Never Lose Again

[dragon33]

My first post

Worked through the whole thread the last two days (could not sleep = gripping stuff) - internet slow = took ages. It paid off.

TRO it took me a long time to SEE IT.

I took two trades today on EURJPY. Will only focus on this currency. Spread/ commission manageable with scalping. Up 80 pips using H1 Candle Colour with Sweet Spots Gold.

My approach

Determine D1 = Down
Wait for H1 Green Candle to close (Candle against D1 trend)
Sell Stop at next Sweet Spots Gold level.
Stop Loss - 25 pips
TP - 50 pips

My brain needs to see a Reward/ Risk ration > at least 1.5.
I know I'm going to have loosers where I could have taken 10-15 pips but that is my Money Management.

Did historical eye test (not backtesting) and have a greater than 50% hit rate

If you have a reward ratio of about 50% sooner or later it will kill your account. You need to take sometimes the 10 pip or less. Don't forget you will never act the same while you lose 5 times in a row. Your head will spin around and you start thinking and that is what you can miss, DON'T THINK. Trade what you SEE (I love TRO's one liners )

[jsteyn4801]

My first post

Worked through the whole thread the last two days (could not sleep = gripping stuff) - internet slow = took ages. It paid off.

TRO it took me a long time to SEE IT.

I took two trades today on EURJPY. Will only focus on this currency. Spread/ commission manageable with scalping. Up 80 pips using H1 Candle Colour with Sweet Spots Gold.

My approach

Determine D1 = Down
Wait for H1 Green Candle to close (Candle against D1 trend)
Sell Stop at next Sweet Spots Gold level.
Stop Loss - 25 pips
TP - 50 pips

My brain needs to see a Reward/ Risk ration > at least 1.5.
I know I'm going to have loosers where I could have taken 10-15 pips but that is my Money Management.

Did historical eye test (not backtesting) and have a greater than 50% hit rate

If you have a reward ratio of about 50% sooner or later it will kill your account. You need to take sometimes the 10 pip or less. Don't forget you will never act the same while you lose 5 times in a row. Your head will spin around and you start thinking and that is what you can miss, DON'T THINK. Trade what you SEE (I love TRO's one liners )

Hi Dragon

Thanks for the reply. I understand your comment and following your experience it works for you. However, I'm not experienced with this as yet and need more screen time to get my head around the idea. I need fixed stops (I'm not experienced enough to confidently ID a slowdown in price movement etc.)

I will probable loose my head if I have 5 losses in a row at 25 pips versus 5-10 pips profits. It will wipe out serveral days of profit.

How I manage the trade in progress is to move my stop to the point where the current H1 will change color against the D1 color with allowance for the spread. This reduce the stop to below 25 pips.

Question for you Dragon
How do you determine D1 - Do you use the opening of London? Do you adjust it for NY opening? or do you stick to indicator?

[MightyOne]

Trade for 50 pips, the market can explain better than I can.

[TheRumpledOne]

HORIZONTAL LINES and H1 CANDLE COLOR.

Like making fire with 2 sticks...LOL!

Entry was 1.4725

Exit over 1.4750

SIMPLE

[dragon33]

My first post

Worked through the whole thread the last two days (could not sleep = gripping stuff) - internet slow = took ages. It paid off.

TRO it took me a long time to SEE IT.

I took two trades today on EURJPY. Will only focus on this currency. Spread/ commission manageable with scalping. Up 80 pips using H1 Candle Colour with Sweet Spots Gold.

My approach

Determine D1 = Down
Wait for H1 Green Candle to close (Candle against D1 trend)
Sell Stop at next Sweet Spots Gold level.
Stop Loss - 25 pips
TP - 50 pips

My brain needs to see a Reward/ Risk ration > at least 1.5.
I know I'm going to have loosers where I could have taken 10-15 pips but that is my Money Management.

Did historical eye test (not backtesting) and have a greater than 50% hit rate

If you have a reward ratio of about 50% sooner or later it will kill your account. You need to take sometimes the 10 pip or less. Don't forget you will never act the same while you lose 5 times in a row. Your head will spin around and you start thinking and that is what you can miss, DON'T THINK. Trade what you SEE (I love TRO's one liners )

Hi Dragon

Thanks for the reply. I understand your comment and following your experience it works for you. However, I'm not experienced with this as yet and need more screen time to get my head around the idea. I need fixed stops (I'm not experienced enough to confidently ID a slowdown in price movement etc.)

