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We all need pivots to win..yes or not? 13 replies

The System (Irony included) 1,175 replies

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The System II (Yes with irony)

  • #6,061
  • Sep 18, 2009 7:17am Sep 18, 2009 7:17am
Short on he FCR @ 4701 I've taken the first one dur to is 10 pips away from the major one...

Testing, and trying to take the first impulse after NY open....

Let's see how it goes...
  • #6,062
  • Sep 18, 2009 7:36am Sep 18, 2009 7:36am
Out with -3 pips...
No expectancy, so then I wanna see a break of the 4695 to go short, again....
  • #6,063
  • Sep 18, 2009 7:42am Sep 18, 2009 7:42am
Quoting jplo
Out with -3 pips...
No expectancy, so then I wanna see a break of the 4695 to go short, again....
I am still short at 02... not showing a lot of energy, but hasn't move up either...


Edit: out at BE... it could move down, or it could move up, but I don't like to gamble. Going to lunch instead.
  • #6,064
  • Sep 18, 2009 7:49am Sep 18, 2009 7:49am
Quoting elizo
I am still short at 02... not showing a lot of energy, but hasn't move up either...
Night see alittle crazy but I've been inverting my charts and weighing them up side by side. Makes the long and short clearer to me.

Attached Image
$urvive, Pre$erve & RESPECT THE TEACHER
  • #6,065
  • Sep 18, 2009 7:59am Sep 18, 2009 7:59am
I've bracketed this thing....

Long @ 4721
Short @ 4692

Let's see where new yorkers wanna go...
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  • #6,066
  • Sep 18, 2009 7:59am Sep 18, 2009 7:59am
Quoting jplo
Out with -3 pips...
No expectancy, so then I wanna see a break of the 4695 to go short, again....
I took that one too and got -7 ticks. So you did well.
  • #6,067
  • Sep 18, 2009 7:59am Sep 18, 2009 7:59am
Quoting elizo
I am still short at 02... not showing a lot of energy, but hasn't move up either...


Edit: out at BE... it could move down, or it could move up, but I don't like to gamble. Going to lunch instead.

Sorry Elizo,

that wasn't aimed at you. I hit the quote button by mistake.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #6,068
  • Sep 18, 2009 8:09am Sep 18, 2009 8:09am
Quoting mac1956
Sorry Elizo,

that wasn't aimed at you. I hit the quote button by mistake.
No probs
  • #6,069
  • Sep 18, 2009 8:16am Sep 18, 2009 8:16am
Im long, lets see what happens
  • #6,070
  • Sep 18, 2009 8:23am Sep 18, 2009 8:23am
Hello,

Ok..the easy part has been accomplished... now comes the difficult part...when to exit... Stay focus...relax...stick to the plan... If you aren't is because of something going on between your ears!

Good luck
Unus pro omnibus, omnes pro uno
  • #6,071
  • Sep 18, 2009 8:23am Sep 18, 2009 8:23am
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  • #6,072
  • Sep 18, 2009 8:27am Sep 18, 2009 8:27am
Hello again,

This is the stage that FX can not put into words because "thinking" is unique to you as an individual.. No matter what your outcome is do not hold on to it too long... rinse and repeat....short term memory...
Unus pro omnibus, omnes pro uno
  • #6,073
  • Sep 18, 2009 8:28am Sep 18, 2009 8:28am
Quoting moneda
Hello,

Ok..the easy part has been accomplished... now comes the difficult part...when to exit... Stay focus...relax...stick to the plan... If you aren't is because of something going on between your ears!

Good luck
Long at 21 as well...

to me always work this way: worst case scenario is to lose 20-30 pips... what's that?

I agree with you, the proper cash management is compulsory here. If 20-30 pips in whatever load are damaging you, then you definitely should lower the stakes.
  • #6,074
  • Sep 18, 2009 8:29am Sep 18, 2009 8:29am
Hello,


Fear vs. greed.....



Have a great weekend.... Do something that has nothing to do with Forex
Unus pro omnibus, omnes pro uno
  • #6,075
  • Sep 18, 2009 8:37am Sep 18, 2009 8:37am
Guys,
proper money managment and spreading the load wisely it's a given.. I am not gonna go over this in everyone of my post.. I asume you do that already since you all know that we deal with low hit ratio and will get screwed a few times in order to catch a runner.. you should already act accordingly when it comes to MM..

Thank you.
  • #6,076
  • Sep 18, 2009 8:41am Sep 18, 2009 8:41am
Quoting fxachilies
To Anthony and everyone,

statistics are a good way to get mislead.. belived or not..(feb made me understand it in one post in my early days of this thread)

on good days like today anyone can make money.. on so so days some peopel make money.. but on terrible days 95% lose money..
have your style set in away that you could make money at all times and be in that 5% winners on terrible days.. to survive and end up with fat bottomline eventually.. market can turn around any second and go through one of its craziest times.. you just don't know..
that...
Hey Fx,

Another great post.

