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The ART of trading by Petar_Serbia

  • #501
  • Feb 23, 2011 3:23am Feb 23, 2011 3:23am
Quoting Ifee
Morning Petar,
Thanks for all your time and help here.
I am a new trader with very small equity and trying to learn using micro lots.
Your comments and remarks about the charts posted by fellow bloggers are helping me in learning the trade and I am concentrating on your way of trading.(If I could do it at all)
A question about EUR:
Any reason you did not take EUR yesterday ?
Morning guys,
Hello Iftee,

Look i didnt choose EUR yesterday becouse Cable was better for me that is the only reason...

Cheers

Petar
"Buy on fear, sell on greed !!!
  • #502
  • Feb 23, 2011 3:35am Feb 23, 2011 3:35am
Quoting kapybara
Hi Petar /and all thread contributors/,

yesterday I was able to see and predict the same projection on Cable, before I verified w/ you (one channel little bit differently, but still in learning process ). What I'm still missing, is the determination of your SLs and TPs (TP1 and TP2). Yes I know, you have said it many times - you have variable ways to set them on setups, but I would really appreciate if you could add comments to your setups for setting SLs and TPs. It would be definitely genius learning setup not only for me here

For...
Look Kapybara,

As i said for TP and SL every time i use different method and that is part in first post i posted where i said that i see that,there is no rules i just see price action and i know wich method for SL and TP to use,same like for chanels...
I also must say,where you put SL and TP is maybe much important from where you opened position...


Cheers

Petar
"Buy on fear, sell on greed !!!
  • #503
  • Feb 23, 2011 4:08am Feb 23, 2011 4:08am
Quoting CoolTrader
Well, i think he missed the timing and setup. which is ok. to let go one setup than being in a wrong setup.
Cooltrader, Cannarek and Petar,
Thank you very much for enlighting me.
It seems I am in good hands
  • #504
  • Feb 23, 2011 5:16am Feb 23, 2011 5:16am
Hi guys,

Once again, the cable is already in the green zone and moving the right way!(never as fast as I would like! still, great job Petar!)

Considering all this questions on the TP and SL, I think each one has to figure out by themselves what's right! In the end, the problem is that you don't have a couple of M€ in the bank!

For instance:
buy 1 lot -> TP +100 pips _ SL -100 or -200 or last support.
buy 2 lots -> TP +50 pips.
buy 4 lots -> TP +25 pips.
100 lots -> 1 pip! (this should be easy...maybe)

What are the right SL's? The same -100?
We change the risk reward ratio, but are able to take advantage of the short market jumps and getting the same 100 pips!

It's way more important to recognize the right moment to get in the rollercoster!! That's the real art!
Maximizing the trade to the very last pip is impossible... is like maximizing the future, you can imagine, but no one knows! TP's or SL's get hit or not hit many times for a couple of pips... and there's not much we can do about it.

Define your style. Until there get comfortable learning and trying to predict when a right moment turn in to a bad so that you can exit!

Everyone is chasing the same 1Million pips! And I think Petar is showing us the right road to get there!

Petar, do we get more setup's?
[seems to me USDCAD is getting ready to go to down to 0.9800]
Cheers!
  • #505
  • Feb 23, 2011 5:22am Feb 23, 2011 5:22am
Hello guys,

For Today i see good projection on EURUSD and we have low Volume on TL today (H1),i took trade on M15 and i took buy at 1.3720 SL 1.3610 TP1 1.3840 TP2 1.3900.


Cheers and green pips


Petar
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 38 KB
"Buy on fear, sell on greed !!!
  • #506
  • Feb 23, 2011 6:10am Feb 23, 2011 6:10am
Quoting Petar_Serbia
Hello guys,

We start new week..I opened 2 buy positions on Cable at 1.6170 and TP1 is 1.6280 TP2 1.6350,SL is 1.6070

I see 2 solid projection on Cable wich tell me that we can see more UP side..ALso low Stoping volume on projection...Chart is H1,i entered on M15 as always...


Cheers and wish you good pips

Petar
Hi Petar,

Have you moved SL to BE on those trades ?

Thanks
Mfinab
  • #507
  • Feb 23, 2011 7:58am Feb 23, 2011 7:58am
Quoting Dedas
Hi guys,

Once again, the cable is already in the green zone and moving the right way!(never as fast as I would like! still, great job Petar!)

Considering all this questions on the TP and SL, I think each one has to figure out by themselves what's right! In the end, the problem is that you don't have a couple of M€ in the bank!

