He actually posted other versions well before and were stating the same thing.
LOL
prochargedmopar wrote:A much read, underlined, and highlighted yet long lost quote by Mightyone. 3/2009
I present to you THE Trading Bible!MightyOne wrote:Prices rise and fall by HUNDREDS of pips every day and some how most
every one cannot figure out how to make even 1% per day.
I just dont get it, I really don't
So I am going to lay out the frame work for profiting in a such a way
that can be accomplished by anyone:
1. Which way is price likely to move in the long term (more on this later).
2. How small can I make my stops (you would be surprised)
3. Risking 1% per trade/chart enter with the momentum of the small time frame.
4. Exit all when you feel that price is likely to reverse and add that profit to your SL amount less commission.
EXAMPLE: 10 pips = 1%: You make 15 pips on a short and exit as the market starts to reverse. The next trade you risk your initial 10 + the 15 gained from shorting less 1 pip for commission to re enter.
5. Price starts heading in the long term direction and again you get an entry to short on your small TF. You short with your 25 pip stop and the market starts stalling at +7 so you exit (you are at +32).
Price retraces 45 pips and you believe price is again heading south so you short again on you small TF with a 31 pip stop.
7. YOU CAN ONLY EXIT WHILE IN PROFIT OR GET STOPPED OUT!
Price retraces 27 pips and then turns around and plummets 74 pips.
What time frame are your trading? What does that chart look like?
How many bars has it been since you first started shorting?
Trade NO MORE THAN 2 bars of any time frame!
8. You either reach your goal and make 7, 15, 26, 52, or 80%+ on your account or you lose 1%.
By reinvesting profit, having an unwillingness to let price trade to your stop while you are were profit at some point, and by sticking to a goal knowing that PRICE DOES MOVE HUNDREDS OF PIPS EVERY DAY (just about) then you will reach the goals you set out to attain and your losses
will cause you great laughter!!
Think and grow rich PRO