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Silent Service Method

  • #15,081
  • Jan 17, 2013 5:10pm Jan 17, 2013 5:10pm
Quoting filipl
Appreciate your insight, Chris.

I had set up a buy order before the zone and it got activated (before you managed to answer my questions, and while I was at work). SL is under the trendline. Pretty wide in my opinion (to clearly invalidate my way of interpreting the market) although I am hesitating between leaving it there and moving it under EMA 360 (up to my individual trade management probably).

IF it broke 95, is this the time you personally would consider adjusting your stops below that level and no earlier?

Fil.

PS. As a...

All I can say is that being comfortable in your trades is absolutely vital. After all, you can do the greatest analysis in the world, but if you don't have the confidence to hang onto the trade - it doesn't do you any good.

Perhaps try cutting your position size in half.....see what that does for you over the next 4 weeks.
  • #15,082
  • Jan 17, 2013 5:10pm Jan 17, 2013 5:10pm
Quoting mypipbull
Again???.....really???......
Yes.....really. I imagine you are looking at EUR/JPY now as you wake up, and thinking that its crazy we are over the 120 level.....
  • #15,083
  • Jan 17, 2013 7:05pm Jan 17, 2013 7:05pm
Quoting clockwork71
Perhaps try cutting your position size in half.....see what that does for you over the next 4 weeks.
By saying that you mean taking 50% of the table? (when it breaks 95 or you were rather referring to my past BE trades?).

Fil.
  • #15,084
  • Jan 17, 2013 9:10pm Jan 17, 2013 9:10pm
Quoting clockwork71
All I can say is that being comfortable in your trades is absolutely vital. After all, you can do the greatest analysis in the world, but if you don't have the confidence to hang onto the trade - it doesn't do you any good.

Perhaps try cutting your position size in half.....see what that does for you over the next 4 weeks.
Would also like to point out... that having the confidence to the close the trade when you are wrong as well. It is vital to define your i am wrong points. Whether stops or manual close, but then you need to follow through on that conviction as well.
  • #15,085
  • Jan 17, 2013 11:21pm Jan 17, 2013 11:21pm
Quoting filipl
By saying that you mean taking 50% of the table? (when it breaks 95 or you were rather referring to my past BE trades?).

Fil.
I think Chris is saying half your position size or stake prior to opening NEW positions. If you are risking 1% equity then risk 0.5%.

If you are risking less to start with you may not be as worried about rushing up your stop to BE too quickly.

Getting stopped out at BE and then placing the same orders again is mentally tough to do in real time.

Breakeven trades can take the same mental toll as a loss in my opinion.

To make matters worse, if you fail to place those orders again and miss the run up/down you were expecting from the outset......this will scar you MORE than anything.

This can all be avoided by being truly comfortable with your risk and accepting that this trade could be a loss. It's also easy to 'say' you are comfortable with the risk but until it's actually realised and taken from your account you really don't know.

Another vital key to making money consistently is to take profits slowly. Once you actually close out a monster win you will never look back. The catch is......they don't happen every day.

Have a good weekend all.
  • #15,086
  • Jan 17, 2013 11:58pm Jan 17, 2013 11:58pm
Quoting filipl
By saying that you mean taking 50% of the table? (when it breaks 95 or you were rather referring to my past BE trades?).

Fil.

I was thinking in general. Next time you place a trade, only use half of the position size you normally would for a while, see how that works out for you.
  • #15,087
  • Jan 17, 2013 11:59pm Jan 17, 2013 11:59pm
Quoting Venice
Would also like to point out... that having the confidence to the close the trade when you are wrong as well. It is vital to define your i am wrong points. Whether stops or manual close, but then you need to follow through on that conviction as well.
Very well put........
  • #15,088
  • Jan 18, 2013 12:00am Jan 18, 2013 12:00am
Quoting mypipbull

Breakeven trades can take the same mental toll as a loss in my opinion.
This is true. Normally it is because of poor management that a b/e trade can do damage, but it has the same effect on someone: it shakes their confidence.
  • #15,089
  • Jan 18, 2013 12:01am Jan 18, 2013 12:01am
As I write this, the USD/JPY is breaking above 90. Will the next leg up start today?????

Comments out of Tokyo suggest that a run to 110 is just fine w/ the government. Of course it is....but I guess some people needed to hear this?
  • #15,090
  • Jan 18, 2013 12:46am Jan 18, 2013 12:46am
This might be useful? It has the option of using a multiple of ATR and you can set the percentage to a fraction of a percent.
Attached File(s)
File Type: mq4 Percentage Money Management with ATR.mq4   3 KB | 399 downloads
  • #15,091
  • Jan 18, 2013 8:29am Jan 18, 2013 8:29am
Quoting Hugh Briss
This might be useful? It has the option of using a multiple of ATR and you can set the percentage to a fraction of a percent.
Thanks man.....I am sure this will be handy for him.

Love the signature by the way.....
  • #15,092
  • Jan 18, 2013 8:57am Jan 18, 2013 8:57am
Quoting clockwork71
Thanks man.....I am sure this will be handy for him.

