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Mr. Trend's PA Setup Extravaganza

  • #41
  • Jul 1, 2011 10:17am Jul 1, 2011 10:17am
Sometimes, I have difficulty in excuting a trade.
What if I am wrong?
What if it doesnt go in the right direction?
I have fear in pulling the trigger. Is there anything you can suggest?
Searching for a cure...:nerd:
  • #42
  • Jul 1, 2011 10:35am Jul 1, 2011 10:35am
Quoting funlovinj
Sometimes, I have difficulty in excuting a trade.
What if I am wrong?
What if it doesnt go in the right direction?
I have fear in pulling the trigger. Is there anything you can suggest?
This is a common fear. Firstly you must learn to accept that sometimes, you won't win on the trade.

The main reason for the fear is that most people will lose either, more trades than they win, the losing trades will be HUGE or they are trading with money they can ill afford to lose. The remedy to this is, to have a good trading plan built around a proven set of probabilities. And most importantly, STICK TO THE PLAN. Deviating from it will increase fear exponentially.

You must realise that when you trade, you will win X amount and lose Y amount of trades. There is nothing you can do about this, it will happen. Of course we aim to reduce the amount of losing trades whenever we can.

Next time you fear a trade (and you're sticking to your plan) think of it this way:- If you lose the trade, your odds of winning the next trade have just gone up!
  • #43
  • Jul 1, 2011 10:40am Jul 1, 2011 10:40am
Im in the process of system development. So not trading live atm.
Gotta develop a rule base, try it out on sim and iron out the creases.
Thanks for your advice mate.
Searching for a cure...:nerd:
  • #44
  • Jul 1, 2011 10:59am Jul 1, 2011 10:59am
Quoting Forexable
OK thanks. Do you mind me asking your reasoning for the EU short?
See post #26.
Mr. Trend
  • #45
  • Jul 1, 2011 12:39pm Jul 1, 2011 12:39pm
EURGBP
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp2.gif Size: 24 KB
Mr. Trend
  • #46
  • Jul 1, 2011 1:19pm Jul 1, 2011 1:19pm
Quoting Forexable
This is a common fear. Firstly you must learn to accept that sometimes, you won't win on the trade.

The main reason for the fear is that most people will lose either, more trades than they win, the losing trades will be HUGE or they are trading with money they can ill afford to lose. The remedy to this is, to have a good trading plan built around a proven set of probabilities. And most importantly, STICK TO THE PLAN. Deviating from it will increase fear exponentially.

You must realise that when you trade, you will win X amount and lose...
So very true - and has happened to me on a constant basis! Closing out winning trades too early and then allowing losing trades to run on the hope that they will recover! Of course just when you do close out the trade the price almost immediately starts coming back and usually if you had just stay in a trade a few minutes longer you would have lost nothing!! But having a SL everytime - which reduces the loss I suppose is vital? A month ago I lost $650 in one trade then last week I lost $350 on one trade. I suppose on a $700 trading account that is more then stupid
  • #47
  • Jul 1, 2011 1:25pm Jul 1, 2011 1:25pm
Quoting teodosy87
yes : )
I took it based off of a pinbar at the trendline which acts as an area of support.
Mr. Trend
  • #48
  • Jul 1, 2011 1:43pm Jul 1, 2011 1:43pm
Quoting Mr Trend
I took it based off of a pinbar at the trendline which acts as an area of support.
Your set ups look really good Mr Trend -hope to follow some of them next week!

rgds
  • #49
  • Jul 1, 2011 2:20pm Jul 1, 2011 2:20pm
Enjoy your weekend Mr T

PS I pitty the fool that doesnt subscribe to this thread!
Searching for a cure...:nerd:
  • #50
  • Jul 1, 2011 2:47pm Jul 1, 2011 2:47pm
Quoting Mr Trend
See post #26.
LOL yeah, sorry.
  • #51
  • Jul 1, 2011 2:56pm Jul 1, 2011 2:56pm
Hi Mr Trend,

I'm not familiar with your work, but from what I've seen in this thread I think I'm going to really enjoy your posts. Charts are really clean and simple, just as your setups seem to be.

Do you ever take partial profits?

SG
  • #52
  • Jul 1, 2011 3:42pm Jul 1, 2011 3:42pm
Quoting Sgrb1
Do you ever take partial profits?
I actually recommend that a person takes partials all the way through the trade. I've found in backtesting that you actually end up making the same amount of money if not a bit more when you do that and all the while reduce your overall risk. It's a good practice to get into.

I won't take a partial if there's nothing between a setup and the next resistance. But if there's a ways to go, and I see minor areas of resistance or support, then I'll start reducing my risk in case it turns against me.

