Excellent... Excellent!
"MightyOne" -Did you SEE IT?
Where is the held profit?
MAKE IT YOURS!
Never Lose Again
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Re: ZL
MightyOne wrote: Zero is the new "50%"
MightyOne,
Could you step by step take us through a trade using your ZL concept, so that we can see what you consider the setup and execution of the trade?
Much appreciated.
Bruce
Re: ZL
Bruce wrote:MightyOne wrote: Zero is the new "50%"
MightyOne,
Could you step by step take us through a trade using your ZL concept, so that we can see what you consider the setup and execution of the trade?
Much appreciated.
Bruce
All I can do is give you a few pointers Bruce.
I blow through the markets as a wind; as the hot air of hope rises I flow through as the cold chill of fear.
Does the wind ask its self where it should move or in which direction or by what method it should move?
NO! It just responds as a reaction to an action.
Such is the style of a discretionary trader...
The methods used are simply the methods that worked last and even those methods are fine tuned as more ways are found to exploit a traders tendency toward the mechanical.
The more you can bend the less you will break...
I know, I have been there; you find some thing that works very well and then all the sudden the walls close around you.
What happened, you say as you curl up with your pillow your world shattered and your abilities as a trader questioned.
You awake the next day and find that your nightmare is still very real.
You actually consider different ways of making money such as real estate or poker
What happened was that you did not know what you were doing in the first place.
You replaced your eyes with a mechanical system and are but a blind man being led by an old dog. The dog eventually dies and you are still there dragging it by the leash.
The trader that considers the desires of his fellow will be given that traders desires.
The trader that sees a disastrous trade shall profit from it.
IF YOU CAN SEE LOSS THEN YOU CAN SEE YOUR PROFIT
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So easy that I die a little inside when I am trading...
Did you not consider this possibility 15-30+ minutes before it happened?
And this is only a small fraction of your power when you learn to see!
YOU ARE STILL FOCUSING ON THAT YELLOW LINE LIKE IT IS SPECIAL AREN'T YOU!
SNAP OUT OF IT! WHAT IS HAPPENING RIGHT NOW!
Actions and reactions go hand in hand; when one finishes it waits for the other.
Is it possible to to have the best of both worlds?
Is it possible to be the yin and the yang?
It is far better to react to an action and then act in expectation of the next action than to be the first and last person to act.
Did you not consider this possibility 15-30+ minutes before it happened?
And this is only a small fraction of your power when you learn to see!
YOU ARE STILL FOCUSING ON THAT YELLOW LINE LIKE IT IS SPECIAL AREN'T YOU!
SNAP OUT OF IT! WHAT IS HAPPENING RIGHT NOW!
Actions and reactions go hand in hand; when one finishes it waits for the other.
Is it possible to to have the best of both worlds?
Is it possible to be the yin and the yang?
It is far better to react to an action and then act in expectation of the next action than to be the first and last person to act.
Are you starting to see just how hard it is to be a long term trader!
Are you still content to trade the breakout and hold for large gains?
Are you seeing the other traders waiting for you do do some thing
stupid so that they can rob you of every pip you have?
Are you still thinking about direction or are you reacting to what you see?
Do you see the trade unfold profitably in your head before placing your trade?
If so where does price go and what is it responding to?
If the price actions starts to deviate from your mental picture do you have the courage to take profit now?
If price moves against you do cover your eyes and hope or can you observe the price action as if you were not even in a trade.
To even have hope of trading as a professional you need to learn to see as many chess moves ahead of your opponents as you can so that they are the ones staring at the board 30 min after getting screwed by a checkmate still wondering what happened.
Are you still content to trade the breakout and hold for large gains?
Are you seeing the other traders waiting for you do do some thing
stupid so that they can rob you of every pip you have?
Are you still thinking about direction or are you reacting to what you see?
Do you see the trade unfold profitably in your head before placing your trade?
If so where does price go and what is it responding to?
If the price actions starts to deviate from your mental picture do you have the courage to take profit now?
If price moves against you do cover your eyes and hope or can you observe the price action as if you were not even in a trade.
