cheunt3 wrote:aliassmith wrote:cheunt3 wrote:
Can I suggest that you listen to what Alias said which is to practise being wrong. If you're afraid to be wrong then the problem is right there in your face, don't run from being wrong, accept wrong as part of the game, just embrace it. What helped me from trying to be perfect was a journo, jot down, before, in the middle of, and after a trade. I think I wrote down about 130 entries before it really took it in my feelings. Include everything from racing heart, anger, frustration, blushes etc... helped me a lot.
I am a doer which means I try to solve problems on the fly probably because I was constantly moving in a fast paced restaurant from when I was eight helping my dad in the kitchen. It's very satisfying completing small tasks like boxing things up, cooking the food, prepping food, banter with the customers to keep them happy and when I first started trading I was fascinated with scalping like ES, Doji, Alias, Tro, because I thought it suited my 'doing' personality. After a decade of trying it and trying to copy them, I wasn't profitable at all.
Now, I am stacking (accumulation and distribution) like a madman with MO's eights idea. You make money by taking size from a long term extreme and hold on a large chart. But get this, you have 7 trades to get it right and then you're out. 7 losses with the same starting risk. How unlucky can you be be have 7 losses in a row, it's almost impossible, right?
This method has made me sit my arse down and plan and stop doing and going off tangent. I stacked last week on the m30 and h4 and this week sat on my hands for the last four days not doing anything apart from glancing at my position based on a daily. I am so relax it pretty ridiculous compared to before.
Point I am making is trying to imitate another trader is a waste of time. I see the dazzle, grabbing a few pips here and there, consistently, daily, flashy, looks easy but you need to do it day in and day out for it to pay out well like they are doing it. And they are. BUT, imo it is not for everyone. Maybe it isn't for you Pro?
Would you be willing to do a trade walkthru?
It doesn't have to be live. I would like to see how you pick a bias trigger in, exit criteria. How you add.
Looks like other people view the posts so it could help someone and I'm always willing to see what others do. Its my obsession.
I can do better than my charts, just listen to the master guru himself from Mira's MOnster thread.
Cones for better entries and exits.
My first target is minimum weekly CZ, then median CZ, then the high end target CZ. Median and high end targets are also not important but if I reach that that's a bonus. % gain is more important than number of pips for me. I also almost always exit on large candles too, then start the lines process again.
People keep asking me about bias and sure it does help to have one, but since 2 lines of M30 is the same risk as two lines of H4 and as the same risk of D etc ... it really doesn't matter because all you are doing is stacking constantly and seven chances before death. MO said it before, stacking is more valuable than holding, doesn't matter which timeframe because you're just losing lines and not the entire risk. I stacked for three weeks straight once and the month turned the opposite way and I still had OPM.
If bias is what you want then you really can't go wrong with weekly momo with the context of where that momo started from.
I know my bias and targets sound very flippant and that's because they are. I am not you, TRO or Chappy or Lem with precision entries and iron will discipline, I just can't do it so I stick to $/line and % per week ok with me.
A very good and descriptive post of your methodology.