zapzinig wrote:Thanks es/pip,
I have learned a great deal from your charts, they are the most basic and most powerful. These setups happen over and over again, most of the time they work out exactly to the pip. When they go wrong you know and you take action and exit with as little loss as possible. My hard SL is 30 pips (3% of account), as I get better on the entries, I can see moving my SL to 19-23 pips and adding additional lots to keep my risk to 3%
If you watch and focus on how the market responds when it reaches a zline/zone you can guage market reaction.
Thanks MO and es/pip for your insight charts and guidance.
--ZZes/pip wrote:zapzinig wrote:A few zline trades for today. I am only trading GBPUSD. There are more than enough opportunities to grow your account 2-5% a day conservatively without risking more than 3% of your account. I look for one maybe 2 trades a day at most!
I plan to execute flawlessly this one strategy on just one pair. For the past month my live account has grown 46%. I plan on only trading 10-15 days per month since there may not be perfect setups eveyday. Not trading is ok if the probability that you seek is not present.
My major hurdle is remaining focused and not being distracted by the next new indicator. I have deleted all but 12 indicators. They are probably not even needed. A bare chart with hand drawn horizontal lines is really all I need.
this is exactly what MO was saying the other day-------- it works for some people bec they are discretionary traders
this way of trading is not a "system" you have to use some common sense with it.
zapzing pretty much summed it up when he said this "A bar chart with hand drawn horizontal lines is really all I need."
i hope that the ones that have not been able to grasp this notice AGAIN that here is yet another person that is trading the same thought process but just a little bit different, and amazingly it works for him/her yet again.
1. take all the crap of your charts
2. see held profit---based on momentum
3. act accordingly
4. zero out other traders
ehhhhhhhh, dont thank me as i learned 95% of all this from MO.
one thing that you may want to look into for the entries is( i also learned this from MO)---- enter in 1/4 or 1/3 positions. put out a 1/4 to test the waters and if it holds then add into it as it goes your way. Yes you get a worse price on a full position but if it blows through your initial entry and you get stopped for -20 pips then u really only lose 5 pips since it was a 1/4 of size.
another trader i know that trades stocks and trades huge position sizes always has said when asked how he makes so much
" I pile into my winners and cut my losers short, by entering pieces at a time. i am an idiot, if i can do this anyone can."