ProchargedMopar's Trading Trilogy

[prochargedmopar]

What's a BSD?
I said BAd somina ...... but don't really know.
LOL
My wife wants to know......LOL
She thinks this smiley is cute so I had to add it!!

[razorboy]

http://theallnighter.blogspot.com/2007/ ... nking.html

Scan down for BSD

If I had to guess from your trading, one of the biggest issues you have is you dont know how to quantify a win or a loss and probably dont have enough familiarity with a chart to really know when to get out - for the good or the bad (btw I am not saying I do - I'm about 50/50 on the exits and I can probably tell you the exact price levels to watch but without a clue as to the sequence they will get hit) - this isn't a matter of discipline, it's just that outside of "go long on green, short on red and get out when price stalls" - you dont have much structure to go on (plus the fact that no one really talks about their win loss ratio too much on here - so you don't know how the experienced guys are really doing and you can't benchmark yourself to them

Until you get good at reading a chart, I suspect a bit more structure will help overcome the "UGH!!! Me So Stupid" part of trading when you think you goofed on a trade - I know it works for me and as I said elsewhere on here, I have no plans to make 75 pips a week. I want those long beautiful trades that remind you of the sound that you hear when you wack a golf ball spot on with a driver (no i dont play golf, just like that "ping")

Yes, I still curse the UJ for not falling already (that pair owes me a good 300 pip fall) but Im getting better. But I must say, the fact that I have this expectation of a fall makes me a worse trader

[prochargedmopar]

very funny.
Never heard it used in economical terms.

M.O. says he gets 30 wins in a row and then starts over to make another run at 30 more.

Thanks for the input.
It's the losses that kill me.
I see price is turning around but can't let go. There is no reason for my stop to be hit when I can see the M1 candle bodies stacking against me. If I would wait on the closed bodies to form when I'm in profit I would be able to get into some very good runs.
I'll mull over both yours and M.O.'s posts the next few days and see what I can see.
It all sounds and looks great when looking at static charts. Live action seems to be a little giffy.
I just gotta focus on closed bodies.
It's all about trusting my own judgement. My first three trades today were good trades that I just didn't let run. I was never down more than 3 pips on the first 5 trades.

The dreaded price stalls, backs up a pip or two and I bail. Knowing full well that my market assesment has not changed and it was just the fear of loss that gets me out.
Gotta get a grip dude.

[MightyOne]

Here is a fat free goal sheet!

It is more down to Earth and has some rules to both help you overcome losses and avoid blowing up.

[razorboy]

M.O. may be doing that now, but like most, not all, traders he probably learned the hard way. Soros has made a billion in a day, but has also lost 600 million (yes, I know he is still ahead, but those results were not right after one another). Also you don't know his time frame and trade methods or what he defines as a win. If you aren't sitting beside someone for a week or so, you can't possibly grasp everything they are doing. You aren't looking at the same thing as MO and probably not interpretting the information in the same way as he does (and guess what I betcha MO takes the occasional loss)

I've spent a lot of time in the last 8 months starring at charts and lost a pile of pips (every now and again i try to reverse on a breakout - just to remind myself). I know that something can look iffy on a chart vs live. This is why ex-military guys are often good at trading. They have been used to having things drilled into them until they are automatic - seriously, think about it, what sort of person runs TOWARDS gun fire and keeps their cool while being shot at.

I think that you have yet to really define your edge. You have the methods and ideas down pat, but you don't trust yourself or your edge - otherwise you would know when to call it quits and the big losses would only be as big as your risk tolerance.

And as I have sat here writing this to you, the 311 did its thing on the ej and I walked away with about 20 pips. Even though I know that the EJ should move way lower and a little higher to zero things out, I have no clue when (although I can tell you exactly where it will move). Once I can integrate MO's whole retracement concept into my head so that it is automatic, I can start being more liberal with my play, but seriously when you think about it the 100+ pips in two trades isnt such a bad way to be, unless you like the whole "tazmanian-devil-on-meth-oh-why-did-i-take-that-size-of-a-loss-I-am-a-total-moron" type of feeling.

