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PTG
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Postby PTG » Fri Dec 18, 2009 6:00 pm

"I add to losers sometimes......if it's well within my risk tolerance of my max daily loss. "

Never add to losers. It will ruin you.

You are currently wasting your time and the bandwidth of kreslik.com imho. My apologies if that sounds hard, but that is the bottom line. Do you agree ? If not, why not ?

Be willing to offer your profit back is not quite the right mindset. You should e.g. look to get into trades that offer you high probability/low risk entries with at least 1:2 profit margin in which case you move your s/l to b/e at 1:1 OR work in thirds. Look for at least 1:3 trades with promising potential, take profit on 1/3 of your lotsize when price reaches that point. You now have a free trade. You should be picky about your trades in such a way that there is a good probability to reach 1:5 where you take profit on the 2nd one-third of your initial lotsize. Then let the rest run as things go; if you pick your trades correctly (at 'absolute' highs or lows) you can rake in hundreds of pips. Provided you have done your homework before a trade, and enter trades that you have a reasonable expectation for to be profitable, if it then runs into your s/l, then you can honestly say to yourself that that was an ok trade. That is part of trading. Willingness to give back profit isn't.

Use the next weeks to
a) read Seiden's articles
b) watch Seiden's video's
c) not trade and save yourself money.

Some questions:
Do you have a trade plan ?
Were these trades according to plan ?
If so, have all of your trades been according to your plan ?
If yes, has your plan been profitable ?
If no, why haven't you followed your plan ?
Do you have full confidence in your plan ?
If so, why is there a gap between your demo trading and live trading ?
If not, why not ?

Failing to plan is planning to fail.
You have to take actions to support your own confidence.

Are you willing to learn ?
Are you willing to sacrifice ?

I'm not asking you to answer these questions here. Just take them into consideration. Do some deep digging into your inner self and remember that there is no cheap way or shortcut towards succes. It is a learning path that costs time and money. There are ways to shortcut this as you know. But it will cost you either way.

I know someone who actually quit his job from one day to the other and took on debts to make this work for him. Risky, but it worked. All I'm saying is that he was willing to sacrifice. Are you ?

There's this old saying: if you can't stand the heat, stay out of the kitchen. In other words: if you want to be in the kitchen for a long time, you need to protect yourself against the heat. If not, you will be burned. Burned by the Forex Kitchen of Hell. It's a losing proposition, unless you protect yourself. You have to have a deep willingness to realise that. I know you can do it, it's 'just' a matter of doing.
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Postby PTG » Fri Dec 18, 2009 6:43 pm

Example:

Image

1st target better than 3:1
The last 1/3 lot (after 2nd target) put your s/l above the previous pivot high or use any other method to trail the s/l.

This is a daily chart, but events like this happen on any chart. I wouldn't trade this lower than M15. Too much stress, bad for the ticker [-X
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Postby prochargedmopar » Sat Dec 19, 2009 8:29 pm

"I add to losers sometimes......if it's well within my risk tolerance of my max daily loss. "

Never add to losers. It will ruin you.

Disagree, if it's according to your plan.
Sam teaches that some of his students scale in at the line and then add when in middle of zone. Total risk does not exceed that which the trade was destined for with full position and hard stop. limits risk but adds to reward.


You are currently wasting your time and the bandwidth of kreslik.com imho. My apologies if that sounds hard, but that is the bottom line. Do you agree ? If not, why not ?

Agree and disagree.
Look at some of the numbers below for how long it took to be consistently profitable......
Nile fuller(learn to trade the markets dot com) 5yrs and financial ruin.
Lance Biggs (my trading coach dot com) 6yrs and almost lost Wife and family
es/pip (kreslik superstar!!!!) 5 yrs and much head banging

I KNOW I'M BETTER THAN THAT, AND CAN DO BETTER/FASTER.


Be willing to offer your profit back is not quite the right mindset.
Willingness to give back profit isn't.

HMMMM, Not if done properly. Ask Mightyone about this. Option like staying power sounds like the best plan ever especially when it's not even dipping into original daily starting account balance!!!

Use the next weeks to
a) read Seiden's articles
(I've started reading all OTA from 07)
b) watch Seiden's video's
(watched 5x+ea. will continue)
c) not trade and save yourself money.
(trading to work on issues of fear and practice following plan)
Money is not an issue.....i've limited my exposer

I know you can do it, it's 'just' a matter of doing.

(It's more a matter of deciding to change what I believe as true AND FOR GODS SAKE, REMOVING THE FREAKIN STRING FROM THE QUARTER I PUT IN THE SLOT MACHINE AND THEN JUST PULLING THE HANDLE)

I will expand more later.
Your post is MUCH appreciated.
#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 PTG » Sat Dec 19, 2009 9:27 pm

"I add to losers sometimes......if it's well within my risk tolerance of my max daily loss. "

Never add to losers. It will ruin you.

