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Make Money Everyday - A Guide to Short-Term Trading

  • #241
  • May 9, 2011 4:35am May 9, 2011 4:35am
Quoting pa_pips
10 pips during early London Session and done for the day. It has been 4 profitable trading days in a row using this approach.

2nd entry should in fact show +12 pips. 12 -2 = 10 pips for day.
Congrats pa_pips on nice results today and 4 profitable days in a row. You are doing grate I have couple questions for you, maybe others and I can learn something. Do you use any goals like x pips per day? And do you use any limits for day like maximum number of trades or maxim loss?
  • #242
  • May 9, 2011 6:21am May 9, 2011 6:21am
Is this the sort of plot to be done on the spreadsheet (but here it's superimpossed on the chart)? You can see how price moves & how long it takes. Very interesting.

1) Price moves up (down) to one of the 12.5 pip levels & goes beyond.
2) Price retraces back below (above) the level.
3) We enter long (short) as price resumes it's trend & again passes through the level it just achieved at 1) above.

Is this the sort of action we should be following?

It looks promising.


zee
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  • #243
  • May 9, 2011 6:34am May 9, 2011 6:34am
Quoting geduim
Congrats pa_pips on nice results today and 4 profitable days in a row. You are doing grate I have couple questions for you, maybe others and I can learn something. Do you use any goals like x pips per day? And do you use any limits for day like maximum number of trades or maxim loss?
Thanks geduim. Your questions are welcome.

For this style of trading my risk is 1% per trade on $100 account while I am building confidence. Ideally I would only enter 1 trade a day and hit my 2% for the day. Realistically that is obviously not going to happen every day. If I start with 1% loss and I have a winner for the next trade I will also stop as 1% a day is also acceptable for me. If 2 losses in a row, I will fight my hardest to end day break even or in small positive position. The first two days that I followed this method ended as heavy losing days. My conclusion was that I traded to aggressively. Did 14 trades during those first 2 days and lost 8% of my small $100 account. For the last 4 positive days I did 11 trades in total for a positive 5.75%.

I am also risking small accounts on Weekly, Daily and 4H time frames which I only check every 4 Hours. I see trading as a potential means of freedom and don't want to sit in front of my trading platform for hours.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #244
  • May 9, 2011 6:37am May 9, 2011 6:37am
Hi,

to geduim,

very nice work , this is the best approach to improve - doing a lot of trades,

i've also been thinking about protecting trades and more defensive strategy, but then i found out that it just disturbs my psychologic side and i'm then doing bad decisions, for me it's the best to put it there and just wait for my TP or SL to get hit, only time when i put SL to BE is when the line was hit but my tp has not been taken because of spread.

and my exam was good, well i had a little support in my pocket

thanks pa pips for encouragement, you are doing very good keep up in that

to zhdeef

hi mate i've been experimenting with sth similar - you can see my post in this thread i think name of this indicator is pricechange1 or sth like that...but i had some problems with plloting correct lines and anyway it was shadowing PA for me so that i was not able to read it properly then, so i just put it away and trade it without them...ofc it would make the system more mechanical but for me absolutely not more profitable, but thank you for good point, let us know about your progress with this.

cheers
  • #245
  • May 9, 2011 7:36am May 9, 2011 7:36am
Quoting zhdeef
Is this the sort of plot to be done on the spreadsheet (but here it's superimpossed on the chart)? You can see how price moves & how long it takes. Very interesting.

1) Price moves up (down) to one of the 12.5 pip levels & goes beyond.
2) Price retraces back below (above) the level.
3) We enter long (short) as price resumes it's trend & again passes through the level it just achieved at 1) above.

Is this the sort of action we should be following?

It looks promising.


zee
I like the chart, yes that is basically it. I like the different colors...but looking at it - you can see, where and how to place your orders. Very nice. As far as your 1. 2. 3. That's it in a nutshell. There are and will be times where it's not simply cut and dry, but knowing those comes with spending screen time and taking lots and lots of trades. Thanks for sharing your chart.

Mongolian
  • #246
  • May 9, 2011 8:17am May 9, 2011 8:17am
Hi guys,

just traded another trend,

came here waited for range to break and rided the wawe - 3 wins, 1 lose but it's taken my SL by a pip and in few minutes later original TP was hit, nevermind sh*t happens

anyway it's 30 pips and with 18 pips from morning it's 48 pips for today, and i'm up 10% for two days(few hours) of trading.