Hope that helps.
Mr. Trend
  • #53
  • Jul 1, 2011 3:43pm Jul 1, 2011 3:43pm
Quoting funlovinj
Enjoy your weekend Mr T
You too.
Mr. Trend
  • #54
  • Jul 1, 2011 4:37pm Jul 1, 2011 4:37pm
Hi Mr T

Just came across your thread from J16. Saw a large similarity between your weekly trades and my own. I'm keen to see where you head with this.

Happy Weekend.
  • #55
  • Jul 1, 2011 4:44pm Jul 1, 2011 4:44pm
Evening Mr Trend

Just saw you on J16 and dropped in for a look.

Looks really interesting and informative so far.

Many thanks for sharing and making the time and effort to help people - I look forward to reading much more.

Have a good weekend

Gary
  • #56
  • Jul 2, 2011 3:56am Jul 2, 2011 3:56am
Quoting jmtini
So very true - and has happened to me on a constant basis! Closing out winning trades too early and then allowing losing trades to run on the hope that they will recover! Of course just when you do close out the trade the price almost immediately starts coming back and usually if you had just stay in a trade a few minutes longer you would have lost nothing!! But having a SL everytime - which reduces the loss I suppose is vital? A month ago I lost $650 in one trade then last week I lost $350 on one trade. I suppose on a $700 trading account that...
You're right it is stupid but unfortunately, all to common.

I always trade with a SL. Whether you do or not is your personal preference but, I suggest you do. As with most parts of trade management, SL positioning is very imortant to your overall success. "Do I put it here?" "Do I put it there?" Everyone wants to know where to put thier SL. The fact is that I can't tell you. SL positioning is decided upon during the trading plan building proccess, and is therefore particular to YOUR trading plan.

In general tho, as you're testing your setups, you will find a point(price) when you know a trade isn't going to work(you're going to lose the trade) on your time scale. It's at that point(price) you should put your SL. That should give you a base to work from while fine tuning your SL. You will also find that having a very tight SL will drastically reduce your loses but will do the same for your win rate. Widening your SL will allow you to win many more trades but the 1 loser could wipe your account out. It's up to you to find the correct position for your trading plan and is acceptable to your own psychological make up.

Sorry for going off topic Mr Trend.
  • #57
  • Jul 2, 2011 9:54am Jul 2, 2011 9:54am
Quoting Forexable
You're right it is stupid but unfortunately, all to common.

I always trade with a SL. Whether you do or not is your personal preference but, I suggest you do. As with most parts of trade management, SL positioning is very imortant to your overall success. "Do I put it here?" "Do I put it there?" Everyone wants to know where to put thier SL. The fact is that I can't tell you. SL positioning is decided upon during the trading plan building proccess, and is therefore particular to YOUR trading plan.

In general tho, as you're testing...
Thank you for that good advice. You are 100% right of course. Trading without a stop loss is sheer madness but it comes (I realise!) from over-leveraging and thinking "I'll close the trade out if it goes against me" and then you think "I can't lose so much money!" and you hold it open hoping against hope that the price will recover.
So I've decided to go back to the time when I had a great system - strangely enough the time when I first started trading and made $700 in a month!! The problem is with so many of us traders is that we keep changing systems/indicators thinking that we are going to find the "holy grail" when the best trade is the one where you can plainly see the trend, you enter with maybe 1 or 2 mini lots and you HANG IN THERE adding to your original position every 20 pips or so until you make the maximum possible for that particular move. If the move is 100 pips or so, by the time you are finished, you could be sitting with 6 - 8 mini lots ALL in profit!!

rgds
  • #58
  • Jul 2, 2011 12:39pm Jul 2, 2011 12:39pm
  •  JMo
  • | Joined Aug 2010 | Status: Discipline + Winning Edge = WEALTH | 43 Posts
Mr Trend ...
this one looks like a good thread. I enjoy trading PA setups as well so will keep an eye out on your post. I have just started my own thread journal on PA that I trade, I have uploaded my trading plan there

http://www.forexfactory.com/showthread.php?t=302052

Would love to have you visit and get your comments.

Thanks!
JMo
  • #59
  • Jul 2, 2011 2:22pm Jul 2, 2011 2:22pm
Yo Trend.... just looked at the whole thread, you definitely have your chart pattern skills at the highest levels.

Will be interested in watch the pip talleys over time.

Do you keep a myFxBook or anything like that? Are you a professional trader at a firm / prop shop?


Props, my brother!
  • #60
  • Jul 3, 2011 8:49pm Jul 3, 2011 8:49pm
Closed EURUSD -72 pips
Mr. Trend
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