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(binned per thread starter’s request) 29yrs Trading & Still Here

  • #341
  • Oct 4, 2022 11:45am Oct 4, 2022 11:45am
Quoting zola
{quote} Especially when it just misses your target by a few points.
Did you make any pips ??
  • #342
  • Oct 4, 2022 11:50am Oct 4, 2022 11:50am
Only one trade today. 21 points on GBPUSD. Buying back into the uptrend.
  • #343
  • Oct 4, 2022 11:53am Oct 4, 2022 11:53am
Quoting zola
Only one trade today. 21 points on GBPUSD. Buying back into the uptrend.
it all counts well done
  • #344
  • Oct 6, 2022 5:27am Oct 6, 2022 5:27am
Does anyone use the ATR/ADR to measure the stop loss distance? I so far always worked with some rather fixed values determined in Pips/Points but it looks to me that it's actually not a smart way of protection because it totally ignores current market volatility.

@T721. Your trading looks rather discretionary to me (no offence). Do you follow any clear daily routine with specific rule based setups you know exactly in advance what the day will look like including your potential risk and profits? Probably further you want to know how much time it takes because time is money too.

You mentioned trading for a living. Do you know the average annual salary of a self-employed person in your country and the cost of living (before tax)?

Here, I would need to make 60k/year from "trading for a living" without having to downgrade my current life. That's 5,000 a month. This wouldn't even be a fancy lifestyle with current inflation and electricity bills as we have to pay right now. Food is also getting more and more expensive. Not to forget you probably also want to put something aside for retirement because you don't want to trade at 70 anymore sitting in front of a chart all day.

You talked about fear/goals. How to trade without fear/goals for a "living" if you know you have bills incoming in at the end of each month. They don't care about your trading success or not. I mean if you do this for a living you don't want to consistently take money from your savings to pay that without paying in again.

I would appreciate some real life experience of people trading for a living and how exactly they manage all this (and maybe don't live in a country where you can get by on $5 a day)

Is prop trading maybe a good way if you don't have that 1-2 Millions in your account already to then start trading for a living?

Regards.
  • #345
  • Edited 2:27pm Oct 6, 2022 1:56pm | Edited 2:27pm
Quoting lddd
Does anyone use the ATR/ADR to measure the stop loss distance? I so far always worked with some rather fixed values determined in Pips/Points but it looks to me that it's actually not a smart way of protection because it totally ignores current market volatility. @T721. Your trading looks rather discretionary to me (no offence). Do you follow any clear daily routine with specific rule based setups you know exactly in advance what the day will look like including your potential risk and profits? Probably further you want to know how much time it...
ADR -- i use it. not for stop loss distance that would be suicide, EG-- gbpusd adr is 250pips. I use adr for target area not for stops

Discretionary -- what works for me i stick with. I might not see what your looking at and vice versa, i just trade my edge with multiple positions and respect the risk on the trade. gbpusd was a great day today for me, was also short eurjpy and while it was a good trade it wasnt as good as gu but im still holding it. i might get stopped out at be but thats the way it goes sometimes. you need to develop your own style and build on it. there aint no short cuts

Average wage -- not too sure but anyone working in Starbucks or something like that would be paid around £11 ph i think depending on position, obviously supervisor, manager would be more

5k per month --- you obviously need a big account but 1250 per week is easily achievable to withdraw every week. then anything you make on top of that stays in your account

Prop trading --- i dont. but if you dont have access to funds then it is a good way just not for me. i trade my own money and trade 3 other accounts. 1 for both my sons and the other my ex wife
  • #346
  • Oct 6, 2022 2:06pm Oct 6, 2022 2:06pm
Quoting T721
{quote} ADR -- i use it. not for stop loss distance that would be suicide, EG-- gbpusd adr is 250pips. I use adr for target area not for stops Discretionary -- what works for me i stick with. I might not see what your looking at and vice versa, i just trade my edge with multiple positions and respect the risk on the trade. gbpusd was a great day today for me, was also short eurjpy and while it was a good trade it wasnt as good as gu but im still holding it. i might get stopped out at be but thats the way it goes sometimes. you need to develop your...
Hello, new to thos thread and I very interested withy your style of trading, I just wanna ask if you use pure price action and what book you've shared here do you recommend for a newbie like me ? I mean pure price action. Thanks a lot
  • #347
  • Oct 6, 2022 2:16pm Oct 6, 2022 2:16pm
Quoting Homamiadana
{quote} Hello, new to thos thread and I very interested withy your style of trading, I just wanna ask if you use pure price action and what book you've shared here do you recommend for a newbie like me ? I mean pure price action. Thanks a lot
all PDFs ive shared is what i used to learn my way. And i built a way of trading that suits me using everything i dropped here and other simple things that work quite well. I cant remember half the pdfs i dropped here as once they are absorbed i dont find the need to go back to them. Download them all then try to stick to one or two only that kind of makes sense then demo trade dont go live. Then decide on waht kind of trader you are -- day, swing, scalper. Scalping didnt work for me i gave a lot of money away doing that but just coz i couldnt do it dont mean others cant. i know quite a few very good scalpers.

And even now i am still learning everyday. still get losses but i define the risk beforehand and if i like the trade im all in. You should always be learning, never stop. I dont know everything-- nobody does.

