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Trade What You See - Almost Naked Trading

  • #15,581
  • Jun 1, 2011 10:36am Jun 1, 2011 10:36am
Quoting lawgirl21
Discretionary with the trader. I take profit when trade is over 100 pips.
LG if you go live with this any idea what % per trade you will risk as many trades could fail?
  • #15,582
  • Jun 1, 2011 10:36am Jun 1, 2011 10:36am
Hi LG,

You are entering MoneyTree trades after the majority of the trading day is over? It looks like you referenced GBPCHF, GBPJPY & USDCHF as all being MoneyTree trades this morning.

I was under the impression the system was to enter in the first ~8 hours of the trading day, when movement has started but the majority has not yet happened?

Interested to see how those play out.
Enter Signature
  • #15,583
  • Jun 1, 2011 10:39am Jun 1, 2011 10:39am
Quoting Tipico
hey guys, need help about the moneytree.method! i just added a position to the one from yesterday....did i get that right that i now have to set the sl from yesterdays level to todays???? many thanks
Tipico, I think what LG and I are doing is moving the 1st trade's SL to BE before entering a 2nd position. And no, we don't move the SL of the 1st to the new SL. Why? Because the 2nd trade has not yet proven itself as a 'runner'. The first trade is definitely a runner, we don't want to ruin this trade on something unproven. At least that's how LG helped me see it.

Once the 2nd position gets up quite a bit, you could use your discretion on whether to set the SLs to the same level.
Enter Signature
  • #15,584
  • Jun 1, 2011 10:46am Jun 1, 2011 10:46am
Quoting CrucialCraig
Hi LG,

You are entering MoneyTree trades after the majority of the trading day is over? It looks like you referenced GBPCHF, GBPJPY & USDCHF as all being MoneyTree trades this morning.

I was under the impression the system was to enter in the first ~8 hours of the trading day, when movement has started but the majority has not yet happened?

Interested to see how those play out.
The system is evolving. Six hours into the trading day was arbitrary. I am entering when the 2 RSIs are confirming, which seems to be taking longer than 6 hours.
  • #15,585
  • Jun 1, 2011 10:47am Jun 1, 2011 10:47am
I set my TP for my GBPCHF trade to 1.4005, missed over 200 pips last night!! argh!
Enter Signature
  • #15,586
  • Jun 1, 2011 10:48am Jun 1, 2011 10:48am
Quoting lawgirl21
The system is evolving. Six hours into the trading day was arbitrary. I am entering when the 2 RSIs are confirming, which seems to be taking longer than 6 hours.
Interesting. The system has been quite profitable so far. I think we should keep track of results when entering at the end of the trading day as opposed to be the beginning, so as to compare if it makes a difference.
Enter Signature
  • #15,587
  • Jun 1, 2011 10:49am Jun 1, 2011 10:49am
Quoting bez3000
LG if you go live with this any idea what % per trade you will risk as many trades could fail?
I figured with a 10K account at $1 per pip, my average open trades would be 12. With a $30 SL x 12 = $360..asuming all trades fail = around 4%
  • #15,588
  • Jun 1, 2011 10:50am Jun 1, 2011 10:50am
Quoting CrucialCraig
I set my TP for my GBPCHF trade to 1.4005, missed over 200 pips last night!! argh!
Can't think like that.....
  • #15,589
  • Jun 1, 2011 10:53am Jun 1, 2011 10:53am
Quoting CrucialCraig
Tipico, I think what LG and I are doing is moving the 1st trade's SL to BE before entering a 2nd position. And no, we don't move the SL of the 1st to the new SL. Why? Because the 2nd trade has not yet proven itself as a 'runner'. The first trade is definitely a runner, we don't want to ruin this trade on something unproven. At least that's how LG helped me see it.

Once the 2nd position gets up quite a bit, you could use your discretion on whether to set the SLs to the same level.
Exactly right...well said.
  • #15,590
  • Jun 1, 2011 10:53am Jun 1, 2011 10:53am
Quoting lawgirl21
Can't think like that.....
I know It's tough not to!

