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intraday trend trading with price action

  • #1,761
  • Mar 30, 2010 10:34am Mar 30, 2010 10:34am
Quoting mystery23
But money management also says you are willing to lose UPTO 2% capital per trade, which should be translated into different lot sizes, not fixed 0.5 lots.
what if you lost your 1. trade with 2% risk, do you stop traŽding for the day or risk another 2% capital?

if you say you will risk 2% capital per day, than you trade as long as 2% loss is reached. Thats what i do. I dont count only pips on my trades but also % of capital so i know exactly when to stop trading.
The pips i am willing to risk for a special trade vary from what looks like a good (A+) or risky trade. The time of day, first move after london Open is better . . .

any comments welcom
  • #1,762
  • Mar 30, 2010 10:59am Mar 30, 2010 10:59am
Quoting mystery23
I totally agree. Sho knows what he is doing.
I'm just helping explain, what Sho was trying with the 140 days and no compounding and the $50k.

The truth is, even if you are scalping, you are still looking for low risk-high probability trades. When you have those 2 conditions met, with the right setup as taught by Sho, you don't want to make the same amount on every trade, because that is not practical.

Let's go back to Sho's example, if you start of with $5000 in your a/c and make $351/day. In 14 days your a/c will be $10000.

If you have $10000...
dont worry mystery.i do understand what u r trying to say.i am a trader its long time for me now in trading.
what u r saying is all valid.
i just showed what u can do with the trading skill nothing else.
money management is for to save our self from desaster.once u are fully confident and u have enough skill u can play with the money management.

if u know how to manage the trade that will save u more than anything else.
if u dont know how to manage the trade u will give back all the money.
it does not matter if u risk 1% or 2% or any number of % if u dont know how to manage the trade u will give back all the money one day.

of course money management is important.
with the trade management if u trade with 1:1 risk RR still u can end up with 1:2
see my profit factor.
what i showed u guys dont take risk like me.it was only for u guys to show what u can do with trading skill.
once ur master u can make lot more than 351 a day.
mysterys point is valid.
i use fix lots its works better with my trading style.(suits my personality)
thats why i say learn to manage the trade it is more important then anything else(at least for me)
i am not saying dont learn money management.learn everything in trading.
dont take extra risk.(but i do)remember i trade with market makers in stock trading.thats my nature.
at the end of the day we need profit in our account that is matter.
remember trading world is not perfect.it wont be like text book explanation.
if u see any scalpers account it wont be perfect with mm.scalpers changes their mind with the market.

i didnot showed compounding or anything it was only a quick pnl report thats it.
give a thank to mystery he is very good at mm.i am sure he can help u guys a lot about mm.he is cleaver one.thats what u need in trading.
all the best
sho
  • #1,763
  • Mar 30, 2010 11:30am Mar 30, 2010 11:30am
end of the week i will post
my this account balance
  • #1,764
  • Mar 30, 2010 11:56am Mar 30, 2010 11:56am
Quoting MJurban
what if you lost your 1. trade with 2% risk, do you stop traŽding for the day or risk another 2% capital?

if you say you will risk 2% capital per day, than you trade as long as 2% loss is reached. Thats what i do. I dont count only pips on my trades but also % of capital so i know exactly when to stop trading.
The pips i am willing to risk for a special trade vary from what looks like a good (A+) or risky trade. The time of day, first move after london Open is better . . .

any comments welcom
This is one of the most misunderstood concepts in trading. And it applies more to forex than to say, futures trading.

Once you become confident and good in your trading, and if you are a day trader, you don't risk 2% capital per day.
Instead you have to risk 2% capital per trade!

Of course if you day trade, and only trade once a day, then you risk 2% on one and only trade.

But if you trade frequently throughout the day, you need to TRY (emphasis on try) to risk 2% every trade.

Here's where it gets really good, if you follow Sho's rules:

1- If you are in a trade, then there is a good chance you will breakeven in worst case scenario.

2- If you are looking for 2:1 R/R, then you may make 4% on that trade.

3- If you are looking for 3:1 R/R, then you may make 6% on that trade.

4- If you are in a bad trade then you may lose 2% on that trade.


Suppose on a given day you took the 4 trades above.
Then net you would have made
Net Gain = 0 + 4 + 6 - 2 = 8% after 4 trades

So for a $5000 a/c, you made $400 for the day.

Of course it is like you say, wait for the best setups.
Some other rules to remember are not to have more than 2 bad trades in a row and if you happen to lose 20% of your a/c than STOP TRADING for several days.

Don't get greedy thinking about all these numbers and how you can make 20% in one day!
It's not as easy as it sounds, and its easier to lose 20% in a day.

If this is still not clear, ask and I will give more details.
Nothing is true, Everything is permitted
  • #1,765
  • Mar 30, 2010 3:37pm Mar 30, 2010 3:37pm
Quoting mystery23
This is one of the most misunderstood concepts in trading. And it applies more to forex than to say, futures trading.

Once you become confident and good in your trading, and if you are a day trader, you don't risk 2% capital per day.
Instead you have to risk 2% capital per trade!

Of course if you day trade, and only trade once a day, then you risk 2% on one and only trade.

But if you trade frequently throughout the day, you need to TRY (emphasis on try) to risk 2% every trade.

