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Attachments: Buy sell line trading
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Buy sell line trading

  • #1,801
  • Aug 14, 2012 5:06pm Aug 14, 2012 5:06pm
i do try and keep my risk to 1% max or sometimes less.... no fear, less mistakes
tradewith60
  • #1,802
  • Aug 14, 2012 5:40pm Aug 14, 2012 5:40pm
Quoting TraderinSD
Agreed

HUh??????????????????????????
At least I'm not the only one.

You don't have to take big risks to make big returns and that is said many times through out these forums, yet people still want to get rich in a week. Smaller risk will lead to a much lower draw down and a much smoother equity curve, not to mention a lot better sleep at night.
  • #1,803
  • Aug 14, 2012 7:31pm Aug 14, 2012 7:31pm
Huh??????????I just put more at risk than 3% is that clear enough, not the end of the friggin world.
  • #1,804
  • Aug 15, 2012 1:17am Aug 15, 2012 1:17am
Quoting bodine
Huh??????????I just put more at risk than 3% is that clear enough, not the end of the friggin world.

ignorance is a bliss, almost envious of you
making money in JimB2468 trading room
  • #1,805
  • Aug 15, 2012 4:56am Aug 15, 2012 4:56am
Quoting patient pip
ignorance is a bliss, almost envious of you
I know that it's dangerous and that most don't,but i'm ok with that,that's all......
  • #1,806
  • Aug 15, 2012 6:03am Aug 15, 2012 6:03am
Quoting bodine
I know that it's dangerous and that most don't,but i'm ok with that,that's all......

i know trader who better 3-5 % on scalps //up to 20pips on a trade// and on good times he was able to double account in 1-2 months.
but dont know how he did after as i lost touch with him.
but one very respected trader also mentioned 3% when over 5yrs trading,,and 5% over 10 yrs at least, when really knowing his ''shit'' //for those adrenalin junkies//
good luck with yr journey
making money in JimB2468 trading room
  • #1,807
  • Aug 15, 2012 8:25am Aug 15, 2012 8:25am
Quoting patient pip
i know trader who better 3-5 % on scalps //up to 20pips on a trade// and on good times he was able to double account in 1-2 months.
but dont know how he did after as i lost touch with him.
but one very respected trader also mentioned 3% when over 5yrs trading,,and 5% over 10 yrs at least, when really knowing his ''shit'' //for those adrenalin junkies//
good luck with yr journey
All the best to you.
  • #1,808
  • Aug 15, 2012 3:15pm Aug 15, 2012 3:15pm
Hey 60M...
Nice thread u have here.
What TF fo u trade the most now a days? 15M or the 4H approach?

Thanks

Lehmann
  • #1,809
  • Aug 15, 2012 3:33pm Aug 15, 2012 3:33pm
Quoting lehmann
Hey 60M...
Nice thread u have here.
What TF fo u trade the most now a days? 15M or the 4H approach?

Thanks

Lehmann
15 minute in the current market... if and when we get some trends I will look to go back to h1 and h4....
tradewith60
  • #1,810
  • Aug 15, 2012 3:34pm Aug 15, 2012 3:34pm
GU M15... trend traders nightmare... time to sit and wait..
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-08-15 at 21.34.04.jpg Size: 127 KB
tradewith60
  • #1,811
  • Aug 15, 2012 5:19pm Aug 15, 2012 5:19pm
Quoting Plan To Win
Hi 60mm and friends!

I have just finished reading this entire thread to date. Many thanks to 60mm for sharing this idea!

I have two questions:
1. What exit criteria are you using once the trade moves beyond 2:1 RR (e.g. trailing stop, chart pattern etc) ?
As a new trader, I am prepared to use some discretion when entering a trade, but once in I would like to have fairly mechanical exit rules, as I cannot rely on experience to make sensible decisions.

2. Are you using software to manage your open trades in accordance with your rules (so as not...
No replies yet to my recent post (#1782)!
I am keen to try this strategy, but would like to find a robust and bug-free trade manager (EA) that is easy for a non-techie to install and which will move and trail stops, partially close positions etc according to predefined rules, thus avoiding the need to be constantly watching one's trades.
Any ideas/ recommendations would be much appreciated!
Thanks,
Jeff
  • #1,812
  • Edited 6:07pm Aug 15, 2012 5:52pm | Edited 6:07pm
Quoting Plan To Win
No replies yet to my recent post (#1782)!
I am keen to try this strategy, but would like to find a robust and bug-free trade manager (EA) that is easy for a non-techie to install and which will move and trail stops, partially close positions etc according to predefined rules, thus avoiding the need to be constantly watching one's trades.
Any ideas/ recommendations would be much appreciated!
Thanks,
Jeff
Sorry Jeff... I did see your Q but never got around to asking it...

