Never Lose Again

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MightyOne
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Postby MightyOne » Wed Jan 28, 2009 3:32 am

es/pip wrote:Image

Image

Image


It looks fine to me...

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pierre23
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Postby pierre23 » Wed Jan 28, 2009 3:50 am

MightyOne wrote:
pierre23 wrote:With $138 and proper MM I can't see you getting your 4k back anytime soon lol

If you have a goal of so many pips a day and can reach that target every day, then you could consider (if you have the funds) to deposit more money into the account to make larger trades, sticking to that pip target a day with strict money management.. then you'll be able to recover quicker


$138 t0 $4,000 in 18 or 19 weeks easy :wink:

I would not add money to the account after losing money.

Every time you make $50 trading then match it with a deposit of $50 until you blow up your account or are making so much trading that it becomes impossible to match :shock:


Maybe for you 18-19 weeks, but for someone whose just lost $4000, getting it back with $138 will take much longer than that lol

When I say add money to the account, thats ONLY after he knows what hes doing and consistantly profits with what he has. But it doesn't seem like a bad idea to deposit $50 for every $50 made trading. Of course, this depends on the broker too.. like FXCM Micro accounts you're allowed to continue depositing money up to $5,000 then no more deposits are accepted after your account balance reaches 5k+.

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MightyOne
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Postby MightyOne » Wed Jan 28, 2009 3:56 am

Where can I enter so that it is safe?

How do I know that I will not lose money?

What if I pick the "wrong" ZL?

This is all crazy talk!

If you want to be safe then trade in the direction the market is moving.

You cannot know what the market is going to do and that is why there is this little thing stopping us all from making gagillions called RISK.

If you enter at a good price and the market closes against you on a 5m chart then you still have plenty of opportunity to half or eliminate your loss by demanding a better price to exit.
(PSST! The market doesn't move str8 up or str8 down...don't tell any one!)

By far the dumbest thing I have seen in text is "picking the wrong ZL" :roll:

Image

Oh yeah, this is the same chart section from es / pip's post if you wanted to know

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es/pip
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Postby es/pip » Wed Jan 28, 2009 5:05 am

MightyOne wrote:Where can I enter so that it is safe?

How do I know that I will not lose money?

What if I pick the "wrong" ZL?

This is all crazy talk!

If you want to be safe then trade in the direction the market is moving.

You cannot know what the market is going to do and that is why there is this little thing stopping us all from making gagillions called RISK.

If you enter at a good price and the market closes against you on a 5m chart then you still have plenty of opportunity to half or eliminate your loss by demanding a better price to exit.
(PSST! The market doesn't move str8 up or str8 down...don't tell any one!)

By far the dumbest thing I have seen in text is "picking the wrong ZL" :roll:

Image

Oh yeah, this is the same chart section from es / pip's post if you wanted to know


"If you want to be safe then trade in the direction the market is moving."

which would be followed by

By far the dumbest thing I have seen in text is "picking the wrong ZL"

and the follow up to those two posts is


EXACTLY





:shock:

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ajaymein
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Postby ajaymein » Wed Jan 28, 2009 6:41 am

Hey MightyOne,

How about posting a LIVE zero line chart in the making that ends up hitting like you did a while back? That would be verrryyyy nice and helpful =)

Thanks!

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Postby xmess7 » Wed Jan 28, 2009 6:55 am

Hi everyone. How has the gang been? I am still trading and doing very very well (Thank God). I'll be posting some trade soon and talking about my improvements and etc etc.

In the mean time NEVER EVER EVER GIVE UP...
PEACE

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MightyOne
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Postby MightyOne » Wed Jan 28, 2009 10:09 am

ajaymein wrote:Hey MightyOne,

How about posting a LIVE zero line chart in the making that ends up hitting like you did a while back? That would be verrryyyy nice and helpful =)

Thanks!


It is too difficult to: mark charts, up load to tiny pic, & post while trading multiple currencies and time frames.

