lukx zline trading log + cfabian p.35 + adaseb p.48

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lukx
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Postby lukx » Wed Nov 18, 2009 3:51 pm

LOSS:

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lukx
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Postby lukx » Wed Nov 18, 2009 3:56 pm

uh this was big hit becasue SL was over 30 pips :(


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IN-XS
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Postby IN-XS » Wed Nov 18, 2009 4:09 pm

Lukx I hit and miss all the time you just have to have a superior frame of mind and never give up. Looking at your trade it looked liked a reverse on 1H, but 4H is showing a different story.
Try not to become a man of success but rather to become a man of value.

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Postby IN-XS » Wed Nov 18, 2009 4:11 pm

Going long!

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Try not to become a man of success but rather to become a man of value.

aliassmith
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Postby aliassmith » Wed Nov 18, 2009 4:52 pm

lukx wrote:uh this was big hit becasue SL was over 30 pips :(


Image


Lukx,

Can't use same lot size with bigger stop.

You was risking 6.5% on that trade which is fine if
you are a good trader and know that is your risk.

I don't think a set stop loss is the way to go.

BUT....

2% risk on $22.81 @ 30 pips stop is 138 units
3% risk on $22.81 @ 30 pips stop is 207 units
Trade Your Way as Long as It Makes Money!

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cfabian
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Postby cfabian » Wed Nov 18, 2009 5:25 pm

Lukx, I know the feeling and I'm with you.

I agree with Shinobi, that you have many profitable trades that end up losers. This happens to me as well, but you know what? I plan to use a stop loss EA that I'm sharing in this post. This way it will help us manage our stops. You can set it up for a SL of say 15 - 20, and if in profit by X pips, move your SL to BE.

This way we can care less about managing stops and/or letting trades going against because we "have the feeling it will come back".

As Shinobi says, if stopped at BE, there will be another entry. If it runs in our favor, at least we are locked in.

Will be wise to use it until correctly managing stops.



Shinobi-X wrote:
lukx wrote:LOSS:
and again whole profit for the week eaten up.
Can someone tell me if it's worth it to spend 16h a day looking for a charts to gain 4$ a week and at the end loose it anyway?

Image


it is worth it, I guarantee. the time you spent in this business will never go waste.

this is how I do it...

first of all, I am a full-time trader so I have nothing to do all day but looking for opportunity to enter the market. although I watch the chart all day long, I do not take those trades. why? I watch H1, M15 and M5 only to practice my eyes spotting entries. but my live trade is based off H1 and then I zoom out to H4, D1 and sometimes W1 to get the grandeur vision of the trend. I only take 1-2 trades a day, but most of the time 3-4 trades a week. why? 1 D1 candle or 3-4 H4 candles is enough if you can catch it in the right time (of course the more candles the better). I run a statistic a few years back (the result is still true for today's market) and get an average of 70-90 pips (normally) for a single D1 e/j candle.

second, I boiled the number down to make it achievable. for a scalp trade I usually get between 4-8% for each trade. for the non-scalp trade (when I see something big is coming) I can take up a anywhere from 20-35% for each trade (I am still at awe thinking about dragon33's 300-to-20,000 EUR achievement). I define a scalp trade to be a trade that I took if I see something in H1 and non-scalp is a that incorporate H4, D1 and W1.

as I said before in my posts, I don't like losing money. so what I do is I pick my trade carefully and when I see profit I lock them with SL. I noticed that your trade sometimes already pocketed a profit which you eventually let loose and they turn into loss. that's too bad really. you might ask what about the 4:1 or 3:1 RR? that's where your pick of trade come to play. if you don't see something that's worth the RR then don't take it. actually a 2:1 or even 1.5:1 is still a good bargain if you know your stuff. it's that simple. and even if you do get stopped after locking your profit you will still have re-entry points along the way, isn't it?

there's a big different between a full-time trader and trading while keeping your day job. nothing wrong with any of them. it's just when you sit in my position you'll hate seeing your money gone just like that because your source of income is "you-have-to-make-money-by-not-losing-money".

anyway, it's only my experience. some people surely have different experience. it's worth it to learn from a lot of sources though. I hope it can open your eyes to the possibilities available in the how-to.



Good trading!
Attachments
Trailing Stop Manual.pdf
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WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!
"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"

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cfabian
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Postby cfabian » Wed Nov 18, 2009 5:35 pm

GU looked like hell. No way I touch it today.

pablo101 wrote:any reason why not to play gu today as I'm being spiked every which way :(
WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!

"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"

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lukx
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Postby lukx » Wed Nov 18, 2009 6:08 pm

Thanks cfabian, but I'm using oanda so I can't use this EA :(. Anyway I think I'm done... can't see any light at the end of tunnel... I closed Oanda like alias said...

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Kenyuki
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Postby Kenyuki » Wed Nov 18, 2009 7:09 pm

pablo101 wrote:any reason why not to play gu today as I'm being spiked every which way :(


GBPUSD actually had a very good setup for shorts today. I entered a short trade on 1.6840 and price is currently at 1.6728 (112 pips).

This was my setup today:

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This was the trade I took:

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I'm just kicking myself in the butt now for watching this trade over lunch, got stopped out @ 1.6821. I should've just let it run... oh well...

I know what you guys are thinking ;) What's the BuyZone kid messing around with the zlines about? Just got inspired from Sam Seiden yesterday... had the chance to have a chitchat with the fella (can't believe I'm starstruck :D).

Cheers,
Ken

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Kenyuki
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Postby Kenyuki » Wed Nov 18, 2009 7:16 pm

lukx wrote:uh this was big hit becasue SL was over 30 pips :(


How much % of your account do you risk pro trade lukx?

Cheers,
Ken

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