Keep taking CT trades, I need more money 
james16 Chart Thread
- #32,061
- Jun 3, 2009 1:42pm Jun 3, 2009 1:42pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Ive notcied that too ;-) Ive been alot more picky in the past month and have been more calm and just relaxed causing me to be more patient. I like this and had my best trade ever on Monday
dmc,
we all will always be unique from each other. some picky, some less, some very picky.
My main point (on my previous response) would be:
be picky but be open-minded (to other possibilities/scenarios) too.
what i quickly noticed is that if u try to become ultra picky, u increase your personal patience level. i'd say this is a very good by-product/effect of being picky.
- #32,063
- Jun 3, 2009 1:45pm Jun 3, 2009 1:45pm
I see charts all day, most look good... Does anyone on here trade? If people traded and made / lost money it seems they would talk more about risk and how to manage it.
I have been doing this a long time now and it seems that most just like the feel of being right, even if they dont make money. Trading maybe a hobby or something to pass the day....
I agree with the point that controlling risk is of vital importance to actually making money & (if desired) making a living from trading.
To be fair though Ryan, this is a public forum with many different types & styles of trader & these traders are all at different levels of experience.
when we start out learning this thing called trading, most of us start looking for a way to make money---looking for a system or method.
the desire then is to find something that is thought to be somewhat of a sure thing.. this makes people feel better about risking their money & gives the ego a boost when they are right.. I think this phase can last a long time for most..
The trader then starts to realize that they are right a lot but not making any money & frustration begins, leading to either learning to control risk or finding a way to be more right more often (system hunting).
It should & would be better if we learnt about risk control & how important it is first, but it simply doesnt happen that way for most.
It takes as long as it takes for each individual & when they reach that point is when we see the emphasis shift from posting set ups/entries to posting about trade management & risk management.
You are very experienced & are where many here want to be, maybe you could start talking about your risk control when you post your trades. I know you have posted before about 1:1 with trend & 1:2 or3 against, but i'm sure there are times when you do something different for whatever reason. We are all learning here & all the new people eat up all the posts from experienced traders such as yourself.
Yes there are people here who are just concentrating on entries/exits but i am sure there are others who are learning/implamenting risk control.
just my opinion..
- #32,065
- Jun 3, 2009 1:50pm Jun 3, 2009 1:50pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
....Ive been alot more picky in the past month and have been more calm and just relaxed causing me to be more patient. I like this and had my best trade ever on Monday
That's it, dmc. all u (we) have to do now is repeat that, over & over & over again.
Congratulations!
- #32,067
- Jun 3, 2009 2:00pm Jun 3, 2009 2:00pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
I agree with the point that controlling risk is of vital importance to actually making money & (if desired) making a living from trading.
To be fair though Ryan, this is a public forum with many different types & styles of trader & these traders are all at different levels of experience.
when we start out learning this thing called trading, most of us start looking for a way to make money---looking for a system or method.
the desire then is to find something that is thought to be somewhat of a sure thing.. this makes people feel better about...
Ya you are right, I just wish I could chat with others that trade for a living, make money, and want to get better. I guess I will go back to avid trader chat again and know people on that site for over 9 years that post trades and what risk they are doing, here it's more talking and wishing I think then doing. Oh well hope my posts today showed someone what I was thinking, the 1st post was talking about 2:30 being the time, it was and I closed
Have a good one
Ryan
Keep taking CT trades, I need more money
- #32,070
- Jun 3, 2009 2:17pm Jun 3, 2009 2:17pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
I suppose the question which I'm asking myself is how I'm going to play these.
It's a choice between the "only give it one day to break" approach, and the "wait for a breach at one end or the other" method.
Not 100% sure yet.
Interceptor,
Ultimately, it's your choice in the end.
But here's an insight: u can be flexible. U can use the "only give it one day to break" approach as your default strategy or plan A, but if it doesn't break immediately on the next bar (in that cadchf, to the downside) & forms IBs/goes into a range, then plan B could be observe/monitor this PB for a possible pending trade for as long as it takes, & gauge possible price direction & trend/momentum (by "eye"/experience; PA & confluences --PPZ etc; &/or using indicators) and trade accordingly (that is, for example, if a. cadchf price direction, trend, &/ormomentum still seem bearish/to the downside, then keep on monitoring the trade, & keep your entry limit order on; if not, b. then u may quickly cancel your entry limit order &/or abandon it outright)
in your earlier post, u "scrubbed the pending trade this morning as it seemed price was intent on heading upwards" ---- u removed your limit order, but what's good is that u put it back in because u monitored PA that time. U might not be aware of it but u sort of just did what i posted above.
Hope this makes sense..
I logged back in just for this, now where was I? Ahh...
- #32,072
- Jun 3, 2009 2:25pm Jun 3, 2009 2:25pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
Welcome to the thread Alex.
From my experience dblhc have better probability if they're taken at swing low, same as buov bars. Taking this bar right now is becoming too risky imo. Trend is strong, but it ran for four days without any good retrace. I think one is due and it might take fiber back to around 3940/4000.
.
- #32,073
- Jun 3, 2009 2:33pm Jun 3, 2009 2:33pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
Didn't get my 4350 in asia either and .....
.
Back to a drawing board; need to do better planning ..
- #32,076
- Jun 3, 2009 2:52pm Jun 3, 2009 2:52pm
If things will works out as I think they will, I would've been only 13 pips short from catching the swing's top....
Back to a drawing board; need to do better planning ..
- #32,078
- Jun 3, 2009 3:09pm Jun 3, 2009 3:09pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
I see charts all day, most look good... Does anyone on here trade? If people traded and made / lost money it seems they would talk more about risk and how to manage it.
I have been doing this a long time now and it seems that most just like the feel of being right, even if they dont make money. Trading maybe a hobby or something to pass the day. If someone really does want to make it they need to look at risk and how to manage it. The reason I am posting this is looking for the people who care about risk and really do want to trade for a living...
K.I.S.S.
- #32,079
- Jun 3, 2009 3:20pm Jun 3, 2009 3:20pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
KissFan,
LOL... euraud 200+ pips in just 2 hours.
Too bad, i already closed shop about 2hrs ago, as it's already 2am here.
It's been a good day trading. You are on the other side of the globe from me. I guess you get to trade the London open.
K.I.S.S.
