" Never let the past hold the future to ransom "
- #2,701
- Edited 11:59pm Sep 22, 2009 12:59pm | Edited 11:59pm
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
- #2,702
- Sep 22, 2009 1:30pm Sep 22, 2009 1:30pm
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
[quote=pgpb;3082039]Indrek
If this is too much off topic, just let me know via pm (and i will delete), but I would be interested in yours and Glen's opinion.
A friend of mine who trades forex tells me that he just hardly ever takes a loss. He says that if the trade goes against him....he just holds on to it, and it eventually comes back and allows him to take profits.
Assuming one had an account with $10,000 USD and one was trading a dollar a pip......one could afford to have a trade go against you 200 pips and then see it come back into profit. He showed me his equity curve and it is pretty healthy. He makes good trades, but every once and a while one goes against him and he just holds on to it. what are your thoughts on this?
There are 2 issues at stake regarding stop losses. If you trade with proper MM you adjust your trade size according to the risk % you are comfortable with. It is normally based on the maximum loss you are prepared to take on a trade.
a) If you decide to trade without a stop loss, how do you manage your risk? How do you determine your trade size? What happens if you have a trade open that is 200 pips under water and you want to put another trade on, maybe a trade with better potential? Do you put on a trade, a smaller trade or no trade while you wait for the loser to turn around?
b) If the market is ranging, the trade may turn around. What happens in a trending market where you won`t see your entry price again, not today, not next week or not next month?
I am glad that your friend can trade without a stop and make it work. I don`t mind taking a loss because I know that at month end I will be up a few hundred pips, I know that the odds are in my favor and I prefer to trade looking straight ahead and not in the rear view mirror at a trade that is 200 pips under water and still sinking
If this is too much off topic, just let me know via pm (and i will delete), but I would be interested in yours and Glen's opinion.
A friend of mine who trades forex tells me that he just hardly ever takes a loss. He says that if the trade goes against him....he just holds on to it, and it eventually comes back and allows him to take profits.
Assuming one had an account with $10,000 USD and one was trading a dollar a pip......one could afford to have a trade go against you 200 pips and then see it come back into profit. He showed me his equity curve and it is pretty healthy. He makes good trades, but every once and a while one goes against him and he just holds on to it. what are your thoughts on this?
There are 2 issues at stake regarding stop losses. If you trade with proper MM you adjust your trade size according to the risk % you are comfortable with. It is normally based on the maximum loss you are prepared to take on a trade.
a) If you decide to trade without a stop loss, how do you manage your risk? How do you determine your trade size? What happens if you have a trade open that is 200 pips under water and you want to put another trade on, maybe a trade with better potential? Do you put on a trade, a smaller trade or no trade while you wait for the loser to turn around?
b) If the market is ranging, the trade may turn around. What happens in a trending market where you won`t see your entry price again, not today, not next week or not next month?
I am glad that your friend can trade without a stop and make it work. I don`t mind taking a loss because I know that at month end I will be up a few hundred pips, I know that the odds are in my favor and I prefer to trade looking straight ahead and not in the rear view mirror at a trade that is 200 pips under water and still sinking
" Never let the past hold the future to ransom "
In terms of MTF trading, the only missing component is the 240 15 5 TF trading and adding 60 15 5 to it as a basket of trades. I suspect that most traders won`t even attempt it because they prefer lots of small trades with small SL and quick TP targets
I am guest on the threat and it is not my decision which way it should go. It looks like the interest is waning in trading this method. It is a personal choice what and how you wish to trade, it is after all your risk and your $ and you should trade within your comfort zone. I like the simplicity...
- #2,708
- Sep 22, 2009 8:30pm Sep 22, 2009 8:30pm
You do not wait for confirmation of the signal on M5, do you?
Indrek, thank you for the review of my trading method. Your comment is fully agreed!
The trade was entered based on PA as price had broken the lows of the previous 7 candles which I thought was enough to change the colour of the Trix blocks. Does anything escape you?
- #2,711
- Sep 22, 2009 10:05pm Sep 22, 2009 10:05pm
...
I am glad that your friend can trade without a stop and make it work. I don`t mind taking a loss because I know that at month end I will be up a few hundred pips, I know that the odds are in my favor and I prefer to trade looking straight ahead and not in the rear view mirror at a trade that is 200 pips under water and still sinking
I'm not trying to go againts your opinion, just wish to hear you wisdom.
If you know that the odds are on your favor, what do you think about averaging or even hedging? I mean, let the wound (loss) heals itself and we keep going with our new live (position). What do you think about that?
- #2,712
- Edited Sep 23, 2009 7:03am Sep 22, 2009 10:15pm | Edited Sep 23, 2009 7:03am
- Joined Jun 2009 | Status: Trader | 2,430 Posts
I think we have (with the manual, and Glen and Indrek's guidance) really got a very clear picture of MTF trix trading. I wonder what is the next for this thread? Glen has alluded to "other systems" and I know that Indrek has mentioned a "break out" system......I would just love to know about those.
Obviously we should keep on posting our MTF trades here, but I wonder if there is a next level we can take this thread to?
Also, I do not feel any particular personal need right now for discussing other systems. When I started my work with MTF Trix then I felt that I am not able to develop it alone, so I opened this thread. At the very beginning I had no idea if there is anybody at all who traded any kind of MTF Trix system on professional level until Glen came in.
Right now I do not have any other systems that I would badly need to develop on an open thread instead of doing it alone in my everyday trading. They are "ready" and working for me. I am not a person who would go and fix something that is not broken. Please note also that I am not a professional trader and I have a full time job to do, a personal business to run, plus plenty of other duties and hobbies besides fx trading.
To my mind, what we have learned from Glen and also each other, is enough to trade the system. What would be useful, is continuous posting and discussing of our trades to develop our skills in avoiding false entries and finding proper exits.
This thread will stay alive until people are actively participating. And by participating I mean real trading (live or demo) and not just talking.
Next level is that at least someone from this thread besides Glen can make living from trading this system
To achieve this, the best way is to trade. Not to look for next theory, next system, next indicator or EA, just trade, trade, trade. For days, weeks and months.I hope that Glen will make a basic overview of 240,15,5 for us soon. After that it is all about trading.
- #2,714
- Sep 22, 2009 10:58pm Sep 22, 2009 10:58pm
- Joined Jun 2009 | Status: Trader | 2,430 Posts
hi
I have a problem.
MY EA does not work
it showsface on top corner rather than
both updatedstop2 and quick_trailing not work.
any sugestion.
- #2,715
- Sep 22, 2009 11:33pm Sep 22, 2009 11:33pm
- Joined Apr 2005 | Status: Mr. R.E. TIRED | 4,540 Posts
" Never let the past hold the future to ransom "
- #2,720
- Sep 23, 2009 1:06am Sep 23, 2009 1:06am
studbiol, I really like your illustrations at the bottom of your postings. They add humour and colour to the thread. Keep up the good artistic work!
For sure: Most important are charts that show the trading effort - positive and negative trading results. That is the only way to improve ...
... but a little humor should be possible.
If someone doesn't like it ... just a short statement and I will stopp it ... perhaps.
If there are pips you can collect - just do it! 