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Multi-Lot Multi-Timeframe Position trading

  • #421
  • Oct 31, 2014 12:06am Oct 31, 2014 12:06am
Quoting tashkent
very nice thread, Graviton! excellent posts.
Yes GOOD stuff.. all last 3 posters..
  • #422
  • Oct 31, 2014 12:38am Oct 31, 2014 12:38am
nice ! so your trading style is also base on 8/9 TFs ?
  • #423
  • Edited 5:49am Oct 31, 2014 5:35am | Edited 5:49am
Up over +1100p on 5 trades after only 6 hours! Insane. BOJ release and good US data.

Earlier I said I placed an entry order above the recent high in case price moved and it did. And so it took me into the market and moved 200 pips!

Should I close out for the weekend and lock in profits or look for places to place new trades? Afterall "winners add to winning trades"!

A bit of both. I will close duplicate trades from earlier and leave 1 position open on each pair.
Attached Image (click to enlarge)
Click to Enlarge Name: UJ20141031H1b.jpg Size: 161 KB
Winners add to winning trades!
  • #424
  • Oct 31, 2014 9:10am Oct 31, 2014 9:10am
Quoting mk5
nice ! so your trading style is also base on 8/9 TFs ?
Yes, I am looking for good trending in all timeframes, or at least 8 of 9 with the one that isn't trending right to be showing a possibility of joining the prevailing trend.
  • #425
  • Oct 31, 2014 9:31am Oct 31, 2014 9:31am
Quoting marshalmax
Up over +1100p on 5 trades after only 6 hours! Insane. BOJ release and good US data. Earlier I said I placed an entry order above the recent high in case price moved and it did. And so it took me into the market and moved 200 pips! Should I close out for the weekend and lock in profits or look for places to place new trades? Afterall "winners add to winning trades"! A bit of both. I will close duplicate trades from earlier and leave 1 position open on each pair.
Good decision. I'm in the same situation and will probably do the same thing, taking some big chunks of profit and leaving some to ride over the weekend. Once you have done this for a while, you will gain confidence in your methods and be better able to withstand the markets swings. Remember that price can never go to infinity or to zero. If trading is bad, it will get good again, but sometimes only after it gets worse. If trading is good, it will go bad again. Be prepared to bail out when needed and just wait it out. Most of your pips will be made by doing nothing, either not taking bad trades in bad markets, or not bailing out of good trades too soon with small profits. Small profits wont get you where you want to go. You need a lot of confidence in your method to make the big profits and a lot of wisdom to avoid the big losses. Be patient with yourself. Building that confidence and wisdom takes time.
Best success.

G
  • #426
  • Oct 31, 2014 9:33am Oct 31, 2014 9:33am
Quoting danc
{quote} Yes GOOD stuff.. all last 3 posters..
Thanks DanC, hope things are going well for you.

G
  • #427
  • Oct 31, 2014 9:36am Oct 31, 2014 9:36am
Quoting AlbinaGrande
{quote} Thanks G, I always appreciate your comments. AG
You're most welcome AG. I hope things are going well for you there.

G
  • #428
  • Oct 31, 2014 9:42am Oct 31, 2014 9:42am
Quoting tashkent
very nice thread, Graviton! excellent posts.
Thanks Tashkent. I try to put a lot of good ideas out there, hoping that something will help someone. Most of the things I discuss have been tested for many years in all sorts of market conditions. Of course, everything wont work for everyone, but if you get a single good idea that works well for you, then it's worth the effort. Best success.

G
  • #429
  • Oct 31, 2014 9:54am Oct 31, 2014 9:54am
Quoting marshalmax
{quote} I know what you mean. I added a 3rd stoch to my 2 stoch indi and have backtested taking trades only when all 3 get into the overbought or oversold locations thereby putting me into strong trends and riding them. So I look for that on the Daily and then wait for same on H4 and then enter when same happens on H1. So far this week I have entered 4 trades and all 4 are now up with a #2 trade added to one of them when they go to +50p. So +200p up on all 5 so far. If I only take trades once all 3 stochs on all 3 timeframes lines up and stack them...
Excellent strategy Max. Tightening up your trade criteria in tough times will save you tons of pips. In very tough times, I've tightened up mine to the point where I sit for days waiting for a set-up. Patience is a critical component for success in times like those. Trading will always get good again, eventually. You just have to wait for it. When it's bad, there is nothing you can do to "make" it good. Any attempt to "make" the market do right just costs you pips. The only thing that really works well in a bad market is to wait it out, as long as it takes.

