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Highest Open / Lowest Open Trade

  • #2,341
  • Jun 17, 2016 5:31am Jun 17, 2016 5:31am
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caught this beauty while i was looking around different pairs.....already +5 and letting it run...
  • #2,342
  • Jun 17, 2016 7:04am Jun 17, 2016 7:04am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,343
  • Jun 17, 2016 7:07am Jun 17, 2016 7:07am
USD and CAD RED news at bottom of the hour.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,344
  • Jun 17, 2016 7:27am Jun 17, 2016 7:27am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,345
  • Jun 17, 2016 8:08am Jun 17, 2016 8:08am
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Lowest H1 open near yesterday's low.
Breakout vs reversal.
Sitting this dance out.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,346
  • Jun 17, 2016 8:45am Jun 17, 2016 8:45am
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Trying to figure this out
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,347
  • Jun 17, 2016 9:09am Jun 17, 2016 9:09am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,348
  • Jun 17, 2016 9:32am Jun 17, 2016 9:32am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,349
  • Jun 17, 2016 10:00am Jun 17, 2016 10:00am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,350
  • Jun 17, 2016 10:02am Jun 17, 2016 10:02am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,351
  • Jun 17, 2016 12:35pm Jun 17, 2016 12:35pm
PLEASE READ AND COMMENT OVER THE WEEKEND

This was sent to me:

Hey there,

Quick question for you...

WHAT'S HOLDING YOU BACK?

I've asked hundreds of people this same exact question...and I've heard hundreds of unique reasons.

The answers are a virtual laundry list of problems ranging from the terrible government...to rough childhoods...to horrible jobs...and just about everything in between.

It's also a question that I've asked myself hundreds of times....and came up with my own unique excuses each time.

My justifications ran the gamut of not coming from money...to having too many freckles...to a priest almost beating me up...and so much more (depending on the day and how I "felt").

But guess what I've discovered?

None of those things were to blame.

There was (and is) only one real enemy and I live with it every minute of every day...

The 3-Letter "Enemy"

There's an old African proverb that says, "If there is no enemy within, the enemy outside can do us no harm". So who is this enemy?

It's your EGO and if you can defeat or "tame" it...your life will change forever.

This is exactly what author Ryan Holiday walks us through in his excellent new book, aptly titled, EGO IS THE ENEMY.

This book is a quick (but jam-packed with takeaways) read which offers invaluable advice on how to overcome our worst enemy...and do our best work.

So...What's the Problem with Ego?

As I was reading Ryan's book, I found myself nodding my head in agreement time and time again. Not just because of the examples he uses but also because of how my ego has affected my own life.
"While the history books are filled with tales of obsessive, visionary geniuses who remade the world in their image with sheer, almost irrational force...

....I've found that if you go looking you'll find that history is also made by individuals who fought their egos at every turn, who eschewed the spotlight, and who put their highest goals above their desire for recognition."


I recently interviewed Ryan and asked him a question that often comes up whenever ego is discussed: "Isn't ego important?"

He explained that it's not about getting rid of your ego completely (that's not possible) but it's about not letting it become too big. The definition he uses in the book is "...an unhealthy belief in your own importance."
"It's that petulant child inside every person, the one that chooses getting his or her way over anything else.

The need to be better than, more than, recognized for, far past any reasonable utility--that's ego.

It's the sense of superiority and certainty that exceeds the bounds of confidence and talent."
The Three "Stages"

It's easy to think that ego is just a problem for super successful CEOs and megalomaniac celebrities, right?

After taking a quick glance at your social media feeds or after a few interactions at work and you will see this is something that affects us all.

That's why this book is broken down into different sections because "...at any given time in life, people find themselves at one of three stages."

Here's a quick breakdown of each one...

1) THE "ASPIRE" STAGE

When: You are setting out to do something new. The start of a great journey. A new goal, calling or beginning (first job, new business, side-hustle, writing a novel, etc).

The "Ego" Problem: You don't ask for help. You pretend to have it all "figured out". You don't want to do something "beneath you."

The Solution: Think BIG but act SMALL. Be someone who is focused on taking action and learning, and forgo validation and status.

2) THE "SUCCESS" STAGE

When: You've made it! You worked hard and you're at the top of the mountain of success (or at very close to it).

The "Ego" Problem: You stop learning. You stop listening to advice (you've got it all figured out!). You focus too much on everyone else and lose a grasp on what really matters to you.

The Solution: Ask and answer this simple question: WHY DO I DO WHAT I DO? As Holiday explains, "Stare at it until you can [answer it]. Only then will you understand what matters and what doesn't."

3) THE "FAILURE" STAGE

What Is It?: You are experiencing something that everyone (even the most successful people in the world) have gone through over and over...you failed. It might have been an outright flop or perhaps your goal was harder to achieve than you thought it would be and you came up short.

The "Ego" Problem: Your ego tells you that you are a failure. It wants you to believe that you are the only one who has ever failed like this. It gently keeps repeating, "You suck. You suck."

The Solution: Understand (and know) that you are not a failure but rather, you are simply "experiencing failure".

Which leads us directly to one of my favorite takeaways from Holiday's book...

The "Stockdale Paradox"

When you're dealing with failure, you need to embody what's come to be known as the "Stockdale Paradox".

This concept is based on the philosopher soldier James Stockdale, who spent seven years in a North Vietnamese prison camp.
"On the one hand, to survive such an ordeal you must have deep faith in yourself and your ability to persevere.

