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Highest Open / Lowest Open Trade

  • #11,061
  • Mar 27, 2017 1:38pm Mar 27, 2017 1:38pm
Looks like many traders made profit today. Very nice.
I could not trade today
  • #11,062
  • Mar 27, 2017 2:27pm Mar 27, 2017 2:27pm
Quoting BatuhanU
I'm taking the 10 trade challenge on GBP/USD, but decided to experiment with other trades too. My results for past few hours: Trade #1: GBP/USD +5 pips Trade #2: USD/CAD +20 pips Trade #3: USD/CHF +5 pips Trade #4: USD/CHF +20 pips Total=+50 pips
Nice trading.
Think you might HOLO again?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,063
  • Mar 27, 2017 3:53pm Mar 27, 2017 3:53pm
Quoting BroX
Looks like many traders made profit today. Very nice. I could not trade today
Always remember Rule #5.
  • #11,064
  • Mar 27, 2017 3:58pm Mar 27, 2017 3:58pm
Quoting PipTrek
GU - hit TS for +5 Gold - Hit TS for +31 EU - hit TS for +5 EJ - +1 UC - Hit TS for +15 Daily total 57 Pips. Not bad for a first day I've been looking at the trades here and I think that having the TS hurt me more than did good haha. Without a TS and just going for a 2:1 RR I could have bagged 134 pips vs the 57. Anyone that has been trading this for a while have any advice for this? Has a TS been more profitable in the longrun or is sticking to a set TP the better option?
Well done, PipTrek. Your question has been addressed many times through the thread and those of us trading HOLO / 1-2-3 have over the course of time developed our own preferred methods of trade-management.

There will be days like today when you will long to have ditched the ts, while on others you will bless it. Over time you will find the balance that suits your own personal style of trading.

Well done again.
  • #11,065
  • Mar 27, 2017 9:22pm Mar 27, 2017 9:22pm
Quoting lemercenaire
{quote} Well done, PipTrek. Your question has been addressed many times through the thread and those of us trading HOLO / 1-2-3 have over the course of time developed our own preferred methods of trade-management. There will be days like today when you will long to have ditched the ts, while on others you will bless it. Over time you will find the balance that suits your own personal style of trading. Well done again.
Thanks I understand it's good to be flexible, or like water as TooSlow put it. I will try haha. I like having a plan in place to stick to. Plus always going for 2:1 isn't really a bad thing if the trades get there often. But I know what you mean if you get a real runner and close out at a TP and it keeps on sailing haha. Thanks for the feedback.
  • #11,066
  • Mar 27, 2017 9:40pm Mar 27, 2017 9:40pm
Trader Training - Drunken Trading?
Stockscores.com Perspectives for the week ending March 27, 2017

Traders, particularly those who need to make money rather than those who would like to make money, tend to have a fear of missing out. They hear about a trading idea or find an opportunity with their own effort and make the trade with less thought than they might put into buying a microwave. They can invest thousands of dollars on an impulse, much like the drunken gambler who throws down $1000 on Five Red.

One reason for this sort of reckless approach to trading is the belief that trading ideas are like gifts. They only come along from time to time and you should feel grateful for the opportunity. If you spend 10 hours researching a company or receive the occasional bit of insight from someone who should know more than the rest of us, it's easy to understand why you wouldn't want to let a seemingly promising trade slip through your fingers. The problem is that this gratitude for trading ideas leads you to lower your standards and place trades that are not much more than a gamble.

Have you ever made a trade and then, just a few minutes or days later, asked yourself what the heck you were thinking? If you are normal, then it's likely that you have because it is easy to focus on the dream of making a profit. You should focus your attention on the trading situation as it has been presented to you by the market rather than the words of an expert. Some trading opportunities are so well marketed that it's hard to see the truth because you fixate on the profit potential that has been dangled before you as the prize.

It is critical to only take trades that meet the criteria of a strategy that you have found to have a positive expected value. Rather than look for a reason to take the trade, which is easy, look for a reason not to. Ask yourself, "If I buy this stock, who will be selling to me, and what does she know that I don't know?" Looking at the other side of the argument will often highlight considerations that you have missed.

Being fussy is a lot easier when you recognize that the market-even a slow market-will give you opportunities. The markets have been pretty quiet this year but there are still stocks outperforming the market every day.

And if you can't find a trade today, tomorrow or in the next week, eventually you will. There is always another bus coming down the road. If you miss one, just wait for the next.

I have found that you will actually make more money by trading less. If you maintain a very high standard for what trades you make, you will always pass on some trades that end up doing very well. By being selective, however, you will also avoid many marginal trades that would tie up your capital and then incur a loss. By being fussy and trading less, you end up taking only the very best trades and your results will be better overall.

It is easy to be fussy when the market is strong and there are lots of opportunities. It's like fishing when every time you cast your line you get a bite. With that kind of success, you will quickly throw back any fish that is too small because you know there's going to be something better coming along soon. You only take the best of the best.

