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rjmann
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Postby rjmann » Fri Dec 12, 2008 8:17 pm

TRO,

Could you tell me if my assumption is correct? I scrolled back in metatrader after making several successful trades on Demo and after looking at candles noticed that if I had a goal of about 4 pips per trade, I could do this almost every open hour of the market at least once every hour. I personally only like to take one trade an hour. Am I missing something?

R.j.
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TheRumpledOne
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Postby TheRumpledOne » Fri Dec 12, 2008 8:37 pm

If that is what you SEE then trust YOUR OWN EYES!!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby razorboy » Fri Dec 12, 2008 8:46 pm

if you have the reflexes of a cathave perfect fills and never have a reversal - sure why not.

Were you watching a tick chart?

rjmann wrote:TRO,

Could you tell me if my assumption is correct? I scrolled back in metatrader after making several successful trades on Demo and after looking at candles noticed that if I had a goal of about 4 pips per trade, I could do this almost every open hour of the market at least once every hour. I personally only like to take one trade an hour. Am I missing something?

R.j.

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Postby razorboy » Fri Dec 12, 2008 9:03 pm

Cant disagree with you more actually

If you are just starting to acquire a skill - the basics and consistency are important. If you don't sit and observe, you wont learn. If you don't develop a basic competency in basic skills, you will never develop a good foundation. I can run 6 minute miles, well, because I run, over and over again - different paces, different distances, but I keep running - I could walk if all i was interested in was distance, but I want speed. Same thing as batting practice, same thing as swinging a golf club - over and over. Master the basics and then move on. Once you know what you are doing, then yes, there is more than one way to skin a cat, but for most retail forex traders, they would be lucky if they could find a cat to skin in the first place

I am willing to bet that without knowing which pair you are trading at the time, you would probably become much more consistent in your trading. Can you differentiate different stocks/currencies and commodities based on the pattern they trace out on a chart? I couldnt even tell the difference between a 1 hour and monthly chart unless it was labeled. Anyone want to post some random mystery charts and see who can accurately identify the chart and the time frame?

lets play........NAME THAT CHART............................



MightyOne wrote:
razorboy wrote:Ed - I agree with you on the need to see the big picture. I think that a lot of people read TRO's stuff and think that it is the be all and end all of everything else (to his credit, TRO even says they are guidelines). You then have all these neophyte traders (myself included initially) going out and hitting on anything that movies like drunk frat boys and wondering why sometimes it works and sometimes it doesn't - like the horizontal line trade trick.

If you can't you can't articulate the reasons why you entered a trade beyond "I just saw it", I would be less than confident. Over the past two months or so I have become skeptical of any indicator other than price and the patterns it maps out and understanding what is going through peoples heads at that point - I am starting to care less and less about hourly range and pretty much any other statistic.

I've actually done what most "experts" recommend not doing - I have traded (or watched) endlessly for the last 2 months - making sure I get a chance to see every sort of market condition I can, rather than random glimpses at points during the day - a crash course if you will - the goal being to find one or two repetitive patterns that I can play over and over again. Based on my experience with other skill acquisitions, I think the only way you can really learn is through intensity.


For me the light bulb went off when I saw TRO's statistics.

It was love at first sight; the endless possibilities, even some not so obvious, that statistics can be used to place advantageous trades or heighten your perception of market action.

Statistics may appear as boring as a #2 pencil, but what can you do with a #2 pencil?:

Write a letter? Throw it at your teacher? Chop it up and create a mini log cabin? Stab your classmate in the ass cheek (sorry, a bad memory from my school years)?

All I am saying is that to ponder every application of your tools is worth far more than the experience gained from using them the same way every day.

Like wise in trading you will not grow by watching charts for days or weeks!

Each pair is like a different woman; you cannot know them all by observing one!
And if you have ever lived with a woman :cry: you will know that their emotions change day to day and week to week.
There are periods of time when you are the perfect man and then it suddenly all changes and the next minute you are the Anti-Christ.

Such is trading that its emotions change constantly with each pair having its own emotions.
There are periods of time when your trades are "flawless" and then there are periods of time when you question your ability as a trader.

If the different applications of your tools can shift your "personality" at the same time she changes her emotions then you just might stay flawless for a day longer :shock:

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Postby rjmann » Fri Dec 12, 2008 9:05 pm

razorboy,

I am using TRO's Metatrade indicator BZ_everyhour. At the beginning of every hour on the new candle it shows a blue line and a red line. When price goes above the Blue you buy, when it goes below the red you sell. My Strategy has been to at the beginning of every hour set up two pending order one to buy and one to sell with about 7 pip stop losses. I have not had too many retraces where it hits my stoploss. I am using the one hour chart.

