Billytt Die happy trading e/j daily breakout | Page 2895 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #57,881
  • Apr 22, 2021 9:28am Apr 22, 2021 9:28am
Quoting Wizzlebizzle
{quote} I don't use RR in itself, but to throw it out the window entirely would be silly. At the end of the day it is basic maths to figure out how much or how often you will need to win with a 5 point target and an average stop loss of say 15 points. If you loose twice in a row, with say a total loss of -30, how are you going to fix this by trading +5s? It's not a trick question, but a legitimate one. Not sure if I understand the rest of your post correctly, but believe you are saying you are trading a (relatively) big lot size and when things...

EPIC, Good Post.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #57,882
  • Apr 22, 2021 9:28am Apr 22, 2021 9:28am
Quoting birdland
what i am experimenting now is the combination of 00-00 4h break plus the retrace (lets call it ABC) and shorting when the 8EMA is breached (and long vice versa) i know, old stuff, but still interesting. {image}
as long as it makes sense to you, that is good.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #57,883
  • Apr 22, 2021 12:38pm Apr 22, 2021 12:38pm
Quoting Wizzlebizzle
If you loose twice in a row, with say a total loss of -30, how are you going to fix this by trading +5s? It's not a trick question, but a legitimate one.
I believe the point is that you DO NOT take a loss of -30 or even -15. You counter/hedge the fail at the same size you entered original and hold it in limbo. Then you make that position turn into break even (0) at a later stage with the next valid trigger. Or maybe even a win, what you do if that fails? Well i dont know...

At least that is what i understand Billy and some others here are doing if countering. Otherwise i totally agree it does not give a real mathematical advantage to do that, you even pay some extra fees and have additional risk if having to hold such counter for over-night. So holding it in exact limbo is actually not true then.

Yes a psychological advantage that is great and i like that. But in the end, if you are not able to bring these counters to 0 or at least a much smaller loss, you won“t end with a profit in your bank from these +5 wins. Thats what i am trying to understand?

I am not the right person to ask, i am the same newbie trader here doing research, trying to improve but tapping in the dark. I am listening to the more experienced traders here telling me i can make a living from trading that way. Ending with the +5 every day, i would be swimming in money soon, i would be already happy with ending up +5 every week or even +1. Traded at a decent size +5 can be nice by the end of each new month.

Quoting Wizzlebizzle
By using your profits to make your next trade bigger, you still use the same initial risk, where as if you double up after a loss you are increasing your risk.
Good thinking out of the box. I like. Yes i know what mean by now. You are right, that makes sense and something i will keep in mind.
  • #57,884
  • Apr 22, 2021 2:32pm Apr 22, 2021 2:32pm
Quoting lddd
{quote} I believe the point is that you DO NOT take a loss of -30 or even -15. You counter/hedge the fail at the same size you entered original and hold it in limbo. Then you make that position turn into break even (0) at a later stage with the next valid trigger. Or maybe even a win, what you do if that fails? Well i dont know... At least that is what i understand Billy and some others here are doing if countering. Otherwise i totally agree it does not give a real mathematical advantage to do that, you even pay some extra fees and have additional...
Everyone trades differently. As long as you have a legitimate answer that you can work with is what matters in my opinion. Do you have an answer for how you handle these scenarios?

Not taking an (accumulated) 15-30 loss would be great, but they will happen, there is no way to avoid them. So that is not the point I'm trying to make no. My point in a broader sense is what I said above and perhaps more specifically that by aiming for +5 per day you might holding yourself back. How is aiming for +5 a day serving you so far?

I wasn't referring to countering perse either. If that works for you and is part of your answer then that's great. How has countering served you so far?

I believe this has been said before but, I would be surprised if anyone here ends up with +5 every day or even +25 every week. If there is, I stand to be corrected.

Again, just trying to help out Different questions might shed a different light on the situation.
  • #57,885
  • Apr 22, 2021 3:27pm Apr 22, 2021 3:27pm
Quoting lddd
{quote} I believe the point is that you DO NOT take a loss of -30 or even -15. You counter/hedge the fail at the same size you entered original and hold it in limbo. Then you make that position turn into break even (0) at a later stage with the next valid trigger. Or maybe even a win, what you do if that fails? Well i dont know... At least that is what i understand Billy and some others here are doing if countering. Otherwise i totally agree it does not give a real mathematical advantage to do that, you even pay some extra fees and have additional...

