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Silent Service Method

  • #4,641
  • Aug 15, 2009 2:16pm Aug 15, 2009 2:16pm
Quoting hel13rock
Trading and chess... Anyone see any similarities?

I play as barneydunn (my husbands account ) at chessworld.net

I'd love to give someone a game?
Only play after a good nights rest! Don't make me concentrate. lol

I bet there are some good chess players on this forum.
  • #4,642
  • Aug 15, 2009 2:20pm Aug 15, 2009 2:20pm
Quoting calderone
Yes, I could start very small-low risk and just add as it went along. See? My short term mentality could have clipped me. That's why I like running these things by others. I still wouldn't go abouve half a lot because I plan on having something else on the burner.

Yes but it's great to have multiple positions open on a trend, all at break even or better

Maybe you should cut back your position sizes to a very small amount until you get the system completely. Once you have learnt to trade the system with a quarter or tenth of a lot then you can gradually increase the position size.

If you're nervous about leaving a trade open or feel the need to get to break even too soon you're going to cut positions short when you should be allowing them to run.

As CW often says, your first 400 or 500 pip trade will help you see things in a different way.

It's funny, I'm doing the opposite if you, I'm cool with the longer term trading and letting a position run but I'm just getting back into day trading - reliable setups with higher position sizes.
  • #4,643
  • Aug 15, 2009 2:55pm Aug 15, 2009 2:55pm
Quoting hel13rock
Yes but it's great to have multiple positions open on a trend, all at break even or better

Maybe you should cut back your position sizes to a very small amount until you get the system completely. Once you have learnt to trade the system with a quarter or tenth of a lot then you can gradually increase the position size.

If you're nervous about leaving a trade open or feel the need to get to break even too soon you're going to cut positions short when you should be allowing them to run.

As CW often says, your first 400 or 500 pip trade will...
You are 100% correct about the position size, I'm not very familiar with this pairs movement but will look into atr to help me move my stop. Getting in a hurry to move the stop is something bleeding over from intraday! lol I usually run a stop of 15 and move it when I get 20 when I want to catch 30 or 40. I try to make sure I can lock in 10 at least. It is a very chaotic world in these low time frames and I would like to eventually be at the point where I could place a trade and check it in a day or so.
  • #4,644
  • Aug 15, 2009 3:06pm Aug 15, 2009 3:06pm
Quoting calderone
You are 100% correct about the position size, I'm not very familiar with this pairs movement but will look into atr to help me move my stop. Getting in a hurry to move the stop is something bleeding over from intraday! lol I usually run a stop of 15 and move it when I get 20 when I want to catch 30 or 40. I try to make sure I can lock in 10 at least. It is a very chaotic world in these low time frames and I would like to eventually be at the point where I could place a trade and check it in a day or so.
It takes a while to learn to let go. Part of that is the amount you're risking being low enough for you to not miss it if it was gone.

Cw gave me an idea the other day for how to seperate mentally between my two methods, long term and day trading. His advice was to open two seperate accounts. Maybe it would help you to use your existing account for whatever day trading you still do and have a second account with a minimum deposit to start with for the longer term trading. That way you are not looking at your longer term positions every time you open your charts to trade intra day.

Also, I find some pairs easier to trade than others. Audnzd is all over the place but GbpJpy on a 4 hour chart is much kinder, maybe you could stick to trading a few pairs and then expand your coverage as you gain confidence?
  • #4,645
  • Aug 15, 2009 3:27pm Aug 15, 2009 3:27pm
Quoting hel13rock
It takes a while to learn to let go. Part of that is the amount you're risking being low enough for you to not miss it if it was gone.

Cw gave me an idea the other day for how to seperate mentally between my two methods, long term and day trading. His advice was to open two seperate accounts. Maybe it would help you to use your existing account for whatever day trading you still do and have a second account with a minimum deposit to start with for the longer term trading. That way you are not looking at your longer term positions every time...
I'm curious, can you think of a reason why AUDNZD is "all over the place"?
The nail that sticks out gets hammered back in
  • #4,646
  • Aug 15, 2009 3:58pm Aug 15, 2009 3:58pm
Quoting calderone
It is a very chaotic world in these low time frames and I would like to eventually be at the point where I could place a trade and check it in a day or so.

Like Nike told us for years, "Just Do It!"

Nobody makes you trade a certain way, except yourself.
  • #4,647
  • Aug 15, 2009 10:26pm Aug 15, 2009 10:26pm
Quoting Noloqy
I'm curious, can you think of a reason why AUDNZD is "all over the place"?
No
  • #4,648
  • Aug 15, 2009 10:36pm Aug 15, 2009 10:36pm
Not trading related at all, but if any of you ever get a chance to see Cirque du Soleil in person - do it. Amazing show it was. (They are doing Saltimbanco here in Columbus this week.)

Chris
  • #4,649
  • Aug 15, 2009 10:38pm Aug 15, 2009 10:38pm
Quoting clockwork71
Not trading related at all, but if any of you ever get a chance to see Cirque du Soleil in person - do it. Amazing show it was. (They are doing Saltimbanco here in Columbus this week.)