I will probable loose my head if I have 5 losses in a row at 25 pips versus 5-10 pips profits. It will wipe out serveral days of profit.

How I manage the trade in progress is to move my stop to the point where the current H1 will change color against the D1 color with allowance for the spread. This reduce the stop to below 25 pips.

Question for you Dragon
How do you determine D1 - Do you use the opening of London? Do you adjust it for NY opening? or do you stick to indicator?

I don't use D1 that much. If color the same as H1 i try to get more pips. That's it, nothing fancy about.

[xmess7]

Hi folks and hi to the new folks that I don't know yet .

I couldn't resist. I had to show u something funny that happen. I am still trading and doing well. As you guys know I am always making trading mistakes. I hit the wrong key (sell instead of buy) or I input the wrong lot size etc. Well this time it was the "I totally forgot that I had an open trade" LOL.

Last Sunday I saw a short coming for GBPUSD. As many of you know I don't demo trade I use real accounts when "practicing". So I went to my fxsolutions account. I entered the short at 1.4745. NO stops (I don't use in the beginning of trades). No nothing. Just a plain old entry. Well, I opened up my MBT navigator (and their MT4 platform) and started making trades there. I got into two real good trades last nite that netted me +400 pips. That I think was the reason I forgot about the fxsolutions account. Just now I went to place a trade in that account and damn! the account was at +260 pips LOL. Of course I placed a +200 stoploss and a 60 pip trailing stop LOL. Can you imagine??? It had a -237 pip drawdown. More than likely I would of closed the sucker LOL. I tell ya... this trading biz is crazy LOL.

Success to all of you and if anyone needs any help let me know. My email is everywhere LOL..

Jess

[dragon33]

Hi folks and hi to the new folks that I don't know yet .

I couldn't resist. I had to show u something funny that happen. I am still trading and doing well. As you guys know I am always making trading mistakes. I hit the wrong key (sell instead of buy) or I input the wrong lot size etc. Well this time it was the "I totally forgot that I had an open trade" LOL.

Last Sunday I saw a short coming for GBPUSD. As many of you know I don't demo trade I use real accounts when "practicing". So I went to my fxsolutions account. I entered the short at 1.4745. NO stops (I don't use in the beginning of trades). No nothing. Just a plain old entry. Well, I opened up my MBT navigator (and their MT4 platform) and started making trades there. I got into two real good trades last nite that netted me +400 pips. That I think was the reason I forgot about the fxsolutions account. Just now I went to place a trade in that account and damn! the account was at +260 pips LOL. Of course I placed a +200 stoploss and a 60 pip trailing stop LOL. Can you imagine??? It had a -237 pip drawdown. More than likely I would of closed the sucker LOL. I tell ya... this trading biz is crazy LOL.

Success to all of you and if anyone needs any help let me know. My email is everywhere LOL..

Jess

IS MBT live with there MT4 platform???

[MightyOne]

Hi folks and hi to the new folks that I don't know yet .

I couldn't resist. I had to show u something funny that happen. I am still trading and doing well. As you guys know I am always making trading mistakes. I hit the wrong key (sell instead of buy) or I input the wrong lot size etc. Well this time it was the "I totally forgot that I had an open trade" LOL.

Last Sunday I saw a short coming for GBPUSD. As many of you know I don't demo trade I use real accounts when "practicing". So I went to my fxsolutions account. I entered the short at 1.4745. NO stops (I don't use in the beginning of trades). No nothing. Just a plain old entry. Well, I opened up my MBT navigator (and their MT4 platform) and started making trades there. I got into two real good trades last nite that netted me +400 pips. That I think was the reason I forgot about the fxsolutions account. Just now I went to place a trade in that account and damn! the account was at +260 pips LOL. Of course I placed a +200 stoploss and a 60 pip trailing stop LOL. Can you imagine??? It had a -237 pip drawdown. More than likely I would of closed the sucker LOL. I tell ya... this trading biz is crazy LOL.

Success to all of you and if anyone needs any help let me know. My email is everywhere LOL..

Jess

Back when I traded using paper charts and bothered my broker every 30 minutes I would use green and yellow sticky notes to remember the long (G) and short (Y) orders I placed.

I miss paper charts

[TheRumpledOne]

Notice if you wait for the H1 candle with a semafor to close, the next candle's psycho trade looks like a winner.

DO YOU SEE IT?

[MightyOne]

It is amazing how price moves the same in all time frames :shock:

Anyone take the inside bar trades? :wink: