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Make Money Everyday - A Guide to Short-Term Trading

  • #281
  • May 10, 2011 2:31am May 10, 2011 2:31am
Quoting mongolian
There have been a couple questions regarding sticking to the 12 pip target or letting it run....
Hi mate,

wonderful post, i completely agree with you about this, trader's behaviour and psychologics are one of the main part of trading, and also that's true and i've been doing it myself - look in the past and here i would take profit, here i would move my SL, it was mistake because reality when trading is different, that's because i prefer to put my SL and PT and don't care anymore - because i've seen many times when was long and it seemed to be turning so bearish that i would close it immediatelly but anyway it went up and hit my PT, because in such market PA is sometimes not very predictable, when they start bidding they are not taking care about that bearish pattern.

btw guys today i will probably not post charts and trading because working whole day, but wish you lot of skills, patience and luck ofc

Mike.
  • #282
  • May 10, 2011 2:33am May 10, 2011 2:33am
Quoting acetrader
mongolian,

That is what I was referring to. BTW: nice informative thread you have started.
Hi acetrader,

welcome here and feel free to contribute so we can learn things from each other
  • #283
  • May 10, 2011 3:04am May 10, 2011 3:04am
5 Days in a row ending up in positive and representing 7.73% growth. If all goes well next trading day should take care of the crazy 8% loss during my first 2 days.
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #284
  • May 10, 2011 3:16am May 10, 2011 3:16am
Quoting kenfenfx
Pa Pips,

I'll just share quickly that I had to go get the troops today. I made some silly moves on Sunday, so I was determined to correct the ship and get back out into the shipping lane and off the sand bar.

I traded out of a hole and then took a break. I then did one last trade for the early morning that was a small win.

So, yes, I agree with you. I try to trade out of a hole, but I just don't get emotional about it and let the market sway me to make another bad move. But that's just me, I'll take a loss too if it averts a bigger loss.

Kind...
Great job in turning it around Kenfenfix

Yes, agree with you about the emotional aspect. I tell myself there are plenty of 12 pip movements in the day. No need to be in a hurry. After 2 or 3 losses in a row during the London Session, I think along the lines of "Ok, I am taking a break and will come back rested out for the New York session"
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #285
  • May 10, 2011 3:39am May 10, 2011 3:39am
Good morning, traders!

Whatever works for you all, I suggest you go that route. For me, I have issues getting to 12 all the time, so, it's all good! Great trading to you all. We each have to find our own way, even though we may be kindred spirits. The bottom line is to, "Make money every Day"

Here's my first and only trade for this session. A drop in price landing me 23 pips in the basket. (Italian news time?? it was around 4 am, est...)

My chart differs just a bit as I mark every 6 pips up and down the chart. I use the 10 bar tick from FX Accucharts to run my chart and Currenex to place my orders. This is just how I've learned to look at the market. I pay attention to the quarters, especially 50 and 00. I look at what happened before a sat down.

My entries are based on S/R and when the price has crossed one of my lines.

Make money every day! Thanks to Mongolian, I'm doing just that!

Warm Regards, Kenfenfx
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  • #286
  • May 10, 2011 3:49am May 10, 2011 3:49am
Quoting pa_pips
Great job in turning it around Kenfenfix

Yes, agree with you about the emotional aspect. I tell myself there are plenty of 12 pip movements in the day. No need to be in a hurry. After 2 or 3 losses in a row during the London Session, I think along the lines of "Ok, I am taking a break and will come back rested out for the New York session"
Thanks, pa pips. It was a battle for me, but mainly a battle between my ears. My dilemma is putting time limits on things because I can't trade all day. I have to remind myself not to be in a hurry as well.

We all trade best when the emotions are checked at the door as much as we can. I try to turn myself into a pip machine and just focus on the task at hand.

A trade mentor once told me in big letters, "Rule 1. Don't panic" LOL

Have a great day making money! Kenfenfx
  • #287
  • May 10, 2011 3:53am May 10, 2011 3:53am
Quoting mongolian
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.

Mongolian.
You are a wise, wise man. I'm glad I'm here!
  • #288
  • May 10, 2011 3:57am May 10, 2011 3:57am
hi, one more London open practice session and interesting lesson -52pips total. after few trades i felt that im out of balance and result clearly shows that. need to step back and evaluate things
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  • #289
  • May 10, 2011 4:49am May 10, 2011 4:49am
Quoting geduim
hi, one more London open practice session and interesting lesson -52pips total. after few trades i felt that im out of balance and result clearly shows that. need to step back and evaluate things
Good evening Geduim,
In the way of trading from one line to another I all ways first wait for price to go above the 50 and 21 EMA's and the stochs to be heading up to go long and the other way around to go short! It seems to keep me on the winning side of a trades! Just my thoughts on reducing lossing trades.
Wish you all the best in your travels!

