thanks guys
yup that will be my discipline problem again. must stop looking at lower tf.
yup that will be my discipline problem again. must stop looking at lower tf.
- #15,062
- Nov 6, 2008 2:52pm Nov 6, 2008 2:52pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Keep taking CT trades, I need more money
- #15,063
- Nov 6, 2008 2:52pm Nov 6, 2008 2:52pm
- Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
thanks guys
yup that will be my discipline problem again. must stop looking at lower tf.
Please note - I didn't say easier, just less stressful. But I didn't understand the meaning of the word 'profit' until I made the move. I didn't stop me doing stupid things afterwards, but I couldn't blame the charts or Jim's teachings.
The other thing I had to learn was your other key word - 'discipline'.
- #15,065
- Nov 6, 2008 4:36pm Nov 6, 2008 4:36pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Most of us got suckered into this business with promises of unlimited wealth trading 5 & 15-min charts. It's a hard habit to break but once you can learn to wait for trades to come to you on a Daily chart you'll discover how less stressful trading is.
Please note - I didn't say easier, just less stressful. But I didn't understand the meaning of the word 'profit' until I made the move. I didn't stop me doing stupid things afterwards, but I couldn't blame the charts or Jim's teachings.
The other thing I had to learn was your other key word - 'discipline'.
I do better on the 5min vs the 4hr but I did trade several years off the 3min and my mentor of 20 years did the same. I think it depends on the person. I don't trade the 5min for a quick profit I trade it due to I handle is better mentally and emotionally.
In fact I signed up to J16 to try to learn how to trade the longer times so I don't have to watch it but it just did not work.
Keep taking CT trades, I need more money
waiting, watching.
- #15,067
- Nov 6, 2008 4:45pm Nov 6, 2008 4:45pm
I do better on the 5min vs the 4hr but I did trade several years off the 3min and my mentor of 20 years did the same. I think it depends on the person. I don't trade the 5min for a quick profit I trade it due to I handle is better mentally and emotionally.
In fact I signed up to J16 to try to learn how to trade the longer times so I don't have to watch it but it just did not work.
It keeps on being said.
Everyone is different, & it just takes time & research to find what works & what one is happy & comfortable with..
- #15,068
- Nov 6, 2008 4:57pm Nov 6, 2008 4:57pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
i think ryan would be the first to say he is not the norm. if not i will say it. lol.
the vast majority of people never even get decent at trading 5 minute and i dont care how many years they try. the ones that do generally have years of experience, a large account and a complete refusal to take anything other than an A++ entry. also dont forget they need a solid method that is based on price and not indicators. very few people get there either.
i personally trade intraday on a tick chart and sometimes a volume chart. sometimes its equivelent to a 5 minute or less and sometimes a 30 minute or more. i like a 2000 tick chart and as i said one time before i may very well be the only person on the planet that uses 2000.
that was not stumbled upon, it came as a result of practicing all the things i preach over many many years. it just fits me.
its much easier than standard time frame trading. it makes intraday forex trading a hundred time easier, or at least it does for me.
is there anything wrong with demo trading any time frame you want? of course not. its the smartest thing a new trader can do. prove to yourself early on that your much better off learning this business from a longer time frame and then over time see if you can progress down.
the problem is of course that most new traders have two or three days of success on 5 minute demo, become convinced they have fouind a pot of gold, open an account with rent money and lose it all within a month.
that finger points at me also but it was a while back thankfully.
jim
the vast majority of people never even get decent at trading 5 minute and i dont care how many years they try. the ones that do generally have years of experience, a large account and a complete refusal to take anything other than an A++ entry. also dont forget they need a solid method that is based on price and not indicators. very few people get there either.
i personally trade intraday on a tick chart and sometimes a volume chart. sometimes its equivelent to a 5 minute or less and sometimes a 30 minute or more. i like a 2000 tick chart and as i said one time before i may very well be the only person on the planet that uses 2000.
that was not stumbled upon, it came as a result of practicing all the things i preach over many many years. it just fits me.
its much easier than standard time frame trading. it makes intraday forex trading a hundred time easier, or at least it does for me.
is there anything wrong with demo trading any time frame you want? of course not. its the smartest thing a new trader can do. prove to yourself early on that your much better off learning this business from a longer time frame and then over time see if you can progress down.
the problem is of course that most new traders have two or three days of success on 5 minute demo, become convinced they have fouind a pot of gold, open an account with rent money and lose it all within a month.
that finger points at me also but it was a while back thankfully.
jim
I do better on the 5min vs the 4hr but I did trade several years off the 3min and my mentor of 20 years did the same. I think it depends on the person. I don't trade the 5min for a quick profit I trade it due to I handle is better mentally and emotionally.
In fact I signed up to J16 to try to learn how to trade the longer times so I don't have to watch it but it just did not work.
