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The Random Entry

  • #61
  • May 31, 2011 1:01pm May 31, 2011 1:01pm
When do you "know" to take a loss? I hope you don't mind my probing.
  • #62
  • May 31, 2011 1:14pm May 31, 2011 1:14pm
Hit my stop at 133.73

Thats where I determined if it returned to then a down movement may result

I may be right I may be wrong, price might go up and it might go down.. its irrelevant I did the best I could

Results:

Total Profit of 0.4%


Final thoughts.. I felt this was an extremely risky trade to make and thought I was going to have to settle for a small loss.. However conditions felt promising as time progressed and I was fortunate enough that pull in a small profit.


Positive Criticism welcome,
NY
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  • #63
  • May 31, 2011 1:53pm May 31, 2011 1:53pm
Quoting newark18
When do you "know" to take a loss? I hope you don't mind my probing.
Not at all, thats a great question.. but I'm not sure how to answer it.. I started typing but I feel like it just leads to one thing after another.. or more like a thread of its own.

Regards to image 1

That was a large move downwards.. I knew I had to determine at what extent I can extract from a pull back.. and if it does not pull back but continue to drive downwards then I must get out.. ofcourse this leads to more questions like "how do you know if the down movement will continue?" and so forth until an entire thread is dedicated to that as I mentioned
  • #64
  • May 31, 2011 3:04pm May 31, 2011 3:04pm
newyear498

Hope you dont mind me saying but taking one trade a day is going to take a very long time to build a big enough sample size to prove much about random entries or you trade management,exits,etc.Only my opinion by the way.
  • #65
  • May 31, 2011 4:19pm May 31, 2011 4:19pm
Quoting DemoForever
newyear498

Hope you dont mind me saying but taking one trade a day is going to take a very long time to build a big enough sample size to prove much about random entries or you trade management,exits,etc.Only my opinion by the way.
I mind extremely what your saying....... it makes sense.. My sample size as far as trade management goes is a decent size.. however they never had anything to do with random entries.. so this probably pushes my management abilities to the edge...

I'm learning in time however that my improvements to trade management over the last several months are what put me in a position to possibly begin trading again for the real deal...

If you want the selfish truth I do this thread to learn for myself.. for example.. taking this trade today open my eyes that if I continue to do this random entry thread I could learn a lot about how the market operates in conditions I normally would have never taken a trade or evaluated.


As far as proving.. whose to say one method is better than the other.. I don't want to prove anything besides trade management is a valid option compared to setting a 3:1 risk to reward and letting fate decide which gets hit...

Management fits with my theory and understanding of the market.. to me its key.. but as I'm becoming increasingly aware I am a contrarian... so my methods are probably not for most.


Thanks,
NY
  • #66
  • May 31, 2011 5:42pm May 31, 2011 5:42pm
This concept is novel as compared to most threads on this site. I understand that you want to study price action and practice discipline (with regards to trade management). However, this excercise will not teach you most of what you will need to know in order to succeed. You may agree that this is just working on improving one aspect, just like a golfer practices putting, but still needs to develop Driving and iron shots. Risk management is important. So is time management. Good luck and keep up the good journey!
  • #67
  • May 31, 2011 5:56pm May 31, 2011 5:56pm
Quoting 2+2=4ex
This concept is novel as compared to most threads on this site. I understand that you want to study price action and practice discipline (with regards to trade management). However, this excercise will not teach you most of what you will need to know in order to succeed. You may agree that this is just working on improving one aspect, just like a golfer practices putting, but still needs to develop Driving and iron shots. Risk management is important. So is time management. Good luck and keep up the good journey!
certainly!

Appreciate it and good points.. I'd definitely take more of these trades a day but like you said with time management.. I can't get to stuck up doing one thing.

and BTW my favorite Screen Name on FF
  • #68
  • May 31, 2011 7:40pm May 31, 2011 7:40pm
Quoting newyear498
I'm in it.. I basically took this bastard with no preparation like I would have wanted..

I got 2% risk on this trade if it hits my stop at 133.35
sorry, had to
-- It's on a link, to avoid clouding judgement if wish
  • #69
  • May 31, 2011 7:49pm May 31, 2011 7:49pm
Quoting ha-pattern
sorry, had to
-- It's on a link, to avoid clouding judgement if wish
Took a look at the image but,

I'm sorry I missed what you were trying to show?

Care to explain?


Thanks
  • #70
  • May 31, 2011 7:56pm May 31, 2011 7:56pm
Quoting newyear498
Took a look at the image but,

I'm sorry I missed what you were trying to show?

Care to explain?