I didn't mean to imply by my prev. posts during trading hours that I would continue to post during trading hours.

However, if there is low volatility or I am trading a ZL based on a 30m+ chart then I will do my best to post a live chart :shock:

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cfabian
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Postby cfabian » Wed Jan 28, 2009 8:29 pm

Ok guys... I've one example for you and need your opinion on how to approach it.

You'll see in the image, there's 2 ZL that can be used. According to what I understand, both are valid setups to place a trade, but contrary direction.

Please look at it and post your opinion. Probably I'm missing something on the pic to tell me which way... or the other option is to stay out until further comfirmation.

BTW: you people take images and add the partial lines (like the red ones) with an editor, or you can add them on MT4? As I can only add horizontal lines on MT4 full width not smaller (unless you know how to do so),

Cheers

Image

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razorboy
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Postby razorboy » Wed Jan 28, 2009 10:13 pm

Sorry let me rephrase this post - I dont see one of your z lines to be valid based on the guidelines below - the lower z line - doesnt seem to be in the right place - no reason to go long

If I was using MO's rules of thumb - from a previous post - [s]probably nothing to do
- "rule" 2 isnt satisfied - it is a less than enthusiastic breakout to the upside and I don't see the criteria to go short - yes I know price fell like a stone afterwards - but that was after a downside breakout that followed...[/s]....

1. there is a breakout
2. the range of the breakout candle becomes => than the prev. candle
3. price closes by at least x above the breakout.
4. Age your zero line: After step 3, put a 1 above prev. candle and increase this number every time there is an additional close above the ZL without price returning to it.
5. destroy on impact or use dots that end after impact so chart does not become a mess.





cfabian wrote:Ok guys... I've one example for you and need your opinion on how to approach it.

You'll see in the image, there's 2 ZL that can be used. According to what I understand, both are valid setups to place a trade, but contrary direction.

Please look at it and post your opinion. Probably I'm missing something on the pic to tell me which way... or the other option is to stay out until further comfirmation.

BTW: you people take images and add the partial lines (like the red ones) with an editor, or you can add them on MT4? As I can only add horizontal lines on MT4 full width not smaller (unless you know how to do so),

Cheers

Image

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MightyOne
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Postby MightyOne » Thu Jan 29, 2009 12:33 am

razorboy wrote:Sorry let me rephrase this post - I dont see one of your z lines to be valid based on the guidelines below - the lower z line - doesnt seem to be in the right place - no reason to go long

If I was using MO's rules of thumb - from a previous post - [s]probably nothing to do
- "rule" 2 isnt satisfied - it is a less than enthusiastic breakout to the upside and I don't see the criteria to go short - yes I know price fell like a stone afterwards - but that was after a downside breakout that followed...[/s]....

1. there is a breakout
2. the range of the breakout candle becomes => than the prev. candle
3. price closes by at least x above the breakout.
4. Age your zero line: After step 3, put a 1 above prev. candle and increase this number every time there is an additional close above the ZL without price returning to it.
5. destroy on impact or use dots that end after impact so chart does not become a mess.





cfabian wrote:Ok guys... I've one example for you and need your opinion on how to approach it.

You'll see in the image, there's 2 ZL that can be used. According to what I understand, both are valid setups to place a trade, but contrary direction.

Please look at it and post your opinion. Probably I'm missing something on the pic to tell me which way... or the other option is to stay out until further comfirmation.

BTW: you people take images and add the partial lines (like the red ones) with an editor, or you can add them on MT4? As I can only add horizontal lines on MT4 full width not smaller (unless you know how to do so),

Cheers

Image


All you have to do is ask your self if MightyOne would ever post a chart that looks like that :wink:
Yes, you are doing things horribly wrong :lol:

I think that you should do some re reading and post a picture that I can respond to.

I guess it is too soon to move to talk of some thing like this:


Image

Keep working on it and each night that you sleep your brain will put the puzzle pieced together until you are better at it than I am :wink:

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