Chris
did you get on the shrooms?
Grabbing the bull by the horns!
  • #4,650
  • Aug 15, 2009 10:42pm Aug 15, 2009 10:42pm
Quoting hel13rock
Trading and chess... Anyone see any similarities?

I play as barneydunn (my husbands account ) at chessworld.net

I'd love to give someone a game?
if it was 1998 I would play you, I was a child prodigy till I gave it up. Prodigy may be a little strong, but I was pretty good
Grabbing the bull by the horns!
  • #4,651
  • Aug 15, 2009 10:44pm Aug 15, 2009 10:44pm
Quoting Noloqy
I'm curious, can you think of a reason why AUDNZD is "all over the place"?
we are pretty much the one country..

just imagine what a chart of say English pound vs Scottish dollar (I know not real currencies) would look like...
Grabbing the bull by the horns!
  • #4,652
  • Aug 15, 2009 11:07pm Aug 15, 2009 11:07pm
Quoting whitegoodman
we are pretty much the one country..

just imagine what a chart of say English pound vs Scottish dollar (I know not real currencies) would look like...
That is funny!
  • #4,653
  • Aug 15, 2009 11:13pm Aug 15, 2009 11:13pm
Quoting clockwork71
Like Nike told us for years, "Just Do It!"

Nobody makes you trade a certain way, except yourself.

Hehe! It's like the first time you ever drive a car, I'm scared. lol

Seriously, I like the idea of opening another account for long term trading. That way I could keep a handle on my split personality.

Maybe if I can get a nice trade under my belt I will have more confidence. What would I do with all my free time?
  • #4,654
  • Aug 15, 2009 11:58pm Aug 15, 2009 11:58pm
calderone,

I can see how moving from smaller TF's to this method would be hard in regards to stoplosses, but I've found it incredibly simple.

Hell, Oanda lets you trade gold and silver, but they calculate it to the 4th decimal place, with one cent change equaling 100 pips. The first silver trade I took required me to have a 4000 pip stop.

But they allowed a small enough position size to take the trade for 1% risk, so I did, and if it paid 1:1, that's a "4000 pip gain" LOL.

I assure you, the size of the stop is meaningless, it's the size of the position that matters.
  • #4,655
  • Aug 16, 2009 1:10am Aug 16, 2009 1:10am
Quoting calderone
What would I do with all my free time?
Day trade!
  • #4,656
  • Aug 16, 2009 6:17am Aug 16, 2009 6:17am
Quoting hel13rock
Nol has a point though, it shouldn't be your stop loss that changes it should be your position size.

I wouldn't want to risk more than about 0.5 to 1% of my account on that trade. It could give you back 2 to 5% so it's good risk/reward. It doesn't matter how much the money is, it's a % of my account that I'd be willing to lose.

To clarify, what I meant was that if it breaks significantly higher on the open then I'd be looking to get out pretty quick. 100 pips is about right.

Hope I've made my bit of this clear.

H
Hi
Shouldn't your proven win ratio have some bearing upon your individual trade risk? Otherwise, the trader with a win ratio of 70% will risk the same account drawdown as the trader with a 40% win ratio.
Which, at first glance, seems a little 'one size fits all'.
  • #4,657
  • Aug 16, 2009 6:35am Aug 16, 2009 6:35am
Quoting whitegoodman
did you get on the shrooms?
  • #4,658
  • Aug 16, 2009 6:55am Aug 16, 2009 6:55am
Quoting clockwork71
for those unaware...

http://www.livevideo.com/video/685EB...pping-on-.aspx
Grabbing the bull by the horns!
  • #4,659
  • Aug 16, 2009 8:49am Aug 16, 2009 8:49am
Quoting Interceptor
Hi
Shouldn't your proven win ratio have some bearing upon your individual trade risk? Otherwise, the trader with a win ratio of 70% will risk the same account drawdown as the trader with a 40% win ratio.
Which, at first glance, seems a little 'one size fits all'.
Yes you are right.
  • #4,660
  • Aug 16, 2009 11:18am Aug 16, 2009 11:18am
Quoting clockwork71
No problem.

Yes, I use Interactive Brokers. I think 20k is good enough for stocks certainly. As for futures, it's still a touch thin in my opinion. You could trade something like 1 contract at a time. To be honest, I would start with stocks, and options, then move to futures once you are comfortable.

What's beautiful about this account is you can add on as you go along. You are not going to outgrow it.

As for charting, I use MT4 demo for forex, and use Ninja Trader for stocks. IB's charts are horrible visually. However, I have seen a sneak peek...

new IB charts! that is great news! I have only traded stocks to date with my live IB account. I opened a demo account to practice the forex trader interface and orders. I read that the min order would be .25. Is this true? Also when i trade the eur.jpy for example i end up in a non US currency. So if i choose to move back to USD the other currency is traded at the current market rate? So if i held on to my euros for example and they fell since my trade ended than i need to consider that a loss right?

Thanks
-Lowmach
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