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Low stress swing trading with momentum

  • #21
  • Edited 8:54am Dec 24, 2011 8:41am | Edited 8:54am
I use an almost naked bar or candlestick chart to identify supply and demand levels, swing highs and lows, support and resistance and keep an eye on Fibbonachi levels. I have the Bollenger bands with the standard settings on this chart too.

I like to cram the bars or candles tight together. It makes it easy to see supply and demand levels as well as support and resistance. For a little education on identifying supply and demand levels watch some of the webinars by Sam Sieden . That's exactly how I was taught and pretty much what I do. Unlike Sam, I do include the lower wicks on supply levels and the upper wicks on demand levels.


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I don't care which way the market is going as long as it's going my way
  • #22
  • Dec 24, 2011 9:46am Dec 24, 2011 9:46am
Quoting diceman555
i was thinking the same as you tedge uk,but somhow ended up with this
Actually, that car probably makes you smarter than the rest of us. It's practical and you saved $150k


I'm not a rich man, but I'm not poor either, My wife and I are doing quite a bit better than most of the people around us but we have not forgotten how hard it was to get here and do help out some of our friends that are down on their luck and truely struggling but still trying. No we don't just give them money, we will buy some food if they need or drop off Christmas presents for their kids like my wife just did this mornng. If they need a little extra cash we have no problem hiring them for a day or 2 to help out with some of the things on the property that we have trouble doing by ourselves as we get older. I don't expect people to work like slaves but I do want people to try to earn what they need. Heck seems like whenever my wife hires one of her freinds to help her out with the landscaping they spend more time sitting on the porch taking breaks than they do anything else. LOL

I didn't grow up rich, I worked hard for everything I have and I do know what it means to be poor and homeless. In December 1986 just a couple days before chrismas I lost my job and my fiancee. I was out of work for 8 months and lost my home and ended up living in my car in the summer of 1987. I was picking up aluminum cans on the side of the road for money to buy food. I lived on peanut butter and jelly sandwiches for months. I can't stand peanut butter anymore.

In August 1987 I borrowed $150 to move out of state to go through training for a job driving truck. I lived in my car through a couple months of training and was sneaking into the showers at hotel swimming pools to keep clean and still picking up aluminum cans after class.

In the years that followed I have made a point of learnng new skills to stay flexible and employed and vowed I would NEVER be put in a position like that again.

Sucessful trading, like any other job, takes hard work, education and discipline. It's not a get rich quick scheme or instant riches like winning the lottery. Unlike a regular job where the boss tells you what you need to do, you are on you own here and it's up to you to remain focused and disciplined as the rewards of trading can be almost limitless.
I don't care which way the market is going as long as it's going my way
  • #23
  • Dec 24, 2011 10:02am Dec 24, 2011 10:02am
Quoting rekon67
Hey PK! Excellent start! I like ur way ... but it requires lot of discipline, open eyes to the market, trader who can able to follow this will be the Master of Intraday trading
Hey buddy, good to see you. Discipline, and keeping an eye on the market is very important. Putting it all together to try to measure the markets direction is the key.

This could be used for intraday trading too to try to determine the direction for the day but I'm not intraday trading or scalping anymore, that's too much work.
I don't care which way the market is going as long as it's going my way
  • #24
  • Dec 24, 2011 12:42pm Dec 24, 2011 12:42pm
Quoting Tedge UK
I'M aiming for this baby!!
That's pretty nice, but in a 2 seater I would want something more practical....... like the Lamborghini Gallardo Spyder or Audi R8 Spyder......... So I could leave the top down when I go to pick up a christmas tree that wont fit in the trunk and have all wheel drive to make it through the snow to deliver the Christmas cheer.

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I don't care which way the market is going as long as it's going my way
  • #25
  • Dec 25, 2011 5:39am Dec 25, 2011 5:39am
Quoting PipKiller
That's pretty nice, but in a 2 seater I would want something more practical....... like the Lamborghini Gallardo Spyder or Audi R8 Spyder......... So I could leave the top down when I go to pick up a christmas tree that wont fit in the trunk and have all wheel drive to make it through the snow to deliver the Christmas cheer.