Analyze your surroundings, define your target - ignore everything else - you want to hit "x" on a trade, hit it. Don't hit it and then double dip.......stick the landing the first time. If 13 year old girls can stick their landings and win gold medals with the weight of a nation on their back, you can stick your landing for a gain at the 38 or 50% or 100% retracement. It's one thing to double hop your landing (equivalent to getting stopped out), its another to totally misjudge your landing and end up face down ass up.

Try the 311 and the 211 set ups -its exactly like using limit orders with the dynamic fib lines. This is the same thing as drain the banks. Just make sure you are looking at the bigger picture!!! Be in the breakout when it happens.........................and then liquidate

Find your inner Kerry Strug!!!!!


video.google.com/videoplay?docid=-5236592035466094825

very funny.
Never heard it used in economical terms.

M.O. says he gets 30 wins in a row and then starts over to make another run at 30 more.

Thanks for the input.
It's the losses that kill me.
I see price is turning around but can't let go. There is no reason for my stop to be hit when I can see the M1 candle bodies stacking against me. If I would wait on the closed bodies to form when I'm in profit I would be able to get into some very good runs.
I'll mull over both yours and M.O.'s posts the next few days and see what I can see.
It all sounds and looks great when looking at static charts. Live action seems to be a little giffy.
I just gotta focus on closed bodies.
It's all about trusting my own judgement. My first three trades today were good trades that I just didn't let run. I was never down more than 3 pips on the first 5 trades.

The dreaded price stalls, backs up a pip or two and I bail. Knowing full well that my market assesment has not changed and it was just the fear of loss that gets me out.
Gotta get a grip dude.

[prochargedmopar]

MightyOne,
Funny you should give an updated "goal" sheet.
I scratched one out last night at work based on your first sheet.
I figured 20 pips a day would be more feasible as The pressure to get bigger pips in such a short amount of trading time contributed to my piling into the market with multiple orders. I only trade about 1.5-2hrs per day Asian session.
I know there were at least 150 avail last night but I'm working my way back into the swing after the big losses.
Anyway, this should be a good test cycle of 34 days. At that point I could back off on the percentage risk a little as the account grows. Would stay at 40 micros after the 2nd cycle to get back in line with 5% risk per trade as I'm a little behind at the moment.

GOAL IS TO MAKE *20* PIPS PER DAY:

FXCM micro- 400:1 leverage
I'm already using $2 pips and cannot back up.
Current balance shown:

$470 / 20 micro / 3 days till next level
$590 / 30 micro / 5 days
$890 / 40 micro / 4 days

$1210 / 40 micro / 4 days
$1530 / 50 micro / 3
$1830 / 60 micro / 3

$2190 / 70 micro / 2
$2470 / 80 micro / 2
$2790 / 90 micro / 1

$2980 / 100 micro / 2
$3370 / 110 micro / 1
$3590 / 120 micro / 2

$4070 / 130 micro / 1
$4330 / 140 micro / 1
$4510 / 150 micro / $300 per day/$1500 per week
34 days total
Right at 7 weeks trading.

It all falls on my ability to take the trigger when it presents itself. Nothing else.
The opportunities are there day in and day out.
I watched the market for 15min this morning and 4 currencies I looked at would have netted 20+ pips at the 7:00am market open using the H1 bias and the 0 line trigger. e/u short, g/u short, u/j long, and e/j would have been a little more difficult as it was stuck in a 12 pip consolidation. It was acting crazy but still would have netted 20 on 2 trades. One short and one long.
Trading AM is against my rules at the moment. Off to bed.

[prochargedmopar]

Razor,
Very thorough.
Your right, the info is there and I see what's going on over and over and over.
It's definitely a self trust issue, eg. psychological all the way.

[razorboy]

hitting price like a pinata is probably more damaging to your account that sticking to one trade with a largish stop loss.

