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  • #6,201
  • Mar 22, 2016 4:52am Mar 22, 2016 4:52am
Quoting dee50
A question I have been asked in PMs "Do you think its is okay if I only trade 1-2-3 and 2b patterns with max 10 pips stop loss (5-10% balance) and I look to stop trading at 40-50 pips a day? I realise that when i use 10 pips stop loss for pull backs on trend following, i always get whipped then it goes my direction." Some of you have already completed this part of the course () and I thought it might be more useful for every one, if some of you could give your advice on the above, especially as this in one form or another (whats your sl where...
Hmm. I would say that traders should use an SL they are comfortable with, then look to move to BE at first chance. -works out well for me. To answer the question quoted, if you think you can trade like that, demo it for a month and see how it works out for you, and if you can pull 40-50 pips a day consistently. My argument is that there is much more to the recipe than that. If i went looking only for 123 and 2b, i would start seeing them everywhere...and it would turn out they were not what they seemed. Just my 2 cents.
  • #6,202
  • Mar 22, 2016 4:53am Mar 22, 2016 4:53am
edit : the bpc and break of rising trendline was seen on 10 renko
  • #6,203
  • Mar 22, 2016 4:58am Mar 22, 2016 4:58am
5% is aggressive 10% is wrong MM imho, and low lever! keep safe trading.. Protect your capital should be the first rule
agree with philip
nescentia necat
  • #6,204
  • Mar 22, 2016 5:01am Mar 22, 2016 5:01am
Same here.

Quoting PhilippineFX
{quote} Emergency SL just above/below the previous Hi/Low......seldom hit it as i try to close manually before it is reached if PA fades
Hidden in plain sight.
  • #6,205
  • Mar 22, 2016 5:01am Mar 22, 2016 5:01am
I prefer to have a hard SL at 15 pips when I'm trading Gold. Once up 10 pips, I move it to BE. I don't think there is a correct answer, it depends on your risk tolerance. Some people tolerate higher DDs, while others pull the plug pretty fast. I had the same issue with DAX, I was using a 10 pips SL, which resulted in many stop-outs, that's why I don't trade it until I build enough capital base. Key is, study the material presented here. If you learn to read PA, you are well on your way.
Invincibility lies in the defence; the possibility of victory in the attack
  • #6,206
  • Mar 22, 2016 5:02am Mar 22, 2016 5:02am
Agreed.

Quoting friska
5% is aggressive 10% is wrong MM imho, and low lever! keep safe trading.. Protect your capital should be the first rule agree with philip
Hidden in plain sight.
  • #6,207
  • Mar 22, 2016 5:18am Mar 22, 2016 5:18am
Quoting friska
5% is aggressive 10% is wrong MM imho, and low lever! keep safe trading.. Protect your capital should be the first rule agree with philip
example
Trading capital= 10,000
Account size =1,000
risk on account =10%
risk on capital = 1%
reset account to 1,000 after every 1000 in realized profits
Repeat
Just get your cash out of the market
Adjust these numbers to suit your tolerance to risk

BTW.....3 or 4 half ass days doubles the [1000]account
  • #6,208
  • Mar 22, 2016 5:21am Mar 22, 2016 5:21am
Quoting friska
5% is aggressive 10% is wrong MM imho, and low lever! keep safe trading.. Protect your capital should be the first rule agree with philip
Not necessarily. If your sole purpose is to grow an account fast, you have to risk more. 10% might be unacceptable to one, while it is business as usual to others. It depends on the individual.
Invincibility lies in the defence; the possibility of victory in the attack
  • #6,209
  • Mar 22, 2016 5:25am Mar 22, 2016 5:25am
stoploss below the last swing high or low of a 1 minute chart somewhere below the ema 21 of 1 minute chart
  • #6,210
  • Mar 22, 2016 5:29am Mar 22, 2016 5:29am
I just closed mu 10 renko chart by mistake on mt4 ...anyone know where can I find it?
  • #6,211
  • Mar 22, 2016 5:30am Mar 22, 2016 5:30am
Quoting bettervolume
I just closed mu 10 renko chart by mistake on mt4 ...anyone know where can I find it?
Offline charts?
Invincibility lies in the defence; the possibility of victory in the attack
  • #6,212
  • Mar 22, 2016 5:30am Mar 22, 2016 5:30am
Quoting BBalazs
{quote} Not necessarily. If your sole purpose is to grow an account fast, you have to risk more. 10% might be unacceptable to one, while it is business as usual to others. It depends on the individual.
right,
but the time you can take this risk?
you can use it at the beginning, if you're undercapitalized. but (on this I'm pretty sure) you can not do 100% of success, always.
the black swan comes to everyone.
and if you're very exposed, you blow the acc. if you want to risk at the beginning you can do but I see that the lever and capital are inversely proportional.
at the increase of capital should decrease the lever.
There is also one thing that is the 'psychological capital', which are not real money on your acc but it is how we perceive our capital and our losses.
if you have a good capital and risk the right, you'll be less stressed out from your position, and more sure of yourself and you'll avoid premature closure for panic for a position that with patience is instead 'winner' for example.
imho..
nescentia necat
  • #6,213
  • Mar 22, 2016 5:34am Mar 22, 2016 5:34am
Quoting BBalazs
{quote} Offline charts?
yes
  • #6,214
  • Mar 22, 2016 5:35am Mar 22, 2016 5:35am
Quoting PhilippineFX
{quote} example Trading capital= 10,000 Account size =1,000 risk on account =10% risk on capital = 1% reset account to 1,000 after every 1000 in realized profits Repeat Just get your cash out of the market Adjust these numbers to suit your tolerance to risk BTW.....3 or 4 half ass days doubles the [1000]account