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Driving a car like that in the snow is a sin. Shame on you...
But I guess as long as you've got wads to burn, what the heck
Those who say it cannot be done should not interrupt those who are doing it
  • #26
  • Dec 25, 2011 6:23am Dec 25, 2011 6:23am
MAN NUMBER OF PIPS YOU GATHERED IS JUST AWESOME CONGRATULATIONS.
Trade responsiblypatience is the key/Swing trader
  • #27
  • Dec 25, 2011 8:20am Dec 25, 2011 8:20am
Quoting PipTrapper
Driving a car like that in the snow is a sin. Shame on you...
But I guess as long as you've got wads to burn, what the heck
LOL, I confess I'm a sinner

I've been a car enthusiest my whole life and love to drive and travel. I love high performance cars that handle well. I don't believe in having a trailer queen that just sits in the garage waiting for me to look at it. I'm not really interested in rare investment class cars. I want cars I can drive and enjoy but stand out from the Camaro, Corvette and Mustang crowd. I like comfortable and dependable cars that I can drive and enjoy all day for hundreds of thousands of miles and something that I can get serviced and repaired faily easily compared to most exotics.

I think an Audi R8 fits what I want the best.
I don't care which way the market is going as long as it's going my way
  • #28
  • Dec 25, 2011 8:23am Dec 25, 2011 8:23am
Quoting Incrediblle
MAN NUMBER OF PIPS YOU GATHERED IS JUST AWESOME CONGRATULATIONS.
Thank you.
I don't care which way the market is going as long as it's going my way
  • #29
  • Dec 25, 2011 8:35am Dec 25, 2011 8:35am
Quoting PipKiller
Thank you.
what lot size are u trading? I can see u get lot many pips but the profit ratio is really low.
Trade responsiblypatience is the key/Swing trader
  • #30
  • Dec 25, 2011 9:57am Dec 25, 2011 9:57am
Quoting PipKiller
LOL, I confess I'm a sinner

I've been a car enthusiest my whole life and love to drive and travel. I love high performance cars that handle well. I don't believe in having a trailer queen that just sits in the garage waiting for me to look at it. I'm not really interested in rare investment class cars. I want cars I can drive and enjoy but stand out from the Camaro, Corvette and Mustang crowd. I like comfortable and dependable cars that I can drive and enjoy all day for hundreds of thousands of miles and something that I can get serviced...
You should try one of these one day. Best car I've ever owned...

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Those who say it cannot be done should not interrupt those who are doing it
  • #31
  • Dec 25, 2011 10:49am Dec 25, 2011 10:49am
Quoting PipTrapper
You should try one of these one day. Best car I've ever owned...

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Jag's a great car.

I've done really well with Volkswagon and Crysler products. Mama has a 2012 Dodge Journey now so we'll have to see how it does. I like it and she's happy which is all that matters.

Our VW Jetta TDI is one of the best cars we've ever owned.
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My 2004.5 Dodge Ram 3500 with the Cummins 5.9 and NV5600 six speed is the best truck I've ever owned. That thing has trumped everything I've ever had and it's been worked hard with just over 200,000 miles on it and half of them towing campers all over the US and Canada. Replaced the Clutch at 160,000 miles and just rebuilt the front end and driveshaft at 200,000 miles. This thing still has the original brakes on it with plenty of life left. I've been in all 48 continental US states and almost every province of Canada with this truck including driving some of the ice roads in northern Alberta and the Northwest Territories in temps down below -40F. I used to use this truck commercially to deliver new campers from the factory to dealers but now just use it to pull my own.

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I don't care which way the market is going as long as it's going my way
  • #32
  • Dec 25, 2011 11:49am Dec 25, 2011 11:49am
Merry Christmas Bro'. Congrats on starting thread.
I have subscribed here and at PT's only.
I like you have employed some of THV3 in your system
You know I'm a THVer for awhile
Well back to the holiday cheer with the family, talk at you soon.
  • #33
  • Edited 3:39pm Dec 25, 2011 11:57am | Edited 3:39pm
Quoting Incrediblle
what lot size are u trading? I can see u get lot many pips but the profit ratio is really low.


I'm profitable with a profit factor of 3.55:1, a win/loss ratio of 65%, a return of 138% in a month and have an annualized return of over 1400%

OMG!!! That's just embarrassing, I'll try harder to do better.

Here's something to think about... If I could possibly maintain those numbers for just one year while doubling my lot size every time my account balance doubled that this $100 account would end up at about $1,000,000 in just a year and my risk percentage per trade would never increase.

Yes my lot size is low. This is a US 50:1 margin account. Lever up too high and you get a nice margin call. I trade with a 300 pip mental stop loss. My lot size is calculated to be a roughly 3% loss per pair traded.

I also trade almost every currency pair available to me on IBFX. I don't focus on just one pair. If I like the trade, I'll take it and don't care what pair it is. By not overleveraging on 1 pair allows me to jump on opportunities on other pairs when I want.

