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Lessons Learned Thread

  • #201
  • Oct 13, 2011 10:29am Oct 13, 2011 10:29am
Quoting asos101
what did bias you in a long entry there?
i mean someone looking at the 4H chart would see a double top and price has about 100 pips before it drops into supply again (if it is there).
of course the D1 uptrend is still there so you think todays 100+pip drop is a retracement and good to enter.
Asos, I am a technical trader and trade mainly bounces from key supports and resistances. I try to look where would be my sl and tp. In this trade, I am taking a chance for a bounce from 1.3700/1.3500 area. For 1% profit or loss, my sl falls below 1.3500 and tp below 1.4000. That makes me take the chance. Yes, pa is still in my blue up channel. It also earlier bounced off from near the bottom of this channel (dotted blue line below). I think these are good enough reasons to take a chance on a long.
The Thief of Wall Street
  • #202
  • Oct 13, 2011 6:29pm Oct 13, 2011 6:29pm
I do like this thread, there’s a distinct lack of excitement about it, which more closely reflects the reality for the retail trader who is going to be around for the long haul; chipping away day after day.

So many threads feel more like a casino, which is in the short term very exciting but unsustainable in the long term.

Thanks for the thread Chicky.

.
  • #203
  • Oct 13, 2011 10:57pm Oct 13, 2011 10:57pm
Quoting PeterE
I do like this thread, there’s a distinct lack of excitement about it, which more closely reflects the reality for the retail trader who is going to be around for the long haul; chipping away day after day.

So many threads feel more like a casino, which is in the short term very exciting but unsustainable in the long term.

Thanks for the thread Chicky.

.
Thanks Peter.

Never looked at these threads from that angle, so right you are.
I used to hang around on Stewartr's thread "I Want My Trading to be Boring". A trader who really impressed me.

Trading is so simple and therefore it should be a joy and not a stressful activity.
The Thief of Wall Street
  • #204
  • Oct 14, 2011 10:22pm Oct 14, 2011 10:22pm
bookmarked for words of wisdom... hope i can apply some of them to my trading plan. Great job TS!
  • #205
  • Oct 16, 2011 9:00pm Oct 16, 2011 9:00pm
Quoting Chicky
Trade#13 - Entered

Long for 260 pips
Trade#13 - Running
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The Thief of Wall Street
  • #206
  • Oct 16, 2011 10:14pm Oct 16, 2011 10:14pm
good, no bull, no boasting, thread with clear explanation. Keep it up!
  • #207
  • Oct 18, 2011 8:37pm Oct 18, 2011 8:37pm
Trade#13 - Running

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The Thief of Wall Street
  • #208
  • Oct 19, 2011 5:34pm Oct 19, 2011 5:34pm
Quoting Chicky
Trade#13 - Running

yea this time it's looks like claiming up in grease pole
Mohan
  • #209
  • Oct 19, 2011 11:16pm Oct 19, 2011 11:16pm
Quoting mohan76
yea this time it's looks like claiming up in grease pole
......... or maybe climbing down, ......who knows!
The Thief of Wall Street
  • #210
  • Oct 19, 2011 11:38pm Oct 19, 2011 11:38pm
Quoting Chicky
......... or maybe climbing down, ......who knows!
grease pole climbing up mean 1 feet up, 2 feet down
Mohan
  • #211
  • Oct 19, 2011 11:45pm Oct 19, 2011 11:45pm
Quoting mohan76
grease pole climbing up mean 1 feet up, 2 feet down
Mohan Jee, this is how it works. The bottom line counts. There will be times of no trades for days and there will be time for 3 to 4 trades a day. There will be time for consecutive losses and yet again there will be time for consecutive winners. Sometimes months go by without a loss and sometimes months without a winner. But it is stressfree and most effective method I have ever discovered.
The Thief of Wall Street
  • #212
  • Oct 19, 2011 11:52pm Oct 19, 2011 11:52pm
Something, I should not be showing.............. can't help it while drinking. But do remember this is only one of my several real accounts and I keep my eggs in many baskets.
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The Thief of Wall Street
  • #213
  • Oct 20, 2011 12:02am Oct 20, 2011 12:02am
Quoting Chicky
Mohan Jee, this is how it works. The bottom line counts. There will be times of no trades for days and there will be time for 3 to 4 trades a day. There will be time for consecutive losses and yet again there will be time for consecutive winners. Sometimes months go by without a loss and sometimes months without a winner. But it is stressfree and most effective method I have ever discovered.
i am very much interested this trade. it might change the way i work , i check this trade at least 10 time days for any update. i will ask few question about this trade (brush my knowledge) on completion.
Mohan
  • #214
  • Edited 12:51am Oct 20, 2011 12:28am | Edited 12:51am
Quoting mohan76
i am very much interested this trade. it might change the way i work , i check this trade at least 10 time days for any update. i will ask few question about this trade (brush my knowledge) on completion.
Thanks for your interest Mohan.

