2009.04.28 YOUR OWN CASINO

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razorboy
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Postby razorboy » Sun Sep 27, 2009 12:14 am

it is in no way fast money.................i have sat for days on end not taking a trade off of a 5 minute chart and then had 2 quick losers in a row, but once you get your head around the psychology of it and start to understand the fact that when you lose after a few wins, chance are it will be with a larger position than you have won with previously and that any high return approach will have a relatively high drawdown then you will be on your way.

And of course understanding the #1 rule...............nothing in life is ever certain.......


marypipins wrote:ok.. I'm certainly not advocating that someone can be a consistent long term profitable gambler they may exist but I have never seen one, there are many reasons why people lose gambling, all I'm saying is the number 1 reason is because not knowing when to quit destroys even the lucky short term winner who at that point in time had things going their way only not wise enough or disciplined enough to get out while the window of opportunity was open.
As far as forex goes, if this is just another form of gambling then we are living the same delusion that gamblers have of being consistent winners. I don't believe forex is delusional but I don't believe its the quick fast money that is so widely touted. If you have been trading for any period of time you know that as a fact.
Lisa
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!

http://thejoshkerbelproject.com/

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fxfreddie
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Postby fxfreddie » Mon Sep 28, 2009 11:42 am

TRO,

Is the HiOp OpLo count indicator one that you already created for TradeStation as well?

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TheRumpledOne
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Postby TheRumpledOne » Mon Sep 28, 2009 2:55 pm

Yes, long time ago.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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Postby fxfreddie » Wed Sep 30, 2009 11:48 am

_TRO_PLOT does the trick for that when using sub-graphs feature.
that indicator's versatility is phenomenal

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Postby LIGIO » Fri Oct 09, 2009 1:14 pm


hi tro i see the maket price diferent from the real price what can i do to chage this?
thanks in advance

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TheRumpledOne
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Postby TheRumpledOne » Fri Oct 09, 2009 5:42 pm

You do NOT have all of the indicators loaded.

That's why the price is incorrect.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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fxfreddie
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Believe what you see or see what you believe

Postby fxfreddie » Fri Oct 09, 2009 5:55 pm

I believe I see many buy zone / casino style trades working out decently on this chart.

Why anyone would struggle to see this, may have to do with what they believe. There are enough traders out there playing Opening Range Breakout plays out of boxes etc. I don't see how the BZ is any different, other than it is more simple.





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TheRumpledOne
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Postby TheRumpledOne » Fri Oct 09, 2009 6:27 pm

You do NOT have all of the indicators loaded.

That's why the price is incorrect.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

speed26
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Postby speed26 » Sun May 22, 2011 5:57 pm

Im fairly new on this forum and to trading (just under 2 years now).

Ironically, I came up with this same concept, started looking around the internet and found the BZ on babypips hehe.

Anyways, not gonna take credit since it already exists, but ive been testing the open range breakout around smaller TF's such as 15m.

Using very tight aggresive stops and no TP. I use a trailing stop.

So far its early to see if its worth continuing with, but the more i think about it the more i see that all we are doing is spacing out our trades around specific time intervals.

We trade price BASED on time. We arent trading price by itself.

I did close to 300 trades in around 12 days and grew the demo account by 35%+ with 0.35% risk/trade.

then i started 'fidling' and testing different things and everything went pear shaped :oops:

Heres something to consider. When price is moving fast, you need to be fast placing pending orders. The lower the TF the faster you must be, and the broker gets fussy with 'minimum distances' for pending orders on MT4.

I recently posted on forexfactory to see if anyone would like to help with building a pending order ea of sorts, that would allow this concept TRO has shared, to be taken to the next level.

I attach the link so as to make it easier.

In summary: This 'concept' has huge potential, IF one is capable of limiting the max trades taken per day, and the max risk taken per day in TOTAL and ONLY TRADE when volatility is high and if possible, directional.

Why? Because it introduces consistency in TIME.

For example, say you set a max of 4% loss per day.
Then you calculate the max trades PER BAR you will take.
Then you divide the max trades by the max daily risk and what do you get? The OPTIMUM %R per trade.

This will give you something like:

"I will trade 4 hourly bars, which gives me a MAX trades of 8 (2trades per bar) which means my optimum %risk per trade will be 0.5% per trade.

Once I have traded my 4 hourly bars, win or lose, im DONE for the day."

Consistency in TIME, combined with precision entries.

Just some thoughts :)

PS heres the thread (nearly forgot hehe): http://www.forexfactory.com/showthread. ... ost4633257

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Postby wkestler » Wed Jun 01, 2011 7:13 pm

which pair do you recomend for this if you are going to trade starting at 10 pm ET.

Thanks for your help

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