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  • #221
  • Oct 25, 2011 12:03am Oct 25, 2011 12:03am
Trade#13 - Running
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The Thief of Wall Street
  • #222
  • Oct 25, 2011 6:06am Oct 25, 2011 6:06am
one of the major things i learned from chicky's trades, is the 1% loss or win r/r value, which it ruly respect and follow wiht my trades as well. i believe r/r is always 1/1, either you are right or wrong. thanks to chicky for having this thread up, many lessons for everyone else to follow
Have I got something on my face, SOLDIER?
  • #223
  • Oct 26, 2011 12:10am Oct 26, 2011 12:10am
Quoting bumapatria
one of the major things i learned from chicky's trades, is the 1% loss or win r/r value, which it ruly respect and follow wiht my trades as well. i believe r/r is always 1/1, either you are right or wrong. thanks to chicky for having this thread up, many lessons for everyone else to follow
Thanks Buma, I don't deserve much praise, just trying to help new traders with whatever little I know.

Believe me, all these rules are not arbitrary. There is a lot of pain, money and logic behind these rules.

http://www.forexfactory.com/showthre...59#post2663059

Gambling Rule #5: Don't expect market to give you more than what you risk.
The Thief of Wall Street
  • #224
  • Oct 26, 2011 12:15am Oct 26, 2011 12:15am
Gambling Rule #5: Don't expect market to give you more than what you risk.

u mean i shud expect 2 pips profit if I am risking 2 pips?
Trade responsiblypatience is the key/Swing trader
  • #225
  • Oct 26, 2011 12:25am Oct 26, 2011 12:25am
Quoting Incrediblle
Gambling Rule #5: Don't expect market to give you more than what you risk.

u mean i shud expect 2 pips profit if I am risking 2 pips?
Two pip is way too low for a trade considering 1 to 2 pip spread. My suggestion is 1% of account balance just prior to the trade. My minimum trade is 10 pips (for demo here minimum trade is 60 pips), and its very rare. Let's not forget we trade with flexible spreads and manytimes spreads suddenly widen to 10 or more pips. It all depends where strong support and resistances would be from the entry point.

If you look at my Trade #13, it is for 260 pips. Technically we can close it anytime because we have achieved our intended target of 1%+spread combined on all net 3 winners (3%+spread if we close it now). But rule is rule and let's not deviate from this rule too often.

Quoting Chicky
Post 1 of 4: The first and foremost lesson learned is to Have an Edge.






..... There can be three situations setting Risk/Reward ratio:

  1. Risk less than Reward (This will require less number of winners than losers to break-even for an specified number of trades let’s say 100)
  2. Risk equal to Reward (This will require equal number of winners and losers to break-even)
  3. Risk greater than Reward (This will...

The Thief of Wall Street
  • #226
  • Oct 26, 2011 12:38am Oct 26, 2011 12:38am
Quoting Chicky
.......If you look at my Trade #13, it is for 260 pips. Technically we can close it anytime because we have achieved our intended target of 1%+spread combined on all net 3 winners (3%+spread if we close it now). But rule is rule and let's not deviate from this rule too often.
.
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The Thief of Wall Street
  • #227
  • Edited 8:53am Oct 26, 2011 8:17am | Edited 8:53am
Quoting Chicky
Trade#13 - Running

Finally (my broker have high of 1.39747) , Chicky need to confirm it


Inserted Video
Mohan
  • #228
  • Oct 26, 2011 8:28am Oct 26, 2011 8:28am
he go thhat right for sure
Have I got something on my face, SOLDIER?
  • #229
  • Oct 26, 2011 8:44pm Oct 26, 2011 8:44pm
Quoting mohan76
Finally (my broker have high of 1.39747) , Chicky need to confirm it


http://www.youtube.com/watch?v=Xy_9bx6U8_0
LOL...............LOL.................LOL...............LOL

It missed the TP by 2/10th of a PIP.

Trade #13 - Running.................. MF!
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The Thief of Wall Street
  • #230
  • Oct 26, 2011 8:56pm Oct 26, 2011 8:56pm
Quoting Chicky
LOL...............LOL.................LOL...............LOL

It missed the TP by 2/10th of a PIP.

Trade #13 - Running.................. MF!
Trade #13 - Concluded

TP hit 1%+spread
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The Thief of Wall Street
  • #231
  • Edited 9:44pm Oct 26, 2011 8:58pm | Edited 9:44pm
Quoting Chicky
LOL...............LOL.................LOL...............LOL

It missed the TP by 2/10th of a PIP.

