Make Money Everyday - A Guide to Short-Term Trading | Page 67 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

If you make money, does Oanda make money? 35 replies

EveryDay just need 10PIPS for make a living . 7 replies

Bulls make money, Bears make money. And Pigs get slaughtered. 12 replies

Everyday I make around 80 pips 33 replies

Short Term / Medium Term / Long Term? 3 replies

Attachments: Make Money Everyday - A Guide to Short-Term Trading
Exit Attachments

Make Money Everyday - A Guide to Short-Term Trading

  • #1,321
  • Jul 20, 2013 4:37pm Jul 20, 2013 4:37pm
Hi Everyone,
Thanks for all of the posts.
I have attached a 5 min chart of yesterdays (19th July) London session for EUR/USD.
The time is approx 2hrs ahead (0900 on the chart = 0700 London Time).
Highlighted are 5 trades which would have been stopped out, based on a 12 pip target and 6 pip stop loss.
Would anyone else have traded this differently?

Attached Image (click to enlarge)
Click to Enlarge Name: tradexamp.png Size: 58 KB
  • #1,322
  • Jul 31, 2013 3:28pm Jul 31, 2013 3:28pm
Quoting finfx
Hi Everyone, Thanks for all of the posts. I have attached a 5 min chart of yesterdays (19th July) London session for EUR/USD. The time is approx 2hrs ahead (0900 on the chart = 0700 London Time). Highlighted are 5 trades which would have been stopped out, based on a 12 pip target and 6 pip stop loss. Would anyone else have traded this differently? {image}
I apologize - I am just now seeing this post. Two quick things to see with this chart - yeah - sometimes price moves in big moves and getting stopped out a handful of times in a row can happen. Keep this in mind. Yeah - getting stopped out sucks, (I guess) - BUT look at it over a career. Does getting stopped out 5 times in a row over 1000's and 1000's of trades really matter? Perspective. Second thing - trading 5 minute charts is totally fine. Anyone who knows me knows I'm a fan of the smallest time frame possible. Look @ the chart again. If I'm going to trade 5 minute bars - I'm going to trade for the full quarter vs. the 12's. If that chart were posted again with 1 minute bars - or some sort of tick data or renko, etc - I bet there would be ways to get in on some of those trades.

So the short answer is yes - that's pretty much how I would have traded that. Long answer - Don't be discouraged by getting stopped out. Getting stopped out 5 times @ 6 pips, you still only need 3 profitable trades to negate those stops.

Mongolian
  • #1,323
  • Aug 8, 2013 9:36pm Aug 8, 2013 9:36pm
It's Friday people - let's break the bank today! I want to finish this week off with a BANG. I want today to be sooo damn good that I can't wait to get back to work Sunday night. Work your plan - whatever it may be. Be unrelenting. Hey - if something doesn't go your way today - brush yourself off and get back to it. What's a hiccup or two in the grand scheme of things. Let's crush it today! I want to hear some serious success stories! Iron sharpens Iron people. Let's keep each other sharp!

Mongolian
  • #1,324
  • Aug 9, 2013 9:50am Aug 9, 2013 9:50am
Go man go!

My old boss was heaps into this guy, only seen a few things (and some of it is not up my ally), but he gets it.

Inserted Video


Quoting mongolian
It's Friday people - let's break the bank today! I want to finish this week off with a BANG. I want today to be sooo damn good that I can't wait to get back to work Sunday night. Work your plan - whatever it may be. Be unrelenting. Hey - if something doesn't go your way today - brush yourself off and get back to it. What's a hiccup or two in the grand scheme of things. Let's crush it today! I want to hear some serious success stories! Iron sharpens Iron people. Let's keep each other sharp! Mongolian
  • #1,325
  • Aug 9, 2013 7:52pm Aug 9, 2013 7:52pm
Quoting nhen
Go man go! My old boss was heaps into this guy, only seen a few things (and some of it is not up my ally), but he gets it. http://www.youtube.com/watch?v=z8qnqe3SByI {quote}
I LOVE that video!
  • #1,326
  • Aug 10, 2013 6:27am Aug 10, 2013 6:27am
Quoting mongolian
{quote} I LOVE that video!
Same here buddy

How's things? Are you just trading NY at the moment? I see you on google talk sometimes but usually as I'm about to sign off for the day.
  • #1,327
  • Aug 10, 2013 2:57pm Aug 10, 2013 2:57pm
Quoting nhen
{quote} Same here buddy How's things? Are you just trading NY at the moment? I see you on google talk sometimes but usually as I'm about to sign off for the day.

