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Strat's Long Term Stress Free Trading

  • #5,781
  • Sep 27, 2009 7:26am Sep 27, 2009 7:26am
Quoting PistolDave
Strat,

The frustration comes from seeing a lot fewer setups on the daily timeframe than on the shorter timeframes.

Thank you for taking the time to consider what I said and giving your advice.

Yes, you could say I'm frustrated. I suppose that comes from trading on 5min tf's for quite a while and seeing a lot of setups each day - and very few on the daily. Using daily and weekly charts in technical analysis is "uncharted" territory for me. But it's very unlikely I will ever seriously consider trying daytrading again because after a long time...
Dave,

Read Crudecraig's post again. He was in very similar circumstances, listened to me, took the beatings and turned himself around. You can do this also - IF you are determined and want to succeed. I can tell you on every post what to do but if you don't do it and apply it, there's no hope. It all starts and ends with you.

Forget everything you have read and seen about trading - it is all PR and BS built up by brokers to enhance the image of trading as the toy of playboys. Nothing could be further from the truth.

When you master trading the Worker, you will enjoy a stress free lifestyle with almost unlimited income and more important, all day and each and every day to spend doing whatever it is you want. THIS is what it is all about.

Sat in front of the one eyed monster for 12 + hours per day making a measly 50 to 100 pips is torture and dangerous to your health. Why anyone wants to do this is way beyond my comprehension.

As I keep saying over and over ad nauseum, trading is 95% psychological. The technical part is by far the easiest. Controlling the mind games is an entirely different story.

Make a PLAN for everything and stick with it. If, after review, that PLAN is not working, change the PLAN. Keep changing until you have a PLAN that works for YOU. Then, have the PATIENCE and DISCIPLINE to stick with that PLAN.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,782
  • Sep 27, 2009 7:33am Sep 27, 2009 7:33am
Quoting alter
I agree taht there is a lot of setups during the year.
How many % would you risk per trade? As I risk just 1% I can not take all the setups because Im in trade for couple of weeks or months so If Im in 5-6 trades it means Im risking 5-6% of the account and I should not take other trades as I was told. It is unfortunate but maybe 10-15 trades at the time should not be so big problem. Or maybe I should close trades much faster, what do u think?
Thank you
alter
Alter, mon ami, slow down! This sounds like frustration and greed creeping in (or scared money).

Unless you can increase your trading account, you are limited as to what you can do with it. Accept that. Again, do not expose yourself to more than 5% of your account on your total number of trades.

As your account grows from trading profits, you will be able to do more trades. If it doesn't grow then you don't want to be making more trades anyway - it is self regulating.

As far as closing trades faster, only close when the market conditions tell you to close.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,783
  • Sep 27, 2009 8:21am Sep 27, 2009 8:21am
Quoting PistolDave
That's one of the counter trend trades I was talking about.

Looking at it in hindsight it was awesome, but I agree it would be hard to commit much to it at the time since it was not at any previous SR level and if I recall, everyone for months before was talking about how selling USDCAD was about as profitable and risk-free as it gets. Smooth profits.

It would take a true contrarian to fade that market.

I don't know much about it, but found the following...

According to Investopedia fading is described as:

[color=darkgreen][b]A contrarian...
Dave, Naws and Everyone,

Read my post again:

“”These are the trades when you know how to trade them, will make your annual salary over and over! (If you can last the journey on The Path of Learning, you will be able to stay in this trade for the whole 11 months).””

As far as I am aware, no-one on The Path has yet reached the point where they can do this. There is no magic switch to flick to be able to do this. Only regular trading and practicing on thousands of charts and following The Path will get you there.

Now, Dave:

“”That's one of the counter trend trades I was talking about.””

In my two previous posts, I eliminated counter trend trades from your options. YOU ARE BANNED FROM TAKING COUNTER TREND TRADES so stop looking at them or thinking about them! FORGET THEM!

“”………everyone for months before was talking about how selling USDCAD was about as profitable and risk-free as it gets. Smooth profits.””

