Manta wrote:aliassmith wrote:dragon33 wrote:lazygeorge wrote:Hi All,
I want to start by saying that i have been a long time lurker on these forums and followed the success of guyz like dragon and es pips closely,i've also made a few post here and there, mainly to ask and clarify questions along the way.
I am inspired by MO's teachings and contribution and thank him and Tro wholeheartedly for everything.
After going thru the NLA and this thread,and after proving the Zline concept to myself on DEMO i finally decided on 1st june 2010 to go 'LIVE'.
Dragons sucess of taking a small account into approx 22k in approx 3mths was, and still is a great inspiration to me,something i'd like to emulate myself.
I started my live account with only ?100 on the 1st of june and as of now it is at ?782 in 6wks trading at only ?1/pip,a good account growth percentage on a relative basis. I have not increased my ?/pip value as of yet because i have concerns which i would like MO,TRO,ES PIPS and DRAGON to help with.
My main concerns are timing of entries with the least amount of drawdown,even though at times i've gone 10 trades in a row without a loss,sometimes a few of those trades have been -50/60 pips before being a winning trade.
I need to drastically improve my timing which will give me the confidence to increase my pip value with proper money management.
I know everyone fashions their own way of trading MO's teachings, ES PIPS trades slightly different to DRAGON yet both are successful,what advice would you guyz give me on improving my timing??
I think im looking at the bigger picture and higher TF MOMO but sometimes get caught on trading from daily extremes when the market does'nt turn on shorter TF MOMO.
To MO,if on any given day i see the market has made a new low with some heavy down MOMO,but then i get strong up MOMO on a shorter TF,should i buy?? coz im trading from an extreme or wait for a retracement and sell at a better price going in line with higher TF MOMO and daily trend....reason being this is what has caught me out with the few losses i've had, even though i was only gonna trade the retracement like a scalp,the market does'nt retrace and goes down a bit more- making the shorter TF MOMO null and void..
LONG POST I KNOW(SORRY GUYZ AND GALS)
DRAGON/ES PIPS---What would you guyz advise on me trying to improve my entries so i can confidently put in a reasonable stoploss,dont get me wrong,i've had some fantastic entries with minimal drawdown as well,not consistently enough for me just yet.
You could argue that im not accepting the loss and moving onto the next trade but if you guyz can do with a 20-30 pip stoploss then so should i,except maybe im slightly too early or too late.......im waffling i know guyz
just a few losing trades tells me im managing the trades ok at this risk level because its worthless to me,but would i crack up and close the trades at higher ?/pip level.....probably yes....hence why i need your help improving timing....
DRAGON,your entry technique on page 55 of this thread is a little different to your later posts,are you using rat reversals now??anything to help better timing.....
I know it may sound like im a doom and gloom merchant
But i owe a lot to all here especially MO,TRO DRAGON ESPIPS
Im a' work in progress'
Sorry to have gone on a bit, be assured that people here are changing lives,not because of what i've achieved coz that is miniscule compared to where guyz like dragon,es pips are,but because it gives me the belief that i will share the same success not long from now
forgive any typos
I just show different techniques to enter trades but the basics are all the same. As you know by now is your timing very important. If you can make a 600 ? 700% in just 6 weeks i think you are on your way to make a lot more.
It means you are able to pick the right direction of the main trend. There are a few options to make your timing better.
Start drawing zerolines on the smaller frames and look for those very near to the higher frames. Then you can apply the entry technique on page 55 or you can trade the ratentry around those areas.
Mo does say it all the time. Price closes above a line or doesn't close above a line. Those are the only options out there.
Just trade from line to line. If price does not come to your line then seek for another entry or other opportunity but don not force your trade, it doesn't work.
"If you can make a 600 ? 700% in just 6 weeks i think you are on your way to make a lot more."
Are you encouraging him to use extremly high leverage unprotected?
I may use 50:1 leverage in a trade, but it is part of a position and I
protect my average entry.
To use the leverage he has been using when there is $100,000 account on
the line could cause a heart attack.
I strongly agree that one of the key things is to have under control your risk(btw. it can be achieved even with different methods than SL).
But on the other hand...I havent learnt too many really useful things in my short life, but as far as I know, there is no real gain without risk...
"But on the other hand...I havent learnt too many really useful things in my short life, but as far as I know, there is no real gain without risk..." -Manta
More risk is more risk and more profit is more profit.
There is nothing a day trader will achieve with a starting leverage of 25:1 that he could not achieve with a starting leverage of 5:1 except dramatically slowing the growth of his account.