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TheRumpledOne
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Postby TheRumpledOne » Wed May 27, 2009 6:06 am

Fallacies, Part 1: Money Management is Secondary and Not Very Important

http://articles.mql4.com/631

On the Long Way to Be a Successful Trader - The Two Very First Steps

http://articles.mql4.com/813
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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MightyOne
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Postby MightyOne » Wed May 27, 2009 8:36 am

For those of you who considered managed accounts:

Jump out when they are doing poor and jump in when they are draining the banks!

This is just a randomly picked user from Zulu Trade.

The method used for jumping on and off managers is the box method.

This should be fun entertainment and may even be profitable:

Image

pierre23
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Postby pierre23 » Thu May 28, 2009 12:42 am

MightyOne wrote:For those of you who considered managed accounts:

Jump out when they are doing poor and jump in when they are draining the banks!

This is just a randomly picked user from Zulu Trade.

The method used for jumping on and off managers is the box method.

This should be fun entertainment and may even be profitable:

Image


lol maybe if I had a spare $10,000 laying around the house. Are you trying it? Let us know how it goes :D

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MightyOne
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Postby MightyOne » Thu May 28, 2009 5:47 pm

What separates the 75 pips per week trader from the 650+ ppw trader?

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MightyOne
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Postby MightyOne » Thu May 28, 2009 5:54 pm

I am considering going through the trade history of the top 10 traders and converting their history into daily candles before making any decisions.

pierre23 wrote:
MightyOne wrote:For those of you who considered managed accounts:

Jump out when they are doing poor and jump in when they are draining the banks!

This is just a randomly picked user from Zulu Trade.

The method used for jumping on and off managers is the box method.

This should be fun entertainment and may even be profitable:

Image


lol maybe if I had a spare $10,000 laying around the house. Are you trying it? Let us know how it goes :D

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

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TheRumpledOne
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Postby TheRumpledOne » Thu May 28, 2009 6:02 pm

MightyOne wrote:What separates the 75 pips per week trader from the 650+ ppw trader?


1) What they "see"

2) Their goals

3) Their ability to wait

4) Experience

5) Discipline

Not in order of importance.
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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Postby MightyOne » Thu May 28, 2009 7:10 pm

All of which are vital to success as a longer term trader...

For me it is the inability to justify liquidating for 23 pips profit off of daily lows when price moves a hundred to hundreds of pips from the extremes every 24 hours.

I don't know if it will happen this time, but I know that it happens every day and so I stay fixated on the goal & mitigate my risk in the mean time.

One technique I employ is the use of 2 long term candles and the rule that the shorter TF of the 2 cannot share the same price extreme if I wish to trade the reversal.

Pips happen if you just let them happen ;)





TheRumpledOne wrote:
MightyOne wrote:What separates the 75 pips per week trader from the 650+ ppw trader?


1) What they "see"

2) Their goals

3) Their ability to wait

4) Experience

5) Discipline

Not in order of importance.

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TheRumpledOne
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Postby TheRumpledOne » Thu May 28, 2009 7:22 pm

" One technique I employ is the use of 2 long term candles and the rule that the shorter TF of the 2 cannot share the same price extreme if I wish to trade the reversal. "

I just say DO NOT REVERSE ON A BREAKOUT CANDLE. Wait for that candle to close.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby razorboy » Thu May 28, 2009 7:33 pm

although getting tagged out by a pip or two when you do a limit entry off the extreme high after a huge price run up and no good retrace is annoying...........

the biggest challenge I have found with this method is that there is always a reversal range and the only way I can really figure out how to deal with it is using multiple entries across, when price is going against me with my goal being a big pop the other way - I am waiting on a good retrace on the EJ at the moment, but I will be damned if I can pick the exact spot for the reversal with any accuracy. I am trying to reconcile this idea with NOT averaging into a losing position - this is the biggest psych issue for me at the moment

I missed that big move off the bottom was waiting for more of a retrace........FC#K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (can i say that here)

MightyOne wrote:All of which are vital to success as a longer term trader...

For me it is the inability to justify liquidating for 23 pips profit off of daily lows when price moves a hundred to hundreds of pips from the extremes every 24 hours.

I don't know if it will happen this time, but I know that it happens every day and so I stay fixated on the goal & mitigate my risk in the mean time.

One technique I employ is the use of 2 long term candles and the rule that the shorter TF of the 2 cannot share the same price extreme if I wish to trade the reversal.

Pips happen if you just let them happen ;)





TheRumpledOne wrote:
MightyOne wrote:What separates the 75 pips per week trader from the 650+ ppw trader?


1) What they "see"

2) Their goals

3) Their ability to wait

4) Experience

5) Discipline

Not in order of importance.
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!

http://thejoshkerbelproject.com/

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razorboy
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Postby razorboy » Thu May 28, 2009 9:26 pm

Just think I figured this out for myself - I'm sure MO's thoughts have permiated my skull.......

three limit entries across the "zone" where I want to enter (bottom - middle and end) with the stop loss 20 pips beyond my final entry. My first entry has my main TP - say 100 pips. The second and third position have a TP = to the entry price of the first. The goal is to get the ball (the first position) into the endzone.

Biggest risk is obviously a full stop, fully loaded


razorboy wrote:although getting tagged out by a pip or two when you do a limit entry off the extreme high after a huge price run up and no good retrace is annoying...........

the biggest challenge I have found with this method is that there is always a reversal range and the only way I can really figure out how to deal with it is using multiple entries across, when price is going against me with my goal being a big pop the other way - I am waiting on a good retrace on the EJ at the moment, but I will be damned if I can pick the exact spot for the reversal with any accuracy. I am trying to reconcile this idea with NOT averaging into a losing position - this is the biggest psych issue for me at the moment

I missed that big move off the bottom was waiting for more of a retrace........FC#K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (can i say that here)

MightyOne wrote:All of which are vital to success as a longer term trader...

For me it is the inability to justify liquidating for 23 pips profit off of daily lows when price moves a hundred to hundreds of pips from the extremes every 24 hours.

I don't know if it will happen this time, but I know that it happens every day and so I stay fixated on the goal & mitigate my risk in the mean time.

One technique I employ is the use of 2 long term candles and the rule that the shorter TF of the 2 cannot share the same price extreme if I wish to trade the reversal.

Pips happen if you just let them happen ;)





TheRumpledOne wrote:
MightyOne wrote:What separates the 75 pips per week trader from the 650+ ppw trader?


1) What they "see"

2) Their goals

3) Their ability to wait

4) Experience

5) Discipline

Not in order of importance.
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



http://thejoshkerbelproject.com/

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


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