THIS is the exact time to start thinking OPPOSITE. When Joe Public starts to jump on the band wagon is the time the herd are running towards the cliff edge. It is at this time that the big boys are filling their wallets and when they get to bursting point – BANG ! they reverse on you, suck you in and spit you out in thousands of little pieces! Hence the HAMMER.

“”It would take a true contrarian to fade that market.””

RUBBISH! All it takes is knowing your market ( currency pair), watching PA and watching the signs and of course, having the experience.

Again, I keep saying, each currency pair is just like us – they are individuals with their own personalities, strengths, weaknesses and failings. Get to know their personalities. If this means only trading one pair and being an expert on it then so be it. It is far better to be an expert on one pair than a Jack of all Maids on others. (Are you listening Danny boy?).

Look at Jacko, he only trades EURUSD but he knows it better than anyone. I sometimes think Trichet calls Jacko for advice on where EURUSD is heading!

I have told you before, USDCAD likes to make “V” bottoms, it likes to turn around fast, it likes to TREND as do the other commodity currencies.

GET TO KNOW YOUR PAIRS!

Dave, why are you doing this?

“”According to Investopedia fading is described as:

A contrarian investment strategy used to trade against the prevailing trend. "Fading the market" is typically very high risk, requiring the trader to have a high risk tolerance. A fade trader would sell when a price is rising and buy when it's falling.””

Who gives a damn about what Investopedia say or anyone for that matter? Does it help you trade? NO! FORGET looking at this rubbish.

Dave, you are suffering from Grimweasel syndrome – you are far too distracted by external and other sources and forces. PUT BLINKERS ON – FOCUS AND CONCENTRATE ON YOUR WORKER AND BOSS CHARTS.

FORGET what anyone says or writes – DO NOT BE INFLUENCED BY ANYBODY!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,784
  • Sep 27, 2009 10:55am Sep 27, 2009 10:55am
Quoting alter
I agree taht there is a lot of setups during the year.
How many % would you risk per trade? As I risk just 1% I can not take all the setups because Im in trade for couple of weeks or months so If Im in 5-6 trades it means Im risking 5-6% of the account and I should not take other trades as I was told. It is unfortunate but maybe 10-15 trades at the time should not be so big problem. Or maybe I should close trades much faster, what do u think?
Thank you
alter
It should be quite rare that 5 or more AMAZING daily trades pop up at once(I have yet to have even 4 trades going at once so far, Im sure Strat has many trades going on at once at times but we have to remember he is way ahead of us on the path, We need to focus on taking only A+ setups for now) Maybe you are overtrading?, and if you already have other trades going for a profit then they should be of NO RISK to you as your stops should be @ BE by now.


I know this is very hard to get in the habit of doing but once you start making some good trades that last a few weeks at a time, It starts feeling really good ! and it should help you realize how important waiting for another one really is.
  • #5,785
  • Sep 27, 2009 11:30am Sep 27, 2009 11:30am
KISS



For anyone who feels like this business can be a complicated one take a look at a poster by the name of Benji533 who follows the J16 thread.

This is a 16 year old KID!! He has been using only PASR and TL's nothing else.


The point is that he came to the right spot found the J16 thread and just a few months later is making insane trades!

He was not corrupted with all of the crap most of us were when we started trading. He knew of nothing other than how to read a chart and look at what he is doing now.

We all need to wipe the slate clean and start over again! PASR and controlling our emotions is all we need to know.

BTW: Don't go looking at his posts and start thinking you can trade H1 too as this is what he has been doing. Stick to the methods taught here They are Stress Free H1 is not. I just wanted to show you guys an example of someone trading with only the BASICS.
  • #5,786
  • Sep 27, 2009 12:38pm Sep 27, 2009 12:38pm
[quote=strat;3095917]



Again, I keep saying, each currency pair is just like us – they are individuals with their own personalities, strengths, weaknesses and failings. Get to know their personalities. If this means only trading one pair and being an expert on it then so be it. It is far better to be an expert on one pair than a Jack of all Maids on others. (Are you listening Danny boy?).


