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CHOROS System

  • #8,241
  • Nov 6, 2012 6:33am Nov 6, 2012 6:33am
arha, sorry for bothering you. when you set your trade with 50pip t/p 50pip s/l
what is your risk?
On my way to financial independence - if others can do it - I can do it
  • #8,242
  • Nov 6, 2012 6:38am Nov 6, 2012 6:38am
Quoting Eur Usd
arha, sorry for bothering you. when you set your trade with 50pip t/p 50pip s/l
what is your risk?
This is where I confess my ignorance. I'm not sure......

Put it this way, if my account size is $10,000, I'd expect to make between $500 and $2,000 on a single trade, depending how certain I am of the setup.
  • #8,243
  • Nov 6, 2012 6:39am Nov 6, 2012 6:39am
Final post before I go out for dinner.

See makonen's post at the top of the previous page. The 35 and 50 lines are diverging, I would never enter that.
  • #8,244
  • Nov 6, 2012 6:39am Nov 6, 2012 6:39am
Quoting arha
This is where I confess my ignorance. I'm not sure......

Put it this way, if my account size is $10,000, I'd expect to make between $500 and $2,000 on a single trade, depending how certain I am of the setup.
so you risk 5 to 20% that's a lot. I was thinking about trading your way on days when I have no time to sit at computer half day, but I was thinking about risk of 1-3%
On my way to financial independence - if others can do it - I can do it
  • #8,245
  • Nov 6, 2012 6:51am Nov 6, 2012 6:51am
Quoting Eur Usd
so you risk 5 to 20% that's a lot. I was thinking about trading your way on days when I have no time to sit at computer half day, but I was thinking about risk of 1-3%
Ok, really last post before dinner

But I have got this down to a point where I'm really not worried about the likelihood of the success of my trades. I choose to ignore so many possible 70% likely trades, and only take the 90% likely trades. The EURJPY one I took earlier was one of the 10% unlikely to me. The only reason I took it was because I knew I would make at worst Break Even. There was no chance of a loss there, just not the greatest chance of going all the way to +50. If I'd been there to catch the start of the drop then I would have had my 50 pips easy.
  • #8,246
  • Nov 6, 2012 9:09pm Nov 6, 2012 9:09pm
Quote
Thanks a lot for your answers. Enjoy your dinner.

And when you drop by again next time could please confirm you are not using any pivot points? I see a lot of interaction between them and the price. I am using them as confirmation and very often - as my targets. Entries are easy exits are way more difficult. How do you get out? Also strictly by the rules? Do you trail after recent bar? Do you close half at some point and BE the rest?

Sorry for my cross-fire of questions, but it is unusual to meet someone here who has been successful using...

This was a private message I got so I'll reply to it here for everyone's benefit.

Have a look at my charts. That's all I use. No pivot points, no other indicators, just the MAs.

I get out by setting a 50 pip TP. That's it. 50 pips every single time, unless the currency is a really small mover.

No trailing - I can't be bothered. Some trades take 24 hours to finally make my 50 pips. I don't usually move my SL to break even, I literally have that much faith in the system and my entries. The EURJPY trade yesterday I was just having a go on the news. The H1 35/50 was nowhere near what I would consider a reliable signal, so that one I did definitely move my SL to breakeven.

I don't close half, I just let them run.

Oh, and pivot points are totally useful, I've seen a lot of good intereaction with them, I just eventually stopped using them and haven't missed them.
  • #8,247
  • Nov 7, 2012 1:18am Nov 7, 2012 1:18am
Quoting arha
This was a private message I got so I'll reply to it here for everyone's benefit.

Have a look at my charts. That's all I use. No pivot points, no other indicators, just the MAs.

I get out by setting a 50 pip TP. That's it. 50 pips every single time, unless the currency is a really small mover.