Disagree, if it's according to your plan.
Sam teaches that some of his students scale in at the line and then add when in middle of zone. Total risk does not exceed that which the trade was destined for with full position and hard stop. limits risk but adds to reward.


His scaling in is different from adding to losers.

You are currently wasting your time and the bandwidth of kreslik.com imho. My apologies if that sounds hard, but that is the bottom line. Do you agree ? If not, why not ?

Agree and disagree.
Look at some of the numbers below for how long it took to be consistently profitable......
Nile fuller(learn to trade the markets dot com) 5yrs and financial ruin.
Lance Biggs (my trading coach dot com) 6yrs and almost lost Wife and family
es/pip (kreslik superstar!!!!) 5 yrs and much head banging

I KNOW I'M BETTER THAN THAT, AND CAN DO BETTER/FASTER.


Sure, it takes time. But that was not my point. My point is that you prove time and again that your live trading has room for improvement so to speak and that you don't need to prove that to yourself (nor anyone else). You need to find out why that is, and stop blaming The String.

Be willing to offer your profit back is not quite the right mindset.
Willingness to give back profit isn't.

HMMMM, Not if done properly. Ask Mightyone about this. Option like staying power sounds like the best plan ever especially when it's not even dipping into original daily starting account balance!!!

Well ok then, I'm happy to take your profit :lol: Seriously, if you work in thirds, where the 1st part covers the risk of the 2nd and 3rd part, the 2nd part makes the trade worthwhile and the 3rd part is meant to let go as far as possible, then I don't call that "willingness to give back", espcially not if I manage that trade with a trailing stop above/below the last pivot high/low or another method besides just letting it float around like Major Tom in outer space. I for one am definitely NOT willing to "give ANYTHING back" without having a reason to actually do the investment (like a bigger profit), and I would be surprised if MO would.

Use the next weeks to
a) read Seiden's articles
(I've started reading all OTA from 07)
b) watch Seiden's video's
(watched 5x+ea. will continue)
c) not trade and save yourself money.
(trading to work on issues of fear and practice following plan)
Money is not an issue.....i've limited my exposer

I know you can do it, it's 'just' a matter of doing.

(It's more a matter of deciding to change what I believe as true AND FOR GODS SAKE, REMOVING THE FREAKIN STRING FROM THE QUARTER I PUT IN THE SLOT MACHINE AND THEN JUST PULLING THE HANDLE)

I will expand more later.
Your post is MUCH appreciated.


Yeah, no problem mate. I know that I have problems pulling the handle if I don't know EXACTLY what I'm getting into. It comes down to having a plan with an edge that has to be followed through from beginning to end and where all conditions have been met to give a green light to the trade. Perhaps that's also what you are struggling with: not enough detail in your plan and/or not enough discipline to follow the plan. There is a reason why the string is hampering you. It isn't the string, it is you that hampers you.
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Postby PTG » Sun Dec 20, 2009 2:11 am

I've been reading back these posts a couple of times the last couple of hours whilst eating wasabi pringles :-& Something is bothering me but I don't quite know yet what it is, so allow me to bring up a couple of questions in an attempt to shed some light. Again, don't feel compelled to answer these for anyone but yourself.

1. we are now at page 122 of your thread. What are your feelings about that relative to your progress ?

2. are you masochistic ?

3. are you willing to sacrifice, i.e. sell your house or car to gain knowledge ?

4. do you realize that posts of results by people like Dragon, although convincing re. any naysayers might also be a tad derogative re. the 90% psychology involved in trading ?

5. you clearly express your gratitude towards any help, but do you really want to be helped ?

6. do you know/think if you are actually aiming for financial ruin and 5 years of flogging yourself ? I mean, why are you so knowledgeable about the time it took for these guys to get their s**t together ?

7. Why, besides knowing that everyone has his own path to follow, is it so important to be "better than that and do it better/faster" (whatever that may be) ?

8. Have you any idea why TRO has been on your back so much this year ?

9. This might be of help too: http://www.tharptradertest.com Fill in the test and see what it tells you.
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Postby prochargedmopar » Sun Dec 20, 2009 3:16 am

Take that test with a grain of salt!!!!

YOU ARE A
DETAILED
TRADER
You tend to earn your success by being thorough, methodical, systematic, organized, and dependable. You are also realistic and responsible as long as things make sense for you. You probably decide logically what needs to be done and work toward it little by little until you are finished.

One of Your Trading Strengths - You should be really good at data analysis/developing business plans especially when someone provides you with the exact steps to take.