I do not have 1 rule for managing exits other than "try to get ever last drop out of it"

Let me explain more.... my entries are almost mechanical and dont really vary much whatever the market is doing (TF being the exception..) but with exits I use much more information,

such as...
1. is the market trending and moving a lot every session.
2. has the pair already moved a lot today
3. is it monday or friday or a bank holiday.
4. is there big news due?
5. whats m P&L for the week so far?
6. is price stalling on a key s/r level

So what i'm really saying is I use alot of discretion with my exits and i'm flexible to what the market is telling me when i'm in the trade.
Having a fixed rule is great unless you enter and then the market does something really unusual...

For me the most important thing is pushing for those big R/R trades, they make so much difference to your P&L and psychologically trading seems to get easier, sure you take a lot of BE trades and will tend to sit with a small drawdown for periods, but then you hit a runner and your profit takes a big jump.

If you want 1 specific strategy for the exit, then right now on m15 i like to try and get an entry in london and hold at least until Ny opens, and then enter in Ny and hold until Asia... working on the basis that if you get direction right it should continue for the session (although thats been a shitty plan this week)

Hope that helps, ultimately the answer is to find what works for you...

here is oil today with sessions marked and some entries to give you an idea of how i try and play the sessions on m15
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-08-16 at 00.02.45.png Size: 32 KB
tradewith60
  • #1,813
  • Aug 15, 2012 5:58pm Aug 15, 2012 5:58pm
I think what he is looking for is something like ninjatraders auto trade management. Something that will take profits at a certain target or trail the stop if need be. I have seen ea's like that posted for metatrader but not sure where.
  • #1,814
  • Aug 15, 2012 6:31pm Aug 15, 2012 6:31pm
60,

What's your take on using this on the 5 min tf?
  • #1,815
  • Aug 15, 2012 6:40pm Aug 15, 2012 6:40pm
Quoting mannai70
60,

What's your take on using this on the 5 min tf?
could be done for sure, but need to take some time and study the charts to find the right p.a trigger that will give the right results
tradewith60
  • #1,816
  • Aug 15, 2012 7:01pm Aug 15, 2012 7:01pm
Quoting Plan To Win
No replies yet to my recent post (#1782)!
I am keen to try this strategy, but would like to find a robust and bug-free trade manager (EA) that is easy for a non-techie to install and which will move and trail stops, partially close positions etc according to predefined rules, thus avoiding the need to be constantly watching one's trades.
Any ideas/ recommendations would be much appreciated!
Thanks,
Jeff
Jeff, please see the attached trade manager EA. I'd appreciate your letting us all know what you think of it.
Attached File(s)
File Type: pdf Swiss_Army_EA_v1.51 (overview).pdf   80 KB | 895 downloads
File Type: ex4 Swiss_Army_EA_v1.51.ex4   29 KB | 394 downloads
File Type: pdf Swiss_Army_EA_v1.51_Features.pdf   15 KB | 615 downloads
File Type: pdf SwissArmyEA_intro.pdf   415 KB | 684 downloads
  • #1,817
  • Aug 15, 2012 8:44pm Aug 15, 2012 8:44pm
Quoting Plan To Win
As a new trader, I am prepared to use some discretion when entering a trade, but once in I would like to have fairly mechanical exit rules, as I cannot rely on experience to make sensible decisions.
Jeff
If you are looking for a mechanical way of trailing a stop, you could use a multiple of risk. So if your risk on a trade is "R," then trail the stop either 0.5R or 1R or 1.5R or 2R behind price.
  • #1,818
  • Aug 16, 2012 3:09am Aug 16, 2012 3:09am
Quoting 60minuteman

here is oil today with sessions marked and some entries to give you an idea of how i try and play the sessions on m15
60,

Seems like you get many trades on the 15min crude. Do you find this to be quite consistent in terms of giving you plays?

Only reason I ask is that I do not have access to Crude charts since my broker doesn't offer, Gold however doesn't seem to have consistent trends, too much volatility on the 15min charts.
  • #1,819
  • Aug 16, 2012 3:15am Aug 16, 2012 3:15am
Quoting mannai70
60,

Seems like you get many trades on the 15min crude. Do you find this to be quite consistent in terms of giving you plays?

Only reason I ask is that I do not have access to Crude charts since my broker doesn't offer, Gold however doesn't seem to have consistent trends, too much volatility on the 15min charts.


I look for pairs that are trending, then i trade them until they stop...
But I like to mix a commodity pair in there because it gives m portfolio some diversity....
I was trading gold but like you say, to choppy now


Oil Daily... nice sustained trending!!
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2012-08-16 at 09.12.01.png Size: 37 KB
tradewith60
  • #1,820
  • Aug 16, 2012 5:50pm Aug 16, 2012 5:50pm
Quoting 60minuteman
Sorry Jeff... I did see your Q but never got around to asking it...

I do not have 1 rule for managing exits other than "try to get ever last drop out of it"

Let me explain more.... my entries are almost mechanical and dont really vary much whatever the market is doing (TF being the exception..) but with exits I use much more information,

such as...
1. is the market trending and moving a lot every session.
2. has the pair already moved a lot today
3. is it monday or friday or a bank holiday.
4. is there big news due?
5. whats m P&L for the...
Thanks 60mm!
I will probably have to start with a more mechanical approach and gradually incorporate the sort of information you mention as I gain more experience.
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