Trade What You See - Almost Naked Trading | Page 454 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Looking on a naked chart, can you pick the best strategy? 32 replies

How do you see trading - Do you see it as a means to an end? 12 replies

Can you tell with naked eyes? 151 replies

Bow's trading journal 2 (almost naked trading on m5) 26 replies

Trading as naked as you can get 0 replies

Attachments: Trade What You See - Almost Naked Trading
Exit Attachments

Trade What You See - Almost Naked Trading

  • #9,061
  • Jan 10, 2011 5:42am Jan 10, 2011 5:42am
LG, now that you're here can you offer me some advice on when to exit trades early to cut losses? I've managed to minimize them by closing half my orders and leaving another at BE with quick profits, but a few losses have been really big, especially since I'm placing 2 orders. Do you exit when price stagnates, makes HH/LL against you, or move rapidly in the other way? Thanks...
  • #9,062
  • Jan 10, 2011 5:42am Jan 10, 2011 5:42am
BO ?
Attached Image (click to enlarge)
Click to Enlarge Name: trenddisplay.gif Size: 16 KB
There`s no life before COFFEE!
  • #9,063
  • Jan 10, 2011 5:59am Jan 10, 2011 5:59am
Quoting natnimrey
LG, now that you're here can you offer me some advice on when to exit trades early to cut losses? I've managed to minimize them by closing half my orders and leaving another at BE with quick profits, but a few losses have been really big, especially since I'm placing 2 orders. Do you exit when price stagnates, makes HH/LL against you, or move rapidly in the other way? Thanks...
Sounds like you are managing your losses well. There is no way to avoid losses that I know of or have ever read about. I use reasonable R/S levels as stops. However, I am reading a book by Van H. Tharp that has made me rethink this way of placing stops.

Tharp says that the problem with R/S levels as stops is that everyone knows that they are the logical places were stops will be placed. He says, "Quite often, markets tend to stampede in reverse and fill everyone's stop orders before they quietly return in the direction of the trend." To quote the Turtles again, they did not place actual stops because of this tendency of the market, rather they had mental not actual stops for their trades.

Tharp goes on to suggest that stops be placed at levels that are not "logical" to the market. Someone else I once read said to place stops "where you are sure the market will not go."
  • #9,064
  • Jan 10, 2011 6:09am Jan 10, 2011 6:09am
Quoting jalkok
BO ?
It has to do something sooner or later, but because it has been teasing us for so long, I want to really see movement before getting in.
  • #9,065
  • Jan 10, 2011 6:16am Jan 10, 2011 6:16am
Quoting lawgirl21
It has to do something sooner or later, but because it has been teasing us for so long, I want to really see movement before getting in.
I`m in now with my finger on the trigger to get out if movements goes wrong...
There`s no life before COFFEE!
  • #9,066
  • Jan 10, 2011 6:22am Jan 10, 2011 6:22am
Quoting lawgirl21
Tharp goes on to suggest that stops be placed at levels that are not "logical" to the market. Someone else I once read said to place stops "where you are sure the market will not go."
Hmm that seems to suggest placing larger than normal stops, which I am deathly afraid of On top of that, is it absolutely important that Risk:Reward be at least 1:1? My tendency to exit early makes it about 3:2, and raising my profit target to match my SL often leads me to miss out before price reverses.

I've read that you mentioned SLs should always be wider for 1H TFs, around 50 pips, and have witnessed its truth, but sacrificing a better entry for more confirmation rarely gives me 50 pip profits...
  • #9,067
  • Jan 10, 2011 6:30am Jan 10, 2011 6:30am
Quoting natnimrey
Hmm that seems to suggest placing larger than normal stops, which I am deathly afraid of On top of that, is it absolutely important that Risk:Reward be at least 1:1? My tendency to exit early makes it about 3:2, and raising my profit target to match my SL often leads me to miss out before price reverses.

