2009.09.10 DRAIN THE BANKS - LIKE A RAT

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Pro Trader
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Postby Pro Trader » Thu Feb 11, 2010 9:47 pm

Hi rw48gmx, It's cold enough here in the UK, I cant imagine dealing with snow again. Its already freezing. Just posting when I can with my limited experience.

Gangsta. TRO's rules are all you need as is, really. I know where your coming from though. In the past I have pulled the plug on trades that go to say -8pips then without reaching my 10 pip SL, price continues in the direction that I initially placed my trade so I lose by not being patient. I've done that enough times to know that that is not the way to go.

If you get stopped, you get stopped. Forget it and move on, but when you see profit take it.

Personally I wouldn't move the stop to b/e at 2 or 3 pips. That could be the only profit for that trade and instead of taking it, you only b/e. If your with MBT or another ecn then you actually make a little loss by the time you have paid commission each way on the trade. Why not take the profit when you see it as TRO suggests?

A little can go a long way. I've waited for my 5 - 10 pips runs only to be stopped out at a loss. I've learnt my lesson so now Im making my pips as they come.

I trialled with just $1/pip just to learn and get more confident with DTB. Now Im trading 2%.

Happy trading to all.

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bredin
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Postby bredin » Thu Feb 11, 2010 11:41 pm

Never move a stop.

I use 10 pips as an emergency since there is usually an opportunity to close at b/e (or small profit) if price moves against me immediatly.

Seriously, practice taking those 2 or 3 pips on offer while you learn to read PA.

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TheRumpledOne
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Postby TheRumpledOne » Fri Feb 12, 2010 2:28 am

The stop loss is set at 10 pips. Now am I correct in assuming this is an emergancy stop and you would exit the trade at less of a loss if you see the trade immediatly going against you?

NO.

I have been flirting with the idea of placing a break even right away as soon as 2 or 3 pips profit is realised. What do you guys think?

NO. I WOULD WAIT UNTIL PRICE MOVES UP 3 TO 5 PIPS AND SET THE STOP LOSS AT ENTRY + 2. DO THAT IF YOU FEEL PRICE ISN'T MOVING THE WAY YOU WANT IT TO.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby rw48gmx » Fri Feb 12, 2010 10:41 am

Hi gangsta1,

I trade EUR/USD with Ninja Trader. There is one feature called ATM. (Advanced Trade Management) So I use a pre-defined order, stop loss -10 pips, after 3 pips profit break even +1, after 5 pips traling...
Sometimes after 3 pips profit the market is turning opposite, but I catched 1 pip. Better results as red rat, because the market is faster moving down, and traling is working better.

Often market is moving so fast, it is not possible to react manually, and it would result in -10 pips stop/loss.

I´m not familiar with Metatrader, maybe this pre-defined order is also possible. (EA ???)

I`d like to ask TRO, what about against trading EUR/USD with futures,
strictly maintaining the 2 % rule ?

Nice weekend to all, rw48gmx

gangsta1
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Postby gangsta1 » Fri Feb 12, 2010 11:26 am

rw48gmx wrote:Hi gangsta1,

I trade EUR/USD with Ninja Trader. There is one feature called ATM. (Advanced Trade Management) So I use a pre-defined order, stop loss -10 pips, after 3 pips profit break even +1, after 5 pips traling...
Sometimes after 3 pips profit the market is turning opposite, but I catched 1 pip. Better results as red rat, because the market is faster moving down, and traling is working better.

Often market is moving so fast, it is not possible to react manually, and it would result in -10 pips stop/loss.

I´m not familiar with Metatrader, maybe this pre-defined order is also possible. (EA ???)

I`d like to ask TRO, what about against trading EUR/USD with futures,
strictly maintaining the 2 % rule ?

Nice weekend to all, rw48gmx


Hi rw48gmx, greetings from Paris.

I have an order management EA that sets the stop loss, break even and trailing stop automatically. I agree with you it is easier to have it done automatically as the market can move fast and you miss the opportunity to set a break even, trailing stop or exit a trade.

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Postby Patch » Fri Feb 12, 2010 11:41 am

gangstra1

What is the trade management/exit EA you use? Is it copyrighted or could you post it?

Thanks

Patch
In VA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby gangsta1 » Fri Feb 12, 2010 11:47 am

Google "quick trailing EA" or "swiss army EA"

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Postby gangsta1 » Fri Feb 12, 2010 1:04 pm

I have had good results today setting a trailing stop at 2-3 pips. So once the trade moves 2 pips I will be at break even, 3 pips +1, 4 pips +2, 5 pips +3, 6 pips +4 and so on...

Some may think it is too close to the price and entry but it makes me feel safer and confident of avoiding losers. If price bounces as it should for the runners it also allows me to not get stopped out of the better trades.

I think this is the way for me to minimize losses but also grab a few pips on most opportunities. After all the pips add up right!

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Postby TheRumpledOne » Fri Feb 12, 2010 2:43 pm

Image

OPPORTUNITY...
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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TheRumpledOne
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Postby TheRumpledOne » Fri Feb 12, 2010 3:42 pm

Image

Results.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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