Never Lose Again

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Patch
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Postby Patch » Sat Jul 11, 2009 11:56 am

prochargdmopar

I'm convinced the FX trading was opened up for the retail traders to be fresh fish for the slaughter.

The question we don't know the answer to is, is it a retracement or a reversal? I will keep reading and chart watching, demo trading and continue the discussion. What time frame(s) do you make you buy and sell decisions from? jb
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby prochargedmopar » Sat Jul 11, 2009 11:57 am

Patch,
I'm just west of FT.Worth.
About 3.5hrs from Houston.

It's good that I can help motivate others, even if it were just one....
I think that each success we see helps us to believe we to can have the same success. (or more).

Trading 3 to 3 (or sema to sema)? At this point I'll be happy to just hold the trades for 2 more M1 candles once positive pips....LOL
Imagine the profit!! 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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Postby prochargedmopar » Sat Jul 11, 2009 12:17 pm

Patch wrote:prochargdmopar

I'm convinced the FX trading was opened up for the retail traders to be fresh fish for the slaughter.

The question we don't know the answer to is, is it a retracement or a reversal? I will keep reading and chart watching, demo trading and continue the discussion. What time frame(s) do you make you buy and sell decisions from? jb


Whoa doggies,

I'm a noob, I have not been consistently successful just yet.....I'm knocking the door down as we speak though. LOL

I have read that H4 is GOD for day traders......
So I'll glance at the daily's....Then the H4's and then on down...

Most times I start with the M1 chart and work my way up, M5/M15/H1 and then H4......Then work my way back down...

I've been trading the M1 chart but really need to go to the M5 this week. At least set my profit targets with M5 and not back down even if Im watching the price action on the M1 chart.

MightyOne says something like....."The largest correction that does not return to the extreme is not a correction".....meaning it's now going the other way for a bit...depending on the time frame you are watching.

His crystal ball.......along with blubbb's new custom candle indicator.
#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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Patch
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Postby Patch » Sat Jul 11, 2009 12:21 pm

prochargedmopar

I've been looking at the 3 to 3 also on the M1 and M5 GBPUSD and thinking your thoughts. I'm setting up a few charts this weekend. Can't wait for Sunday afternoon also. We have dear friends in El Paso, and I look forward to going to Joel Osteens church when we visit our son in Houston. How's the temp and humidity for you?


FX_JEDI

Thanks for posting the template, I know what you mean about family, that's why I get up early when I do most of my study time, as my wife wants me to head for bed when she does. Multi monitors is awesome, I've got 2 and am spoiled, can't hardly work on one anymore.

Talk about helping one another. I am sure everyone reading the posts by the guy saying he can't trade, we all see ourselves in his current experience, and our hearts go out to him. I stopped live trading when I just decided if I couldn't make money demo trading, I certainly wouldn't make it with real dollars on the line. I noticed even demo trading, I didn't like loosing demo dollars on the retraces procharged!!!

And I really enjoy the people on this site and get some good laughts to lighten things up, along with inspirations. thanks all, jb
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby prochargedmopar » Sat Jul 11, 2009 12:28 pm

Two long entries held over the weekend.

A big drop.
Held profit.
Traders giving it back.
+90 on one.
+77 on the other.
Hmmmmmm

Image
#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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***FX-JEDI***
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Postby ***FX-JEDI*** » Sat Jul 11, 2009 12:40 pm

prochargedmopar wrote:Two long entries held over the weekend.

A big drop.
Held profit.
Traders giving it back.
+90 on one.
+77 on the other.
Hmmmmmm

Image


Nice work Pro, just look at them 2 bullish Hammers, forming tweezer bottom on the HR gotta love candle patterns, right on whole number, definite a green light to go long.. from one whole number to the next, gotta love them whole number bounces.. :wink:

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Postby razorboy » Sat Jul 11, 2009 12:52 pm

facing your fears and all that stuff is great.................

but how many of you know your numbers - success rate - payoff ratio etc...............
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!

http://thejoshkerbelproject.com/

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prochargedmopar
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Postby prochargedmopar » Sat Jul 11, 2009 1:19 pm

Not yet,
but I will as soon as I finish reading.........
Edit:
Well, actually I have my account balance to tell me that info.....It ain't pretty.

So, I must face my fears first. The fear of ending in a losing day not only helped me to lose my entire account (in one day), it also made me end with a BIG losing day.
LOL
My #1 goal is to get that crap under control.
I'm going to "flip" my way out of fear!!!!!!!

Thanks razor.
#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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Postby razorboy » Sat Jul 11, 2009 5:59 pm

your account balance actually has nothing to do with it, I used to think your account balance told you all you need to know. The only thing it can tell you is when you are unconsciously incompetent

it doesnt - it doesnt tell you crap about probabilities

it has nothing to do with fear other than you have learned to take your "entries". It also has nothing to do with squiggly lines, horizontal lines or confluence of Fibonacci and pivot points.

It has to do with understanding probabilities and ratios and knowing what you are doing - are you scalping or are you trying to scare a 100+pips a trade - pick one - the approach is not the same. You can have a 75% plus win/loss ratio but that will not help you if you have a crappy net per trade

Knowing how to take a loss is only 1/4 the battle...........
Knowing when to enter is 1/4 the battle........

Do the quarters, read up on murray math lines and if you search for it it, I think that MO has even posted the equation for success somewhere along the way....................

If you are scalping EJ - I sure as hell hope you are watching E/U and U/J at the same time

prochargedmopar wrote:Not yet,
but I will as soon as I finish reading.........
Edit:
Well, actually I have my account balance to tell me that info.....It ain't pretty.

So, I must face my fears first. The fear of ending in a losing day not only helped me to lose my entire account (in one day), it also made me end with a BIG losing day.
LOL
My #1 goal is to get that crap under control.
I'm going to "flip" my way out of fear!!!!!!!

Thanks razor.
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



http://thejoshkerbelproject.com/

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Postby MightyOne » Sat Jul 11, 2009 6:58 pm

When I first started trading Futures I noticed that I was right about direction the vast majority of the time which is why I started hedging with options and then just trading options.

There are several advantages to trading options:

Limited & known risk combined with staying power it the largest advantage.

I made 98% of my money repeating the following over and over:

1. Buy a call option on the longer term direction

2. Liquidate option at a fat profit and go long the outright

3. Use the profit gained as a stop loss.

What started off as a limited risk feeler bet for $1,400 per option turned into over $30,000 per contract.

I believe that similar strategies can be created using a combination of BOM or Nadex and MbTrading.

If you want to trade risk free then open an account at www.lendingclub.com and become a lender.

If you loan $10,000 then you will receive ~ $900 a year payed MONTHLY along side principal.

Take the "free" money and place feeler bets on BOM

Use the profit from the feeler to fund a longer term trade.

At the end of the year take the profit and lend more money to create a money snowball effect.

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