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Make Money Everyday - A Guide to Short-Term Trading

  • #321
  • May 11, 2011 9:35am May 11, 2011 9:35am
Trading Discipline
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  • #322
  • May 11, 2011 9:48am May 11, 2011 9:48am
Quoting enochben
Trading Discipline
I have only skimmed it so far, on my phone at moment, but this looks like a great article. Thanks for sharing that. Excellent!!

Mongolian
  • #323
  • May 11, 2011 6:28pm May 11, 2011 6:28pm
Haha how dare it indeed! I'll look at widening my stops tonight, it doesn't make much of a difference because I'm still risking the same % of capital, just using less lots. I'll also run another chart with 1/4's on say a 5-15m time frame.
Do you look at say the 15 or 30m or higher to see where price has topped or bottomed out before? Or do you not consider that when trading the smaller swings?

Thanks mate

Quoting mongolian
Don't think there is anything wrong with those trades....
  • #324
  • May 11, 2011 6:40pm May 11, 2011 6:40pm
Quoting nhen
Haha how dare it indeed! I'll look at widening my stops tonight, it doesn't make much of a difference because I'm still risking the same % of capital, just using less lots. I'll also run another chart with 1/4's on say a 5-15m time frame.
Do you look at say the 15 or 30m or higher to see where price has topped or bottomed out before? Or do you not consider that when trading the smaller swings?

Thanks mate
I can use that - a higher timeframe chart - usually however I use my excel sheet that i've been blocking out the moves on. if it's beyond the past 18 hours or so - i won't have it on my chart so my excel/graph paper will have to do. Honestly i don't really worry about it since i'm trading pretty much exclusively short-term.

Mongolian
  • #325
  • May 11, 2011 7:03pm May 11, 2011 7:03pm
just curious - what pairs are folks using?

the reason I ask is I have been looking mainly at EURUSD and EURJPY, but I have also started watching CADJPY and EURGBP. I have found that the quarter theory does not work well with EURGBP but does play nice with most other pairs I have observed.
  • #326
  • May 11, 2011 7:47pm May 11, 2011 7:47pm
Quoting enochben
just curious - what pairs are folks using?

the reason I ask is I have been looking mainly at EURUSD and EURJPY, but I have also started watching CADJPY and EURGBP. I have found that the quarter theory does not work well with EURGBP but does play nice with most other pairs I have observed.
I have looked @ EUR/GBP before... it just doesn't move enough. I've put on just about every pair I could get my hands on - and more or less it seems to work across the board. The thing that I want is Volume. The pairs with less volume just don't get as many setups in a day. I would love to trade the the GBP/JPY - but the spread is ridiculous. I would trade the cable but the EUR/USD moves pretty much in tandem and has lower margin requirements and lower spread... so it wins. USD/JPY on most days - just doesn't move that much... (most days) - there are some days when it flat out moves and it's great, but i don't watch it that much - so i usually miss it. I like AUS/USD pair and the kiwi a lot as well...they move really nicely in between the quarter marks.
  • #327
  • Edited 3:08am May 12, 2011 2:47am | Edited 3:08am
hi, did some practice today on London open. thanks Mongolian for great posts, could you comment more on your defense plays? do you put on SL and TP and wait for either to get hit? or do you move SL to BE after price has retraced to level after your entry and continues in profit direction? or do you move SL to BE after +8-10pips? do you exit at BE if price stalls too much on level? if you use SL 6pips on EUR/USD do you sometimes exit on -2-3 if there is no strong departure from level? also it would be interesting to hear what others think about defense plays
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  • #328
  • May 12, 2011 3:41am May 12, 2011 3:41am
2.5 hours of sitting on hands during early London session before order filled. Did not trade New York Yesterday. Today I am officially 2% overall in profit since starting on 2 May. I now ended 7 trading days in a row positive which represents 10% account grow.

I want to express my appreciation once again Mongolia for sharing your approach.
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #329
  • May 12, 2011 4:24am May 12, 2011 4:24am
Thanks for the questions.

Quote
do you put on SL and TP and wait for either to get hit?

I do. I know that I can't control PA, but I can control my behaviors, so I work on getting good entries and then place appropriate orders.

Quote
or do you move SL to BE after price has retraced to level after your entry and continues in profit direction? or do you move SL to BE after +8-10pips?

This can be done, sure. I don't always make a habit out of it... but certainly - like we've talked about before - Something is better than nothing. Is there a certain defined threshold to say - yes - here, move SL once this happens... I don't have that. Honestly, I have been doing this so much that often times I don't even think about it... so thank you for the questions - it is requiring me to really think about what and why I do things.

Quote
do you exit at BE if price stalls too much on level? if you use SL 6pips on EUR/USD do you sometimes exit on -2-3 if there is no strong departure from level?

Of course. As soon as it is evident that this is going to be an unprofitable trade - I take steps to end my time with that trade.

Thanks for the good questions. Keep them coming.

