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  • #641
  • Apr 27, 2010 11:27am Apr 27, 2010 11:27am
This is my first post... been lurking for a while.

Thanks Pete for so freely sharing your knowledge. Thats the attitude that makes so many people (including me) so successful. If you're reading this Pete, don't stop giving...
  • #642
  • May 8, 2010 7:28pm May 8, 2010 7:28pm
I'm very glad I stayed up half night reading this thread!
  • #643
  • May 15, 2010 7:53am May 15, 2010 7:53am
PeterCrowns, TheRealThing thank you very much for your posts. It was forth to spent a few weeks going through thousands pages in this forum to find your inputs.
Thank you very much, and good luck!
  • #644
  • Sep 15, 2010 6:34am Sep 15, 2010 6:34am
Just to bump this thread, which contains excellent information, and to remind anyone new to this method that some trading skills and experience will be required.

"No free lunch" sums it up. Rookie traders have back tested this strategy and claim it has no edge. That much is true. A good trader who is prepared to cherry pick trades and (even then) experience drawdown will make this work. It is a way to get into those good trends with low risk.
Gone to a better place
  • #645
  • Sep 16, 2010 12:35am Sep 16, 2010 12:35am
The meat is in the money management and the exit. The DIBS just provide an entry
  • #646
  • Sep 17, 2010 12:35pm Sep 17, 2010 12:35pm
Quoting Mets
In Peter's lastish post he mentioned "Your First Loss Is Your Best Loss." For those looking for some reading, I'd suggest this:
http://www.smartmoney.com/tradecraft...story=20010315

Yes it is in the context of stocks, but the information applies to all markets.
Thanks for posting this article. I have been trading very small for more than ten years, constantly trying to improve. However, my nature is to "rush in", and always looking for the shortcuts. This thread and the post by PC and others here have created a paradigm shift for me. I really appreciate the time and effort put into this by fellow FF posters.
  • #647
  • Nov 27, 2010 6:22pm Nov 27, 2010 6:22pm
Maybe Peter will never read my post, but I have to write it!
There are some months I've been reading threads here in FF. After a lot of wasted time I was lucky and joined some serious threads with Masters giving us right concepts about what's really the Forex market. FOR FREE!!
Peter is one of these Masters...maybe the best one....
He gave us a way to succeed, and he tried to give us the right state of mind in trading. I think this is the most difficult part to do. Many of us don't think, don't elaborate the informations received in the right way.
We are entrapped in our ego!
So, quoting the Porsche example by Peter: if a driving teacher tells us to use the brakes to stop a car....why should we try to find another way to stop it? Narcisism? Loosing attitude? Maybe the two in one....
He gave us something that costed him years of efforts, money, time and fatigue to reach. We are lucky and can grab it for FREE.
So, we must only give our thanks to him, put the informations into our charts and trade well.... because he teached us how to do it!

P.s. When I'll become a profitable trader, I'll help people in trouble giving a part of the earned money in charity, because someone (Master Peter, Master Sho and others) helped me for NOTHING now.....

I'll quote here a true story we all must learn from:

Once upon a time there was a man who wanted to sail the oceans with a little sailboat. He left from Vietnam, but suddenly shipwreked near Mauritius..... The boat was broken and he had no money to repair it.
A man who was there asked him: "wath do you need? I'll give it to you!"
The first man said "thanks guy but....why do you help me in such a way?"
The second man answered "someone, long time ago, did the same for me...and now I do this for you!"

The first man, later became the most famous solitary sailor ever seen. His name was Bernard Moitessier!

Thank you Peter!



Quoting PeterCrowns
Multi-part rant-

-outapips-

I genuinely thank you for being brave enough to ask this question the way you did, and taking the trades you did. If anyone has asked this question before in the FF forum, I didn't see it -- (much like the sound I hear when a tree falls in the woods when I am not there).

In answer to your question, I didn't take the offending trades, but easily could have. You'll figure out the rest of my answer from the dialogue below.

-outapips-
Any negativity expressed...
  • #648
  • Nov 30, 2010 6:42am Nov 30, 2010 6:42am
Thank you Peter for your generosity to share so much of your time and talent. Thank you also to Bemac, jarroo, TheRealThing, and all the others who provided their insight and facilitated this thread.

I am unable to use DIBS as an entry method because of my time zone and work schedule, but I have learned plenty of other things from this thread. I am using a different entry method that still allows me to accomplish all of the things I learned about here. To be honest, many of those things I had already heard before, or I should have known them, but they never really "hit home" until I started reading and understanding Peter's posts and the DIBS method. Thank you so much, again.

Some of those things that finally hit home include:

*What hours of the day to be in the market (I put in my orders before I fall asleep, and let them play out)
*What pairs to trade
*How to view losses (don't tinker with your method to eliminate losses; losses will always happen)
*Entering with a tight stop, low risk
*Playing the hot hand
*The importance of long tails

I'm sure there is plenty more, but that is all I remember right now.

Thank you!
  • #649
  • Dec 21, 2010 5:58pm Dec 21, 2010 5:58pm
Quoting PeterCrowns
In the pit the first thing you learn--- when you are ready to actually make money..., and stop the bleeding, is:

  1. Only be willing to buy a market if it is up on the day.
  2. Only be willing to sell a market if it is down on the day.

Thank you Peter.
  • #650
  • Dec 23, 2010 6:50am Dec 23, 2010 6:50am
Sebohsj

Thank you for your excellent post. For me it came as a timely reminder as I was thinking of fiddling "under the bonnet"! Madness....

Stick to Peter's rules.

