Never Lose Again

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lukx
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Postby lukx » Wed Sep 02, 2009 12:31 pm

I just traveled in time and I'm where I was last week, balance wise .
Lost all the profit, same old story.
Now I can't gt this song out of my head "I'm a loser baby, so why don't you kill me" :)

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Patch
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Postby Patch » Wed Sep 02, 2009 1:15 pm

Good Morning Lukx

Sorry to wake up today to hear your profits got ZLed.

What size lots are you trading? If you are trading a mini .01 you can afford .10 cents all week long either way. Consider it training wheels, you need to develop new eyes and new habits.

If you can do it once, you can do it again. What you have lost You can earn back. And I will tell you I've lost more than you and I am winning it back 100 fold.

MO said back on about p.139 "So where do your massive profits come from? The answer is the medium and long term traders who are IN PROFIT with medium to HUGE stop losses!" We need to always be careful that we don't get Zed.

Patch
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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es/pip
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Postby es/pip » Wed Sep 02, 2009 2:17 pm

PA wasn't perfect---- i agree

i mean i haven't made 500 pips or anything but i am up an ok amount--- not sure i never count them

i can still see that people refuse to use the 5 min close to tell them to get out and taking there full stop. My 20 pip hard stop is a disaster stop if you will. It is only there to protect me if it just rips on me when i get in, or if a 5 min bar rips against me without giving me a chance to get out at a better price.

MO, Dragon and I rarely take a full stop---- but everyone seems to take them without hesitation.

a 60 pip stop is nonsense----- unless it is built up from profits---like MO was showing

just bec you have a zl doesn't mean you take the trade---- especially after multiple bars

--- again no one wants to look inside for some reason

-- if you are watching a h4 zl from 8 days ago and trading it off that zl directly----- how do you have momo showing you the way? You don't.


no one should be trading gbp/jpy in my opinion---- at least not yet.

----------- trade the pound, the euro or the ej-- preferably the pound or euro to start


i don't understand a majority of the charts( and reasoning) posted


everything that Dragon and i learned is in this thread---- i get the feeling that people have jumped into the thread/discussion without spending the time to learn it and read the thread.
Bend over and assume the position for another 4 years of hope and change.

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cfabian
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Postby cfabian » Wed Sep 02, 2009 2:20 pm

Exactly... that's the reason why successful ZL traders have told us that higher timeframes overrules lowers. That down move you are talking about I see it as a strong push to ZL daily ones. It clearly bounces right away, area where long entries would be triggered when some momo built up.



Fxtraveller wrote:well, I'll join you guys.

Lost all profit and more, SL too big and TP tiny.

saw bear momo, saw retracement, wicked, entered, price continued upwards....
I ignored my own D1 MZ, where I should have started looking to enter long.

But I decided to trust H1 more, and lost.
WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!
"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"

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lukx
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Postby lukx » Wed Sep 02, 2009 3:49 pm

ok here's what I'll be doing from now on...
look for momo at 1H and MZbut it have to be very close to actuall PA not some OLD one form many H ago or something , when 5M will hit 1H MZ I will look for entry. 20 pips hard SL but look for faster way out like es/pip said.
I'm also dropping GBP/JPY, and be looking only at EU, GU, EJ.

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cfabian
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Postby cfabian » Wed Sep 02, 2009 4:01 pm

espip, I hear what you say...

I'll share my personal experience that I believe is the clue to my unsuccessful trading (and will become successful, swear to god).

I've discovered that unconsciously (or consciously as well) I want to be in a trade when looking at the charts, as seeing how price is moving. I "determine" entry points right away and boooom, there you go. What happens??????? I lose. Why??? Because I didn't get in at a higher probability area. It is ok if I cannot find a setup in a day (I'll tattoo that in my forehead).

I'm having difficulties in learning to wait for the appropriate timing. If I just train myself to trade if and only if price comes back to certain level (MZ) and look inside to see how price pulls back, then get in at specific level.

So, for me, I just do not need to be in the market all the time, nor a setup needs to be found forcedly at the time I look at my PC. With 2 - 3 trades and >50 pips a day I'm more than pleased.