For instance:
buy 1 lot -> TP +100 pips _ SL -100 or -200 or last support.
buy 2 lots -> TP +50 pips.
buy 4 lots -> TP +25 pips.
100 lots -> 1 pip! (this should be easy...maybe)

What are the right SL's?...
Hi dedas,

Maybe I did not understand clearly what you tried to explain... I usually do but...!

I have to disagree with your risk reward example/calculation if I may.

In your example, if a trader wants to follow Petar's signals, he would get stopped out many more times because SL would be too tight and adjusted to risk.
In your example of 25 pips profit with 4 lots, the SL would also be 25 pips to keep the same 2% risk. Otherwise if you take Petar's 100 pips SL trade, well you risk 8%... That is way too dangerous.

An experienced trader always trade between 1%-3% MAX. as you know aready.

The way I always calculate risk is like this, and in all humility I know it's the right way

Ex:
- Bankroll = 10,000$
- Risk in % = 2% PER TRADE
- Risk in $ = 200$ PER TRADE

If a SL is set to 100 pips, then you can go for 2 Mini-Lots (2$ x 100 pips = 200$ at risk) = 2%

Let's say you win a few trades and your balance is at 11,000$, the next trade (if at 100 pips SL) would be at 2% still and lot size would be at 2.2 Mini-Lots.

I hope I cleared this up and sorry dedas if I did not understood well your example !!!

Pip it Up !

BigMike
  • #508
  • Feb 23, 2011 8:07am Feb 23, 2011 8:07am
Quoting Petar_Serbia
Hello guys,

For Today i see good projection on EURUSD and we have low Volume on TL today (H1),i took trade on M15 and i took buy at 1.3720 SL 1.3610 TP1 1.3840 TP2 1.3900.


Cheers and green pips


Petar
Hi Petar,

I'm trying to understand your logic on this EURUSD trade.

You are saying that because price already break above the trend line with little volume therefore you expect little resistance for price to go up even higher?

Thanks!
  • #509
  • Feb 23, 2011 10:32am Feb 23, 2011 10:32am
Quoting mfinab
Hi Petar,

Have you moved SL to BE on those trades ?

Thanks
Mfinab
No i didnt...
"Buy on fear, sell on greed !!!
  • #510
  • Feb 23, 2011 12:21pm Feb 23, 2011 12:21pm
Hi BigMike,

In terms of MM concern I agree with the 2% rule that will grow with your balance, allowing a good capital protection. Still, if the number is bigger, say 5% or 10% it doesn't mean you will go bankrupt. It means don't trade so much, don't trade so large pips and trade the ones you really believe.

My point on the previous post was to show that it's way more important to be able to find the right time for a buy and be right, through Volume or other indicators, then the accurate definition of TP or SL. Catching the projection and to be right, that's the trick!
Once your green, you can establish the 50, 100, 200, 1000 pip TP because of various reasons that happened on the past - none of them is valid for the future - but you still can miss them by 5, 10 or 20 pips, and the same happens to the SLs.

One must define their style.
If you like to set it up and switch off is one thing.
If you use trailing stops of 50 pip is another.
If you get in with 1% and double when @+30 pips or when there is a good new entry point is another.
You can move SL to BE before trade is over, just to be sure.
In my MM once I'm green +30 I will not go red SL->BE. I lose some opportunities, yes. I can always go back. I miss out the ones that go bad, sometimes.

In the end, we are always risking. 2% for 100 pip is the same as risking 8% for 25 pip. Petar, doesn't care about the news, I like. 1H before and after them can give very good entrys.
Just make sure you know when to get in. The right SL? That's the emergency exit -we are not really suppose to use that door!

Cheers and green pips for everybody.
  • #511
  • Feb 23, 2011 4:43pm Feb 23, 2011 4:43pm
Quoting Dedas
Hi BigMike,

In terms of MM concern I agree with the 2% rule that will grow with your balance, allowing a good capital protection. Still, if the number is bigger, say 5% or 10% it doesn't mean you will go bankrupt. It means don't trade so much, don't trade so large pips and trade the ones you really believe.

My point on the previous post was to show that it's way more important to be able to find the right time for a buy and be right, through Volume or other indicators, then the accurate definition of TP or SL. Catching the projection...
Hi again dedas,
I don't want to destroy the thread with details but for newbies purposes, I still disagree with the point you made again: quote: (2% for 100 pip is the same as risking 8% for 25 pip.) unquote.

Read it again, it does not add up.

2% is 2%, and 8% is 8%.

