one more short training session, need to start using excel sheet to see better main moves..
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Make Money Everyday - A Guide to Short-Term Trading
- #262
- Edited 1:20pm May 9, 2011 11:14am | Edited 1:20pm
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...
one more short training session, need to start using excel sheet to see better main moves..
i think it would be better wait for pullback fom the line and put the break order only if it was hit before....
For example price is going up it's at 1.4995 and it is going to hit 1.4500 first time and im biased to the upside, i'm not placing my buy order at 1.4500 but wait for price to hit this level wait for a retrace 5-6 pips and only then put this buy order for a break - because after the pullback there will be enough momentum to go further up but if it is going up without pullback it will not have enough strength to break....
the good example is yours last two trades, first one is looking bad for me and i would not take it definitely, but second one looks good for me - it hit 1.4288 before, makes solid pullback and in that moment i would place buy limit order at 1.4288 and got stopped out
this is just my approach to this and just my thoughts hope it helps
Mike.
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.
Much depend on luck, but the more you practice the luckier you get! NT & GP
I was just popping in to introduce myself and say Hi to you. Great work. I see by your chart how patient you were and man it paid off. That was a nice roll downhill for you to catch! Great trading to you, bro.
Regards, Kenfenfx
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.[/quote]
Regards, Kenfenfx
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.[/quote]
to kenfenfx...
hi mate, thanks for your kind words, it's nice to have you here you are doing very good job and i hope that we all will make a good progress with helping each other and mongolian's guidance...
btw just putting my 2 cents about not having TP but instead to ride it more, well for me it would not be suitable because i would definitely be doing mistakes from psychological side so for me is TP better choice, less emotions involved and anyway 12 pips is okay and can be easily done with just 1 leg, but ussually if you want 20 or more you ussually need to stand some corrections on your way and it is also a lot of emotions involved when asking yourself to close or not to close...this is method with very frequent entries and decisions so i just want to keep my emotions close to zero
waiting for others responses on this approach
mike.
hi mate, thanks for your kind words, it's nice to have you here you are doing very good job and i hope that we all will make a good progress with helping each other and mongolian's guidance...
btw just putting my 2 cents about not having TP but instead to ride it more, well for me it would not be suitable because i would definitely be doing mistakes from psychological side so for me is TP better choice, less emotions involved and anyway 12 pips is okay and can be easily done with just 1 leg, but ussually if you want 20 or more you ussually need to stand some corrections on your way and it is also a lot of emotions involved when asking yourself to close or not to close...this is method with very frequent entries and decisions so i just want to keep my emotions close to zero
waiting for others responses on this approach
mike.
to kenfenfx...
hi mate, thanks for your kind words, it's nice to have you here you are doing very good job and i hope that we all will make a good progress with helping each other and mongolian's guidance...
btw just putting my 2 cents about not having TP but instead to ride it more, well for me it would not be suitable because i would definitely be doing mistakes from psychological side so for me is TP better choice, less emotions involved and anyway 12 pips is okay and can be easily done with just 1 leg, but ussually if you want 20 or more...
When we are young, we sooooo want to drive, (at least I know I did) we envision driving around, the freedom it will allow us, the things we could now do since we are able to drive. But we also have no idea how to drive, what to expect or even how to behave. Once we are finally able to drive, and again - this is from my personal experience... I was indestructible. Flying around, being reckless, all the things that as I parent, I now fear my boys will want to do when they reach that age. I saw no limits and took zero precautions. What happened? More speeding tickets than I even care to admit, accidents (not all of which were my fault, but still...), and of course consequences.
Now, as I have gotten older, my driving has changed. I expect the people around me to drive poorly so I am on the look out for that. I know that flying around, speeding, while maybe fun - doesn't necessarily get me to where I'm going that much faster. I, for the most part, play by the rules of the road. I do this for a number of reasons, but to name a few, taking care of myself, my passengers, others on the road, it's better for my vehicle. I also am quite aware that being indestructible is hardly the case. Could I take the chance and run all over the road faster? Certainly. Does it make sense? Not entirely.
How does this apply to our trading? When we were young in our trading - we were indestructible. Flying around, throwing money in left and right... what happened? Consequences. Now we are a little older...we don't see or have the need to be as fast with our money, we also know that YES we indeed can be destroyed (money-wise at least). Can I play for more pips? I can. Do I need to? Not necessarily. I know that by taking care of my inventory, being smart about my order placement, I have a fairly high probability of getting my target more times than not.
The danger in letting it go is that now we are trying to use our discretion in trading. How could you ever decide when to do it or not. If you have all your orders in, your entry, your SL and your Take Profit, all set when you go in... then you have done what you can do. You cannot control what PA will do. We do have a good idea of what PROBABLY will happen, and we will guide our behavior accordingly. That is what trading boils down to - can you master your behaviors.
PA, what system you use, what time frame you use, how many indicators you have on your chart - all that is secondary to HOW you behave and how you handle the movement of PA. It's easy to go back and look at a chart and say - OF COURSE - I would have let PA run there... OF COURSE, I would have taken my Take Profit and been done there.... OF COURSE I would have taken my stop there.... But it's entirely different when you're in the thick of it and your $$ is on the line.
I hate using the words because I do not want to throw anyone under the bus with it - but in my opinion - it boils down to greed and fear. We are fearful we won't get another good trade like this one AND we want as much as we can. I believe I have made a sufficient case to show you all that each day, each week, there are dozens and dozens of opportunities to get quality trades. Keep that in mind, work your plan and tally your results at the end of the day.
Man - I said it earlier - I am so wordy today.
Thanks for letting me share.Mongolian.
- #278
- Edited 12:57am May 10, 2011 12:11am | Edited 12:57am
Hi,
to geduim,
very nice work
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,...
that's what im trying to accomplish: practice sessions with bunch of trades also planing to use manual backtesting for practice, all that to make a lot of trades and decisions to make learning faster. one makes more mistakes that way, but can call them opportunities to grow sure defense plays is personal choice. one has to decide with help of practice what works better for him: more aggressive or conservative defense (both have pros and cons).
Hi gedium,
i think it would be better wait for pullback fom the line and put the break order only if it was hit before....
For example price is going up it's at 1.4995 and it is going to hit...
So as with defense plays, we have two choices and with practice we decide witch one works better for us in particular situation. Mike thanks for pointing these out, i think it really helps to learn when examining some scenarios more closely.
I'll chime in with my 2 pips, if I were you, I'd keep that puppy running if you're in profit. Nothing wrong with gaining more profit.
What do you guys think?
Regards, Kenfenfx
You sure have nice charts. Where are those from? What I've done to better see the moves is to just have a price Line, versus candles or bars. For me, and this is just me, it's clearer. I'm on a tick chart, so the Price line leaves a very clean cut trail. I made the line thicker so it would be even clearer.
Maybe that would help in addition to using the graph?
Regards, Kenfenfx
- #280
- May 10, 2011 2:31am May 10, 2011 2:31am
- Joined Feb 2006 | Status: Trader | 2,228 Posts
mongolian,
That is what I was referring to. BTW: nice informative thread you have started.
That is what I was referring to. BTW: nice informative thread you have started.