Over leverage, lack of discipline, lack of a plan and greed is what kills most new traders.

Can you comfortably sit back and watch a trade go 100, 200 or 300 pips againt you on a wild spike, not blow out your account and still smile? Can you run off to go shopping for a few hours or go to bed without the need to babysit and worry about the trade at the cumputer for every pip? Can you leave a trade open all weekend without worrying about the retail gap at the Asia open.

I can, and this is what this thread is about.
I don't care which way the market is going as long as it's going my way
  • #34
  • Dec 25, 2011 12:15pm Dec 25, 2011 12:15pm
Quoting Gofer Pips
Merry Christmas Bro'. Congrats on starting thread.
I have subscribed here and at PT's only.
I like you have employed some of THV3 in your system
You know I'm a THVer for awhile
Well back to the holiday cheer with the family, talk at you soon.
And a very Merry Christmas right back at you.

THV system rocks, Y'all put an incredibly huge amount of hard work into it. I love visuals like the THV system and the FINVIZ site.

I just popped in here to kill some time while I wait for that Smithfield ham to cook for dinner.
I don't care which way the market is going as long as it's going my way
  • #35
  • Dec 25, 2011 4:09pm Dec 25, 2011 4:09pm
Merry Christmas and congrats for this thread
Cheers
Bulls Run. Bears Bite. We Profit.
  • #36
  • Dec 25, 2011 7:37pm Dec 25, 2011 7:37pm
Quoting PipKiller
I'm profitable with a profit factor of 3.55:1, a win/loss ratio of 65%, a return of 138% in a month and have an annualized return of over 1400%

OMG!!! That's just embarrassing, I'll try harder to do better.

Here's something to think about... If I could possibly maintain those numbers for just one year while doubling my lot size every time my account balance doubled that this $100 account would end up at about $1,000,000 in just a year and my risk percentage per trade would never increase.

Yes my lot size is low. This is...

very well explained thanx
Trade responsiblypatience is the key/Swing trader
  • #37
  • Dec 25, 2011 8:32pm Dec 25, 2011 8:32pm
Quoting PipKiller

Here's something to think about... If I could possibly maintain those numbers for just one year while doubling my lot size every time my account balance doubled that this $100 account would end up at about $1,000,000 in just a year and my risk percentage per trade would never increase.
If you use what is called fixed fractional position sizing you will achieve this, and possibly a bit ahead of your schedule, but then I am sure you are aware of this money management method..... Here is a link to Ed Seykota's site ..... Risk Management

You might also find Van Tharp's book "The Definitive Guide to Position Sizing" of some interest.
  • #38
  • Dec 25, 2011 9:33pm Dec 25, 2011 9:33pm
Quoting PipKiller
Actually, that car probably makes you smarter than the rest of us. It's practical and you saved $150k


I'm not a rich man, but I'm not poor either, My wife and I are doing quite a bit better than most of the people around us but we have not forgotten how hard it was to get here and do help out some of our friends that are down on their luck and truely struggling but still trying. No we don't just give them money, we will buy some food if they need or drop off Christmas presents for their kids like my wife just did this mornng. If they...
I am sure that many stragglers will find inspiration from this sharing...
  • #39
  • Dec 25, 2011 9:33pm Dec 25, 2011 9:33pm
Quoting tradestar1
If you use what is called fixed fractional position sizing you will achieve this, and possibly a bit ahead of your schedule, but then I am sure you are aware of this money management method..... Here is a link to Ed Seykota's site ..... Risk Management

You might also find Van Tharp's book "The Definitive Guide to Position Sizing" of some interest.
Thank you.

Fixed fractional position sizing is basicly what I do. I do take a larger position size on very short term trades but pare them down or close them out quickly.

In this account, at every $100 increase in equity I'll be increasing my lot size by .01 of a mini lot. I been doing the same thing in my main account.

Right now I'm at a fairly agressive at roughly 3% risk per pair traded. If I want to trim that down to a more conservative 1% per trade I can just take my position size to .01 per $300 of equity.


At some point though, most traders will have phycological barriers to increasing their risk in $$$ that they will either push through or stop at to stay in their comfort zone.
I don't care which way the market is going as long as it's going my way
  • #40
  • Dec 26, 2011 1:45am Dec 26, 2011 1:45am
Wishing you much success with your thread and a prosperous 2012. Nice to see a trader on FF mainly trading of the daily timeframe.
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