ProchargedMopar's Trading Trilogy

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MightyOne
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Postby MightyOne » Sun Oct 04, 2009 4:19 pm

aliassmith wrote:
es/pip wrote:you have to get over the fear of losing money on a trade

it is ok to do so it is not the end of the world

i think i had 2(small) losers and 4 b/e today but i made a large amount of pips

but

what you need to realize is whatever you are doing on a small lot size you will do on a large lot size---whether it is good or bad

once you make this work lets say your account is 500k and you are making 10% a day-------- are you going to risk all of that by averaging into a loser and risk everything just so you can get out at b/e and say you didn't have a loser?

i sure as hell hope not

just think about it logically -------- it is just stupid to do that--- so don't do it anymore



you have to treat your small account as u would a large account so when you grow your account you will not do stupid things and have to start over.

from now on if you EVER average down then you punish yourself by not allowing yourself to trade the next day-------------as much as you love trading you will only do it once or twice and then never do it again

make it a rule



and do not trade a system or a method trade discretionary


Maybe just semantics in my mind, but "systems" are mechanical
and "closed loop" in nature.

A "methodology" is more discretionary since it is just a guiding
principle. Possibly still too system(ish).

OK---maybe it is a "Philosophy" of trading that is our guiding light.

" My analysis is post-momentum and current to recent past comparisons ie discretionary. " MightyOne


It is not really a technical pattern that matters so much as it is a comparison between what was & what is that leads the way.

Make a comparison between the suspected momentum and the most recent past and then compare that with just a tad bit more of the past to come up with a logical answer to your question.

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prochargedmopar
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Postby prochargedmopar » Sun Oct 04, 2009 8:30 pm

jhtumblin wrote:Pro,

I know you are struggling some with accepting losses right now. A few ideas for you to think about.

My mentor once told me, "The best traders are great losers." I thought he was crazy at the time and it took awhile for me to understand what exactly that meant, but it is completely true.

I preach and preach about money management. Any time someone wants me to teach them how to trade, or when they come to sit and watch me for the day, it's all I emphasize and often times people walk away unimpressed by my lectures because they have no idea how important it is. The true fact is that even if a new trader tells me they understand MM, they will still screw up repeatedly and after listening to their thoughts on trading they are still always looking for a better entry/exit method. Management is not sexy, nobody wants to think about it, it doesn't fit into the idea of a holy grail.

Everyone needs to understand this: Money Management IS your entry and exit method. Good management= a trade with positive expectancy which has a tolerable risk. Bad management= a trade with unknown expectancy, intolerable risk, or both. I don't care if you throw darts at your computer screen to choose your trade direction, as long as you manage it properly and that includes choosing whether take the trade in the first place....guess what? You will profit...consistently!

Now where does this fit in to our discussion? You will lose....it's not unfortunate, that's just how it is. Back to my mentor's message. If you don't lose when you are supposed to, you are a bad manager and will be at some point, a broke trader. In your list of stop options, A. Was definitely the correct choice, always live to fight another day. If you are wounded you can heal. If you are dead, well you're just dead.

Be happy about hitting the trade button to close a losing position, because it means only one thing.........your broker didn't have to close it for you.


"The best traders are great losers."

Thx to razorboy and him giving me the long candle course2.pdf I read that this was true. Havn't quite accepted it yet.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

mthomas
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Billionaires

Postby mthomas » Sun Oct 04, 2009 9:40 pm

Pro I didnt see your name on the list?

http://articles.moneycentral.msn.com/In ... aires.aspx



Maybe next year,
Alotofpips

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Patch
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Postby Patch » Sun Oct 04, 2009 9:53 pm

mthomas

Great post on what is happening to the billionaires.

I dare say, and PTG might agree, beware of the government bureaucrats who are the biggest crooks of all, before suspecting the free market capitalists.

