Never Lose Again

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cfabian
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Postby cfabian » Fri Mar 27, 2009 4:53 pm

rickyineng wrote:cfabian,

It is safe to wait for the wick to form (2 after 1)... Looks like your entered before confirming a wick in the direction of loss. Sometimes market / b/s stop orders go well with that sort of PA.


Thanks es/pip and rickyineng

Exactly, as it is a limit, I have no confirmation it is a wick. But now, you're right about placing stop orders, but once in the zone, how far from it would be best to place it?

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MightyOne
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Postby MightyOne » Fri Mar 27, 2009 4:54 pm

ImageImage

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es/pip
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Postby es/pip » Fri Mar 27, 2009 5:04 pm

MightyOne wrote:I would like to hear your thoughts on what I am about to say.

This is what I have been considering to complement my momentum trading:

I reduced my risk from 70% the 100 Bar ATR to 66%.

Keep in mind that I am trading WITH momentum so my
stop loss is a no momo proposition.

I always hug the momentum candle so what I am about to say applies to the candle that is adjacent to the momo.

When price moves through my stop loss by 5 pips I enter an order to re enter at my stop price.

If price stalls around my stop loss then there is a good chance that price will retrace allowing me to recover some or all of my losses.

If price blows through my SL by 10 pips or more and I have time to move the order then I will move the re entry to the mid point between my prev. stop and the low for example.

This is the theme:

:cry: "I was stopped out only to have price reverse and move to my target."



when you say "to compliment my momentum trading"

are you talking about trading momentum on its own or when you are trading a higher time frame MZ and are trading momentum away from the zone


thanks

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cfabian
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Postby cfabian » Fri Mar 27, 2009 5:13 pm

rickyineng wrote:cfabian,

It is safe to wait for the wick to form (2 after 1)... Looks like your entered before confirming a wick in the direction of loss. Sometimes market / b/s stop orders go well with that sort of PA.


Thanks es/pip and rickyineng

Exactly, as it is a limit, I have no confirmation it is a wick. But now, you're right about placing stop orders, but once in the zone, how far from it would be best to place it?

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cfabian
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Postby cfabian » Fri Mar 27, 2009 5:23 pm

es/pip wrote:it took two hrs

almost like watching paint dry


but pips are pips

Image



2 hrs for a pint?????????

something is wrong here... would be for a couple of kegs at least, LOL.

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Postby es/pip » Fri Mar 27, 2009 11:38 pm

I would like to sum up my day for everyone


BLAH BLAH BLAH---------------- POOP POOP POOP


:D :D :D

frustrating for me today

had some good trades on--going for targets--- slammed against me-----closed against me-------out at or near BE

1 full stop

bunch of scalps not even worth posting

basically lost commissions today

1st day i"lost" money in a long time :evil: :evil: :evil: :evil: :evil:

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prochargedmopar
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Postby prochargedmopar » Sat Mar 28, 2009 1:09 am

Wow, that's a bummer es,
I was doing great for the day and week until I got "greedy".
Got the big head after 10 wins in a row and decided I'd let some run.
Up 8.8 pips on one and then stopped at -9.4.
Up 4.2 pips on another when it stalled and out at -6.xx
Up 2.2 on a buyzone gone bad and let it stop at -9.6

Pretty much ruined my 29.xx pip day.
Fiddled around some more and finished down -4.x.
Account still up a little over 39% for the week, would have been up OVER 64% if I hadn't have gotten GREEDY.

I feel your pain.
Monday, Monday, Monday......Oh yes, can't wait till Monday.
Cheers.
Procharged

P.S.
Know when to be GREEDY. hehehe
#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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MightyOne
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Postby MightyOne » Sat Mar 28, 2009 6:44 am

Talking about this trade or that trade is almost a stupid waste of time.
Really it all comes down to how you manage your money.

Again, managing your money is almost all there is to trading.

A very small fraction of your success is based on your technical analysis. I can OOooOOOo you and I can AhhhhAHhhh you, but in the end it is all just money management.

Massive profit does not come from an explosion in price from the point of your entry but from an implosion of risk.

High risk is always paired with low reward (scalp/ish)

AND

Low risk is always paired with high reward.

The first goal is to secure a profit with the highest probability of success and the second goal is to subdivide that profit into two parts
and trade for a large profit with a high risk multiple.

Sure, you can risk 4-5% per trade every trade, but let me ask you:

How many millions do you have?

I know that you place more than 2 trades per day so it stands to reason than you can achieve 50/100/150% per week risking 5% per trade right?

If you don't have millions I can tell you the reason right now:

YOU SUCK :roll:

Just kidding...

You are losing too much too often to gain too little.

If you are wrong then you are usually wrong immediately
and if you are right then you are usually right in a big way.
So do your self a favor and use a small position size to
reduce the magnitude of instant loss and and be bold
enough to hold in a big way.

Investing has its place
Trading has its place
Scalping has its place

None are right all of the time

but each is right some of the time

and some of the time is where you make
your money all of the time.

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jahjahblessed
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Postby jahjahblessed » Sat Mar 28, 2009 7:50 am

Will be working on that this week low risk, have had too many high risk scalping, i'm profiting but the bank and broker are profiting more. :idea:
transform to PIP"S FARI

Whatever the mind of man can conceive and believe, it can achieve.
Napoleon Hill

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JAHJAHBLESSED

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es/pip
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Postby es/pip » Sat Mar 28, 2009 2:57 pm

MightyOne wrote:Talking about this trade or that trade is almost a stupid waste of time.
Really it all comes down to how you manage your money.

Again, managing your money is almost all there is to trading.

A very small fraction of your success is based on your technical analysis. I can OOooOOOo you and I can AhhhhAHhhh you, but in the end it is all just money management.

Massive profit does not come from an explosion in price from the point of your entry but from an implosion of risk.

High risk is always paired with low reward (scalp/ish)

AND

Low risk is always paired with high reward.

The first goal is to secure a profit with the highest probability of success and the second goal is to subdivide that profit into two parts
and trade for a large profit with a high risk multiple.

Sure, you can risk 4-5% per trade every trade, but let me ask you:

How many millions do you have?

I know that you place more than 2 trades per day so it stands to reason than you can achieve 50/100/150% per week risking 5% per trade right?

If you don't have millions I can tell you the reason right now:

YOU SUCK :roll:

Just kidding...

You are losing too much too often to gain too little.

If you are wrong then you are usually wrong immediately
and if you are right then you are usually right in a big way.
So do your self a favor and use a small position size to
reduce the magnitude of instant loss and and be bold
enough to hold in a big way.

Investing has its place
Trading has its place
Scalping has its place

None are right all of the time

but each is right some of the time

and some of the time is where you make
your money all of the time.


Maybe I need to think about all of this and maybe refine how i am going about the way i risk and target my trades.

I will admit---------- i put on a trade and i risk around 4% and if i have a target i shoot for it if PA turns before it gets there i get out, if it closes against me i get out wherever i can.

I have not traded in the way you recommend-- in building up a small profit on each scalp based on risk and then going for the gusto so to speak.

Friday--us session was pretty choppy and none of my targets were reached----was i up 15-20 pips in some trades---yes--did i make any good money off of them-----no

i adjusted half way thru and started scalping because of the chop----had i scalped and built my risk on each trade i would had obviously done a lot better

thoughts

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