Secret Way to Bet Against Yourself - Become the Guy Who Takes Your Money | Forex Factory

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Secret Way to Bet Against Yourself - Become the Guy Who Takes Your Money

  • #1
  • First Post: Edited 12:34am Jul 26, 2011 12:22am | Edited 12:34am
The title, honestly, was written just so you'd click on it.

Sucker.

Anyway, I've got an incredibly intuitive, incredibly funny idea. This is meant for losing traders, the ones who just can't seem to make it.

You've got that trading method that almost works like a charm. But nine times out of ten you lose by just a couple of pips. It almost seems like the world is looking for your stop loss alone. Right?

Here is how to fix that.

Don't change a thing with your trading system. Leave it just the way it is.

You heard me right.

Instead, change your orders. What exactly do I mean?

When you receive an entry signal don't enter. Instead, hypothetically place the trade. Say, "If I were to enter based on this method I'd enter here. I'd place my stop loss here. I'd place my take profit here. Voila." But don't enter, don't do it.

Instead enter at the location of your should-be-stop-loss.

Look what we've done. Now you are the guy who used to take all of your money.

Note that the photo shown below is for illustrative purposes only. No specific system is being shown, only orders.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_GBP_USD_4 Hours_snapshot.png Size: 22 KB
Found a way to detect where the market will turn.
  • #2
  • Edited 1:37am Jul 26, 2011 1:21am | Edited 1:37am
sigh... How about learning how to trade in the first place. Now theres an idea

Maybe the question you should ask yourself is why does your stop get hit 9 times out of 10 before going your way...


Time hides Nothing
  • #3
  • Jul 26, 2011 1:22am Jul 26, 2011 1:22am
How much time have you spent trading the markets??
Biggest joker
  • #4
  • Jul 26, 2011 1:29am Jul 26, 2011 1:29am
Sounds like desperation! In my first year of trading FX, I actually considered a system where I would randomly buy or sell up to four pairs when I opened up my platform....I may have even considered a simple coin toss at some point.
  • #5
  • Jul 26, 2011 1:33am Jul 26, 2011 1:33am
That is a horrible, horrible song.

My stop doesn't get hit nine times out of ten by any means. But for those that have that problem, of early entries, this could be a viable option.

Quoting CindyXXXX
sigh... How about learning how to trade in the first place. Now theres an idea

Maybe the question you should ask yourself is why does your stop get hit 9 times out of 10 before going your way... But I guess that's too much effort.

http://www.youtube.com/watch?v=gQS4uUBXMNY
Found a way to detect where the market will turn.
  • #6
  • Jul 26, 2011 1:33am Jul 26, 2011 1:33am
Four years.

Quoting baron193
How much time have you spent trading the markets??
Found a way to detect where the market will turn.
  • #7
  • Jul 26, 2011 1:36am Jul 26, 2011 1:36am
Quoting jpdwilson
That is a horrible, horrible song.

My stop doesn't get hit nine times out of ten by any means. But for those that have that problem, of early entries, this could be a viable option.
Ok horrible song removed
Time hides Nothing
  • #8
  • Jul 26, 2011 1:36am Jul 26, 2011 1:36am
It comes down to management, not so much entry I think - though a good entry can certainly make management easier.

 

  1. All entries will eventually be in profit.
  2. All entries will eventually be at a loss.
  3. Learn to exit with profit.
  4. Learn to cut the loss short.

Quoting Troikaone1
Sounds like desperation! In my first year of trading FX, I actually considered a system where I would randomly buy or sell up to four pairs when I opened up my platform....I may have even considered a simple coin toss at some point.
Found a way to detect where the market will turn.
  • #9
  • Jul 26, 2011 1:38am Jul 26, 2011 1:38am
Thanks.

Place your entry where your stop would have been had you entered when you wanted to. If your entries are early and you are getting stopped out frequently by a small number of pips, but predicting the correct direction, this makes sense.

Quoting CindyXXXX
Ok horrible song removed... But IMO poor advice for a losing trader
Found a way to detect where the market will turn.
  • #10
  • Jul 26, 2011 1:41am Jul 26, 2011 1:41am
The upside down monitor theory doesn't work.
  • #11
  • Jul 26, 2011 1:44am Jul 26, 2011 1:44am
Haha, I love that.

