PP2 trading journal

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PebbleTrader
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Postby PebbleTrader » Sun Jan 22, 2012 7:12 am

"PT, I think I understand maybe 20% of MOs posts. Does not mean I give up on his stuff but I think maybe I could gradually will get it on a unconscious level ... I HOPE "

MO's methods may not work for everyone. It is just a matter of taking the pieces that work for you and your beliefs and filling it in with what is unique to you.
Life is just a journey

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MightyOne
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Postby MightyOne » Sun Jan 22, 2012 3:48 pm

I ask if price is higher or lower than something

I define when I am wrong

I determine the most that I can pay to enter into a trade based on how much space that I am willing to lose.

After I have taken a trade within range I follow three easy steps:

1) Space
2) Value
3) Pips

I do not add because I think that price will move a hundred or hundreds of pips, I add so that I will have a large lot size WHEN it moves a hundred or hundreds of pips.

I use the chart as a reason to take action and a tap on the shoulder to try again next time.
Once I am in the trade the chart fades into the background & I am only concerned with the three steps.

There you have it, MO's ePost.

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TygerKrane
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Postby TygerKrane » Sun Jan 22, 2012 7:43 pm

bettlebox wrote:Its obivious you missed my point. Im not going to explain it again.
sorry for messing up your log PP2.

BB

I understand what you were saying BB.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

pp2
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Postby pp2 » Thu Feb 09, 2012 1:26 am

MightyOne wrote:When Manta says "focus on the money" it is because the money is what is important.

It is comical that you believe that I am telling you to add lots for any other reason than to insure your success.

Making pips is the result of BEING IN THE MARKET AT THE TIME OF THE MOVE.
You can't "practice" being in the market, it is just something that you do when you recognize that missing a move is more costly than losing space.

If you trade at a size of 3 lots and you add 2 lots (or 1 then another) then a 180 pip move is worth 300: (5/3) * 180.
This means that I made 180 pips & -300 is break even....I can lose 119 more pips than I have gained and still have a profit of 1 pip (in distance, there are other costs to consider).
If you get your lot size to 20 then that same 180 pip gain has a 3 lot value of 1,200 pips.

It is this enormous money edge combined with being in the market when it decides to move that increases your account rapidly.

If you want to "practice" making each pip yourself then have at it.


I have always learnt not to focus on money and trade to trade well.

The latter is still true but after reading this MM on prochargedmopar thread here:

http://kreslik.com/forums/viewtopic.php ... start=2080

NOW I'M GOING TO FOCUS ON MONEY AND HOW TO MAX IT OUT ... kinda like a reverse credit card lol ... money card?

Thanks MO and MANTA, I didn't get it before, got it now.

Now lets make this s**t happen :twisted:

pp2
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Postby pp2 » Thu Feb 09, 2012 4:47 pm

15 min EU

Took two trades 2 % risk 30 pip stop loss each, reinvested the profits from first and add lots to the second trade. Made a few mistakes, all on take profit. First trade, I forgot to reset my set take profit from just 10 pips, I did target another 10 :oops: Second trade, I close my order out way too early. I actually had my TP at xx41 and I closed at xx56! What a muppet! :oops: :roll:



I didn't have chance to take a third or fourth trade as I had to do something outside but if I was at the screen I can see three more entries for 20-30 pips on the move up on the EU.



I like reinvesting my profit whilst risking just the initial risk. Point being, now my stops have way more wiggle room, I was more comfortable taking those shorts, I didn't have to be as precise and trading is not as stressful, overall, 5 % gain risking only 2% is fine by me.

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pp2
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Postby pp2 » Sat Feb 18, 2012 4:33 am

This week I've been working on space and maths, all theory and just planning for next week. I think I "understand" why space is a good idea!

With scalping I spend most of my week, everyday for 10-14 hours watching up and down ticks of the price bar for a few pips here and there.

It seems with space, there's more time to plan and less stress.

I think some of my I/T lines are too high, some of my space boxes could be better. The point though is survivability so I can exponentially max my lot size. I'll leave the calculation details out, if you want me to put it up let me know.

http://freepicupload.com/v-170kreslik.gif


Quoting MO's earlier post:


* After I have taken a trade within range I follow three easy steps:
* 1) Space

* 2) Value

* 3) Pips


Quoting Pro on his thread


* Space is about increasing your staying power, and more importantly you do not have to be SUPER precise on entry.........this in and of itself should lend to you letting trades run much longer
* 2) The key is to make your profitable trades EXPONENTIALLY bigger than your losing trades.

I think he trades both ways on the wave, gutsy! :)


Quoting Bredin on Pro's thread

.... my maths is still a little dodgy but time will fix that. I've always questioned or had an uneasy feeling why you can't use the full power of your account to trade, always thinking it wasn't safe ...


* The goal with trading with space is to trade at your accounts maximum lotsize. Safely.



* Most traders think of the account only as equity, and risk a portion of that. This means that, in actuality, their entire account is at risk, albeit in thin slices. They limit their risk in this way, which also limits their lotsize.

* So in this concept ones account is separated into two pieces, by this formula: E = L + R Equity = Leverage + Risk


* when you have a win you add it to the R side of the ledger
* lotsize is now XXX, which is the account maximum...


* now you can move money from R to L



* and now you have no risk at all... your equity is safe.



* Now I can be much more agressive than before, without getting stressed.



Thanks guys, I like this very much! :) :) :)

Have a nice weekend

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