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2 losses,30 winners, out of 32 trades

  • #21
  • Feb 6, 2010 6:16am Feb 6, 2010 6:16am
Quoting luckylady
Woo likes scalping its the way he likes to trade. A trade has much more chance of going 4-5 pips into profit than 40.

Its the same as conversations about R:R theoretically they work, in real life situations they don't. I could say I have a 50 pip stop loss and a 100 pip take profit, everyone would say, great R:R that doesn't mean that its going to work, that the market is always going to give me 100 pips. Too many people take too much notice of that and end up with 80 pips on the table and they will let themselves go back into loss because their...
Hey Lucky Lady i trade less in a month just 7/8 trades and 90% with Gbd/Jpy & my stoploss in -120 Pips which i know huge but hits hardly... & Most of times i achieved my targets ...visit my journal in which i have posted my live trades with live results and screenshots
thing is this if ur expert in battle & entered right in a battlefield with proper planing & patience than inthe end you won & same is this with trading... & same i said to woo if he is expert from last 6-years than y targeting and trading for few pips?
But if he is happy with what he is doing from last 6-years for few Pips than dosen't matter to me haha
carry on and goodluck
PipHacker
  • #22
  • Feb 6, 2010 6:49am Feb 6, 2010 6:49am
Quoting woo
Because, if you hold on to a trade for a longer time, proability that it will go against you, with a bigger loss as a result increases.

So you minimizes risk, by only being in the market for a short period of time. The drawback is that your profits wont be big.

I have only 2000 dollar in my account. so with 6 minilots im heavily leveraged. If i would aim for 40 pip, i would only trade maybe 3 mini lots. Because i dont want 20pip*6dollar=120 dollar loss.


and i think ive an edge, with shorter time horizonts. I dont think i can get 20 winners...
You are trading with fear. That fear stems from over leveraging. Sad part is that you cannot accurately calculate your risk since you have no stops defined. Trading 6 minis on a 2k account is suicide, you may realize great returns for a period of time but 1 bank intervention or other unseen geopolitical event will wipe you out. What are you going to do when you enter a trade and then your Internet connection drops out on you?? Talk about fear and anxiety!!

Accuracy dropping off due to higher time frames is a myth. For 2010 I am 26 wins and 1 loss trading 16 pairs on the daily charts. Fear that a trade is more likely to go against you the longer you hold it shows weakness in the trading method.

I wish you all the best in your trading. Hopefully you can continue. My post is just an attempt to get you to think about what you are doing and is not meant to be mean or to put your trading method down.
  • #23
  • Feb 6, 2010 6:57am Feb 6, 2010 6:57am
You are right about indicators, they suck. Since I started trading on price action/news release I do 100 times better.
  • #24
  • Feb 6, 2010 7:27am Feb 6, 2010 7:27am
You Traded 4lots to make $20 ??????

Very Funny
  • #25
  • Feb 6, 2010 7:55am Feb 6, 2010 7:55am
congrats dude

but it cant be a costly affaire to not put on a stoploss.

keep it up
  • #26
  • Feb 6, 2010 7:55am Feb 6, 2010 7:55am
Quoting luckylady
One problem with that, your trading is intense and there is nothing wrong with scalping but try to set an emergency stop loss at the very least, even if you come out manually, because there will come a day when your internet fails or something else happens that you have no control over and you will need it.

Scalping doesn't take note of R:R its a different kind of trading but you need a very high hit rate to overcome losses which you obviously have had at the moment, but the other posters saying you need more trades to tell that for sure are...

True. I will set an emergency stop loss in the future. If i do this. Can i circvumvent sudden price movements due to bank intervention or other geopolitical events resulting in big price movements?

Ive mbt as my broker, and i suspect that my stop loss may not be hit, if the price jumps over it very fast, and my positions get liquidated at next available price, which may be 30 pips away from my stop loss.

Because as someone said. Im dead, if there is a sudden price movement while im heavy leveraged.

like 6mini lots, times 100 pips is 600 pips. That is like 4 days of hard work, if there is a sudden price change.
  • #27
  • Feb 6, 2010 8:00am Feb 6, 2010 8:00am
Quoting woo
Can i circvumvent sudden price movements due to bank intervention or other geopolitical events resulting in big price movements?

like 6mini lots, times 100 pips is 600 pips. That is like 4 days of hard work, if there is a sudden price change.
To have been in this game for 6 years, I should tell you that you're in great need of both education and knowledge regarding FX trading.

