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Highest Open / Lowest Open Trade

  • #10,161
  • Jan 26, 2017 10:00am Jan 26, 2017 10:00am
Quoting lemercenaire
{quote} As has been noted previously, Hal's concept of closing 80% at BE+5 and letting the rest run, is certainly worthy of consideration. Certainly the simplest of the alternative trade-management methods and quickest to implement.
Make sens. I also saw good ideas in another galaxy

Going mainly for small profit was not clear for me based on what I read in the thread. Of course we see a lot of BE+1. But more often then not charts with no mention of the taken profit are showed. And that lead me to think most trades were closed with a great amount of pips(probably because that's what I wanted to see). I am not complaining of course, just saying that this was not clear in my head. I assume the point of not showing the amount of pips collected is to not restrict people/the method to a specific way of doing.
  • #10,162
  • Jan 26, 2017 10:57am Jan 26, 2017 10:57am
10 trades.

How do you exit?

Move stop to BE+1.
Do that 10 times and if hit, you are up 10 pips.

Take profit at BE+5.
Do that 10 times, you are up 50 pips.

How does one collect more than 50 pips?
Exit part of the position ( 50%, 80%) at BE+5, move stop to BE+1 and see what the market gives.
Set a trailing stop at BE+5? BE+10?

The question becomes how many times do I get more than 5 pips and will I have more than 50 pips after 10 trades?.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,163
  • Jan 26, 2017 11:14am Jan 26, 2017 11:14am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,164
  • Jan 26, 2017 11:17am Jan 26, 2017 11:17am
Quoting thedrrew
{quote} Make sens. I also saw good ideas in another galaxy Going mainly for small profit was not clear for me based on what I read in the thread. Of course we see a lot of BE+1. But more often then not charts with no mention of the taken profit are showed. And that lead me to think most trades were closed with a great amount of pips(probably because that's what I wanted to see). I am not complaining of course, just saying that this was not clear in my head. I assume the point of not showing the[/highlight]...
In part. We don't like showing how many pips a trader got exactly, as it really has no bearing on how things have gone for another trader. It is more important to make sure all traders are taking the correct entries. TS's reply there, also shows a solid footing at the most basic of levels is all you need. After that, it really is up to individual traders' personalities.
  • #10,165
  • Jan 26, 2017 11:22am Jan 26, 2017 11:22am
Quoting TooSlow
10 trades. How do you exit? Move stop to BE+1. Do that 10 times and if hit, you are up 10 pips. Take profit at BE+5. Do that 10 times, you are up 50 pips. How does one collect more than 50 pips? Exit part of the position ( 50%, 80%) at BE+5, move stop to BE+1 and see what the market gives. Set a trailing stop at BE+5? BE+10? The question becomes how many times do I get more than 5 pips and will I have more than 50 pips after 10 trades?.
Now, I should avoid trying to complicate this. For some reason after the challenge I felt like it was time to complicate things and "turn it on"... When just adding one pair should be enough. SIMPLE IS PROFITABLE. When I think of all that c*** in FF I lost time on
  • #10,166
  • Jan 26, 2017 12:00pm Jan 26, 2017 12:00pm
Quoting thedrrew
{quote} Now, I should avoid trying to complicate this. For some reason after the challenge I felt like it was time to complicate things and "turn it on"... When just adding one pair should be enough. SIMPLE IS PROFITABLE. When I think of all that c*** in FF I lost time on
The human brain is wired to expect the most complicated path to be the most worthy. Something valuable needs to be protected by barriers. ''Surely it can't be this simple?'' A trader must detach themselves from this attitude and focus on the result - ''Does this work?'' If the answer is yes, then why would you feel the need to question more? We, as traders, are so often our own worst enemy!
  • #10,167
  • Jan 26, 2017 12:04pm Jan 26, 2017 12:04pm
TS if you allow me... I found what I was looking for in this thread but in this business I think the following is particularly true.