Will see how it continues but i'm probably going to stop trading for today and will go to chceck the sun

Mike.
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  • #247
  • May 9, 2011 8:22am May 9, 2011 8:22am
Quoting katrooo
Hi guys,

just traded another trend,

came here waited for range to break and rided the wawe - 3 wins, 1 lose but it's taken my SL by a pip and in few minutes later original TP was hit, nevermind sh*t happens

anyway it's 30 pips and with 18 pips from morning it's 48 pips for today, and i'm up 10% for two days(few hours) of trading.

Will see how it continues but i'm probably going to stop trading for today and will go to chceck the sun

Mike.
Awesome Mike. Well done. Enjoy the outside. Let us know what it's like .
  • #248
  • May 9, 2011 8:27am May 9, 2011 8:27am
I haven't put one of these up in a while. This is PA so far this trading day. I put a couple of notes on it. I do want to say again - the excel file is a tool. It is not the end all and does not determine how you trade. It's a visual. It helps me see when and where PA has been. Now, the notes I put on there are for the pretty conservative traders, which I think is a lot of us. For those who are more aggressive and are looking for every trade they can get - these notes may not apply to you. Take them with a grain of salt. I will say - looking at the chart Mike just put up...He saw the same thing that this excel said - Shorts were coming.
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  • #249
  • May 9, 2011 8:27am May 9, 2011 8:27am
Hi,

made another pullback trade, out at SL -6 pips

Couldn't resist, looked fantastic

Mike.
  • #250
  • May 9, 2011 8:34am May 9, 2011 8:34am
Hi,

just a little question,

When i open the chart, i check it and always look to the "future", I mean that i look at the chart and say to myself that i'm going to buy/sell when this will happen/when it will go up/down above/below this level and so on....and this approach helped me very good for now and i think mongolian that you're maybe doing it in the same way is it right? or are you just acting only according to current situation?

thanks
  • #251
  • May 9, 2011 8:36am May 9, 2011 8:36am
Quoting pa_pips
Thanks geduim. Your questions are welcome.

For this style of trading my risk is 1% per trade on $100 account while I am building confidence. Ideally I would only enter 1 trade a day and hit my 2% for the day. Realistically that is obviously not going to happen every day. If I start with 1% loss and I have a winner for the next trade I will also stop as 1% a day is also acceptable for me. If 2 losses in a row, I will fight my hardest to end day break even or in small positive position. The first two days that I followed this method ended as heavy...
it makes sense pa_pips, just couple thoughts: profit targets for the day has its pros and cons like everything in trading i guess. i think its a good idea to have limit loss for the day if you are using daily profit limits. you have to think how it would effect you if trying to decrease 2 losses leads to 3 losses or more and how many 1 or 0.5 profit days you need to compensate that. just trying to help
  • #252
  • May 9, 2011 8:48am May 9, 2011 8:48am
Quoting katrooo
Hi,

just a little question,

When i open the chart, i check it and always look to the "future", I mean that i look at the chart and say to myself that i'm going to buy/sell when this will happen/when it will go up/down above/below this level and so on....and this approach helped me very good for now and i think mongolian that you're maybe doing it in the same way is it right? or are you just acting only according to current situation?

thanks
good post Mike, my thought process when trading is similar. i think it's essential to have couple of what if scenarios for near levels and PA in ones mind to not get emotional when comes unexpected situation. it helps to keep cool head when you have several plays planed out for near levels and PA and don't have to make a new decision in a rush.
  • #253
  • May 9, 2011 8:50am May 9, 2011 8:50am
Quoting katrooo
Hi,

just a little question,

When i open the chart, i check it and always look to the "future", I mean that i look at the chart and say to myself that i'm going to buy/sell when this will happen/when it will go up/down above/below this level and so on....and this approach helped me very good for now and i think mongolian that you're maybe doing it in the same way is it right? or are you just acting only according to current situation?

thanks
Both, if possible. I try not to form too firm of an opinion... Like PA can't possibly go beyond this point, so I'm going to put my order at X. One thing I have learned (often the hard way) is that PA can and will, move and that there is no such thing as it is too high or too low. Every time I start thinking that - it costs me money. So I try to be flexible, with an eye on what is going on currently, plus having a plan should what I'm doing be unprofitable. I don't want to be an analyst, so if someone asks me where do I think Price will be in so and so days or what will be the effect on Price if such and such happens, I just tell them I have no idea (and don't care). What I do care about is being able to trade it, regardless of where it goes.

Now I have to say - given all the turmoil the past couple years with the financial sector and the economy... I do love a good short. I love it when things are getting the crap kicked out of them. It sounds weird I know. Maybe it's because I believe we haven't really fixed things, that it's all been a band-aid, I don't know. And it would truly annoy me when things would go up... like the EUR/USD the past however long...BUT - I have to put that aside, because if I hold onto that, it will keep me from focusing on the trades in front of me. So personal feelings aside - I just try to trade what I see.