The plan???? Try to consider only H4 and H1 ZL, This will give me more time. Will set alarms when price reaches the lines, and shoot from M5 when momo is there. Also, close trades when M5 against me.

Probably my issue is the same for some people.

Such as in real state the motto is "LOCATION, LOCATION, LOCATION"... now I know in forex it is "WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"

es/pip wrote:PA wasn't perfect---- i agree

i mean i haven't made 500 pips or anything but i am up an ok amount--- not sure i never count them

i can still see that people refuse to use the 5 min close to tell them to get out and taking there full stop. My 20 pip hard stop is a disaster stop if you will. It is only there to protect me if it just rips on me when i get in, or if a 5 min bar rips against me without giving me a chance to get out at a better price.

MO, Dragon and I rarely take a full stop---- but everyone seems to take them without hesitation.

a 60 pip stop is nonsense----- unless it is built up from profits---like MO was showing

just bec you have a zl doesn't mean you take the trade---- especially after multiple bars

--- again no one wants to look inside for some reason

-- if you are watching a h4 zl from 8 days ago and trading it off that zl directly----- how do you have momo showing you the way? You don't.


no one should be trading gbp/jpy in my opinion---- at least not yet.

----------- trade the pound, the euro or the ej-- preferably the pound or euro to start


i don't understand a majority of the charts( and reasoning) posted


everything that Dragon and i learned is in this thread---- i get the feeling that people have jumped into the thread/discussion without spending the time to learn it and read the thread.
WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!

"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"

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Postby gutek04 » Wed Sep 02, 2009 4:34 pm

es/pip, do You use/watch Daily/Weekly ZL's to tarde? or just h4/h1/m5... watching all those ZL's and MO really complicate my trading. For example I see nice setup 3 ZL from m5, m15 and h1 all in agreement telling me to "buy", but few pips above theres Daily MightyZone telling me "go short! go short", and here Im starting to wonder: Does 3ZL in agreement are telling me the truth or maybe I'm supposed to listen Dily ZL? As a resoult of this wondering I dont enter trade, or enter it to late or even choosing wrong side. This day makede me belive that I still don't know nothing about trading... Hope that things will get better tommorow...

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lukx
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Postby lukx » Wed Sep 02, 2009 4:57 pm

same here gutek04. I guess we need to be Napoleon and be able to multitask to make sure all TF are going in the same direction. I guess this is why not many people are successful. Everyone is telling us , don't think , SEE. But when you have to check all those TF you're starting to thinking 1D is ZL short , 4H was long , 1H is short , what should I do , what should I do ...

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Postby PTG » Wed Sep 02, 2009 8:53 pm

Remember this is not science. Anything can happen; it's a probability game that requires to cut losses short and let profits run.

I think the last post of es/pip is spot on.

I don't wait any more to cut a trade before it hits s/l. If my assessment was wrong, I wait for the next best chance to enter in the right direction. I had this twice today, the damage was limited to 16 pips. In return this investment told me which direction to go.

Almost everything we need to know to make this work is in this thread. If it doesn't work for you, or in case you don't know for a moment what to do, re-read everything and try again. You will notice that you start to understand things you didn't understand before or simply overlooked.

Repeat until it works for you and drain some banks for your own sake. Drain or be drained !
This is my new signature: "new signature".

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Patch
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Postby Patch » Wed Sep 02, 2009 9:54 pm

Lukx

Great picture for your id icon !!! If dragon33, es/pip, TRO, dchappy, MO, monolisa and many others on this board can trade profitably, you and I can too. None of these men and women are all that smart--just pit bulls who where all too dumb to quit.

Would you do me a favor and go through this thread and save every chart posted by es/pip in one file, and cut and paste all of his posts into a spread sheet patterned after the on I sent along to you a short time ago? I am working on pages 201-300 right now.

Add one thing to your list of look and see and think, and add you gotta stud this thread as though your life depends on it. Burn the bridges and burn the boats -- there is no turning back no matter how many steps forward and back you have. So what in 6 to 12 or 18 or however many months it takes to get it and see it, you will look back and know its all worth it.

We gotta man up.

Patch
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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