Another great day for DIBs guys .
Actually it makes me scared because you cant win all the time
no you can't. that's why you gotta try and hit the home runs consistently in order to absorb the small losses that will occur
The DIBS Method... No Free Lunch continues
- #2,783
- Jun 24, 2008 9:46am Jun 24, 2008 9:46am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Another great day for DIBs guys .
Actually it makes me scared because you cant win all the time
Indicators show the past. Price Action "Indicates" the future.
- #2,785
- Jun 24, 2008 9:51am Jun 24, 2008 9:51am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
now if only I'd taken that 4hr and added to the postion on the hourly....
Indicators show the past. Price Action "Indicates" the future.
- #2,788
- Jun 24, 2008 10:08am Jun 24, 2008 10:08am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #2,789
- Jun 24, 2008 10:16am Jun 24, 2008 10:16am
Hello,
I had intentions of sending Jim a private message with my comments but decided that it would be better to engage everyone here in the hope that we can keep this thread with the simplicity that Peter Crowns left us with. Now, I am the first to admit that there has been moments trading DIBS that I have not followed it exactly how PC meant it but that is a personal/discreationary thing that each of us have to deal with. However, when it relates to posting we should make a sincere effort for the sake of this thread.....and I have seen many disintegrate after the original contributor moves on...... to help Jim keep this thread focused on what Peter C left for us to investigate, practice and eventually be sucessful with. The first post by Jim clearly states how we should trade DIBS ....why reinvent the wheel? Why at this point with DIBS are we looking for other options? Please...let us stick to the original approach otherwise I have a strong feeling that we will be confusing newcomers and eventually end up with something that Peter would find insulting to his unconditional generosity. I apologize to anyone who takes this personally..it is not meant to point the finger at anyone here but I care enough and Iam serious enough to bring this up before it is too late.
My best intentions to all.
I had intentions of sending Jim a private message with my comments but decided that it would be better to engage everyone here in the hope that we can keep this thread with the simplicity that Peter Crowns left us with. Now, I am the first to admit that there has been moments trading DIBS that I have not followed it exactly how PC meant it but that is a personal/discreationary thing that each of us have to deal with. However, when it relates to posting we should make a sincere effort for the sake of this thread.....and I have seen many disintegrate after the original contributor moves on...... to help Jim keep this thread focused on what Peter C left for us to investigate, practice and eventually be sucessful with. The first post by Jim clearly states how we should trade DIBS ....why reinvent the wheel? Why at this point with DIBS are we looking for other options? Please...let us stick to the original approach otherwise I have a strong feeling that we will be confusing newcomers and eventually end up with something that Peter would find insulting to his unconditional generosity. I apologize to anyone who takes this personally..it is not meant to point the finger at anyone here but I care enough and Iam serious enough to bring this up before it is too late.
My best intentions to all.
Unus pro omnibus, omnes pro uno
- #2,790
- Jun 24, 2008 10:19am Jun 24, 2008 10:19am
Nice PipA. A few more days like this and you will let some of them ride. Meaning you won't move your stop loss to b/e (keeping your "free trade"). The thing about long term trades is that you will have to get use to your pip amouts going up 300 pips and then down 250 pips . . . and then up 450 pips . . . and then down 150 pips. It just takes time to get use to it.
So true.... I am trying to reach that state of mind with my trades even if I only trade 1micro unit!!
Unus pro omnibus, omnes pro uno
- #2,791
- Jun 24, 2008 10:28am Jun 24, 2008 10:28am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Jim..
So true.... I am trying to reach that state of mind with my trades even if I only trade 1micro unit!!
Indicators show the past. Price Action "Indicates" the future.
- #2,792
- Jun 24, 2008 10:41am Jun 24, 2008 10:41am
That's why we practise my friend.
the problem with long term trades right now in usd pairs is that they are in heavy consolidation and i find my self each day taking opposite directions.
i think it's not a good time for long term trades, the intradays trades give us lots of pips.
- #2,793
- Jun 24, 2008 10:44am Jun 24, 2008 10:44am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #2,794
- Jun 24, 2008 11:41am Jun 24, 2008 11:41am
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 913 Posts
This is true.
But no one knows where Price will go. We just want to be riding on some free trades when Price decides.
We are seeing the narrowing of the price channels, my guess is that soon we'll have a nice break and then, if you are riding a free trade, you'll be very happy
Until this time, I personally keep collecting some good pips, for opposite directions almost every day. Today, EUR, CHF and JPY were strong, yesterday, USD made my day.... until Mr. Market makes his mind. I see no problem at all in managing your exits at this time, trying to catch the big movement when it arrives.
We are dancing according to the music... if the market is choppy, I tend to exit my positions sooner, almost never holding them more than 1 or 2 days, but always with one eye open to some potential good breakout...
Cheers!
HT
Many share my views with me. But I don't share them with them...
- #2,799
- Jun 24, 2008 2:16pm Jun 24, 2008 2:16pm
Trailing stop hit at 1.5585 for 13 pips on second lot....had entered at 10am BST with two lots - PT1 @ 22 pips, other to run free. Saw price go up to 1.5622 late this afternoon hitting PT1 on the way, but held finger off the close button as I am trying to discipline myself to allow trades to run....did move stop up to 1.5585 to garner some additional defensive pips against the losing trades in future.
Entries are not really my problem......besides sound money management, I reckon good trading is about developing good exit strategies and managing free runners to extract good rewards. As exits are my problem area, if anyone can point me in the direction of good advice in this matter, I'd appreciate it.
thanks,
AT
Keep it simple at first and practice with either a demo or a small amount of $$$ until you get the feel for it.
Unus pro omnibus, omnes pro uno
- #2,800
- Jun 24, 2008 3:02pm Jun 24, 2008 3:02pm
- | Joined Sep 2007 | Status: Breakout Baby | 692 Posts
Entries are not really my problem......besides sound money management, I reckon good trading is about developing good exit strategies and managing free runners to extract good rewards. As exits are my problem area, if anyone can point me in the direction of good advice in this matter, I'd appreciate it.
thanks,
AT
A system (winning or losing) can be divided like this:
50% MoneyManagment
40% Psychology
8% Exits
2% The rest (including entries)
Now with this in mind, try to understand what PC have told us. A good system is not a system that had a good win/lose ratio, we don't even look for 50% rate. What we are looking for is a system with a good risk:reward and where we let our profits run, and where we add to them.
Bad MM will cause you to lose even if you use DIBS (hard to believe I know
). Stick to the rules, thats where the psychology comes in. If you trade differently every time, then you'll soon find that you don't know what you are doing and that'll cause even more losses. Exits are the most important after that. They allow us to be winning traders. For that we need our wins to exceed our losses. How? Find a system that gives you an entry and learn how to let your profits run (PC have shown us this). Don't try to go to BE just to lock in some profits too soon. We are looking for trades that run, run and run. That's what will distinguish us from the traders that are contantly losing. So if our winrate is 40% we should still be winners, DIBS entries have shown to give more than 40% by the way. The rest of the system is the entries and we allready have that covered.Remember MM and psychology, they are very important. And keep practising on the exits. Take the DIBS you see (with your discretion), the entries are easy by now yes?!
Keep practising DIBS'ers! Cheers