King Pippin
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  • #290
  • May 10, 2011 4:49am May 10, 2011 4:49am
Quoting geduim
hi, one more London open practice session and interesting lesson -52pips total. after few trades i felt that im out of balance and result clearly shows that. need to step back and evaluate things
Hi geduim,

I'm sorry for the loss you took today, but take it easy we are still learning

Just few points about your chart - you seemed very emotional and as you said out of balance for me, it seem that you are sometimes trying to play every single movement....it would be maybe better to be more patient and to not play break 3 times in a row but otherwise play it one time and if it will not pay you out just wait for another break and new high/low , because when it's bouncing from one level few times it means that sth is going on there so take care in such situations because we cant stand alive with 6 pips stoploss.

just for example i don't understand why did you close first limit order to sell at 1.4288 it seems to be perfect setup, then you changed your bias very soon for me and you placed some buy orders there, other thing i dont understand is sell order at 1.4300 because it's after bigger consolidation and two up 12 pips legs so it indicates beginning of uptrend, then i see some market sell even higher could you explain?

and then later is what i mentioned before - playing the same level 3 times in the row, loosing and not waiting for PA to clear, the same situation seems to be when shorting at the right side of your chart, we are all different but this is what doesnt suit me well - as mongolian said that the main thing is to protect our inventory

don't take this bad my friend, this is not critics but only my thought process when saw the chart and hope it will be useful

mike.
  • #291
  • May 10, 2011 7:38am May 10, 2011 7:38am
Quoting geduim
-52pips total. after few trades i felt that im out of balance and result clearly shows that. need to step back and evaluate things
Hi Gedium,

Theres so many ways to look at the chart after the fact! Instead of me saying "well, hey you should have done this or done that.." It's so easy to see trades now, eh?

Why don't you take some time just to watch the market and not trade, but if you feel that your hand is going for the buy/sell button, just write the trade down on paper and then see how it goes. Also, look at the lines where the price is bouncing off.

You'll get it. Screen time takes practice and I've been at it only 2 years and I know that I will take my own advice and just monitor the market too. It's worthwhile.

Regards, Kenfenfx
  • #292
  • May 10, 2011 7:59am May 10, 2011 7:59am
Quoting geduim
hi, one more London open practice session and interesting lesson -52pips total. after few trades i felt that im out of balance and result clearly shows that. need to step back and evaluate things
Gedium

It looks like your anticipation of where price was gonna go was correct the majority of the time.....which is huge. The main thing killing you is your 6 pip stop. A 10 pip stop would have easily netted you positive pips on the day.

Maybe try a 10 stop for a while to see how you like it.....you will still get a 1:1 RR but improve your accuracy greatly.

Just a thought. Thanks for your charts.
  • #293
  • Edited 8:11am May 10, 2011 8:09am | Edited 8:11am
Quoting geduim
hi, one more London open practice session and interesting lesson -52pips total. after few trades i felt that im out of balance and result clearly shows that. need to step back and evaluate things
Hello Geduim,

I had the same experience today like you and as we traded at the same time we - perhaps - made the same mistakes

To say the least, I missed the good runs and entried in trades in the end of the moves (legs). I think that is calling for more screen time, isn't it ???

But in accordance to your trading I caught lots of SL's today and the question is if we were perhaps too aggressive in that certain situation. As I cannot post my chart atm (as I am in office ) I refer to your chart Gedium, especially to the trades you took at about 10 am and later on at 10.30 am ... altogether 6 SL's - what means - 36 pips !! I think we should try to avoid that, shouldn't we ?

What do the others say or how did you behave in that situation at 10 am and 10:30 am ?
  • #294
  • May 10, 2011 8:16am May 10, 2011 8:16am
Here's my chart from tonight's trading, I'm in Aus so london open is 5pm here. I traded for an hour around 1-2 hours after London open.
Trading like this really illuminates the issues I have with getting emotional, cutting wins and hastily jumping in.
I am still somewhat unclear about where the highest probability trades are and what I should really be looking for. At the moment I'm just trying to get a feel for the current trend and attempting to buy on the pullbacks. Emotions etc are getting in the way of that actually happening though
Time to read 'Trading in the zone' again I think!
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  • #295
  • May 10, 2011 9:08am May 10, 2011 9:08am
Ok - I have drawn this diagram, I hope that it helps. On the diagram - I've drawn some random price action - between levels. It turns right at the level, it also turns near the level (the yellow circles). The times when PA doesn't turn right at the level, but near appear to be giving us the most problems.