But the opposite also applies. Letting at least some profits run in good times and having the confidence to take more trades when they are good set-ups helps make up for all the bad times and more. Glad to see things are going well for you.

G
  • #430
  • Edited 10:44am Oct 31, 2014 10:20am | Edited 10:44am
Pulling another trick out of my bag. Using Heiken Ashi chart to ride a strong UJ trend with a 4-lot long trade. Since it's Friday I'd like to take a nice profit to make my weekly numbers. Very simply, because I'm a simple minded guy, If I only have up(white) candles, I just ride the trend, putting on another lot every now and then. If I get a red(down) candle, I'll take off the most profitable lot(s). If I don't see a turn before the close today, I'll still want to take a big chunk of profit off before the weekend to reduce weekend gap risks. I only use this for one thing, to give me the confidence to hang in there to ride a good trend longer for better profits. If you have trouble riding a good trend for big profits (and who doesn't?), it's a great confidence booster. Otherwise, it's not magical. No indicator is really.

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  • #431
  • Oct 31, 2014 11:15am Oct 31, 2014 11:15am
Hi G,

I also have a 3 trade on UJ as well as AF. Looking to cover my nut by selling one of each, actually a bit more since my goal is 150-250 pips each week. Will let the others ride for now, hopefully to a clearer distribution point - kinda, sorta like pipEASY but trying to build a centipede rather than a millipede. I need much more experience before going all in his way.

Attached Image (click to enlarge)
Click to Enlarge Name: 10-31 H8 UJ.jpg Size: 154 KB


Best, AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #432
  • Edited 12:16pm Oct 31, 2014 12:04pm | Edited 12:16pm
Quoting AlbinaGrande
Hi G, I also have a 3 trade on UJ as well as AF. Looking to cover my nut by selling one of each, actually a bit more since my goal is 150-250 pips each week. Will let the others ride for now, hopefully to a clearer distribution point - kinda, sorta like pipEASY but trying to build a centipede rather than a millipede. I need much more experience before going all in his way...
Absolutely, never trade beyond your level of comfort. I agree 100% with that. Just took a lot of profit off myself. Feels good.

G
  • #433
  • Oct 31, 2014 4:02pm Oct 31, 2014 4:02pm
Quoting Graviton
{quote} Thanks Tashkent. I try to put a lot of good ideas out there, hoping that something will help someone. Most of the things I discuss have been tested for many years in all sorts of market conditions. Of course, everything wont work for everyone, but if you get a single good idea that works well for you, then it's worth the effort. Best success. G
reading some of your posts was sufficient to conclude that you have a solid mindset which many here lacks. i will hang around time by time.
have a great weekend!
As Above, So Below
  • #434
  • Nov 1, 2014 10:32pm Nov 1, 2014 10:32pm
appreciate your reply alot G. =) got wiped out badly =( gotta rest for awhile. lacking discipline.
lets say if its 8/9 tfs in your favor, you'll look at the 1/9 to look for an entry am i right ? =)
  • #435
  • Edited 1:57pm Nov 2, 2014 1:24pm | Edited 1:57pm
Quoting mk5
appreciate your reply alot G. =) got wiped out badly =( gotta rest for awhile. lacking discipline. lets say if its 8/9 tfs in your favor, you'll look at the 1/9 to look for an entry am i right ? =)
Sorry to hear you got wiped out mk5. Typically, that only happens when one violates the stoploss during the course of the trade. Most traders do that several times early on, so don't let it get you down. In time, you can learn to not do that again. I had to learn it the hard way and I'm probably more stubborn than most people.

A cardinal rule of good trading is never move a stoploss against the direction of your trade. If the market is moving against your trade, you can't control that, but you can still have some degree of control without moving your stoploss against the direction of your trade. Instead of moving the stoploss against the direction of your trade, just exit. Of course you'll take a loss, but it will be less than if you waited for the stop to be hit, and you'll never again be wiped out by moving a stop against the direction of the trade. After you take the exit. Take a short break and reward yourself somehow for doing the right thing. LOL, I take a walk in my gardens and give myself a sugar free popsicle. Whatever works for you.

