Trading is a delicate balance of Strategy , Money management and Psychology
- #1,943
- Nov 6, 2009 6:01am Nov 6, 2009 6:01am
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
- #1,949
- Nov 6, 2009 9:27am Nov 6, 2009 9:27am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
Looks like we're all doing fairly well here folks!!!
5 on the trot for me! (1 BE which I include as winners lol!)
did loose 3 on the trot before that...
on the trot = consecutive/in a row?
trot trot trot
- #1,950
- Nov 6, 2009 9:34am Nov 6, 2009 9:34am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
Nice, full 2R for me.
....with the 2:1 R thats not a problem at all ..
how are u managing your trades towards your 2R target? same way as Josh does?
artov,
u have a unique situation as u only use 21ema, correct? does it make any difference regarding your trade management (towards 2R)?
Thanks to you both
artov, Tom,
how are u managing your trades towards your 2R target? same way as Josh does?
artov,
u have a unique situation as u only use 21ema, correct? does it make any difference regarding your trade management (towards 2R)?
Thanks to you both
I basically fix the TP at 2R unless... there is an obvious PPZ near by or other traditional 'problem areas' as defined by traditional J16 type trading. I will then use that as a TP instead but only if it still offers say 1.5R at least. I entered a trade the other day that had a PPZ at about 2.2 R so used that instead
Or there is an obvious counter trade setup coming eg you trade a trend pin and further down a CT setup with divergence is created... time to get out!!! and quite possibley reverse the position!
I have moved away from BE trading most of the time unless the trade has been going some time (10-15 bars for example) as I belive at this point the trigger bar/setup has probably not played out. In this case if its still in profit I will move to BE turning it into a riskless gamble I guess or if its around 1R for example I will most likely close it and take whats there.
Again I trade from work so really don't have much time to manage or even place trades and the backtesting I have done doesn't improve profit at the end of the day by any degree by moving to BE... yep it makes the losses less but also affects the winners... like I said in a previous post I'm finally getting to the stage where I don't get so focused on any particular trade - you have to zoom out if you like and focus on 10,100 or 1000 trades. A looser on its own is insignificant as is a winner....
This is the largest step forwards I have made in trading yet... not the method (J16 or RyanMCD/Jankone - obviously important) but the ability to shrugg off a looser and move on without it affecting future judgments - For what its worth this same process applies to winners... just as much... My first month of trading on J16 style produced I think something like 11 winners in a row and a 25% return on my account which I was well happy with!! looking back I was lucky (to a certain extent) I then had 3 loosers in a row and then my account tumbled down as I made bad trade after bad trade.. the downward spiral if you like. In someways I think that trading J16 methods as a beginner is not a good thing as if played right it does produce a very high win rate (80-90% is very realistic if your patient). This doesn't give you practice at handling loosing trades and until you can accept that loosing is a part of successful trading I don't think you will make it in this game...
sorry for the ramble I appear to have gone off on one!! lol
cheers
Tom
- #1,957
- Edited 2:47am Nov 8, 2009 2:14am | Edited 2:47am
- | Joined Jan 2009 | Status: Trader | 287 Posts
SC,
like I said in a previous post I'm finally getting to the stage where I don't get so focused on any particular trade - you have to zoom out if you like and focus on 10,100 or 1000 trades. A looser on its own is insignificant as is a winner....
and until you can accept that loosing is a part of successful trading I don't think you will make it in this game...
cheers
Tom
great man a very big difference between Pros and amateurI have been operating Live Account from last week
Here are my statistics:
total 6 quality trades
Winners 2
Breakeven 1
lossers 3
My goal is to run the trade till 10R
I take 1% risk since i beleive that at some point of time i can have 10 to 12 lossing trades i a row
Winners made 20%
loosers took out 3%
Breakeven was because of wide spread on oanda
Total Gross profit up 17% on this week
Hence i totally agree with Tom that winning is not the goal, but making is the goal!
Now i am not excited with weekly report, i consider it as a ongoing process, i will analyse total % profit at the end of month as the results will definitely vary.
Great Thanks to RYAN , JANKONE , JOSH AND TOM
Cheers
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
- #1,958
- Nov 8, 2009 4:15am Nov 8, 2009 4:15am
- | Joined Jan 2009 | Status: Trader | 1,036 Posts
I have been operating Live Account from last week
Here are my statistics:
total 6 quality trades
Winners 2
Breakeven 1
lossers 3
My goal is to run the trade till 10R
I take 1% risk since i beleive that at some point of time i can have 10 to 12 lossing trades i a row
Winners made 20%
loosers took out 3%
Breakeven was because of wide spread on oanda
Total Gross profit up 17% on this week
Hence i totally agree with Tom that winning is not the goal, but...
- #1,959
- Nov 8, 2009 5:44am Nov 8, 2009 5:44am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
I have been operating Live Account from last week
Here are my statistics:
total 6 quality trades
Winners 2
Breakeven 1
lossers 3
My goal is to run the trade till 10R
I take 1% risk since i beleive that at some point of time i can have 10 to 12 lossing trades i a row
Winners made 20%
loosers took out 3%
Breakeven was because of wide spread on oanda
Total Gross profit up 17% on this week
Hence i totally agree with Tom that winning is not the goal, but making is the...
"Looser"....My clothes are looser now I have lost weight.
"Loser"......The opposite of "winner"
every Saint has a past. Every Sinner has a Future
You chaps are doing very well but [please watch your spelling:
"Looser"....My clothes are looser now I have lost weight.
Awesome week Winston!
Trading is a delicate balance of Strategy , Money management and Psychology