No trailing - I can't be bothered. Some trades take 24 hours to finally make my 50 pips. I don't usually move my SL to break even, I literally have that much faith in the system and my entries. The EURJPY trade yesterday I was just having a...
Got to love arha's KISS approach to CHOROS
I would suggest to new traders to keep it as simple as possible. This is also much less stressfull than continuously managing a trade.
Arha, if you can spend more time in the thread posting some trades, I think everybody can better appreciate the simplicity of this (I am sure Clay will be ecstatic...)
  • #8,248
  • Nov 7, 2012 1:54am Nov 7, 2012 1:54am
Quoting arha
This was a private message I got so I'll reply to it here for everyone's benefit.

Have a look at my charts. That's all I use. No pivot points, no other indicators, just the MAs.

I get out by setting a 50 pip TP. That's it. 50 pips every single time, unless the currency is a really small mover.

No trailing - I can't be bothered. Some trades take 24 hours to finally make my 50 pips. I don't usually move my SL to break even, I literally have that much faith in the system and my entries. The EURJPY trade yesterday I was just having a...
I made a trade this way last night. of course lower risk than you, and I must say it worked. over 1% earned while I was sleeping ;-)
On my way to financial independence - if others can do it - I can do it
  • #8,249
  • Edited 4:06am Nov 7, 2012 3:52am | Edited 4:06am
Quoting kostas1
Got to love arha's KISS approach to CHOROS
I would suggest to new traders to keep it as simple as possible. This is also much less stressfull than continuously managing a trade.
Arha, if you can spend more time in the thread posting some trades, I think everybody can better appreciate the simplicity of this (I am sure Clay will be ecstatic...)
I will certainly try to post more trades. The problem is with traveling that I do a lot of it on my phone to my VPS in the UK, so it's hard to upload screenshots etc.

And by the way, I would like to make this big and important:

I had no prior trading experience before mid-2010. I have no background in math or statistics, nor would I consider myself particularly smart. I had a very big personal crisis in mid-2011 til mid 2012 during which time I did no trading at all. So the sum total of my actual trading time is a bit over a year.

Clay's/Kostas' system is the only system I have ever used. I am no different than any of the rest of you in this thread, my only trading education is the first post of this thread, and the rest of the information contained in here.

People are asking me what it is that I'm doing to get these great results. As far as I can tell, I'm simply following exactly what Clay/Kostas described. All I can say is practice, practice, practice.

Kostas deserves a world of praise for the effort he has put into this thread.
  • #8,250
  • Nov 7, 2012 5:26am Nov 7, 2012 5:26am
Arha, thanks again for your contribution. 50 t/p, ok. And also 50 s/l ??
  • #8,251
  • Nov 7, 2012 5:29am Nov 7, 2012 5:29am
Quoting Jkdt
Arha, thanks again for your contribution. 50 t/p, ok. And also 50 s/l ??
yes, and I am just testing it ;-)
On my way to financial independence - if others can do it - I can do it
  • #8,252
  • Nov 7, 2012 6:28am Nov 7, 2012 6:28am
50 s/l seems like a lot, even with htf. I'm also trading another strategy from 4hr and my s/l is almost always less than that, more like 30-35.

Arha, you mentioned a loss of 10pips a couple of posts before. If your s/l is 50 and you do not manage your position - how come?
  • #8,253
  • Nov 7, 2012 7:21am Nov 7, 2012 7:21am
Quoting Jkdt
50 s/l seems like a lot, even with htf. I'm also trading another strategy from 4hr and my s/l is almost always less than that, more like 30-35.

