TygerKrane's Pip-Pickpocketing

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MightyOne
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Re: TygerKrane's Pip-Pickpocketing

Postby MightyOne » Wed Apr 06, 2016 4:32 pm

I have 5 macros to work with and it can contain anything from 20 (FOURS) to 80 (SIXTEENS) pips.

If the boxes are too small then I know that I am not sized correctly for the chart that I am looking at.
I throw the indicator, that Salez kindly wrote for us, on the chart and look at how price is moving through the lines and how many macros are won or lost in different scenarios .

I start with the larger boxes, where it is easier to control risk, and then work my way to the smaller boxes.

If my target is 4% per day over 12 macros then:

(.04 / 12)accountSize = $/macro-pip

Divide by 16 to trade SIXTEENS, etc.

The rest is just trading from midpoints or current breakouts or even 1-2-3.

The more TRO the more GROW ;)

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aliassmith
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Re: TygerKrane's Pip-Pickpocketing

Postby aliassmith » Wed Apr 06, 2016 5:47 pm

TygerKrane wrote:
But I am only up 1.8% for the week.



If you wonder why you continue to lose 5% a week... The answer is in the statement I quoted.

I am ONLY UP

Being up is being up and way better than being down 5%. When you are up 1.8% try thinking about the possibilities it contains.

I still see your money management is based around what you can make instead of what you can lose. :roll:

I am fairly certain it is called risk management and not gain management.
Trade Your Way as Long as It Makes Money!

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TygerKrane
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Re: TygerKrane's Pip-Pickpocketing

Postby TygerKrane » Sun Apr 17, 2016 10:06 pm

Week 1
Week Ending 4/8/16
-2.58%
Entries: 32
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**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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TygerKrane
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Re: TygerKrane's Pip-Pickpocketing

Postby TygerKrane » Sun Apr 17, 2016 10:07 pm

Week 2
Week Ending 4/15/16
-3.73%
Entries: 18
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release - (III): "Only when you see the pattern, can you break it."

Image

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

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TygerKrane
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Re: TygerKrane's Pip-Pickpocketing

Postby TygerKrane » Sun Apr 17, 2016 10:21 pm

post87881#p87881
TygerKrane wrote:My first three trades of the week were successful (almost unheard of), and it prompted me to think of some things, being that my only chance for long-term success will come from me maintaining discipline whether I am dealing with a string of wins OR losses.

(¹Trying to itemize the things that 'unnecessarily' give me headaches and/or Fear; ²Trading is not a business of certainties where 1+1 always equals 2...)

※※※※※ ⇓⇓⇓⇓⇓⇩⇩⇩⇩⇩⇓⇓⇓⇓⇓ ※※※※※
I think that maybe an inability to accept being an 'OK' trader, pushes me to try and erase ALL uncertainty to be (as close to as possible) a PERFECT trader, and as a result, I end up being a horrible trader (who seems to have great potential :wink: ).
I am thinking that in a world where it is impossible to erase ALL uncertainty, focusing on consistently being an 'OK' trader would allow 'okay' results to compound, so that in the end, I have the results that make me look like a Great trader....
Damn, that is so f#cking counter-intuitive...

Focus on being Average in the short-term, in order to Become AMAZING in the long-term.)

※※※※※ ⇑⇑⇑⇑⇑⇧⇧⇧⇧⇧⇑⇑⇑⇑⇑ ※※※※※


So!
NOT looking for the Holy Grail means:

☞Accepting that there will be losing trades, no matter how hard I look at the charts and try to draw conclusions by comparing
  1. body sizes,
  2. body closes,
  3. wicks,
  4. MZ's,
  5. Daily Extremes,
  6. Weekly Extremes, and,
  7. where the Asia, Euro & US sessions close in relation to each other.

☞Accepting that even though I might be correct on direction, the PB pivot that I enter on STILL might not be THE final pivot formed before PA goes in my intended direction. Therefore, I mustn't use MY money, or even OPM to see if my entry can outlast a 'suspected' over-extension of PA.

☞Accepting that taking profit, only to see there were more pips in the move is not something that I should feel ashamed of, or give myself negative self-talk over. The same way that I can enter after a pivot that is not THE pivot which starts the move, I can also close a trade to TP after a pivot that is not THE pivot which ends the move.


(There are probably one or two other things that cause me headaches/Fear when I subconsciously stray away from 'accepting that I need to be comfortable dealing with uncertainty', but I can't think of them right now.)

Additionally,

NOT looking for the Holy Grail means:

☞Accepting that a PA picture perfect Entry off of a Daily/Weekly extreme does NOT guarantee that I have captured that time period (for PA to cross over the Daily/Weekly open); additionally, a PA picture perfect Add-In does NOT guarantee that my average can't be touched during a pullback.

☞Accepting that I must put a greater focus on how much I can lose rather than how much I can gain. (thanks aliassmith)

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

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Re: TygerKrane's Pip-Pickpocketing

Postby TygerKrane » Sun Apr 17, 2016 10:31 pm

Re: ProchargedMopar's Dart Dynasty
prochargedmopar wrote:Well,
It appears if I "limit my risk" success is guaranteed.

Per Rob Booker;
"And a reminder:

I care about you. I care about how you are doing with your trading. I always like to hear from you. You can text me anytime at 304-281-8332.

And now, a little bit of a rant:

I have been seeing the words "should I" in a lot of questions lately.

Should I buy IBM?
Should I take profit on USD/CAD?

Or:

How many shares should I trade?
Is this trade ok? Should I get out?

The answer is: No one knows what you should do.

