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Trade What You See - Almost Naked Trading

  • #13,201
  • Apr 1, 2011 8:49am Apr 1, 2011 8:49am
Some remarkable earnings this week. Good job everyone! It makes me very happy.
  • #13,202
  • Apr 1, 2011 8:54am Apr 1, 2011 8:54am
Easy pipping on this trade for around +70 pips...my entry and exit are clearly marked. Now I'm done for the week at a little over +200 pips.
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  • #13,203
  • Apr 1, 2011 9:09am Apr 1, 2011 9:09am
Quoting lawgirl21
Some remarkable earnings this week. Good job everyone! It makes me very happy.
Indeed, I followed the thread and noticed many of them. I myself had a very bad week after a few very good weeks, about -120pips this week. I do have learned a lot on money management.

I lost most because I was chasing a trade, entered to soon or didn't close when in profit or to much loss, although this is very difficult! You can say close when in profit, but on the other hand you have to give the trade some space, so a close at +4 is great for profit, but not for long term profit, because the trade never got a chance to develop itself into greater profit.

This week there's been a lot of discussions which have give me some new insights on topics, thanks for all people explaining there ideas. I'll try to make some contributions in the future.

For now, the sun is shinning, the weekend is waiting, time for some relaxing!
  • #13,204
  • Apr 1, 2011 9:30am Apr 1, 2011 9:30am
Quoting jalkok
Good on you whistlepips, very good work!
Keep it going...
Thanks. Most of my losses I made with H14Cīs so I have to scratch my head a little with them during weekend. 3 taps run nicely though. Perhaps they will suit better for my personality and timetables during working week. 3 taps you can leave aside for a couple of hours to develop (minding newstimes of course) and check out the situation, when thereīs a proper time.
Interesting discussions during week. I have again learned a lot on information but also about myself as a trader. Someone said somewhere (I dont remember where) that money is made on the market, not resting your money on account. Itīs a good point I think, but has some risk & money management (2-5% per trade?) issues to be taken care of.
  • #13,205
  • Apr 1, 2011 9:34am Apr 1, 2011 9:34am
Great week for me also, +215 pips, but demo only. Here is a question for LG (and others' ideas appreciated also). I have been following this thread since day 1 and it's amazing. This is the only method that has given me any positive trades so far. However, due to MM mistakes and too tight SL's and such my live account went down 50%... So I went back to demo to sharpen the skills.

Here is the question, LG: Would you recommend staying on demo until consistent profits are made for several weeks? Months? Did you do that early on? Seems like when I go back to demo I do good for a week or 2 and then go back live and everything goes to crap... I know I should use the same rules and principles for both live and demo and I know about the lack of fear factor on demo, but still curious. I decided to demo until consistent profits for several weeks, just wonder if anyone does/did this.
Thanks people for this amazing thread.
  • #13,206
  • Apr 1, 2011 9:59am Apr 1, 2011 9:59am
Whatīs with NZD/USD? I read somewhere that spikes are typical in a turning zone of a trend. It is on the top of itīs weekly channel. Not necessarily a good 3 tap.
  • #13,207
  • Apr 1, 2011 10:05am Apr 1, 2011 10:05am
Quoting pippete
Great week for me also, +215 pips, but demo only. Here is a question for LG (and others' ideas appreciated also). I have been following this thread since day 1 and it's amazing. This is the only method that has given me any positive trades so far. However, due to MM mistakes and too tight SL's and such my live account went down 50%... So I went back to demo to sharpen the skills.

Here is the question, LG: Would you recommend staying on demo until consistent profits are made for several weeks? Months? Did you do that early on? Seems like when...
I have the same problems... IMHO...
It is NOT the same to trade "Demo" or real accounts. as you say on the demo there is no fear factor.
I tried and trade pretty good on a real account with little money such as 0.1 or even 0.01 lots. Then slowly increase the amount of lots to trade.
Maybe it helps... it helped me a lot.

Nice weekend though!
There`s no life before COFFEE!
  • #13,208
  • Apr 1, 2011 10:29am Apr 1, 2011 10:29am
Quoting jalkok
I have the same problems... IMHO...
It is NOT the same to trade "Demo" or real accounts. as you say on the demo there is no fear factor.
I tried and trade pretty good on a real account with little money such as 0.1 or even 0.01 lots. Then slowly increase the amount of lots to trade.
Maybe it helps... it helped me a lot.