... don't forget ...

a) trading the break i.e. BillyBar to make +5 if this fails hold it in limbo - counter
b) additionaly use 00:00 - 04:00 break to fix the fail ....
c) additionaly chasing the daily range with new trade(s) ...

remark:
if you make 2% a day - this means about 40% a month .. depending on the starting balance i.e. 10K- you will become a millionare in a about year (componding the wins)

Mucky
  • #57,886
  • Apr 22, 2021 5:40pm Apr 22, 2021 5:40pm
Quoting Wizzlebizzle
I would be surprised if anyone here ends up with +5 every day or even +25 every week.
Me too.

To your questions. Doing okay so far with the +5 daily goal. But thats not trading for a living yet. I do not make the 5% every day or even close to it. But happy if I can at least end on a Friday with anything better than a -30% which i also already had.

Most profits so far came from fixing but in a more random style. Things i would like to get rid of / reduce and find a more structured plan for.

I sometimes place the counter and i sometimes take the loss fixed instantly. In both instances i then have to take additional risk to make up for that, either in form of entering a new trade with a new setup or cleaning the negative side of the counter somehow.

Billy i think said the other trades he takes are entered at smaller size. I believe 10/Pip or what ever. But even if these smaller wins also add up over time (which is great), that probably isn't fixing a 140/Pip trade countered or taken as a loss so you end up at +5% every day or even week. Not to forget 25% a week...

Anyways. Every new day one step closer to the holy grail
  • #57,887
  • Edited Apr 23, 2021 1:13am Apr 22, 2021 11:04pm | Edited Apr 23, 2021 1:13am
It's been a couple of weeks since I checked in here and I'm a little surprised you're still making no progress, lddd.

From my perspective, you haven't got any solid trading plan or execution in mind whatsoever. You're trying to trade something that doesn't resonate with you. There is zero point in persuing something that doesn't feel logical or comfortable.

I'm a little lost as to why you're throwing 3 lots at something you have no control of, why are you not minimising risk until you have fully grasped the concept and technique? Your rush to make money is actually costing you money.

I honestly think you need to go right back to basics and find something that can work for your style of trading.
  • #57,888
  • Apr 23, 2021 12:19am Apr 23, 2021 12:19am
Quoting TheForexDen
It's been a couple of weeks since I checked in here and I'm a little surprised you're still making no progress, lddd. From my prospective, you haven't got any solid trading plan or execution in mind whatsoever. You're trying to trade something that doesn't resonate with you. There is zero point in persuing something that doesn't feel logical or comfortable. I'm a little lost as to why you're throwing 3 lots at something you have no control of, why are you not minimising risk until you have fully grasped the concept and technique? Your rush to make...
i can only agree, i even dont read his posts anymore.

when i try a new strategy i trade them with 0.05 or 0.10 lots, till i am in profit with it.

he is just stupid or stubbern or both.
trading is like dancing, don't think and just listen to the music!
  • #57,889
  • Apr 23, 2021 12:21am Apr 23, 2021 12:21am
billy, just for curiosity: when you compound, do you do this after each day? or each week?

i am compounding after each week and stay for the next week with the lots i have calculated.
trading is like dancing, don't think and just listen to the music!
  • #57,890
  • Edited 3:10am Apr 23, 2021 12:31am | Edited 3:10am
Quoting lddd
{quote} Me too. To your questions. Doing okay so far with the +5 daily goal. But thats not trading for a living yet. I do not make the 5% every day or even close to it. But happy if I can at least end on a Friday with anything better than a -30% which i also already had. Most profits so far came from fixing but in a more random style. Things i would like to get rid of / reduce and find a more structured plan for. I sometimes place the counter and i sometimes take the loss fixed instantly. In both instances i then have to take...
I feel I might have to be a bit more direct. Part of this game is to objectively look at what you are doing.

I'm paraphrasing your answers to my questions back to with another question.

Is being at -30% good?

Is taking up more risk to fix losses with counters good?

What is the benefit of countering?

People keep pointing to several ways to find a more structured plan, yet you do not implement them and keep looking for answers elsewhere. The answers ARE here.

It appears my point about not making +5 every single day is misunderstood. I'm not saying people don't/can't make +5 every day on average. I am saying there will be loosing days too. Loosing days that are bigger than a +5 winning day.You will have to fix these days some other way than trading for a simple +5. Part of fixing is also taking more profit on some days. So in essence some of your bad trades are fixed before they have even happened.

