Never Lose Again

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pierre23
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Postby pierre23 » Tue Mar 31, 2009 8:25 am

MightyOne wrote:This reminds me of when I was 19 and I mentioned to one of my father's employees that I had made $13,000 that morning.


Impressive :wink:

MightyOne wrote:You cannot exit at a loss there for after each success you become significantly more difficult to stop out.

You don't need a gagillion successful trades in a row you only need to survive your errors in judgment and that becomes more easy after each inflation of your SL.


I was on my way home from work today when what you said clicked to me. "He's right" I said out aloud.. I think my mind was a little tired from the days work and it set on thinking there was no point in risking all profit. But in each winning trade the next trade becomes easier and easier to profit from.

I will give it a go and let you know how it pans out.

thanks

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TheRumpledOne
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Postby TheRumpledOne » Tue Mar 31, 2009 1:06 pm

Image

Back to DRAINING THE BANKS!
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.

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MightyOne
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Postby MightyOne » Tue Mar 31, 2009 1:53 pm

pierre23 wrote:
MightyOne wrote:This reminds me of when I was 19 and I mentioned to one of my father's employees that I had made $13,000 that morning.


Impressive :wink:

MightyOne wrote:You cannot exit at a loss there for after each success you become significantly more difficult to stop out.

You don't need a gagillion successful trades in a row you only need to survive your errors in judgment and that becomes more easy after each inflation of your SL.


I was on my way home from work today when what you said clicked to me. "He's right" I said out aloud.. I think my mind was a little tired from the days work and it set on thinking there was no point in risking all profit. But in each winning trade the next trade becomes easier and easier to profit from.

I will give it a go and let you know how it pans out.

thanks


Now that your mind has overcome its fear of losing short term profits I will put it more at ease:

Your largest stop need only be the size of the largest correction in an up move for longs and the largest correction in a down move for shorts. If you do not have a size for the shorts then check the last bear trend in your history.

Chances are that you will not enter at the apex before the correction and if it retraces greater than the maximum retracement then it is likely not a retracement.

ImageImage
Last edited by MightyOne on Tue Mar 31, 2009 2:31 pm, edited 1 time in total.

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razorboy
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Look Boss...Z Line! Z Line..............!

Postby razorboy » Tue Mar 31, 2009 2:11 pm

just walked in to my office - saw the recent high and then the bearish engulfing pattern - bodies in direction of profit - then it wicked back - losses - and finally fell thru the floor so to speak

Got in the trade a little late as that was when i turned on my computer.

Any fine tuning advice would be appreciated.
Attachments
gbpjpy z line.gif
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es/pip
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Postby es/pip » Tue Mar 31, 2009 2:22 pm

MightyOne wrote:
es/pip wrote:
Humble wrote:MO pity you didn't have your own thread for this. As it is your posts are intermingled with other trading ideas and indicators.

Others of your following are posting charts of successful trades, that seem to be using a reversal bar as the momentum bar, from which they place a trade. Is this correct? My understanding of a momentum bar would be that it needs to be a continuation bar.


im sure you are not surprised no one is jumping out of their chair to answer your q's


after stating this

you say

"That's a bit rich given the trouble you have explaining it.

I joined with the monica "Humble" to remind me be to be so when posting here, as I have never felt as frustrated as I do when reading your explanations. The reason I try so hard to follow you is because I appreciate MO's efforts here and believe in what he wants to teach us and do not want in any way to discourage his efforts by pointing out that it's dam near impossible to pick up the depth of his posts from his explanations. "


"reversal bar as the momentum bar"----???????????????

there is no "explaining it"---- it is what it is

look bud

i read the same posts u did as did dragon, macro and pierre.

by some "miracle" we all see it

you say" by no lack of my efforts"

i say look harder

and by no means----especially after the hrs i spent on this and your previous post am i going to lay out a children's book with directions for you

MO didn't lay it out on a platter for me or dragon

and the funny thing is it is laid out on a platter----if you will

i was going to let this whole thing go( ie your prev post)--------turns out i am still a tad bit pissed about it

sue me

but as contradictory as this whole post may seem------at the same time i wouldn't have made it if i still didn't want you to be able to SEE it regardless of what you said before.

MO paraphrased what i was trying to say earlier

not sure if this is exact-------"the reason you don't see it is bec you don't put what i have on my charts on yours"

and since my annotations and posts have nothing to do with what MO has taught

i will leave you with this for food for thought

and yes i sat thru those pullbacks----why bec i was already up 40% roi on the day---and now it is a tad bit higher

i challenge you to get your mind out of the way and open your eyes to what is right in front of you-- and actually spend some time on it instead of asking for it

Image


There there es / pip there is no need for violence :wink:

I don't even under stand how you can be pissed off while sitting with a 40% gain unless it is 2am and you have no beer in the fridge or whiskey in the bar room.


:D

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es/pip
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Re: Look Boss...Z Line! Z Line..............!

Postby es/pip » Tue Mar 31, 2009 2:37 pm

razorboy wrote:just walked in to my office - saw the recent high and then the bearish engulfing pattern - bodies in direction of profit - then it wicked back - losses - and finally fell thru the floor so to speak

Got in the trade a little late as that was when i turned on my computer.

Any fine tuning advice would be appreciated.


looks ok to me


:D

Shadik
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Postby Shadik » Tue Mar 31, 2009 2:42 pm

Hello, Im still tryin learn this. And Im still make a lot of mistakes.

One question: we should ONLY trade with 1h candle color?

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MightyOne
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Postby MightyOne » Tue Mar 31, 2009 3:02 pm

1. Stop is above the line

2. Stop is greater than largest correction in down move (just counting profit)

3. Price is moving in the opposite direction.

What more could you ask for?

Ok, surviving to the next 8 hour line would be a plus!

Image

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MightyOne
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Postby MightyOne » Tue Mar 31, 2009 3:19 pm

Shadik wrote:Hello, Im still tryin learn this. And Im still make a lot of mistakes.

One question: we should ONLY trade with 1h candle color?


Would you trade ONLY against H1 candle color?

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es/pip
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Postby es/pip » Tue Mar 31, 2009 3:24 pm

Shadik wrote:Hello, Im still tryin learn this. And Im still make a lot of mistakes.

One question: we should ONLY trade with 1h candle color?


post charts with your trades so we can see your mistakes otherwise we have no way to see

again

i do this a tad bit different, but i do not look at anything except the price action

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