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  • #261
  • Jul 12, 2011 3:19am Jul 12, 2011 3:19am
I see a lot of traders here who get scared when taking entries will it wont it, just like Tarantula I let the STOP LOSS DEFINE MY ENTRY...and will never change that as in the past have sufferend severly due to this.

Stop loss defines your risk and the amount of mental stress you can take
An example is of the trade 1.
We had already defined the reason for our entry it was a clean scalp trade..
on this entry a stop of 25 pips would have been more than sufficient..

Out of trade now total of 30 pips..Max drawdown on trade was 6 pips..

Enjoy
Regards Black Widow
Be sensitive to subtle differences between 'intuition' and 'into wishing.
  • #262
  • Jul 12, 2011 3:21am Jul 12, 2011 3:21am
Quoting BlackWid0w
I see a lot of traders here who get scared when taking entries will it wont it, just like Tarantula I let the STOP LOSS DEFINE MY ENTRY...and will never change that as in the past have sufferend severly due to this.

Stop loss defines your risk and the amount of mental stress you can take
An example is of the trade 1.
We had already defined the reason for our entry it was a clean scalp trade..
on this entry a stop of 25 pips would have been more than sufficient..

Out of trade now total of 30 pips..Max drawdown on trade was 6 pips..

Enjoy
Regards...
Nice job
Doing what you like is Freedom. Liking what you do is Happiness.
  • #263
  • Jul 12, 2011 3:22am Jul 12, 2011 3:22am
Superb stuff Guys !!!!

Cheers,

Eamonn
  • #264
  • Jul 12, 2011 3:24am Jul 12, 2011 3:24am
Quoting BlackWid0w
I see a lot of traders here who get scared when taking entries will it wont it, just like Tarantula I let the STOP LOSS DEFINE MY ENTRY...and will never change that as in the past have sufferend severly due to this.

Stop loss defines your risk and the amount of mental stress you can take
An example is of the trade 1.
We had already defined the reason for our entry it was a clean scalp trade..
on this entry a stop of 25 pips would have been more than sufficient..

Out of trade now total of 30 pips..Max drawdown on trade was 6 pips..

Enjoy
Regards...
You killed this 1 BW.

Its good for + 60 atm
  • #265
  • Jul 12, 2011 3:35am Jul 12, 2011 3:35am
Human fear, let's be realistic all human have fears as i m a human i have my fears ... and my biggest fear in life is to end up someday not fearing anything as it will not be braveness at all but full stupidity ... and this fear level vary from a human to another, only a fool don't fear nothing ... and if we allow fear to control us in Forex we will end up watching the market action and never to be part of it by opening a trade ... always i divide fear to 2 categories, Good fear: where a trader is always training his skills to become better and he fear to lose big in the market which might be translated as bad performances which mean he is not discipline or wise and just one of these 95% who always lose ... this fear will help a trader to always push his limits to become better, train better, be more serious in the market and this is why i see it a good fear cos the trader will be always pushing the limits to analyze the market better and be aware of all the tricks which might happen in the market, just to be alert and ready as a true hunter ... on the other hand ... the Bad fear: is when a trader enter big size greed greed greed, and his heart start to pump fast when the market move against him or will be worried not knowing when to close fast with profits as a scared rabbit when the market give him some pips "they call them selves scalpers and they do the biggest mistake of all cos they cut profit small and let lose grow hahaha" when you hear a trader saying he is a scalper = he is terrified when he trade and it's a bad fear cos he stress too much next to charts cos of fear ... and this fear will be translated as bad performances ... "trading is about performance, control your fears by doing good calculating for the worst case scenario and be ready for it before you calculate your potential profits"

Hence Any post here made has to comprise of
Chart
Entry
Reason

I wish you all the best of luck and hope we can all make money together.

Regards
Black Widow
Be sensitive to subtle differences between 'intuition' and 'into wishing.
  • #266
  • Jul 12, 2011 3:52am Jul 12, 2011 3:52am
Lets the charts tell you the story:
Attached Image (click to enlarge)
Click to Enlarge Name: eu 5 min Scalping zones.gif Size: 20 KB
Be sensitive to subtle differences between 'intuition' and 'into wishing.
  • #267
  • Jul 12, 2011 4:02am Jul 12, 2011 4:02am
Quoting BlackWid0w
Human fear, let's be realistic all human have fears as i m a human i have my fears ... and my biggest fear in life is to end up someday not fearing anything as it will not be braveness at all but full stupidity ... and this fear level vary from a human to another, only a fool don't fear nothing ... and if we allow fear to control us in Forex we will end up watching the market action and never to be part of it by opening a trade ... always i divide fear to 2 categories, Good fear: where a trader is always training his skills to become better...
Very good and concise.

