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Make Money Everyday - A Guide to Short-Term Trading

  • #1,341
  • Sep 17, 2013 2:46am Sep 17, 2013 2:46am
Quoting jsf
{quote} 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!

Love the golf analogy. Soo true!
  • #1,342
  • Sep 17, 2013 2:46am Sep 17, 2013 2:46am
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...
You said it. In theory that is all great. Why not risk 5% a trade? 10%? Try taking a 25% hit on an account, let alone one that is big enough to live off, it will affect you psychologically and it is not sustainable.

2% is the common 'safe' risk per trade touted on FF; I once believed it to be true too, but I now think it is too high, especially if you're trading short term.
1% should be the max and 0.25-0.5% the moderate range, that's a holy grail and will you keep you in the game long term.

And..

Quoting mongolian
{quote} 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...

What he said ^
  • #1,343
  • Sep 17, 2013 2:49am Sep 17, 2013 2:49am
Quoting jsf
{quote} Forex trading, like golf highlights your personality weaknesses mercilessly.
Amen.
  • #1,344
  • Sep 17, 2013 2:50am Sep 17, 2013 2:50am
Quoting mongolian
{quote} 'eek' LOL!!! Awesome
  • #1,345
  • Edited 3:15am Sep 17, 2013 3:04am | Edited 3:15am
A major advance that you have made in my trading already is to stay away from market orders, that's why I was so excited about my trades, the draw downs were so small because I waited for the pull back. It also makes me think about the PA move as opposed to jump at the move.

Thanks again M

P.S. I have blown several live accounts already because I started before I believed in the system, that"s why I am back on demo to prove that the system works before going live again. I have gone about this business ass about face unfortunately, but I will succeed of that I am convinced - but it proves to be my life's biggest challenge yet.
When all conditions are met - Enter trade - sit back and FRET !!!
  • #1,346
  • Sep 18, 2013 8:06am Sep 18, 2013 8:06am
hi mongolian
thanks for the thread, pure and simple. i like. think the best things in life are pure and simple..
can i ask you, how many pips are you winning per day~?how many winning trades?
thank you and have a nice time in FL, i have been to sanibel, st. pete and tampa, nice area..
  • #1,347
  • Sep 18, 2013 9:11am Sep 18, 2013 9:11am
Quoting mex2000
hi mongolian thanks for the thread, pure and simple. i like. think the best things in life are pure and simple.. can i ask you, how many pips are you winning per day~?how many winning trades? thank you and have a nice time in FL, i have been to sanibel, st. pete and tampa, nice area..

Thanks for the kind words. I've been asked this line of questioning a few times and I'm usually reluctant to answer and I'll tell you why. I have hours and hours and hours of screen time with this method under my belt. My results are going to be vastly different for someone just starting out. I also will take counter trend trades that I won't promote here simply because the focus of this thread really is learning how to read price and how to act accordingly. There are a couple factors that will impact what kind of results I get.

1. Time. I've got a great deal of time invested in this. There is just no substitute for this. It's similar to any endeavor - the work has got to be put in.
2. Volatility. As a trader I have learned to embrace volatility. Without it price does not move. If price does not move - there is no $$ to be potentially had.
3. Discipline. This one is huge. I've mentioned it before, and very recently. The market does not care how smart you are. It doesn't pay me for my smarts. It pays me for what I do.
4. The ability to lose. Another huge one. Trading is a funny thing in that I can lose more than I win and still make money. It's counter intuitive, yet the math does not lie. But more than that - it's how I BEHAVE when I do lose. If I break my keyboard or piss and moan and get bent out of shape - I'm done. If I can take it as part of the process and keep plugging away, then I have a chance at success.
5. Focus. Absolute laser like focus. I don't have 10 different pairs up, flipping back and forth, etc. I personally will have @ a max - 2 pairs, just locking in on them and not letting go.
6. Opinion. When I get married to an opinion, when I get married to a trade, when I get some idea that a pair 'is going to go to xxx' - I lose. I strive to be an opinion-less little worker bee. I don't care where price goes - as long as I'm going with it. When I get married to an opinion - then I usually have closed off my ability to act. I'm locked into to so pre-conconceived notion and it will cost me.

