Never Lose Again

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flipin_around
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Postby flipin_around » Fri Nov 21, 2008 4:30 pm

Wow monster moves GBPUSD @ london close (11 am east coast)
no sweat red candles moving down thru lines = sell and make $
way too complicated lol :D

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aikitrader
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THANKS!

Postby aikitrader » Fri Nov 21, 2008 5:37 pm

Hi Folks,

Been reading this thread and the one over at Babypips, and just wanted to say thank you to TRO and all the other folks who share their knowledge on the thread in order to assist other traders to "see it". I can truly say that it has helped me greatly :-)

AJ

xmess7
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Re: Hi all

Postby xmess7 » Fri Nov 21, 2008 9:24 pm

Congrats Jan.

Keep practicing and you will see it is not luck. It is reaction to market movement. Think about it. Market moves up you buy. Market moves down you sell. Can you lose? Yes, but it will be rare.

EDIT: Well actually it is luck. Luck = opportunity + preparation.
So when you get the hang of the approach you will be prepared for
when price give you the opportunity to get pips :)

With practice you will start to determine when to stay longer.
I average 100 pips a day. Like 30 pips per trade now. It is rare when I lose. In fact if Lose I recover it right away on next entries. But you know "I have seen the enemy and it is me" LOL. The majority of the losses are cause of BONEHEAD moves. Like hitting SELL instead of BUY LOL.

In a while I am going to post images of when I don't trade and how I handle slow and low ranging markets. I just kinda discovered this stuff this week and I tell you, it saved me from several losses.

More to come.
Jess

Jan Viljoen wrote:Hi all
I have been lurking in the shadows since the BP forum.

Today for the first time I traded without any traditional indicators, just some random lines and traded with the one hour candle.

Up 28 pips for the day. Could have been a lot more but I was happy with 5 or 7 pips at a time.

I hope it wasn't just luck.

Only time will tell.

Come to think of it I can live with 28pips a say everyday LOL

Cheers

Jan Viljoen

South Africa

xmess7
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Postby xmess7 » Sat Nov 22, 2008 6:32 am

Just want to share my observations of things I look for that tell me NOT TO TRADE.
Plus, I know I already mentioned it but how I handle the low ranging periods. It worked today like a charm, just takes a little longer.

Things I look for that tell me not to take the trade:
1. H1 average is <30 pips (my preference some folks use 20 or 40)
2. In the image when I see at the 5, 15, or 30 min the candles side by side, I do not trade
3. The candles need to be forming like a staircase pattern. If the aren't I do not trade
4. The spread of the currencies should be < 4. I've tried 6,8, 14, nope you get crushed.

In a nutshell those are the items I look for not to take the trade. This week I started implementing them and they worked. On a practice I account I attempted trades I thought were valid and they tanked. Take a look at the image below. Any questions let me know(LOL I just noticed I misspelled alot of words LOL):
Image

Low ranging periods:
If H1 < 30 pips I head on over to the 4H timeframe. I have not determined a range value for this but just by eyeballing I see the the candles are ranging ok. I attempted several trades in this manner, same approach nothing different. It took longer but the result was positive pips.

All this stuff is not written in stone. These are observation that I have made. You guys may SEE something that I don't, perhaps something more probable to help the trade. As you practice you will develop this stuff.

Peace and have a great weekend[/QUOTE]

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cfabian
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Postby cfabian » Mon Nov 24, 2008 11:12 pm

Hello All,
I thought this day will never come... It took me almost 1 month to go thru babypips never lost and this thread. I feel like crossing the finish line (although this is the beginning).

Just wanted to share that today I have a net of +90 pips. I have -60 as I guess had late entries and reversed on me... at the end one could be profitable, but well.... you never know... before this I used to let trades run with no SL as long they were in accordance with the main trend, but as you may know I had trades going to far negative, ones closing possitive, and others ruined my accounts (demo and live). I could either grew accounts by 40% a day or wipe them in few hours.

Anyways... my biggest challenge is change this mindset and be more disciplined.

Cheers to all and thanks first off to TRO and all of you for helping others succeed!!!
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 pierre23 » Tue Nov 25, 2008 1:52 am

Thanks for sharing, nice work =]

I could either grew accounts by 40% a day or wipe them in few hours.


It doesn't matter if you made 100% return a day for 2 weeks straight if you can blow the whole account in just a few trades. Money management is KEY in forex. No money management = you WILL blow your account at some stage. A Money Management system is one of, if not the most, important thing to have when trading. 99.9% of the successful traders will tell you this.

