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Pitbull Trader with Position Building

  • #561
  • Jan 25, 2012 3:58am Jan 25, 2012 3:58am
Quoting Angel65
Bonjour à tous,

A big thanks for Chips, Courtneywild and Liberty55.

You are giving us all your attention and sharing your experience........,it's kind of you !

Happy trading all,




P.S : a true believer in a KISS method
Bonjour Angel

Merci, You are most welcome. Nice PS.

a bientot
  • #562
  • Jan 25, 2012 4:31am Jan 25, 2012 4:31am
Quoting courtneywild
Bonjour Angel

Merci, You are most welcome. Nice PS.

a bientot
Courtney, please keep posting. It is really nice to see everyones perspective, especially profitable trades so we can all learn from everyones inputs & ideas. After all, I think that is the true spirit of what we are trying to accomplish here.
You will really learn a lot about yourself as a trader with this system. I've learned today that I must be more patient and I have a better understanding of loss-profit-loss. Green pips!!
  • #563
  • Edited 7:02am Jan 25, 2012 5:43am | Edited 7:02am
Hi Chips,

if I understood, when you open a weeekly basket, is it possible to have more buy than sell depend what is the direction of the weekly TF?

how much time do you wait before you take a new position ( bigger lot)? after you took weeky basket.

other question, when you add more positions do you have a particular numbers of pips to add a new position ( ex. at to 50 pips or something like that??

have a nice day
  • #564
  • Jan 25, 2012 5:58am Jan 25, 2012 5:58am
Quoting Edd Ganuelas
Hi! Courtney,
Just want to ask you quick question on todays pitbull. The **JPY pairs sell is going on the opposite direction while the buy group is on sideways. Earlier you mentioned that you only trade 2 pairs from the bottom. My question is are you not going to place an order from the jpy to bring down your dd or make profit from them.

Thanks,

Edd
Hi Edd.

I only make more sales (trades) on the bottom two pairs. I don't make sales on the top pair.

However...
If the top pair is a basket trade IE: 0.01, I leave it and do nothing to counter it as it would have to move huge pips to make a big difference on the DD. I dont hedge it or anything. I leave it.

If the top pair is a sale trade I made on a bottom pair and its stuck at the top, and the lot is say at .10 and DD is running away I will control that DD by either adding more sales to the bottom pair (assuming its in profit) and let the top one cycle OR I might reduce the lot size say to 0.05 to take some sting out of the DD, OR I might pace a hedge on the pair.

If I close part lot say 0.05 I sometimes place a 0.10 hedge aswell and that combination seems to bring DD down much faster.

So after all that waffle, the short answer is no my focus is on the bottom pairs.

I hope that load of waffle makes sense.

Cheers
  • #565
  • Jan 25, 2012 6:45am Jan 25, 2012 6:45am
Quoting courtneywild
Hi Edd.

I only make more sales (trades) on the bottom two pairs. I don't make sales on the top pair.

However...
If the top pair is a basket trade IE: 0.01, I leave it and do nothing to counter it as it would have to move huge pips to make a big difference on the DD. I dont hedge it or anything. I leave it.

If the top pair is a sale trade I made on a bottom pair and its stuck at the top, and the lot is say at .10 and DD is running away I will control that DD by either adding more sales to the bottom pair (assuming its in profit) and...
courtneywild,

Thanks again. I guessed I need to demo more. I asked this question again, even though I know it was already answered somewhere, because reviewing post #5 & 7 early on posted by Chips, there were several occassions he traded opposite direction of his .01 indicator, like EG, NJ, yet the rule is trade only the fastest 2 pair on the bottom. Then the rule must be rewritten to include the 2 top pairs as well.

Edd
  • #566
  • Jan 25, 2012 7:03am Jan 25, 2012 7:03am
Quoting Edd Ganuelas
courtneywild,

Thanks again. I guessed I need to demo more. I asked this question again, even though I know it was already answered somewhere, because reviewing post #5 & 7 early on posted by Chips, there were several occassions he traded opposite direction of his .01 indicator, like EG, NJ, yet the rule is trade only the fastest 2 pair on the bottom. Then the rule must be rewritten to include the 2 top pairs as well.

Edd
Yes I understand. I think its as Chips states there really is no right or wrong way to trade this, by demo you find your route. So its subjective I guess, not having hard and fast rules like many systems. This is a method rather than a system so I guess thats the difference. Some traders hate subjectivity. I'm ok with it and follow my intuition in this method, I act and react according to the price/profit/movement I see rather than a line or pivot etc (and some will shoot me down for that! LOL).
  • #567
  • Jan 25, 2012 7:07am Jan 25, 2012 7:07am
Quoting Edd Ganuelas
courtneywild,

Thanks again. I guessed I need to demo more. I asked this question again, even though I know it was already answered somewhere, because reviewing post #5 & 7 early on posted by Chips, there were several occassions he traded opposite direction of his .01 indicator, like EG, NJ, yet the rule is trade only the fastest 2 pair on the bottom. Then the rule must be rewritten to include the 2 top pairs as well.