Patch
In VA
Working hard now to lay the foundation

PS One day, many of us Kreslik traders (at all levels today) will be on this list for the long term !!!
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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Postby mthomas » Sun Oct 04, 2009 10:48 pm

Thanks Patch,

I just like giving pro a hard time...he likes it.. When Pro comes up here with a BBQ next spring I'll show him Warren's house he's my neigbor only about 100 miles away lol
*******
Other new members include Bloomberg co-founder Charles Zegar ($1 billion), mapping-software magnate Jack Dangermond ($2 billion) and trading titan Steven Schonfeld ($1 billion).

interesting read on the Steven Schonfeld googled and found this http://nymag.com/daily/intel/2009/08/st ... s_poo.html


Basicly to wrap things up he trades against pro heheh
Really for all those that follow pro he's almost there he's on the brink and out clicks me everynight,,,,I trade with him constantly and he's actually protecting his capital now :) anyway He beats himself up more than anyone can do in this thread I'll have his back anytime anywhere ....I just maynot pull the trigger every time he does lol
See ya later,
Alotofpips
sorry for spelling should have signed alotofpipsand beer heheh

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Patch
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Postby Patch » Sun Oct 04, 2009 10:55 pm

mthomas

Spelling doesn't matter a hill of beans. Yours is one of the most encouraging posts I've seen. PRO is awesome.

Patch
In VA
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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Postby prochargedmopar » Sun Oct 04, 2009 11:54 pm

Using a coin flip to take trades on demo to practice minimizing losses and also to give me a feel of market direction for live entry.......

first flip out with -1.4 pips.
enter trade live out -3.7
coin flip trade out with -6.2
live trade out with +3.5

EUR/JPY 3 S 130.908 130.873 3.5 1.17 0.00 10/4/2009 19:30 10/4/2009 19:32
EUR/JPY 3 S 130.877 130.914 -3.7 -1.24 0.00 10/4/2009 19:18 10/4/2009 19:25
6 -0.2 -0.07 0.00


Could have easily held for 8 pips on 2nd live trade but bailed at account b/e.
also got in 3-4 pips late because of messing with demo trade.
Had 2 chances to bank the pos pips but was out of trade to soon.
See 2nd pic.

50% win/loss ratio live. Account back to b/e. Not gonna cut it......got to be profitable with 50% win rate. That is the goal.

Image

Image

Or maybe I should have waited and traded the "pirates hook"

Image
Last edited by prochargedmopar on Mon Oct 05, 2009 1:18 am, edited 1 time in total.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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Postby prochargedmopar » Mon Oct 05, 2009 12:08 am

I just can't seem to get it into my brain.
The "real" trade was the no supply (yellow) bar on the pullback of the "real" move.......
I personally see 3 "real moves" of about 15 pips each on the way up.....small stops would have worked beautifully at each correction candle.

WT?
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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Postby prochargedmopar » Mon Oct 05, 2009 1:24 am

WOW,

Look at all those "real" moves.....
Someone could haver made a killing on an m1 chart.

Notice daily range for Asian session so far!!!

Image
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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prochargedmopar
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Postby prochargedmopar » Mon Oct 05, 2009 7:56 am

LOndon session I chose option B.
I let it run against me.
Wanted to add so bad I could taste it. LOL

To think, I sold at the top and got 4.x pips.
Then bought for re-trace scalp.
Closed first at -3.x
held 2nd try for -40ish.....closed it out finally at -27.
Hmmmmmm


Would you buy this.....?? Don't think so.
Well, maybe now. LOL
Gotta stick with m5/m30 so I can still see what's going on in the higher time frames...... I'm losing sight on m1 chart.

GBP/USD 3 B 1.59710 1.59432 -27.8 -8.34 0.00 10/5/2009 02:55 10/5/2009 03:48
GBP/USD 3 B 1.59824 1.59786 -3.8 -1.14 0.00 10/5/2009 02:41 10/5/2009 02:47
GBP/USD 3 S 1.60058 1.60011 4.7 1.41 0.00 10/5/2009 02:04 10/5/2009 02:05
EUR/JPY 3 S 130.908 130.873 3.5 1.17 0.00 10/4/2009 19:30 10/4/2009 19:32
EUR/JPY 3 S 130.877 130.914 -3.7 -1.24 0.00 10/4/2009 19:18 10/4/2009 19:25
15 -27.1 -8.14 0.00


Image
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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