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This is hard enough. We do not need false knowledge. It is messing with our head. Now I'll calm down and go shovel that icy Canadian snowbank...
  • #10,168
  • Jan 26, 2017 12:04pm Jan 26, 2017 12:04pm
How Athletes Can Play Out of Their Mind

The ability to think, evaluate and analyze is the greatest asset for athletes. Thinking allows you to adjust, improve, set goals and optimize performance.

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Getting your thoughts under control and focusing during a competition is critical to your success in sports. While playing "one play at a time" has become very cliché in the sports world, focusing is the most important mental skill needed for all athletes.

Every competition you have watched has some example of how focus, or the lack thereof, has determined the result of a match...

A two-seed tennis player enters a tournament with expectations of reaching the finals. The opening match, he faces an opponent he has beaten easily several times over the past year.

After winning the first set, he loses serve and he retreats to playing cautiously. Negative thoughts swirl around his head, "Oh my god, why can’t I get the ball over the net. What’s wrong with me?"

Instead of focusing on the next point, the very point that could turn things around, he is worried about an early exit from the tournament. At the end of the match, his fear is realized, an opening round loss.

When asked what went wrong by his coach, he dejectedly replied, "I couldn’t focus on what I was doing."

In the round of 16 at the 2017 Australian Open, No. 50 Mischa Zverev upset top-ranked Andy Murray, 7-5, 5-7, 6-2, 6-4 to advance to the quarterfinals, his best showing in a Grand Slam event.

Zverev was at a loss when asked to reveal his thoughts during the match in his on-court interview.

ZVEREV: "Honestly, I don’t know. I was in a little coma just serving and volleying my way through it. I think you should tell me how I did it ‘cause honestly there were a few points where I didn’t know how I pulled it off. I didn’t know how I won certain points, but somehow I made it."

That’s right, Zverev was so focused on playing each point that he had no idea what he was thinking during the match. Zverev was so immersed in the game that he lost his sense of time. That is being totally present in the moment!

Zverev revealed one strategy that he has utilized to help him focus after a bad shot...

Near the end of the match, Zverev missed an overhead shot and, instead of retreating into a negative place in his mind, he refocused himself by focusing on something familiar in the arena.

ZVEREV: "[After I missed the overhead] I immediately looked at my mom because she always smiles when I miss those balls, and she did smile and that helped me a little bit."

When you know you can actively control your focus, you become the director of your thoughts rather than the hostage of your thoughts.

Try This Tip to Improve Your Game Time Focus

When you hit a bad shot, miss a play, or make a mistake, most athletes evaluate the miss, but you can choose not to focus on those unproductive thoughts.

Pick out a focal point in the arena (a person, a part of the arena, a sign, etc.) that will help you refocus your thoughts.

Say "NEXT Point, Shot, Play, or Pitch" to yourself. Cue yourself to focus on what's next instead of dwelling on the past.

-Dr. Patrick J. Cohn
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,169
  • Jan 26, 2017 12:06pm Jan 26, 2017 12:06pm
Quoting lemercenaire
{quote} The human brain is wired to expect the most complicated path to be the most worthy. Something valuable needs to be protected by barriers. ''Surely it can't be this simple?'' A trader must detach themselves from this attitude and focus on the result - ''Does this work?'' If the answer is yes, then why would you feel the need to question more? We, as traders, are so often our own worst enemy!
So true. Thanks for the great support!
  • #10,170
  • Jan 26, 2017 2:36pm Jan 26, 2017 2:36pm
Quoting lemercenaire
{quote} As has been noted previously, Hal's concept of closing 80% at BE+5 and letting the rest run, is certainly worthy of consideration. Certainly the simplest of the alternative trade-management methods and quickest to implement.
Wow that's me hal7. Such an honor to be quoted by lemercenaire (sometimes referred to as lem or LM because it so frustrating to type)

Yes I have spent some amount of time on SL management. Someone posted earlier on about an "indestructible" approach which I chuckled at. But I do think he mentioned that exiting is really the crux of trading, not so much methodology. I tend to agree with that. I generally take 80% when I reach +5 and do not move my stop. But that method I use over on the 1-2-3 site. I am still experimenting. Recently I have been moving to BE when and if the trade is well underway, like that at times dangerous freight train, but this time I am aboard and not getting run over. I have had some fantastic rides when I am on the right bar and/or track, and have seen 100+.