R.j.
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Postby razorboy » Fri Dec 12, 2008 10:19 pm

rj
Which brokerage are you using with meta trader
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!

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Postby TheRumpledOne » Sat Dec 13, 2008 12:10 am

rjmann wrote:razorboy,

I am using TRO's Metatrade indicator BZ_everyhour. At the beginning of every hour on the new candle it shows a blue line and a red line. When price goes above the Blue you buy, when it goes below the red you sell. My Strategy has been to at the beginning of every hour set up two pending order one to buy and one to sell with about 7 pip stop losses. I have not had too many retraces where it hits my stoploss. I am using the one hour chart.

R.j.


Actually, SkyLine wrote BZ_everyhour Have to give credit where credit is due.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby MightyOne » Sat Dec 13, 2008 4:49 am

razorboy wrote:Cant disagree with you more actually

If you are just starting to acquire a skill - the basics and consistency are important. If you don't sit and observe, you wont learn. If you don't develop a basic competency in basic skills, you will never develop a good foundation. I can run 6 minute miles, well, because I run, over and over again - different paces, different distances, but I keep running - I could walk if all i was interested in was distance, but I want speed. Same thing as batting practice, same thing as swinging a golf club - over and over. Master the basics and then move on. Once you know what you are doing, then yes, there is more than one way to skin a cat, but for most retail forex traders, they would be lucky if they could find a cat to skin in the first place

I am willing to bet that without knowing which pair you are trading at the time, you would probably become much more consistent in your trading. Can you differentiate different stocks/currencies and commodities based on the pattern they trace out on a chart? I couldnt even tell the difference between a 1 hour and monthly chart unless it was labeled. Anyone want to post some random mystery charts and see who can accurately identify the chart and the time frame?

lets play........NAME THAT CHART............................



MightyOne wrote:
razorboy wrote:Ed - I agree with you on the need to see the big picture. I think that a lot of people read TRO's stuff and think that it is the be all and end all of everything else (to his credit, TRO even says they are guidelines). You then have all these neophyte traders (myself included initially) going out and hitting on anything that movies like drunk frat boys and wondering why sometimes it works and sometimes it doesn't - like the horizontal line trade trick.

If you can't you can't articulate the reasons why you entered a trade beyond "I just saw it", I would be less than confident. Over the past two months or so I have become skeptical of any indicator other than price and the patterns it maps out and understanding what is going through peoples heads at that point - I am starting to care less and less about hourly range and pretty much any other statistic.

I've actually done what most "experts" recommend not doing - I have traded (or watched) endlessly for the last 2 months - making sure I get a chance to see every sort of market condition I can, rather than random glimpses at points during the day - a crash course if you will - the goal being to find one or two repetitive patterns that I can play over and over again. Based on my experience with other skill acquisitions, I think the only way you can really learn is through intensity.


For me the light bulb went off when I saw TRO's statistics.

It was love at first sight; the endless possibilities, even some not so obvious, that statistics can be used to place advantageous trades or heighten your perception of market action.

Statistics may appear as boring as a #2 pencil, but what can you do with a #2 pencil?:

Write a letter? Throw it at your teacher? Chop it up and create a mini log cabin? Stab your classmate in the ass cheek (sorry, a bad memory from my school years)?

All I am saying is that to ponder every application of your tools is worth far more than the experience gained from using them the same way every day.

Like wise in trading you will not grow by watching charts for days or weeks!

Each pair is like a different woman; you cannot know them all by observing one!
And if you have ever lived with a woman :cry: you will know that their emotions change day to day and week to week.
There are periods of time when you are the perfect man and then it suddenly all changes and the next minute you are the Anti-Christ.

Such is trading that its emotions change constantly with each pair having its own emotions.
There are periods of time when your trades are "flawless" and then there are periods of time when you question your ability as a trader.

If the different applications of your tools can shift your "personality" at the same time she changes her emotions then you just might stay flawless for a day longer :shock:


Basic skills can be found on babypips :lol: (just kiddin bud)

I was talking about reaching new plateaus and growing beyond the obvious.

khalid
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Postby khalid » Sat Dec 13, 2008 6:22 am

rjmann,

Here is my two pennies worth:

take as many pips as you like, but ensure your average profit is BIGGER than your average loss.

Khalid

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Postby khalid » Sat Dec 13, 2008 6:30 am

razorboy,

Doing things intensely is an admirable trait; but there are more ways than one to learn well and different people learn well differently.

Khalid

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