When the fish stop biting and you spend hours with no bounty, you take the first fish that grabs your hook. It could be a tiny fish that you would never keep on even an average day, but with your desire to catch something, you keep it anyway. It would be better to have just not gone fishing at all.

You'll do the same thing when trading a slow market. Eager to make a profit, you will take trades that show some potential even if they don't meet all of your requirements. You will work hard to uncover a trade rather than wait for the obvious no-brainer trades that you take when the market is in a giving mood.

I like to say that in trading, when the going gets tough, the tough get lazy. You can't control the market, so if the market is not giving you opportunities, it's better to do nothing. Your hard work will not change what the market does.

This is hard for many people who have been programmed to relate hard work to success. If you try harder than the next person in a sport, you should get a better result. If you study harder for an exam, you should get a better mark. If you work longer hours at your job, you should make more money. In the stock market, if you work harder to find good trades, you will probably lose money.

The best trades are easy to find. Working hard to uncover something leads you to find questionable trades that you have to talk yourself into. It's better to walk away when you have doubts.

This is not to say that hard work is not rewarded in trading. Traders who work hard at practicing their analytical skills or developing new strategies will be rewarded. People who devote their time and effort to improving their emotional control will be better traders. These are things that you can control and affect with hard work, but hard work won't change what the stock market does.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,067
  • Mar 28, 2017 2:30am Mar 28, 2017 2:30am
Trade #3 EURUSD +10

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so far 2W/1L ==> +13 pips
  • #11,068
  • Mar 28, 2017 2:34am Mar 28, 2017 2:34am
10 Trade Challenge EURJPY

I was a bit late taking the screen shots for the trades below, therefore they do not show the zone as it was at the time of the trade.

Trade #7 = -8.4

(Trade from last week that I didn't get round to posting. Followed the rules I believe, but trade just didn't go my way.

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Trade #8 = BE +1

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  • #11,069
  • Mar 28, 2017 2:47am Mar 28, 2017 2:47am
Quoting PipTrek
{quote} Thanks I understand it's good to be flexible, or like water as TooSlow put it. I will try haha. I like having a plan in place to stick to. Plus always going for 2:1 isn't really a bad thing if the trades get there often. But I know what you mean if you get a real runner and close out at a TP and it keeps on sailing haha. Thanks for the feedback.
I would seriously consider looking at taking a percentage off at BE+5 (80% is popular but make your own choice) and letting the rest run. As has been explained before, this - although by no means perfect - covers a lot of the bases psychologically.
  • #11,070
  • Mar 28, 2017 4:42am Mar 28, 2017 4:42am
I guess this would have been a textbook A+ trade

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  • #11,071
  • Mar 28, 2017 7:58am Mar 28, 2017 7:58am
Quoting samsha786
{quote} Hi TooSlow Please have a look at this and let me know if it makes sense. Thanks! {file}
Not sure if you have read POST #1 recently.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,072
  • Edited 9:02am Mar 28, 2017 8:22am | Edited 9:02am
EJ and Gold trades triggered.

Gold tagged out for +1
EJ closed at +1
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  • #11,073
  • Mar 28, 2017 8:45am Mar 28, 2017 8:45am
Quoting samsha786
{quote} I followed this post: https://www.forexfactory.com/showthr...58#post9007658
Yes TooSlow asked if you had read post #1. For a good reason.

Here I will help you.....from post #1:
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  • #11,074
  • Mar 28, 2017 10:07am Mar 28, 2017 10:07am
Gold second chance closed +20
EU closed +10
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  • #11,075
  • Mar 28, 2017 12:19pm Mar 28, 2017 12:19pm
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  • #11,076
  • Mar 28, 2017 12:28pm Mar 28, 2017 12:28pm
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  • #11,077
  • Mar 28, 2017 1:29pm Mar 28, 2017 1:29pm
Being patient (and stubborn) pays of in trading - multi-dipping at large. My original entry point is marked by the yellow circle...
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  • #11,078
  • Mar 28, 2017 1:39pm Mar 28, 2017 1:39pm
Finishing today +33 pips. No losses again, just a few +1's.
  • #11,079
  • Mar 28, 2017 1:41pm Mar 28, 2017 1:41pm
Yes Lem.....My first trade I got my +5. The USD looked strong across the board so wanted to let trade breath a bit so did not bring my SL up to BE but below some of the previous lows and as you can see it just caught my stoploss on the retrace into setup zone. Had already bagged majority so still good +ve % gain.

I to am pretty stubborn and was happy to enter trade again as there was another valid setup and it had good R:R plus USD still looking strong. Trade triggered and after further retrace went in the right direction with conviction so let it run a bit further before locking in decent profit. Now letting trade run (this time with SL @ BE + some!).
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  • #11,080
  • Edited 8:31am Mar 29, 2017 8:00am | Edited 8:31am
Gold and UJ both triggered.
I slept in a bit and I seen I missed EU and EJ :'( but rule 5 right

Alright Gold played with me a bit and hit my SL. I re-entered on a break of the low and stopped out at +1 so total is -14
UJ Stopped at +5
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