Quoting 2+2=4ex
The upside down monitor theory doesn't work.
Found a way to detect where the market will turn.
  • #12
  • Jul 26, 2011 1:45am Jul 26, 2011 1:45am
Quoting jpdwilson
Thanks.

Place your entry where your stop would have been had you entered when you wanted to. If your entries are early and you are getting stopped out frequently by a small number of pips, but predicting the correct direction, this makes sense.
I guess so, I'm one for doing things for a reason not just to curve fit to the market, I guess in the end you're targeting a better entry price which is never a bad thing. But my argument is that if this is happening to you in a certain market environment changing your entry to your stop may be of benefit until things change and then a month or two later you revert back to your original entry as you start to see the market leaving without you 9 times out of 10.

The point is that in all this you have no clue as to why this is happening just based on statistics you're adjusting you're entry price to the current volatility of the market.

My time would be better spent discovering why this is in the first place so I can have an entry price that makes market sense, not curve sense.

But that's just me. Funny though a couple of years ago I do remember thinking about a similar strategy to get a better price.

(When I say "you" I don't mean YOU !)
Time hides Nothing
  • #13
  • Jul 26, 2011 1:48am Jul 26, 2011 1:48am
Quoting 2+2=4ex
The upside down monitor theory doesn't work.
Sure it does, you just have to be standing on your head to get the full benefit.
Time hides Nothing
  • #14
  • Jul 26, 2011 1:51am Jul 26, 2011 1:51am
This has been tried with losing EAs many times over... never works in the end. For me the results of those tests always signaled the importance of having a quality trading edge. All this talk of a 51% hit rate is nonsense (assuming R/R is 1:1). Mathematically it seems rational, in the real world... not so much.

But yeah, reversing shitty trade calls won't fix it. If it did... coin flipping would suffice.

Just my observations of course, feel free to test it out.
  • #15
  • Jul 26, 2011 1:52am Jul 26, 2011 1:52am
Quoting jpdwilson
Instead enter at the location of your should-be-stop-loss.

Look what we've done. Now you are the guy who used to take all of your money.

Note that the photo shown below is for illustrative purposes only. No specific system is being shown, only orders.
I read this somewhere on here a while back. This is a great exercise. Combats overtrading with fewer entries, gives better discounts on prices, and decreased losses.
  • #16
  • Jul 26, 2011 2:15am Jul 26, 2011 2:15am
Quoting EmeraldEyes
I read this somewhere on here a while back. This is a great exercise. Combats overtrading with fewer entries, gives better discounts on prices, and decreased losses.
Now that I read your reply, I realize that I have misinterpreted what JP is saying here. He's not suggesting reversing signals from buy to sell, but actually swapping the positions of entries & exits. Definitely a bit more interesting of a concept.
  • #17
  • Jul 26, 2011 2:20am Jul 26, 2011 2:20am
Quoting EmeraldEyes
I read this somewhere on here a while back. This is a great exercise. Combats overtrading with fewer entries, gives better discounts on prices, and decreased losses.
In other words, we put our stop loss outside "the sweeper" range of capability. It is good by determine first how far the stop hunter or the sweeper can go, then put horizontal line as stop loss, and then calculating our risk appetite, how big will we can tolerance our loss. After comes out the lot calculation, then the last thing is entering the trade.
  • #18
  • Jul 26, 2011 2:28am Jul 26, 2011 2:28am
how bout this:

when you see that big long red/green candle forming near the bottom/top of that support or resistance, place a trade. Many will not be able to do it because they fear being wrong. Thus they will lose money anyway. But in practice, this is exactly what you are advocating. Place an entry as close as possible to the edge. Buy low sell high. Sell high buy low.

to be honest, this is not a matter of moving stops and entries. it has everything to do with the psychology of the trader. reason why traders still fail even if they move all these entries and stops or even reverse orders is because their psychology can't handle it.
  • #19
  • Jul 26, 2011 2:32am Jul 26, 2011 2:32am
Quoting thelws
how bout this:

to be honest, this is not a matter of moving stops and entries. it has everything to do with the psychology of the trader. reason why traders still fail even if they move all these entries and stops or even reverse orders is because their psychology can't handle it.
Some part of it is psychological. The most important thing is, we can not blindly using this kind of strategy without any discretion, how the market background sing, what event will shock them, etc.
  • #20
  • Jul 26, 2011 2:34am Jul 26, 2011 2:34am
oh oh some one dropped the psychology bomb... I'm outtie, shits about to get messy
Time hides Nothing
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