GET TO KNOW YOUR PAIRS!


I MUST agree with this.
Strat, I am still reading your thread and, as said before, don't like to post misingform comments. But I have my own system and doing good.

Why I am doing good?... some time ago I realize that it was not because the fancy indicators I use, but because the knowledge I am adquiring about the pair I trade.

I trade only one pair. And I don't look for correlations or hocus pocus. Just my pair and his price action. The screen where my pair move became my little world, which I try to know and explore, including the forces that rule him. The indis are just for confirmation and I can't get rid of them only coz mental tranquility.

After all, I only need ONE pair to gain my everyday's bread.

Tks. for this thread. I am learning a lot.
  • #5,787
  • Sep 27, 2009 1:23pm Sep 27, 2009 1:23pm
Quoting CrudeCraig
It should be quite rare that 5 or more AMAZING daily trades pop up at once(I have yet to have even 4 trades going at once so far, Im sure Strat has many trades going on at once at times but we have to remember he is way ahead of us on the path, We need to focus on taking only A+ setups for now) Maybe you are overtrading?, and if you already have other trades going for a profit then they should be of NO RISK to you as your stops should be @ BE by now.


I know this is very hard to get in the habit of doing but once you start making some good trades...
They do not need to pop up at once, they can develop during the month or 2, but you are still in open trades. If it is weekly setup it can take month just to get 1-1 profit ratio.
I do not move SL to BE as I think it is artificial level and doesn't help with my results.
  • #5,788
  • Sep 27, 2009 1:33pm Sep 27, 2009 1:33pm
Quoting alter
They do not need to pop up at once, they can develop during the month or 2, but you are still in open trades. If it is weekly setup it can take month just to get 1-1 profit ratio.
I do not move SL to BE as I think it is artificial level and doesn't help with my results.
Alter, don't trade the BOSS - this is probably why you don't have cash flow - you need big wide stops on the BOSS.

You should not attempt the BOSS until you have a minimum of 12months growth equity on the Worker plus you are not getting the practice/experience with PASR.

I don't call trading the BOSS trading - I call it Investing - it is a totally different approach.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,789
  • Sep 27, 2009 1:54pm Sep 27, 2009 1:54pm
Weekly: Notice a nice shooting star on the Weekly. Price close below 65.30ish which has served as the resistance for around 2 months since early August. It's also a 38.2fib level. Trend is still very much bullish at the moment, price is well above boss 20, won't short the pair just yet. Just waiting and see where it goes from here.

Daily: Last Friday's bar closed slightly below daily 20. Am waiting to see whether can price breaks the Trendline and close under the boss 20 to indicate a bearish trend. Then maybe wait for a pull back and nice PA to go short for a lower risk approach.

JUST WAITING PATIENTLY AT THE MOMENT. Game plan set
Attached Image(s) (click to enlarge)
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Discipline is PRIMARY, Method is Secondary.....
  • #5,790
  • Sep 27, 2009 2:34pm Sep 27, 2009 2:34pm
Quoting strat
Alter, don't trade the BOSS - this is probably why you don't have cash flow - you need big wide stops on the BOSS.

You should not attempt the BOSS until you have a minimum of 12months growth equity on the Worker plus you are not getting the practice/experience with PASR.

I don't call trading the BOSS trading - I call it Investing - it is a totally different approach.
I have cash flow...1% on weekly is the same as 1% on daily. I thought that boss is more reliable then worker, isn't it?
  • #5,791
  • Sep 27, 2009 2:54pm Sep 27, 2009 2:54pm
Quoting alter
I have cash flow...1% on weekly is the same as 1% on daily. I thought that boss is more reliable then worker, isn't it?
Stops of 300, 400, 500 and up pips?

The main thing is you are NOT GETTING PRACTICE AND EXPERIENCE.

How many trades will you get on the BOSS? One every 2 months?

You will be dead and buried by the time you get experience to trade properly!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,792
  • Sep 27, 2009 3:05pm Sep 27, 2009 3:05pm
Quoting strat
Stops of 300, 400, 500 and up pips?