I've read that you mentioned SLs should always be wider for 1H TFs, around 50 pips, and have witnessed its truth, but sacrificing a better entry for more confirmation rarely gives me 50 pip profits...
You will have to determine what you are comfortable with. I often don't use stops at all and I never pay attention to RR ratios. My goal is 100 pips per week..period. Remember too that just because you have a huge stop, doesn't mean you will have to take it. Nothing upsets me more, personally, than getting stopped out when the trade was ultimately going my way.
  • #9,068
  • Jan 10, 2011 6:35am Jan 10, 2011 6:35am
Shaved 20 pips off this little BO... LG, sorry about your loss, I know you were short on this pair...
Attached Image
  • #9,069
  • Jan 10, 2011 6:39am Jan 10, 2011 6:39am
Quoting pippete
Shaved 20 pips off this little BO... LG, sorry about your loss, I know you were short on this pair...

Yes, hit my SL at 50 pips.
  • #9,070
  • Jan 10, 2011 6:46am Jan 10, 2011 6:46am
Approaching breakout soon. keeping an eye on this one...
Attached Image
  • #9,071
  • Jan 10, 2011 6:52am Jan 10, 2011 6:52am
Quoting lawgirl21
You will have to determine what you are comfortable with. I often don't use stops at all and I never pay attention to RR ratios. My goal is 100 pips per week..period. Remember too that just because you have a huge stop, doesn't mean you will have to take it. Nothing upsets me more, personally, than getting stopped out when the trade was ultimately going my way.
Wow that is just badass, but I think it'll be a long while before I'm good enough to trade without SLs. Thanks for the advice LG, I'll start to set weekly targets and revise my stops. But looking at your trades I'm quite certain you make a hell lot more than that, don't ya
  • #9,072
  • Jan 10, 2011 6:52am Jan 10, 2011 6:52am
Quoting pippete
Approaching breakout soon. keeping an eye on this one...
You are really good at finding those H4 consolidations. I'll watch it too.
  • #9,073
  • Jan 10, 2011 6:52am Jan 10, 2011 6:52am
Another possible BO here soon. Come on baby!
Attached Image
  • #9,074
  • Jan 10, 2011 6:53am Jan 10, 2011 6:53am
Quoting lawgirl21
You will have to determine what you are comfortable with. I often don't use stops at all and I never pay attention to RR ratios. My goal is 100 pips per week..period. Remember too that just because you have a huge stop, doesn't mean you will have to take it. Nothing upsets me more, personally, than getting stopped out when the trade was ultimately going my way.
yes Agree with You.
Trading is partly science and partly Art
  • #9,075
  • Jan 10, 2011 6:54am Jan 10, 2011 6:54am
Quoting lawgirl21
You are really good at finding those H4 consolidations. I'll watch it too.
My favorite type of trade... I know you love them too...
  • #9,076
  • Jan 10, 2011 6:57am Jan 10, 2011 6:57am
BO
Attached Image
  • #9,077
  • Jan 10, 2011 6:59am Jan 10, 2011 6:59am
BO
Attached Image
  • #9,078
  • Jan 10, 2011 7:03am Jan 10, 2011 7:03am
Quoting pippete
Another possible BO here soon. Come on baby!
I am also in it and loosing money. Hate forex today it is second trap i have jumped in.
  • #9,079
  • Jan 10, 2011 7:25am Jan 10, 2011 7:25am
LG,

For your BO trades when construcing the resistance and support levels for the sideways consolidaton, do you only use the candles real body for a gauge of where to place the S/R lines?

Additionally, do you avoid trading a BO on a currency pair that has bee in a consolidation trend for an extensive period of time?

Keep up the great work!!
  • #9,080
  • Jan 10, 2011 7:29am Jan 10, 2011 7:29am
Quoting LFB
I am also in it and loosing money. Hate forex today it is second trap i have jumped in.
Hang in there bro, we might get lucky... Looks like bouncing off that broken support level...
14 traders viewing now