Never Lose Again

[es/pip]

really am leaving this time

[JTurnbull]

on the right side was looking at the 1h chart after price reached the 30 min ZL

i'm trading just the right size to suit my current understanding of the MZ, which seems to be on the modest side to say the least

i see what you are saying-----

but

as that pa unfolded on the h1 things kind of changed

price comes down to purple

you are thinking it is going to go to yellow, but as the PA formed that got you down to the purple it created another area of resistance/held profit-- white. If the pa was able to make it through the white then i agree that the yellow was next.

if you were going to bypass the white and target the yellow---- you have to be aware that the white is there and when PA doesn't agree with the trade(especially with the white res. there) you have to get out and re-evaluate.

cant trade what you think have to trade what it is

i mean you are marking the chart correctly and i think-- from your charts that you get the basis of it-- the rest just comes with a little time


that is why everyone should trade small and build a foundation until they are sure they understand what they are trading

edit-------------------------

i just saw your post about trade size---

that is what u/ everyone should do---

sacrifice 1-6 months or whatever of small size until your mind understands what you are trying to do then increase size later---

people have to go to college for 4 years before they are allowed to get a degree that entitles them to make 50k a year.

6 months worth of learning how to trade is worth the time to get it
traders want to hurry hurry hurry and trade too large of a size before they are ready and they never learn what they should have taken the time to learn.--- i did it for 6 years--

I also would have been looking to short at the H1 MZ right in that 149.55 area right where the longs stalled out 3 times. wish i didnt go to sleep tho cause i missed reversing on GU this morning.

[prochargedmopar]

on the right side was looking at the 1h chart after price reached the 30 min ZL

i'm trading just the right size to suit my current understanding of the MZ, which seems to be on the modest side to say the least

i see what you are saying-----

but

as that pa unfolded on the h1 things kind of changed

price comes down to purple

you are thinking it is going to go to yellow, but as the PA formed that got you down to the purple it created another area of resistance/held profit-- white. If the pa was able to make it through the white then i agree that the yellow was next.

if you were going to bypass the white and target the yellow---- you have to be aware that the white is there and when PA doesn't agree with the trade(especially with the white res. there) you have to get out and re-evaluate.

cant trade what you think have to trade what it is

i mean you are marking the chart correctly and i think-- from your charts that you get the basis of it-- the rest just comes with a little time


that is why everyone should trade small and build a foundation until they are sure they understand what they are trading

edit-------------------------

i just saw your post about trade size---

that is what u/ everyone should do---

sacrifice 1-6 months or whatever of small size until your mind understands what you are trying to do then increase size later---

people have to go to college for 4 years before they are allowed to get a degree that entitles them to make 50k a year.

6 months worth of learning how to trade is worth the time to get it
traders want to hurry hurry hurry and trade too large of a size before they are ready and they never learn what they should have taken the time to learn.--- i did it for 6 years--

Thanks for your help and comments.
Deciding to "go small" for a bit has really helped me a lot. I've been able to do some things that I've wanted to do for month's and month's. Still can't hold trades, Still add every now and then when I should have cut the loss and got in at a better price but all in all, progress.

Hundreds of pips every day is NOT far fetched and is the goal......I've got to have a cushion. LOL

Getting closer.

M.O. has changed the way I look at the market/candles.

The daily range is starting to sink in. I"m gonna be playing it more and more as I see the opportunities.

Bring on g/j and g/u baby!!!!

Come on Asian session, show me the way.
Me love you long time....hehehehe

[cfabian]

Totally agreed, I was like that too...
Now my problem is getting to the other extreme, where letting it run is kind of hard when already in profit...

another loosing day:

It sounds like a broken record.

You had some trades in green yet you didn't take profit. Sounds to me like you're holding on for the big moves and .... hope comes in play.

I was like this when I blew my very first account. I had a 'horse racing' mentality. You place a bet because you are absolutely sure that your horse will win and when the race starts, you are screaming and shouting, cheering your horse to run faster. Even when your horse starts faltering, you KNOW it will win. This is hope and when money comes in play you will find you lose it all.

Time for a "REALITY CHECK" lukx. Take smaller moves and be happy with it. Or I'll come over and slap your head (hard if necessary) until it sinks in

[cfabian]

Already happened, but be careful on this... H4 is not showing much momo upwards, so most likely was to go short at that MZ area, with this trade you outline good for 40 pips or so.

heres one for you...
GJ 4h wicked a 4h MZ, also double bottom and price jumped to the closest 1h ZL.. what to do next is the 1$ question.. looking on the smaller tf's for a short as the higher tf's also show bearish bias...

for me

look at how the h4 and h1 bars were forming into that dbl bottom---ie momo was decreasing into it

i would have tried to play it long off there back into the first h1 zl area.

then as you move back into that h1 res area the h1 bar that got you there also then created support so i would not look to be shorting into it bec it has no where to go( based on the h1 up bar into it and the dbl bottom

just what i see as of now

things will change as new pa unfolds

[TheRumpledOne]

THOUGHTS TO PONDER OVER THE WEEKEND


"The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."

================================================

Although there are other 'regular' phenomena that can be observed on all time frames, I am using two of them in my personal approach - so I will incorporate their discussion in the thread - or better leave you with possible ideas behind constructing an edge for yourself.

If you find a specific repeating pattern in the market, you can assume that it will happen with higher frequency in lower time frames. Although you would gain more opportunities by looking at the lower time frame, each opportunity yields a smaller return on average compared to looking at the same pattern, one or more time frames up in the scale. That is a point worth considering in terms of your possible style of trading.

