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B.S. Trading with Kenneth Lee

  • #1,561
  • Dec 9, 2011 10:08am Dec 9, 2011 10:08am
I was actually talking with someone about this today.. If I pick a level off my 30 min or 4 hr even and price moves into a spot where I would be looking at for a entry if my risk management allows . I may look for a entry on say a 5 min but I would keep my stop off the higher frame. initially. if not we could see ourselves stopped and then price move in our intended direction .

It works better on say a 30 min instead of a 4hr as the difference is greater. but a faster chart can allow us to enter closer to our higher time frame stop which always lowers risk.

Ken
Good Trading To All ; Ken Lee
  • #1,562
  • Dec 9, 2011 10:19am Dec 9, 2011 10:19am
Closed my positions as week is ending.

This week was good.

Net pips this week = 740 pips!!!

Have a good weekend everyone.
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  • #1,563
  • Dec 9, 2011 12:54pm Dec 9, 2011 12:54pm
The light is getting brighter.

The path is getting clearer.

And you are getting closer.

That's all I'm saying,

The Universe
Good Trading To All ; Ken Lee
  • #1,564
  • Dec 9, 2011 12:56pm Dec 9, 2011 12:56pm
Quoting zamfir
Closed my positions as week is ending.

This week was good.

Net pips this week = 740 pips!!!

Have a good weekend everyone.

Awesome ,,
Good Trading To All ; Ken Lee
  • #1,565
  • Dec 9, 2011 1:59pm Dec 9, 2011 1:59pm
Quoting Kenneth Lee
pay attention to this post. We are trading Price action not our account equity. If you are just allowing risk to be decided by your balance it is not trading a plan. Like a lot of things maybe you get away with it,But if others try it could be a massive failure especially on faster charts.

Saw a guy once that used a combined stop loss of 1000 pips if he was in 4 trades and they totaled 1000 pips he would close. He made profit and was happy with it. But his gains were normally in the single digits, so the idea was crazy,

Just be careful. Ken...
Hi Ken and all

I thought I would point out an excellent book about trading a plan. Then also the downfalls of leaving the plan behind.

It is a great read. I would recomend getting the book and marking it up with tons of notes and thoughts. I picked up an extra copy the other day for $2.25 as a gift for someone
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #1,566
  • Dec 9, 2011 2:29pm Dec 9, 2011 2:29pm
I am just at second chapter, but the below quote reflects every forex trader.

Quote
The desire for constant action irrespective
of underlying conditions is responsible for many losses in Wall
Street even among the professionals, who feel that they must
take home some money every day, as though they were working for
regular wages.
  • #1,567
  • Dec 9, 2011 4:14pm Dec 9, 2011 4:14pm
Quoting zamfir
I am just at second chapter, but the below quote reflects every forex trader.
I wonder if that is why the Turtle Traders played ping pong ?
  • #1,568
  • Dec 9, 2011 8:23pm Dec 9, 2011 8:23pm
Quoting zamfir
I am just at second chapter, but the below quote reflects every forex trader.

I have read a lot of books about trading. This is among the top. Jessie Livermore is brutally honest throughout the narrative. It is a gold mine lessons on how to mentally handle the markets.

Right now I am reading the "Poker Face of Wall Street", so far liking it.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #1,569
  • Dec 9, 2011 10:55pm Dec 9, 2011 10:55pm
Quoting Kenneth Lee
The light is getting brighter.

The path is getting clearer.

And you are getting closer.

That's all I'm saying,

The Universe
This is the key. Its something i am working on. You must be mentally prepared and emotionally displaced with trading.

I had a rough week but why I made mistakes is because I am not mentally strong enough to be successful at trading....yet. its coming together and eventually i will be the best trader EVER. Thats how you must think about yourself to remove emotions and gain confidence.

Again I am working on the mental techniques. What I did Friday was let losers run and cut some winners short. I let the losers run because I let my ego get in the way of rational thinking. I was getting revenge and made the mistakes 99% do. You must remove emotion from this game or you will fail.

Print that little passage out and paste it to your wall. Some good research is in psycho cybernetics. Michael Jordan used it along with Vince Lombardi and the 67 Packers to name a few. Hilton used it and other major entrepreneurs who are the top dogs in trading and business. We got to break that mental block to be the best or we will fail as individuals.

Ken is showing you what to do and I give him credit for showing me and you the way to greatness. Just have to dig within to find that you WILL be good at trading.
  • #1,570
  • Dec 10, 2011 7:08am Dec 10, 2011 7:08am
Sharing my one and only trade this week. Good example of a trap setup, which works usually very well. usdjpy 4h.

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  • #1,571
  • Dec 10, 2011 8:16am Dec 10, 2011 8:16am
I mention one quote from emotion free trading a good deal :

"Can you do what is in your own best interest".

That is actually the key to a lot of things in our life.

Can you walk away from a situation that you know will cause you monetary grieve or any emotional grieve , instead of letting your pride override common sense.

Can you let your wife, children and friends win a few battles to help them become stronger emotionally and respect you more for it.

Those are the questions we need to ask ourselves constantly.