Nice weekend though!
I've had similar experience as both of you. I to started to trade with smaller lot size with much better results. When demo trading it seems to be a good practice but its just not the same as real money. This thread and all those who participate have been a big help. Big thanks to LG and every one.
  • #13,209
  • Apr 1, 2011 10:33am Apr 1, 2011 10:33am
Quoting pippete
Here is the question, LG: Would you recommend staying on demo until consistent profits are made for several weeks? Months? Did you do that early on? Seems like when I go back to demo I do good for a week or 2 and then go back live and everything goes to crap... I know I should use the same rules and principles for both live and demo and I know about the lack of fear factor on demo, but still curious. I decided to demo until consistent profits for several weeks, just wonder if anyone does/did this.
Thanks people for this amazing thread.
You know pete, I've been focusing a lot of my efforts lately on trading psychology, I know I had said that in the thread recently, but I think getting a book or two on trading psychology or maybe finding some e-content from a trusted online source might be good for you in this stage. I wouldn't tell anyone else if he/she should go live or stay on demo, 'cause I think the only one who will know when he/she is ready is the trader itself. Trading psychology IMO may help you overcome some issues with live trading as it seems to me you are good and improving in your trading skills it's just psychological issues that get in the way when you go live.
A little research on books or online content might point you in the right direction or maybe other trader's recommendations.
I hope this helps, congrats on your profitable week and have a nice, well-earned weekend!
Flp. 4:13
  • #13,210
  • Apr 1, 2011 10:46am Apr 1, 2011 10:46am
In my short experience as a trader I've seen this a lot if not all of the times when big news are released, that might be why LG states she wouldn't pay to much attention on news or maybe it has nothing to do with it, but I wanted to point this out... most of the time I've seen PA just resettle in the direction of the main trend observed previous to the news release
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Flp. 4:13
  • #13,211
  • Apr 1, 2011 11:00am Apr 1, 2011 11:00am
Quoting pippete
Great week for me also, +215 pips, but demo only. Here is a question for LG (and others' ideas appreciated also). I have been following this thread since day 1 and it's amazing. This is the only method that has given me any positive trades so far. However, due to MM mistakes and too tight SL's and such my live account went down 50%... So I went back to demo to sharpen the skills.

Here is the question, LG: Would you recommend staying on demo until consistent profits are made for several weeks? Months? Did you do that early on? Seems like when...
Iīwe been working with the same issues and currently on demo because of similar experiences. IMB(borrowed)O especially with SLīs you have to accept mentally that you will lose the money invested if the trade goes to SL. This kind of mindset might work atleast in 3 taps, where you can set a side for a while and "forget" the trade. One way of seeing this is that by entering a trade you have allready accepted the fact that there may be a loss (this is the hard part atleas for me). By accepting that loss you can really let go of the money and let the markets do their stuff. Sometimes it will end to profit and sometimes loss and itīs the probability of your system to make profitable trades that counts. Itīs also about the trust and confidence you have on your system. You have to have trust in it to do what itīs supposed to do and "forget" the money invested in a single trade. Itīs so easy to think that narrowing your SL you decrease your losses, but what happens is that you will end up losing more trades because your trades lead to SL more often and have no room to breathe (as LG said). This kind of a mindset has helped me to go on, but unfortunately I canīt (yet.....) say this with a voice of deep experience of making serious money in forex.

I just loved Antharīs explanations on SL/TP a couple of posts ago and I will put it in here in case you didnīt see it.
http://www.forexfactory.com/showpost...postcount=4837
  • #13,212
  • Apr 1, 2011 11:12am Apr 1, 2011 11:12am
Thanks a lot guys, very helpful insights. It's great to have such a nice group of normal traders around to discuss ideas. I am using my brokers minimal lot (0.1) and am planning to increase it slowly, and recently increased my SL's to at least 50 as LG suggested.. Many thanks to all of you! Have a great weekend and see you on Sunday for gaps.
(still waiting to see what the master has to say.. )
  • #13,213
  • Edited 11:42am Apr 1, 2011 11:22am | Edited 11:42am
Quoting pippete
Thanks a lot guys, very helpful insights. It's great to have such a nice group of normal traders around to discuss ideas. I am using my brokers minimal lot (0.1) and am planning to increase it slowly, and recently increased my SL's to at least 50 as LG suggested.. Many thanks to all of you! Have a great weekend and see you on Sunday for gaps.
(still waiting to see what the master has to say.. )
I use SL about 80 depending on S/R levels in my 3 taps. According to my (short) experience with them they seem to end into significant profit more often than loss. Also according to my experience they tend to be more profitable if you enter them from wednesday to friday, but Iīm not certain with this. It would be very helpful if hereīs somebody with a backtesting skills and systems to check out, which SL level seems to be the best and to chech out the probabilities in different days of the week!

