No trades Asian/London Today
Rough Draft:
A Pro's Trading Plan
Risk Aversion = NEVER allow a BIG loss- No exceptions or I'll have to go out the the garage and put my nuts in the vise!!!
2% Max risk per trade
5% Max Loss per day
Pre-define exits for a Loss before each entry.
3:1 profit margin minimum
6:1 better
Pre-Trade entry rules =
Mark Supply/Demand zones on H1 and D1 charts.*
Must see discernible direction of 30ema before placing trade. (Yale student)
Ignore Opposite oscillator ob/os signals.
* Reversal against 30ema direction can ONLY be taken at Extreme S/D zones where Big Momo has occurred.
Trade management =
Allowed to exit when m5 candle CLOSES against entry direction.
Allowed to exit at strong supply/demand area.
Can use median line of bollinger band as trailing stop.
Can use 8ma as trailing stop.
LET PROFITS RUN!!!
Like this>>>
ProchargedMopar's Trading Trilogy
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- prochargedmopar
- rank: 10000+ posts
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Last edited by prochargedmopar on Thu Nov 12, 2009 4:18 pm, edited 2 times in total.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
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Hi prochargedmopar,
I also went to one of their sessions here in London and had a really good impression.
By the way, they are organising an event on Monday here, and I will come and see Mr. Sam Seiden himself, hehe.
Much success to your workouts and trading,
Ken.
prochargedmopar wrote:I went to a www.onlinetradingacademy.com 7hr. free workshop. (advertisement)
I also went to one of their sessions here in London and had a really good impression.
By the way, they are organising an event on Monday here, and I will come and see Mr. Sam Seiden himself, hehe.
Much success to your workouts and trading,
Ken.
Kenyuki wrote:Hi prochargedmopar,prochargedmopar wrote:I went to a www.onlinetradingacademy.com 7hr. free workshop. (advertisement)
I also went to one of their sessions here in London and had a really good impression.
By the way, they are organising an event on Monday here, and I will come and see Mr. Sam Seiden himself, hehe.
Much success to your workouts and trading,
Ken.
Monday ? I thought it was Tuesday the 17th ?!?
There's no business like [strike]show[/strike] covid19 business.
- prochargedmopar
- rank: 10000+ posts
- Posts: 12048
- Joined: Sat Dec 20, 2008 6:07 am
- Reputation: 1790
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- Gender:
- Contact:
prochargedmopar wrote:No trades Asian/London Today
Rough Draft:
A Pro's Trading Plan
Risk Aversion = NEVER allow a BIG loss- No exceptions
2% Max risk per trade
5% Max Loss per day
Pre-define exits for a Loss before each entry.
3:1 profit margin minimum
Pre-Trade entry rules =
Mark Supply/Demand zones on H1 and D1 charts.*
Must see discernible direction of 30ema before placing trade. (Yale student)
Ignore Opposite oscillator ob/os signals.
* Reversal against 30ema direction can ONLY be taken at Extreme S/D zones where Big Momo has occurred.
Trade management =
Allowed to exit when m5 candle CLOSES against entry direction.
Allowed to exit at strong supply/demand area.
Can use median line of bollinger band as trailing stop.
Can use 8ma as trailing stop.
LET PROFITS RUN!!!
Like this>>>
After banking the demo $$,
Time to go long!!
Here is how I'm using the 8ma to hold trades through 1-2 pullbacks.
Last edited by prochargedmopar on Thu Nov 12, 2009 3:14 pm, edited 1 time in total.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
Please add www.kreslik.com to your ad blocker white list.
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- prochargedmopar
- rank: 10000+ posts
- Posts: 12048
- Joined: Sat Dec 20, 2008 6:07 am
- Reputation: 1790
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- Contact:
Refined Trading Plan:
Refined/Updated
Trading Philosophy
Buy-After a period of selling when price reaches a demand level. Drop-Base-Rally (momo)
Sell-After a period of buying when price reaches a supply level. Rally-Base-Drop (momo)
Enter- In direction of 30 SMA after a corrective wave.
#1
Capital Preservation = NEVER allow a BIG loss- Big losses are for pussies and will demand going to the garage and putting nuts in the vise!!!
2% Max risk per trade
5% Max Loss per day
Pre-define exits for a Loss before each entry.
3:1 profit margin minimum
6:1 better
#2
Pre-Trade entry rules =
Mark Supply/Demand zones on H1 and D1 charts.*
Define direction of 30sma
Ignore Opposite oscillator ob/os signals.
* Reversal against 30sma direction can ONLY be taken at Extreme S/D zones where Big Momo has occurred.
#3
Loss/Profit management =
May exit at strong supply/demand area.
May use 8ma as trailing stop after candle closes across line.
LET PROFITS RUN!!!
TRADERS WHO FOLLOW RULES HAVE THEIR ACCOUNTS FILLED BY TRADERS WHO DON'T.
Trading Philosophy
Buy-After a period of selling when price reaches a demand level. Drop-Base-Rally (momo)
Sell-After a period of buying when price reaches a supply level. Rally-Base-Drop (momo)
Enter- In direction of 30 SMA after a corrective wave.