Then the question can we cut trades quick and let the good ones run to better our own life and that of the ones that count on us becomes a lot easier to answer correctly.

Everyone have a great weekend , Ken
Good Trading To All ; Ken Lee
  • #1,572
  • Dec 10, 2011 8:23am Dec 10, 2011 8:23am
I have made the printable version of the 100 pages as well. I cant carry my laptop all over.. It helps me to look at them any time.. The file is huge.. but if some one can help me upload it somewhere I will really appreciate it. Might be helpful for the newbies like me.
  • #1,573
  • Dec 10, 2011 8:55am Dec 10, 2011 8:55am
Quoting pipextract
I have made the printable version of the 100 pages as well. I cant carry my laptop all over.. It helps me to look at them any time.. The file is huge.. but if some one can help me upload it somewhere I will really appreciate it. Might be helpful for the newbies like me.

Look at 4share .com or you could break it into sections part 1 and 2 or 3.

Strange that 100 pages is to big

seems to maybe not converted correct. But I am not the most computer savy also could zip it maybe but not sure of how . i always struggle with those..

Guess I am not much help , ken
Good Trading To All ; Ken Lee
  • #1,574
  • Dec 10, 2011 10:47am Dec 10, 2011 10:47am
File loaded to 4shared.com
BS Trading.pdf
  • #1,575
  • Dec 10, 2011 11:40am Dec 10, 2011 11:40am
Quoting pipextract
I have made the printable version of the 100 pages as well. I cant carry my laptop all over.. It helps me to look at them any time.. The file is huge.. but if some one can help me upload it somewhere I will really appreciate it. Might be helpful for the newbies like me.

I saved it as a pdf on my computer then loaded it on my reader. The Kindle and the Barnes and Knoble Nook, will let you read PDF's. I pads etc will do the same. I use an app on it called ezPDF Reader. This enables you to book mark, highlight and take simple notes.

This little gadget has given me a lot more time to read etc. Just cart it along wherever you go an when you have to wait for someone or something, flip the switch and start reading.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #1,576
  • Dec 10, 2011 12:45pm Dec 10, 2011 12:45pm
Quoting pipextract
File loaded to 4shared.com
BS Trading.pdf

you need to post the link to share ,, I believe

http://search.4shared.com/postDownlo...S_Trading.html
Good Trading To All ; Ken Lee
  • #1,577
  • Dec 11, 2011 12:33am Dec 11, 2011 12:33am
Quoting Kenneth Lee
you need to post the link to share ,, I believe

http://search.4shared.com/postDownlo...S_Trading.html
Sorry Forgot that.. and Thank you for posting it
  • #1,578
  • Dec 11, 2011 6:10am Dec 11, 2011 6:10am
Kenneth & Everyone,

As the year is coming to a close, this week will about do it for me on the trading front until next year, so just thought I would say thank you again for sharing your trading S&D wisdom. Several yrs ago I stumbled upon the S&D plan, read it could not get my mind around it, so I moved on. Then just after you started your thread I started reading along & this time thanks to you the picture became much clearer. As a result of getting a clearer understanding of trading S&D I decided to give a try & set aside my way of trading & started trading a mini account I keep in addtion to a standard account. After several weeks on the mini & having some success I started trading S&D on my standard account. Now there have been some losers, but the winners have far out numbered the losers. MY biggest problem trading S&D level & with any method I ever traded is NOT LETTING THE WINNERS RUN THEIR COURSE. I am quick to kill the losers, but the winners I just at times cannot let run long enough. On Thursday & Friday of this week trading E/$ I closed too soon both days missing at least 100 pips between two trades. This has nothing to do with trading S&D as the levels are there & they work if you have them correct.
Ken I am trading the S&D levels as you are, but I did move down to the 15M tf to trade as it just works better for me. You have shared a great way to trade & the new traders should dig into what you are sharing thereby saving themselves alot of time & money. Your method of explaining is easy to understand & your charts are an added bonus.
Rufus that is a great read you have posted & I read it several yrs ago & still reread it at times. Thanks for sharing that.
This is an outstanding thread with many traders sharing there charts & ideas as well as everyone is getting along with each other. After the first of the yr I will try & posted some charts, but I am not very computer savy when it comes to that, but will try anyway.
Thanks again KEN & EVERYONE for sharing & may many pips rain down on your accounts in these last weeks of 2011 & on into 2012.

"Fish see the bait, but not the Hook; Men see the Profit, but not the Peril"
__________________________________
  • #1,579
  • Dec 11, 2011 8:06am Dec 11, 2011 8:06am
Great book!
Read it a few years ago. Very recommendable.

Quoting Rufus
Hi Ken and all

I thought I would point out an excellent book about trading a plan. Then also the downfalls of leaving the plan behind.

It is a great read. I would recomend getting the book and marking it up with tons of notes and thoughts. I picked up an extra copy the other day for $2.25 as a gift for someone
  • #1,580
  • Dec 11, 2011 10:40am Dec 11, 2011 10:40am
Quoting zamfir
Closed my positions as week is ending.

This week was good.

Net pips this week = 740 pips!!!

Have a good weekend everyone.
wow, awsome.
I love PIE and RTP
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