Google Talk is ALWAYS on. Hit me up! Unless I'm asleep - I can respond. Definitely NY - London when I'm not a huge lazy ass. How's London??
  • #1,328
  • Aug 11, 2013 11:43am Aug 11, 2013 11:43am
Quoting mongolian
{quote} Google Talk is ALWAYS on. Hit me up! Unless I'm asleep - I can respond. Definitely NY - London when I'm not a huge lazy ass. How's London??
I will indeed my friend. I'm usually on from Frankie Open until about Midday GMT; then review in the afternoons if around.

London is good! It's been hot, which is odd, but has settled back down now

What pair are you trading at the moment? I was EJ focussed but back to EU and GU for awhile, now focussing on EU.
  • #1,329
  • Aug 11, 2013 6:21pm Aug 11, 2013 6:21pm
Quoting nhen
{quote} I will indeed my friend. I'm usually on from Frankie Open until about Midday GMT; then review in the afternoons if around. London is good! It's been hot, which is odd, but has settled back down now What pair are you trading at the moment? I was EJ focussed but back to EU and GU for awhile, now focussing on EU.
EJ has always been a favorite of mine. EU of course. I'll tell you, lately - I've been working USD/JPY and/or AUD/USD. Both pairs have had good movement, spread is low and margin requirements are super low as well.
  • #1,330
  • Aug 12, 2013 10:14am Aug 12, 2013 10:14am
Quoting mongolian
{quote} EJ has always been a favorite of mine. EU of course. I'll tell you, lately - I've been working USD/JPY and/or AUD/USD. Both pairs have had good movement, spread is low and margin requirements are super low as well.
Mmm interesting.. I took a figure trade off the AU this morning, but it's not a usual pair. UJ as well hey? Does that move enough?
  • #1,331
  • Sep 3, 2013 11:16pm Sep 3, 2013 11:16pm
I just read the best blog entry. Hope you enjoy it. Get some pips today kiddos!

http://inoveryourhead.net/maybe-you-...fucking-pussy/
  • #1,332
  • Sep 16, 2013 6:44am Sep 16, 2013 6:44am
Only came across this thread last week, still reading but think I've got the gist of it. I like it very much and used it today on small demo acc. Very pleased with results, 1 loss, 4 early exits be+ and 4 wins. Aggressive MM giving 30 pips and 45% increase on acc. This is the best % increase I have achieved in one day.

I use an adapted template but my entries are based on the thread method (or at least as I see it)

Thanks Mongolian
Attached Image(s) (click to enlarge)
Click to Enlarge Name: mongol 1609613a.png Size: 105 KB
Click to Enlarge Name: mongol 1609613b.png Size: 110 KB
When all conditions are met - Enter trade - sit back and FRET !!!
  • #1,333
  • Sep 16, 2013 1:26pm Sep 16, 2013 1:26pm
Quoting jsf
Only came across this thread last week, still reading but think I've got the gist of it. I like it very much and used it today on small demo acc. Very pleased with results, 1 loss, 4 early exits be+ and 4 wins. Aggressive MM giving 30 pips and 45% increase on acc. This is the best % increase I have achieved in one day. I use an adapted template but my entries are based on the thread method (or at least as I see it) Thanks Mongolian {image} {image}
Nice charts. It takes discipline, but look at your bottom chart, the first trade where you felt it best to get out before the leg was complete. Had you held on, price would have indeed completed that leg and then some. Tape this to your monitor "I am paid to be disciplined. I am not paid to show how smart I am".

Everytime I try to show the market how smart I can be, I either lose money OR I get out of good trades too early!

Thanks for sharing your charts.

