Thanks LT--I'm also eagerly anticipating your e-book, get it out already man! :-)
- #1,361
- Sep 12, 2007 7:11pm Sep 12, 2007 7:11pm
- | Commercial User | Joined Mar 2004 | 1,255 Posts
I am trying hard... Now you have put a lot of pressure to include Money management and risk management... Just kidding... I have already included Money Management and Risk Management with simple rules in there...Working on New Mantra, Motivational stuff and resource links etc now... I will release it soon and add more advanced stuff to it in Dec (must be a living and breathing e-book with version control)... LoL
- #1,366
- Sep 12, 2007 10:04pm Sep 12, 2007 10:04pm
- | Joined Nov 2006 | Status: Come and get it! | 183 Posts
Originally Posted by linuxtroll http://www.forexfactory.com/images/buttons/viewpost.gif
Let's create our own platform for the empire... Platform will only allow 5 sec Rainbow chart and a ladder to scalp 500 trades per minute... Need extreme liquidity... LoL
You work on the platform; I'll work on the liquidity.
- #1,369
- Sep 12, 2007 10:39pm Sep 12, 2007 10:39pm
What about some heavy metal in the background... Currency making metal noise... Ho Ho Ho... LoL
- #1,372
- Sep 13, 2007 12:00am Sep 13, 2007 12:00am
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
I want to scalp $500 by end of this month with only $1k investment. 
1) Has anyone noticed that trading the 1 minute foldovers on
a 5-sec chart seems to be slightly more consistent than
spine parallel trends? I may be imagining it, but if I'm looking for a large
movement with high probability of monodirectional movement, waiting for
aggressive 1-min foldovers has worked really well for me...
2) LT is totally right in re: the money management/risk ideas -
the whole point of the rainbow, from my experience, is to eliminate trading
on anything but a really healthy trend (or foldover), by allowing the 1-min
rainbow to act as a filter - a good 1-min chart filters out noise for the
5-sec frame. The relatively few trades that should result are not really best
viewed through a statistical or probabilistic framework, so metrics that
depend on statistically significant number of trades are not so applicable
here
3) Your real capital is NOT the money in your account, it's the quality of
your patience (1-min), your alertness (5-sec), and the sheer amount of
time you allow yourself to wait for the perfect setup (sorry if that sounds
corny, i was trying to be inspirational...
)
a 5-sec chart seems to be slightly more consistent than
spine parallel trends? I may be imagining it, but if I'm looking for a large
movement with high probability of monodirectional movement, waiting for
aggressive 1-min foldovers has worked really well for me...
2) LT is totally right in re: the money management/risk ideas -
the whole point of the rainbow, from my experience, is to eliminate trading
on anything but a really healthy trend (or foldover), by allowing the 1-min
rainbow to act as a filter - a good 1-min chart filters out noise for the
5-sec frame. The relatively few trades that should result are not really best
viewed through a statistical or probabilistic framework, so metrics that
depend on statistically significant number of trades are not so applicable
here
3) Your real capital is NOT the money in your account, it's the quality of
your patience (1-min), your alertness (5-sec), and the sheer amount of
time you allow yourself to wait for the perfect setup (sorry if that sounds
corny, i was trying to be inspirational...
)
- #1,376
- Sep 13, 2007 5:21am Sep 13, 2007 5:21am
- | Commercial User | Joined Mar 2004 | 1,255 Posts
You said the magic word, consistency and that's exactly what you'll need in order to make this happen. Plan on being patient with yourself and not rushing the process. LT has been trying to show you that by putting in the screentime, you'll really understand the market. You'll be more profitable in the long run and able to sustain yourself on a daily basis. How long will it take? Depends on how fast you can develop your eye. 3 years, 5 years...it doesn't really matter because you'll be stacking up money along the way with whatever size you're trading. Best of luck to you!
- #1,378
- Sep 13, 2007 5:24am Sep 13, 2007 5:24am
- | Commercial User | Joined Mar 2004 | 1,255 Posts
I want to scalp $500 by end of this month with only $1k investment.
- #1,379
- Sep 13, 2007 5:29am Sep 13, 2007 5:29am
- | Commercial User | Joined Mar 2004 | 1,255 Posts
1) Has anyone noticed that trading the 1 minute foldovers on
a 5-sec chart seems to be slightly more consistent than
spine parallel trends? I may be imagining it, but if I'm looking for a large
movement with high probability of monodirectional movement, waiting for
aggressive 1-min foldovers has worked really well for me...
2) LT is totally right in re: the money management/risk ideas -
the whole point of the rainbow, from my experience, is to eliminate trading
on anything but a really healthy trend (or foldover), by allowing the 1-min
rainbow to act as a filter - a good 1-min chart filters out noise for the
5-sec frame. The relatively few trades that should result are not really best
viewed through a statistical or probabilistic framework, so metrics that
depend on statistically significant number of trades are not so applicable
here
3) Your real capital is NOT the money in your account, it's the quality of
your patience (1-min), your alertness (5-sec), and the sheer amount of
time you allow yourself to wait for the perfect setup (sorry if that sounds
corny, i was trying to be inspirational...
- #1,380
- Sep 13, 2007 5:38am Sep 13, 2007 5:38am
- | Commercial User | Joined Mar 2004 | 1,255 Posts
We have great system.
But how to build DISCIPLINE? I read MANTRA many times a day.
-Find out the time of the day it moves...
-Only trade during those times...
-Look to get x pips per trade with n lots (compound by gradually increasing the n with your success - decrease n with failure)...
-look at the 5 sec Rainbow chart (sneak peak at 30 sec)
-identify the direction (no direction or movement; do not trade)
-Jump in and jump out...
-Get out and enjoy your life...
-Account will grow...
There you have it (a small mantra for you)... LoL