As an update, after taking my first 1/2 off the table at 120, I've started to set my 2nd half TP at S/R and round number levels. I may miss some big breakout moves this way, but it should keep me out of some bounce backs as well.
Enter Signature
  • #15,591
  • Jun 1, 2011 10:55am Jun 1, 2011 10:55am
LG, please let us know how these trades turn out!
Enter Signature
  • #15,592
  • Jun 1, 2011 10:57am Jun 1, 2011 10:57am
Quoting lawgirl21
I figured with a 10K account at $1 per pip, my average open trades would be 12. With a $30 SL x 12 = $360..asuming all trades fail = around 4%
Sounds good are you going to demo for another month before going live?
  • #15,593
  • Jun 1, 2011 11:00am Jun 1, 2011 11:00am
Quoting CrucialCraig
LG, please let us know how these trades turn out!
Will do...so far all negative.
  • #15,594
  • Jun 1, 2011 11:03am Jun 1, 2011 11:03am
Quoting bez3000
Sounds good are you going to demo for another month before going live?
Yes I am. Still kinks to work out. I am up 15% on the demo account..was up 20% yesterday, but made a costly mistake in not setting a SL. Would like to see 25-30% before going live.
  • #15,595
  • Jun 1, 2011 11:04am Jun 1, 2011 11:04am
Quoting lawgirl21
Will do...so far all negative.
Keep us posted. Results will prove it, but I have a feeling that results might not be as good if we enter after a big move like we saw on these 3 pairs, for a few reasons.
Enter Signature
  • #15,596
  • Jun 1, 2011 11:07am Jun 1, 2011 11:07am
Quoting bez3000
Sounds good are you going to demo for another month before going live?
Not that I'm encouraging it bez, but I'm trading live with a small $607 account. Started about a week ago with the MoneyTree strategy and have been trading it exclusively. Equity is sitting at $676 right now, so my profits are at about 11.5% in a week.

I definitely wouldn't recommend jumping in with a large live account though until this beast is proven long-term.
Enter Signature
  • #15,597
  • Jun 1, 2011 11:26am Jun 1, 2011 11:26am
Quoting CrucialCraig
Not that I'm encouraging it bez, but I'm trading live with a small $607 account. Started about a week ago with the MoneyTree strategy and have been trading it exclusively. Equity is sitting at $676 right now, so my profits are at about 11.5% in a week.

I definitely wouldn't recommend jumping in with a large live account though until this beast is proven long-term.
Well done CrucialCraig, i will demo for a couple of weeks and if all goes well i might open a small live account.
Good luck
  • #15,598
  • Jun 1, 2011 11:28am Jun 1, 2011 11:28am
Quoting lawgirl21
Yes I am. Still kinks to work out. I am up 15% on the demo account..was up 20% yesterday, but made a costly mistake in not setting a SL. Would like to see 25-30% before going live.
Starting with a $1000 account would work well too...only $.10 per pip. Obviously same percentages, etc.
  • #15,599
  • Jun 1, 2011 12:25pm Jun 1, 2011 12:25pm
hi, i learned an important lesson on my demo account today.

i'm sure you're all familiar with these thoughts, however i just lost the 25k demo account in a few hours!

YES i'm impatiient.
managed to hit the wrong keys during closures, got angry, tried to beat the numbers, doubled up an already really low usd/chy however after a 4 hr bike ride returned home to find the account 100% empty.

i learned a lot from this.
SYSTEMS ARE IMPORTANT- BUT SO IS THE USER'S MENTAL STATE.

i'll try again.-


we're all grasshoppers!

LG et all. be very firm with the stop losses!!
If ask a silly question.. forgive me!i'm just confused again!
  • #15,600
  • Jun 1, 2011 12:44pm Jun 1, 2011 12:44pm
Quoting afos
hi, i learned an important lesson on my demo account today.

i'm sure you're all familiar with these thoughts, however i just lost the 25k demo account in a few hours!

YES i'm impatiient.
managed to hit the wrong keys during closures, got angry, tried to beat the numbers, doubled up an already really low usd/chy however after a 4 hr bike ride returned home to find the account 100% empty.

i learned a lot from this.
SYSTEMS ARE IMPORTANT- BUT SO IS THE USER'S MENTAL STATE.

i'll try again.-


we're all grasshoppers!

LG et all. be very firm...
Read Trading in the Zone - It helped me with the mental part.
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