The main thing is you are NOT GETTING PRACTICE AND EXPERIENCE.

How many trades will you get on the BOSS? One every 2 months?

You will be dead and buried by the time you get experience to trade properly!
300-500 pips is ok, I can use smaller position size so I always risk just 1%.
I get about 2 -3 trades per month on weekly + 16 daily trades on average. I will post some more examples in the future.
Thank you
  • #5,793
  • Edited 4:06pm Sep 27, 2009 3:15pm | Edited 4:06pm
I have been trying to think of ways to show people how trading very little can make us loads of pips in each pair over the course of a year.

Now this goes back to what I was saying in one of my last posts but I want to say it again in case some missed it.

I am watching 20 or so pairs right now ( all fairly majors) we want to stay away from the exotics IE: less liquid pairs.

With this many charts to trade I only have to make one or two good trend trades a year on each pair and I can make 10,000+ pips a year!! If this is not enough to compound your trading account to the MOON! I don’t know what is. Now I think I am being a little conservative here too on the possibilities of what Strat is showing us here on the dailies. I can see more than one or two STRESS FREE trades a year on each pair!


I think a good exercise for everyone on the path would be to pick a pair, zoom out so that you can clearly see the last full year of daily data on that pair and just pick out two or three clear as day PASR Stress Free trades.

Next step write down a quick little analysis on the trades from your perspective and POST them for all of us to see. First this will help Strat determine if you are seeing things clearly, and Second you will start to realize that this really is all about waiting. (Strat is on board with this also so even if your not having trouble with this try and post some charts, i think it will help others on the thread.)


Here is a post that backs up what i am saying from James16 himself, with a great little analogy to put the icing on the cake!

http://www.forexfactory.com/showpost...ostcount=41772


I have also attached a chart from my perspective on this of USD/CAD for the last year.
Attached Image (click to enlarge)
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  • #5,794
  • Sep 27, 2009 3:36pm Sep 27, 2009 3:36pm
Crudecraig, why do you think that the first SS is with the trend? It looks like it is in the range isn't it? Did you expect that it made LH so you went short?
How do you trail your SL to stay in the trade so long?
  • #5,795
  • Sep 27, 2009 3:37pm Sep 27, 2009 3:37pm
Quoting strat
Dave, Naws and Everyone,
(Are you listening Danny boy?).[/font]

Dave, you are suffering from Grimweasel syndrome – you are far too distracted by external and other sources and forces. PUT BLINKERS ON – FOCUS AND CONCENTRATE ON YOUR WORKER AND BOSS CHARTS.

FORGET what anyone says or writes – DO NOT BE INFLUENCED BY ANYBODY!

LOL - I'm listening and reading Strat - more than ever before I now realize that 5% of the business is the entry method. The other 95% is the Psychology. Since starting on this path I know I have become a better person as I've read quite a few self-help books and psychology books, not just about trading but other aspects of the mind.

I never imagined that trading would help me discover my other flaws in life; I've been working on these for quite a while, chipping away at each one. i remind myself daily of DISCIPLINE in all that I do. Even visiting the recycling tip today I nearly lobbed a bag of 'gone-off' cement into the rubble skip - then I remembered discipline...would a disciplined person do this when a sign clearly says - NO PLASTIC BAGS. The old me would have tossed it in. But the new me, that is working toward the goal of total discipline in trading, fixed that today. Once I feel I have masted MYSELF in all aspects of my daily life, I will commit a decent amount to a trading account and start anew.

I firmly believe that if you can honestly say to yourself that you KNOW you have discipline failures in other areas of life (work, sport, women whatever), then you need to fix them BEFORE you start trading. Trading will amplify all your fears, issues, discipline failures, traits, failing etc to the ninth degree. Until you have complete self mastery I would NOT commit money to an account as you will LOSE it. I know - I've been there. Remember - PATIENCE and DISCIPLINE.

