My issue with piling into positive trades is that new additions are easily brought into the negative (just as you mentioned it is worse price), thus harming or zeroing your overall trade or even putting it in reds.
I'd like to learn more about where or when is the moment to add positions?
es/pip wrote: zapzinig wrote:
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.
es/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."
yeah im with ya on all of that. unfortunately there is no "when this happens do this" type of answer at least i don't know of one.
i look to where i have a zline based on momentum and then if the PA looks favorable i enter 1/4 or 1/3 or whatever and then when it starts to go i get in more. Sometimes it may be based on a smaller time frame bar formation or when we break above a momentum bar on smaller time frame or sometimes i just get in------- some times i dont avg in and i get in when it starts going. Every trade is a little different, be that from how i feel at the time, what i see, or how i react to what i feel is happening.
if i have a large target in mind i am more liberal with my entries--- if i have a small target i want to be in quicker.
had a bunch of little scalps not really worth posting +5 to +7-10 here and there
and this one----- similar trade to zapzinig, based on where it was coming into on the daily and then you can see the obvious held profit that i was shooting for.
i trade pretty aggressive as far as my money management, but i am willing to lose 4% on a full position if i am wrong
this trade was good for 26% ROI--------
i wanted into this trade all the way up and never really saw a good area had one chance down at the lower yellow line but felt like i missed it at the time. i would not have held it all the way up anyway bec i see other targets that i would have gotten out at.
look at the bars and what they are telling you--- each one tells a short story
like MO has said over and over------- momentum is they key and when you have momentum then you have traders sitting with profit----- then you get in on their exit and then zero out the next group
its not really easy but sure is pretty damn simple.