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  • #101
  • Aug 4, 2014 5:11pm Aug 4, 2014 5:11pm
Quoting Rag2RichesFX
I think the big misunderstanding is that you think I don't use a stop loss simply because I add to losers. Note in June I had a 30% drawdown. That's what happens when you over leverage AND you are wrong. If I would have traded small I easily could have recovered that loss on the bounce. But I was greedy and extremely confident, so I went against my rules. I gave myself no room to be wrong, as a result of over leveraging. i think giving yourself room to be wrong without having to take a loss so early is very important. {image}
Well yea everyone makes mistakes, but the question is that how much does the mistake cost you.I think 30% is too much, but its your risk appetite.

I did a big mistake friday, but it only cost me 6-7% demo money, however today i "recovered" it, and straight going up, as i reformed my method.

Its hard to find a balance between good return and small risk and precision but hopefully my current model will stand out,

Well if you say you dont add to losers then its fine, i am still sceptical, but i will follow you

When you will add a TE?
"There's a sucker born every minute" - P.T. Barnum
  • #102
  • Aug 4, 2014 5:14pm Aug 4, 2014 5:14pm
Quoting Proximus
{quote} Eventually can be 1 hour, 1 day, 1 week, 1 month, 1 year, 1 decade,...You probably dont know when it will happen (because if you would do then you would put a SL and have a 100% accurate entry of course), but if you dont know then you might hit it a few times, but what if it goes so against you that you end up with a margin call. There is an old saying in trading: "The market can stay irrational longer than you can stay liquid" Dont forget this quote, because it sums up your entire approach
If you read the thread earlier you would see I said 1-3 months for EG to reach target.

I can can tell you are still a newbie though because you still believe markets are random. They are actually extremely precise and that's why they are dominated by computers.

Newbies think the market is random while professionals come into each day EXPECTING to make money, because they know it is NOT random. They (and I) know exactly where the liquidity exists for each wave.


i was at that point a couple years ago where I had no idea which way the market was going. Very frustrating indeed, you even feel as if FX itself is a scam because it's so random to you. Keep working... It's all about chart time.



When will I add a TE? When FF TE team responds to my email
Be hopeful in a winning position, and fearful in a losing position.
  • #103
  • Edited 5:38pm Aug 4, 2014 5:24pm | Edited 5:38pm
Quoting Rag2RichesFX
{quote} If you read the thread earlier you would see I said 1-3 months for EG to reach target. I can can tell you are still a newbie though because you still believe markets are random. They are actually extremely precise and that's why they are dominated by computers. Newbies think the market is random while professionals come into each day EXPECTING to make money, because they know it is NOT random. They (and I) know exactly where the liquidity exists for each wave. i was at that point a couple years ago where I had no idea which way the market...
I never said the market is random, you are very mistaken, i said the way you trade makes it random.If you trade by rolling a dice that will seem as if the markets were random ,but actually its your strategy which is.

Ok i know more about your method now, and if you keep the risk small you might get somewhere with it.

I am a fundamental analyst so i am the last person who would say its random, i had my doubts a while ago but now its clear.

And to call me a newbie , c`mon it must be only a joke
"There's a sucker born every minute" - P.T. Barnum
  • #104
  • Aug 4, 2014 5:51pm Aug 4, 2014 5:51pm
Looks like we might get 7940 in EG as GU pushes to 6900

Cashed out most at 6855 which in hindsight probably wasn't the best decision. If I see a dip I might add.
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Be hopeful in a winning position, and fearful in a losing position.
  • #105
  • Aug 4, 2014 6:46pm Aug 4, 2014 6:46pm
Two ideal entries. Instead of using a stop below each level, I will just buy more until it bounces.

Because it will bounce from these levels.

To me, much smarter than using a stop.


H1/H4
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Be hopeful in a winning position, and fearful in a losing position.
  • #106
  • Aug 4, 2014 6:54pm Aug 4, 2014 6:54pm
Quoting Proximus
{quote} I use tight stoploss .
really? your TE shows a bit wider stops.


just to be clear! everyone can have a bad entry or a loss trade, but you claim to have tight stops but your TE speaks another language...
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just do it
  • #107
  • Aug 4, 2014 7:04pm Aug 4, 2014 7:04pm
Quoting thodie
{quote} really? your TE shows a bit wider stops. just to be clear! everyone can have a bad entry or a loss trade, but you claim to have tight stops but your TE speaks another language... {image}
Yep those were the mistakes that i made.I undesestimated the USD jobless numbers of Friday.

But i reformed my approach, i focus more on short term momentum divergences from fundamentals

Here is my journal, read the last 4-5 posts and you will understand my current methodology:

http://www.forexfactory.com/showthre...98#post7650498

(Besides my maximum DD was only 5%, and i certainly wont let it higher )
"There's a sucker born every minute" - P.T. Barnum
  • #108
  • Aug 4, 2014 7:18pm Aug 4, 2014 7:18pm
Quoting thodie
{quote} really? your TE shows a bit wider stops. just to be clear! everyone can have a bad entry or a loss trade, but you claim to have tight stops but your TE speaks another language... {image}
actually up to 50 pip is a tight stop for me personally
As Above, So Below
  • #109
  • Aug 4, 2014 7:49pm Aug 4, 2014 7:49pm
I gotta admit, there is nothing wrong with tight stops if you have precision.