I have issues with road-rage. I drive 140 miles a day to work and back and I noticed that I was getting mad every time I got stuck behind a truck??!! I would curse and flash my lights always looking for a spot to overtake.....

The I remember PATIENCE - it's hard but I'm starting to take a few deep breaths and say 'F**k it!' what's a few extra minutes gonna do???

Until I have mastered this and other PATIENCE issues I'm staying out of live trading and sticking to a demo account. I'm even thinking of starting Martial Arts classes as I was told this would help with patience and discipline too.

Master yourself before you commit money and you will have all you need in life and live a much happier and fuller existence!
Trade less and become more profitable!
  • #5,796
  • Sep 27, 2009 3:50pm Sep 27, 2009 3:50pm
Quoting alter
Crudecraig, why do you think that the first SS is with the trend? It looks like it is in the range isn't it? Did you expect that it made LH so you went short?
How do you trail your SL to stay in the trade so long?
Good catch Alter! That first SS is not with the new trend because it would not be confirmed yet that was my fault i got to caught up in looking at the chart in the PAST!

Take note also that i did not trade all of these, i was not as far on the path as i am now when most of these trades happened.


The point i am trying to make here is that we dont have to trade everything we see it only takes a few good ones.
  • #5,797
  • Sep 27, 2009 3:52pm Sep 27, 2009 3:52pm
Quoting alter
Crudecraig, why do you think that the first SS is with the trend? It looks like it is in the range isn't it? Did you expect that it made LH so you went short?
How do you trail your SL to stay in the trade so long?
Alter - that Shooting Star is a gift from heaven. You could also argue, loosely, that it was a with-trend entry based on the previous lower high (albeit by a few pips). It was a triple top and a Higher High after a TL break. Looking at it in hindsight I would have gotten out of that short on 28 Jan after PA put in a higher low. The real trade was on 10 Feb when price attempted for a fourth time and failed at the 1.3000 level with a bearish engulfing bar. Then you just track it down with a stop loss above each lower high. I was in Iraq at the time - watching the PA unfold every few days and not being able to put a trade on. I remember it well and watched it and paper traded as if I was live.

I recall Strat kicking him self for not taking the 'Bond' Shooting Star as he called it in April - it's in this thread somewhere in April as he admitted it here that he should have took it!

I'm only looking long now in this pair as we have had a down TL break then a lower low putting in a double bottom. I'm waiting for the 1.1000 level to be broken and tested; this would confirm a new trend for me.
Trade less and become more profitable!
  • #5,798
  • Sep 27, 2009 4:08pm Sep 27, 2009 4:08pm
Grimweasel I meant first SS that was described as with the trend, not first SS on picture. Why do you call it Bond SS?

Crudecraig , so How would u manage to stay with the trend? Do you trail your SL?
alter
  • #5,799
  • Sep 27, 2009 4:12pm Sep 27, 2009 4:12pm
Quoting alter
Grimweasel I meant first SS that was described as with the trend, not first SS on picture. Why do you call it Bond SS?

Crudecraig , so How would u manage to stay with the trend? Do you trail your SL?
alter
Sorry Alter - I thought you meant that first one back in Dec 08!

That one you mention is really a with-trend entry if you apply the Rule-of-4 as you have already had a High, a Low, a Lower High and a Lower Low.
Trade less and become more profitable!
  • #5,800
  • Sep 27, 2009 4:17pm Sep 27, 2009 4:17pm
Quoting alter
Grimweasel I meant first SS that was described as with the trend, not first SS on picture. Why do you call it Bond SS?

Crudecraig , so How would u manage to stay with the trend? Do you trail your SL?
alter

I have been working on my exits and trying to stay in for as long as possible, The best i have been able to do so far is to trade to the next S/R level while hiding my stops behind daily S/R. sometimes i make it through the next level and sometimes i get stopped out. I then look for the next with trend setup to occur and i hop on the train again.

I still have a lot of learning ahead of me and exits i think are one of the hardest parts of trading.

Strat recommends we trade to the first S/R levels first to get the hang of things.
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