Could stay longer in the 3rd trade.
- #1,034
- Sep 6, 2007 3:19am Sep 6, 2007 3:19am
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
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DislikedDoes anybody have some advice how to exit in right time and price please ???Ignored
DislikedS=Spine... Some places you can see double spines, especially at the end of this chart... I marked the possible entry/exit based on spine cutting the h-line in purple...Ignored
DislikedIt has actually sunk into my pea-brain two things:
- Zooming out to maximum on chart (~10 hours) gets the full wave effect? -- this is what you recommend ?
- Another purpose of the spine is to observe trend direction?
(Sorry if these questions are too obvious, LT)
Ignored
DislikedObviously he was asking about examples using Williams %R with the rainbow, no need for this jerky reply.Ignored
DislikedSyafi thanks, the link helped. Where is my head why didn't I think of that.Ignored
DislikedMaybe it is for every Rainbow trader clear, maybe not.
I was very unhappy and depressed form my trading last week - trying to make as much pips as possible, I made a lot of trades - by the end I loose money, but WHY? OVERTRADING. Do not make the same mistake.
Simple calculation:
Imagine 2% a day and - from $5.000 to $579.444 in 12 months...can I live from that?
So if I will start first day from $5.000 and want achieve my 2% daily rule I must make $100 first, $102 second, $104 third...$146 twentieth day:
300.000 EUR traded
$100 gain is 3.84pips + RT commission $41 (1.6pips) = $141(5,42pips) totally.
If I will make 5-6 pips first trade(very common for me), done for the day, finished in 1 minute...as Linux says go golfing
Many thanks Linuxtroll again.
BrunoIgnored
DislikedHi Bruno,
and what if you lose in the first trade. Will you make 4% the next day? What if you lose again? Will you make 6% the day after?
I want to prove the strategy with small amount of money. I want to prove it as fast as possible and avoid mistakes in the future with big money. If I make 100 trades this week, I know how the strategy is performing THIS WEEK. If I make 100 trades in 3 month, I know how the strategy is performing in 3 MONTH.
I donīt see any difference?
Just trying to understand. Thanx and sorry for my English.Ignored
DislikedThat was just an example.
Try to make only 1 high prob. trade/day. Can you imagine that? I still have big problems with that.
If you will have enough screen time you will know when to enter and exit high probability trades. Remember this is low frequency trading.
It is only about DISCIPLINE again...
An example from today:
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