Now, 2 patterns of market behaviour happen on a regular basis:

1) the price breaks to new high's (or low's)

2) the price reverses from new high's (or low's)

They happen regardless of time frame (with the obvious limitations explained above)

They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist.

H. Rearden

================================================

Choose You Advice Carefully

"Since your mind is your most valuable asset and your most valuable lever, you need to be careful what you put in it. Sometimes it is even more difficult to get rid of thoughts and ideas that are already in your mind than it is to learn something new" - Pg 119 WHY WE WANT YOU TO BE RICH


F - Follow
O - One
C - Course
U - Until
S - Successful

- Pg 110 WHY WE WANT YOU TO BE RICH

================================================

"You can think of this like some branches caught up and obstructing a stream. The same volume of water moving faster might not be enough to dislodge the branches, but if you steadily increase the volume of the water as well, it will eventually sweep away the obstructions."


================================================

5000$ account * 2% = RISK = $100

25$ = POSITION SIZE

RISK = STOP LOSS * POSITION SIZE

RISK / POSITION SIZE = STOP LOSS

100$ / 25$ = STOP LOSS = 4

10$ = POSITION SIZE

100$ / 10$ = STOP LOSS = 10

A lower position size gives the trade more room and time to mature. You must control your pips.

================================================

Be not concerned with the past or the future. Be in the moment. The moment is all that there is. You flow with the pips or they flow against you.

================================================

[dragon33]

Totally agreed, I was like that too...
Now my problem is getting to the other extreme, where letting it run is kind of hard when already in profit...

another loosing day:

It sounds like a broken record.

You had some trades in green yet you didn't take profit. Sounds to me like you're holding on for the big moves and .... hope comes in play.

I was like this when I blew my very first account. I had a 'horse racing' mentality. You place a bet because you are absolutely sure that your horse will win and when the race starts, you are screaming and shouting, cheering your horse to run faster. Even when your horse starts faltering, you KNOW it will win. This is hope and when money comes in play you will find you lose it all.

Time for a "REALITY CHECK" lukx. Take smaller moves and be happy with it. Or I'll come over and slap your head (hard if necessary) until it sinks in

Just cover a part of what you have!

[dragon33]

THOUGHTS TO PONDER OVER THE WEEKEND


"The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."

================================================

Although there are other 'regular' phenomena that can be observed on all time frames, I am using two of them in my personal approach - so I will incorporate their discussion in the thread - or better leave you with possible ideas behind constructing an edge for yourself.

If you find a specific repeating pattern in the market, you can assume that it will happen with higher frequency in lower time frames. Although you would gain more opportunities by looking at the lower time frame, each opportunity yields a smaller return on average compared to looking at the same pattern, one or more time frames up in the scale. That is a point worth considering in terms of your possible style of trading.

Now, 2 patterns of market behaviour happen on a regular basis:

1) the price breaks to new high's (or low's)

2) the price reverses from new high's (or low's)

They happen regardless of time frame (with the obvious limitations explained above)

They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist.

H. Rearden

================================================

Choose You Advice Carefully

"Since your mind is your most valuable asset and your most valuable lever, you need to be careful what you put in it. Sometimes it is even more difficult to get rid of thoughts and ideas that are already in your mind than it is to learn something new" - Pg 119 WHY WE WANT YOU TO BE RICH


F - Follow
O - One
C - Course
U - Until
S - Successful

- Pg 110 WHY WE WANT YOU TO BE RICH

================================================

"You can think of this like some branches caught up and obstructing a stream. The same volume of water moving faster might not be enough to dislodge the branches, but if you steadily increase the volume of the water as well, it will eventually sweep away the obstructions."


================================================

5000$ account * 2% = RISK = $100

25$ = POSITION SIZE

RISK = STOP LOSS * POSITION SIZE

RISK / POSITION SIZE = STOP LOSS

100$ / 25$ = STOP LOSS = 4

10$ = POSITION SIZE

100$ / 10$ = STOP LOSS = 10

A lower position size gives the trade more room and time to mature. You must control your pips.

================================================

Be not concerned with the past or the future. Be in the moment. The moment is all that there is. You flow with the pips or they flow against you.

================================================

Dragon money management will do the trick for you

[***FX-JEDI***]

Just a couple of trades from GBP/USD over last few days.

Thanks for your post ES/PIP & DRAGON, they have been a big help,
I'm focusing on fine tuning my entries, slowly getting better at this I think..

Lukx, I know everyone has said something to you about not giving up etc etc., so you probably sick of hearing about it. I just want to say how good this forum is & how valuable this information is, when i started out learning how to trade, I did a course that cost me $5,500, I did this before I realized how good it is to search the internet & what google is..about 5 years ago now.. All of the stuff I was taught could be found on the net for free, you just needed to piece it all together & really from what I found out they were just "teachers" not "traders"...took me a while to get over that..
Here I believe these guys are the real deal. they are traders, not teachers. & my trading has improved dramatically since stumbling across this site. One day I hope to be able to teach my trading knowledge to others freely, like MO & others have done..
So hopefully you will continue on trading if that is what you want to do & come to know it will take time to Master..

Regards ***FX-JEDI***

[TheRumpledOne]

Everyone needs to click on this link:

http://www.takingchargeofmylife.org/tak ... /index.htm

Then answer the questions and click to CHECK IT OUT!