How to be a MOnster

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aliassmith
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Re: How to be a MOnster

Postby aliassmith » Wed May 22, 2019 6:20 pm

Mira wrote:
paweldobkowski wrote:
Mira wrote:After reading Lem’s, Pawel’s and Alias convo about the position sizing I started to think that maybe I should mitigate the risk over more trades instead of only one.

I could set a daily goal, i.e. two lines or N pips, and divide the size in more trades without increasing positions until the next day..
The only problem is that, since I haven’t all day but only the NY session (and some day off because of other stuff), trading the 15 min doesn’t offers me so many trades all the times.
I’m thinking then to go down to 5 a min chart biased on, to say, a 15/30 min chart. Looking at the current week I had only one occasion on Monday, not so much..

I’m just thinking out loud, any suggestion is well accepted.


first of all
i wanna congratulate you on your second week ending green
although try not to think how many days/ weeks/ months you got green in the row tho
it can get to your head ---- that was at least my experience early on

keep things light
there is this unique dichotomy you need to keep in mind
this is easy work when you got your sht down ---- you need to feel like its not a big deal
but at the same you need to stay grounded ---- stay focused on the process
but if you can pull 2 weeks off you got it in my opinion

NOW THE SMALLER FRAMES

we got more or less the same price action and order flow on all the timeframes
but the feeling and timing of the market is HUGE
so the transition might require a little adjusting
but in the end of the day you need involvement
so i would go for it

i dont know exactly what you trade
and i dont want to mess your sht up (because what you do clearly works)
dont start to switch up things
but when you go from TF to TF keep in mind the price movement
not the candles ---- candles are there to mislead you
failed low on H1
is a perfectly good low and turn on M1
even tho the candles will be "sliced" by time differently you can still look for the same patterns
but please dont spend too much time on what i said
you should be able to move lower -> get more action -> and still do what you do
maybe just check ATRs because you dont want to be waiting for the same moves etc.
this will come with time anyway tho!
sorry if i rumble too much :wink:


Thank you Pawel

Two weeks in green are just a small goal into a long red string :lol:
However I’m working hard to get the right mentality, I was about to leave trading forever since a month ago.. your job here gave me the strength to start again this time too.

At the moment I’m just focusing on keeping things simple so that can stay clear in my mind.. let’s see!

Funny that you talked about ATR, I was thinking about it last night but I know too little about it.
My idea was to use ATR to find my first target (I.e where I’d close 50% of the position size).. or am I saying weird sht? Lol


ATR is a tool to help judge volatility. It helps give a general idea of how far price move on average over a set period of time. If you are basing your trades off of a 5m candle and the ATR is 4 pips you shouldn't target 8 pip moves based on that chart. One of the hardest things about trading is knowing when to scale out or exit a trade. Using ATR can give you context.
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paweldobkowski
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Re: How to be a MOnster

Postby paweldobkowski » Wed May 22, 2019 10:22 pm

Mira wrote:Thank you Pawel

Two weeks in green are just a small goal into a long red string :lol:
However I’m working hard to get the right mentality, I was about to leave trading forever since a month ago.. your job here gave me the strength to start again this time too.


oh man!
you have no idea how happy this makes me!

seeing es/pip live trading here made me really go for it
its amazing to know that i passed some of it forward

its also Lem's work because when early on i wanted to quit posting because i had some issues with the board
he contacted me and made me rethink this whole thing

very cool
thanks for sharing that

At the moment I’m just focusing on keeping things simple so that can stay clear in my mind.. let’s see!


thats a good approach
you care elaborating on that?
what is your biggest problem now?
strike rate?
risk:reward?
can you define the issue?

Funny that you talked about ATR, I was thinking about it last night but I know too little about it.
My idea was to use ATR to find my first target (I.e where I’d close 50% of the position size).. or am I saying weird sht? Lol


no!
its perfectly fine
you either KNOW the ATRs
or you FEEL the ATRs
also the more market expands -> the more it expands
the more it contracts -> the more it contracts
so the raw ATR is one thing
but there are some "rules" that are good to keep in mind

i had that issue today actually
i was going for too much
Alias got in so i adjusted
but still i need to know more about what you do before i can really suggest anything more
if you want/ can please explain some more
maybe post some charts

and dont be afraid to talk
remember: i was the dude who came here one day many years ago with the idea
the idea was to open two positions (long and short)
and wait for the market to "show the direction" and then close one
i thought i cracked the code man
does it make me the stupidest person alive? of course it does

so if i made it to the other side ---- absolutely everyone can lol
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Re: How to be a MOnster

