ProchargedMopar's Trading Trilogy

[prochargedmopar]

+4.2 pips today.

11865242 EUR/USD 20 B 1.39172 1.39173 0.1 0.20 0.00 6/8/2009 20:19 6/8/2009 20:20
11864267 EUR/USD 20 B 1.39306 1.39309 0.3 0.60 0.00 6/8/2009 19:36 6/8/2009 19:46
11863866 EUR/USD 20 B 1.39231 1.39269 3.8 7.60 0.00 6/8/2009 19:20 6/8/2009 19:22
Total 60 4.2 8.40 0.00

Look at the H1 chart of the timeframe I traded.
Just taking the "triggers" would have netted me 40 pips easy.
Ok, so why didn't I take em?

Act on your edges without hesitation or reservation!!

[MightyOne]

Ok, here is a simple fix:

For every mini you normally trade trade 1 micro lot.

Choose either a 9, 14, or 19 pips stop loss and set a take profit of 10 to 1 which will be a 90, 140, or 190 pips TP.

You can even trade with a 9sl and if you make 90 pips then trade with a 14sl and if you make 140 pips then trade witha 19 sl for 190 pips if you wish.

10 losses and you are done for the day (really 1 loss)

According to TRO's R/R indi you can have 80% losses and still show a microscopic profit.

However you wish to take the trade take the trade, but you are not in control of exiting.

[prochargedmopar]

Happy 40th to me!!!!
6/9/69
You may be right.
One trade london session.

+3 on scalp short against the trend.
Watched e/u rise from 05 when I sat down to 62 before I closed the computer in disgust because I could not trade a pullback thinking the next was gonna be a drop.
Yes, the M1 candles were pushing the H1 highs and the M3 candles were pushing the H4.
Damn son, do you even have a trigger for your entries????????

11876548 6319022861 EUR/USD 20 S 1.39194 1.39164 3 6.00 0.00 6/9/2009 02:56 6/9/2009 03:00

[prochargedmopar]

If I could just start out by taking a trade.
Then, as soon as I saw profit not letting myself exit until an M1 candle closes against me. Then gettting out on the next M1 for the most profit it would give.
That would be a start. In most cases I would get at least 5-10 more pips per trade as sometimes after a closed body against the next one shoots up with momentum in your favor.
Ugh.

[Fxtraveller]

pro,
are you sure this is the best method that suits you? have you thought about 15- 20 SL and 20+ TP ?or whatever. it seems to me that every tick against you makes you agonize....
Just take a look at the times you trade, look on past candles, look how much they go in your favour (on average, or at least) after your entry points, then from that calcluate your TP (example: on average price goes at least 20 pips in my favour, so my TP will be at least 12-15, NO LESS, I will lock in part of my trade and let the rest run free for at least double with a free trade).

[***FX-JEDI***]

Hi All this is my first post,
Being around this website for a while now as a guest, couldn't get logged in, so re-registered with another email, & it worked straight away.
First I want to say TRO, BIG THANKS mate for all your hard work. posted below is this years trading results from 2nd Feb till now. your guidance has reopened my eyes to trading & my trading style, I use to take 1 step forward then 2 steps back, slowly draining an account over a 3 year period, now this year seems very exciting & soon will invest more money into account.
by the way all the trades were done in 0.1 lots
Cheers ***FX-JEDI***

United World Capital, Ltd.

swap profit
-83.64 2 423.98
Closed P/L: 2 340.34
Open Trades:
Ticket Open Time Type Size Item Price S / L T / P Price Commission Taxes Swap Profit
2509566 2009.06.09 14:43 buy 0.10 gbpusd 1.61723 0.00000 1.62800 1.61987 0.00 0.00 0.00 26.40
0.00 0.00 0.00 26.40
Floating P/L: 26.40
Working Orders:
Ticket Open Time Type Size Item Price S / L T / P Market Price
No transactions

Summary:
Deposit/Withdrawal: 5 000.00 Credit Facility: 0.00
Closed Trade P/L: 2 340.34 Floating P/L: 26.40 Margin: 161.72
Balance: 7 340.34 Equity: 7 366.74 Free Margin: 7 205.02

Details:
Graph
Gross Profit: 2 341.04 Gross Loss: 0.70 Total Net Profit: 2 340.34
Profit Factor: 3344.34 Expected Payoff: 45.89
Absolute Drawdown: 0.00 Maximal Drawdown: 0.70 (0.01%) Relative Drawdown: 0.01% (0.70)

Total Trades: 51 Short Positions (won %): 17 (94.12%) Long Positions (won %): 34 (100.00%)
Profit Trades (% of total): 50 (98.04%) Loss trades (% of total): 1 (1.96%)
Largest profit trade: 165.42 loss trade: -0.70
Average profit trade: 46.82 loss trade: -0.70
Maximum consecutive wins ($): 49 (2 241.04) consecutive losses ($): 1 (-0.70)
Maximal consecutive profit (count): 2 241.04 (49) consecutive loss (count): -0.70 (1)
Average consecutive wins: 25 consecutive losses: 1

[prochargedmopar]

M.O.
I'm looking seriously at your setup.