However, I would never risk big money on a tight stop. Max 0.25% but I'll risk over 10% on a monthly grid trade (knowing it can yield over 50%)

Catching the move is more important to me than being so precise I can use a larger lot size.
Be hopeful in a winning position, and fearful in a losing position.
  • #110
  • Aug 4, 2014 8:41pm Aug 4, 2014 8:41pm
AUDNZD I'm seeing 1.12 in the not so distant future.
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Be hopeful in a winning position, and fearful in a losing position.
  • #111
  • Aug 4, 2014 9:12pm Aug 4, 2014 9:12pm
Quoting Rag2RichesFX
AUDNZD I'm seeing 1.12 in the not so distant future. {image}
Definitely cautious of a move lower into the bigger limits
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Be hopeful in a winning position, and fearful in a losing position.
  • #112
  • Aug 4, 2014 9:16pm Aug 4, 2014 9:16pm
EURGBP support
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Be hopeful in a winning position, and fearful in a losing position.
  • #113
  • Aug 4, 2014 9:23pm Aug 4, 2014 9:23pm
EURAUD 4 Hour
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Be hopeful in a winning position, and fearful in a losing position.
  • #114
  • Aug 4, 2014 9:39pm Aug 4, 2014 9:39pm
Quoting tashkent
{quote} actually up to 50 pip is a tight stop for me personally
hehe, your right very subjective
just do it
  • #115
  • Aug 4, 2014 9:40pm Aug 4, 2014 9:40pm
Hey Rags2RichesFX, thanks for another great thread! I watched the video on page 1 and I wonder if you use similar exit strategy when trade goes against you, the martingale-style hedge grid "zone recovery", and how far you let trades go against you? Also please link trade explorer.
  • #116
  • Aug 4, 2014 10:13pm Aug 4, 2014 10:13pm
Quoting nonGMO
Hey Rags2RichesFX, thanks for another great thread! I watched the video on page 1 and I wonder if you use similar exit strategy when trade goes against you, the martingale-style hedge grid "zone recovery", and how far you let trades go against you? Also please link trade explorer.
Usually ill grid to the major support level with stop under it.

With each grid level itself always near support.

Example, buying EURAUD 1.437 with limits 1.433 stop below 1.43

or buying EG 7900 with limits 7850 and 7777 stop under 7750.

I don't do zone recovery I just simply improve cost basis when I know eventually the trend will continue in my favor.

if I don't think it will continue then I will close all trades manually and wait for a signal
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Be hopeful in a winning position, and fearful in a losing position.
  • #117
  • Aug 4, 2014 10:20pm Aug 4, 2014 10:20pm
Quoting Rag2RichesFX
EURGBP support {image}
Rags2RichesFX, do you usually trade with larger lot sizes because of the small trading range this pair gives? It just seems the 'time vs return' on EG is quite small compared to other higher ranging pairs
  • #118
  • Aug 4, 2014 10:27pm Aug 4, 2014 10:27pm
Great thread. Subscribed
  • #119
  • Aug 4, 2014 10:29pm Aug 4, 2014 10:29pm
Quoting pierre23
{quote} Rags2RichesFX, do you usually trade with larger lot sizes because of the small trading range this pair gives? It just seems the 'time vs return' on EG is quite small compared to other higher ranging pairs
small range and large volatility makes this an ideal pair for grid, as it rarely moves in a straight line.

i like it right now because it's the weakest pair in the market over the last 12 months and will correct strongly as we approach the 77.5 cent floor(if we even do)

AUDNZD is very weak too, arguable weaker. It came within 50 pips of all time lows and has been in long term accum/distribute for all of 2014. It should soon breakout to. 1.12/1.15

Quoting wind.rpha
Great thread. Subscribed
Thanks, feel free to ask questions.
Be hopeful in a winning position, and fearful in a losing position.
  • #120
  • Aug 4, 2014 10:44pm Aug 4, 2014 10:44pm
Quoting Rag2RichesFX
{quote} small range and large volatility makes this an ideal pair for grid, as it rarely moves in a straight line. i like it right now because it's the weakest pair in the market over the last 12 months and will correct strongly as we approach the 77.5 cent floor(if we even do) AUDNZD is very weak too, arguable weaker. It came within 50 pips of all time lows and has been in long term accum/distribute for all of 2014. It should soon breakout to. 1.12/1.15
Got it, thanks. It seems like your method of trading, being a positional trader, would be suited more to those with larger bank rolls; where you could stay in the market 100% of the time with multiple positions over multiple pairs. Would you say you'd need an account on the larger side to truly benefit from this type of trading?

In other words, if one had a profitable short term/day trading method with a $10k account versus your type of trading with the same account size, what would your take on that be?
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