Aliassmith Beats a "Dead Horse"

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aliassmith
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Re: Aliassmith Beats a "Dead Horse"

Postby aliassmith » Thu Sep 24, 2015 3:46 pm

aliassmith wrote:
Libertarian wrote:Hey Alias, thanks for sharing you bit about how you build up your account. I think I may be on the verge of being able to do just that. I wanted to ask you. I have been trying to follow the good Captain's MM he posted and I think I have a decent handle on it thanks to him and others. The problem I ran into is that I don't take a set number of pips or risk every time I trade like he has setup. I'm trying to take a hundred(s) pips and do that in as little risk as possible. I take one, two, three, stabs at it before I can pick up the "real" move, my win rate isn't good enough to trade like the Captain. That is why I like what you shared as I have always been a lot more informal in my trading (probably not a good thing, but who knows). I just started my risk really low (AKA the lowest possible) and have been learning to take the losses in stride (a HUGE mental barrier). Anyway, I know I need to start having a plan with my MM if I'm going to be adding a zero. The reason I wraote this is I see you said you started with .69% of your account, seems like a very specific number, any reason why you chose that? Also, any advice on folks that trade the way I described? I assume its just about getting to your waypoint and starting over, but I don't want to screw myself up before I even get started. Thanks.


It's just a value between .5% and 1% that happen to
fit the trade at the time.


I missed the other question. Yes it's basically about starting with low risk and building to 20something% and starting over at low risk. It would have to be tailored to how you trade.

So that .69% wasn't anything special and I blew it up and started again with .8% #-o. $hit happens!
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MightyOne
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Re: Aliassmith Beats a "Dead Horse"

Postby MightyOne » Fri Sep 25, 2015 6:50 am

I just want to stop by and say how much I appreciate Aliassmith and all of his wisdom from the time we were looking at Point & Figure until the present. I want you to know that I respect and value you.

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Re: Aliassmith Beats a "Dead Horse"

Postby aliassmith » Fri Sep 25, 2015 9:35 am

MightyOne wrote:I just want to stop by and say how much I appreciate Aliassmith and all of his wisdom from the time we were looking at Point & Figure until the present. I want you to know that I respect and value you.


Did you just get back from the bar ? :D

Its mutual MO, you have definitely helped me look at
things differently. =D>
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Re: Aliassmith Beats a "Dead Horse"

Postby MightyOne » Fri Sep 25, 2015 1:16 pm

aliassmith wrote:Did you just get back from the bar ? :D



:lol:

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Re: Aliassmith Beats a "Dead Horse"

Postby aliassmith » Thu Apr 07, 2016 9:24 pm

It's been awhile...

I die a little inside when I see new traders and old ones throwing $1000+ in their trading accounts when they have no business doing so. FOREX is the least expensive when it comes to learning to trade outrights. It can be an expensive lesson learning on futures, options, or stocks. You can't even day trade stocks without having over $25,000 in your account.

You can trade for 1 cent per pip. I recommend someone taking the plunge to deposit $100 in OANDA and learn. Now I am not saying you'll make a living with this $100, but you can learn a lot.

Take a single strategy and learn everything about it.
Your only goals should be perfect execution and being positive in your account at the end of the year.

FOCUS on 1 strategy that you identify with and be successful

Good chance you will lose whatever money you start with so go ahead and put your big money in your account, but bigger money doesn't make you learn any faster.
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Re: Aliassmith Beats a "Dead Horse"

Postby aliassmith » Fri Apr 08, 2016 11:55 am

So here is what I did to train/teach a friend of mine how to make money with FOREX.

He started out as a buy and pray stock investor. Turns out he didn't know much about trading, so I had him go thru the babypips school. When he had questions I helped him out.

After babypips school I had him put a little money in an Oanda account and learn how their trading platform works.

When he knew how it worked I introduced him to a trading idea and he messed around with it. I showed him several trading ideas and refined his knowledge over a year.

After a year I asked him if he was able to make any profit with one of the ideas and he said yes. I told him to forget about everything else and focus on that one idea.