Edd
Edd, If I may. That is the beauty of this whole concept. There are no hard and fast rules to this method. Best to demo for a while and watch how the basket moves. Watch how you can close trades and build your equity. The whole key is DD control. Read a few posts above on how Courtney controls his dd. Even if you cant hedge, you can trade more of the bottom 2 pairs to control dd. Good luck.
  • #568
  • Jan 25, 2012 7:26am Jan 25, 2012 7:26am
Quoting Marlin Man
Edd, If I may. That is the beauty of this whole concept. There are no hard and fast rules to this method. Best to demo for a while and watch how the basket moves. Watch how you can close trades and build your equity. The whole key is DD control. Read a few posts above on how Courtney controls his dd. Even if you cant hedge, you can trade more of the bottom 2 pairs to control dd. Good luck.
Marlin,

Thank you, appreciated it.
  • #569
  • Jan 25, 2012 7:29am Jan 25, 2012 7:29am
Quoting courtneywild
Yes I understand. I think its as Chips states there really is no right or wrong way to trade this, by demo you find your route. So its subjective I guess, not having hard and fast rules like many systems. This is a method rather than a system so I guess thats the difference. Some traders hate subjectivity. I'm ok with it and follow my intuition in this method, I act and react according to the price/profit/movement I see rather than a line or pivot etc (and some will shoot me down for that! LOL).
Thank you again, Guys.... happy demoing....

Edd
  • #570
  • Jan 25, 2012 8:21am Jan 25, 2012 8:21am
Here is an idea that may make it easier for us residents to implement hedging, provided that you are not with FXDD or CITIPRO ( They allow hedging ) in usa.

You will need to divide your account into 2, thus also reducing your effective leverage to x/2 or 25:1 in most cases, which is not bad anyway.

Open a subaccount with your broker, in most cases this is very easy and painless.

Open your hedge just the way you would normally, then open an exact counter hedge in a sub account.

Before I continue, OFFCOURSE this increases you spread cost 2x, and offcourse this would make absolutelly no sense if the purpose was to create a 0 hedge, which would make you even money on your exosure - broker costs, but that is not the purpose. the price you pay to do this is the insurance cost. What you gain is the ability to hedge your losses with the same currency pair, at the cost of 2x spread. So for US for most brokers that may be ~ 2 pips - 4 pips.

Now, I think that 4 pips cost to be able to freeze a position is not a lot. Especially given how the market moves latelly this may be exactlly what you need. Further using the above you can freeze the entire position overnight, and when not trading while maintaining all open positions.

Doing the above you will have the added benefit of the same hedge strategy that everyone else except us residents have.
  • #571
  • Edited 9:05am Jan 25, 2012 8:26am | Edited 9:05am
In the original video presented by brijon for his strategy, his explanation is as follows.

1. Open the basket.
2. After the basket settles trade Last position ( For simplicity I will keep to that one only )
a. Sell or Buy the last position ( The one that is most profitable )
b. Wait untill the (ABOVE (a) ) trade moves into profit MIN 15 PIPS and close it. Do not touch the indicator position even if that now is 50, 100 or more pips.

This is take directly from the original video, I think the "explanation / translation" in Post no1 of the original Brijon Thread did not give the complete picture regarding above (2b).

The above may have been a source of confusion for some, since that is what effectivelly implements draw down controll. Its only one of the ways, but not a bad one.
  • #572
  • Jan 25, 2012 8:33am Jan 25, 2012 8:33am
Quoting courtneywild
Firstly thank you for your “thanks” that’s nice.

The Samir indicator.
This morning if you look at the AUDJPY SELL 0.01 you will see its not doing well at -$14.45
The Samir indicator is stating -84.46. The daily chart (not that I look but if you do) will show you the pair is on a strong move UP and this is quickly discernable (for me) by the fact the Samir reads -84.46

[font=Verdana]The AUDUSD its +$5.12 and the Samir is at +44.80. If you look at the daily chart...

You are doing a great job.....pls continue
But ppl are looking for the 123 steps in your trading and they really dont want to do the work.
You know what I mean..we are travellingg the same old road again...ppl just dont what to be apart of self discovery.
  • #573
  • Jan 25, 2012 8:46am Jan 25, 2012 8:46am
Quoting liberty55
Hi Chips,

if I understood, when you open a weeekly basket, is it possible to have more buy than sell depend what is the direction of the weekly TF?

how much time do you wait before you take a new position ( bigger lot)? after you took weeky basket.

other question, when you add more positions do you have a particular numbers of pips to add a new position ( ex. at to 50 pips or something like that??

have a nice day
ppl must realizse tha the market does not move as fast as they think..

usually within 1 hour you will see some indication but you bias is on the bottom line at first...
you are adding positions on the bottom pair in profit..to start
then you can focus on trading the top pair in loss to control.

I use the postions to control DD, also while taking profit from smallest in profit.