So to answer your question - it depends. I've had days where I've run 10 to 1 with winners and I've had days where I've had 1 to 10. I've had days where I've gotten hundreds of pips and days where I've not so much. There are two things to really take from this - A. Take whatever you can from this thread and many of the other good one's here and MAKE IT YOUR OWN. Don't be stuck by how I trade. It may make sense to you what I've laid out here, but it absolutely has to be your own. Otherwise you will lose and you'll blame me and say his 'system' sucks. He's an a$$hole. (I can be - that one usually is fair). But until you own it - you've got nothing. AND B. Don't worry about the results. Worry about the process. Work the process. Work it with fanatical discipline. The results will follow. I know I've basically given you a non-answer. It's scared many people away when I do that. I'll risk it. But if you want to join in the conversation and work on YOUR process, then keep posting and throw up charts and work on yourself.

Mongolian.
  • #1,348
  • Sep 18, 2013 9:51am Sep 18, 2013 9:51am
thank you mongolian for the fast answer, god bless!
  • #1,349
  • Sep 19, 2013 3:53am Sep 19, 2013 3:53am
as far as i can see, if Price breaks through a 0.00, 0.25 , 0.50 or 0.75 line with a strong 5pip bar, thats a good entry Signal, lots of power in Price in this moments, and price keeps going in that direction for some nice pips, mongolian could you confirm?
thanks, greetings from switzerland/ europe.
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  • #1,350
  • Sep 19, 2013 3:59am Sep 19, 2013 3:59am
another beauty on eur/usd this morning on London session.
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  • #1,351
  • Sep 19, 2013 8:56am Sep 19, 2013 8:56am
Quoting mex2000
as far as i can see, if Price breaks through a 0.00, 0.25 , 0.50 or 0.75 line with a strong 5pip bar, thats a good entry Signal, lots of power in Price in this moments, and price keeps going in that direction for some nice pips, mongolian could you confirm? thanks, greetings from switzerland/ europe. {image}

Mostly yes and I'll qualify my yes with this - just be careful. When price is in a strong trend - it's easy to think - Yeah - this makes total sense. It's when price mucks about and keeps changing directions that we really earn our $$!
  • #1,352
  • Sep 24, 2013 6:20am Sep 24, 2013 6:20am
Hi everyone, i am trading using Genesis, Selling in [email protected]

let see what will going on.......
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  • #1,353
  • Sep 24, 2013 7:17am Sep 24, 2013 7:17am
Quoting Raymond00
Hi everyone, i am trading using Genesis, Selling in [email protected] let see what will going on....... {image}

wow!!! the price is going down!!!! come on.....
  • #1,354
  • Sep 24, 2013 7:55am Sep 24, 2013 7:55am
Quoting Raymond00
{quote} wow!!! the price is going down!!!! come on.....

I like it when price goes down after I sell! That looks like a good trade. I don't trade that pair at all, but hey - if it works for you, have fun.
  • #1,355
  • Sep 26, 2013 7:12am Sep 26, 2013 7:12am
BUY EJ, let see what will happen since US new is coming , hehe.....
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  • #1,356
  • Sep 26, 2013 8:02am Sep 26, 2013 8:02am
Quoting Raymond00
BUY EJ, let see what will happen since US new is coming , hehe..... {image}
Yeah, move stop loss to BE+5pips, risk free , let see the price will climb up until which point......
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  • #1,357
  • Oct 25, 2013 11:41pm Oct 25, 2013 11:41pm
Hi Everyone,
Thanks for the continued posts.
I have attached a 1 minute chart for the London Open plus a few hours after.
I've made some comments and marked in trades which I took (I'm trading a live account with small lot sizes until I get a better handle on things).

