More simple is impossible

Lol, you are right, it is getting weirder and weirder.

I am just going to re post this link as clearly some of you did not look at it.

LET IT TURN, THEN FIND YOUR ENTRY.
http://yourtradingcoach.com/trading-...nd-your-entry/

Can't argue with the experience of the Dean, I had to look again at my charts and I saw what I missed after the chance to score had passed.

This is what happens in a ranging market.....too much time on everyone's hands

"100 traders with the exact same strategy will find 100 ways to execute that strategy"***

***Dancing Phil

Hello Everyone,

Someone have some good indicator or template to use with DAX?

Someone can help ?

Really good start today... two trades on renko 10 chart (with multiple exits). Firtst one because of divergence, second also divergence in combination with trendline support.

Again the hint of our renko chat room, see #6739
I'd be happy to welcome a few more user there.

Sure, here you go

I want to go long but its taking forever

GER30+71+2+33+20+28+50. Got to go and plant my Tomatoes, conditions are perfect. CU later.

yes I jumped the gun on the triangle breakout could have gone awfully wrong, NAH. But I got a second entry out of it where it should have been in the first place.

Dee,

I took the same trade but got out way earlier. I mostly get out when I have more pips than what my Sl would have been. Too afraid to lose. In hindsight I think I know why you had your TP there. It was roundabout the Daily Open price which is just below the yesterday's High = confluence of resistance in that area. Anyway that how I see it now?

Another thing. I assume you use the previous day's High and Low as S&R levels......I saw at least 5 or more of your posts refer to it. Also Lance Beggs to whom you referred a few times lately place quite some importance on those. Please just confirm again that those are also S&R levels in your trading.

Also don't know if its you who have improved as a teacher lately or its just that the penny is starting to drop for me, but where till recently most of your posts/ trades did not make any sense to me, things is starting to become more clear now. I am sure that piece of advise you gave to Philli (just observe) is making a difference.

So thanks again for all the help and teachings

I like the squeeze pattern you referred to yesterday. Strangely enough the pattern you had on you chart from yesterday didn't show up on my charts, but today I had a couple which are not so obvious on your charts.

I think it might be broker data again. The low of the day on your charts is 10365ish where as on mine it's 10338 and the high on that last run up on your chart is near the 10480 SR level, whereas on mine the same high is 10452. Strange how 2 brokers can be around 30 pips different in their data?

You said you jumped the gun on the triangle breakout, but I got in at the same place because I had early warning of it because of breakout from the squeeze pattern on the MACD.

Hello Everyone. I took two trades today, but i mostly observed PA. The first trade, i made a serious error...jumped to trade before seeing the big picture. I didn't even draw the TL(yellow) and became convinced that this was a flag and it was breaking upwards. Then i jumped the gun before it broke, and paid -13 for it.
I guess i got convinced by the div on 5 at brn.
Second trade, i was not even at my station and was not gonna trade, but then I read bettervolume posting about going long. So i turned my mt4 and saw the setup, waited for breakout, bpc and took it to daily open line for +47. (thanks for the heads up bettervolume)
Best, Josh
edit-second chart should read +47, not +37.

Kenneth Grant, in "Trading Risk: Enhanced Profitability through Risk Control", depicts his experience as risk manager for some of the best and most successful hedge funds, amongst others Paul Tudor Jones funds that:

"ACROSS ALL TRADING STYLES, TIME FRAMES AND TRADERS, ONE RULE HOLDS TRUE:

10% OF ALL TRADES INEVITABLY ACCOUNT FOR 90% OF PROFITS !"

Same goes for ALL the Market Wizards. Losing is part and parcel of trading, just a cost of doing busioness as a trader.

-Richard Dennis' former Turtles partner William Eckhardt in Market Wizards:

William Eckhardt:

The Win/Loss Ratio
“One common adage on this subject that is completely wrongheaded is: You can’t go broke taking profits. That’s precisely how many traders do go broke. While amateurs go broke by taking large losses, professionals go broke by taking small profits. The problem in a nutshell is that human nature does not operate to maximize gain but rather to maximize the chance of a gain. The desire to maximize the number of winning trades (or minimize the number of losing trades) works against the trader. The success rate of trades is the least important performance statistic and may even be inversely related to performance. …

What really matters is the long-run distributions of outcomes from your trading techniques, systems, and procedures. But, psychologically, what seems of paramount importance is whether the positions that you have right now are going to work. Current positions seem to be crucial beyond any statistical justification. It’s quite tempting to bend your rules to make your current trades work, assuming that the favorability of your long-term statistics will take care of future profitability. Two of the cardinal sins of trading - giving losses too much rope and taking profits prematurely - are both attempts to make current positions more likely to succeed, to the severe detriment of long-term performance.
Market Wizards



-Billionaire hedge fund manager Bruce Kovner:

Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.

Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I'm getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis. I never think about other people who may be using the same stop, because the market shouldn't go there if I am right.
Market Wizards



- Richard Dennis (Turtles daddy, who turned 400 bucks into several hundred million):

When things go bad, traders shouldn't stick their head in the sand and just hope it gets better.

You should always have a worst-case point. The only choice should be to get out quicker.

The worst mistake a trader can make is to miss a major profit opportunity. 95 percent of profits come from only 5 percent of the trades.



- Bill Lipschutz (Biggest earning earning trader for many years at the then investment bank Salomon Brothers before he started his own hedge fund):

I don't have a problem letting my profits run, which many traders do. You have to be able to let your profits run. I don't think you can consistently be a winner trading if you're banking on being right more than 50 percent of the time. You have to figure out how to make money by being right only 20 to 30 percent of the time."
New Market Wizards

- George Soros:

I don't care when I'm wrong. I cut my losses and move on to the next opportunity. Trading is not about being right. It's about how much you make when you are right.

A lot of these people became Billionaires because they understood that losing is part and parcel of trading.

In a nutshell, I've been trading professionally since twenty years, and if someone wants to make you believe they only have winning trades, run, don't walk, because it's complete nonsense and simply does not exist in the real world.

;-)

Hello Everyone,

I look here a lot of indicators and EA´s.

So, to use in the DAX, What strategy is working better?

Yeah yeah, run, run away and don't look back.

Someone here said the hint is his loosing trades are the BE of 2+ve trades.

As a pro trader maybe your %age risk is 0.025% you can afford to have 30 loosing trades in a row and you would have lost merely .075% of your account and when you finally catch the right trend you add and add as you let your winners run, or something like that to produce your 25% pa return. In this case you can afford to employ all manner of sophisticated algos and black boxes and hedge and forecast to produce 25% pa.
On the other hand a small fish who is risking 2-3% per trade would sharpen his edge until his loosing trades turn out to be just BE and at the end of the year produce >3000% return.

If you believe only what the experts and authorities say, then we would still believe that the world is flat and automobiles can not run on water or in water, the limits are only self imposed.

Like someone said "Let those who can't not do it step aside and not disrupt those who are doing it"!

I fully understand that most newbs and unprofitable traders are forever on the search for the nonexistent holy grail.

Most losing traders waste their entire careers on thinking that if they only study hard enough they will eventually crack the "secret" behind what drives markets, sthg that doesn't exist once you reach the right side of the chart.

But what ya gotta understand is that IF you want to have even a remote chance at ever making more than you lose over time trading, there will be absolutely no getting around one fact:

You WILL have to learn how to lose.

The reason is dead simple:

Trading is nothing but a probability game.

The outcome of the individual trade is ALWAYS random.

Your edge only plays itself out over time, NOT, lol, on every single trade.

Why ?

You can study markets till your head turns blue, but all it takes is a major market player buying 5000 Spoos, and THAT will move the market.

NOT your moving averages or divergences or whatnots.

As attractive as that might seem, it's just a pipe dream.

Oh and yes.

That's got nothing to do with size.

Paul Tudor Jones started out as a local and is still doing what he did back then in essence.

Yes you can make several percent per day or compounded several thousand percent per year when you're small(ish).

But the bigger you get the more your returns will diminish simply because eventually you will start moving the market due to liquidity limits.

But the principle is always the same:

Trading is a probability game, and losing IS simply a part of doing business as a trader.

So don't waste your entire career searching something that doesn't exist, a method where you will never lose.

Go and apply to a prop firm that let you trade their money, and tell em hey ya know what, trading CFD's I gotta system that never loses.

Tell ya what ?

You won't even get invited to an interview, they'll simply laugh you out the door.

Take Lawrie Inman.

He started out at a prop shop with no money to his name (Dad was a cab driver), was a millionaire before his first year was over, and is now trading for Pault Tudor Jones, on his way to his first 100 Mill.

And that is a guy who really knew how to lose and had zero problems with that, because he wasn't in this to be right or feed a fragile ego, he is in this to Make Money.

And again.

The only way you can do that is if you learn how to lose.

Oh yeah, finally, don't trade CFD's, those prices have zilch to do with what the real markets are doing.

And guess what.

It's not because those bucket shops have the customers best interests at heart.

;-)

I really don't understand what the issue is. No one is selling anything, not even a loss-free system. What we are doing is sharing the way we trade and learning from each other. Whether we take losses the traditional way or decide to kill a trade with +2, or whatever - that money management is an individual's call.

I also don't understand people who come in to a thread and just give their negative opinions. Now I can see you are think you are doing newbies a favour by warning them against the holy grail of a no-loss system - fair enough. But wouldn't it be better, more helpful even, if you actually could offer traders some help? Perhaps after spending sometime in a thread actually helping others - you might, might then have a right to make some judgemental remarks.