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  • #429,441
  • Edited 8:23am Apr 27, 2011 8:22am | Edited 8:23am
Quoting T@rantula
Hey Paul,

The success in Forex market in my humble opinion is RISK MANAGEMENT. Its not HOW MANY pips u make, its about MINIMIZING the LOSSES.

Cut the losses to the minimum and Keep the profits running. My friend told me a tale about a famous Russian trader who was excellent trader. He got over 1.3 millions. He made an EA and he LOST everything in one single night. The EA opened about 1000 trades. Most of his losses were due to a spread.

Traders need to control the risk and cut the losses.
Very correct. And don't forget the human factor, we're better at assigning priorities and filtering noise than EAs can ever be.
I suppose the EA he made was trading the same strategy which he obviously was a bit too confident with.
Fact is, you can always recover any amount of a losing strick if you cut down on losses and hit a longer lasting profitable trade. If you spend too much on the losses, this single waited-for trade won't help.
Since you normally calculate your risk based on your equity, it is again important to cut down on losses, because it takes more positions at the same risk level to recover the amounts lost at a higher account balance.
  • #429,442
  • Apr 27, 2011 8:23am Apr 27, 2011 8:23am
Quoting EdgarNg
How do u identify range or trend days?

I am not going to share my strategy here. I can however give you some general pointers.

First you need to understand how the day works. Overnight orders are collected by both Franky and London, they are used by marketmakers to start the day. The traders and speculators will come in on the back of them. Franky gives you mostly a fakeout, just watch it and scalp a few till London opens.

London gives you the big move for the day, find a strategy to trade that. London also gives you the first hint of what the day is going to look like coupled with a fundamental and news view of the day ahead gives you the first indication of what the day will be. Trade the first move of London and see if it has legs, if it does we have a trending day in the making.

Then watch the currency futures to see what the CME is going to bring you right before the NY open.

Keep an eye on the equity futures about an hour before NY to judge the risk. Trade NY similarly to the London open.

Ny likes to set the high or low for the day and likes to fill the range. My day usually ends around 1500EST or so, and I will be back for Asia for a counter and pivot play.

That is in broad terms how I approach a trading day.

A few more hints: EU moves in chunks, find the chunks and judge to see if you are going to get a double or treble chunk out of a move. Find the risk for the day, judge whether there is appetite for risk or not, that gives you a trending day. Find the fundies, when they allign with the techs you have a trending day.
  • #429,443
  • Apr 27, 2011 8:24am Apr 27, 2011 8:24am
Quoting PhAnTi'
...if he made 1.3 mio by trading i guess he's smart enough not to install a non tested EA on a 1,3 mio account overnight

anyway.... ---> lol ^^
I think he tried to adapt his trading strategy to EA, but there is a slight problem.

The trading has much to do with sessions you trade. London session is not the same as Tokyo session. Also EA DOESNT recognize bank interventions and ranging markets. Even a SINGLE bank intervention can screw up EA managed account. MAjor news announcements can cost u A LOT if u have EA management robot.

Many experienced traders lost accounts and were margined when EU started to drop last year.

Thats why I always advise a good old fashioned MANUAL trading and keep respecting the most profitable forex HUB in the world- UK capitol LONDON.
  • #429,444
  • Apr 27, 2011 8:26am Apr 27, 2011 8:26am
Thanks you dont know how much you have helped with just your 3 post above.


Appreciate it.
  • #429,445
  • Apr 27, 2011 8:30am Apr 27, 2011 8:30am
Brunar, guess where we are going?
  • #429,446
  • Apr 27, 2011 8:30am Apr 27, 2011 8:30am
Quoting T@rantula
Hey Paul,

The success in Forex market in my humble opinion is RISK MANAGEMENT. Its not HOW MANY pips u make, its about MINIMIZING the LOSSES.

Cut the losses to the minimum and Keep the profits running. My friend told me a tale about a famous Russian trader who was excellent trader. He got over 1.3 millions. He made an EA and he LOST everything in one single night. The EA opened about 1000 trades. Most of his losses were due to a spread.

Traders need to control the risk and cut the losses.
Tottaly agree .

Most focus on right and wrong .

Every time we enter its near 50:50.
If everyone would get out of losers quick ,in fact decide were you will 100% exit no matter what .
That alone would change your bottom line .

You can feel comfortable jumping out when you got 10 pips .
But you only need to stay in one ,hoping it will come back ,as we all know its not hard to give back 10 of them small winners ,hoping every retrace will come back to your entry .

Ten successful trades ,one bad one = zero profit or a loss.

10 ,20 pips is quite easy but crap risk reward.

Consider we are few pips down when we enter due to spread.
making green pips large and red pips small this is my goal.
  • #429,447
  • Apr 27, 2011 8:33am Apr 27, 2011 8:33am
People, print it and keep it.

Quoting cloggie
I am not going to share my strategy here. I can however give you some general pointers.

First you need to understand how the day works. Overnight orders are collected by both Franky and London, they are used by marketmakers to start the day. The traders and speculators will come in on the back of them. Franky gives you mostly a fakeout, just watch it and scalp a few till London opens.

London gives you the big move for the day, find a strategy to trade that. London also gives you the first hint of what the day is going to look like coupled with...
Hello.
  • #429,448
  • Apr 27, 2011 8:38am Apr 27, 2011 8:38am
Quoting paul1
Tottaly agree .

Most focus on right and wrong ....
Quoting frevd
Very correct. And don't forget the human factor, we're better at assigning priorities and filtering noise than EAs can ever be. ...
And that can separate the good ones from bad ones.