Sorry for the mini-soap box. They slip out from time to time. Thanks for the question my friend.

Mongolian
  • #254
  • May 9, 2011 8:57am May 9, 2011 8:57am
Quoting geduim
it makes sense pa_pips, just couple thoughts: profit targets for the day has its pros and cons like everything in trading i guess. i think its a good idea to have limit loss for the day if you are using daily profit limits. you have to think how it would effect you if trying to decrease 2 losses leads to 3 losses or more and how many 1 or 0.5 profit days you need to compensate that. just trying to help
I know there is a thread on here - Niceguys Ridiculous 7 pip something or other and his deal is once he loses 7 pips for the day - he's done. It is a pretty good thread, he makes many valid points. I however want to make money everyday so I would keep going. I believe and have seen that there are many many many setups in the day if I'm willing to put in the work. If I am, then there is no reason not to finish on the plus side each day. Somedays are much harder than others and I may only finish up a pip or two. But I know that as long as I am finishing + for that day... I can come back and play again tomorrow. It's when I start letting myself have unprofitable days, that maybe I have a string of bad days, I start overleveraging, trying to get back up - I overtrade - next thing I know - I'm done and I'm PISSED. Trading isn't for everyone - most people do not get it and cannot handle it. Personally - I think it's one of the greatest things, ever.

Just wanted to add onto what you were saying... I'm very wordy today.

Mongolian.
  • #255
  • May 9, 2011 9:04am May 9, 2011 9:04am
nice and very wise posts guys, thanks
  • #256
  • May 9, 2011 9:37am May 9, 2011 9:37am
this and last post are great posts, thank you!

Quoting mongolian
I know there is a thread on here - Niceguys Ridiculous 7 pip something or other and his deal is once he loses 7 pips for the day - he's done....
  • #257
  • May 9, 2011 9:45am May 9, 2011 9:45am
I've only put a handful of trades on attempting to follow this method the last few trading days, but I've been whipped around quite a bit. Just not seeing the true short term movement of PA, still have A LOT to learn so perhaps that is why.
I want to use this method to keep me sharp and at the charts while I wait for longer term moves.
I think even if I don't use this method everyday it will be extremely good for my trading to learn and acquainted and in the flow of the movements of PA with this level of detail.
I'm going to go through all of the posts so far this week and see if I can start to see the moves a bit more clearly.

Just thought I'd share that
  • #258
  • May 9, 2011 10:02am May 9, 2011 10:02am
Quoting nhen
I've only put a handful of trades on attempting to follow this method the last few trading days, but I've been whipped around quite a bit. Just not seeing the true short term movement of PA, still have A LOT to learn so perhaps that is why.
I want to use this method to keep me sharp and at the charts while I wait for longer term moves.
I think even if I don't use this method everyday it will be extremely good for my trading to learn and acquainted and in the flow of the movements of PA with this level of detail.
I'm going to go through all of the...
hi nhen, post your charts and i believe guys will give some good advices for you and point out weaknesses you also should always review your own charts, try manual backtesting for training (VHands or use google to find forex tester).
  • #259
  • May 9, 2011 10:32am May 9, 2011 10:32am
Quoting nhen
I've only put a handful of trades on attempting to follow this method the last few trading days, but I've been whipped around quite a bit. Just not seeing the true short term movement of PA, still have A LOT to learn so perhaps that is why.
I want to use this method to keep me sharp and at the charts while I wait for longer term moves.
I think even if I don't use this method everyday it will be extremely good for my trading to learn and acquainted and in the flow of the movements of PA with this level of detail.
I'm going to go through all of...
Thanks for sharing. Like the geduim said, if you show us your work, we may be able to spot ways to help you improve. Appreciate you stopping by.

Mongolian.
  • #260
  • May 9, 2011 11:04am May 9, 2011 11:04am
I hope the thread author doesn't mind me posting a chart with a couple of indicators on it (if you do - just let me know).

I have been using my existing systems in conjunction with the quarters concept with amazing results. I do not have a charting platform that lets me pull up custom tick increments so I started experimenting and came up with a simple way to filter out trades.

I have traded this with real money - I do not backtest - for me real money at risk is the only way for me to effectively see if something works.

I pull up a 10 sec HA chart (oanda) with a 21 EMA and the AO indicator.

Attached Image


If the price reaches a quarter - the AO crossing zero and price on the right side of the EMA dictates the trade.
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