#1
Capital Preservation = NEVER allow a BIG loss- Big losses are for pussies and will demand going to the garage and putting nuts in the vise!!!
2% Max risk per trade
5% Max Loss per day
Pre-define exits for a Loss before each entry.
3:1 profit margin minimum
6:1 better
#2
Pre-Trade entry rules =
Mark Supply/Demand zones on H1 and D1 charts.*
Define direction of 30sma
Ignore Opposite oscillator ob/os signals.
* Reversal against 30sma direction can ONLY be taken at Extreme S/D zones where Big Momo has occurred.
#3
Loss/Profit management =
May exit at strong supply/demand area.
May use 8ma as trailing stop after candle closes across line.
LET PROFITS RUN!!!
TRADERS WHO FOLLOW RULES HAVE THEIR ACCOUNTS FILLED BY TRADERS WHO DON'T.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
- pablo101
- rank: 500+ posts
- Posts: 973
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- Gender:
Re: Refined Trading Plan:
prochargedmopar wrote:Refined/Updated
Trading Philosophy
Buy-After a period of selling when price reaches a demand level. Drop-Base-Rally (momo)
Sell-After a period of buying when price reaches a supply level. Rally-Base-Drop (momo)
Enter- In direction of 30 SMA after a corrective wave.
#1
Capital Preservation = NEVER allow a BIG loss- Big losses are for pussies and will demand going to the garage and putting nuts in the vise!!!
2% Max risk per trade
5% Max Loss per day
Pre-define exits for a Loss before each entry.
3:1 profit margin minimum
6:1 better
#2
Pre-Trade entry rules =
Mark Supply/Demand zones on H1 and D1 charts.*
Define direction of 30sma
Ignore Opposite oscillator ob/os signals.
* Reversal against 30sma direction can ONLY be taken at Extreme S/D zones where Big Momo has occurred.
#3
Loss/Profit management =
May exit at strong supply/demand area.
May use 8ma as trailing stop after candle closes across line.
LET PROFITS RUN!!!
TRADERS WHO FOLLOW RULES HAVE THEIR ACCOUNTS FILLED BY TRADERS WHO DON'T.
I'm looking forward to the new pro, looking very productive indeed
WAS A YALE STUDENT. Now? Let's see!
Re: Refined Trading Plan:
prochargedmopar wrote:Refined/Updated
Trading Philosophy
Buy-After a period of selling when price reaches a demand level. Drop-Base-Rally (momo)
Sell-After a period of buying when price reaches a supply level. Rally-Base-Drop (momo)
Enter- In direction of 30 SMA after a corrective wave.
#1
Capital Preservation = NEVER allow a BIG loss- Big losses are for pussies and will demand going to the garage and putting nuts in the vise!!!
2% Max risk per trade
5% Max Loss per day
Pre-define exits for a Loss before each entry.
3:1 profit margin minimum
6:1 better
#2
Pre-Trade entry rules =
Mark Supply/Demand zones on H1 and D1 charts.*
Define direction of 30sma
Ignore Opposite oscillator ob/os signals.
* Reversal against 30sma direction can ONLY be taken at Extreme S/D zones where Big Momo has occurred.
#3
Loss/Profit management =
May exit at strong supply/demand area.
May use 8ma as trailing stop after candle closes across line.
LET PROFITS RUN!!!
TRADERS WHO FOLLOW RULES HAVE THEIR ACCOUNTS FILLED BY TRADERS WHO DON'T.
I like the look of the new trading plan Pro. I do have a question about your daily Max Loss limit. Shouldn't this be a multiple of your risk size? or is the extra 1 % to cater for slippage etc?
- prochargedmopar
- rank: 10000+ posts
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Slippage pippage.
What if I close a trade that starts to go bad at -1%.
I still have 2 full trades to go.
Or say I have 2 losses.
I can get in a trade with partial position or maybe I find one that I'm going to use "half" a stop on. Let it run and I'm back in the game.
Or maybe I want to put a feeler in the market?
5% is my psychological threshold at this particular time for daily loss and 2% is my per trade threshold, any more and I will bury the account.
Didn't like either trade today.
16118705 6319022861 GBP/USD 2 S 1.67162 1.67139 2.3 0.46 0.00 11/16/2009 08:31 11/16/2009 08:32
16117760 6319022861 GBP/USD 2 S 1.67338 1.67309 2.9 0.58 0.00 11/16/2009 07:49 11/16/2009 08:13
Total 4 5.2 1.04
What if I close a trade that starts to go bad at -1%.
I still have 2 full trades to go.
Or say I have 2 losses.
I can get in a trade with partial position or maybe I find one that I'm going to use "half" a stop on. Let it run and I'm back in the game.
Or maybe I want to put a feeler in the market?
5% is my psychological threshold at this particular time for daily loss and 2% is my per trade threshold, any more and I will bury the account.
Didn't like either trade today.
16118705 6319022861 GBP/USD 2 S 1.67162 1.67139 2.3 0.46 0.00 11/16/2009 08:31 11/16/2009 08:32
16117760 6319022861 GBP/USD 2 S 1.67338 1.67309 2.9 0.58 0.00 11/16/2009 07:49 11/16/2009 08:13
Total 4 5.2 1.04
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
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