DislikedOtherwise known as pyramiding or averaging up. This is how I usually stack. There are a few different ways to do it. Here is one way.
http://www.investopedia.com/articles...id-trading.aspIgnored
Thanks Hubba
Patience is magic
Building an equity millipede
- #4,167
- Feb 1, 2011 1:08pm Feb 1, 2011 1:08pm
- Joined Jun 2006 | Status: Adios! | 3,377 Posts
Staying in my lane...
Hey nomask,
I keep forgetting people can open longs and shorts. I'm not able to do that, I have to either go long or short. I'm flat right now and using the daily open my determination of going long or short.
I love trading through per my hindsight but as Graeme mentioned in the context that Vee quoted "Also another reason why I trade both directions since one direction could have me sit out for a prolonged periods of time again" so I agree with Graeme that could be really boring for me too
and if you look at the monthly chart you can see there is a 2000 pip move up already established and the direction is still up...
My hindsight was down because of the big down candle of november but since then price did not play through that engulfing candle instead made an inside bar, broke that up with retest of support and this month just started playing above the monthly open...
http://www.screencast.com/users/noma...d-771b5bbcff2b
I'm okay with my hindsights as long as they treat me well
- #4,171
- Feb 1, 2011 4:01pm Feb 1, 2011 4:01pm
- Joined Jun 2006 | Status: Adios! | 3,377 Posts
hey vee sounds like you are following the plan well.
i have to say it is difficult at the moment to sit on the side lines, the up move has been going since early january, coming up to "1000"pip move, hence the attractiveness of trading both directions.
i tried another probe short yesterday, but the market, she is not ready to accomodate me as yet, i can wait.
cheers
geoff
I would say this though...smaller realized losses also allows for quicker strategic placement of diversification resulting in risk+stress FREE trading post diversification. In addition to "Profiting from market doesn't need to involve higher risk" per Graeme, it is equally important (for me atleast) not to elevate my stress levels from trading activity. I have enough stress from my day job to worry about every candle color
I have tried all the darn strategies to 1:2 RR. not anymore.Personally, I am driven to close my first long standing 2000+ pips legs only when I can afford to take a loooong vacation entirely from profits (just looking for emotional drivers to hold on to my long term positions when I have them :-)
Staying in my lane...
- #4,177
- Feb 6, 2011 2:35am Feb 6, 2011 2:35am
Hi All,
I greet you and want to say thanks for your input. I have been reading the thread for a while and I just got to the end. I like what I have read here and I learned a lot. I have been learning to trade for 2 years now with no real success but more and more knowledge about myself. That is correct, for knowledge about onself seems to be a major importance when it comes to trading.
Greame is the first only person, who stated in a very intelligent way that he actually does not know where the market is going.
I find that helpful as I have read some other experienced members and unfortunately many of them seem to be full of personal pride and vanity.
That is not a critic from my part rather a reason why I find at times difficult to get what they are talking about as I do not seem to have that knowledge of the markets.
After quite a "tution fee" and a lot of practice I ended up calmer and more determined as I was before.
From my history and experience I must say that the only time I have ever made some money was the time I left a position open for long. That negated some of my losses and made me a humble profit.
Now, I am doing the same.
For all you fellow traders I would like to point out a simple way how you can consider the time required for learning to trade profitably.
I am a structural engineer with Msc which took me 6 years to achieve, including my work during studies and all other things. I can make a living and I have the chance with this educational background to make a relatively OK middle class living should I choose this as the profession of my life.
The tution fee costed me roughly 1500 USD a semester so 15000 USD all together. (I studied in Hungary, relatively cheap compared to USA and many other countries).
Trading is a business and a proffession. You can make an OK living and more, you can make a super living from it. Is that not valid the assume it worth similar time and energy investment as any University or even more? Say 5 years of countinious learning, paying tution fees (money on useless trading robot junks, losses, books, seminars, etc...) are crazy?
So if you think the above is worth to consider you have time. I am just over my second year. After my secon year in the uni I could barely do anything worthwile yet compare to what I am doing nowadays in the office. In fact, you need quite some years after graduation to become good. That puts it to an estimated 8-10 years with studies included until you become a competent engineer.
What about doctors? 10 years? Lawyers?
I trade almost only EURUSD as I am busy in my day job and have no time to focuss on more instruments at the moment. I had 2 positions in EURCAD at a very good place but I got stopped out unfortunately.
My plan is for the next week is a bearish movement. I will need to change my view for bullish as soon as it proves to be more correct. Last Friday could not move down like crazy. The previous 2 candles on the weekly are week for me, that is the main reason. Looking at the monthly though, I can also say that the previous 2 weeks were only a retracement of the performance of January. Time will tell and I will need to follow the market as learned from Greame. Thanks for that.