- #15,073
- Nov 6, 2008 6:45pm Nov 6, 2008 6:45pm
Thats the way it goes with this trading world, i often think that the weakest part of my trading system is me.
Psychology is a killer. "The devil makes work for idol thumbs" . So true!
I was hopeing that someone in this thread could help answer a question i have about Scaleouts. I have started a new thread about it, but thought id ask here aswell. As you are all very experienced.
ThankYou
Ill just Paste it :
Hi All,
Iv recently implemented scaleing out of winning positions. To protect from losses and allow a free trade.
Been having problems with it and need advice please!!
The scale out i use is 2/3 out at +50% the stop loss size.
For example a 30pip stop loss & 3 lots in total, i will close out 2lots when im 15pip+. And then let the remaining 1 lot run to target as a free trade.
Im likeing how once the free trade is on i basically have no risk and that feels great. However, i have been finding that to reach a sufficient risk reward of atleast 2to1, preferably 3to1. The remaining 1lot (1/3rd) needs to do a lot of pips.
In the above example 2to1 would need 120 pips. 3to1 needs 180 pips.
Loads of my trades have been falling short of this figure and then either stopping me out at breakeven or at my stop loss lvl for a free-trade.
So for every trade that fails altogether and doesn't get the scaleout, its costing me 3-4 trades that reached scaleout lvls but fell-short final targets.
I must have seen 1000+ pips profit over the last week that i couldn't close out as they fell short the acceptable RR lvl. So broke even with only the scaleouts.
Anyone else use this scaleout system? Anyone know of Other types of scaleouts that work better?
Thanks for your help
Psychology is a killer. "The devil makes work for idol thumbs" . So true!
I was hopeing that someone in this thread could help answer a question i have about Scaleouts. I have started a new thread about it, but thought id ask here aswell. As you are all very experienced.
ThankYou
Ill just Paste it :
Hi All,
Iv recently implemented scaleing out of winning positions. To protect from losses and allow a free trade.
Been having problems with it and need advice please!!
The scale out i use is 2/3 out at +50% the stop loss size.
For example a 30pip stop loss & 3 lots in total, i will close out 2lots when im 15pip+. And then let the remaining 1 lot run to target as a free trade.
Im likeing how once the free trade is on i basically have no risk and that feels great. However, i have been finding that to reach a sufficient risk reward of atleast 2to1, preferably 3to1. The remaining 1lot (1/3rd) needs to do a lot of pips.
In the above example 2to1 would need 120 pips. 3to1 needs 180 pips.
Loads of my trades have been falling short of this figure and then either stopping me out at breakeven or at my stop loss lvl for a free-trade.
So for every trade that fails altogether and doesn't get the scaleout, its costing me 3-4 trades that reached scaleout lvls but fell-short final targets.
I must have seen 1000+ pips profit over the last week that i couldn't close out as they fell short the acceptable RR lvl. So broke even with only the scaleouts.
Anyone else use this scaleout system? Anyone know of Other types of scaleouts that work better?
Thanks for your help
- #15,074
- Nov 6, 2008 7:08pm Nov 6, 2008 7:08pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
I totally understand this and you make a great point. i am a lot like you to be honest. its really not one or the other, it can be both.
when daytrading its easy for me to watch 8 hours go by and do nothing knowing that when that one great entry comes im going to cash in on 5 or 10 grand in an hour or less. i just simply could not force myself to be patient when that reward only meant a hundred dollars.
thats why i say all the time you can take the same trader and give him a $500 dollar and a $100 thousanddollar account and turn him loose to trade intraday. he will blow that 500 dollar account sure as anything. he will on the other hand have a pretty decent chance with the large account.
why?...
I watched 8-10 hours a day for 7 days a few weeks ago and took 0 trades, I don't think many people can do that lol. It's just how people work, I bet I could do the 4hr stuff but again it's not for me.
I would also like to add I lost for 4 years starting out using the 5min and this is with a mentor telling me what to do so no it's not easy even with someone holding your hand. We would take the same trades and I would lose he would win it was that bad. Take your time put IN your time into these charts, if you have a job and can not watch it real time you need to watch it at night. Looking over charts is good but WATCHING how they move to get a feel for what is going to happen is key for me.
P.S. No I am not the norm, thanks Jim
Keep taking CT trades, I need more money
- #15,075
- Edited 7:47pm Nov 6, 2008 7:31pm | Edited 7:47pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
Oh, thanks man , What a honour, it's you, who give me great idea how to make a bussiness. I'm still little trader but hard fighter.
i admire you. very few people can keep the correct mindset over the long haul when attempting to take a small account to a large one. i tried for almost a decade and never succeeded with this approach. as a result i have a deep respect for those of you that accomplish this.
jim
