Please ask questions and share your experiences with us all!
Trade what you see NOT what you expect
Hi Macc,
nice to hear that you make pips.
You can not trade as much as you'd like because of a day job or because of...women?
I'm pleased with my trading but I noticed that I suffer often losing trades when I try to catch reversal trades and price is trending. I'll try to reduce this kind of reversal trades in the next week.
Neither a day job nor women keeping me from trading at the moment (although both have held me back from doing plenty of (fun) stuff I wanted to do in the past
). Just some non-trading stuff that takes priority at the moment.It's sometimes easy to get drawn in to looking for reversals everywhere, I guess because we spend so much time learning all the reversal signals/candles and higher time frame areas of s/r where price might turn. Of course price has to move (trend) from one area to the next but we're sometimes too busy trying to turn her and pick the best entries.
There are a few elements of EO's method that help us get in on moves (trends) once they've started without missing the best entry by too much. Patience and screen time watching how price action plays out at key areas will help filter out the failed reversal entries. As has often been said by EO, the higher time frames keep us informed on what we are seeing unfold on the 15m chart and if she is in fact looking to turn at a particular area, you will often get a second chance on a retest. Just a question of learning to see when or how the retest might play out.
Keep at it
Macc
I Have a general question please....
There is no specific starting number of lots according to EO's method (if that's what you're asking). Each individual will be trading a certain size of lot (standard, mini, or micro) and multiple number of lots based on their own circumstances/account.
As you mention, multiple lots allow a position to be scaled out (or in) at certain intervals which are determined by how an individual wants to trade. Some may identify (in advance) certain price targets based on s/r (or ma's) where they will take a portion of their trade off and/or cover their entry by moving their stop loss to break even. This can continue at identified areas until a final predefined target/price is reached. Some may simply look to take profit and cover when certain pip values are achieved. Some may "tweak" their position as the trade progresses based on what price action is telling them. How ever it's done, the idea is to allow flexibility for managing a trade(s) in terms of realised profit and risk.
100 pages a week is good going, especially if you can marry that with plenty of time in front of the screen watching how some of the elements mentioned in the thread play out
Macc
- #33,526
- May 12, 2010 1:50pm May 12, 2010 1:50pm
Hey Jay.
There is no specific starting number of lots according to EO's method (if that's what you're asking). Each individual will be trading a certain size of lot (standard, mini, or micro) and multiple number of lots based on their own circumstances/account.
As you mention, multiple lots allow a position to be scaled out (or in) at certain intervals which are determined by how an individual wants to trade. Some may identify (in advance) certain price targets based on s/r (or ma's) where they will take a portion of their trade off and/or cover...
Always Learning
- #33,534
- May 16, 2010 9:50pm May 16, 2010 9:50pm
- Joined Oct 2009 | Status: Thank You eohater | 790 Posts
This is the biggest thread ive ever seen. Before digging into it, is the strategy contained in the thread worthwile and able to produce consistent profits?
Read a few pages.
Cap
