2009.09.10 DRAIN THE BANKS - LIKE A RAT

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tfg
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Postby tfg » Wed Jun 30, 2010 1:31 pm

maestro007 wrote:I think that if trading out of the daily top/bottom using 15 mins is not the best filter in my opinion.

I am having have had similar problems to you and others regarding taking rat trades.

Conclusion I have come to, is that it is my emotions that get the better of me once I am in the trade.

I can look at a historic chart and see all the good and bad trades I could have been in and generally would have been profitable if I was able to let profits run.

However once I start trading live, everything goes to pot, and I start throwing money away chasing the market. This week I have had a VERY good idea where the market was heading and from what points... However instead of banking 200+ pips, I have banked -20+ pips. lol.

My point is that it is emotions and over trading that is more then likely causing you problems with your rat trades. As it is for me.

What colour rat are you by the way?

Mae


Thanks, Mae. I am a green rat (to the literal sense!). If 15m is not a good filter, what would be? I am doing ok outside the 20pips low. I struggle to decide whether to take a reversal trade or not when in the 20pips zone. It seems most of the time I did it, the price went to a new low like catching a falling knife.

What is your experience?

tfg

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TheRumpledOne
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Postby TheRumpledOne » Wed Jun 30, 2010 1:47 pm

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RESULTS.

"The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."
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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ForexChick
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Postby ForexChick » Wed Jun 30, 2010 1:49 pm

Hi TRO,

Quick question:

If your order has been triggered (green rat with a 10-pip stop loss), but the next candle did not go into your direction but still has not triggered your S/L, do you hold the trade or close it?

Thanks,
FC

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TheRumpledOne
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Postby TheRumpledOne » Wed Jun 30, 2010 1:55 pm

I hold.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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maestro007
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Postby maestro007 » Wed Jun 30, 2010 2:56 pm

tfg wrote:
Thanks, Mae. I am a green rat (to the literal sense!). If 15m is not a good filter, what would be? I am doing ok outside the 20pips low. I struggle to decide whether to take a reversal trade or not when in the 20pips zone. It seems most of the time I did it, the price went to a new low like catching a falling knife.

What is your experience?

tfg


My experience is similar to yours. Which has led me to looking at what is happening in the bigger picture. I.e. how many pips has price travelled from high point to new daily low or high in my case (Red Rat) without a significant retrace etc. Not got anything finalised yet, but I think it will help in the falling knife scenario.

However, we have to also keep in mind that this will not always work, there will be losers. If you take 2-3 trades and your daily loss limit is hit, leave it at that. What happens to me at this point, is that I think I can't keep losing forever the market will eventually turnaround and I don't want to miss it, thus incurring further losses and then attempting to just guess where the bottom/top will be without actually sticking to my trading system/idea..

Do you trade part-time or full time?

I am part-time. but lucky enough to have a job, where I can access charts etc during the day, so getting a better feel for PA.

Mae

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tfg
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Postby tfg » Wed Jun 30, 2010 3:05 pm

Very smiliar to yours, part time, day job, access to charts.

maestro007 wrote:
tfg wrote:
Thanks, Mae. I am a green rat (to the literal sense!). If 15m is not a good filter, what would be? I am doing ok outside the 20pips low. I struggle to decide whether to take a reversal trade or not when in the 20pips zone. It seems most of the time I did it, the price went to a new low like catching a falling knife.

What is your experience?

tfg


My experience is similar to yours. Which has led me to looking at what is happening in the bigger picture. I.e. how many pips has price travelled from high point to new daily low or high in my case (Red Rat) without a significant retrace etc. Not got anything finalised yet, but I think it will help in the falling knife scenario.

However, we have to also keep in mind that this will not always work, there will be losers. If you take 2-3 trades and your daily loss limit is hit, leave it at that. What happens to me at this point, is that I think I can't keep losing forever the market will eventually turnaround and I don't want to miss it, thus incurring further losses and then attempting to just guess where the bottom/top will be without actually sticking to my trading system/idea..

Do you trade part-time or full time?

I am part-time. but lucky enough to have a job, where I can access charts etc during the day, so getting a better feel for PA.

Mae

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Postby skateitsgreat » Wed Jun 30, 2010 7:39 pm

Has Rat Reversals been working for anybody? I feel as if I'm doing something wrong, I've been testing both red and green rats, but neither side seems to make any money. Can someone please help me figure out what I'm doing wrong? I want to help my parents get out of their full time jobs and spend time with me and my brother :(

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Postby TheRumpledOne » Wed Jun 30, 2010 8:52 pm

If you are testing both green rats and red rats then you are a YALE STUDENT.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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skateitsgreat
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Postby skateitsgreat » Wed Jun 30, 2010 8:56 pm

What I mean by testing both is I took all the trades,
and then I went through my results and split them in two.
If I had chosen green all the time, I would have lost.
If I had chosen red all the time, I still would have lost.

maestro007
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Postby maestro007 » Wed Jun 30, 2010 9:00 pm

skateitsgreat wrote:Has Rat Reversals been working for anybody? I feel as if I'm doing something wrong, I've been testing both red and green rats, but neither side seems to make any money. Can someone please help me figure out what I'm doing wrong? I want to help my parents get out of their full time jobs and spend time with me and my brother :(



1st thing wrong is testing green and red...

Choose one colour and stick to it... Once you've done that, post a few charts showing when and why you entered so some rat experts can give advice.

Mae

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