Risk of 2% on a 10k account is 200$ as previously said.
Risk of 8% on 10k account is 800$

If you downsize your SL from 100 pips to 25 pips, then your risk is down to .5% if lot size remains the same.

Pip it Up !

BigMike
  • #512
  • Feb 24, 2011 4:22am Feb 24, 2011 4:22am
Guys i opened EURJPY buy at 112.80 TP 114.00 SL 111.90..But i cant post chart becouse i got email from administrator that i cant post chart with watermark and i dont want to post withaout...Sory guys i will speak with Twee and we will create other way for protect...



Cheers and happy trading



Petar
"Buy on fear, sell on greed !!!
  • #513
  • Feb 24, 2011 5:44am Feb 24, 2011 5:44am
Quoting Petar_Serbia
Guys i opened EURJPY buy at 112.80 TP 114.00 SL 111.90..But i cant post chart becouse i got email from administrator that i cant post chart with watermark and i dont want to post withaout...Sory guys i will speak with Twee and we will create other way for protect...



Cheers and happy trading



Petar
i think you can post with simply other watermark - for example: Petar_Serbia
admin will not allow you to post with watermark to other site
greetings
  • #514
  • Feb 24, 2011 10:49am Feb 24, 2011 10:49am
Hi Guys!

Is it me or the market is very unpredictable today ?

Petar, any changes on your trades ?

Mfinab
  • #515
  • Feb 24, 2011 10:59am Feb 24, 2011 10:59am
Quoting mfinab
Hi Guys!

Is it me or the market is very unpredictable today ?

Petar, any changes on your trades ?

Mfinab
No changes friend,

Market is so flaty this week and i will be happy with some plus this week...we will see...

Cheers

Petar
"Buy on fear, sell on greed !!!
  • #516
  • Feb 25, 2011 5:25am Feb 25, 2011 5:25am
Quoting Big Mike
Hi again dedas,
I don't want to destroy the thread with details but for newbies purposes, I still disagree with the point you made again: quote: (2% for 100 pip is the same as risking 8% for 25 pip.) unquote.

Read it again, it does not add up.
2% is 2%, and 8% is 8%.
Risk of 2% on a 10k account is 200$ as previously said.
Risk of 8% on 10k account is 800$
If you downsize your SL from 100 pips to 25 pips, then your risk is down to .5% if lot size remains the same.

Pip it Up !

BigMike
BigMike,

You're right! 2% of the account is not 8%, thus opening an 8% trade it means 4 times the risk! And if it goes against you it can shred your account literally, specially if people use 100:1 and bigger leverages! I should measure my words better.

New people in Forex should start by never going beyond 2%. At the same time, they should also start using small leverages and not go straight to the 500:1 where the math says you'll get rich over night!

But setting mini goals at round figures, pivot points, and other S/R lines can be quite rewarding also. If you have already some 20 or 30 green pips you can risk them and double up when in the momentum is good and your are around a round number that most probably will be tested! Everything combined with very close SL's can workout in your favor!
That's just my opinion...

Green pips everyone and we need them both EUR and GBP are a bit red at the moment, but ready to turn around!

Cheers.
  • #517
  • Feb 25, 2011 5:35am Feb 25, 2011 5:35am
CABLE SL. HIT, lowest 1.6069.

j.
  • #518
  • Feb 25, 2011 6:07am Feb 25, 2011 6:07am
Quoting James Pier
CABLE SL. HIT, lowest 1.6069.

j.
dont worry it happens, mm should help -2% or -3% is not the end of the world
imo you should also be careful with eurjpy - both currencies may explode against your long. good luck anyway
  • #519
  • Feb 25, 2011 6:12am Feb 25, 2011 6:12am
Yes tks, I controlled that, and change my sl, I know that its not the Petar system.

To loss is not good but loose after being wining is terrible.



J.



Quoting cannarek
dont worry it happens, mm should help -2% or -3% is not the end of the world
imo you should also be careful with eurjpy - both currencies may explode against your long. good luck anyway
  • #520
  • Feb 25, 2011 7:23am Feb 25, 2011 7:23am
Quoting Petar_Serbia
Hello guys,

We start new week..I opened 2 buy positions on Cable at 1.6170 and TP1 is 1.6280 TP2 1.6350,SL is 1.6070

I see 2 solid projection on Cable wich tell me that we can see more UP side..ALso low Stoping volume on projection...Chart is H1,i entered on M15 as always...


Cheers and wish you good pips

Petar
Cable closed Total -200 pips...
"Buy on fear, sell on greed !!!
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