On HOLO here which I am still in boot camp I recently have been closing about 50% off and going to the BE+1 method TooSlow outlines. I am not a big fan of BE+1 style . It is about protecting from loss and locking in the very small profit and at times catching a run. For some reason I generally end up with that +1 profit and sometimes waiting hours. Yes you can get a lot of +1's I suppose but if you have a -12 here and there you will spend a lot of +1 time getting that back. But as TooSlow has said take what works for you, stick to the rules but don't be bound by them, and discard the rest.

Interestingly today I spent quite a lot of time working on stop/profit management on a third method I use. Similar to principles of HOLO but different. I was taking +5 on every trade. That's it. I did 46 trades over a number of pairs. I took 3 losses of -7, -19, -7. A net of around +180. Not bad, in fact really not bad! I am encouraged, but that is one day. It is definitely worth the time to tinker with a workable exit strategy.
  • #10,171
  • Jan 26, 2017 3:33pm Jan 26, 2017 3:33pm
Quoting lemercenaire
{quote} The human brain is wired to expect the most complicated path to be the most worthy. Something valuable needs to be protected by barriers. ''Surely it can't be this simple?'' A trader must detach themselves from this attitude and focus on the result - ''Does this work?'' If the answer is yes, then why would you feel the need to question more? We, as traders, are so often our own worst enemy!
That is it!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,172
  • Jan 26, 2017 4:20pm Jan 26, 2017 4:20pm
Quoting hal7
{quote} ..................... Interestingly today I spent quite a lot of time working on stop/profit management on a third method I use. Similar to principles of HOLO but different. I was taking +5 on every trade. That's it. I did 46 trades over a number of pairs. ............
I do the same and have been for the last two months.

There is always volatility at the HOLO, particularly when the last candle is large. It only needs to revert 5 pips + spread. Interestingly the larger the spread (eg with gbpnzd) the greater the chance of +5, because of the large volatility with these pairs.

I also close the chart after the +5 pips has been reached - no negative thoughts of regret after it runs much further.
  • #10,173
  • Jan 27, 2017 3:06am Jan 27, 2017 3:06am
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  • #10,174
  • Jan 27, 2017 3:34am Jan 27, 2017 3:34am
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Here is the EG version, nice set up +8.
  • #10,175
  • Jan 27, 2017 4:27am Jan 27, 2017 4:27am
Oops posted to the wrong site, that was meant for 1-2-3. Never mind. Actually some good trading conditions on HOLO this morning. Prices seem to be bouncing back and forth not in one direction which is often the case.
  • #10,176
  • Jan 27, 2017 5:04am Jan 27, 2017 5:04am
I am continuing my 5 pip profit strategy am currently at +65 on about 17 trades this morning, yes maybe over trading a bit for a Friday, but will be done soon.
  • #10,177
  • Jan 27, 2017 6:26am Jan 27, 2017 6:26am
Quoting lemercenaire
EURJPYH1asHOLO27thJan17.png;2159330 {image}
No entry unless you went down to the m1 chart. Would have got to BE+5-and-a-bit before the first turn. I took it as a 1-2-3.

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  • #10,178
  • Jan 27, 2017 6:57am Jan 27, 2017 6:57am
Hal, you're a machine!

Got some here. At some point I'll try to incorporate the 1-2-3 as well. But I will do another week of HOLO exclusively for now.

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  • #10,179
  • Jan 27, 2017 7:10am Jan 27, 2017 7:10am
Quoting thedrrew
Hal, you're a machine! Got some here. At some point I'll try to incorporate the 1-2-3 as well. But I will do another week of HOLO exclusively for now. USDCHF+M5_270117_5.png;2159667 {image}
Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,180
  • Jan 28, 2017 4:06pm Jan 28, 2017 4:06pm
Who is taking the 10 trade challenge the week of JANUARY 29, 2017?

During the challenge you are only to trade the same pair.
Beginners do not get to trade multiple pairs until they have mastered trading one single pair.
GREEN PIPS TO ALL.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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