Mongolian
  • #330
  • May 12, 2011 4:26am May 12, 2011 4:26am
Quoting pa_pips
2.5 hours of sitting on hands during early London session before order filled. Did not trade New York Yesterday. Today I am officially 2% overall in profit since starting on 2 May. I now ended 7 trading days in a row positive which represents 10% account grow.

I want to express my appreciation once again Mongolia for sharing your approach.
  • #331
  • May 12, 2011 4:36am May 12, 2011 4:36am
Quoting pa_pips
2.5 hours of sitting on hands during early London session before order filled. Did not trade New York Yesterday. Today I am officially 2% overall in profit since starting on 2 May. I now ended 7 trading days in a row positive which represents 10% account grow.

I want to express my appreciation once again Mongolia for sharing your approach.
Great work!
  • #332
  • May 12, 2011 4:41am May 12, 2011 4:41am
Quoting enochben
Trading Discipline
Reading this tonight!
  • #333
  • May 12, 2011 8:14am May 12, 2011 8:14am
UGLY!
  • #334
  • May 12, 2011 9:20am May 12, 2011 9:20am
Here's how today's PA looks - This chart is on an even lower tick count than the one's I usually put up - 3 tick bars... +36... should have had more - phone kept ringing.
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  • #335
  • Edited 9:19pm May 12, 2011 10:11am | Edited 9:19pm
Quoting mongolian
Here's how today's PA looks - This chart is on an even lower tick count than the one's I usually put up - 3 tick bars... +36... should have had more - phone kept ringing.
Thank you very much for your answers and this nice chart More questions, maybe i'm too picky but i'm just trying to learn and understand better how do you trade.

1. Long 1.4150 +12pips ?
2. Limit buy 1.4200 -6?
3. Limit buy 1.4187 -6?
4. Manual short at what price? +12?
5. Limit sell 1.4175? took +4 after price started to come back from +9 around micro high at 1.4172?
6. Limit buy 1.4187 +12?
7. Limit buy 1.4200 -6?
8. Limit buy 1.4187 after straight 12pips drop (do you prefer straight drops or resting or small retrace just before level would be ok too) +12?
9. Limit buy 1.4200 just after price reached 1.4212? +12? no SL at all? what if platform crashes or internet? trading even smaller time frames i have seen that EUR/USD can move 20pips in just couple seconds (was lucky that in my direction, but it can equally move against)
  • #336
  • May 12, 2011 10:25am May 12, 2011 10:25am
Hi mongolian

fantastic thread, its a pleasure to follow, I am afraid I am one of the usual silent majority, the information and comments you are giving are clear very useable. Thanks for sharing your methods they may not be for everyone because they appear too simple

Barron
  • #337
  • May 12, 2011 10:44am May 12, 2011 10:44am
Quoting eltax100
Hi mongolian

fantastic thread, its a pleasure to follow, I am afraid I am one of the usual silent majority, the information and comments you are giving are clear very useable. Thanks for sharing your methods they may not be for everyone because they appear too simple

Barron
Barron - thanks for joining us and for chiming in!

Mongolian
  • #338
  • May 12, 2011 10:53am May 12, 2011 10:53am
Quoting geduim
Thank you very much for your answers and this nice chart More questions, maybe i'm too picky but i'm just trying to learn and understand better how do you trade.
You got it on most of those - I'll go to 8 - I had order for 7, was stopped out - still felt like most of the money to be made was going long today - so I had another long order put in @ 8. I don't normally like to play the straight down or straight up and get in.... I personally like PA to float by, bounce around and then pick me up, but hey - sometimes it works.

As far as no stop/loss goes - those are valid points. PA had been messy, I was tired of for lack of a better term.... effing around. I put it on and like I said - Money today was mostly being made buying and I also got lucky. I'll take that too. As far as service outage, etc. I always have the phone # and vital info handy if I need to call in and manually manage my orders.

Great questions. Thanks.

Mongolian
  • #339
  • May 12, 2011 1:14pm May 12, 2011 1:14pm
Quoting enochben
Trading Discipline
Read this article all the way through now - It is great. Everyone needs to go back to post #321 - Read that article, learn it, memorize the points. I am making a sheet with those bullet points all condensed into one sheet and hanging it by my CPU - What a great reminder, great way to start each trading session. I could go on and on about each point - I'll save you all - just READ IT!!

Thank you again for sharing that. Simple, concise and to the point.

GOTO POST #321 NOW.....

Mongolian
  • #340
  • May 12, 2011 9:28pm May 12, 2011 9:28pm
Hi Mongolian Sir,

It is wonderful thread. Simple method but needs much practice to be master. I will start trading on the method and will try to learn it.

One question about retracement and breaking a level. May be you had answered already (as I had read only 81 posts so far, will finish it this weekend).
When we can say that price has broken a level? after closing of candle or just price went higher?
2) Same question for retracement/pullback, do we need to wait to close the candle below the level or just price go through that level?
3) If you say that just price pass the level and we say it is broken and same candle then come back again as pull back so we will consider it as break and retracement?

Thanks for your kind help and sharing. I am very grateful to you.
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