Notes (The chart is GMT + 3hrs, does anyone know how to change the time setting in Meta trader to GMT)?

Start at just after 1100 (chart time). Looking for longs as price has come up at least 25 pips since GMT open.
1. Long at 1.3813 (price hit buy limit).
1A. Closed out +12 pips at 1.3825 (lucky as price almost hit my 6 pip stop just after 1)
2. Long at 1.3813 (price hit buy limit)
2A. Price hit stop loss, -6 pips.
3. Long at 1.3800 (price hit buy limit)
3A. When the price stalled just before 3A, I moved my stop loss to break even (sensing the down trend would continue) therefore, closed for 0 pips.
4. I was tempted to place a sell limit at 1.3800 as price came back up, but didn't. As price dropped back down through 1.3800 at 4, I was more tempted to place a sell stop due to the downward price action after the high just before 4, but didn't).

Attached Image (click to enlarge)
Click to Enlarge Name: 25 OCT EURUSD.png Size: 42 KB


So all up 0 pips.

I looked at pivot points (didn't mark on the chart) which were:
Pivot 1.3797, R1 1.3831, S1 1.3770

Any thoughts/comments?
I'll put some more charts up next week.

Cheers,

Fin
  • #1,358
  • Oct 28, 2013 7:16am Oct 28, 2013 7:16am
Quoting finfx
Hi Everyone, Thanks for the continued posts. I have attached a 1 minute chart for the London Open plus a few hours after. I've made some comments and marked in trades which I took (I'm trading a live account with small lot sizes until I get a better handle on things). Notes (The chart is GMT + 3hrs, does anyone know how to change the time setting in Meta trader to GMT)? Start at just after 1100 (chart time). Looking for longs as price has come up at least 25 pips since GMT open. 1. Long at 1.3813 (price hit buy limit). 1A. Closed out +12 pips at...
Nice chart. That's pretty much how I'd play it. The key, which you have provided an excellent example of is discipline. That #4 trade - where you were 'tempted'. Price had been coming down, it setup nicely for another short. Be disciplined. Fanatically disciplined in taking the your setups. What happens when you don't? Regret. Don't worry so much about results. Worry about how well you play your process. When I as a trader focus on excellent execution of my edge - of my setups - the results will follow!

Mongolian
  • #1,359
  • Nov 3, 2013 4:07am Nov 3, 2013 4:07am
Thanks for the advice.
I tried something different this week.
I had a look at 1H charts with a view to trading 25 pip pullbacks using 25 pip take profits and 12 pip stop losses.
Attached is a 1H chart from the end of last week for the AUDUSD pair.
I didn't take these trades, but this is how I believe I would have traded it.
Do you/have you traded pullbacks from the 12/13 pip levels as well as the 25 pip levels on 1H charts?

1 - Short (0.9488) stopped out
2 - Short (0.9513) successful
3 - Possible successful short (0.9513), (not sure if trade would have entered).
4 - Successful short (0.9488)
5 - Short (0.9488) stopped out
6 - Short (0.9513) stopped out (just)
7 - Short (0.9475 - a bit before 7) stopped out

All up, probably would have been at least break even, possibly up 25 pips depending on those borderline orders.
Attached Image (click to enlarge)
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  • #1,360
  • Jan 13, 2014 8:56am Jan 13, 2014 8:56am
As a married fella, I see trading is a lot like sex. Sometimes there are things that will work to get my bride 'in the mood'. Sometimes those things don't work as well. When something doesn't work, do I say - Ah, $hit, that didn't work, I'm an idiot, what was I thinking, etc?
No.
I try again.
I try something else.
I persevere.

Ultimately I will find whatever it is that is going to work.

Trading - I have 'setups' that I know in the past have worked. Do they always? No they do not. Do I stop? Do I kick myself for a trade not working like I wanted?
No.
I persevere.
I try again.
I try again and I try again.
Eventually, she'll be in the mood.

Enjoy your trading today people!

Mongolian
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