Magnumfreak is absolutely correct when it comes to your fear. If I where you, I'd take those 2k and used them on something more valued that trading them the way you do now.
Measure twice, cut once
  • #28
  • Feb 6, 2010 8:02am Feb 6, 2010 8:02am
I use a trade management ea (look up artemis sitter) if that helps. Places 10pip automatic stop loss and I keep a hidden SL of 6 and hidden tp4. Makes life much easier.. I end up scalping like a set and forget sorta system heh.. although days like yesterday (NFP) although worked out great some brokers don't like to close my orders quick enough
  • #29
  • Feb 6, 2010 8:39am Feb 6, 2010 8:39am
Why is everyone trying to fix something that isn't broken? Woo has found a way to trade which works for him. He obviously takes a loss when he sees it's not moving the way he expected. You don't have to have stoplosses to be profitable, and while there may be more efficient ways to trade that Woo's, his approach seems to be working.

Rob
  • #30
  • Feb 6, 2010 8:54am Feb 6, 2010 8:54am
Quoting aediaz1
To have been in this game for 6 years, I should tell you that you're in great need of both education and knowledge regarding FX trading.

Magnumfreak is absolutely correct when it comes to your fear. If I where you, I'd take those 2k and used them on something more valued that trading them the way you do now.
We will see about that. I will update this thread with new trades. and we will see. I dont promise anything, but time will tell

I dont know if it is fear. This is my thinking:

High leverage= more risk

Offset high risk by= only be in the market for a short period of time.


Now, how will this affect my trading:

1 to not have any severe implications on my trading, it is ultimately only suitable for profiting from short price price movements,where you obviously have to be highly leveraged.

advantages of shorter time horizonts= more trades. Being able to always keep an eye. Faster feedback loop=gaining knowledge faster

2However, if i were aiming for bigger profits,pip-wise, it would, as been stated by other poster,harm my trading, in the way that i would end positions
prematuraly, out of fear, and thus, not trading optimally.

3 Me, how do i trade? I use combinations. When the market is in a strong trend, i will ride the trend,and adjust my positions accordingly by lowering my leverage, and thus, not acting out of fear.

However, and this is the twist. If im highly leveraged. I may enter a strong trend and aim for many pips. But i do this, when i think that the price wont go against me.

However, if i deem that the price may go against me, i enter with less leverage.

So i adjust my lot size according to how much i deem the risk is in every individual trade.
  • #31
  • Feb 6, 2010 9:04am Feb 6, 2010 9:04am
Quoting aediaz1
To have been in this game for 6 years, I should tell you that you're in great need of both education and knowledge regarding FX trading.

Magnumfreak is absolutely correct when it comes to your fear. If I where you, I'd take those 2k and used them on something more valued that trading them the way you do now.

Well, ive been reading about 10 books on forex, and really, my stragey dont use any of the advice given any books, or any advice on this forum. I dont use any ema or sms. Barely remember what it is anymore. I think that price action is most important. However, i use bollinger bands, which is a very important tool. Bollinger bands, show you volatility. And my trading is very volatility based cwhere i look for exhaustion in the price. I look for it in 15min time frame, and in 1 min for confirmation.

I spent 1000 of hours infront of the price. and yes, ive been a target of bank interventions before and political events and lost lots of money , but ive never in my career set a stop loss. It doesnt feel natural. For me,it feels much more natural to quit when i dont know where the price is going, or think there is a risk it may go against me further. This seems more sensible to me.

Howewer, i do agree that it is good to have an emergency stop. I cant argue with what would happen if there is super big price movement, while i take a shit , or if the internet connection goes off.
  • #32
  • Feb 6, 2010 9:11am Feb 6, 2010 9:11am
Quoting Rob Mondave
Why is everyone trying to fix something that isn't broken? Woo has found a way to trade which works for him. He obviously takes a loss when he sees it's not moving the way he expected. You don't have to have stoplosses to be profitable, and while there may be more efficient ways to trade that Woo's, his approach seems to be working.

Rob
Exacty. I know lots of people that can achieve many winners in a row by:



huge stop loss.
low Take profit.

statistically, this would result in many winners with small profit. and few VERY big losses.end result would hower be 0, or minus, with pip charge taken into account.

I dont use this. As you can see, my losses were 50 dollar and 21 dollar. Which gives clues that i really have trading plan that may be lucrative.

However, if you hadnt see any losses in my journal, you wouldnt now, if i were a trader, that couldnt accept a loss, and thus let losses be very big.
  • #33
  • Feb 6, 2010 9:13am Feb 6, 2010 9:13am
Quoting woo
Well, ive been reading about 10 books on forex, and really, my stragey dont use any of the advice given any...
There are all kinds of ways to trade this market, what you are doing is scalping pure and simple, you need a high hit rate, good concentration and ability to move fast. If you have those consistently you can make a lot of money on a 3 pip movement and you're being honest with yourself that you can't say for sure yet if you will be consistent, but who can say that.

