 2020 2:34pm
Today I made $850 (2.00 lotsize, starting with $2600 balance, 500 leverage) but I've also $400 floating losses. What do you suggest to do? Cut all losses or just certain percentage of them?
Learn the market, then earn from the market
  • #1,691
  • Edited Nov 7, 2020 10:26am Nov 6, 2020 2:42pm | Edited Nov 7, 2020 10:26am
Quoting hakucaleno
{quote} Understand, just willing to know what's the minimum lot you use at which minimum balance. With your strategy how much is loss against win on average? I mean real figures, if you make $100 you make $900 loss VS $1000 win? What's your leverage? Commission per lot?
My trade lot size per pip is 0.1% of my balance, or £1 per £1000 of balance held, i hadn't really thought about it before so had to get the calculator out
  • #1,692
  • Nov 6, 2020 2:47pm Nov 6, 2020 2:47pm
Quoting hakucaleno
Today I made $850 (2.00 lotsize, starting with $2600 balance, 500 leverage) but I've also $400 floating losses. What do you suggest to do? Cut all losses or just certain percentage of them?
I cannot advise, that is wrong.
My personal way is to cut the pain immediately, as Max said earlier today, you can't trade with a clear mind if your're thinking about running losses.
  • #1,693
  • Nov 6, 2020 2:53pm Nov 6, 2020 2:53pm
Being lucky is cool... I was about to cut BUYs...
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Learn the market, then earn from the market
  • #1,694
  • Nov 6, 2020 2:57pm Nov 6, 2020 2:57pm
I'd say I'm a scalper... never thought about scalping... thanks to you guys!
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Learn the market, then earn from the market
  • #1,695
  • Nov 6, 2020 2:59pm Nov 6, 2020 2:59pm
Next monday a huge gap will be nice, no matter which way! Have a good weekend!
Learn the market, then earn from the market
  • #1,696
  • Nov 7, 2020 7:52am Nov 7, 2020 7:52am
Quoting Stev1929
{quote} Hi there, i personally dont complicate the issue, my balance is a tool nothing more, whatever i make beyond that tool, i withdraw. My money management is tight and aggressive so i dont worry about all this 1% of balance, 2% of balance stuff for stops, i have a set lot amount per trade that never changes, this way i dont give it a second thought, its just pips im after. If im wrong by any more than 5-8 pips but never more than 8, im out and its forgotten, onto the next. Now this may sound different to many others but after many years, its...
Impressive that you're able to keep your stops smaller than 8 pips on such a wild beast as the Dax. How do you manage such entries? Do you enter on a push or do you enter on a pullback?
  • #1,697
  • Nov 7, 2020 8:11am Nov 7, 2020 8:11am
Quoting fxmars
{quote} Impressive that you're able to keep your stops smaller than 8 pips on such a wild beast as the Dax. How do you manage such entries? Do you enter on a push or do you enter on a pullback?
I've been watching price action for the best part of 20 years, but now I see it, they are two different things.
I'll enter either way based on just 2 things, price in relation to a pivot level, and momentum.
  • #1,698
  • Nov 7, 2020 8:28am Nov 7, 2020 8:28am
Quoting Stev1929
{quote} I've been watching price action for the best part of 20 years, but now I see it, they are two different things. I'll enter either way based on just 2 things, price in relation to a pivot level, and momentum.
Thanks, that's good stuff. I have also been trading based on price action, mostly fx and on M5 and M1. Now I am focusing more on Dax and I must say I like the price action it gives. Long and steady swings and it is very forgiving for late entries.
  • #1,699
  • Nov 7, 2020 4:08pm Nov 7, 2020 4:08pm
Quoting Stev1929
{quote} I've been watching price action for the best part of 20 years, but now I see it, they are two different things. I'll enter either way based on just 2 things, price in relation to a pivot level, and momentum.
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  • #1,700
  • Nov 8, 2020 3:28am Nov 8, 2020 3:28am
Quoting hakucaleno
Today I made $850 (2.00 lotsize, starting with $2600 balance, 500 leverage) but I've also $400 floating losses. What do you suggest to do? Cut all losses or just certain percentage of them?
To answer some of your questions from my perspective:

My leverage is much lower than you are using, on indices I use 20:1

I don't carry losses, I use level entries generated by Pivot Prof so that I can enter the market where there is likely to be a price reaction, so I only need small stop-loss. Once my reason for entry is proven wrong - I get out example: if I believe that the D-PP will act as support and go long above it and it breaks down, then the whole basis of my trade entry was wrong - so I get out normally before the small SL is hit.
Retail traders often think that if they are wrong the can just go the opposite way and have both trades open (a long and an equal short) that is not hedging that is being flat at a cost and is an account killer for most traders. Entering a new trade just because your first was wrong will not lead to success.

Because I trade close to a reaction point, my trades are often quick to gain momentum as there is normally a reaction, this give the opportunity to close some of the trade at profit, set BE and take the stress out of trading. Even when I am wrong there is often enough of a reaction to bank some profit.

With the above points you will realise that drawdown is not an issue for me as I don't hold losing trades. This also helps mentality because it is mentally hard to get the other side of a losing trade all the time you are carrying it.



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