I should write out 100,000 times - "I must stick to the rules!"

Why change them? They were given freely to us by PC who appears to have used the method so successfully for years.

Happy Christmas one and all.
  • #651
  • Mar 27, 2011 6:52am Mar 27, 2011 6:52am
Quoting Bemac
Nothing to do with PA, FA or TA,,,
This is about understanding the human Element in the Pit.{of Dispair to Pr. Bride. movie fans}

Pit Traders. {You really think they are rookies?}
They have to eat, they have to pee and they have to get a grip on the Market direction. After all, this is not their first venture into the Market.
Evoloution told them to pee at the same time as other traders because they understood...that's when they get their ass whipped.
Eating is optional. Market direction is in their hands.

So...
As an Outsider,
{never...
If its London time you are talking, and if its E/U price you are talking, i would only have to put the open time a little earlier and the time people want to stop trading and go home a little later and its spot on.
My signature is: "Classified".
  • #652
  • Mar 29, 2011 9:48am Mar 29, 2011 9:48am
Quoting 4FXsake
Sebohsj

Thank you for your excellent post. For me it came as a timely reminder as I was thinking of fiddling "under the bonnet"! Madness....

Stick to Peter's rules.

I should write out 100,000 times - "I must stick to the rules!"

Why change them? They were given freely to us by PC who appears to have used the method so successfully for years.

Happy Christmas one and all.
Hi, I'm new here and your line about...I should write out 100,000 times - "I must stick to the rules!" is a battle I encounter almost every day. I've been trying to find the material that you all refer to from Pete, but can't seem to.

If this thread isn't finished already - can someone point (send me the link) me in the right direction please, as you can see from my results today - I am doing terribly.....
  • #653
  • Apr 19, 2011 8:20am Apr 19, 2011 8:20am
You must read the entire thread and you'll also find links to another thread which is very helpful too.

You have to make the effort if you want to learn more.

Paul.
  • #654
  • Apr 19, 2011 8:25am Apr 19, 2011 8:25am
Peter,

I don't know if you still read this thread but my sincerest thanks to you for imparting your hard earned knowledge.

For anyone else reading the thread, take note and understand what's been written, it will change the way you think about trading.

Regards, Paul.
  • #655
  • Apr 19, 2011 9:46am Apr 19, 2011 9:46am
I'm making some small in roads since my original post here - but I do get your point about reading the whole thread
  • #656
  • Jun 28, 2011 3:50am Jun 28, 2011 3:50am
Hello

could you provide the website name?

thank you


Quoting FXMutant
Speaking of Coffee,, I have a friend that figured out how to increase the caffeine content of high quality coffee beans,, kind of like drinking a whole pot of coffee in one cup,,, cuts down on the urinary flow ,,,, he sells it online if any body's interested
  • #657
  • Jul 7, 2011 9:10am Jul 7, 2011 9:10am
It seems that I am so late to this thread. Could anyone here help me on some questions please?
1)we enter a trade after the 6:00 GMT, right?
2)Guys,have you encountered such things-----buy stop and sell stop orders all triggered the "stoploss"? how to avoid this? Here is the snapshot::nerd: thank you for your attention, any words are welcome.

best regards,
Joey
Attached Image (click to enlarge)
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  • #658
  • Jul 8, 2011 7:58pm Jul 8, 2011 7:58pm
The principle is to look at the market after around 6AM GMT as this is toward the end of the asian session.

Your graph is looking at IBs before this.

Take the basic principle ie sell weakness,buy strength.
You could apply this to other chart patterns.

The basic idea of taking profits then having a free trade combined with buy strength sell weakness is important.
The greatest enemy of a good plan is the dream of a perfect plan.
  • #659
  • Jul 9, 2011 1:33am Jul 9, 2011 1:33am
@ Hotjoey:

The first three IBs that you marked in red are before the start of the trading day according to the rules and should be ignored. The market tends to chop around during those hours and you WILL get stopped out a lot trading IBs then. You need to wait until 6 am (GMT) when the market hints at a direction. The fourth IB would have been tradeable. On that chart I would have been looking for qualified short trades--those IBs which allowed an entry below the daily open. I wouldn't have taken longs on that particular chart, even if price was up on the day. My bias would have been short.
I don't know about the 5th bar you marked, since we make our decision based on the bar that follows and breaks the IB. On this chart it hasn't formed yet.

When trading DIBS it's a good idea to make a 24 hour horizontal line beginning at the daily open, the same way Peter does. This makes it easy to see very quickly if price is up or down on the day.
  • #660
  • Jul 9, 2011 3:17am Jul 9, 2011 3:17am
Quoting billflet
@ Hotjoey:

The first three IBs that you marked in red are before the start of the trading day according to the rules and should be ignored. The market tends to chop around during those hours and you WILL get stopped out a lot trading IBs then. You need to wait until 6 am (GMT) when the market hints at a direction. The fourth IB would have been tradeable. On that chart I would have been looking for qualified short trades--those IBs which allowed an entry below the daily open. I wouldn't have taken longs on that particular chart, even if price...

Billflet,

Much thanks for your kind help. For my English is not enough, I couldn't make full understanding Peter's DIBS methods. Your comments help me.

Peter said,"Only be willing to buy a market if it is up on the day." So, if after 6:00 GMT, one inside bar close above the close of previous day's, it matches this rule? Am i get the meaning?

In his other post, Peter mentioned that he would look higher timeframe such as Daily and een weekly for a bigger picture of the trend. Does this mean Peter will pick high reliable signal for a "low risk high rewards"?

Have you been trading this methods? How does it works?

Best regards to you

Joey
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