Postby LeMercenaire » Thu May 23, 2019 9:23 am

paweldobkowski wrote:
Mira wrote:Thank you Pawel

Two weeks in green are just a small goal into a long red string :lol:
However I’m working hard to get the right mentality, I was about to leave trading forever since a month ago.. your job here gave me the strength to start again this time too.


oh man!
you have no idea how happy this makes me!

seeing es/pip live trading here made me really go for it
its amazing to know that i passed some of it forward

its also Lem's work because when early on i wanted to quit posting because i had some issues with the board
he contacted me and made me rethink this whole thing

very cool
thanks for sharing that

At the moment I’m just focusing on keeping things simple so that can stay clear in my mind.. let’s see!


thats a good approach
you care elaborating on that?
what is your biggest problem now?
strike rate?
risk:reward?
can you define the issue?

Funny that you talked about ATR, I was thinking about it last night but I know too little about it.
My idea was to use ATR to find my first target (I.e where I’d close 50% of the position size).. or am I saying weird sht? Lol


no!
its perfectly fine
you either KNOW the ATRs
or you FEEL the ATRs
also the more market expands -> the more it expands
the more it contracts -> the more it contracts
so the raw ATR is one thing
but there are some "rules" that are good to keep in mind

i had that issue today actually
i was going for too much
Alias got in so i adjusted
but still i need to know more about what you do before i can really suggest anything more
if you want/ can please explain some more
maybe post some charts

and dont be afraid to talk
remember: i was the dude who came here one day many years ago with the idea
the idea was to open two positions (long and short)
and wait for the market to "show the direction" and then close one
i thought i cracked the code man
does it make me the stupidest person alive? of course it does


so if i made it to the other side ---- absolutely everyone can lol


:lol: :lol: :lol: I think you and I were separated at birth!

I still remember sitting at a screen with my bro waaaaaaayyyyyy back in the day and asking exactly the same question :lol: :lol: :lol:

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Re: How to be a MOnster

Postby Mira » Thu May 23, 2019 10:24 am

paweldobkowski wrote:
Mira wrote:Thank you Pawel

Two weeks in green are just a small goal into a long red string :lol:
However I’m working hard to get the right mentality, I was about to leave trading forever since a month ago.. your job here gave me the strength to start again this time too.


oh man!
you have no idea how happy this makes me!

seeing es/pip live trading here made me really go for it
its amazing to know that i passed some of it forward

its also Lem's work because when early on i wanted to quit posting because i had some issues with the board
he contacted me and made me rethink this whole thing

very cool
thanks for sharing that

At the moment I’m just focusing on keeping things simple so that can stay clear in my mind.. let’s see!


thats a good approach
you care elaborating on that?
what is your biggest problem now?
strike rate?
risk:reward?
can you define the issue?

Funny that you talked about ATR, I was thinking about it last night but I know too little about it.
My idea was to use ATR to find my first target (I.e where I’d close 50% of the position size).. or am I saying weird sht? Lol


no!
its perfectly fine
you either KNOW the ATRs
or you FEEL the ATRs
also the more market expands -> the more it expands
the more it contracts -> the more it contracts
so the raw ATR is one thing
but there are some "rules" that are good to keep in mind

i had that issue today actually
i was going for too much
Alias got in so i adjusted
but still i need to know more about what you do before i can really suggest anything more
if you want/ can please explain some more
maybe post some charts

and dont be afraid to talk
remember: i was the dude who came here one day many years ago with the idea
the idea was to open two positions (long and short)
and wait for the market to "show the direction" and then close one
i thought i cracked the code man
does it make me the stupidest person alive? of course it does

so if i made it to the other side ---- absolutely everyone can lol


Lol I had the same wet dream in my past, I made a system called “THE GOLDEN HEDGE”.
It *censored - swear word* up my account in a week =D> LOL

However.. Considering that I never had a wonderful analysis my biggest problem is:

a) Finding a way to take partial profits early to cover a close back to me or close the trade definitively at target

b) and/or identify direction on the bias chart a little better (the hardest part)

I trade 1-2-3 patterns that broke over a simple moving average, this creates a Doji Zone (a way to draw a zone by DojiRock) above/below the MA and I wait for price to retrace and bounce away from it (a TTE).