Except, of course, for you.

Too many traders feel there is some "right answer," or magical "risk management formula," or "special strategy".

But, in fact ...

... There are just are two types of traders:

Traders who let losses get out of control. They fail.
Traders who do not let losses get out of control. They win.
You might say, "Well, what strategy should I use?"

No one cares.

It doesn't matter.

Use a different strategy every day until you find one that is so awesome you don't want to use anything else.

Stop asking for permission to do your trading in a way that you like.

Stop wondering what a guru thinks of your trade.

Stop looking for validation outside of yourself.

Stop looking for a mentor. And instead ...

... Protect your account from big losses.

After that, do anything you like.

The big not-so-secret-secret is this:

If you protect your account from large losses, and do what is easy for you to do, you're going to be ok.

On the other hand, if you ever allow yourself to take a big loss, you are breaking the only trading rule that matters, and it doesn't matter if you have the "best mentor," the "best strategy," or you're using Van Tharp's sexy "optimal breadsticks method of risk management" or whatever.

Let me be very clear:

Backtesting doesn't matter.
Journaling your trades doesn't matter.
Your mentor doesn't matter.
Your strategy is irrelevant.
The size of your account is unimportant.
What market you trade doesn't matter.
Your past trading success/failure doesn't matter.

All that matters is that you make ONE decision every day:

I am not going to allow a large loss in my account.

Then, you just do what is easy for you to do, and you do it over and over again, and you compound your gains.

Have the best weekend ever. :)

The 5 things email will return on Monday."

- Rob

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

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Re: TygerKrane's Pip-Pickpocketing

Postby TygerKrane » Tue Apr 26, 2016 12:42 am

Week 3
Week Ending 4/22/16
-4.29%
Entries: 38
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Image

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

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Re: TygerKrane's Pip-Pickpocketing

Postby TygerKrane » Thu Apr 28, 2016 11:00 am

If I had a Facebook account, the status would say,
"Busy...trying to figure out how to turn my Knowledge into Wisdom." ](*,)


§§§§§§§§§§§§§§§§
"Mastery is the highest form of intelligence."
...I need to get more of my brain cells working together in tandem...


Some things MightyOne said years back that I found myself thinking of recently:

post16700#p16700
"Investing has its place
Trading has its place
Scalping has its place

None are right all the time

but each is right some of the time

and some of the time is where you make your money all of the time."


post78076#p78076
"If you take a trade against a long term chart then what are you hoping to achieve?
That price broke higher & may now close lower than the extreme & in the future might follow through by closing lower than something?
It could very well make sense to try such a thing according to the small charts and long term stops but the key here is that YOU KNOW WHAT YOU NEED to continue with such an idea;..."


Duet:release - (III)"Only when you see the pattern, can you break it."
One pattern of mine that I notice is that in the beginning of the week, I am more willing to add SPACE to my risk box (via small/quick TP's) before I make attempts to try and make any kind of real profit off of my initial risk.
However, during the middle of the week, I lose my willingness to add SPACE to my initial risk before trying to make money off of it. Even if I am down 3-4% by then (and only have 2 risk boxes left, etc.), my mindset switches to "trying to hold any entry I take for a big trade off of the weekly extreme."
I figure that a weekly extreme is more likely to be made during the middle of the week.
Just something I noticed...

I think I need to make another ebook and dedicate myself to reading it at least three times a week so that the things I know become the way that I naturally, instinctively operate while trading. And the things that I know are wrong, I need to stop 'making exceptions to the rule' that allow me do them again and again. ](*,)

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

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Re: TygerKrane's Pip-Pickpocketing

Postby TygerKrane » Thu Apr 28, 2016 11:14 am

Duet:control - (II)"Attempting to control the uncontrollable can feel futile."


ALL YOU NEED TO KNOW ABOUT TRADING

* Price either goes up or down.
* No one knows what will happen next.
* Keep losses small and let winners run.
* POSITION SIZE = RISK / STOP LOSS.
* The reason you entered has no bearing on the outcome of your trade.
* You can control the size of your loss (skill) but you can't control the size of your win (luck).
* You need to know when to pick up your chips and cash them in.

Expectancy = (Probability of Win * Average Win) - (Probability of Loss * Average Loss)

You cannot control the probabilities of winning or losing.

You cannot control your average win size.

The only part of the equation that you can control is your average loss size.

PRICE ACTION

“Now, 2 patterns of market behavior happen on a regular basis:

1) the price breaks to new high's (or low's)

2) the price reverses from new high's (or low's)

They happen regardless of time frame .

They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist.” - H. Rearden

1) Price will either breakout of the high, low or both of the previous bar

2) Price will not breakout of the previous bar.

You cannot reduce it any further. Anything else complicates the issue.

ENTERING A TRADE

You either decide to:

1) Wait and do not enter a trade

2) Trade a breakout

3) Trade a reversal.

Those are your ONLY 3 options.

That is all you need to know about trading.

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

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Re: TygerKrane's Pip-Pickpocketing

Postby TygerKrane » Thu Apr 28, 2016 11:34 am

Take profit philosophy is based on whether I am trading on MY $$, or OPM $$.

•Trading on My $$ = Profit Accumulation stage = be more eager to TAKE profits quickly {to accumulate more SPACE}
•Trading on OPM $$ = Profit Risking stage = be more eager to RISK profits to gain more {using the SPACE that I have accumulated}


Risk Averse vs. Risk Tolerant
First, you work for your pips, [while being Risk-Averse]
And Then,
Through bold action,
[and being Risk-Tolerant]
You get your pips to work for you.

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

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