Arha, you mentioned a loss of 10pips a couple of posts before. If your s/l is 50 and you do not manage your position - how come?
Don't get confused. 50 pips SL is both A LOT and NOT A LOT. It depends on your money management. If 50p seems big to you then lower your lot size to correspond to lower amount of money.
  • #8,254
  • Nov 7, 2012 8:36am Nov 7, 2012 8:36am
Kostas: that is clear, but it's large compared to a maximum of 19 (was it?) in the org. manual. Personally I very rarely use more than 12. Well, Arha in his previous post (months ago) on managing position says he was moving to BE after 15pips back then. That seems way safer than not doing so considering 50 s/l.
  • #8,255
  • Nov 7, 2012 10:04am Nov 7, 2012 10:04am
the choros system is great. but I have problem on my mentality. Today I was on about 5% profit, but I can't bear losses. i.s.o. going out from trade for a day I started doing silly things. 2/3 of my account smashed within few hours, and I did this mistake few times and still didn;t take the lesson.
I'll stick to what I have left and will try to get back to the point I had this morning. It will take me about 3 months. If I won't be able to fight my demons then I'll leave trading for good. maybe it's not for me
On my way to financial independence - if others can do it - I can do it
  • #8,256
  • Nov 7, 2012 11:24am Nov 7, 2012 11:24am
Quoting Eur Usd
the choros system is great. but I have problem on my mentality. Today I was on about 5% profit, but I can't bear losses. i.s.o. going out from trade for a day I started doing silly things. 2/3 of my account smashed within few hours, and I did this mistake few times and still didn;t take the lesson.
I'll stick to what I have left and will try to get back to the point I had this morning. It will take me about 3 months. If I won't be able to fight my demons then I'll leave trading for good. maybe it's not for me
You lost 2/3 and you are trying to make your money back in 3 months?(300% in 3 months) The problem here is you don't know what you don't know. I am not saying it is impossible, its just that the kind of trading mistakes you make are noob-ish mistakes therefore you are just going to wreck yourself psychologically. It is not the fact that you want 300% in 3 months, you have to ask yourself why do you need to make it back so fast.
Riding the order flow
  • #8,257
  • Nov 7, 2012 11:28am Nov 7, 2012 11:28am
Quoting Binyamin
You lost 2/3 and you are trying to make your money back in 3 months? The problem here is you don't know what you don't know. I am not saying it is impossible, you are just going to wreck yourself psychologically that's all.
based on my previous account I can do about 30% profit a month, but you're right I am wrecking myself mentally, and am close of quitting from trading just I feel I lost lots of time for reading and learning
On my way to financial independence - if others can do it - I can do it
  • #8,258
  • Edited 1:20pm Nov 7, 2012 1:10pm | Edited 1:20pm
Quoting Eur Usd
based on my previous account I can do about 30% profit a month, but you're right I am wrecking myself mentally, and am close of quitting from trading just I feel I lost lots of time for reading and learning
In the very beginning I also was chasing big wins and huge amounts of pips - wanted to take every signal and felt really frustated when I missed one but with time I understood that you don't need that all stuff to be sucessful. All you need is: to take very best - perfect by the rules trades, have a business plan with your daily goals and manage your risk (say it's 3 %). That's it ! If you do the maths, even if your daily goal is 10 pips and you take very best signals, you can get 'there'. I'm not consistant yet, for time to time I still discover something unknown and start investigating it by looking at attachments in the thread but I think I'm going the 'right' way. So, Eur Usd, think once more.

To add more, to help you fight your demons maybe try reading M. Douglas book "Disciplined Trader". Or try asking yourself before pulling the trigger: Would I take this trade if this trade would have been at 20 lots ?
  • #8,259
  • Nov 7, 2012 2:04pm Nov 7, 2012 2:04pm
Trading in the zone was good, so this one will be fine as well, I am sure, thanks mate
On my way to financial independence - if others can do it - I can do it
  • #8,260
  • Nov 7, 2012 7:22pm Nov 7, 2012 7:22pm
Quoting arha
I will certainly try to post more trades. The problem is with traveling that I do a lot of it on my phone to my VPS in the UK, so it's hard to upload screenshots etc.
Hi arha, would you mind putting your account on myfxbook or the FF trade explorer?
then you woudn't have to post manually and it would provide a lot of useful information
about how/when you trade win/loss analysis etc.

You can hide account balance and lot sizes. Would just be great to have the trades
and the example for motivation and analysis.

Kind regards,
bscholes
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