The bias confirmation is given by a H1 zline: for a long the price should stay above it and viceversa for a short.

Thanks for the help guys, I’ll post a representative chart today.
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Mira
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Re: How to be a MOnster

Postby Mira » Thu May 23, 2019 1:05 pm

Ok this is an example chart, haven't traded this but it represents the idea.

The blue line is what i think a zline is (based on H1 Custo Candle), the red zone is a Doji Zone.
Price bounced but then it reversed forming an opposite 123 valid for the short.
(it would have been a loss without taking profits)


AUDJPYM15.png
AUDJPYM15.png (43.46 KiB) Viewed 241 times
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Re: How to be a MOnster

Postby aliassmith » Thu May 23, 2019 1:24 pm

Mira wrote:Ok this is an example chart, haven't traded this but it represents the idea.

The blue line is what i think a zline is (based on H1 Custo Candle), the red zone is a Doji Zone.
Price bounced but then it reversed forming an opposite 123 valid for the short.
(it would have been a loss without taking profits)


AUDJPYM15.png


I'm not sure how your broker does it but place 2 separate orders on entry and scale one out at some point. If you play long timeframe charts you can add and subtract orders the whole time to reduce risk
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Re: How to be a MOnster

Postby Mira » Thu May 23, 2019 2:39 pm

aliassmith wrote:
Mira wrote:Ok this is an example chart, haven't traded this but it represents the idea.

The blue line is what i think a zline is (based on H1 Custo Candle), the red zone is a Doji Zone.
Price bounced but then it reversed forming an opposite 123 valid for the short.
(it would have been a loss without taking profits)


AUDJPYM15.png


I'm not sure how your broker does it but place 2 separate orders on entry and scale one out at some point. If you play long timeframe charts you can add and subtract orders the whole time to reduce risk


Thank you Alias, I like the idea of scaling out and i'm just applying at my trading plan.
Reducing risk is the only way until i improve entries.
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Re: How to be a MOnster

Postby paweldobkowski » Fri May 24, 2019 10:41 am

Mira wrote:Ok this is an example chart, haven't traded this but it represents the idea.

The blue line is what i think a zline is (based on H1 Custo Candle), the red zone is a Doji Zone.
Price bounced but then it reversed forming an opposite 123 valid for the short.
(it would have been a loss without taking profits)


i dont know how the zones are made
but is this the only zone you can put on that chart?
according to your rules?

EDIT:

btw
this is a perfectly good place to make business
but there is so much more that has to happen in order for that trade to work
my experience with trading zones is that sometimes you get "stuck" with one idea
and sometimes lose sight of whats going on
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Re: How to be a MOnster

Postby Mira » Fri May 24, 2019 11:01 am

paweldobkowski wrote:
Mira wrote:Ok this is an example chart, haven't traded this but it represents the idea.

The blue line is what i think a zline is (based on H1 Custo Candle), the red zone is a Doji Zone.
Price bounced but then it reversed forming an opposite 123 valid for the short.
(it would have been a loss without taking profits)


i dont know how the zones are made
but is this the only zone you can put on that chart?
according to your rules?

EDIT:

btw
this is a perfectly good place to make business
but there is so much more that has to happen in order for that trade to work
my experience with trading zones is that sometimes you get "stuck" with one idea
and sometimes lose sight of whats going on


Thanks Pawel

No, not the only one.
In fact I’m noticing a bearish zone (black lines) and a bearish H1 zline (yellow) opposite to the bias.
The point is that sometimes I don’t understand if I have to trade from zone to zone or to position myself in the zone i think that will break the other one and take the risk..

48C787A6-C19A-497F-8FDE-9050E3291E98.jpeg
48C787A6-C19A-497F-8FDE-9050E3291E98.jpeg (120.9 KiB) Viewed 188 times


Please keep in mind that I’m just seeing things as they appears in my face everyday, I’m not there yet.

However, I always traded zone or lines.. I don’t know more that this lol

“there is so much more that has to happen in order for that trade to work”

What do you mean with this phrase? Thanks!
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Re: How to be a MOnster

Postby Mira » Fri May 24, 2019 11:05 am

P.s.

A doji zone is made by a bar closing over the previous extreme and then a bar closing over the previous extreme in the opposite direction.
It’s like MO’s Blind Mouse but made with wicks instead of CCs.
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