Referring to stop loss. Yes. The best trades are based around s/l and small drawdown. I have calculated that for H1 entries stops are app. 19-40 pips the most if u trade Frankie/ London.

Also the point in SCALING IN. You have probably read a lot of posts that scaling IN a losing trade is a grave sin.

Well its not. I have proven many times when s/l is placed for good that SCALING IN close to s/l gives the best r:r ratio you could ever have.
  • #268
  • Jul 12, 2011 4:14am Jul 12, 2011 4:14am
Quoting BlackWid0w
Lets the charts tell you the story:
Here we go 2nd Trade taken based on the 5 min Trading Zone:
Went short at 1.3928 Profit booked at 1.3908
Screen shot attatched

This trade is based on the 5 min that I posted earlier the trades should only be taken at the extemes of the zones..with a 15 pip Stop loss

Regards
Black Widow
So Far +80 pips of trading in 2 hours not braggin saying it is possible dear friends
Attached Image (click to enlarge)
Click to Enlarge Name: Trade 2.jpg Size: 13 KB
Be sensitive to subtle differences between 'intuition' and 'into wishing.
  • #269
  • Jul 12, 2011 4:36am Jul 12, 2011 4:36am
Quoting BlackWid0w
Regards
Black Widow
So Far +80 pips of trading in 2 hours not braggin saying it is possible dear friends
Possible ofcourse. For trading u also need to have balls. GJ
  • #270
  • Jul 12, 2011 4:37am Jul 12, 2011 4:37am
Quoting BlackWid0w
Here we go 2nd Trade taken based on the 5 min Trading Zone:
Went short at 1.3928 Profit booked at 1.3908
Screen shot attatched

This trade is based on the 5 min that I posted earlier the trades should only be taken at the extemes of the zones..with a 15 pip Stop loss

Regards
Black Widow
So Far +80 pips of trading in 2 hours not braggin saying it is possible dear friends
We know it's not bragging......it is what it is, and what it is, is a great lesson. Personally I can't trade in that way, but I see how you do it
Doing what you like is Freedom. Liking what you do is Happiness.
  • #271
  • Jul 12, 2011 4:40am Jul 12, 2011 4:40am
Quoting T@rantula
Very good and concise.

Referring to stop loss. Yes. The best trades are based around s/l and small drawdown. I have calculated that for H1 entries stops are app. 19-40 pips the most if u trade Frankie/ London.

Also the point in SCALING IN. You have probably read a lot of posts that scaling IN a losing trade is a grave sin.

Well its not. I have proven many times when s/l is placed for good that SCALING IN close to s/l gives the best r:r ratio you could ever have.
Hi T great thread, glad you started it mate! you have helped me before via pm so its great your trying to help everyone.....

it would be great if you could go into more detail about scaling in and how you take profits etc. i dont really understand scaling in at all.....

i think this is a part of trading that is pretty important as in the long run it can really effect the system and the stats.
  • #272
  • Jul 12, 2011 4:44am Jul 12, 2011 4:44am
Now we come to a level where the following is expected
Zone is tied down between 1.3960 to 1.3840 as I said earlier
Here the last trade within zone is 61.8 which comes in around 1.3974 this is my last zone to be played with a 15 point stop

Also 1.3970 is a critical zone as previous major support if we go above that then will wait for the market to tell me where we are going but for now

Trade 3 :
Short around 1.3973 stops in at 1.3993 TP 15 pips and you can take it from there up to your selves

Good Luck

Regards
Black Widow
Attached Image (click to enlarge)
Click to Enlarge Name: new trade 3.gif Size: 20 KB
Be sensitive to subtle differences between 'intuition' and 'into wishing.
  • #273
  • Jul 12, 2011 4:47am Jul 12, 2011 4:47am
Hi Mr T

Re your comments on stops on H1 it appears that your stop distance is based on some calculation involving ATR of H1 candles ? So effectively once you have decided an entry your SL is close to a max H1 candle above this. Obviously this can vary a bit depending on market volatility.

