ProchargedMopar's Trading Trilogy

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MightyOne
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Postby MightyOne » Thu May 21, 2009 1:18 am

I really mean that if he does not have $1,000 in his account he should pretend that he does (this is called the default balance).

His trade size: 5 pips = 1%

1% of $1,000 is $10 and $10 / 5 pips is 2 mini lots.

His risk level is based on the size of his stop.

XXX/USD: $200 per mini = cap account size.

He is trading 2 mini lots so he is going to keep his account at $400 and pocket the rest every Friday to mock pay his bills.

Once he is certain that he can trade for a living then he will include non USD pairs.

XXX/TSE: $400 per mini = maximum account size.

Now he moves to a level where he can pay his bills for real :)

He is trading 2 mini lots so he is going to bring his account balance to $800.

Once he reaches $8,000 he would move to 2 standard lots.

Once he reaches $30,000 then he would move to 5 standards reducing his position size to 20 pips = 1%.
Here I would cash checks for anything over $30,000 every Friday.

Once he has over $1,000,000 in his bank account after taxes then he can decide if he wants to bring his account to $300,000 and trade a position size of $5,000,000.

Personally I prefer 20 pips = 1% from the get go.

$300 trade 5 micro (default balance = $1,000)

$3,000 trade 5 mini (default balance = $10,000)

$30,000 trade 5 standard (default balance = $100,000)

$300,000 trade 5 full (default balance = $1,000,000)

$300, $3000, $30000, & $300000 are cap sizes so he would cash out anything over these amounts on Friday if he wished to remain at that level.

THERE IS NO SIZING DOWN!

Be sure that you want to trade at the next higher level because it is do or die.









TheRumpledOne wrote:$1,000 is your default balance

For every mini in your account you are going to have $200 in your account by Friday morning.

For this level of trading that means that your account balance is at least $400 on Friday morning.

=============================================

Do you REALLY mean the NET PROFIT is $400 and the account balance is $1,400?

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prochargedmopar
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Postby prochargedmopar » Thu May 21, 2009 1:19 am

-32.1 pips
-4.8%
To B/E -$472.43

Game plan refinement.
After today I've got to make some adjustments and here is what I've come up with. This is what I feel will work for me and my psychological make-up at the moment. I'll grow with time but I've got to simplify and use some protective measures to keep from self destructing.
I WILL NOT HAVE ANOTHER HUGE LOSING DAY AGAIN. STOP WHEN I GET TO MY LIMIT NO MATTER WHAT. 5% MAX LOSS PER DAY.
WHY CONTINUE IF YOUR OFF YOUR GAME?
STOP.
TODAY WAS A SUCCESS!!!!!!!!!!!
TEST PASSED.

I've never been so happy to lose 30 pips in my whole trading career. (all 5 months of it) I showed some restraint. Yes.

Trading Plan:
Horizontal line entry "triggers"
Trade times Sun-Thur 5:30-8:00pm Asian session. Fri. am, NY session.

#1 Maximum of 30 pip loss per day. MAX no matter what.
#2 Check in on Dr. Savaraman at
http://blogs.fxstreet.com/marketreadings/
#3 Check out FX factory News calender at
http://www.forexfactory.com/calendar.php
#4 Keep a very close eye on and trade in direction of D1,H4,H1,M30,M15, and M5. (Go against D1 and H4 but watch price action very closely and minimize loss to 5ish pips)
#5 Always enter on the M1 chart after price pulls back and makes NEW Higher Low/Lower High.
#6 DO NOT TRADE AGAINST IF NEW LOW OR NEW HIGH IS MADE.
#7 Always ask yourself which way price is moving every 3 minutes.
#8 Maximum of 30 pip loss per day. MAX no matter what.

Note to self:
Never try to pick tops and bottoms of larger Time frame moves.....
Yesterday I had 10 losing entries in a row thinking it can't go any lower knowing full well that price was dropping like a rock. Duh. Get a grip.

This is nothing more than going with the flow. Why complicate matters?
I'd call it momentum trading.
Who needs to trade a breakout?
If you took your trigger you would have already been in the trade when it got to the so called breakout line anyway.

Thanks M.O. for your post.
I will read over it tonight and see how it fits into the trading plan.
#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 22, 2009 1:27 am

WAIT!!!!!!!!!!!!!!!!!!!!!
DO NOT MAKE RULES YOU ARE GOING TO BREAK!!!!!!!!!!
QUIT FOOLING YOURSELF!!!!!!!!!!!!

I don't know what my FRACKIN problem is.
I know each trade is suppose to be random but what about someone profiting for 3 weeks in a row. Or when I've gotten 25 wins in a row.
10 losses in a row to me equals I'm doing something different.
I just can't figure out what it is from wins to losses.
My first 5 trades today were all loses and I was down -35 pips.
Ended up walking away at -22.

