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Pitbull Trader with Position Building

  • #441
  • Jan 17, 2012 11:18am Jan 17, 2012 11:18am
Quoting PiptheRipper
Ok, but what do you do if the new bigger lot immediately goes into DD?
I hope you guys are trading the correct position size, you are managing a business, even though all businesses are risky why input more risk than necessary.

DO NOT RISK MORE THAN YOU ARE WILLING TO LOOSE.

You can slowly build the account using proper position size.

There are always the TRipple SWAP Run up day that you can use your large lot size...This is a given in the forex market.

cheers
  • #442
  • Jan 17, 2012 11:53am Jan 17, 2012 11:53am
"When I show the method of applying the Techniques to the scale for larger time frame and actually building positions, Using DD management and Taking profit on a larger scale.

The advantage of this is more free time spent from the screen and having time plan for better DD control management and larger profit from less trades becaause of the scale we are applying the techniques to."


Looking forward to larger time frame methods........

thank you
  • #443
  • Jan 17, 2012 12:06pm Jan 17, 2012 12:06pm
Quoting chips
I hope you guys are trading the correct position size, you are managing a business, even though all businesses are risky why input more risk than necessary.

DO NOT RISK MORE THAN YOU ARE WILLING TO LOOSE.

You can slowly build the account using proper position size.

There are always the TRipple SWAP Run up day that you can use your large lot size...This is a given in the forex market.

cheers
Hey Chips & DirtySerb

So far I'm staying with my 0.01 lot trades all the way. That way I reduce my risk of a "big position" going into DD. For instance if my indicator trade moved +30 pips, I add a 0.01 lot trade to it and I will only add to it again after another 20 pips movement. So if it moves against me immediately, it's no big deal. If it continues with the trend, then I simply add lots and if it retraces, I'll take profit on the lowest profitable lot. (The lot nearest to the current price.)

Keep it up Chips
  • #444
  • Jan 17, 2012 6:33pm Jan 17, 2012 6:33pm
I've been following this thread and trading a demo acct. I have a question. Does it matter what time frame you open your basket in?
  • #445
  • Jan 17, 2012 8:42pm Jan 17, 2012 8:42pm
Quoting sote23
I've been following this thread and trading a demo acct. I have a question. Does it matter what time frame you open your basket in?
No, the basket is purely a price indicator that is determined by profit.
  • #446
  • Jan 18, 2012 12:36am Jan 18, 2012 12:36am
good time to bal the basket.
  • #447
  • Jan 18, 2012 1:25am Jan 18, 2012 1:25am
Ok I am getting confused with an already confusing system due to the different advice's from different users.
  • #448
  • Edited 9:28am Jan 18, 2012 9:17am | Edited 9:28am
Quoting The7
Ok I am getting confused with an already confusing system due to the different advice's from different users.
There is no wrong or right way to trade to trade.
Follow the instructions on the main page. You have to load the pairs on your platform and oberserve. Think, this is not a 1-2-3 method.

You are essentially flowing with the market controling the DD and take profits, not rush to create wealth.

Focus on trading the bottom pair in profit and taking profits while observing basket acitions.
  • #449
  • Edited 10:04am Jan 18, 2012 9:34am | Edited 10:04am
here is my screen shots and mistakes trade all controlled and in postive DD. I went long on the AUD for the RUN UP

Some ppl will say they dont understand the entries, but I always looking for entries at the 000GMT so I can go the bed.

Sometimes I just enter and take quick profit and sometimes I just let it go...because I know I can control it if I use proper position size.
Think off screen.

I will play both sides..todays trend reversal ( a bit Tricky) I will BE some positions, the market often take it out, but who cares we are flowing with it. The real power is controlling DD in the profit column.

I can take profit and close the basket, but why do it , I can do the same thing next week

So you can make mistake, trades WILL run away from you but they can be controlled if you control the DD. THNIK. Manage your business and use proper position size.

I will be detailing the longer TF position trading with the pitbull later over the week end.

Thanks Brijon, PIPEASY, J16
Attached Image (click to enlarge)
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  • #450
  • Edited 10:11am Jan 18, 2012 9:51am | Edited 10:11am
We are in the 3rd week of trading the pitbul now..steadily increasing the bal and controlling the DD. NOT using STOP LOSSES. The broker is not in controll of our positions or account, we are participating, making sales, controling the DD.

Making sales and increasing bal.

I have showed that PIN POINT ENTRY is not really important, what is realy important is controlling the DD.
I have showed that MA crosses candle shapes and size is not at all significant. 95% of what's happening is controlling the DD, using proper positions size with the market low.

managing the business, making sales, increase revenue and controlling expenses.

I know some ppl are waiting for the account the blow up. But if for some
reason spikes happens. I know my MAX DD limit.

Nothing in life is gaurantee.

Imagine I was at my screen all the time making sales, my bal could be doubled, then I will leave some on the table for the broker.
  • #451
  • Jan 18, 2012 10:30am Jan 18, 2012 10:30am
I would like to post this one observation. This is not a system, but a concept or methodology. You should not frame your mind in a box when using the ideas in here and expect a rigid rules to follow. This more about portfolio management, just as any bank or hedge fund would do.

Mind you hedge funds do go under and so do banks. Usually because of overextending.

If you dont care to follow and dont like the ideas that are presented here, at a minimum you will learn a few very key concepts, hedging, position management, and analysis.

The one concept that must be added is fundemental analysis. For example the general sentiment is changing now in some of the pairs, and a reindexing will be necessary.