I dont sell courses, signals, info etc. I TRADE. and always keep learning by going over what went wrong on the bad trades-- its the only way !

There is no magic recipe. But if im on a good trade then i press the hell outta it
  • #348
  • Oct 6, 2022 2:38pm Oct 6, 2022 2:38pm
Quoting T721
{quote} all PDFs ive shared is what i used to learn my way. And i built a way of trading that suits me using everything i dropped here and other simple things that work quite well. I cant remember half the pdfs i dropped here as once they are absorbed i dont find the need to go back to them. Download them all then try to stick to one or two only that kind of makes sense then demo trade dont go live. Then decide on waht kind of trader you are -- day, swing, scalper. Scalping didnt work for me i gave a lot of money away doing that but just coz i couldnt...

Hi T,

Brilliant thread with lots of useful material. Thanks for all will to help and your kindness.
  • #349
  • Edited 4:08pm Oct 6, 2022 2:39pm | Edited 4:08pm
GBPUSD --- today there were a lot of easy trades on the 1hr tf (sorry, shouldnt have said easy--nothing is easy in this game) but they all had defined risk and thats all i need for an edge.

If you cant see these add positions on the 1hr tf then you need to go work on it and repeat every time you see it and go backtest on every other pair. YES every other pair. its a shitloada work but if your not prepared to do it then get out of this game
  • #350
  • Oct 6, 2022 2:47pm Oct 6, 2022 2:47pm
Quoting Jolita
{quote} Hi T, Brilliant thread with lots of useful material. Thanks for all will to help and your kindness.
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  • #351
  • Edited 11:36am Oct 7, 2022 11:14am | Edited 11:36am
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  • #352
  • Oct 7, 2022 11:15am Oct 7, 2022 11:15am
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  • #353
  • Oct 7, 2022 11:29am Oct 7, 2022 11:29am
Quoting T721
{image}
I have an EA I built that only wins 24% but makes a shit load of $$$ because of the $$$ management rules. I feel better using it, than the ones I have that are 75% winners. It's crazy but true. Our minds are conditioned by media to think like shit and we have sub conscious patterns we are attracted to that can screw you big time. In trading good $$$ management is the key, I could take anyone's crappy losing system and turn it into a winner. Haven't tried it but could probably do the same with a coin toss strategy. LOL
MY GRID. Markets are NOT random.
  • #354
  • Oct 7, 2022 11:33am Oct 7, 2022 11:33am
Quoting tonyb123
{quote} I have an EA I built that only wins 24% but makes a shit load of $$$ because of the $$$ management rules. I feel better using it, than the ones I have that are 75% winners. It's crazy but true. Our minds are conditioned by media to think like shit and we have sub conscious patterns we are attracted to that can screw you big time. In trading good $$$ management is the key, I could take anyone's crappy losing system and turn it into a winner. Haven't tried it but could probably do the same with a coin toss strategy. LOL
i gotta say im technically challenged, wouldnt have a clue how to build an EA am too dumb for that Great to hear your making money with it Ive got loads of Indis for MT4 but have never used them, just store them for people who do
  • #355
  • Oct 7, 2022 11:41am Oct 7, 2022 11:41am
Quoting T721
{quote} i gotta say im technically challenged, wouldnt have a clue how to build an EA am too dumb for that Great to hear your making money with it Ive got loads of Indis for MT4 but have never used them, just store them for people who do
I paid for it to be built, IM dumb too
A tip for traders if they have tracked their win loss ratio is this: the lower the % to win the higher your risk to reward has to be. On my 24 % EA I have it set to 1/8 - 1/12. MY 75%+ EA's it is 1/2 - 1/4.
MY GRID. Markets are NOT random.
  • #356
  • Oct 7, 2022 11:50am Oct 7, 2022 11:50am
NO BUGGER HAS PATIENCE THESE DAYS

took me 7yrs to get black belt in taekwondo --
took me 10yrs to win Mr Scotland.
took about 5yrs to grow the T/O of my first business to 750k
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  • #357
  • Oct 7, 2022 11:57am Oct 7, 2022 11:57am
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  • #358
  • Oct 7, 2022 11:58am Oct 7, 2022 11:58am
Quoting tonyb123
{quote} I have an EA I built that only wins 24% but makes a shit load of $$$ because of the $$$ management rules. I feel better using it, than the ones I have that are 75% winners. It's crazy but true. Our minds are conditioned by media to think like shit and we have sub conscious patterns we are attracted to that can screw you big time. In trading good $$$ management is the key, I could take anyone's crappy losing system and turn it into a winner. Haven't tried it but could probably do the same with a coin toss strategy. LOL
I think this has been done. Can't recall (age or medication) when/where. The individual made it profitable with good money management.
Mark ... Everything you have been told is a LIE
  • #359
  • Oct 7, 2022 12:04pm Oct 7, 2022 12:04pm
Quoting spzd
{quote} I think this has been done. Can't recall (age or medication) when/where. The individual made it profitable with good money management.
Never really thought about it until I was typing it out, but I think it would be a fun and interesting experiment to try.
MY GRID. Markets are NOT random.
  • #360
  • Oct 9, 2022 5:27am Oct 9, 2022 5:27am
https://youtu.be/nikfmIVX8g8
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