Never Lose Again

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MightyOne
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Postby MightyOne » Sun Jan 18, 2009 11:39 am

ajaymein wrote:Wowowowow...I just read this entire thread in the last 13 hours with 2 food breaks in between.....wowowowow I think my head is going to explode! But, a lot of good knowledge and I am looking forward to trading what I see and feel price doing tomorrow =)

Thanks TRO and MO for all the continuous posting and education you guys give us...however, I do find a lot of MO's stuff quite confusing (esp. the charts!) but I think I will get the hang of them soon enough!


13 hours! ? ! It took me days to read through NLA...

Allow me to decode the pics for you:

Wicks in the direction of loss and bodies in the direction of profit.

Now ask your self why you would be looking for this in your charts.

:shock: I just couldn't help re painting my charts.
I have a need for things to be new and exciting I guess :roll:

Image

I edited the range count indi and took the indi's off my chart that were making me feel overly clothed. :evil:
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Mag. Market Price, 1/3 dots, B_clock TRO MOD, Candles m-candles-dot, $ TRO TIME, & Dragon.
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Dotted instead of solid H1
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MightyOne
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Postby MightyOne » Sun Jan 18, 2009 11:54 am

8) *puts reading glasses on and tries to find 10 pips a day in the book of TRO*

:shock: Nope, it only says DRAIN THE BANKS!

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Postby 3clipz3 » Sun Jan 18, 2009 2:17 pm

Finished my first reading through Never Lose Again on Babypips forums. I've created an Excel file with organized notes that filter what I thought was important to know and people's strategies and rules.

Even thought these notes are COPY-PASTED from the thread Please do NOT use my notes as an reason to skip reading all 275+ pages as what I SEE and THINK will be different than what you will experience and learn. I welcome any comments or corrections on my notes anyone may have. Enjoy!
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prochargedmopar
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Postby prochargedmopar » Sun Jan 18, 2009 3:00 pm

:shock: "Nope, it only says DRAIN THE BANKS!"

I really like your thinking M.O./TRO.

That is the plan.

I've been through the NLA thread at fxfisherman twice, jjrvat's thread at trade2win twice, BP's NLA thread to pg 150, and almost done with this one.

BZ and DIBS Monday as bread and butter and DynFibs practice, practice, practice, in between till I can drain the banks to.

Thanks for the notes 3clipsz3....
#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

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razorboy
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Postby razorboy » Sun Jan 18, 2009 8:52 pm

unfortunately, it is called screen time, and as Peter Crowns of DIB fame says - you need to die financially a few times before you figure it out - luckily with forex, you can do a lot of dying without going broke.

One day, it will just hit you. I suspect that MO and TRO have been trading for a little longer than you (or I for that matter).

I have thought, at numerous times over the past 2 months, that I had got it - but I didnt. I would do well one day and wipe out the next There was always something I was missing (and I wasn't in to buying the conventional wisdom of "its an irregular market" or "the market seems different" or "price should have done this" or any of the numerous excuses traders say to delude themselves into thinking they know what they are doing when they are just often "randomly right". I just couldn't explain why a particular trade went bad (or went right).

At some points I thought, well maybe if i take larger positions, i'll make better decisions as I will be less likely to take an iffy trade..........guess what, it didnt work (so dont just throw that extra 4 grand at the problem)

My novice suggest is to keep a trade journal - it will help you work through your ideas. I serious just started keeping detailed trade notes on Friday after going over (and over and over and over........) this thread, the BP's one and the stuff from nobraintrades and it seriously just hit me out of the blue as to how to "see (and understand) price and to figure out why some of my old trades worked and others didn't

Once you figure it out, it won't be an issue of "all i need is 10 pips a day".

prochargedmopar wrote:
You really want to be successful as a trader?

YES.
exiting with the smallest loss.

OK.
Really all I need is 10 pips a day.
I put 880ish into a mini and turned it into 580. Guess I got 180 to go before I start to become successful. lol
I also have a micro with 100 in it. I may use it next instead.
I cashed out 3 weeks vacation and some stock money so I've also got 3869.00 "waiting" to be used.
I'm serious, you will see.
Any help is appreciated greatly.
Thanks to both.

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Postby razorboy » Sun Jan 18, 2009 9:10 pm

PS - another reason why "all i need is 10 pips a day" is the wrong attitude is that it potential ignores the concept of risk management.

IF you have a 4000 dollar account - and say you are willing to lose 4% on any trade - that is 160 dollars. with a 20 pip stop loss, you are playing for 8 dollars a pip - while 80 bucks a day is good to start - it may not be what you are hoping for. Chances are you will have to start slower, take some hits and have some bad days

Don't walk into this thinking you can exponentially grow your account for ever and ever
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!

http://thejoshkerbelproject.com/

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Postby ajaymein » Sun Jan 18, 2009 9:59 pm

Hmm...I can't believe I actually woke up and the first picture/thought in my head was a bunch of candlesticks and I was asking myself, what is happening right now, where are the majority of buyers located, sellers located, and where are their stop loss/break even orders? LOL!

Anyways, MO, the parts of your charts you post I do not understand fully is mainly ZLs...I thought they were when a candle made a breakout and created a low/high wick that has not been touched by any candles to the right of the chart. However, there are many charts you posted ZLs that I couldn't see how you chose a particular ZL and traded for it...what I am thinking is that as soon as you open up a chart, there are 2 definite ZLs (high and low)...if I am thinking right, how do you choose which to go for?

Also, could you give me a precise (maybe long!) definition of what you categorize as a ZLine?

Please correct everything that I got wrong in my above thinking so I can learn to see! =) I will try to reply with some of your charts that I am confused on if you wouldn't mind elaborating on them.

Thanks!

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ajaymein
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Postby ajaymein » Sun Jan 18, 2009 10:04 pm

MightyOne wrote:Image


Are those Black Lines (What is this???) Zlines? If so, what are the yellow lines?

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Postby pierre23 » Mon Jan 19, 2009 1:15 am

The dots are the high/low of the candle.

yellow lines = zero lines
black lines = candle crossed the zline and closed above?

Correct me if I'm wrong, but are you trying to show that price always came back to the zlines, and then breakout occured of the zero line?

Hot or Cold ._.?

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MightyOne
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Postby MightyOne » Mon Jan 19, 2009 2:24 am

ajaymein wrote:
MightyOne wrote:Image


Are those Black Lines (What is this???) Zlines? If so, what are the yellow lines?


I'll be more descriptive in future posts...

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