On the other, you must be realistic about your situation and surroundings. False hope is not your friend; like ego, it betrays you in the toughest moments."
In other words, trust in your ability to not only get through this failure and believe that you can persevere to create something even better...but be realistic about what you are facing and what needs to be done now.

So...What's In It For Me?

My "battle" with my own ego is something I fight everyday. Sometimes I win and sometimes my ego kicks my butt. But I keep fighting, regardless of which of the three stages I'm currently at in life.
"Everyday for the rest of your life you will find yourself at one of three phases: aspiration, success, failure. You will battle the ego in each of them. You will make mistakes in each of them."
At this point you might be thinking, "Ummm....that sounds like a lot of work. Why should I bother? What's in it for me?"
"We should want...to do great things. But no less impressive an accomplishment: being better people, being happier people, being balanced people, being content people, being humble and selfless people. Or better yet, all of these traits together.

And what is most obvious but most ignored is that perfecting the personal regularly leads to success as a professional, but rarely the other way around."
And that's what makes it a war worth waging...every single day.

To your success,

CHRIS WINFIELD
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,352
  • Jun 18, 2016 1:27pm Jun 18, 2016 1:27pm
Hi TooSlow.

Can you put an arrow in you charts to show us you entry candle?

Thank you!
  • #2,353
  • Jun 18, 2016 5:13pm Jun 18, 2016 5:13pm
Quoting TooSlow
PLEASE READ AND COMMENT OVER THE WEEKEND This was sent to me: Hey there, Quick question for you... WHAT'S HOLDING YOU BACK? I've asked hundreds of people this same exact question...and I've heard hundreds of unique reasons. The answers are a virtual laundry list of problems ranging from the terrible government...to rough childhoods...to horrible jobs...and just about everything in between. It's also a question that I've asked myself hundreds of times....and came up with my own unique excuses each time. My justifications ran the gamut of not coming...
Interesting read, "look deep within yourself, Clarice" - Cannibal Man (I know he is not referring to anything regarding introspect). Surface the demons Too Slow we will destroy them.
  • #2,354
  • Edited 2:46pm Jun 19, 2016 2:25pm | Edited 2:46pm
I like this trading method so much, thread Trading is as simple as 1-2-3 too. But, only thing which is not clear to me is this:

You enter a trade with for example 10 pips SL. And you won this trade with +5 pips. So if you are risking 1% you are up 0.5%. Right?
You find next trade opportunity. SL is 10 pips. And you lost this trade. So, if you risking 1%, you are 1% in loss. In total, you are 0.5% in loss after two trades.
And then, you find next opportunity. SL is 10 pips too. And you won this trade with +5pips for example. If you risk 1%, you are up 0.5%. So in total you are on 0%.

There will be BE+1 trades. This is small profits. 0.1%, if we risk 1% on trade, right?
And then again, we have loss, and this loss wiped most of our profits, right?

What is point of this post?
Trading this method, risk/reward is bad (poor)?

I hope you understand my question, and I hope I will get clear answer.

Thank you! Keep posting charts. Still, probably easiest method, and probbaly one of easiest thread to read, beacuse you keep it clean.

EDIT: And yes, there will be trades when we trail SL, and then bank more pips, but, again, I think, loser trade will wipe that. I am wrong, probably, please correct me.
Most traders dont give me a clear answer when I ask them this type of question, I hope you will.

EDIT 2: If it is not a profitable method, you will not trade it, I know that. So, please, explain me this.

Thank you!
  • #2,355
  • Jun 19, 2016 2:32pm Jun 19, 2016 2:32pm
Quoting skljsklj1
I like this trading method so much, thread Trading is as simple as 1-2-3 too. But, only thing which is not clear to me is this: You enter a trade with for example 10 pips SL. And you won this trade with +5 pips. So if you are risking 1% you are up 0.5%. Right? You find next trade opportunity. SL is 10 pips. And you lost this trade. So, if you risking 1%, you are 1% in loss. In total, you are 0.5% in loss after two trades. And then, you find next opportunity. SL is 10 pips too. And you won this trade with +5pips for example. If you risk 1%, you are...
maybe martingale lots will work .... I asked similar questions i think the strategy has potential because you trades have pretty nice probabilities of gain but it lacking MM
  • #2,356
  • Edited 4:25pm Jun 19, 2016 3:58pm | Edited 4:25pm
Quoting Neo1
{quote} maybe martingale lots will work .... I asked similar questions i think the strategy has potential because you trades have pretty nice probabilities of gain but it lacking MM
You better start with a VERY low position size. You have to have a ton of capital to back that strategy. Your position size becomes exponential after a while. Be careful.
  • #2,357
  • Jun 19, 2016 4:17pm Jun 19, 2016 4:17pm
Quoting skljsklj1
Hi TooSlow. Can you put an arrow in you charts to show us you entry candle? Thank you!
Do you not understand this method?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,358
  • Jun 19, 2016 4:29pm Jun 19, 2016 4:29pm
Does the spread ever go down on Sundays? Or is it usually a no go zone?
  • #2,359
  • Jun 19, 2016 4:36pm Jun 19, 2016 4:36pm
Quoting wannalearn12
Does the spread ever go down on Sundays? Or is it usually a no go zone?
MARGIN IS BIG TOO
  • #2,360
  • Jun 19, 2016 4:38pm Jun 19, 2016 4:38pm
Quoting wannalearn12
{quote} you better start with a very low position size. You have to have a ton of capital to back that strategy. Your position size becomes exponential after a while. Be careful.
i dont use martingale
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