ProchargedMopar's Trading Trilogy

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eudamonia
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Postby eudamonia » Thu Apr 30, 2009 7:46 pm

Pro,

Listen to Avery. This is tough love he is trying to instill in you. You had drawdowns of like 45 pips and 90 pips pips to make 35. How is this sane?

Controlling risk starts with discipline to stick with 1 method and 1 pair.

To give you and idea of what is possible I also traded for 2.5 hours this morning. I only looked at/traded the EU. I also made 35 pips. My maximum drawdown at any time (open or closed) in any trade was 18 pips. See the difference?

Your risk reward ratio = 0.38
My risk reward ratio = 1.9

You had to use 5 times as much leverage/risk as I did to make the same amount. Remember it is not all about how many pips are in the bank at the end of the day - its also how much you had to risk to get there.

Edward
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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Postby razorboy » Thu Apr 30, 2009 8:03 pm

I think pro used to work at Bear Stearns.........................


eudamonia wrote:Pro,

Listen to Avery. This is tough love he is trying to instill in you. You had drawdowns of like 45 pips and 90 pips pips to make 35. How is this sane?

Controlling risk starts with discipline to stick with 1 method and 1 pair.

To give you and idea of what is possible I also traded for 2.5 hours this morning. I only looked at/traded the EU. I also made 35 pips. My maximum drawdown at any time (open or closed) in any trade was 18 pips. See the difference?

Your risk reward ratio = 0.38
My risk reward ratio = 1.9

You had to use 5 times as much leverage/risk as I did to make the same amount. Remember it is not all about how many pips are in the bank at the end of the day - its also how much you had to risk to get there.

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

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TheRumpledOne
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Postby TheRumpledOne » Thu Apr 30, 2009 8:04 pm

Image

Procharge:

Let me make something crystal clear:

YOU ARE ONLY ALLOWED 2 TRADES PER HOUR - ONE SHORT AND ONE LONG.

WHY?

Because if price starts out between 2 horizontal lines then you must only trade at those 2 lines. SIMPLE!

If you post charts/statements next month that have more than two trades per hour, your restriction will be added to. NO MERCY!

See the chart... either enter long at 130.50 or short at 130.25 - NO OTHER TRADES for that candle. NO EXCEPTIONS!

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.

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Postby prochargedmopar » Thu Apr 30, 2009 11:15 pm

YES!
#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 » Fri May 01, 2009 1:45 am

razorboy wrote:I think pro used to work at Bear Stearns.........................


eudamonia wrote:Pro,

Listen to Avery. This is tough love he is trying to instill in you. You had drawdowns of like 45 pips and 90 pips pips to make 35. How is this sane?

Controlling risk starts with discipline to stick with 1 method and 1 pair.

To give you and idea of what is possible I also traded for 2.5 hours this morning. I only looked at/traded the EU. I also made 35 pips. My maximum drawdown at any time (open or closed) in any trade was 18 pips. See the difference?

Your risk reward ratio = 0.38
My risk reward ratio = 1.9

You had to use 5 times as much leverage/risk as I did to make the same amount. Remember it is not all about how many pips are in the bank at the end of the day - its also how much you had to risk to get there.

Edward


Razor,
I was LMAO over what you posted and my wife asked what was so funny. I showed her and she says: "who's that"?


Eudamonia,
Thanks for your sincerity in your responses.

I can do this,
I will do this,
I am doing this now.........
#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 » Fri May 01, 2009 7:02 am

Looking back at a post from 2 months ago gets me agitated with myself.
A reminder:

http://kreslik.com/forums/viewtopic.php ... start=2490
#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 » Fri May 01, 2009 8:06 am

Just posting reminders for when I re-read my log.

From MightyOne:
This is no different than the posts where people complain about their stops being hit only for price to move in the direction they planned for.

You know the right course of action to take and yet you do nothing.

Fear of taking a trade means that you know what the out come will be; you couldn't possibly know for certain.

Tell me:

You are trading a 15 minute chart and the average 15 minute range is 20 pips.

If a new candle opens and you enter into a position then what is your approximate risk without a stop and what is the chance that you can get out at BE if you are wrong.

It is your plan to exit on the same candle you entered on if you are not in significant profit, according to past momentum moves, by the time the candle closes:

If a new 15m candle opens and you enter into a position 3 minutes before the close of that same candle then what is your approximate risk without a stop?
Do your chances of getting out a break even improve over entering at the beginning of the candle and why?

With limit orders you reduce your risk by having price move to you.
Since price can only move so far so fast, on average, your risk is reduced.
With market orders you reduce your risk not through price movement, but through time. In time price moves using up the range like burning oil there by reducing your risk.

If the candle that closed is the truth and the current candle is the deception then the current candle must always be moving toward the truth.
Knowing that you will eventually get the truth out of the candle you can observe the deception in fractional check points and then better decide weather it is truth or lie that price is moving with the momentum as shown by truth.

PS: It would help you if your chart was not lit up like a Christmas tree.
#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 » Fri May 01, 2009 8:17 am

Interesting, Just killing time.........

Mightyone wrote:
You know that I was not being literal when I was talking about waiting for a candle to almost close right?

All I was saying is that the more time that passes the less the risk of a high powered move against you and the more easy it is for you to exit at BE because if price is going to make a further momentous move then it will most likely be in the same direction it was traveling all this time.

Personally I have been waiting for at least 1/3 of candles to complete before making any decisions.

If I am looking to short and price is above the open at 1/3 then I see if price is below price at 1/3 when the candle is 1/2 completed.

On high momentum you can even profit when a candle is 80% (5/6ths or 83%) complete.

Counter trades are most profitable up to 1/3 completed candles (in my experience).

Of course there is no indi that marks a dot at the price where a candle was x% complete so you have to use a stop watch or magnified price and a chart clock.

TRO wrote:
If you trade on the H1 time frame, the last 5 minutes of the current candle and first 5 minutes of the next candle can really pop, drop or both.

TRO RANGE EZ P2 shows what % current range is of average range.

I guess I could code price percent of current candle range... Hmmm...
#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 » Fri May 01, 2009 8:21 am

Another Gem,

Mightyone wrote:
Your biggest problem is that you are going for 1-5 pips.
Unless you have over $250,000, STP, discounted commissions, and are a professional level trader it is not likely that you will be a profitable trading for less than 5 pips.

You need to size your stops so that you don't get wicked on some random spike while at the same time doing every thing in your power to
exit at an even smaller loss.

When sitting with a profit you need to be thinking about exiting on extremes and immediately throwing out limit orders at a better price on the current candles.
While the getting is good keep getting...

I always told my trading buddies the following:

Price moves from entries to exits and back to entries;
exit on extremes, enter on stops, exit on extremes.

They repeated it back to me, but I don't think that it ever sank in
#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 AndreasF » Fri May 01, 2009 8:38 am

Pro

thanks for your update- quick question:

TRO once mentioned to take the trade only if the current candle is NOT the same color as the previous one-

Do you see a higher probability of winners when following this 'filter' - or
would you suggest to take the trades regardless of the color of the previous candle.

Thanks

Andreas


Rules as posted on Babypips:

Pick ANY candle on the chart.

1) identify the color.

2) let the candle close

[I]3) if the next candle is NOT the same color then:[/I]

if the current candle is GREEN go LONG at the FIRST line it approaches
if the current candle is RED go SHORT at the FIRST line it approaches
When to exit? Usually, when price stalls.
Stop loss? If price crosses the previous candle's midpoint.

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