Dragons MM is very good, if you havn't already checked it out. He allows for 10 losses in a ROW in which only HALF of his account has been lost. This will keep him safe from blowing his account in 1 or 2 or 3 trades, and keep him longer in the game (and, overall successfully too, just look at his statements hes been posting on bp.com etc).

Good luck! Remember, have a good risk and money management system in place, be disciplined and follow it like a 2nd bible, and you'll be laughing all the way to the bank. :lol:

pierre23
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Postby pierre23 » Tue Nov 25, 2008 3:24 am

Image

5min LINE TRADING. 35pip profit.

GOOD RANGE (gpyjpy pretty much always has a good range)
DAILY CANDLE COLOUR (agreed)
HOURLY CANDLE COLOUR (did NOT agree when I entered, but used my 1M strategy to determine if price was indeed still heading DOWN for more pips, otherwise could have exited with a scalp profit)
TRO_DYNAMIC_FIBS_SR (price consecutively breaking support, could SEE price was going DOWN)

Easy 35pips within 20mins. Todays total pips +83. 5 winners 1 loss (I was testing a breakout strategy, I could see it wasn't going my way, but let it run none the less.)

Every day I'm accumulating more pips, and having more winners than losers. It's really not hard to see what price is doing friends. I've said it before I'll say it again, if I can do it, anyone can. I'd really like to see more charts posted on this thread, of winners OR losers, we can all learn from them.

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Postby cfabian » Tue Nov 25, 2008 6:55 pm

This is what I did last night.

Where the circle, I had a long trade which was unsuccessful, closed with 35 pip loss. H1 was green, was good for quick scalp, but the max profit was 2 pips. I also admit got in bit late, as was waiting for a line to cross.

Then, where the orage line, I had a short, it drew back around 30 pip. Had a 50 pip SL set. Didnt close it as H1, H4 and D1 were in accordance. As it is demo, I decided to trail stop 35 and let it run as normaly there are big big runs during late Asian and European markets. Anyways... at the end this clsoed with 4 pip profit :P

Also... does anyone knows how can I take out that symbol that appears on the last red candle (U)? I've tried object lists, deleted... it worked but few seconds latter it pops up again. Not even changin its color to "none" as it returns to its original format.

Cheers
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xmess7
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Postby xmess7 » Tue Nov 25, 2008 8:49 pm

Hi folks:
Here's today's trade on one of my real accounts.
-25 on first go.
Price hit on of the Horizontal lines going up. I entered long. Price went the opposite direction.

+108 on second.
Waited for price to return to previous entry. Entered trade as price crossed line in long position. Decided to stay in trade longer because :
- The instant I entered trade I was already positive
- Price was making long jumps up

+83 pips in about 15 minutes, done for the day
16% account increase.

Many folks ask me about risk reward ratio. I don't really pay much attention to that. I have set a mental stop at around -20 (sometimes I go as far down as -40pips). In the end, I beleive, the only numbers that can tell you the real "risk reward ratio" are the closed trades. The key is to have good volatility. Before I entered the trade these are the items I looked for:
- H1 average range (for last 200 bars) was greater than 30 pips
- When I entered trade, candles were not forming side by side (in this case since H1 average range was very high I don't this might of mattered). Candles were forming a stair step like pattern.
- GBPJPY spread was < 2.7
- Price was moving very quickly

Once those were ok I just wait for Price to cross a line.

Image

xmess7
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Postby xmess7 » Tue Nov 25, 2008 8:53 pm

pierre23 wrote:Image

5min LINE TRADING. 35pip profit.

GOOD RANGE (gpyjpy pretty much always has a good range)
DAILY CANDLE COLOUR (agreed)
HOURLY CANDLE COLOUR (did NOT agree when I entered, but used my 1M strategy to determine if price was indeed still heading DOWN for more pips, otherwise could have exited with a scalp profit)
TRO_DYNAMIC_FIBS_SR (price consecutively breaking support, could SEE price was going DOWN)

Easy 35pips within 20mins. Todays total pips +83. 5 winners 1 loss (I was testing a breakout strategy, I could see it wasn't going my way, but let it run none the less.)

Every day I'm accumulating more pips, and having more winners than losers. It's really not hard to see what price is doing friends. I've said it before I'll say it again, if I can do it, anyone can. I'd really like to see more charts posted on this thread, of winners OR losers, we can all learn from them.


Hey Pierre. Execellent trading dude.
If you get a chance post over at trade2win.com
Equities/neverloseagain thread
Man, some of those folks are so hard headed. Perhaps if they SEE some actual trade of live account with this methods they can start to reason.... maybe.
Jess

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