Do you also place stops based on a technical failure ? Eg once you decide on a direction on H1 for example do you then calculate a stop say 5 pips above technical failure and your entry would be whatever your current SL distance below this.

Just trying to get my head around which comes first in your case the SL pos then the entry or entry then SL pos.

This would probably be very enlightening for a lot of traders.

Regards


V
  • #274
  • Jul 12, 2011 4:48am Jul 12, 2011 4:48am
Quoting BlackWid0w
Now we come to a level where the following is expected
Zone is tied down between 1.3960 to 1.3840 as I said earlier
Here the last trade within zone is 61.8 which comes in around 1.3974 this is my last zone to be played with a 15 point stop

Also 1.3970 is a critical zone as previous major support if we go above that then will wait for the market to tell me where we are going but for now

Trade 3 :
Short around 1.3973 stops in at 1.3993 TP 15 pips and you can take it from there up to your selves

Good Luck

Regards
Black Widow
Again I trade the zone ...at 50% fib knowing my zone ends at 60 for +20
Attached Image (click to enlarge)
Click to Enlarge Name: My Trade.jpg Size: 7 KB
Be sensitive to subtle differences between 'intuition' and 'into wishing.
  • #275
  • Jul 12, 2011 4:49am Jul 12, 2011 4:49am
Quoting red2010
Hi T great thread, glad you started it mate! you have helped me before via pm so its great your trying to help everyone.....

it would be great if you could go into more detail about scaling in and how you take profits etc. i dont really understand scaling in at all.....

i think this is a part of trading that is pretty important as in the long run it can really effect the system and the stats.
Scaling in...

Lets say u have made a short entry at 1.4000 with TP 1.3950 and s/l 1.4030.

The trade at first goes well +5 + 12 pips then it suddenly reverses...

1.4010, 4022 ...You are - 22 but you are confident in your trade. You open another position with same s/l 1.4030.

So now you have two shorts ( MM risk included 2-3% max risk or 10:1 leverage)

So now you have 2 shorts 1.4000 and 1.4022. JUDGING that you have done your homework ok, your sl should never be hit...

You close it at 3950 finally. Now look at r:r the SECOND position has given you.
  • #276
  • Jul 12, 2011 4:50am Jul 12, 2011 4:50am
Quoting BlackWid0w
Again I trade the zone ...at 50% fib knowing my zone ends at 60 for +20
LOL same mind


Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 29 KB
  • #277
  • Jul 12, 2011 4:50am Jul 12, 2011 4:50am
Quoting Villonius
Hi Mr T

Re your comments on stops on H1 it appears that your stop distance is based on some calculation involving ATR of H1 candles ? So effectively once you have decided an entry your SL is close to a max H1 candle above this. Obviously this can vary a bit depending on market volatility.

Do you also place stops based on a technical failure ? Eg once you decide on a direction on H1 for example do you then calculate a stop say 5 pips above technical failure and your entry would be whatever your current SL distance below this.

Just trying to...
REMEMBER ONE THING....YOUR STOP LOSSES ARE KNOWN...
You observe from the charts the stop losses are above techincal failure always...But Also Previous Price Structure has to be taken into consideration...
Hope this helps
Be sensitive to subtle differences between 'intuition' and 'into wishing.
  • #278
  • Jul 12, 2011 4:51am Jul 12, 2011 4:51am
Quoting T@rantula
LOL same mind


Attachment
TP hit + 17
  • #279
  • Jul 12, 2011 4:54am Jul 12, 2011 4:54am
Quoting T@rantula
TP hit + 17
Nice one well done ..
Mine was Disciplined 20 limit move...
Good On ya...

Next trade ....

Now we are back in the zone..of 880 to 930

Just 15 days like this would be good in a month haha
Be sensitive to subtle differences between 'intuition' and 'into wishing.
  • #280
  • Jul 12, 2011 4:57am Jul 12, 2011 4:57am
Quoting BlackWid0w
Nice one well done ..
Mine was Disciplined 20 limit move...
Good On ya...

Next trade ....

Now we are back in the zone..of 880 to 930

Just 15 days like this would be good in a month haha
Exactly as we are having a trend. Rangeplay is more peculiar lol
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