As I have traded this more and more, the looser I have become with my stops. Instead of seeing it as black and white - it's at this certain level or it's not - I see levels and the areas around the levels (the red oval). As long as PA stays within that area - and allows me to stay in a decent trade then I'm good. Again - this is how I do it and I see it. Find your comfort level and run with it.

Mongolian
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  • #296
  • May 10, 2011 9:28am May 10, 2011 9:28am
Another thing I'm recognizing is the larger influence the quarter levels have....00, .25, .50,.75....duh, I know, but maybe we have lost the forest for the trees, I did. Mongolian showed us a chart with just those levels earlier in the thread and it was a bit of an 'aha' moment for this method.

I think if we first concentrate on those levels for the time being and get used to the PA around them it might help. If we keep a heavier 'bias' toward their influence it helps to recognize the 'noise' in between them for what it is. Then later we can trade all levels a bit better.

Waiting on the quarter levels develops a bit more patience as well I find, which I def. need.

Look at EUR/USD today, those quarter levels look like a roadmap, it's almost cheating.
  • #297
  • May 10, 2011 9:40am May 10, 2011 9:40am
Quoting daft
Another thing I'm recognizing is the larger influence the quarter levels have....00, .25, .50,.75....duh, I know, but maybe we have lost the forest for the trees, I did. Mongolian showed us a chart with just those levels earlier in the thread and it was a bit of an 'aha' moment for this method.

I think if we first concentrate on those levels for the time being and get used to the PA around them it might help. If we keep a heavier 'bias' toward their influence it helps to recognize the 'noise' in between them for what it is. Then later we can...
Oh my friend - that's the best post I've seen all day, especially that last line. And you are very much correct - The main thing is the quarter levels. I like your suggestion and I recommend it, concentrating on those levels. If you have a chart with just those lines on them and nothing else - watch how PA has moved today, how it moved yesterday. It becomes simple - which I'm a huge fan of.

Mongolian
  • #298
  • May 10, 2011 9:48am May 10, 2011 9:48am
Quoting mongolian
Oh my friend - that's the best post I've seen all day, especially that last line. And you are very much correct - The main thing is the quarter levels. I like your suggestion and I recommend it, concentrating on those levels. If you have a chart with just those lines on them and nothing else - watch how PA has moved today, how it moved yesterday. It becomes simple - which I'm a huge fan of.

Mongolian
Yes I talk a good game, now if only I could trade the damn things lol.
  • #299
  • May 10, 2011 9:52am May 10, 2011 9:52am
Great cheers mate.

Quoting mongolian
Ok - I have drawn this diagram....
Mongolian
I've posted this into my word document for this thread, very nice thank you

Quoting daft
Another thing I'm recognizing is the larger influence the quarter levels have....00, .25, .50,.75..... Waiting on the quarter levels develops a bit more patience as well I find, which I def. need.

Look at EUR/USD today, those quarter levels look like a roadmap, it's almost cheating.
  • #300
  • May 10, 2011 10:45am May 10, 2011 10:45am
Quoting katrooo
Hi geduim,

I'm sorry for the loss you took today, but take it easy we are still learning

Just few points about your chart - you seemed very emotional and as you said out of balance for me, it seem that you are sometimes trying to play every single movement....it would be maybe better to be more patient and to not play break 3 times in a row but otherwise play it one time and if it will not pay you out just wait for another break and new high/low , because when it's bouncing from one level few times it means that sth is going on there so take...
Hi Mike, thanks for your great comments and good suggestions

i closed first 1.4288 limit short because price bounced to much from 1.4275 and then made 4pips retrace just before reaching 1.4288. i changed bias to long after second up leg was complete and price reached 1.4300 (there was manual short close for -1 on 1.4288 not buy order). yep 1.4300 short was not good counter trade but the higher market sell that you mentioned was manual close of long for +9 (as noted on chart, too much orders, i guess it looks confusing) because it broke high 1.4323 reached +11 staled and turned down so i took +9 thinking that it may go to 0. you are absolutely right about playing the same level 3 times in the row, no good.

i'll analyze my chart and will do my best to not repeat the same mistakes in the future. your comments Mike are really helpful, thanks a lot. also big thanks to all the guys who gave good advices trying to help
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