To even have hope of trading as a professional you need to learn to see as many chess moves ahead of your opponents as you can so that they are the ones staring at the board 30 min after getting screwed by a checkmate still wondering what happened.
I am still waiting for a rebuttal to my last post on BP
Believe it or not I don't like to listen to my self talk
I hear what you guys are saying, but I believe:
As your account grows risk more and as your account declines risk the same.
Now lets look at an extreme example of what happens when you use don't use the above:
You have $100 and you are trading at $1 per pip and are trying to grow your account by 50% per day over a series of trades.
If you lose half of your account (50 pips) then you reduce your trade size by half and now must make 100 pips at 0.5 per pip just to break even!
Do you see what you are doing to a lesser degree?
All previous losses are magnified as you notch down making it harder to over come them until you reach your high water mark again.
It is like a temporary(?) handicap...
If it was correct to increase your trade size then it is correct to stay at that level.
If you start with $2,000 and risk $100 then continue to risk $100 per trade and use your leverage to stay at that level.
If it is likely that you will have a draw down where you will be unable to trade at that level at some point then TRADE FOR LESS NOW, do not wait until you accumulate a few losses and then magnify those losses by trading for less later.
If you are trading at 5% risk and your account can handle another mini then add another mini, but do not leave that mini behind just because it got wounded and you have to stop to drag your buddy to safety as bullets are flying. [U]
ORIGINAL POST: http://forums.babypips.com/newbie-islan ... ent-s.html
Believe it or not I don't like to listen to my self talk
I hear what you guys are saying, but I believe:
As your account grows risk more and as your account declines risk the same.
Now lets look at an extreme example of what happens when you use don't use the above:
You have $100 and you are trading at $1 per pip and are trying to grow your account by 50% per day over a series of trades.
If you lose half of your account (50 pips) then you reduce your trade size by half and now must make 100 pips at 0.5 per pip just to break even!
Do you see what you are doing to a lesser degree?
All previous losses are magnified as you notch down making it harder to over come them until you reach your high water mark again.
It is like a temporary(?) handicap...
If it was correct to increase your trade size then it is correct to stay at that level.
If you start with $2,000 and risk $100 then continue to risk $100 per trade and use your leverage to stay at that level.
If it is likely that you will have a draw down where you will be unable to trade at that level at some point then TRADE FOR LESS NOW, do not wait until you accumulate a few losses and then magnify those losses by trading for less later.
If you are trading at 5% risk and your account can handle another mini then add another mini, but do not leave that mini behind just because it got wounded and you have to stop to drag your buddy to safety as bullets are flying. [U]
ORIGINAL POST: http://forums.babypips.com/newbie-islan ... ent-s.html
You cry your self to sleep saying,"man! I get stopped out and the trade eventually goes in the direction I was hoping to trade."
Do you think that you are the only one this is happening to?
Can you see how your words of defeat can be your words of victory if only you would utilize your observation?
The magnitude of the correction is ~equal to the time frame on which the breakout can be seen.
The larger the pivot the more long term traders are sitting with MASSIVE STOPS.
What is true for you on your time frame is true for a trader of a larger time frame.
Now that you understand that profit is being eliminated in ALL time frames you can piece together what is happening based on the reaction
and what action price will take based on your observation ie
"man! I get stopped out and the trade eventually goes in the direction I was hoping to trade."
I get stopped out (reaction)
It eventually goes in the direction I was hoping to trade (action)
Do you think that you are the only one this is happening to?
Can you see how your words of defeat can be your words of victory if only you would utilize your observation?
The magnitude of the correction is ~equal to the time frame on which the breakout can be seen.
The larger the pivot the more long term traders are sitting with MASSIVE STOPS.
What is true for you on your time frame is true for a trader of a larger time frame.
Now that you understand that profit is being eliminated in ALL time frames you can piece together what is happening based on the reaction
and what action price will take based on your observation ie
"man! I get stopped out and the trade eventually goes in the direction I was hoping to trade."
I get stopped out (reaction)
It eventually goes in the direction I was hoping to trade (action)
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