2009.09.10 DRAIN THE BANKS - LIKE A RAT

[nickohorny]

Hello everyone

I am completely new to trading and this is my first post here although I have been reading off the site for quite some time.

Anyway, I found this site by first stumbling upon the NLA thread within Trade2Win, I read that whole thread and then switched over to this as I finished it, I unfortunately could never access the original NLA on babypips as it had been deleted

My question I suppose - Is where do I begin?! I have learned quite a lot, and all before even opening a trading platform and watching charts and using the indicators TRO creates, I have read and read and I am overwhelmed by the amount of studies and strategies at hand..

There are buy zone trades, buzzard reversals, rat trades within 20 pip high/low of days, horizontal line trades, dynamic supp/resistance setups etc etc
and as I am a newbie, I am unsure on which method to focus my time on first to practice and practice with..
I suppose it is for me to figure out but could TRO, or anyone exeperienced recommend the simplest strategy I should develop my skills on first?

I will only stick to one currency as recommended but the strategy to master I am unsure on.

I purchased TRO's 'why we lose at trading' book other week and it is awesome!! I recommend every Newbie donate and GET IT, It conditions your mind before even starting.. I am glad I have read it before even targeting a strategy as I hope to be consistent and more like Jill as a trader when the time comes for me to go live after many Demo development.

Thank you all for your time
Nick

[Humble]

Welcome to the forum Nick. If you came to follow TRO then use his rat trades within 20 pips of the days low method. That is what he is now doing and supporting.

Edit: Just noticed you cross posted and TRO has already responded. We'll forgive you this time!

[TheRumpledOne]

1/ Must we wait for bias in weekly daily and hourly to be same then can go long or short when used the rat zone indicator ??

NO.


2/ when to trade this rat indicator best ? after london open ?


Anytime.


3/ why this forum website already have 50,000 site attacks ?
this is not wikileaks

Because they can.

[TheRumpledOne]

Two questions

1. If I am charting with MT4 and placing orders with MBT navigator, which price do I use for rat trades? They are always a little different.


Use the price that you SEE.


2. I remember TRO saying he uses MBT navigator and not the newer MBT desktop pro. Why?

I like the Navigator.

[rat]

TRO or other guys :

can post some pictures of bad trades / false signals when using rat zone indicator so we new users will avoid the same mistakes ?

thanks

[TheRumpledOne]

1) The only "bad" trade is when the trader does not follow the rules. Not following the rules is the only mistake.

2) There are no "false signals". This is trading... sometimes you win, sometimes you lose.

Your brain has been conditioned to be a YALE STUDENT.

[TheRumpledOne]

<-------------------------------------------------------------------->

MAXIMUM RISK = 2% * ACCOUNT BALANCE.

STOP LOSS = 10 PIPS. (INCLUDING SPREAD)

POSITION SIZE = RISK / STOP LOSS.

This is how you make 2% per day.
<-------------------------------------------------------------------->

The important part is to enter WITHIN 20 pips of the daily low. The RAT REVERSAL is only one entry method.

Today, I am using the MO REVERSALS indicator that I coded.

<-------------------------------------------------------------------->

Trading is GUESSING. If it wasn't, you wouldn't need a STOP LOSS.

THINK ABOUT IT!!

<-------------------------------------------------------------------->

PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.

[TheRumpledOne]

Someone asked about trading time frames other than M5.

PRICE IS THE SAME ON ALL CHARTS. You are NOT trading charts, you are trading price.


<-------------------------------------------------------------------->
DRAIN THE BANKS - LIKE A RAT

for H1 (60 MINUTE) CHARTS.

1) Price within 20 pips of the daily low - that is OPPORTUNITY

2) Red H1 candle closes within 20 pips of the current daily low

3) Go long when current H1 candles is green

4) STOP LOSS IS 10 PIPS

5) Take whatever profit you can.

6) If the rules do not mention it, then it is of no concern.


<-------------------------------------------------------------------->

MAXIMUM RISK = 2% * ACCOUNT BALANCE.

STOP LOSS = 10 PIPS. (INCLUDING SPREAD)

POSITION SIZE = RISK / STOP LOSS.

This is how you make 2% per day.
<-------------------------------------------------------------------->

The important part is to enter WITHIN 20 pips of the daily low. The RAT REVERSAL is only one entry method.

<-------------------------------------------------------------------->

Trading is GUESSING. If it wasn't, you wouldn't need a STOP LOSS.

THINK ABOUT IT!!

<-------------------------------------------------------------------->

PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.

[tradervic1963]

Where do we donate to get the book?

[rat]

TRO :

what is the name of the indi showing the different pairs strength
on your chart ?