Mongolian
  • #1,334
  • Sep 17, 2013 1:18am Sep 17, 2013 1:18am
Quoting mongolian
{quote} Nice charts. It takes discipline, but look at your bottom chart, the first trade where you felt it best to get out before the leg was complete. Had you held on, price would have indeed completed that leg and then some. Tape this to your monitor "I am paid to be disciplined. I am not paid to show how smart I am". Everytime I try to show the market how smart I can be, I either lose money OR I get out of good trades too early! Thanks for sharing your charts. Mongolian
Ouch !!
When all conditions are met - Enter trade - sit back and FRET !!!
  • #1,335
  • Sep 17, 2013 1:45am Sep 17, 2013 1:45am
Quoting jsf
{quote} Ouch !!
My intent was not to call you out for $hitty trading. I was simply pointing out something that I had to learn the hard way. Take from it what you will. Charts look good, I'm pumped that you are seeing positive results. Keep it up.
  • #1,336
  • Sep 17, 2013 1:57am Sep 17, 2013 1:57am
Quoting jsf
Aggressive MM giving 30 pips and 45% increase on acc.
Good trades, but eek to the above.. Careful. What happens if you have a run of stops?
  • #1,337
  • Sep 17, 2013 2:13am Sep 17, 2013 2:13am
Quoting nhen
{quote} Good trades, but eek to the above.. Careful. What happens if you have a run of stops?
I am not much of a trader yet, but I can use a calculator. Good traders on this and other forums advocate +- 2% risk per trade and then claim they have an edge that gives them X amount of return and they have done this for years.

My question is then if 2% risk has for example earned you $50k over a period, how would 3% risk on the same trades over same period have changed anything except increase your account to $75k

But everyone has their own view on this, I am still trying to be a consistent winner so please ignore my opinion it is based upon theory only.
When all conditions are met - Enter trade - sit back and FRET !!!
  • #1,338
  • Sep 17, 2013 2:37am Sep 17, 2013 2:37am
Quoting jsf
{quote} I am not much of a trader yet, but I can use a calculator. Good traders on this and other forums advocate +- 2% risk per trade and then claim they have an edge that gives them X amount of return and they have done this for years. My question is then if 2% risk has for example earned you $50k over a period, how would 3% risk on the same trades over same period have changed anything except increase your account to $75k But everyone has their own view on this, I am still trying to be a consistent winner so please ignore my opinion it is based...

One thing that you will find and unfortunately it's something that is found the hard way most of the time is that trading is not about being a consistent winner. It is about losing less. It is about managing your risk in such a way that you can come back tomorrow and play again. Protecting your inventory. Let me encourage you to trade live with real $$ as soon as you can. Demo trading is good to learn the platform. Once you have a basic grasp on that - move to live trading. There are lots of brokers out there where you can start with very little down. Trade the smallest of small lots to start. We are all rockstars on the demo trading! There isn't a person on here who will tell you differently that once you start trading with your own $$ it's a different ball game. We do not behave the same when it's our own money on the line versus when we're trading on a demo.

Whether one trades risking 1%, 2%, 3% or whatever per trade is up to the individual trader. The math also works in reverse. When I trade risking 1%, I know I'm at least 100 steps from broke. 2% - 50 steps, and so on. Biggest issue I see on a consistent basis is traders trading too big. Taking on too much risk. Take a line from the movie the Patriot - Aim small, miss small! I don't preach a lot about MM on this thread as I feel it's up to each trader to figure that out for herself. But I will say - the system one trades is a dime a dozen. There are countless good systems out there that can be traded. Where a trader will fail is trading a position that is too big for their britches.

Demo trading, and I've said it numerous times before is good only to get a handle on the platform. Honestly - I don't know a person out there that can't get a grasp on the basics of any platform in a day or two. Trade live. Managing yourself is the holy grail.

Mongolian.
  • #1,339
  • Sep 17, 2013 2:41am Sep 17, 2013 2:41am
Quoting nhen
{quote} Good trades, but eek to the above.. Careful. What happens if you have a run of stops?
'eek' LOL!!! Awesome
  • #1,340
  • Sep 17, 2013 2:42am Sep 17, 2013 2:42am
Quoting mongolian
{quote} My intent was not to call you out for $hitty trading. I was simply pointing out something that I had to learn the hard way. Take from it what you will. Charts look good, I'm pumped that you are seeing positive results. Keep it up.
Just pulling your leg there Mongolian, not offended at all, hasn't been scolded like that since school days 40 years ago

I appreciate your comment,"Ill discipline" is my middle name when it comes to trading. This has been my biggest surprise about myself, because in general I am a very disciplined person. Forex trading, like golf highlights your personality weaknesses mercilessly.

Label stuck on my monitor already, thanks!
When all conditions are met - Enter trade - sit back and FRET !!!
0 traders viewing now