Anthar, Iīve had similar experiences with news. They tend to bounce back into trend.
  • #13,214
  • Apr 1, 2011 11:32am Apr 1, 2011 11:32am
I enetered long on the EUR/JPY and CAD/JPY last night, and now I'm up about 250 pips. I think the EUR/JPY will continue up, but should I keep the position through the weekend or should I close it and re-open? Is it best (in general) to close all positions when then weekend comes and start fresh with gaps on Sunday? Thanks
  • #13,215
  • Apr 1, 2011 11:42am Apr 1, 2011 11:42am
Quoting Fitness09
I enetered long on the EUR/JPY and CAD/JPY last night, and now I'm up about 250 pips. I think the EUR/JPY will continue up, but should I keep the position through the weekend or should I close it and re-open? Is it best (in general) to close all positions when then weekend comes and start fresh with gaps on Sunday? Thanks
Wow.. brave soul, kept your trades open thru NFP day...
I guess you got your payoff...
  • #13,216
  • Apr 1, 2011 11:46am Apr 1, 2011 11:46am
Quoting Whistlepips
I use SL about 80 depending on S/R levels in my 3 taps. According to my (short) experience with them they seem to end into significant profit more often than loss. Also according to my experience they tend to be more profitable if you enter them from wednesday to friday, but Iīm not certain with this. It would be very helpful if hereīs somebody with a backtesting skills and systems to check out, which SL level seems to be the best and to chech out the probabilities in different days of the week!

Anthar, Iīve had similar experiences with news....
My problem with large SL was that I kept the trade going even when the trade was invalid (broke the 3T TL or turned around heavily) then you guys get out earlier than your 80p SL, right? I saw LG get out w/-10-15 pips sometimes for invalid trades even though her SL is usually at least 50.. Right?
  • #13,217
  • Apr 1, 2011 11:49am Apr 1, 2011 11:49am
Quoting pippete
Thanks a lot guys, very helpful insights. It's great to have such a nice group of normal traders around to discuss ideas. I am using my brokers minimal lot (0.1) and am planning to increase it slowly, and recently increased my SL's to at least 50 as LG suggested.. Many thanks to all of you! Have a great weekend and see you on Sunday for gaps.
(still waiting to see what the master has to say.. )
I would wait a little. I've been trading for a very short period of time so my opinion might not be worth anything, but most of my profit this week was on the yen, which is leading to BO in both directions in many pairs.

But if you've been profitable over time, and think you are ready, you can start small. Good luck to you and let us know how it goes!
  • #13,218
  • Apr 1, 2011 12:06pm Apr 1, 2011 12:06pm
Quoting pippete
My problem with large SL was that I kept the trade going even when the trade was invalid (broke the 3T TL or turned around heavily) then you guys get out earlier than your 80p SL, right? I saw LG get out w/-10-15 pips sometimes for invalid trades even though her SL is usually at least 50.. Right?
Iīve thought this so that it doesnīt matter if your original 3 tap is invalid or your timing to enter isnīt exactly right. When 3 tap is formed even though it stays on e.g. a resistance level and doesnt break out immediately it is still more probable that it will evidently break out to the direction of the trend. Sometimes it will and sometimes it wont, but the probability to go with the trend is higher. It may take a day or two to do so and if it doesnīt end to SL it is still more probable that it will evidently go to the direction of the trend. Iīm not sure if this is an orthodox way of seeing 3 taps, but it seems to work for me anyway. Anthar proposed couple of posts ago a good plan to enter a trade (H1 4C BO?) just after the price has broken the resistance. Iīm seriously considering to take this into account on my trades to increase the probabilities even more. On the other hand Iīm not able to watch the markets so closely all the time that I could wait for the best entry. This may work, but it would be nice if LG or someone else with more experience could comment this.

I havenīt found a good way of backtesting this, but if thereīs anyone.....
  • #13,219
  • Apr 1, 2011 12:23pm Apr 1, 2011 12:23pm
Quoting pippete
My problem with large SL was that I kept the trade going even when the trade was invalid (broke the 3T TL or turned around heavily) then you guys get out earlier than your 80p SL, right? I saw LG get out w/-10-15 pips sometimes for invalid trades even though her SL is usually at least 50.. Right?
I have noticed the same thing. I guess it just comes with experience.
  • #13,220
  • Edited 1:50pm Apr 1, 2011 1:25pm | Edited 1:50pm
Just an idea of successful 3 tap going to wrong way. If you took it like this and according to the definition of trends the following low cant be lower than the last one so if you put your SL below the last low, there is rather high probability of success if the trend doesnt change. How long should you ride. One way to exit is to trail your stops just below previous low (or high) while the price goes on. If you would have stayed with this originally 3 tap for two weeks, it would have made easily + 400 pips or even more so 140 pips risk for this one would paid off good. There are several other 3 tap setups also during the trend.

On this example there is a scout wick just before the entry. If one had waited the price to pass that wick, there wouldnt have been an invalid trade. Yóu can also see that with tight SLīs several of them would have hitted SL.
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