Never Lose Again

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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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razorboy
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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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ajaymein
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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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pierre23
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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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MightyOne
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Postby MightyOne » Mon Jan 19, 2009 2:56 am

pierre23 wrote: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 ._.?


Wicks in the direction of loss and closes (bodies) in the direction of profit.

Starting with that solid yellow line you can see a weak breakout short that you would normally not be very interested in.
Price then closes on each side of the line and then finally ends by wicking the line as shown by the first "what is this."

That would be the first indication that a rise was soon to follow.

I then trail limit orders from the long solid yellow line on 0's and 5's until I catch a fish.

The other yellow lines show zero lines:

Zero lines are a way of seeing held profit without actually knowing for sure what is going on :shock:

How do you profit?

Price has to move

How do most traders enter a trade?

They wait for price to move

How much profit do traders make the majority of the time?

Negative, BE, or 5 - 10 pips.

So if you assume that traders have entered from the close or extreme of the prev. bar. and are either sitting with a SL, BEO, or a small take profit then you can guesstimate where to place your limit orders.

Note that it is assumed that they wait for price to move. There could have been a RET and a move toward the prev. close or extreme or they could have entered beyond the extreme...whatever.
Price then makes some sort of decent move and closes so that they are sitting with a profit and that is when you take action.

That said, when all else fails use a b/s stop:

If price is not making an attempt to move to your limit orders and and a candle is drawing to a close my last attempt at a better price would be to see if price would make some sore of quick RET to the nearest 0 or 5 below price.
If that doesn't work then I would just place a b/s stop on the nearest 0 or 5 above price.

Alright, I am done yapping :lol:

marcromero
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Postby marcromero » Mon Jan 19, 2009 3:36 am

I'm Working on it. Not sure how to get image size right for this forum
Last edited by marcromero on Mon Jan 19, 2009 4:09 am, edited 2 times in total.

pierre23
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Postby pierre23 » Mon Jan 19, 2009 3:56 am

could you please post bigger charts

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