2009.06.24 WHY 95% OF TRADERS LOSE PART III

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Chrisl
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Postby Chrisl » Sat Aug 01, 2009 12:14 pm

Thanks Cyrillic !
downloaded the vids and will be watching over and over and over...
'You only see what you have learned to see,everything else is invisible'
...Mark Douglas

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jacal1
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Postby jacal1 » Sat Aug 01, 2009 6:47 pm

had a few positions on that as the resistance line was being stubborn and signal was strong across the board,

of 9 positions I averaged about 50 pips the most was 85pips arrow shows average area I entered I had actually started entering at 1.6510 on a 5m 3, 15m 3 and H1 2 stuck to my guns and went to bed ready to either be at a loss or total win as last day of month is always freaky especially when it falls on a friday, was willing to take half of weeks earning as loss as it would have still been better on 2%/day for the week.

Profit take was 50 pips from avg. price of 9 positions

Just noticed I even had a entry at 1.6501 dont know what that was.

missed the reversal (sleeping) but I was already concluded for the week as I had over and above my goals.

some of you may say too many positions exposed but what I actually do is split up what I am willing to expose in 3 entries and commit to my losses I never cut on a breakout I cut on a rebound and put up a fib to see where it could go. on this initial push

I trade balls to the wall but having DTB on my side it has enhanced my entries and exit by twofold

All this thanks to TRO!!
DTB!!
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fridays trade
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Last edited by jacal1 on Mon Aug 03, 2009 7:41 am, edited 1 time in total.

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jacal1
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trade today

Postby jacal1 » Mon Aug 03, 2009 7:40 am

this was one of my nicer trades so far today had a couple of 20pips H1 was 1 but bais seems to be on buy gbp/usd i took it

DTB
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entry 1.6705 exit 1.6750
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germantrader
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Postby germantrader » Mon Aug 03, 2009 1:11 pm

Hello Jacal1

May I ask what indicators you are using ?
Is this the Drain the Banks indicator ?
And your entries are the break-out strategy of the 1 hour candles ?
Tku for any info.

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jacal1
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Postby jacal1 » Tue Aug 04, 2009 2:33 am

Hi germantrader ITS DTB rev8 with my squiggly added

no i use DTB for reversal need to be careful on major breakouts but all in all very good making positive trades.
The fear of Jehovah is the beginning of knowledge, wisdom and discipline...Prov 1:7

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cosmoe1
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STOP OVER TRADING

Postby cosmoe1 » Wed Aug 05, 2009 2:36 am

TheRumpledOne wrote:Image

QUIT OVER TRADING!!

TRO_MO_BOXES update and TRO_RISK_SL_PS attached.


Thanks TRO. This little statement really hit home with me.
I have been trading drain the bank about one week now.
I set a goal of 25 pips profit per day. When I hit this mark I quit.

Thank you again for all the advise in this forum.

Tim

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TheRumpledOne
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Postby TheRumpledOne » Wed Aug 05, 2009 2:48 pm

You're welcome, Tim.
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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TheRumpledOne
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Postby TheRumpledOne » Wed Aug 05, 2009 8:01 pm

"Look, for example, at this elegant little experiment. A rat was put in a T-shaped maze with a few morsels of food placed on either the far right or left side of the enclosure. The placement of the food is randomly determined, but the dice is rigged: over the long run, the food was placed on the left side sixty per cent of the time. How did the rat respond? It quickly realized that the left side was more rewarding. As a result, it always went to the left, which resulted in a sixty percent success rate. The rat didn't strive for perfection. It didn't search for a Unified Theory of the T-shaped maze, or try to decipher the disorder. Instead, it accepted the inherent uncertainty of the reward and learned to settle for the best possible alternative.

The experiment was then repeated with Yale undergraduates. Unlike the rat, their swollen brains stubbornly searched for the elusive pattern that determined the placement of the reward. They made predictions and then tried to learn from their prediction errors. The problem was that there was nothing to predict: the randomness was real. Because the students refused to settle for a 60 percent success rate, they ended up with a 52 percent success rate. Although most of the students were convinced they were making progress towards identifying the underlying algorithm, they were actually being outsmarted by a rat."

P64 HOW WE DECIDE
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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jacal1
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Postby jacal1 » Thu Aug 06, 2009 5:14 am

great analogy real or not it always amazes me how we as humans try to make things more difficult than it really is.

K I S S

DTB!!!
The fear of Jehovah is the beginning of knowledge, wisdom and discipline...Prov 1:7

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aVi
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Postby aVi » Thu Aug 06, 2009 12:15 pm

TheRumpledOne wrote:"Look, for example, at this elegant little experiment. A rat was put in a T-shaped maze with a few morsels of food placed on either the far right or left side of the enclosure. The placement of the food is randomly determined, but the dice is rigged: over the long run, the food was placed on the left side sixty per cent of the time. How did the rat respond? It quickly realized that the left side was more rewarding. As a result, it always went to the left, which resulted in a sixty percent success rate. The rat didn't strive for perfection. It didn't search for a Unified Theory of the T-shaped maze, or try to decipher the disorder. Instead, it accepted the inherent uncertainty of the reward and learned to settle for the best possible alternative.

The experiment was then repeated with Yale undergraduates. Unlike the rat, their swollen brains stubbornly searched for the elusive pattern that determined the placement of the reward. They made predictions and then tried to learn from their prediction errors. The problem was that there was nothing to predict: the randomness was real. Because the students refused to settle for a 60 percent success rate, they ended up with a 52 percent success rate. Although most of the students were convinced they were making progress towards identifying the underlying algorithm, they were actually being outsmarted by a rat."

P64 HOW WE DECIDE


Excellent post, thanks for sharing.
Wake up Mr. Green...

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