2009.09.10 DRAIN THE BANKS - LIKE A RAT

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Soondoock
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Postby Soondoock » Tue Jun 29, 2010 12:51 pm

Hello everyone,
I have been following this thread for a while and decided to register today. The approach to trade RAT rev. seems to be good but only one thing bothers me. It is that our Sl of 10 pips is higher than our TP according to the example above. Also I think many people trading brokers with spreads so it is even more complex.

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TheRumpledOne
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Postby TheRumpledOne » Tue Jun 29, 2010 2:06 pm

SL may be higher than REALIZED TP and that is why you set a reasonable daily pip goal and QUIT TRADING once you reach it.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Soondoock
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Postby Soondoock » Tue Jun 29, 2010 2:21 pm

TheRumpledOne wrote:SL may be higher than REALIZED TP and that is why you set a reasonable daily pip goal and QUIT TRADING once you reach it.


Ok I understand. I have daily goal of 25 pips and weekly 100 pips.
So if I would take about 2-4 pips per trade (average 3 pips) I need approx. 8 trades to achieve my goal.

Also I have question about 20 pips range of daily hi/Low. I am GR. For example I have setup. Bear candle closes near daily low, next candle is green it is also closed but it's high is outside of the 20 pips range, should I open trade then when next candle break it's high?

Soondoock
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Postby Soondoock » Tue Jun 29, 2010 2:22 pm

duplicate
Last edited by Soondoock on Tue Jun 29, 2010 2:30 pm, edited 1 time in total.

cosmoe1
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Postby cosmoe1 » Tue Jun 29, 2010 2:26 pm

98% of all traders lose.
Stop following the crowd.
Learn from someone in the 2%
TP has to be twice as high as SL. I don't think so.
Take what the market will give you.

Thanks again TRO

Cos

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Postby TheRumpledOne » Tue Jun 29, 2010 2:41 pm

Soondoock wrote:
TheRumpledOne wrote:SL may be higher than REALIZED TP and that is why you set a reasonable daily pip goal and QUIT TRADING once you reach it.


Ok I understand. I have daily goal of 25 pips and weekly 100 pips.
So if I would take about 2-4 pips per trade (average 3 pips) I need approx. 8 trades to achieve my goal.

Also I have question about 20 pips range of daily hi/Low. I am GR. For example I have setup. Bear candle closes near daily low, next candle is green it is also closed but it's high is outside of the 20 pips range, should I open trade then when next candle break it's high?


What is the reason for 25 pips a day?

If you have a $500 account and trade 1 mini and make 10 pips that is $10 or 2%. That is 10% a week without compounding.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby ncase » Tue Jun 29, 2010 3:19 pm

cosmoe1 wrote:98% of all traders lose.
Stop following the crowd.
Learn from someone in the 2%
TP has to be twice as high as SL. I don't think so.
Take what the market will give you.

Thanks again TRO

Cos


So what is the purpose of the SL, just as a safety valve against unforeseen price movement, or some other unforeseen problems like computer power outtage?

This whole thing about RR, MM, etc.. is my only sticking point. I can see pips made on just about every trade I take, but not always 1:1 RR. If I "take what I get", I will be 90% profitable. But what about the cases where I get stopped out. If the stop is much larger than the minimal profits taken, I could easily eat up mulitple small gains.

I agree, 98% of traders fail, and they are listening to the same message about risk/reward, and money management, yet they fail. My gut tells me there is a better way, but my logic (I guess that is Yale) is having trouble with taking profits at only 20% of my risk.

If I could get my head around this I would be on my way. Any words of wisdom are appreciated.

Neville

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Postby Soondoock » Tue Jun 29, 2010 3:32 pm

TheRumpledOne wrote:
Soondoock wrote:
TheRumpledOne wrote:SL may be higher than REALIZED TP and that is why you set a reasonable daily pip goal and QUIT TRADING once you reach it.


What is the reason for 25 pips a day?

If you have a $500 account and trade 1 mini and make 10 pips that is $10 or 2%. That is 10% a week without compounding.


Now I have 2000 account. 25 pips per day is because I have 500 pips per month plan that is all.

TRO can you answer my question in my previous message?

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Postby TheRumpledOne » Tue Jun 29, 2010 11:15 pm

Soondoock:

The answer to your question

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

2) red candle closes

3) green candle closes - note the high price of the green candle.

4) enter long at the green candle's high price

5) STOP LOSS IS 10 PIPS

6) Take whatever profit you can.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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cosmoe1
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We all lose sometimes

Postby cosmoe1 » Wed Jun 30, 2010 2:47 am



Here is a trade I lost on tonite.
But what you can see is, price was still within 20 pips of the low.
So I went long again and more than made up for what I lost in the first trade.
So as you can see sometimes you just have to stick with it.
If you trade more than 3 times in a row on the same pair when the price is within 20 pips of the low, and lose all 3 times you are doing something wrong, or the price is just making new lows, and there is nothing you can do but wait for the next good set up.

Cosmoe1

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