I wont go in details, until ppl are comfortable...with the base system

Demo please and you will find for yourself, that DD control is all that's required, you will find that you will not need to rush for profits.
  • #574
  • Jan 25, 2012 9:05am Jan 25, 2012 9:05am
Quoting chips
You are doing a great job.....pls continue
But ppl are looking for the 123 steps in your trading and they really dont want to do the work.
You know what I mean..we are travellingg the same old road again...ppl just dont what to be apart of self discovery.
Thanks Chips.

For sure there are no 123 steps.
This system is about intuition, reaction, patience and discipline in not overtrading lot size. I totally agree with you.
The ONLY way is to demo it, which to some appears to be trite, but it’s the only way to really get this method under your belt.
You have to clear your mind and just DO IT and forget, entry pips this, exit pips that, stop loss, charts and basket not balanced blah blah. Just do it.

Like you I started this system with zero knowledge of it. But I invested hours and hours reading BJs posts and watching his videos.
I set aside all the utter crap from the detractors because I knew something in this method made sense. I understood the "business" side of it... perhaps its becasue business is my feild!
I was very dissappointed to see his thread binned and delighted when yours appeared.
I could not and probably still do not get BJs messages 100%, there are some part that I just could not work out, but I am learning by being in the trenches and so far... it’s not a war!

Nothing, no indicators are required, no SAMIR, no strength meter, just the PB screen.
I believe I use them as a crutch (past habits) and will eventually let them go.
And nothing will get this system in your head apart from Demo. No need to fear.

I have now seen many times the cycle work, profit loss profit loss whilst building my equity balance (printing money) and as long as DD stays within your max limit that’s more than fine.
Controlling DD is THE real focus because making sales is easier than falling of a log. It truly is, but FEAR of loss holds us back. Its mindgame.
Control DD control FEAR.

Thank you for this thread and your hard work. Its my privillage to contribute what I can.
  • #575
  • Jan 25, 2012 11:32am Jan 25, 2012 11:32am
Tripple swap run for today..is this easy money in the forex?

There are other high interest currencies...in the forex too...

lets not focus on the parts.its the sum of all the parts..

Business principles to trade the forex...

the negative trades or positions can be accounted for...so by using the Tripple Swap runup...

the -ve trades can be cancelled...relatively easy....using proper position sizes to acheive the goal.
  • #576
  • Jan 25, 2012 12:38pm Jan 25, 2012 12:38pm
Quoting chips
Tripple swap run for today..is this easy money in the forex?

There are other high interest currencies...in the forex too...

lets not focus on the parts.its the sum of all the parts..

Business principles to trade the forex...

the negative trades or positions can be accounted for...so by using the Tripple Swap runup...

the -ve trades can be cancelled...relatively easy....using proper position sizes to acheive the goal.
Hi Chips,

Today is more about the Fed Dollar rates I think.
  • #577
  • Jan 25, 2012 2:14pm Jan 25, 2012 2:14pm
I'm holding positions at BE. add a couple postions with the Trend. AUD Tripple SWAP.

See the AUD/USD rises above the weekly open...so we should achieve the weekly target ..hence the monthly uptrend.

but we use buy limit at the LL on AUD.

Brijon mention the intrinsic value of currencies.. lets be patient and get best price for the stock...so resale will be more profitable.

So compounding the postions with the trend ..controls DD and negates the effect of spread charges on lossing postions.
Attached Image (click to enlarge)
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  • #578
  • Jan 25, 2012 2:15pm Jan 25, 2012 2:15pm
Quoting esprit
Hi Chips,

Today is more about the Fed Dollar rates I think.
It's distraction, fundamentally Banks and hedge funds, big dollars..balance the profolio with earning interest on investments..

Not about news releases..

Business Management is how Brijon shows us how to trade the forex...Position Management of accounts..controlling DD
  • #579
  • Jan 25, 2012 2:38pm Jan 25, 2012 2:38pm
Quoting chips
It's distraction, fundamentally Banks and hedge funds, big dollars..balance the profolio with earning interest on investments..

Not about news releases..

Business Management is how Brijon shows us how to trade the forex...Position Management of accounts..controlling DD
Yes not the news it self, the rate anouncement, the fundemental that extends low rates, and thus makes usd less desirable vs other currencies.
  • #580
  • Jan 26, 2012 12:22am Jan 26, 2012 12:22am
Quoting chips
I'm holding positions at BE. add a couple postions with the Trend. AUD Tripple SWAP.

See the AUD/USD rises above the weekly open...so we should achieve the weekly target ..hence the monthly uptrend.

but we use buy limit at the LL on AUD.

Brijon mention the intrinsic value of currencies.. lets be patient and get best price for the stock...so resale will be more profitable.

So compounding the postions with the trend ..controls DD and negates the effect of spread charges on lossing postions.
Chips

How do you determine which pair to move to BE please?
I notice some of the sales have not been moved to BE some have.
Thanks for a clue.
Banked some swap interest and run up profits this morning...nice.
CW
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