Trade #13 - Running.................. MF!
change the broker your @ MM , i am at STP, anyhow now its hit 83 we can celebrate
Mohan
  • #232
  • Edited 9:40am Oct 27, 2011 2:21am | Edited 9:40am
Quoting Chicky
Trade #13 - Concluded

TP hit 1%+spread

My questions about Trade #13

1. what make you to choose tp above Double top
2. we have 2wise gone +100 pip but you did not move SL OR close at rejection is this the same way you do on your main account.
3. how did you calculated your SL

Thanks
Mohan
Mohan
  • #233
  • Oct 27, 2011 10:02am Oct 27, 2011 10:02am
Quoting mohan76
My questions about Trade #13

1. what make you to choose tp above Double top
2. we have 2wise gone +100 pip but you did not move SL OR close at rejection is this the same way you do on your main account.
3. how did you calculated your SL

Thanks
Mohan
Mohanjee, I took that trade on Daily chart based on several factors as mentioned earlier. The main reason being the Price Level and where my TP and SL with 1:1 r/r fell. My TP was just below 1.4000 and SL below 1.3500. The way pa was behaving, another attempt at 1.4000, maybe a successful one, was expected. On another account my tp was near 1.4100 which got hit this morning.

However, all trades based either on technicals or fundamentals are just chances and nothing more than a chance. Market will move the way it would like to move. The main concept is producing more winners than losers in a block of 100 trades at a constant risk and reward.
The Thief of Wall Street
  • #234
  • Oct 27, 2011 10:07am Oct 27, 2011 10:07am
Quoting Chicky
Mohanjee, I took that trade on Daily chart based on several factors as mentioned earlier. The main reason being the Price Level and where my TP and SL with 1:1 r/r fell. My TP was just below 1.4000 and SL below 1.3500. The way pa was behaving, another attempt at 1.4000, maybe a successful one, was expected. On another account my tp was near 1.4100 which got hit this morning.

However, all trades based either on technicals or fundamentals are just chances and nothing more than a chance. Market will move the way it would like to move. The main...
so on your trade you always stick with R:R , no early close ?

edit : your again made me to scratch my head by trade 14 sl , below doable top , sub phy. level (50) + spread not enough (as you know asking for brushing my knowledge )
Mohan
  • #235
  • Oct 27, 2011 10:11am Oct 27, 2011 10:11am
Trade# 14 - Entered
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The Thief of Wall Street
  • #236
  • Oct 27, 2011 10:18am Oct 27, 2011 10:18am
Quoting mohan76
so on your trade you always stick with R:R , no early close ?
Very rare.

Our edge is too small. Many times we face difficult situations but if we react to such situations we will lose our edge.

Secondly, why should I close early? My risk is 1% and my reward is 1%. If I lose a trade, I lose only 1% and if I win, I gain only 1%. So let the trade run and enjoy the life.
The Thief of Wall Street
  • #237
  • Oct 27, 2011 10:22am Oct 27, 2011 10:22am
Quoting Chicky
Very rare.

Our edge is too small. Many times we face difficult situations but if we react to such situations we will lose our edge.

Secondly, why should I close early? My risk is 1% and my reward is 1%. If I lose a trade, I lose only 1% and if I win, I gain only 1%. So let the trade run and enjoy the life.
this is the part i have to learn , may be i will start with mini account
Mohan
  • #238
  • Oct 27, 2011 11:03am Oct 27, 2011 11:03am
price can move to moon without any retracement at all
Trade responsiblypatience is the key/Swing trader
  • #239
  • Oct 27, 2011 11:08am Oct 27, 2011 11:08am
Quoting mohan76
this is the part i have to learn , may be i will start with mini account
Mohan, there are no short-cuts in forex trading. All methods that I consider good require a lot of patience and believing in the sysem. People always prefer their own methods becuase they know why they should beleive in them.

What do you think visitors to this thread will be when my account shows a drawdown of 20%? But I know why to keep believing in this system.

Take 100 trades of your choice experimenting this method. Your return on equity won't be great, but you may feel great.
The Thief of Wall Street
  • #240
  • Oct 27, 2011 11:52am Oct 27, 2011 11:52am
Quoting Incrediblle
price can move to moon without any retracement at all
Let's make 1% non-refundable deposit to find out.
The Thief of Wall Street
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