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dragon33
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Postby dragon33 » Sat Sep 19, 2009 9:02 am

TheRumpledOne wrote: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
Last edited by dragon33 on Sat Sep 19, 2009 7:43 pm, edited 1 time in total.
Trading is like cycling, first you need to learn how.
Two options: you either lose or win!

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***FX-JEDI***
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Postby ***FX-JEDI*** » Sat Sep 19, 2009 12:56 pm

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

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***
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Its better to be out of the market wishing you were in,
then being in the market wishing you were out.....

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TheRumpledOne
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Postby TheRumpledOne » Sat Sep 19, 2009 7:54 pm

Everyone needs to click on this link:

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

Then answer the questions and click to CHECK IT OUT!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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es/pip
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Postby es/pip » Sat Sep 19, 2009 10:51 pm

cfabian wrote: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...


pablo101 wrote:
lukx wrote:another loosing day:

Image


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 :lol:



ok

this is interesting because it has to do with 90ish% of trading----emotions and psychology.

you have acknowledged what your problem is---- " letting it run is kind of hard when already in profit"

now that you know that is a problem you can now correct it.


all you have to do is answer WHY, WHAT is causing you to feel that way.

is it fear of losing

fear of giving back profit that u are up in the trade-- if so--- why- what exactly

is the trade size too large for your emotions to handle the ups and downs while it ticks for or against you


or what is the reason.


once you define it and acknowledge it is the cause, then drop your trade size down to an acceptable level and start again. While starting this new increase on your trade size you will be aware of why you started over, the exact reason. Then as you progress through time you will be able to hold your trades while mentally understanding what the cause was and how to fix it in the future. Then knowing that you defined the exact problem and solved it you can move forward---emoitionaly.

The mind is a complex little thing.


you have to detach yourself from the monetary value of money and trade the trade for what it is. It is just a trade. After all the market does not know if you are trading at 1 per pip or 1k per pip. It will do what it does regardless.
Bend over and assume the position for another 4 years of hope and change.

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TheRumpledOne
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Postby TheRumpledOne » Sun Sep 20, 2009 12:27 am

Image

READING PRICE CHARTS BAR BY BAR

1) Price will either breakout of the high, low or both of the previous bar

or

2) Price will not breakout of the previous bar.

That is all there is to know. You can not reduce it any further. Anything else complicates the issue.

You either decide to:

1) Wait and do not enter a trade

2) Trade a breakout

3) Trade a reversal.

Those are your ONLY 3 options.

TRADING IS SIMPLE. DO NOT COMPLICATE IT. DO NOT BE FOOLED.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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razorboy
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More risk is just more risk.............

Postby razorboy » Sun Sep 20, 2009 12:25 pm

but more profit is more profit:)


Optimal position sizing.............. and an Equity Curve Generator.

Know your stats :)
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razorboy
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Postby razorboy » Sun Sep 20, 2009 12:49 pm

Sounds like someone who doesnt know their stats....or their edge.

This is simpler than knowing the card count in a single deck game of blackjack....you just have to realize it


es/pip wrote:
cfabian wrote: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...


pablo101 wrote:
lukx wrote:another loosing day:

Image


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 :lol:



ok

this is interesting because it has to do with 90ish% of trading----emotions and psychology.

you have acknowledged what your problem is---- " letting it run is kind of hard when already in profit"

now that you know that is a problem you can now correct it.


all you have to do is answer WHY, WHAT is causing you to feel that way.

is it fear of losing

fear of giving back profit that u are up in the trade-- if so--- why- what exactly

is the trade size too large for your emotions to handle the ups and downs while it ticks for or against you


or what is the reason.


once you define it and acknowledge it is the cause, then drop your trade size down to an acceptable level and start again. While starting this new increase on your trade size you will be aware of why you started over, the exact reason. Then as you progress through time you will be able to hold your trades while mentally understanding what the cause was and how to fix it in the future. Then knowing that you defined the exact problem and solved it you can move forward---emoitionaly.

The mind is a complex little thing.


you have to detach yourself from the monetary value of money and trade the trade for what it is. It is just a trade. After all the market does not know if you are trading at 1 per pip or 1k per pip. It will do what it does regardless.
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



http://thejoshkerbelproject.com/

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es/pip
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Postby es/pip » Sun Sep 20, 2009 8:15 pm

what does everyone do on the weekends when the markets are closed?

i have issues---- lol


big time money opportunity in gold and silver

gold

Image

Image

Image

silver


Image

Image

Image
Bend over and assume the position for another 4 years of hope and change.

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razorboy
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Postby razorboy » Sun Sep 20, 2009 8:53 pm

me.....

I keep slicing and dicing my numbers............and come to understand more and more of what MO says..


es/pip wrote:what does everyone do on the weekends when the markets are closed?

i have issues---- lol


big time money opportunity in gold and silver

gold

Image

Image

Image

silver


Image

Image

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



http://thejoshkerbelproject.com/

aliassmith
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Postby aliassmith » Sun Sep 20, 2009 11:06 pm

es/pip wrote:what does everyone do on the weekends when the markets are closed?

i have issues---- lol


big time money opportunity in gold and silver

gold

Image

Image

Image

silver


Image

Image

Image


Weekend? I was thinking things like grill out and watch football.

Oh Ya I go over old charts and read the forum :)

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