Never Lose Again

free & uncensored discussion arena for TheRumpledOne

Moderator: moderators

smartquant
rank: <50 posts
rank: <50 posts
Posts: 16
Joined: Thu Dec 18, 2008 2:59 pm
Reputation: 0
Gender: Male

Postby smartquant » Sun Feb 01, 2009 4:12 pm

MightyOne wrote:
smartquant wrote:
MightyOne wrote:
smartquant wrote:
MightyOne wrote: It was the 5m range multiplied by 2.5 which is very close to the M15 480 range that I use now.
If I want to scalp then I use M15 range * 0.6666.

No matter what formula you use you want to place your stops based on the volatility of the pair you are trading.

You don't want to use a 15 pip stop with an avrg. range of 26 and lose 16% in 20 minutes.

When you size your position based on volatility then you stand a chance of making consistent returns and minimizing risk when things don't go your way.

+ there is no reason to size your trades so that you will be trading billions in 2 years time because IT IS NOT going to happen.

So calm down, widen your stops (4% risk max), and trade strategically.


Hi MightOne,

I was ready about using 2.5 times the 5min range for stops.

Is this 2.5 times the average range of the last X 5 min bars or simply 2.5 times the range of the last 5 min bar?

Thanks for your input.


It was M5 288 range * 2.5

After getting tired of changing my SL settings every 5m it then was

M5 1,440 range * 2.5

Until I realized that M15 480 range * 1 :wink: was almost the same number.


Hi MightyOne,

Thanks for your input. I don't know what M5 288 or M5 1,440 mean but I'll search around to learn more.

Thanks again.


The average range of 288 or 1,440 five minute bars :)


Thanks for your response. You've saved me a search. :)

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: 5251
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 47
Gender: Male

Postby MightyOne » Wed Feb 04, 2009 2:35 am

How many "traders" read this thread and how many charts do you see being posted here each day?

When the thread is inactive then I can only assume that no one is trading and if no one is trading then why should I post any more charts?

Even if you are just using Sweet Spot Gold let us see your trade.

I am sure TRO won't mind you becoming an active poster :P

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 » Wed Feb 04, 2009 2:38 am

or maybe trading too much.....I'll get some up for tomorrow

User avatar
dragon33
rank: 500+ posts
rank: 500+ posts
Posts: 792
Joined: Thu Sep 18, 2008 2:41 pm
Reputation: 0
Gender: Male

Postby dragon33 » Wed Feb 04, 2009 3:33 am

I will try to post some charts to if i have the time. I'm working the nightshift.

zapzinig
rank: 50+ posts
rank: 50+ posts
Posts: 131
Joined: Fri May 19, 2006 8:57 pm
Reputation: 0
Gender: None specified

Postby zapzinig » Wed Feb 04, 2009 3:57 am

MightyOne wrote:How many "traders" read this thread and how many charts do you see being posted here each day?

When the thread is inactive then I can only assume that no one is trading and if no one is trading then why should I post any more charts?

Even if you are just using Sweet Spot Gold let us see your trade.

I am sure TRO won't mind you becoming an active poster :P


Mighty One,

I have been seeing the ZL's in action while I am trading.

I started using Sweet Spots Gold after deciding to focus on only one method from all the choices here.

You only need one method that works for you.

I am using Dragon's money management. Today I logged +88 pips in 11 trades, yesterday +77 pips in 7 trades. I increased account equity today by 15%

Just focusing on the basics, price, entry, exit with a profit as much as I can grab.

-Gary


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: 5251
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 47
Gender: Male

ENTRY STRATEGY 1

Postby MightyOne » Wed Feb 04, 2009 4:30 am

ENTRY STRATEGY 1: SCALING IN

Professionals don't like going all in to try and win a pot; they like taking small stabs here and there to loosen the fingers of the competition.
When you take small stabs and some one goes over the top of you with a large raise then you can exit cheaply.
If they call then you can make value bets on later streets.

Like wise that is how you use multiple limit orders to enter into a trade.

If you enter an order and it goes psycho and moves sharply against you then you are only down a fraction of what you intended to risk and you will not be firing off any more limit orders.