One of Your Trading Challenges - You can be overly critical and only notice the negatives in your trading. If you do not learn to recognize your mistakes, you could become stuck.





I've been reading back these posts a couple of times the last couple of hours whilst eating wasabi pringles :-& Something is bothering me but I don't quite know yet what it is, so allow me to bring up a couple of questions in an attempt to shed some light. Again, don't feel compelled to answer these for anyone but yourself.

1. we are now at page 122 of your thread. What are your feelings about that relative to your progress ?

It sucks.
2. are you masochistic ?

Never thought so.
3. are you willing to sacrifice, i.e. sell your house or car to gain knowledge ?

Yes, got a couple extra cars and 4 weeks vacation pay coming up.
4. do you realize that posts of results by people like Dragon, although convincing re. any naysayers might also be a tad derogative re. the 90% psychology involved in trading ?

Yes, trading is simple. It's the belief system that kickin my A.
5. you clearly express your gratitude towards any help, but do you really want to be helped ?

Yes, BUT, knowing of what the master knows is not the same as KNOWING. (experience)
6. do you know/think if you are actually aiming for financial ruin and 5 years of flogging yourself ? I mean, why are you so knowledgeable about the time it took for these guys to get their s**t together ?

I've read experiences of others before believing blindly what they teach, BUT I am not going to be in financial ruin as I use only my weekly allowance for trading.
7. Why, besides knowing that everyone has his own path to follow, is it so important to be "better than that and do it better/faster" (whatever that may be) ?

I was NOT comparing myself to them, I was comparing myself to what I feel I am capable of in the NEAR future. I CAN DO BETTER/BE BETTER/AM BETTER than what i have accomplished thus far. eg. My parents did the best they could with what they KNEW to be true......Some of which has been hard to shake.

8. Have you any idea why TRO has been on your back so much this year ?
YES, I'm not a rat. ;)

9. This might be of help too: http://www.tharptradertest.com Fill in the test and see what it tells you.

See above, I'll read what it says in the 7 page report.......looks like I can't SEE my own mistakes. Hmmmm
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My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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Postby PTG » Sun Dec 20, 2009 3:31 am

That is absolutely correct. That was also my reaction. The real challenge is to find out for yourself wtf is "wrong" with "you". The comments made by the test is worth thiking about. If you don't agree for yourself for any specific argument, you should know why.
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Postby prochargedmopar » Sun Dec 20, 2009 3:36 am

Answered your questions above...
First paragraph:

Congratulations, as a detailed trader you already have two of the 3 core qualities. You make logical decisions and you are orderly. Your love of detail makes it harder for you to grasp the big picture(why I love M1/M5 charts....) but it does not negate it. You have potential to do very well in the market if you do a few things................continues
#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 PTG » Sun Dec 20, 2009 3:42 am

prochargedmopar wrote:Answered your questions above...
First paragraph:

Congratulations, as a detailed trader you already have two of the 3 core qualities. You make logical decisions and you are orderly. Your love of detail makes it harder for you to grasp the big picture(why I love M1/M5 charts....) but it does not negate it. You have potential to do very well in the market if you do a few things................continues


"Yes, got a couple extra cars and 4 weeks vacation pay coming up. "

:smt082

Well ok. Sell them to pay for a training at you-know-where or pay for tuition the hard way. Remember: no guts, no glory. No pain, no gain. Either way, you will have to think about this.

PS did you know that futures are probably advantageous relative to spot forex for day trading ? One would be led to believe that forex is the holy grail. The interesting thing is that once you know how things work, you can apply it to any instrument. Forex is just one of them..
Last edited by PTG on Sun Dec 20, 2009 4:00 am, edited 1 time in total.
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Postby prochargedmopar » Sun Dec 20, 2009 3:59 am

PTG wrote:
prochargedmopar wrote:Answered your questions above...
First paragraph:

Congratulations, as a detailed trader you already have two of the 3 core qualities. You make logical decisions and you are orderly. Your love of detail makes it harder for you to grasp the big picture(why I love M1/M5 charts....) but it does not negate it. You have potential to do very well in the market if you do a few things................continues


"Yes, got a couple extra cars and 4 weeks vacation pay coming up. "

:smt082


The truth is I do not feel I need more info on the technical aspects of trading to be successful........only a sports psychiatrist.

Look how simple....Dr. S. Looks at this.

Image

Takes a few swing trades(Day trading swings) and gets results of this in ONE session.

Image

WTha?

We say to ourselves....but what if this guy filtered by using supply/demand....Sam would say that you should NOT filter your losses, once you know you have an edge just trade it.

Looks like Dr. S is doing pretty good by using a wristwatch and a price chart.

AMAZING, but once you know how the market works.....it's simple to see.

So yes, now I must just figure out what IN me is stopping me from success.
#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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