Never Lose Again

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Shane
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Postby Shane » Thu Nov 13, 2008 6:38 am

TheRumpledOne wrote:

Any questions?


YES

For these charts you have just posted:

ARE YOU USING A SET STOP LOSS?

If answer = 'YES': HOW FAR IS YOUR STOP FROM YOUR ENTRY?

If answer = 'NO': HOW FAR WILL YOU LET THE PRICE GO AGAINST YOU BEFORE YOU EXIT THE TRADE?

Thank you
"If any man can convince me... ...that I do not think or act aright, gladly will I change; for I search after truth, by which man never yet was harmed. But he is harmed who abideth on still in his deception and ignorance." - Marcus Aurelius Antoninus

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TheRumpledOne
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Postby TheRumpledOne » Thu Nov 13, 2008 7:11 am

You can use the DRAGON MONEY MANAGEMENT INDICATOR to calculate your lot size and stop loss.

Dragon's SL = 20.

But if you THINK about it, your worse case stop would be the next horizontal line.

If you go long at 0.6400 and price started to drop, the candle would soon turn RED and then, if it keeps dropping, it would cross a horizontal line at 0.6375.

You should probably exit after the candle turns RED.

Understand?
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.

Shane
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Postby Shane » Thu Nov 13, 2008 7:29 am

I understand.

Thank you for the reply
"If any man can convince me... ...that I do not think or act aright, gladly will I change; for I search after truth, by which man never yet was harmed. But he is harmed who abideth on still in his deception and ignorance." - Marcus Aurelius Antoninus

xmess7
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Postby xmess7 » Thu Nov 13, 2008 12:03 pm

Shane I been using hedging vs stoploss.

For example, I enter a trade and see that price is not headed the same way anymore. The current candle or next candle starts to turn a different color. I wait till another candle shows the same opposite color. The instant I see that second candle with opposite color I place a hedge.

Next I wait... I wait to SEE which way price is going to react. I go to a higher TimeFrame and SEE if PRICE is about to push thru another horizontal line or if it will push thru the highest or lowest point of the last 2 or 3 candles (where I made the entry and hedge). Then I place a 3rd entry in the new direction PRICE is taking. Once I reach + overall pips I CLOSE all entries.

I doesn't happen often but when it does this is the procedure I use to get out of a jam.

Now this is the funny part. I've noticed this recently. The instant I enter a trade with a pair all of a sudden the spread increases. Damn spread bandits.... I believe I know exactly what they are doing. Since I don't show a stop loss, their program is geared to make me think about exiting a trade. I think this is the case. So I decided, HEC NO! This ain't happening on my trades.. I will hedge my way out even if it takes hours LOL.

So far I been OK. But the more I practice the hedging technique the better I get at hedging out an overall win. After all in the end PRICE is PRICE it will go up or it will go down, no matter what a spread bandit does.

Jess

Shane wrote:I understand.

Thank you for the reply

BlowFish
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Postby BlowFish » Thu Nov 13, 2008 12:14 pm

Maybe I am being picky but if you are you are short 1 and long 1 in the same account at the same time you are net flat. With a proper broker you would be. There is absolutely no difference to closing (taking a stop) and re-opening your third (new) position. Actually I am pretty sure you are paying the spread on an extra round trip your way...need more coffee before thinking about that. If that's the case you are just giving more pips to your bookie :D Maybe not just picky maybe I have saved you some pips!

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xmess7
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Postby xmess7 » Thu Nov 13, 2008 12:31 pm

Your correct, I can't zoom in.

TheRumpledOne wrote:
xmess7 wrote:Sorry about the huge image on the previous post I made.


Chart size was fine... PLEASE DON'T POST SMALL CHARTS!

Thank you for sharing.

pierre23
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Postby pierre23 » Thu Nov 13, 2008 12:34 pm

I believe:
eg.

1 long trade - but price action turns on you. As SOON as it changes to opposite colour he places a short trade.

Then the waiting game.. he goes to higher time frame and price continues against, crossing a horizontally marked line, in which a third trade is placed.

So now you have 1 long trade losing pips, your 1st short trade gaining pips and your 2nd short trade which you've just entered.

Price keeps going down and down... Both short trades outweigh the long trade to make a positive pip count, in which he will close all open orders.

Correct me if I'm wrong.

BlowFish
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Postby BlowFish » Thu Nov 13, 2008 2:12 pm

He would be better off just closing the first trade and then waiting for which way price is going to react and then re-open. The outcome is identical except he does not pay the spread the extra set of times.

1 long and 1 short is flat (and would be at any proper broker).


So open 1 long + open 1 short = open 1 long + close 1 long.

Except in the first case you pay the spread twice. When price goes against you it is much better to just close the trade and re-enter. Can you not see that?

If you really want to give your bookie money open 100 long and 99 short :) I don't know how to make it any plainer it is better to just close the position no ifs no buts.

You could not do this at a real broker. With a real broker if you sell 1 long and 1 short in the same account you are flat!

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TheRumpledOne
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Postby TheRumpledOne » Thu Nov 13, 2008 2:20 pm

Image

SEE GREEN CANDLE.

SEE GREEN CANDLE AT 0.6400

GO LONG.

SEE PROFIT.
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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TheRumpledOne
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Postby TheRumpledOne » Thu Nov 13, 2008 2:26 pm

Image

The ship has sailed.

0.6425 is NOT an entry.

0.6400 was the entry.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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