Forgive my grumpiness, just had my second jab.
  • #57,891
  • Apr 23, 2021 1:50am Apr 23, 2021 1:50am
Quoting TheForexDen
It's been a couple of weeks since I checked in here and I'm a little surprised you're still making no progress, lddd. From my perspective, you haven't got any solid trading plan or execution in mind whatsoever. You're trying to trade something that doesn't resonate with you. There is zero point in persuing something that doesn't feel logical or comfortable. I'm a little lost as to why you're throwing 3 lots at something you have no control of, why are you not minimising risk until you have fully grasped the concept and technique? Your rush to make...
Hi The, helo and welcome.
Thankyou for your input.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #57,892
  • Apr 23, 2021 1:55am Apr 23, 2021 1:55am
Hi all, 07-54 am here .

i took a few points off the Nifty Fifty. yaaaaaaaaaaaaaaaaaaay,
Just waiting for cable 08-00 break.
Trade Well All.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #57,893
  • Apr 23, 2021 1:58am Apr 23, 2021 1:58am
Quoting TheForexDen
It's been a couple of weeks since I checked in here and I'm a little surprised you're still making no progress, lddd. From my perspective, you haven't got any solid trading plan or execution in mind whatsoever. You're trying to trade something that doesn't resonate with you. There is zero point in persuing something that doesn't feel logical or comfortable. I'm a little lost as to why you're throwing 3 lots at something you have no control of, why are you not minimising risk until you have fully grasped the concept and technique? Your rush to make...
Master trader
  • #57,894
  • Apr 23, 2021 2:10am Apr 23, 2021 2:10am
Quoting birdland
billy, just for curiosity: when you compound, do you do this after each day? or each week? i am compounding after each week and stay for the next week with the lots i have calculated.
When i originally made my money by compounding, i was very selective.
i used a 20 stop and a 20 take profit. YES A STOP.
In those days it was very easy to place trades as the margin was almost non existent.
i had my trigger and i had clues too for the trade, ie a break of an inside bar, a break of a level , heading for a 00 etc.
I may of had a valid trade daily but sometimes i had to wait a couple of days.

Answer to your question, adjusting your trade size weekly is a good idea.
That way you get used to bigger trades.
Try doubling up a £20 per trade a few times, lol.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #57,895
  • Apr 23, 2021 2:15am Apr 23, 2021 2:15am
Quoting billytt
{quote} When i originally made my money by compounding, i was very selective. i used a 20 stop and a 20 take profit. YES A STOP. In those days it was very easy to place trades as the margin was almost non existent. i had my trigger and i had clues too for the trade, ie a break of an inside bar, a break of a level , heading for a 00 etc. I may of had a valid trade daily but sometimes i had to wait a couple of days. Answer to your question, adjusting your trade size weekly is a good idea. That way you get used to bigger trades. Try doubling up a £20...
thank you billy for your insight, also regarding the history many, many years ago when forex was not mainstream. i was at that time trading only stocks...
trading is like dancing, don't think and just listen to the music!
  • #57,896
  • Apr 23, 2021 2:20am Apr 23, 2021 2:20am
LOOOOOOOOOOOL.

cable 08-00 break. High broke for enough BUT I DIDNT TRADE IT, LOL sO NO BIG TRADE.
But i did trade the 00-00 4 hour range high break with a smaller trade.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #57,897
  • Apr 23, 2021 2:24am Apr 23, 2021 2:24am
Quoting birdland
{quote} thank you billy for your insight, also regarding the history many, many years ago when forex was not mainstream. i was at that time trading only stocks...
in those days .
You could have £20 in the brokers,
and trade £1 per pip with a 20 stop loss and take 20 profit.
Today you would need £9248 in the brokers.

My trader friends say the ridiculous Margin rate was put there because of me, lol
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #57,898
  • Apr 23, 2021 3:11am Apr 23, 2021 3:11am
Hi all. The BillyBar today smiled on me

So here is my summary for the last 5 days 19.04 - 23.04

Monday: -13 (kept in limbo)
Tuesday: +5
Wednesday: +5
Thursday: +8 (actually +5)
Friday: +4 (actually +5)

Strike Rate: 80% (4/5)
Pip Value: $30 (0.3%)
Pips Total: 9
Gross: +$270
Commission: -$105 ($7/lot)
Net: +$165 (1,65%)
  • #57,899
  • Apr 23, 2021 3:11am Apr 23, 2021 3:11am
Quoting billytt
{quote} in those days . You could have £20 in the brokers, and trade £1 per pip with a 20 stop loss and take 20 profit. Today you would need £9248 in the brokers. My trader friends say the ridiculous Margin rate was put there because of me, lol
Trade with a broker outside of the UK. Problem solved
  • #57,900
  • Apr 23, 2021 3:16am Apr 23, 2021 3:16am
Quoting lddd
{quote} Trade with a broker outside of the UK. Problem solved
i am looking at a nice Nigerian broker,
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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