With that one idea he makes money and likes how much he makes.
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Re: Aliassmith Beats a "Dead Horse"

Postby MightyOne » Fri Apr 08, 2016 4:20 pm

aliassmith wrote:So here is what I did to train/teach a friend of mine how to make money with FOREX.

He started out as a buy and pray stock investor. Turns out he didn't know much about trading, so I had him go thru the babypips school. When he had questions I helped him out.

After babypips school I had him put a little money in an Oanda account and learn how their trading platform works.

When he knew how it worked I introduced him to a trading idea and he messed around with it. I showed him several trading ideas and refined his knowledge over a year.

After a year I asked him if he was able to make any profit with one of the ideas and he said yes. I told him to forget about everything else and focus on that one idea.

With that one idea he makes money and likes how much he makes.


I would give him a chart-book every Saturday containing H1, H6, weekly, & monthly charts with macro lines.

I would forbid him from looking at a live chart, if he wants an update he must type AUD = JPY into the search engine to get a quote and then update his charts manually.
Any trade decisions go on green sticky-notes & any feelings or fear or uncertainty goes on red sticky notes.

Each week he would return the spiral binder and I would add a separator page and new charts and then we would have a discussion.

People spend years in front of electronic charts and they don't learn a damn thing. Actual PAPER trading is how the people before me did ir, it is how I did it, and it is how people should do it in my opinion.

People will learn so much more with a pen than a mouse-click.

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Re: Aliassmith Beats a "Dead Horse"

Postby aliassmith » Fri Apr 08, 2016 5:58 pm

MightyOne wrote:
aliassmith wrote:So here is what I did to train/teach a friend of mine how to make money with FOREX.

He started out as a buy and pray stock investor. Turns out he didn't know much about trading, so I had him go thru the babypips school. When he had questions I helped him out.

After babypips school I had him put a little money in an Oanda account and learn how their trading platform works.

When he knew how it worked I introduced him to a trading idea and he messed around with it. I showed him several trading ideas and refined his knowledge over a year.

After a year I asked him if he was able to make any profit with one of the ideas and he said yes. I told him to forget about everything else and focus on that one idea.

With that one idea he makes money and likes how much he makes.


I would give him a chart-book every Saturday containing H1, H6, weekly, & monthly charts with macro lines.

I would forbid him from looking at a live chart, if he wants an update he must type AUD = JPY into the search engine to get a quote and then update his charts manually.
Any trade decisions go on green sticky-notes & any feelings or fear or uncertainty goes on red sticky notes.

Each week he would return the spiral binder and I would add a separator page and new charts and then we would have a discussion.

People spend years in front of electronic charts and they don't learn a damn thing. Actual PAPER trading is how the people before me did ir, it is how I did it, and it is how people should do it in my opinion.

People will learn so much more with a pen than a mouse-click.


I learned trading with paper charts. I prefer the digital version. I did however print out a lot of those digital charts.
Trade Your Way as Long as It Makes Money!

aliassmith
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Re: Aliassmith Beats a "Dead Horse"

Postby aliassmith » Sat Apr 09, 2016 4:26 pm

Problem Solving Time: Leverage Handicapped

Goal = $40,000
Weekly loss limit = $7,000
Max Lot size = 5

Pick the best strategy to accomplish the goal within 4 months.

Let's see that would be $10,000 a month and $2,500 a week.

$2,500/5 lots = 50 pip$ a week
$7,000/5 lots = 140 pip$ a week
Trade Your Way as Long as It Makes Money!

aliassmith
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Re: Aliassmith Beats a "Dead Horse"

Postby aliassmith » Sat Apr 09, 2016 6:41 pm

aliassmith wrote:Problem Solving Time: Leverage Handicapped

Goal = $40,000
Weekly loss limit = $7,000
Max Lot size = 5

Pick the best strategy to accomplish the goal within 4 months.

Let's see that would be $10,000 a month and $2,500 a week.

$2,500/5 lots = 50 pip$ a week
$7,000/5 lots = 140 pip$ a week


First thought was to scalp it out with the full 5 lots. Seeing the spread has increased and the ranges have decreased, I thinking I'll pass.

Probably multiple pair large charts.
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