I suspect that your winning days were when you were hitting price at the "right" spot. Now you just have to figure out where that right spot is again....

I was playing around with the Zup indictor for the last little while - it is based on price harmonics. Sometimes it is spot on and other times it is a total FKCIN NIGHTMARE - it will have you buying into breakouts based on fib relationships and potentially blow 100's of pips inside of an hour and other times it will pick up moves spot on. In the end, the only thing you need to figure out is where the momenum is...............

Razor,
Very thorough.
Your right, the info is there and I see what's going on over and over and over.
It's definitely a self trust issue, eg. psychological all the way.

[MightyOne]

My goal sheet is always the same...
just the amount allocated to margin changes:

1. Can I trade all major pairs right down to margin?
2. Do I wish to double my position size after 5 losses?
3. Do I wish to have the cash on hand for a second double?
4. Do I wish to add a extra dollars for slipped pips or am I
going to cope by using a smaller stop loss if it gets right down to the wire?

ALL MAJOR PAIRS +:

100 to 1:
NO DOUBLE: $250 per 5 micro (+ Slip?)
($150 is trade the rest is margin)

200 to 1: $200 per 5 micro
400 to 1: $175 per 5 micro

100 to 1:
ONE DOUBLE: $350 per 5 micro (+Slip?)
($150 is trade the rest is margin)

200 to 1: $250 per 5 micro.
400 to 1: $200 per 5 micro.

100 to 1:
TWO DOUBLES: $750 per 5 micro (+Slip?)
($350 is trade the rest is margin)

200 to 1: $550 per 5 micro.
400 to 1: $450 per 5 micro.

Hope that helps...

MightyOne,
Funny you should give an updated "goal" sheet.
I scratched one out last night at work based on your first sheet.
I figured 20 pips a day would be more feasible as The pressure to get bigger pips in such a short amount of trading time contributed to my piling into the market with multiple orders. I only trade about 1.5-2hrs per day Asian session.
I know there were at least 150 avail last night but I'm working my way back into the swing after the big losses.
Anyway, this should be a good test cycle of 34 days. At that point I could back off on the percentage risk a little as the account grows. Would stay at 40 micros after the 2nd cycle to get back in line with 5% risk per trade as I'm a little behind at the moment.

GOAL IS TO MAKE *20* PIPS PER DAY:

FXCM micro- 400:1 leverage
I'm already using $2 pips and cannot back up.
Current balance shown:

$470 / 20 micro / 3 days till next level
$590 / 30 micro / 5 days
$890 / 40 micro / 4 days

$1210 / 40 micro / 4 days
$1530 / 50 micro / 3
$1830 / 60 micro / 3

$2190 / 70 micro / 2
$2470 / 80 micro / 2
$2790 / 90 micro / 1

$2980 / 100 micro / 2
$3370 / 110 micro / 1
$3590 / 120 micro / 2

$4070 / 130 micro / 1
$4330 / 140 micro / 1
$4510 / 150 micro / $300 per day/$1500 per week
34 days total
Right at 7 weeks trading.

It all falls on my ability to take the trigger when it presents itself. Nothing else.
The opportunities are there day in and day out.
I watched the market for 15min this morning and 4 currencies I looked at would have netted 20+ pips at the 7:00am market open using the H1 bias and the 0 line trigger. e/u short, g/u short, u/j long, and e/j would have been a little more difficult as it was stuck in a 12 pip consolidation. It was acting crazy but still would have netted 20 on 2 trades. One short and one long.
Trading AM is against my rules at the moment. Off to bed.

[prochargedmopar]

Razor,
So are you saying I'm blindfolded and just swinging away?
LOL!!!

Classic after hrs chart below.

New High/Pullback/Lower high/Higher Low=consolidation=
WAIT.
If I can take the trigger and if I'm watching when things erupt I will be done in one trade today.

I'm kinda proud of the looks of my chart. Over time I have eliminated the indicators that I don't look at while trading. this is what I've morphed to without even trying.
Pretty basic if I do say so myself.