Thanks
Nothing, maybe it's irrelevant.
I kinda got into the habit of giving own opinion when see blank chart in RD or TD.
Pure random entries, right?
  • #71
  • May 31, 2011 8:06pm May 31, 2011 8:06pm
Quoting ha-pattern
Nothing, maybe it's irrelevant.
I kinda got into the habit of giving own opinion when see blank chart in RD or TD.
Pure random entries, right?
Yup I honestly trade naked charts

IMHO everything else is a crutch or fallacy of the naked chart..

like I said IMHO..
  • #72
  • May 31, 2011 10:06pm May 31, 2011 10:06pm
Trade for June 1st

1. GBP/NZD (that a major?)
2. 9am EST
3. Short

4. Check out the higher timeframes to get a feel for where the flow is going and adjust your risk accordingly. Some random trades will be riskier than others.
  • #73
  • May 31, 2011 10:12pm May 31, 2011 10:12pm
Quoting newyear498
Hit my stop at 133.73

Thats where I determined if it returned to then a down movement may result

I may be right I may be wrong, price might go up and it might go down.. its irrelevant I did the best I could

Results:

Total Profit of 0.4%


Final thoughts.. I felt this was an extremely risky trade to make and thought I was going to have to settle for a small loss.. However conditions felt promising as time progressed and I was fortunate enough that pull in a small profit.


Positive Criticism welcome,
NY
Not bad. .4% is pretty good, keep up the ambition.
  • #74
  • Jun 1, 2011 8:08am Jun 1, 2011 8:08am
Quoting EmeraldEyes
Trade for June 1st

1. GBP/NZD (that a major?)
2. 9am EST
3. Short

4. Check out the higher timeframes to get a feel for where the flow is going and adjust your risk accordingly. Some random trades will be riskier than others.
I would definitely say thats not a major.. but even gbp/jpy is consider slightly outta the loop so what the hell

try to get closer to the majors in the future tho


stops at 1.9992

entry 1.9902


2% risk..


looks like a relatively easy trade.. market definitely says down IMHO.. so that means I'm going to totally fuck up now that I think I got this ROFL
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  • #75
  • Jun 1, 2011 9:19am Jun 1, 2011 9:19am
I tried to compensate for the large spread and volatility.. so far so good but certainly a closer call then I expected thats why I always add a little for unexpected I guess

still in it will see... I still feel confident in it continuing down.. but I'm not going to let my confidence override unpredictability if it does desire to take off upwards
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  • #76
  • Jun 1, 2011 9:33am Jun 1, 2011 9:33am
My computer just shit the bed.. turned off.. couldnt get it started.. now it started after hitting on button... 50 times

wish me luck I'm going to need it WTF!
  • #77
  • Jun 1, 2011 10:11am Jun 1, 2011 10:11am
Quoting newyear498
I would definitely say thats not a major.. but even gbp/jpy is consider slightly outta the loop so what the hell

try to get closer to the majors in the future tho


stops at 1.9992

entry 1.9902


2% risk..


looks like a relatively easy trade.. market definitely says down IMHO.. so that means I'm going to totally fuck up now that I think I got this ROFL
Had to make it interesting with a funky pair I disagree with your stop placement though. A buy stop on the underside of the round number is asking to be hit and reverse. If it were me, I'd place it a little over 2.0 instead. More breathing room may increase your risk of staying in the trade but good job on the wide stop. I wanted to see how you'd play on a volatile pair.
  • #78
  • Jun 1, 2011 2:08pm Jun 1, 2011 2:08pm
Hit stop for 2% loss


Final Thoughts: Basically when approaching this trade I felt like I had to place a huge stop to accommodate where I was being forced to enter, so I basically made this a longer term type of trade and its not the typical type of trade I would ever take thats for sure. However I did feel strongly about my position.. totally not used to this pair.. In any case it hit for a 2% loss and also since it was a more long term type of trade I really didn't do much to manage it


maybe Emerald was right about a little bigger SL but I picked the spot where I felt if it gets there then I shouldn't be short anymore..


Thanks,
NY



PS: I'm not going to be around rest of week to trade these randoms.. maybe some more next week aye?
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  • #79
  • Jun 1, 2011 3:32pm Jun 1, 2011 3:32pm
Hi NewYear,
I am concerned about what you are trying to achieve, or more to the point, what you are going to do to your trading, with this random trading approach you are doing. It is not unusual for a trader to spend thousands of hours studying one single pair before being really capable of trading that pair. Jumping around from pair to pair will not test your trading skills, at least, the ones that will make you money. The pair today is a good example: you were not able to set a proper stop because you do not know the average trading range, average draw downs, etc. There is no real understanding of the bigger picture of the pair, etc. Without that kind of information, and just focusing on a 5M chart, you are unable to manage your trade with some eye on risk or reward. Just a thought for you to consider.
  • #80
  • Jun 1, 2011 3:59pm Jun 1, 2011 3:59pm
Quoting GEfx
Hi NewYear,
I am concerned about what you are trying to achieve, or more to the point, what you are going to do to your trading, with this random trading approach you are doing. It is not unusual for a trader to spend thousands of hours studying one single pair before being really capable of trading that pair. Jumping around from pair to pair will not test your trading skills, at least, the ones that will make you money. The pair today is a good example: you were not able to set a proper stop because you do not know the average trading range, average...
I feel the same way dude..

I think maybe throwing in a random time to trade the Eur/Usd might be a good touch to force a good outlook on where the markets heading and such but definitely feel the same way

not sure if I'll keep up with this
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