Lets make a deal:
I'm pretty cool with losing $15 a trade.
I could use $1 pips, a 15 s/l along with a 70 pips TP.
I see it go that far after I'm out but not much further.
I'd still be up 20 pips if I went 8 losses and only 2 wins
Never exiting manually.

FXtraveler.
Thanks for the ideas. That's more like the 1:1 that I'm targeting but never hold on to get. I keep getting told it's the lot size that's getting me.
Or, It could be the need to be right. LOL

I'd sooner think it's the fear of loss though.

Some quick morning trades
+14 pips using this chart.
11887056 EUR/USD 20 B 1.39728 1.39818 9 18.00 0.00 6/9/2009 08:23 6/9/2009 08:25
11886177 EUR/USD 20 S 1.39600 1.39565 3.5 7.00 0.00 6/9/2009 08:05 6/9/2009 08:09
11885917 EUR/USD 20 S 1.39656 1.39641 1.5 3.00 0.00

The one M1 candle close against me trick would have netted me 15 extra pips on one trade and 10 on another.
I didn't sit down to the computer until after the 100 pip H1 candle.

[Fxtraveller]

Happy Bday!
May all your deals be accepted =]

[MightyOne]

"...I'm pretty cool with losing $15 a trade..."

You are still thinking in terms of dollars I see

What is your account cool with? How you feel is irrelevant!

There are 2 things which will grow your account faster than anything else:

1. Steady account gains on a daily or weekly level.
2. Compounding returns

Let us say that you are used to trading 2 mini lots, but you suffered a massive draw down and are now trading 1 mini lot:

Which is more easy:

A. $1 per pip with a 15 SL & targeting 5+ pips

or

B. $0.10 per pip with a 15 SL targeting 150 pips w/ 10 attempts to do so?



A: 10 trades mostly losers (60%): -$90 in losses + :

A1: 5 pips per trade?: -$90 in losses + $20 in profit = -$70 total

A2: 10 pips per trade?: -$90 in losses + $40 in profit = -$50 total

A2: 20 pips per trade?: -$90 in losses + $80 in profit = -$10 total

A2: 40 pips per trade?: -$90 in losses + $160 in profit = $70 total
(aha! PROFIT!)

or

B: 10 trades mostly losers (60%): -$9 in losses + $60 in profit = $51 total

What if my win % were 90%?

A: 40 pips per trade: $360 in profit - $15 in losses = $345 total

B: 150 pips per trade at 1/10: $135 - $1.50 = $133.50

But lets compare maximum daily loss of 10 trades:

A: -$150

B: -$15

And now subtract that from the total:

$345 - $150 = $195

$133.50 - $15 = $118.50 // getting closer! Off by $76.50!

Twice?:

$195 - $150 = $45! // profits are evaporating

$118.50 - $15 = $103.50! // Profits are holding steady

MORE RISK IS MORE RISK

MORE PROFIT IS MORE PROFIT

$100 gained risking nothing is worth more than $100 gained risking every thing!

Some times less is more...

M.O.
I'm looking seriously at your setup.

Lets make a deal:
I'm pretty cool with losing $15 a trade.
I could use $1 pips, a 15 s/l along with a 70 pips TP.
I see it go that far after I'm out but not much further.
I'd still be up 20 pips if I went 8 losses and only 2 wins
Never exiting manually.

FXtraveler.
Thanks for the ideas. That's more like the 1:1 that I'm targeting but never hold on to get. I keep getting told it's the lot size that's getting me.
Or, It could be the need to be right. LOL

I'd sooner think it's the fear of loss though.

Some quick morning trades
+14 pips using this chart.
11887056 EUR/USD 20 B 1.39728 1.39818 9 18.00 0.00 6/9/2009 08:23 6/9/2009 08:25
11886177 EUR/USD 20 S 1.39600 1.39565 3.5 7.00 0.00 6/9/2009 08:05 6/9/2009 08:09
11885917 EUR/USD 20 S 1.39656 1.39641 1.5 3.00 0.00

The one M1 candle close against me trick would have netted me 15 extra pips on one trade and 10 on another.
I didn't sit down to the computer until after the 100 pip H1 candle.

[MightyOne]

Happy 40th to me!!!!
6/9/69

Happy birthday!

Double 69's? does this mean you get for your birthday!?!