prochargedmopar wrote:MightyOne wrote:razorboy wrote:At the right time of day, a 5 min momo bar is good for way more than just one bar.............
As to my other question, what do traders do with all their spare time...
http://dealbreaker.com/2009/08/help-me-help-you.php
http://dealbreaker.com/2009/08/opening-bell-082109.php
http://dealbreaker.com/2009/08/later-th ... orging.php
http://dealbreaker.com/2009/08/opening-bell-082009.php
anyone up for some binge eating?prochargedmopar wrote:razorboy wrote:Pro........
You sound like one of my trading partners -
its not about the number of losses you have. Depending on which "system" i use.........my win percentage is 15 to 30% with an EV of 2 to 4 - 2 to 3 trades a day. I say this not to show off, but to give you some encouragement as I was as clueless as you were until i started flipping quarters
once you have accurately defined your edge, it will all come to you. You need to think in terms of probabilities - buy the tops and sell the bottoms......when momentum comes into the marketprochargedmopar wrote:es/pip wrote:tough action today
no momentum really anywhere to trade
i was +60 on the e/j at 1 point on the second trade----- target was 170ish pips i got zl'ed---- i honestly thought we were going to go up--- i liked the formation on the bars so i stayed in got out on 5 min close against me---- oh well
this week was made in the early parts with all the action we have had----- today blew--- lets see what the rest of the week brings----
on days like these you try to grab what you can and not get hurt---- or dont trade at all----lol
Whew,
I thought it was just me.
I did end up with 38.x live on 13 trades but it was a struggle.
Had two I thought were gonna take off when they were up around 10 pips and both ended in a small loss.
My first 2 losses of the week.
Lots of movement in market but it was always just as I exited and in the wrong direction.
I hear ya razorboy,
I understand and that is what I am so exited about...being able to have a small stop yet get big runs.....
I know exactly what M.O. means when he says your losses will cause you great laughter.
I've been doing it on demo....
What is a 15 pip stop when you've had 3 wins of 117/119/ and 185.
It means nothing......
If trading momo I do not see how you can lose 40% of the t ime. wtf??
From what I've seen on the 5m momo candles in the direction of the higher time frame it is almost a 90% win rate if you don't get greedy....
I mean some of those can go 30=50 pips with ease if you can hang in there.
And m.o. say...ONLY TRADE ONE BAR, but you look up from the 5m chart and your riding a 15m candle, and all of a sudden it turns into a 30m candle ect.....
Your tips are VERY much appreciated and the quarter flipping exercise has cemented something in my brain.
Odds baby, odds.
Now it's just a matter of applying the knowledge.
I've still got to work on rule #3. (completely accept risk and let it go)
It's a b#t*h.
thx
What PRO was saying is exactly how momentum is to be traded.
It starts with a high time frame momentum and price finding S&R.
You might enter on a 5m and catch a run of 30 pips, but when you switch over to a 30 minute candle a momentum bar may just be completing...so you exit.
This is where you change your mentality in regards to "pip ownership"
That 30 pip gain is not a 30 pip profit if you are going to continue to trade in the prev. direction for a longer duration.
You simply put the trade on pause and are now requesting a better price to enter.
If you enter after price drops 18 pips and price returns to the high then you have made an additional 1.8-3.6% and if you do this 5 times a week then you increase your gains by 9-18%.
Add the profit from overlap to a 7-18% return and you are sitting with a 16-36% gain at the end of the week.
If you are a DWM trader (daily,weekly, monthy or DO WHAT MATTERS trader)
then the overlap will be much greater and that is when you realize weekly returns of 40, 70, 123% and beyond.
I know it can be hard when you are up say 400 pips or $40,000 trading the monthly chart and you enter in the monthly MZ and watch as price drops 200 pips or -$20,000 before turning around and giving you a 1,200 pip gain or $160,000 total, but chances are that you will never reach such a large pip gain as a timid trader.
And that is another trick that you should know:
You only have to be precise in you timing and entry level from the time you initiate a trade until the time you have OPM to play with.
Once you have other peoples money then you can start leaning on the competition by being aggressive with their money.
While they are in "anti draw down move my SL to BE" mode you will be in "all the money in the world" mode and will be picking up their positions at bargain prices.
All this is done until your trade comes to an end on the long term charts at which time you are back to considering the money your own.
There is a lot that you can learn from poker:
Play as if your stake has already been lost and the only way to get it back is to make it to the final table.
No professional, that has made it to the final table, arrived there without risking everything more than once.
A tournament starts with capital preservation and small balling (small stabs at the pot) and ends with aggression and who is more willing to take risk.
Anyways, that is my rant for today
HELL YEAH,
That's what I'm talking about.
Ive seen this also for a while but have been having difficulty getting past the stabs at the pot part.
Man I didn't want to display my goal as I want to be the first to post charts of this being done so bad I can taste it. Forget a long run with 3-5 corrections and sitting through draw down on money that is not yet yours. Take it/ wait/ enter again.
MightyOne said: Advance-Retreat-Advance-Retreat.
Did you MightyZoners miss that?, I didn't.
Why is it that the comprehension in my mind seems to get so far ahead of my Emotional maturity......It's agonizing.
I SEE CLEARLY HOW ADDING YOUR PIPS GAINED TO YOUR STOP IS OF SUCH GREAT IMPORTANCE WHEN HANGING IN FOR THE DURATION TO GET MORE PIPS IN A RUN THAN THE MARKET ACTUALLY MOVED.
I want 160 out of a 100 pip move.
I want 250 out of a 150 pip move.
I want 600 out of a 350 pip move.
Now that is a goal!!
Break even? Bah, humbug.
Just remember that there is always a retracement size that makes it more likely that price will not return to or hold beyond the extreme.