if your question is about 260 pips, it is simply because pa is at level where it may set its direction for the next six to eight months. I expect a lot of wild movement at this level.

According to Jesse Livermore, market sets bigger trends 3 to 4 times a year, but I think it is less than that. Once we have a bigger trend, number of trades will increase significantly because there would be less uncertainty. Kindly do remember, the basic safety of this method is equal 1% risk:reward. If it goes 250 pips against this position, so what? it is only 1% and this 1% we can make on a trade of 60 to 80 pips.
The Thief of Wall Street
  • #215
  • Oct 21, 2011 4:34am Oct 21, 2011 4:34am
i hope you don't mind (feel free to remove), almost like this trade view it from 0:29 sec

Inserted Video
Mohan
  • #216
  • Oct 21, 2011 7:46pm Oct 21, 2011 7:46pm
http://cdn.svcs.c2.uclick.com/c2/faf...ad00163e41dd5b

Trade# 13 - Running
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The Thief of Wall Street
  • #217
  • Oct 21, 2011 8:51pm Oct 21, 2011 8:51pm
nice Chicky, i like your style ..........sustainable for years to come, not flash in the pan

thanks


Quoting Chicky
The bottom line counts. There will be times of no trades for days and there will be time for 3 to 4 trades a day. There will be time for consecutive losses and yet again there will be time for consecutive winners. Sometimes months go by without a loss and sometimes months without a winner. But it is stressfree and most effective method I have ever discovered.
  • #218
  • Oct 21, 2011 9:19pm Oct 21, 2011 9:19pm
Quoting PeterE
nice Chicky, i like your style ..........sustainable for years to come, not flash in the pan

thanks
Thanks Peter.

Days like these are to enjoy life and not to fight with pa. This week provided an opportunity to relax.

Quoting Chicky
3. Logic of what I believe in (Part D) .........

...there is a difference between thrill and fear. If you are riding a roller coaster, it is thrill, not fear. This thrill will change to fear as soon as you find something wrong with the safety system of roller coaster. ............... The best way therefore to reduce stress from a trade is to limit your risk to a reasonable level. Thrill will be there but no fear..................I agree, 1% is not big enough profit but kindly do remember your risk...
The Thief of Wall Street
  • #219
  • Oct 21, 2011 10:00pm Oct 21, 2011 10:00pm
Quoting Chicky
Something, I should not be showing.............. can't help it while drinking. But do remember this is only one of my several real accounts and I keep my eggs in many baskets.
Closed that one for 60%+ profit in one postion consisting two trades lasting less than a week.

LOL. This is the smallest account I have. That 60%+ on this account is less than 1/10th of 1% of my total trading capital.
The Thief of Wall Street
  • #220
  • Oct 23, 2011 7:28pm Oct 23, 2011 7:28pm
Lessons Learned - addendum

I re-read all Lessons Learned posts to check for any missing pieces. One thing I would like to add is that out of all timeframes, from Tick Chart to Monthly, I find Daily the most predictable. It doesn't mean Daily is always reliable, but more predictable than any other timeframes.

Before entering a more than 50 pip trade, I usually check Daily. If things are not very clear on Daily, I switch to 8H.

One may ask what I look for on Daily?

Basically, very few things. 1) Has pa hit a strong support/resistance on Daily, 2) Has it formed a small candle in the opposite direction giving an indication of a moderate possible bounce, 3) Has pa retreated 40% to 60% of previous Daily Canndle, 4) Has pa touched or penetrated immediately preceding Daily Candle's high or low, and 5) If pa had maintained its direction forming few consecutive ascending or descending candles without showing a retrace equal to or more than 50% of the last two or three candles.

Each of the above is used to take a chance of a bounce and helps in calculating its estimated size.
The Thief of Wall Street
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