The System II (Yes with irony)

... 00's again ...

THIS IS AN EXERPT FROM POST#538, i would also look at pos#810


Guys

I have some interesting questions about exits/limits..etc...rule of 20..all that

20( or any number) stop loss is what guru's consider a "hard stop" ...it's an insurance against a catastrophic move against your position.

Although we're trailing that stop, if you see the market moving like 15+ pips in your favor and all of the sudden it gets down to 6, 5, 4 back...do me a favor and press the panic bottom...please??? Do this as many times as you see it happening and I promise you will get a runner very soon

don't let a winner turn into a loser.... Hey dare

read the last bit of the post again, it basically say ing dont let winner become loser,

earlier in the post he had stated that ,"so what if you bail and then it runs off, there will be more trades

Hello,

Let us remember this: The market determines our expectancy not the other way around. A choppy market is telling us something... so if you don't want to wait for a more definitive swing... then adjust your expectancy.

My previous post #3319 was directed to FOURX, but anyway
the consistency of the entries is very important and mixing them has a misleading outcome,
because if trade goes wrong you're not going to be able to asses the problem.
For that reason just few hours ago I've been hesitating to play inside the range.
Clean 1-2-3 set-up is happening often enough to make good money, if you add a fractal reversal, that's really plenty.
Any other additions may simply look like forcing unnecessary entry.

... maybe if my win/loss ratio was other way around, than it's so far
I probably would be more concern about pushing a panic button often, but ... it isn't
So, negative 10 instead positive 20 ... once in blue moon are not gonna make me desperate.

well i would suggest you read it again, and take notes with regards to FEBS instructions relating to exiting trades if unsure about its chances.

if you want to preach your methodology , make it clear that it is not the thread originators advice, as it could be misleading to people who have'nt taken NOTES

Feb also said
"I also made the mistake of bringing up my mentality of a hyper - high frecuency trader. That's why I am so agressive with stops. I believe for this slow (for me) time frames, we should give the stops some room.
"
By given some room i think he talk about using last swing hight/low, the "logical" stop, and wait for the price to show his reel hand...

i was trying to find that post too he also said in another post that you could move your stop based on the most recent level. around post 1000 there has been this change of management. i guess that expectancy can be defined as either a strong break with tight stops (as has been defined in the earlier part of the thread) or expecting a retest of breakout (more emphasized in the later part) and very nice illustrated by fxachilles a few pages back.

remember that feb encourages to make it so that it works for us. he also said not to worship anything - not even the "system". this is all the meat of the "system". some guidelines and a lot of practice.

Uh ah... true colors shining through?

post 2332 - one of most recent gems from feb

"Manage your trades based on your expectancy, not what the market might do.

Have this already pre-programed in your head.

Move your stops based on what you're looking for, not what the market is presently doing. If you're going to trail your stop on every single hiccup you're going to go nuts...that's for sure. "

" This thread had a change of hearts based precisely on trade management - Read post 2286.

I am willing to lay a hand of course. But a crude reality of trading is that eventually, you're on your own. You're the one who call the shots . This is exactly why I try not try spoon feed people.

You need to stop playing with the market and start trading. The time for experimentation is over. Shape your plan up, use the example I gave on this particular post (or any variations based on your style or risk tolerance) and go for the kill. "

FOURX, you see my reply just above, there isn't much to add to it.
Re: preaching a methodology, You simply mixing things together and I don't know why.
On another hand I don't really care ... why or for what reason.
I'm happy with this "system" as it is. Simple and easy. Works for me just fine.
If you're trying to show as something, what we may don't know, please do it ... , but without pointing your nose up.

OK, ...back to trading, ... 00's again, this is fourth time,
two winers, one break-even and this going ... well, so far

Looks like we are having a chop monster within a chop monster... so that's it for me today guys. Tomorrow is news time so there should be more action. See you tomorrow.

Thank you

... I'm about to close the last trade, have enough of this ugly game today.
I don't remember of such a tight range: top 1.44439 bottom 1.43672
makes 76.7 pip; if divided by 24, that's less then 3.2 pip per hour
Exited on B/E

[quote=mihaig78;2928987]post 2332 - one of most recent gems from feb

"Manage your trades based on your expectancy, not what the market might do.

Mihaig,

Great quote.... Here are a few posts that may be of help.

pg. 36 post# 538
pgs. 58-60 # 865,867,869,878 @898

Hey Dare,

I hav read todays thread, thanks for your consistent and useful updates as usual. But more importantly well done to you coming out IN FRONT after what has been a very difficult day. This proves yet again that the method is sound.

One other point, we are in August now, volume does diminish during August due to holiday`s, perhaps this could be connected with the narrow range, but let`s see what tomorrow brings.

Regards

Paul

guys,
its great to see everyone brain storming and going over febs posts about expectancy.. but keep one thing in mind.. simplicity is the key here.. expectancy simply put is: price must go your way in a reasonable time, speed and rhythm. If the above its not happening.. based on your comfort level and tollarance you must make your exit decision.. for me I would like for the price to show his reall hand.. I don't go running away with a hiccup.. nice and simple. You got to make expectancy to work for you and find your own way with it.

falling into toomuch of details and looking for a set of concrete rules will ruine you no matter how good your expectancy skill is.. I think on my long ass post the other day I particulary toached on this issue..

you wanna know about one of febs best quote? here it is..
"this is a constant changing enviroment (market), so you can not put a square box around it."
what does that tell you? it tells you.. stop looking for set of clear cut rulles to be your saviour.. it don't exists in this market!!.. if anyone tells you otherwise he is taking you for a ride in a hole.

you wanna know about another quote: "make losing part of your aganda." what does that tell you?.. you will have shitty days like this.. shake it off and come back tomorrow even stronger.. focus on your bottomline and come to realization that pursuing runners are important in this way of trading bcz one runner will wipe out all your little today's losses.

today it was not that hard to understand this choppy market and recognize the important levels breakout.. screen time will eventually give you this edge.. I was managed to not trade anymore after my two live trades with you guys.. as crazy as I am but when market is like this I am able to sit on my hands and not force trades..

good luck.

What do you guys think about the tokyo session?

Do you think it is good to trade with this style?