yes that's a good point and overall your mm is 1% of trading capital.
placing SL according with your risk position/capital management.
nescentia necat
  • #6,215
  • Mar 22, 2016 5:35am Mar 22, 2016 5:35am
Quoting friska
{quote} right, but the time you can take this risk? you can use it at the beginning, if you're undercapitalized. but (on this I'm pretty sure) you can not do 100% of success, always. the black swan comes to everyone. and if you're very exposed, you blow the acc. if you want to risk at the beginning you can do but I see that the lever and capital are inversely proportional. at the increase of capital should decrease the lever. There is also one thing that is the 'psychological capital', which are not real money on your acc but it is how we perceive...
Indeed. That is up to the individual to decide whether it's worth it or not. I can speak from experience, as I have a mini account, with which I take on 4-5% risk / trade. I also have a normal account, where I don't risk more than 1-2 % of my capital on a transaction. If you have a 100$ to spare (or more), it is interesting to see just for the heck of it, how fast can you grow (or blow) it with high risk.
Invincibility lies in the defence; the possibility of victory in the attack
  • #6,216
  • Mar 22, 2016 5:36am Mar 22, 2016 5:36am
Quoting bettervolume
{quote} yes
Simply open the offline charts tab under 'File' in MT4. It should be there. Or try 'Open Deleted'.
Invincibility lies in the defence; the possibility of victory in the attack
  • #6,217
  • Mar 22, 2016 5:38am Mar 22, 2016 5:38am
Quoting BBalazs
{quote} Simply open the offline charts tab under 'File' in MT4. It should be there. Or try 'Open Deleted'.
thanx bblazs
  • #6,218
  • Mar 22, 2016 5:46am Mar 22, 2016 5:46am
I shut down and restarted my platform again, and once again there are differences, unfortunately I have seen this with just about every Forex Broker I have ever been with, the differences are normally between brokers because of the different data feeds that they have. I think this does have some thing to do with Offline charts and is a common problem with most non standard bar types, some thing to do with the opening bar time stamp? some one who knows about these things said some thing to that effect on a thread some where, so every time you restart your platform the data is interpreted differently and some bars change. But I am curious as to how 10 - 15 pips of data are omitted from the chart during a session and then appear if you restart, surely that data must have been transmitted in the first place. I did have a look at a IG Markets chart and Investing.com chart and they both had different prices as wellAny one have the technical know how to explain this phenomenon?
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Cut your Losers short and let your Winners run.
  • #6,219
  • Mar 22, 2016 6:00am Mar 22, 2016 6:00am
Quoting dee50
I shut down and restarted my platform again, and once again there are differences, unfortunately I have seen this with just about every Forex Broker I have ever been with, the differences are normally between brokers because of the different data feeds that they have. I think this does have some thing to do with Offline charts and is a common problem with most non standard bar types, some thing to do with the opening bar time stamp? some one who knows about these things said some thing to that effect on a thread some where, so every time you restart...
Strange business...I have only observed such behavior some time ago, when i tried basing my renko charts on timeframes other than 1m.
  • #6,220
  • Mar 22, 2016 6:04am Mar 22, 2016 6:04am
Quoting dee50
I shut down and restarted my platform again, and once again there are differences, unfortunately I have seen this with just about every Forex Broker I have ever been with, the differences are normally between brokers because of the different data feeds that they have. I think this does have some thing to do with Offline charts and is a common problem with most non standard bar types, some thing to do with the opening bar time stamp? some one who knows about these things said some thing to that effect on a thread some where, so every time you restart...
It happens to me all the time. That's why open MT4 way before LO and keep it running. It has something to do with MT4 not saving tick data as far as I know.
Invincibility lies in the defence; the possibility of victory in the attack
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