IN ORDER TO WIN AT TRADING...

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TheRumpledOne
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IN ORDER TO WIN AT TRADING...

Postby TheRumpledOne » Tue May 25, 2010 12:42 pm

IN ORDER TO WIN AT TRADING, YOU HAVE TO BE PREPARED TO LOSE !

Think about it.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Re: IN ORDER TO WIN AT TRADING...

Postby csbueno » Tue May 25, 2010 8:20 pm

TheRumpledOne wrote:IN ORDER TO WIN AT TRADING, YOU HAVE TO BE PREPARED TO LOSE !

Think about it.




No kidding.


Regards,

Carlos

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Patch
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Postby Patch » Wed May 26, 2010 3:46 am

csbueno
I alway look forward to reading your posts !!!
Patch
InVA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby jarnapal » Wed May 26, 2010 6:20 am

I would like to hear more discussion about this mantra.

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Postby fx_disciple » Wed May 26, 2010 9:03 am

just want to share what I think TRO means...
prepared to lose means you are in the market to make some pips but you also need to be aware that you might incur inverse outcome. Donald Trump often refer this as "calculated risk". make your risk worth the prize.

It's also important to note that Dragon's trading starts from H4 and then zoom in to M15 because you get a lot of pips when a move occurs from H4 extreme to another H4 extreme and also it fits the Risk:R he mentioned (at least 1:3 using 20 as Hard Stop). the move in G/U provides anywhere from 1:4 to 1:10 (can be more in some extreme cases) while it's even more in E/J or G/J.

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fear

Postby csbueno » Wed May 26, 2010 12:33 pm

It also means:

-Dont trade with fear
-Dont make "revenge trades"

Its all related to having a trading plan.


Regards.


Carlos

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Postby jarnapal » Wed May 26, 2010 1:21 pm

So in short words don't trade without stop loss.


Actually I think there's more into it. If I have prepared to lose I must have plan B in my head. Plan B is a prepared loss.

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Postby fx_disciple » Wed May 26, 2010 2:56 pm

of course you can have plan B or C or G but they are outside the coverage of the topic. bear with me for a moment...

whatever plan you have you must have a limit at when to admit that your entry analysis is void because at some time you must cut loses, right? so in essence SL is in every plan or contingency plans. this is the key concept. IMHO

SL will of course vary according to your plan A and this will inevitably affect plan B and so on. for example:

scenario A:
trader A entered his full position and put SL at 20 pips below. if price drop to 20 pips then he is out. plain and simple.

scenario B:
trader B entered his full position and put SL @20 pips below but decided that he would modify it when he sees fit.

scenario C:
trader C divides his position into 2 equal size of one standard lot and he decides to enter every 20 pips. his SL is 20 pips ($200). so when he entered his 1st position on G/U he can decide whether to put his SL 20 pips below or 40 pips below before he is out of his SL portion. if the price goes up he can enter his 2nd position and change his 1st SL to 20 pips below and put the second SL at his 1st entry price.

there are other scenarios that you can think of. I agree with csbueno that in the end if we are prepared to the face whatever outcome (in this case a loss) we can have a confidence in entering the trade. just as MO said: "trade boldly". IMHO.

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Postby TheRumpledOne » Wed May 26, 2010 3:44 pm

You must be able to take a loss. If you have trouble taking a loss, you will not win at trading.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby TheRumpledOne » Thu May 27, 2010 12:32 pm

Good article:

http://articles.mql4.com/813

Too bad they do not spell LOSING correctly!!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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