Trade how you feel happiest and most comfortable because that is the way that will make you successful. Some people can be happy trading the daily charts some the 1min, nobody else can tell you whats right for you.
  • #34
  • Feb 6, 2010 9:19am Feb 6, 2010 9:19am
Quoting luckylady
There are all kinds of ways to trade this market, what you are doing is scalping pure and simple, you need a high hit rate, good concentration and ability to move fast....
Yes, ive only used this strategy for three days. How could i ever claim that this strategy produces consistent results?

No you cant. As someone pointed out, and i completely agree with him, Ivnt yet been exposed to all the market conditions yet, you wont in just 3 days. Furthermore, 32 trades, is too little data anyhow.

However, 30 winners out of 32, and allround profit, is good, and may give a clue that you have an edge.
  • #35
  • Edited 11:01am Feb 6, 2010 10:28am | Edited 11:01am
congratulations on your achievment!

Quoting woo
all indicators are shit. And no one knows for sure where the price is heading. You can only speculate.
I read a lot of people's views considering indicators on forums usually talking about how indicators are shit or do not work etc, or how they have seen the light when they started trading price action only. My own 2 cents on the matter is.

*Not all indicators are shit (some are indeed shit)
*Indicators will only over complicate things if you don’t really put a lot of hard work into knowing exactly how they work, why they work and IF and WHY you need the extra information they provide.
*Most of them under each indicator category (oscillators , trend following etc) have similar design philosophy
*You can probably trade as well using S&R lines trend lines, fibo retracements or even chart pattterns as long as you have a proper money management and position entry and exit strategy.
*Indicators cannot and should not be used to predict the future. (forex trading is not about predicting anyway especially in smaller than D1 time frames)
*Indicators are there to provide statistic information regarding price action that cannot be done with naked eye. If you need that kind of info use them if you don’t need that don't use them. The main indicator is always the price. (bollinger bands witch you use provide standard deviaton of the price action witch is importand statistical information, its one of the main indicators i use too)
*I find no reason to using more than 2-3 of them.

I think the problem is that people can expect indicators to magicaly do their work for them because after all they are mechanical right? . Buy at RSI 30 sell at RSI 70 if ADX(14) is under 30 without any money managment or position exit strategy without even looking at the price.. Its that kind of behavior that will get you nowhere , but thats not the indicators fault

sorry kind of off topic
May the Force be with You
  • #36
  • Feb 6, 2010 10:36am Feb 6, 2010 10:36am
Quoting alex_000
congratulations on your achievment!

I read a lot of people on forums talking about how indicators are shit or do not work etc. My own 2 cents on the matter is...
Like most he contradicts himself. In one post he says that all indicators are sh** but in his first post he says:

Quote
Only price action. Not a single indicator, beside bollinger bands. I put very much weight on whether it is trending, oversold,overbought.

So obviously not all indicators are crap.
  • #37
  • Feb 6, 2010 10:41am Feb 6, 2010 10:41am
Quoting alex_000
congratulations on your achievment!

I read a lot of people on forums talking about how indicators are shit or do not work etc. My own 2 cents on the matter is...
I think you are wrong that indicators are where to show you statistics which the naked eye cant see.

I think the naked eye,or that you unconciously get to see it.

For instance RSI tells you overbought areas. I trained eye, while watching an eye can see where it is overbought plus, it is not lagged, it is the price action here and now.

I was reading shakesfx. Im doing the same shit he does. I thought i was alone, but what i do and he does is:

watch the strength of the price,direction.

For instance. if price has been like this: 75,76,75,75,74, for a time within time range of 5 min, and then, it suddenly jumps from 74,to 76, 77,76,77,78,79, 10 second goes. 80.81,83

i would sell at 83, knowing it would go down to 78 at least. Because of exhaustion.
  • #38
  • Feb 6, 2010 10:44am Feb 6, 2010 10:44am
magnumfreak, you're using quotes by two different people.

Rob
  • #39
  • Feb 6, 2010 10:46am Feb 6, 2010 10:46am
Quoting magnumfreak
Like most he contradicts himself. In one post he says that all indicators are sh** but in his first post he says:



So obviously not all indicators are crap.
im trying to be genuine here. Im really honest. . They are making all these calculations, and this and that, man its getting so complex, so that it is not in touch with reality. You cant trade just using indicators.

You have to couple it with price action. Indicators, may just serve as complement, which i give maybe 10% confirmation for.


just as candy, telling me im right.
  • #40
  • Feb 6, 2010 10:48am Feb 6, 2010 10:48am
sorry,my grammar and sentences are becoming unreadable. Im getting drunk
Im going out. Have been working hard from 6 to 5, and trade currency to 12, while i study for the GMAT test simultaneously. NO free ti
me at ALL.

However, ive set rules.,saturday and sunday
I have to drink and have som fun as well
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