Here's where it gets really good, if you follow Sho's rules:...
thanks for answering

i got to think about it, but i dont like the idee of losing more than 2% in one sigle day.
when scalping, i have more than 2 losing trades in a row, maybe thats the difference.
if u are swing trader you have 1 trade a day and not even each day, but scalping is different.
20% win a day, i never came close to that thats my problem. after 5% or so i would stop trading for the day , do other things

as i said, i must think about this
  • #1,766
  • Mar 30, 2010 5:08pm Mar 30, 2010 5:08pm
Quoting MJurban

i got to think about it, but i don't like the idea of losing more than 2% in one single day.
Everyone has their own personal levels of acceptable loss. My personal maxium daily limit of loss is 3%. That being said I never risk more than 1% on a trade. That way I can lose three trades in a row before calling it a day. If I have a couple of wins that will keep me trading for a longer period of time.

I must issue an apology first before I say this, but we seem to have drifted off course here. There are many threads and pages with discussion of money and trade management. We will agree that this is an important issue and that there are many different styles of each. However, I do feel that the internet is lacking good threads on Price Action and we should refocus on that and Sho's excellent teachings.
  • #1,767
  • Mar 30, 2010 6:14pm Mar 30, 2010 6:14pm
i like all the people in this thread.
ok guys keep going.this is the only way u can learn.
guys post ur mm idea and share with each other.
may be i can learn something new as well.
learning never ends.
  • #1,768
  • Mar 30, 2010 6:15pm Mar 30, 2010 6:15pm
Quoting Wysiwyt
That's really awesome ........ I doubt I could do this in demo ..... lol ..... specially with all those pairs !!!!

I could't see on your statement how long were you, on average, in a trade ..... so when you have a chance please post it (if you don't mind).


Thanks Sho for all your posts and for showing us with your statement it is possible to tame the beast :-)

.
roughly 10-40 mins
  • #1,769
  • Mar 31, 2010 6:44pm Mar 31, 2010 6:44pm
i am expecting gbp/jpy and aud/usd daily to do a bearish move.
both of them on the supply level.
lets see next few days what market does
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  • #1,770
  • Mar 31, 2010 6:53pm Mar 31, 2010 6:53pm
whatever u do guys dont forget to use stop loss.
our analysis can go wrong any time .because market changes all the time.
and so far gbp is holding its monthly 61%.thats what we expected from last couple of weeks. gbp is is near the resistant as well.big resistant at or just above 15300.
so carefull.
  • #1,771
  • Mar 31, 2010 7:33pm Mar 31, 2010 7:33pm
one more thing guys when i say it will reverse it does not mean at exact candle or exact level.

i mean at that zone.
do u understand what zone mean?
if not let me know i will tell u and show u.
all the best
see u in the morning london time.
sho
  • #1,772
  • Mar 31, 2010 10:24pm Mar 31, 2010 10:24pm
Quoting trade price
do u understand what zone mean?
sho
Here's how I see "zone" ....... they are areas on the chart highlighted with blue rectangles on daily Euro chart !


P.S. Thanks sho for your answer about average trade duration.
.
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  • #1,773
  • Apr 1, 2010 12:12am Apr 1, 2010 12:12am
Quoting trade price
one more thing guys when i say it will reverse it does not mean at exact candle or exact level.

i mean at that zone.
do u understand what zone mean?
if not let me know i will tell u and show u.
all the best
see u in the morning london time.
sho
hi trade price

pls. clarify the "zone." thanks.
  • #1,774
  • Apr 1, 2010 5:15am Apr 1, 2010 5:15am
Quoting Wysiwyt
Here's how I see "zone" ....... they are areas on the chart highlighted with blue rectangles on daily Euro chart !


P.S. Thanks sho for your answer about average trade duration.
.
perfect.
  • #1,775
  • Apr 1, 2010 5:17am Apr 1, 2010 5:17am
Quoting snake
hi trade price

pls. clarify the "zone." thanks.
wyvsyt did nicely.
we will have a big and important lesson about the zone later
  • #1,776
  • Apr 1, 2010 5:59am Apr 1, 2010 5:59am
my last 5 trades.my platform time is london time+1 hour.
see how many minute it took.and what is my largest loss.
last picture is when all position is closed
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  • #1,777
  • Apr 1, 2010 6:09am Apr 1, 2010 6:09am
eur/jpy closed too early.its could have been a runner.but never mind it was profit after all in less than 45/(hour) mins
  • #1,778
  • Apr 1, 2010 7:02am Apr 1, 2010 7:02am
Quoting trade price
my last 5 trades.my platform time is london time+1 hour.
see how many minute it took.and what is my largest loss.
last picture is when all position is closed
again sho majority of ur trades are in ranging market , but even the USD/CHF would have been a runner if ur stop loss had not hit?

Sho after seeing ur trading even i am more interested to trade like u , excellent results.

i thought to scalp we should wait for only a few minutes but ur timings were different even this would be considered scalping.

Kindly clarify.

Hari.
  • #1,779
  • Apr 1, 2010 7:16am Apr 1, 2010 7:16am
closeing trades
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  • #1,780
  • Apr 1, 2010 7:18am Apr 1, 2010 7:18am
Quoting sruthihari
again sho majority of ur trades are in ranging market , but even the USD/CHF would have been a runner if ur stop loss had not hit?

Sho after seeing ur trading even i am more interested to trade like u , excellent results.

i thought to scalp we should wait for only a few minutes but ur timings were different even this would be considered scalping.

Kindly clarify.

Hari.
most of my my trades could have been runner but its all depend on market.
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