I'm still hanging in there.
A MOUSE THAT ROARS IS STILL NOTHING MORE THAN A MOUSE!
- #5,962
- Oct 19, 2012 7:14am Oct 19, 2012 7:14am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
- #5,965
- Oct 19, 2012 7:37am Oct 19, 2012 7:37am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
- #5,967
- Oct 19, 2012 8:11am Oct 19, 2012 8:11am
- Joined Sep 2012 | Status: Beam me up, Scotty | 1,531 Posts
Go martyfish go. Keep it up, and keep posting.
It's funny how we feed off the confidence and success of others. It inspires us on.
I'm trying !!Got this morning's EJ pivot off DP
A few GU pivots
Just closed EJ long + 18
Good day !!
Really strange I thought because of the closing of the EU summit, it would be a tough day
I am a fallible imperfect person; so I must be a fallible imperfect trader.
- #5,969
- Oct 19, 2012 8:22am Oct 19, 2012 8:22am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Ok guys, it is time for me to stop lurking this thread in the shadow and come forward to both address my gratitude to each and every one of you that has helped me better understand the Genesis method. RJ, Ohammond, Martyfish, Oli and all the others I forgot: THANK YOU!
My name is Sebastiaan (call me Seb) and I started following Genesis 2 months ago after I wanted to break free from price-action trading. I wanted my trading to be more systematic as oppose to price-action where bad psychology often got in the way of good trades. All in all I've been...
Doing what you like is Freedom. Liking what you do is Happiness.
Welcome to the thread Seb. I see you already closed in profit, so by now you know that the trade worked!! It's always difficult with counter trend trades, but you did well. Nice to see you here
- #5,973
- Oct 19, 2012 9:00am Oct 19, 2012 9:00am
- | Joined Feb 2012 | Status: Don't let the bastards grind u down | 217 Posts
You can see on the chart attached. I didn't take the initial push down during frankie simply because I was watching EU! When I saw EU hesitate I switched to EJ, but by then both stochs were on the 20 line, so I flagged the whole idea!
A MOUSE THAT ROARS IS STILL NOTHING MORE THAN A MOUSE!
- #5,977
- Oct 21, 2012 4:25am Oct 21, 2012 4:25am
- Joined Oct 2012 | Status: Trader | 1,959 Posts
Just closed EJ for +22. Up over 23% this week. Missed some trades and made some mistakes but all-in-all a good week. Thanks Genesis team! Have a great weekend!
Sounds to me that you are possibly risking too much per trade.
What % of your account are you risking on each trade?
Are you multiplying that risk by having trades open on multi correlated pairs?
Are you trading a demo or real account? It's easy to take excessive risk on a demo, way beyond your comfort zone when real money is at risk.
Please Do Not PM Me With Coding Enquiries
- #5,979
- Edited 7:02pm Oct 21, 2012 6:39pm | Edited 7:02pm
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
But as I've said earlier, it's a lot harder to achieve with a bigger (£10000 account) because you are now risking 10 times as much in SL & DD and that will invariably impact your decision making (although technically the % are still the same, so it shouldn't make any difference ... but it does and herein lies the big connendrum between trade-size/leverage/fear/greed/...)
Also, provided the daily goal (say) 50 pips/day is maintained, and the profits compounded and lot size increased in scale, then the account can grow by a huge amount, but still keeping the daily goal of 50 pips the same.
Of course as the account grows, and the lot size traded grows, soon we are looking at some pretty big numbers......$2500 at 5 lots x 50 pips....a nice trade, no? But, a SL of 25 pips at the same rate = $1,250 loss. And right there is where the problem comes in. Our fear/greed emotive setup see's a $1,250 loss when the SL is hit and we might think "#@&% and ?%@#&^ that's a huge loss today.....and tomorrow we might lose the same amount......and maybe the next day too. Now we are freaking out at all this money we have lost. But wait a minute.....maybe we're looking at this all wrong. After all, out target of 50 pips per day hasn't changed......our (average for this example) SL of 25 pips hasn't changed. So we lots 75 pips over 3 days.....pah.....big deal.....who cares? After all, we're normally banking in excess of 250 pips per week......what's a 75 pip over 3 losss??
The loss is nothing to worry about......but when we convert that 75 pip (over 3 days) loss to actual money, we freak out at the $3,750 loss. But, if we are trading 5 lots according to the accepted rules of MM, our account will be in the region of $75,000. So the loss is inconsequential. Even more importantly, the loss is the SAME PERCENTAGE of out account as it always was.
And there we have it, instead of looking at the money (like us humans tend to do), we *need* to have the discipline to look at the percentage of the account as it grows, and as it steps back in the event of a loss or series of losses.
Forget the $$$$'s.......and to some extent, forget the percentage.....focus on the target. As the account grows, increase the lots size to maintain the win/loss percentage, but focus on the daily target.
If the daily target is 50 pips, at the beginning of the table you can see that the weekly gain is just $312......the weekly loss would be less than half that even if we lost every trade that week. BUT.....by week 20, our weekly gain is in the region of $18,500.......and out loss would less than half that even if we lost every trade that week.......BUT, look at the account size, $78,000. So a weekly loss of (say) $6000 is not going to have a huge impact on our $78,000 account. A $6000 loss sounds big.......but it's always been the same when you look at the number of pips gained or lost.
Our silly emotions of fear and greed convert that win/loss to $$$.
Imagine if we could blank out the $$ profits on our brokers dealing platform and only ever see pips....if we could resist the urge to convert pips to $'s, and only do the conversion every 6 months, I think trading would be a lot easier for a lot of people
Fear and Greed.......SUX!!
NOTE: The first 2 weeks in this spreadsheet should be less than 0.1 lots for good MM, but that is not possible on the broker that this spreadsheet was produced for.....so don't get too hung up on those first 2 weeks.
Doing what you like is Freedom. Liking what you do is Happiness.