If you enter and price continues to move in the direction of profit then you continue throwing orders out there.
As soon as your 2nd order is filled you have a line (avrg. entry price) which if price closes beyond in the direction of loss you will only be thinking of exiting at the best price.

While I never recommend adding to a losing position there is one exception.
If price blows through your first limit order and is stalling at a lower price and you believe that there is a good chance price will retrace 50% (due to profit taking) between the 2 entries then fire off a second limit order on try and bring your trade to even or a small profit.
I recommend that you do this mentally for a while before attempting it.

BY HOW MUCH SHOULD I DIVIDE MY POSITION BY BEFORE SCALING?

That all depends on volatility :shock:

The more violent the gyrations the more you divide your position.

On an easy to trade chart 2 or 3 should be enough and on a violent chart I would use some where close to 6 to enter.

It is important that you look at the positions as fractions of a whole trade and not individual trades so that you can make bold decisions and position your pieces for an ambush/single exit.

I know that some of you are going fire back with,"each trade should be placed according to its own merits; there is no such thing as adding to a position."

To that I can only respond with --> :lol:

You are not adding to a position you are creating one :oops:

User avatar
MightyOne
rank: 5000+ posts
rank: 5000+ posts
Posts: 5251
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 47
Gender: Male

Postby MightyOne » Wed Feb 04, 2009 4:37 am

zapzinig wrote:
MightyOne wrote:How many "traders" read this thread and how many charts do you see being posted here each day?

When the thread is inactive then I can only assume that no one is trading and if no one is trading then why should I post any more charts?

Even if you are just using Sweet Spot Gold let us see your trade.

I am sure TRO won't mind you becoming an active poster :P


Mighty One,

I have been seeing the ZL's in action while I am trading.

I started using Sweet Spots Gold after deciding to focus on only one method from all the choices here.

You only need one method that works for you.

I am using Dragon's money management. Today I logged +88 pips in 11 trades, yesterday +77 pips in 7 trades. I increased account equity today by 15%

Just focusing on the basics, price, entry, exit with a profit as much as I can grab.

-Gary



Who is not using Dragon's Money Management? :wink:

That is awesome Zapzinig :shock: keep draining the banks!

User avatar
TheRumpledOne
rank: 10000+ posts
rank: 10000+ posts
Posts: 11440
Joined: Sun May 14, 2006 9:31 pm
Reputation: 45
Location: Oregon
Real name: Avery T. Horton, Jr.
Gender: None specified
Contact:

Re: ENTRY STRATEGY 1

Postby TheRumpledOne » Wed Feb 04, 2009 6:08 am

MightyOne wrote:It is important that you look at the positions as fractions of a whole trade and not individual trades so that you can make bold decisions and position your pieces for an ambush/single exit.

I know that some of you are going fire back with,"each trade should be placed according to its own merits; there is no such thing as adding to a position."

To that I can only respond with --> :lol:

You are not adding to a position you are creating one :oops:


Some people haven't learned to think for themselves... they can only parrot back what they have heard or read. It's "safer" to stand with the majority and spew forth conventional wisdom. To do otherwise (like I do) is to expose yourself to ridicule and unending vicious attacks.

KILL THE MESSENGER!!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

User avatar
MightyOne
rank: 5000+ posts
rank: 5000+ posts
Posts: 5251
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 47
Gender: Male

Postby MightyOne » Wed Feb 04, 2009 6:24 am

I have joining the 2% club on my list of things to do.

I only hesitate because chatting usually leads to a bombardment of:

"where did you place your orders"
"where did you place your stop"
"should I take profit now"
"what are you doing now"
"hurry! I need to know what to do next!."

And I don't need that @#$% when I am trying to think :wink:

User avatar
dragon33
rank: 500+ posts
rank: 500+ posts
Posts: 792
Joined: Thu Sep 18, 2008 2:41 pm
Reputation: 0
Gender: Male

Postby dragon33 » Wed Feb 04, 2009 7:57 am

Image

As promised
I did my nightshift came home put on my screen for 5 min and stept in. This was fun a big run immediately. 73 pips profit. There was a smal attempt to pull price up but never reached my profit target so i stayed in trade.
Last edited by dragon33 on Wed Feb 04, 2009 3:49 pm, edited 1 time in total.

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


Return to “TheRumpledOne”