I have one long position at 3043 and 4 shorts between 3738 and 3696.
I greet you and want to say thanks for your input. I have been reading the thread for a while and I just got to the end. I like what I have read here and I learned a lot. I have been learning to trade for 2 years now with no real success but more and more knowledge about myself. That is correct, for knowledge about onself seems to be a major importance when it comes to trading.
Greame is the first only person, who stated in a very intelligent way that he actually does not know where the market is going.
I find that helpful as I have read some other experienced members and unfortunately many of them seem to be full of personal pride and vanity.
That is not a critic from my part rather a reason why I find at times difficult to get what they are talking about as I do not seem to have that knowledge of the markets.
After quite a "tution fee" and a lot of practice I ended up calmer and more determined as I was before.
From my history and experience I must say that the only time I have ever made some money was the time I left a position open for long. That negated some of my losses and made me a humble profit.
Now, I am doing the same.
For all you fellow traders I would like to point out a simple way how you can consider the time required for learning to trade profitably.
I am a structural engineer with Msc which took me 6 years to achieve, including my work during studies and all other things. I can make a living and I have the chance with this educational background to make a relatively OK middle class living should I choose this as the profession of my life.
The tution fee costed me roughly 1500 USD a semester so 15000 USD all together. (I studied in Hungary, relatively cheap compared to USA and many other countries).
Trading is a business and a proffession. You can make an OK living and more, you can make a super living from it. Is that not valid the assume it worth similar time and energy investment as any University or even more? Say 5 years of countinious learning, paying tution fees (money on useless trading robot junks, losses, books, seminars, etc...) are crazy?
So if you think the above is worth to consider you have time. I am just over my second year. After my secon year in the uni I could barely do anything worthwile yet compare to what I am doing nowadays in the office. In fact, you need quite some years after graduation to become good. That puts it to an estimated 8-10 years with studies included until you become a competent engineer.
What about doctors? 10 years? Lawyers?
I trade almost only EURUSD as I am busy in my day job and have no time to focuss on more instruments at the moment. I had 2 positions in EURCAD at a very good place but I got stopped out unfortunately.
My plan is for the next week is a bearish movement. I will need to change my view for bullish as soon as it proves to be more correct. Last Friday could not move down like crazy. The previous 2 candles on the weekly are week for me, that is the main reason. Looking at the monthly though, I can also say that the previous 2 weeks were only a retracement of the performance of January. Time will tell and I will need to follow the market as learned from Greame. Thanks for that.
I have one long position at 3043 and 4 shorts between 3738 and 3696.
Kind Regards
zol
- #4,180
- Edited 11:07am Feb 6, 2011 10:57am | Edited 11:07am
- Joined Jun 2006 | Status: Adios! | 3,377 Posts
Wondering how folks are doing in achieving their "1Thing" in regards to their entries. I think I have nailed most of the aspects of Graeme's teachings but find myself challenged with this one important aspect.
"You should know your entry method so well you can vouch it with your life"
I have reached the 400+ trade mark in my practice since November/December. Only a handful of PA based setups have proved to be promising so far. Could one of these be my "1 Thing" for entries? Does this mean I dump the ones that have not worked out for me? I wont know until I have another 1000+ entries to include in my 'statistical trade analysis'
EDIT: One more thing to add... ""You only need 1 or 2 entry methods but your participation in over 10+ pairs of currency. You will be very busy"". Of the few setups I mentioned above, trading across multiple pairs is lowering my success rate for some reason. Perhaps it is too early to come to any conclusion.
EDIT: Also worth mentioning that none of these trades were taken with the intention of "20 x3 take profit exercise". It dawned on me yesterday that had I taken these trades with 20x3 in mind since the beginning, about 60+% trades that resulted in BE would have hit the TP level which is both confusing and enlightening at the same time :-
"You should know your entry method so well you can vouch it with your life"
I have reached the 400+ trade mark in my practice since November/December. Only a handful of PA based setups have proved to be promising so far. Could one of these be my "1 Thing" for entries? Does this mean I dump the ones that have not worked out for me? I wont know until I have another 1000+ entries to include in my 'statistical trade analysis'
EDIT: One more thing to add... ""You only need 1 or 2 entry methods but your participation in over 10+ pairs of currency. You will be very busy"". Of the few setups I mentioned above, trading across multiple pairs is lowering my success rate for some reason. Perhaps it is too early to come to any conclusion.
EDIT: Also worth mentioning that none of these trades were taken with the intention of "20 x3 take profit exercise". It dawned on me yesterday that had I taken these trades with 20x3 in mind since the beginning, about 60+% trades that resulted in BE would have hit the TP level which is both confusing and enlightening at the same time :-
Staying in my lane...