In answer to your question, suppose all timeframes except the H1 are trending up and the H1 is trending down. A good entry would be when the H1 appears to be turning back up in the direction of the other timeframes. so I'd want to see that happening, and I'd also want to check the short TF's, 5M and 15M to make sure they haven't turned down right as I enter. These are just my personal conditions that should be satisfied before entry. Use the entry signal that works for you.

Note that about 60% of my entries are not profitable. If price goes a little way in my direction right after entry and then turns back around and comes back to my entry point, I'll exit at break even. That's about 30% of my trades. No harm, no foul and I can try another entry later. If price turns against me right after entry, I'll quickly exit for only a few pips loss. That's about another 30% of my trades. I've had weeks at a time where that's all I get, break evens and small losses. It can be a very frustrating business at times. If price goes in my favor right after entry and never retraces back over the entry point, I consider it a good trade, because that's what good trades should do. In a bad spell, I might lose 200 to 300 pips in two awful weeks of trying unsuccessfully to get into a good trade, then make 1,500 pips in one good week of trading where it seems that everything works. After years of this emotional torture, you just start to take it for granted and the small losses don't bother you because you know that each small loss gets you closer to the big win that's coming. The trick is just to keep those losses very small so you can have capital to trade when the good wins come along. Any loss greater than 1/2 your average win is too large, in my opinion. If you are getting hit with losses that large, you need to look at changing things. Best success.

G
  • #436
  • Nov 2, 2014 1:45pm Nov 2, 2014 1:45pm
Quoting tashkent
{quote} reading some of your posts was sufficient to conclude that you have a solid mindset which many here lacks. i will hang around time by time. have a great weekend!
Welcome aboard Tashkent. Was reading your Trading Philosophy thread. I agree with most of what is there, though I don't think the markets are 100% random. The research I've seen indicates the markets are 90 to 95% random. Of course, that's enough to cause most traders to bust their accounts. To exploit the small non-random component, one must have a very well defined edge and great money management. In my opinion, this market is so difficult, that trading any more than 0.01 lot per $1,500 account capital will probably lead to a busted account. I've never known of anyone who tried to trade a live account with less than $1,000 that survived. When people tell me they are going to try live trading with $500, I tell them to put the money in the bank and trade demo instead. Chances are almost zero that they can make it starting with an account that small.

Oh well, back to preparing for the open. Best success to you.

G
  • #437
  • Nov 2, 2014 5:44pm Nov 2, 2014 5:44pm
Great posts lately. Awesome work.
Winners add to winning trades!
  • #438
  • Nov 2, 2014 9:42pm Nov 2, 2014 9:42pm
Quoting Graviton
{quote} Sorry to hear you got wiped out mk5. Typically, that only happens when one violates the stoploss during the course of the trade. Most traders do that several times early on, so don't let it get you down. In time, you can learn to not do that again. I had to learn it the hard way and I'm probably more stubborn than most people. A cardinal rule of good trading is never move a stoploss against the direction of your trade. If the market is moving against your trade, you can't control that, but you can still have some degree of control without...


thank you so much for getting back. awesome read. i've been trading $500 live on IG and FX-primus
hmm are u using MT4 too ?

Keith
  • #439
  • Nov 2, 2014 9:57pm Nov 2, 2014 9:57pm
Quoting Graviton
{quote} Welcome aboard Tashkent. Was reading your Trading Philosophy thread. I agree with most of what is there, though I don't think the markets are 100% random. The research I've seen indicates the markets are 90 to 95% random. Of course, that's enough to cause most traders to bust their accounts. To exploit the small non-random component, one must have a very well defined edge and great money management.
There is nothing to much add to this. the only thing i can say is I no longer think market is 100% random. I agree with your statement about the research. Also think that predictably irrational behavior of market participants can be exploited sometimes in projecting the market direction.


Inserted Video
As Above, So Below
  • #440
  • Nov 2, 2014 9:59pm Nov 2, 2014 9:59pm
Quoting mk5
{quote} thank you so much for getting back. awesome read. i've been trading $500 live on IG and FX-primus hmm are u using MT4 too ? Keith
Yes, I use MT4. It's the most popular platform I suppose.
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