Every topic in here, and every aspect in this thread can only help a trader. Offcourse no one should try doing all those things without understanding what is behind, however when applied correctlly this knowledge will make you successful on its own. The key is to trully study and learn ALL of the key concepts presented.
  • #452
  • Jan 18, 2012 10:42am Jan 18, 2012 10:42am
Quoting esprit
I would like to post this one observation. This is not a system, but a concept or methodology. You should not frame your mind in a box when using the ideas in here and expect a rigid rules to follow. This more about portfolio management, just as any bank or hedge fund would do.

Mind you hedge funds do go under and so do banks. Usually because of overextending.

If you dont care to follow and dont like the ideas that are presented here, at a minimum you will learn a few very key concepts, hedging, position management, and analysis.

The one...
Foundamental ..Yes..

I dont have time know..but I will be extending the concept to scale ( larger TF, Trend) and building positions in the direction. However, the real value about DD here, if applied properly with position sizing. You will be able to take shorterm profit, along the way while longterm position sit and grow...This only happens because of the Cycle and positions sizing and managing the account like a business. The cycle never stops, well only if your account runs out because of greed and STOP LOSS....ehehehe
  • #453
  • Jan 18, 2012 11:14am Jan 18, 2012 11:14am
Here are a few resources for some that may want to look at:

1. Market Neutrality, and look at the book The Handbook of Pairs trading
2. Trading Psychology - books by Mark Douglas
3. Elliot Wave theory

These are related to this subject and will help you to understand more of this concept.
  • #454
  • Jan 18, 2012 12:39pm Jan 18, 2012 12:39pm
Hello all, my basket is still going strong. The way I presented it a few pages ago seems to be working. I've been using the bigger lots to close out the biggest losers and re-entering the biggest losers at a better price balancing my basket. I think you will see that my balance has gone up a bit, but the best thing is my equity has considerably increased. I think I'm managing the DD pretty well. Anyway, here's my basket as it stands now. WIll post an update later.
Attached Image (click to enlarge)
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  • #455
  • Jan 18, 2012 12:44pm Jan 18, 2012 12:44pm
Here you go.

So if you are following, I will be taking profit on the AUD position to increase sales, if my broker paid SWAP I would leave it to collect after 5PM EST.

DONT RISK MORE THAN YOU ARE WILLING TO LOOSE. THE SWAP IS ALMOST A GIVEN IN FOREX.

I will let the indicator pairs run...
notice how some indi positions that were in -ve DD are cycling back to +VE....LOSS PROFIT LOSS.

You have to do it to believe it. Patience, continuing taking pofit, controll the DD. increases equity in account.
Attached Image (click to enlarge)
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  • #456
  • Jan 18, 2012 12:45pm Jan 18, 2012 12:45pm
Quoting esprit
Here are a few resources for some that may want to look at:

1. Market Neutrality, and look at the book The Handbook of Pairs trading

These are related to this subject and will help you to understand more of this concept.
never read this book, but I'm open to learning new stuff everyday.

Thanks
  • #457
  • Jan 18, 2012 12:47pm Jan 18, 2012 12:47pm
Hi Chips, thank you to share your methodology. After reading all the stuff, I have some questions:
the best time to open the 'indicator' is 00H00 GMT, if I understood well;Do you reset the indicator each day ( closing all the 0.01 lot) ?
in the documentation you said : close when all the pitbull are positive and reopen in a quiet market 00H00 GMT but you don't that show that in your picture, can you explain? (I think you have an idea to builfding some positions???)

also if I don't reopen the indicator and if I have a winner trade (0.04 lot) if I wan to continue to trade I look the first).01 lot in the bottom???


in 4 days I increase the account 5.37% and Iqam not in front of my creesn a long time.....

Have a nice day
  • #458
  • Edited 2:10pm Jan 18, 2012 1:01pm | Edited 2:10pm
Quoting liberty55
Hi Chips, thank you to share your methodology. After reading all the stuff, I have some questions:
the best time to open the 'indicator' is 00H00 GMT, if I understood well;Do you reset the indicator each day ( closing all the 0.01 lot) ?
in the documentation you said : close when all the pitbull are positive and reopen in a quiet market 00H00 GMT but you don't that show that in your picture, can you explain? (I think you have an idea to builfding some positions???)

also if I don't reopen the indicator and if I have a winner trade (0.04 lot) if...
Not my methodolgy Brijon have a great mind, PipEASY from building equity millipede thread is a good teacher. It took years to understand what they are actually saying and practice. Funny they are both from "the land down under"

You don't have to take profit on the basket if in profit if you dont want to..
but you can.

I left mine running all the time.

There is no wrong or right way. Some ppl have other ideas that are working great for them. for example
+ve positions cancels loosing postions and netted a profit.

I have shown that in the list of techniques also.

You have to DEMO to see it work for you. Don't be greedy take your time.
manage the business and use proper lot size.
  • #459
  • Jan 18, 2012 1:09pm Jan 18, 2012 1:09pm
Quoting TheDirtySerb
Hello all, my basket is still going strong. The way I presented it a few pages ago seems to be working. I've been using the bigger lots to close out the biggest losers and re-entering the biggest losers at a better price balancing my basket. I think you will see that my balance has gone up a bit, but the best thing is my equity has considerably increased. I think I'm managing the DD pretty well. Anyway, here's my basket as it stands now. WIll post an update later.
I know it's fun, isn't it. You found a way that works for you and it shows on the bottom line.

cheers
  • #460
  • Jan 18, 2012 1:25pm Jan 18, 2012 1:25pm
Quoting chips
I know it's fun, isn't it. You found a way that works for you and it shows on the bottom line.

cheers
Its great man. Thanks for all of your input and hard work on this thread. Keep it going. I just wish I could hedge like you, but since I cant, I had to be creative. Best of luck.
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