Never Lose Again

[razorboy]

I used to want to see these too, but it took me a while to figure out why no one with any experience posted them..........they simply don't matter. Get rid of your losses and forget they happened. Otherwise they mess with your head.

Thought some of you may like this finance article by Malcolm Gladwell and the impact of randomness

http://www.gladwell.com/2002/2002_04_29_a_blowingup.htm

I have a strange request. Some of you "pros" already posted a lot of winning trades. I'd like to see some of your losing ones as well. If a trade goes into into the right direction right from the start, it's not really difficult to be profitable... But we all know that we have to take losses as well. So I'm interested in (maybe M1) charts where you had to make the decision when to stop.

[prochargedmopar]

If you open up a chart, any chart, you will see hammers, spinning tops, and doji's. After a trend, only after a trend and not in a box range, the tips of these will be S/R area's. LOOK and see that almost always the wick is "tested" about half way or so by the next candle but does not close past the S/R area of the wick tip. Jump in when it starts to retrace and form a wick with a lower high than the previous doji, hammer, or shooting star depending if it comes after a bull or bear trend. Look at any chart and see. Now, do you have the balls to get in on a candle that is the opposite color of the way you want to go? I've only done it a couple times and it worked out great. I'll be looking for more opportunities in the future. Your stop will be much smaller than waiting for the color change and the tip of the wick that sets your S/R level will be the price that tells you that your WRONG. That is if it closes past that point after your in the trade. it it just shoots through but doesn't close then that is a steve nison Crack and Snap which usually means your going for a big ride in the direction you want to go. Hang on for some major pips.
We'll see if this stuff works Monday. DEEP BREATH! lol
Pro

[prochargedmopar]

Oh yeah,
If you've really got kahuna's and it closes past your determined S/R level, Then exit your trade and open a new momentum break-out trade. Hopefully you've taken a little profit on the previous candle when you saw it and you only have 1 or 2 lots left in the bag.
Pro

[blubbb]

I didn't expect this (razorboys) answer at all, because it seems to me this kind of attitude would be a trader's doom. Forgetting your losses and getting used to only winning (by taking bigger risks) leads to not being capable accepting a loss when needed.
Of course that is only my opinion, so I'm interested in what others think. And of course: What has to happen to make you "pull the plug" (and take a loss)? You cannot just hope the market will turn...

[prochargedmopar]

blubbb,
I do not feel that is what razor was trying to say at all.
I took it totally different.
I've found it's much better to cut your losses to quickly than to let them run hoping. If that's what your doing that is the opposite of what most beginners do, me included. I'd much rather cut them short and then get back in for a couple pip spread rather than take 20-30pip loss and then wait till it's back to my original entry to get back in. I've done that and it doesn't feel to good.
Pro

[razorboy]

you set your SL's so that you arent blowing your account on a bad trade (1-4% of your account per trade/position). Accepting a loss and remembering it are two totally different things. I know how to lose really well.

with every trade, you can either be right or wrong. Just dont dwell on being wrong, that will kill you more than anything - except maybe bad risk management. Also, don't dwell on being right too much either.........

It is just a game

I didn't expect this (razorboys) answer at all, because it seems to me this kind of attitude would be a trader's doom. Forgetting your losses and getting used to only winning (by taking bigger risks) leads to not being capable accepting a loss when needed.
Of course that is only my opinion, so I'm interested in what others think. And of course: What has to happen to make you "pull the plug" (and take a loss)? You cannot just hope the market will turn...

[razorboy]

the only thing I love more than a good 10 pip gain is a 2 to 3 pip loss

blubbb,
I do not feel that is what razor was trying to say at all.
I took it totally different.
I've found it's much better to cut your losses to quickly than to let them run hoping. If that's what your doing that is the opposite of what most beginners do, me included. I'd much rather cut them short and then get back in for a couple pip spread rather than take 20-30pip loss and then wait till it's back to my original entry to get back in. I've done that and it doesn't feel to good.
Pro

[TheRumpledOne]

Sledge, which platform... MT4, TradeStation or eSignal?

TRADERS: IF YOU HAVE A QUESTION ABOUT AN INDICATOR, PLEASE POST A CHART SHOWING THAT INDICATOR AND POST THE EXACT NAME OF THE INDICATOR.

I think I have written over 1,000 indicators, so please help me help you.

TRO-
It is the TRO_DYNAMIC_FIBS_SR Indicator.
The one that draws the Support and Resistance Dots and produces Buy and Sell Lines. On the picture I posted you can see the sell line- the Buy Line is way out of the 1 hr chart.

My questions are:
1. The lines will move as the market moves. What triggers in the indicator to produce a move of the Buy or Sell line on a chart?
2. Same question with a Dot. If you look at a support line of dots as an example- you see a long row at the bottom at about 1.4715. At 1.4890 you see that a new blue dot forms at the bottom of the bar.

With both questions I'm probably seeking the same answer (Thanks in advance) What does the indicator "see" that prompts:
A. The Buy Sell Lines to shift
B. That particular bar, to now have a blue dot below it?

Hope this is a descriptive enough set of questions.
Thanks
Aaron

TRO_DYNAMIC_FIBS_SR doesn't plot lines.

Look at the code if you want to know how it works. It looks at the highest high/lowest low for the number of bars you tell it to analyze.

Bur, you do NOT need to know how it works to learn how to use it. It's like driving a car vs being an auto mechanic.

[razorboy]

download and read this

http://www.earnforex.com/forex_e-books/ ... ngBook.pdf

I didn't expect this (razorboys) answer at all, because it seems to me this kind of attitude would be a trader's doom. Forgetting your losses and getting used to only winning (by taking bigger risks) leads to not being capable accepting a loss when needed.
Of course that is only my opinion, so I'm interested in what others think. And of course: What has to happen to make you "pull the plug" (and take a loss)? You cannot just hope the market will turn...

[prochargedmopar]

Thanks for the link to both razorboy, I'm willing to read anything on preserving capital and psychological improvements. You know what I'll be doing tonight.
Pro