I personally like the way you always use real life analogies to describe trading styles and techniques,’ free ride on the bus’, ‘in the diver seat’ etc etc. I can really understand what you are saying when it’s put like that – maybe just my way of thinking of course, but it really brings it home as to what this is all about.

Maybe I can add my thoughts as well.

If you step right back out of this thread and look at what it is you, Feb and some of the others have been doing trading wise and what we are all trying to emulate, you can see – so long as you step right out of the box - that it is completely the reverse of what most traders actually do and what the trading ‘community’ says people should do.

Sure the trading community tells you, ‘let your winners run’ and ‘cut your losses’, this is rammed down people’s throats as soon as you start trading, but people’s instincts tell them to do the reverse and this is in reality what happens, they cut short on winners and let winners get to a horrible size

We also have ‘get one in bag’, or ‘nothing wrong about locking in profit’, ‘never a bad idea to take money off the table’. This is actually the same as saying cut your winners SHORT. but written in such a way as to suggest that it is a good trading technique.. Let me qualify that, there is nothing wrong with taking money off the table, but only when price has told you it is time to do, not because the trader is scared and does not want to blame it on a supposed trading technique called ‘locking in a profit’!

If we accept that by implication most of the traders who succumb to the above techniques of cutting too short and holding losers too long will lose money, and over time wipe their accounts then the money they lose has to be must be going to the traders who are on the other side of the trade’s i.e. Feb, yourself and the rest of this thread. I know people are going to say ‘yea that’s obvious’, agreed but if it is so obvious why don’t we automatically do it? That’s another debate – personal psyche and the way we are all programmed….

My point is, that sometimes we need to step back and view the larger picture to see the reality of things. Think about it, if the guys who are getting carried out on stretchers are the ones who cut their winners and hold their losers, what should we be doing? The opposite of what they do, namely we should be doing what you suggest in your post and for the very same reasons you quote.

If I can I will add seventh reason, you quoted it earlier today, once you get 20 pips or so away from entry, the trader is truly in control of the situation and has ‘got the market by the balls’, that’s my seventh point., and it’s a very powerful position to be in.
Survive and Preserve
  • #6,077
  • Sep 18, 2009 8:49am Sep 18, 2009 8:49am
Out at +4... don't really see strength to the upside. Too early, guys?
  • #6,078
  • Sep 18, 2009 8:50am Sep 18, 2009 8:50am
Quoting fxachilies
To Anthony and everyone,

statistics are a good way to get mislead.. belived or not..(feb made me understand it in one post in my early days of this thread)

on good days like today anyone can make money.. on so so days some peopel make money.. but on terrible days 95% lose money..
have your style set in away that you could make money at all times and be in that 5% winners on terrible days.. to survive and end up with fat bottomline eventually.. market can turn around any second and go through one of its craziest times.. you just don't know..
that...
Hey FX,

Great post and I perfectly understand that it's the mentality of the post to catch runners the way you are doing and it's the way it should stay this way! Some others like Dare of myself might have slighly differents rules and if it works for us like this up to now then good. However for the newbies not to get confused I agree it's easier if everyone of them trades the way you are currently teaching as you are leading this thread in a great way!

It's been a long time since I don't count pips anymore as I concentrate on % gains only but your live example this morning is not really right unless I made an error somewhere lol. Paul said he banked 39 and after counting pips I arrived at 45 for those two trades on that large bearish move ( and that's after spread that I did pay twice to my broker yes lol).
And for the following long move I banked nearly at the top at 1.4709, it was difficult to make it better, dont' know what Paul did there.

But as I said yesterday it was my turn to make less on a runner and get top picked on the large bullish move in the NY sesssion.

I would love to have an absolute proof this way of treating runners will achieve larger consistent profits (everything else being equal of course) over several months years , but you haven't been trading this method since such a long time period either so I can't really agree with you when you say it's a certain fact..

well anyway maybe I am wrong but anyhow one thing is for sure I really appreciate the time you are giving here for everyone and from now on If you think it's better I will not post charts as it might get things confusing for others

sorry for the long post lol
  • #6,079
  • Sep 18, 2009 8:50am Sep 18, 2009 8:50am
Quoting PaulLangham
Hey Fx,

Another great post.

I personally like the way you always use real life analogies to describe trading styles and techniques,’ free ride on the bus’, ‘in the diver seat’ etc etc. I can really understand what you are saying when it’s put like that – maybe just my way of thinking of course, but it really brings it home as to what this is all about.

[font=Times New Roman][size=3]Maybe I can add my thoughts...

This also is another "great post". Thanks Paul.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #6,080
  • Sep 18, 2009 8:55am Sep 18, 2009 8:55am
Man, what is going on, did everybody managed to get out at B/E?
Failure is the mother of success: learn from 'her'
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