Love the signature by the way.....
No worries, always glad to help. I read that somewhere and laughed out loud, I wonder how many people don't get it?
  • #15,093
  • Jan 18, 2013 4:16pm Jan 18, 2013 4:16pm
Quoting mypipbull
I think Chris is saying half your position size or stake prior to opening NEW positions. If you are risking 1% equity then risk 0.5%. If you are risking less to start with you may not be as worried about rushing up your stop to BE too quickly.
[...]
This can all be avoided by being truly comfortable with your risk and accepting that this trade could be a loss. It's also easy to 'say' you are comfortable with the risk but until it's actually realised and taken from your account you really don't know.

Another vital key to making money consistently...
Thank you pipbull,
I have just realised (aha!) that being comfortable with my risk is not only equal to being comfortable to put it on the table initially and loose it immediately (as market proves you're wrong shortly after entering it) but it could manifest in not rushing to move the SL and giving your trade idea space to evolve and hopefully/possibly to run. Interesting aspect, but it proves that I still risk too much as I keep constantly thinking at work about going back home and moving my SL to at least BE. Time to change it.

"Take profits slowly" what do you mean by that? Scaling out?
Sorry, English is not my first language, still struggling with idioms...
but at least I understand binary a bit

Quoting Hugh Briss
This might be useful? It has the option of using a multiple of ATR and you can set the percentage to a fraction of a percent.
Hi Hugh, appreciate that, although I don't use MT4. I really don't like the user experience.
ATR = Average True Range?

Quoting Venice
Would also like to point out... that having the confidence to the close the trade when you are wrong as well. It is vital to define your i am wrong points. Whether stops or manual close, but then you need to follow through on that conviction as well.
Venice, I always use SLs as my "I'm wrong points" and never move them back, only forward to lock profits or minimize losses. Don't have guts/confidence to close trades manually or time to monitor them closely as I got a 9-5 job. Thanks for pointing this out though.

Fil.
  • #15,094
  • Jan 18, 2013 4:44pm Jan 18, 2013 4:44pm
Quoting filipl
Hi Hugh, appreciate that, although I don't use MT4. I really don't like the user experience.
ATR = Average True Range?
Yes. I have to say my experience of mt4 is very good but I've been using it for over 5 years now.
  • #15,095
  • Jan 19, 2013 12:04pm Jan 19, 2013 12:04pm
Quoting filipl
Thank you pipbull,
I have just realised (aha!) that being comfortable with my risk is not only equal to being comfortable to put it on the table initially and loose it immediately (as market proves you're wrong shortly after entering it) but it could manifest in not rushing to move the SL and giving your trade idea space to evolve and hopefully/possibly to run. Interesting aspect, but it proves that I still risk too much as I keep constantly thinking at work about going back home and moving my SL to at least BE. Time to change it.

"Take profits...

Hey Fil, All good answers for exits etc. imho, It all comes down to you and your comfort zone, finding yourself over a period of time, only you know the boundary's at which you will feel at ease and finding an approach that is true to you..

Good luck.


Ja
Memories caught in time but never forgotten
  • #15,096
  • Jan 19, 2013 10:56pm Jan 19, 2013 10:56pm
Quoting j4d
Hey Fil, All good answers for exits etc. imho, It all comes down to you and your comfort zone, finding yourself over a period of time, only you know the boundary's at which you will feel at ease and finding an approach that is true to you..

Good luck.


Ja
By far this is the best answer. It really doesn't matter what works for you - just that something does. If you are comfortable, there is no right or wrong way to be honest.....
  • #15,097
  • Jan 21, 2013 9:57pm Jan 21, 2013 9:57pm
Ok gang, I think this is going to be it....

I have been having a hard time keeping up with the forum over here, and the fact that all commercial threads are now buried in the same section has really made this a losing fight. Besides, I have my own place, and quite frankly need to focus on that.

As far as the information is concerned, I can only assume that it will remain. This is of course up to management, but I know that James16 hasn't logged on in almost an entire year, and his thread still runs.....of course there are a couple of droogies there to help out, so that's different I suppose.

Nonetheless, I simply don't have the time to devote to this place anymore between my own site, the analysis that I do for a living, and that whole school thing. And then there is that bit about the 2 kids......just not enough time in the day.

I want to thank all of you that have made this thread as popular as it has been, and none of this is to say that I won't pop in from time to time, but that I am simply acknowledging the obvious: The joint is getting overrun with vendors, and I think it is only going to get worse. There are so many companies on here now that its out of control. Also, a lot of the "old guard" is gone, and the place just isn't what it once was in my humble opinion.

However, there are plenty of good threads here. I would be remiss if I didn't suggest that this place is one of the better ones on the net in which to get exposure to the Forex trading world. However, I have my own place to run, and by cutting back on some of the other stuff, I will be able to improve it.

I thank you all, and wish you the best. You know where to find me if you need anything. My door is always open.

Chris
  • #15,098
  • Jan 22, 2013 1:33am Jan 22, 2013 1:33am
No worries Chris, thanks for starting this thread, it certainly turned my trading around a few years ago. How do you ever go about showing enough gratitude for that?!
  • #15,099
  • Jan 22, 2013 1:17pm Jan 22, 2013 1:17pm
So, the best thread on the forum is reaching the end of the road. Well, you're not getting rid of us - we know where your site lives
  • #15,100
  • Jan 22, 2013 1:51pm Jan 22, 2013 1:51pm
Quoting clockwork71


I thank you all, and wish you the best. You know where to find me if you need anything. My door is always open.

Chris
CW
I very much appreciate that you've been generously sharing your knowledge!! I will be following your website now on.
Thank you very much!
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