Never Lose Again

free & uncensored discussion arena for TheRumpledOne

Moderator: moderators

User avatar
razorboy
rank: 500+ posts
rank: 500+ posts
Posts: 627
Joined: Tue Oct 21, 2008 2:06 am
Reputation: 0
Location: Toronto
Gender: None specified
Contact:

Re: Good trade

Postby razorboy » Thu Jan 08, 2009 12:11 am

one more stupid question - when you say candle closing against you, which candle are you talking about - 5 min, 30 min, 60 min........etc

thanks

MightyOne wrote:
PeterD wrote:
MightyOne wrote:
PeterD wrote:I love your posts MightyOne, keep them coming, I learned a lot from you, as days went by, I think I am getting better and better at seeing your Zero Lines, they are everywhere at different timeframes.

So far I am still learning since this is my first forex trading experience, I have been able to double my account, and of course it's just a demo, not real money, I am sure it will be a different story when I trade with real money, I am sure I don't have so much guts...

So far, things I have learned:
- Get out as soon as you feel you are going the wrong direction, the less pips you loss the better.
- It's a matter of finding a good method of entry with the lowest risk and highest reward.

I don't know, it's sounds simple, but I think that's all there's to it?

I have been trying to trade with longer timeframe, less stress...

Attached is my last trade I just made with demo account, I got 80 pips.
I wish I would be able to do the same thing with my real account in the future!

Thanks again MightyOne and Avery, for making everything looks easy (trading without indicators).

Peter.


Your trade was so well done that it looks like it came from my own hands.

Just keep letting the chart talk to you and teach you how to trade.
Don't become attached to any one method of doing some thing.
Be flexible and always look for new information.


Never think about how much money is in your account;
it is just a number that lets you know when to increase your lot size and nothing more.


Hi MightyOne,

The trade that was done last night was definitely came from your ZL perspective, you opened my eyes, really,

When I look at charts, I would flip back and forth between timeframes, to see where the ZLs, as I would expect some support/resistance.
And I was always wondering if there are some crowd lurking in timeframes that I don't see? May be there are crowd that use 8-minute chart or 20-minute chart? (or whatever number that people don't normally use?).

I still need to learn how to properly manage trailing stops and lot size, any insight on these ones? (sometimes, you feel like you don't want to give back some inital profit where profitable trade turns into a loss).

Much appreciated,
Peter


The exotic time frames are used to create a chart where conditions look more favorable than the other time frames.

(EDITED TO AVOID CONFUSION)

My advise on trailing stops is NEVER USE THEM!
Try using the Minimum Move Trader's Trick...

My method for SL is to treat every pair the same based on the 5m range.

The EURUSD 5m 288 is sitting at 15.5.
The minimum stop I would use is a 1.5x or 23.2 pip stop
and the maximum stop I would use is a 2.5x or 38.7 pip stop.

A 1.5x stop is used for scalping a single candle and you have around a 75% chance of being able to mitigate your loss.

A 2.5x stop insures that over 90% of the time you will not get
wicked out of a trade and you will have room to exit at a smaller
loss and some times no loss at all.

If you started with $400 and are risking 4% or $16 a trade then
you would divide 16 by 38.7 and trade 4 micro lots. ($0.41 per pip)
If you were using a 23.2 pip stop then divide 16 by 23.2 and trade
6 micro lots ($0.68 per pip)
Continue to risk the same $16 per trade even if you lose 1 or 2 trades.
when you can add more micro lots then add them, but never reduce your trade size.

All this is made simple by using TRO DRAGON MONEY MGMT and saving your template when ever you lot size has increased.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
MightyOne
rank: 5000+ posts
rank: 5000+ posts
Posts: 5247
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 46
Gender: Male

Postby MightyOne » Thu Jan 08, 2009 12:45 am

razorboy wrote:MO- I think I might love you - will let you know tomorrow for sure


http://www.youtube.com/watch?v=bIuKtp3y ... re=related

lol :roll:

User avatar
razorboy
rank: 500+ posts
rank: 500+ posts
Posts: 627
Joined: Tue Oct 21, 2008 2:06 am
Reputation: 0
Location: Toronto
Gender: None specified
Contact:

Postby razorboy » Thu Jan 08, 2009 12:50 am

better than this trader's anthem - listen to the lyrics - opening line - if you are familiar with little feat, you wont even have to listen to the song (starts 2 minutes in)

http://www.youtube.com/watch?v=S8V1olWt8I0
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!

http://thejoshkerbelproject.com/

User avatar
MightyOne
rank: 5000+ posts
rank: 5000+ posts
Posts: 5247
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 46
Gender: Male

Postby MightyOne » Thu Jan 08, 2009 1:04 am

When the 5m candle closes against me that is when I start to get worried because my SL is based on the 5m chart.
If my SL was based on a different time frame then I would use a candle from that chart.

User avatar
razorboy
rank: 500+ posts
rank: 500+ posts
Posts: 627
Joined: Tue Oct 21, 2008 2:06 am
Reputation: 0
Location: Toronto
Gender: None specified
Contact:

Trade in Action

Postby razorboy » Thu Jan 08, 2009 1:26 am

any input is welcome - aiming for the top of the most recent red - there was a prior support line- not in picture that was not reached - so a ZL was not reached - this is the bounce - i hope
Attachments
morefun.JPG
morefun.JPG (188.82 KiB) Viewed 2702 times

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
razorboy
rank: 500+ posts
rank: 500+ posts
Posts: 627
Joined: Tue Oct 21, 2008 2:06 am
Reputation: 0
Location: Toronto
Gender: None specified
Contact:

trade continued

Postby razorboy » Thu Jan 08, 2009 1:37 am

hanging out for a bit..............

and then pop -

I actually closed this out by mistake before the high - meant to move my stop loss up

a whopping 5 pips - better than hemorrhoids............when would you have bailed
Attachments
morefun2.JPG
morefun2.JPG (178.75 KiB) Viewed 2695 times
pop.JPG
pop.JPG (180.33 KiB) Viewed 2696 times

User avatar
prochargedmopar
rank: 5000+ posts
rank: 5000+ posts
Posts: 5544
Joined: Sat Dec 20, 2008 6:07 am
Reputation: 8
Location: Granbury, TX
Gender: Male
Contact:

Postby prochargedmopar » Thu Jan 08, 2009 1:45 am

Mighty one, I really like your idea of candle overlays. It really opens my eyes to be able to see what's going on with the H1 candle. Takes the mysterious properties from it. Even makes me feel like I could scalp in the middle, wicks, ect. Sure helps for the setup going to the line also. Now I see what you were talking about when you said to get the price you wanted.
Thanks a bunch. Had some fun today with TRO and gang in paltalk. It was my first losing day but learned a lot for 2morrow. Overconfident and out of control on the stops. -104 for two sessions.
Pro
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

User avatar
MightyOne
rank: 5000+ posts
rank: 5000+ posts
Posts: 5247
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 46
Gender: Male

Postby MightyOne » Thu Jan 08, 2009 1:52 am

ImageImageImage

User avatar
razorboy
rank: 500+ posts
rank: 500+ posts
Posts: 627
Joined: Tue Oct 21, 2008 2:06 am
Reputation: 0
Location: Toronto
Gender: None specified
Contact:

Postby razorboy » Thu Jan 08, 2009 2:00 am

In other words - I went long in whatever land and got lucky........


MightyOne wrote:ImageImageImage

User avatar
MightyOne
rank: 5000+ posts
rank: 5000+ posts
Posts: 5247
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 46
Gender: Male

Postby MightyOne » Thu Jan 08, 2009 2:03 am

prochargedmopar wrote:Mighty one, I really like your idea of candle overlays. It really opens my eyes to be able to see what's going on with the H1 candle. Takes the mysterious properties from it. Even makes me feel like I could scalp in the middle, wicks, ect. Sure helps for the setup going to the line also. Now I see what you were talking about when you said to get the price you wanted.
Thanks a bunch. Had some fun today with TRO and gang in paltalk. It was my first losing day but learned a lot for 2morrow. Overconfident and out of control on the stops. -104 for two sessions.
Pro
-

Candle overlays were not my idea :lol:

You should always get the price you want to enter into a trade.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.


Return to “TheRumpledOne”