There is nothing bad in scaling out @ important levels. Also I advise scaling in.

When the PA is close to S/L...5-10 MAXIMUM, open another trade in the same direction.

For example...today I longed EU @ 4673 with s/l @ 4650. The price initially went vs. my entry and it came down to 4656. I opened another one @ 4658 and I drove it to 4680 where I closed it. Thats called scaling in.

In order to scale in s/l levels MUST NOT be guessed, and for that u need experience and screen time.
  • #429,449
  • Apr 27, 2011 8:38am Apr 27, 2011 8:38am
Looks like a flag transforming into a pennant..
  • #429,450
  • Apr 27, 2011 8:40am Apr 27, 2011 8:40am
Quoting T@rantula
And that can separate the good ones from bad ones.

There is nothing bad in scaling out @ important levels. Also I advise scaling in.

When the PA is close to S/L...5-10 MAXIMUM, open another trade in the same direction.

For example...today I longed EU @ 4673 with s/l @ 4650. The price initially went vs. my entry and it came down to 4656. I opened another one @ 4658 and I drove it to 4680 where I closed it. Thats called scaling in.

In order to scale in s/l levels MUST NOT be guessed, and for that u need experience and screen time.
And one point to add to that, never ever scale into a loser, that is a capital sin in trading.

We are on a roll today folks, noobies 101 right here in the muppet thread.
  • #429,451
  • Apr 27, 2011 8:47am Apr 27, 2011 8:47am
what do you think about this
Attached Image (click to enlarge)
Click to Enlarge Name: 12.gif Size: 120 KB


Quoting kill56
one more chart to look at back to cam's

we are in between WH3 and WL3 either we play in between or if we break above WH3 it will fly for sure most of the time it will revisit the WL3 might be wrong lets see
  • #429,452
  • Apr 27, 2011 8:48am Apr 27, 2011 8:48am
Quoting cloggie
And one point to add to that, never ever scale into a loser, that is a capital sin in trading.

We are on a roll today folks, noobies 101 right here in the muppet thread.
Actually scaling in into a loser can be profitable if u risk 5 pips for 30 pips potential profit. on 25-30 pips s/l where r:r is more then 1:1.5, 5 pips scaling in for a potential 1:2+ is quite good
  • #429,453
  • Apr 27, 2011 8:48am Apr 27, 2011 8:48am
Quoting cloggie
And one point to add to that, never ever scale into a loser, that is a capital sin in trading.
Isn't that exactly what T@rantula is doing here cloggie? 20 pips down and adding another one? I'd like to know more about scaling in as it's something I've failed miserably at in the past.

Thanks for the advice today, much appreciated.
  • #429,454
  • Apr 27, 2011 8:49am Apr 27, 2011 8:49am
Quoting new attitude
what do you think about this
Attachment
start the fork or the chanel or the trend line
always from the lowest LOW..
  • #429,455
  • Apr 27, 2011 8:49am Apr 27, 2011 8:49am
Quoting Sutts
Isn't that exactly what T@rantula is doing here cloggie? 20 pips down and adding another one? I'd like to know more about scaling in as it's something I've failed miserably at in the past.

Thanks for the advice today, much appreciated.

Scale in using the market's money, don't use your capital, get a free trade going and keep compounding, scary what that will do to your winners and your account balance.
  • #429,456
  • Apr 27, 2011 8:50am Apr 27, 2011 8:50am
EUR - Approaching key intraday trend ressitance at 1.4682. A bullish flag pattern is complete through here, and would likely result in the market re-testing the 1.4713/15 peaks.
  • #429,457
  • Apr 27, 2011 8:51am Apr 27, 2011 8:51am
Quoting T@rantula
Actually scaling in into a loser can be profitable if u risk 5 pips for 30 pips potential profit. on 25-30 pips s/l where r:r is more then 1:1.5, 5 pips scaling in for a potential 1:2+ is quite good

Looks like for the first time we totally disagree there buddy. I will always close mine if I can get a better price, loads more profitable, I'll pick up the losing trade on the way past if it does happen.
  • #429,458
  • Apr 27, 2011 8:51am Apr 27, 2011 8:51am
Quoting Sutts
Isn't that exactly what T@rantula is doing here cloggie? 20 pips down and adding another one? I'd like to know more about scaling in as it's something I've failed miserably at in the past.

Thanks for the advice today, much appreciated.
Yes but remember that my s/l levels are pretty strong as I base it on precise calculations and I do that when i FOLLOW THE TREND not vs trend.

And i scale in 5-10 pips close to s/l if my s/l doesnt fall below 1:1.5 r:r.

And with EU my s/l usually doesnt surpass 40 pips on intraday trade ( 25 mostly).

i dont do that when scalping thou. Only intraday.
  • #429,459
  • Apr 27, 2011 8:52am Apr 27, 2011 8:52am
thanks

Quoting Piters
start the fork or the chanel or the trend line
always from the lowest LOW..
  • #429,460
  • Apr 27, 2011 8:53am Apr 27, 2011 8:53am
Quoting T@rantula
Yes but remember that my s/l levels are pretty strong as I base it on precise calculations and I do that when i FOLLOW THE TREND not vs trend.

And i scale in 5-10 pips close to s/l if my s/l doesnt fall below 1:1.5 r:r.

And with EU my s/l usually doesnt surpass 40 pips on intraday trade ( 25 mostly).

i dont do that when scalping thou. Only intraday.

I rarely quote numbers here, but I just looked at my average loser for this month on EU, it stands at 8.9 pips. Anyone here following me regularly knows roughly what kind of winners I tend to get......
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