Chilled for 2 hrs and came back. Things went better but still losing my cool.
The only thing that saved my butt was adding profit into my stop after I got the first "win" because I was using an 8 pip stop to keep from losing more than 30 pips total for the day.

+22.3 today.
472.43 + 44.60 = 427.83

IF, IF, IF. What a huge word.
IF I would have followed the rules from the start.

Try again tomorrow.
I ADMIT I AM OVER TRADING AND NOT WAITING FOR A GOOD/PERFECT SETUP ACCORDING TO THE RULES LAID OUT.
That has got to change or I'll never make it.

2nd round of trades here.

11324851 EUR/JPY 20 B 131.229 131.326 9.7 20.61 0.00 5/21/2009 20:42 5/21/2009 20:55
11325166 EUR/JPY 20 B 131.170 131.326 15.6 33.14 0.00 5/21/2009 20:52 5/21/2009 20:55
11324995 EUR/JPY 20 B 131.236 131.326 9 19.12 0.00 5/21/2009 20:46 5/21/2009 20:55
11324236 EUR/JPY 20 S 131.123 131.070 5.3 11.26 0.00 5/21/2009 20:17 5/21/2009 20:20
11324073 EUR/JPY 20 B 131.220 131.193 -2.7 -5.73 0.00 5/21/2009 20:15 5/21/2009 20:16
11323911 EUR/JPY 20 B 130.962 131.035 7.3 15.52 0.00 5/21/2009 20:08 5/21/2009 20:12
11323967 EUR/JPY 20 B 131.015 131.035 2 4.25 0.00 5/21/2009 20:12 5/21/2009 20:12
11323774 EUR/JPY 20 S 130.824 130.957 -13.3 -28.30 0.00 5/21/2009 20:02 5/21/2009 20:08
11323612 EUR/JPY 20 S 130.908 130.903 0.5 1.06 0.00 5/21/2009 20:01 5/21/2009 20:01
11323574 EUR/JPY 20 B 130.903 130.901 -0.2 -0.43 0.00 5/21/2009 20:00 5/21/2009 20:00
11323344 EUR/JPY 20 S 130.910 130.903 0.7 1.49 0.00 5/21/2009 19:57 5/21/2009 19:57
11323097 EUR/JPY 20 S 130.803 130.772 3.1 6.60 0.00 5/21/2009 19:47 5/21/2009 19:48
11322831 EUR/JPY 20 S 131.107 131.101 0.6 1.27 0.00 5/21/2009 19:34 5/21/2009 19:34
11322674 EUR/JPY 20 S 131.107 131.105 0.2 0.42 0.00 5/21/2009 19:32 5/21/2009 19:32
11321907 EUR/JPY 20 S 130.897 130.847 5 10.63 0.00 5/21/2009 18:52 5/21/2009 18:54
11321676 EUR/JPY 20 S 131.011 130.994 1.7 3.61 0.00 5/21/2009 18:39 5/21/2009 18:40
Total 320 44.5[/color] 94.52
[B]
#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 MightyOne » Fri May 22, 2009 4:35 pm


Closed bodies are truth and the truth shall set you free :shock:


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Postby TheRumpledOne » Fri May 22, 2009 5:48 pm

MO:

I am sorry. I just do NOT understand. I can not follow step by step. Otherwise, I would have code an indicator by now. There always seems to be a piece or 2 missing.
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 blubbb » Fri May 22, 2009 6:07 pm

The way I understand it: The left box marks the size of the correction. MO then painted the next box from the newly formed low. After he realized it is no correction, but a change in trend (= price makes a new high), he could continue using the same sized box on the next correction, which followed shortly after that (box painted from the new high). As we can see, price was only ranging inside the box. This correction's range was the same as the last correction's range.

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Postby prochargedmopar » Fri May 22, 2009 6:19 pm

Interesting info shown here:
-215ish pips
-$430ish

B/E total -$902.ish

In life, I thought I was a disciplined individual.
"Others/Society" must have been my cover-up.

I'm not the Man I thought I was.

Be, Do, Have?

I've gotten what I be.
I'm going to take a hiatus from posting for a while.
Gotta look closer at who/what I AM.


The markets WILL be my playground.
And my losses WILL cause me great laughter!!!
Thanks. M.O.
#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 razorboy » Fri May 22, 2009 7:46 pm

is this some sort of custom time frame - am trying to recreated this diagram myself and the candles dont look the same

and I have two feeds :)


MightyOne wrote:
Closed bodies are truth and the truth shall set you free :shock:


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Postby MightyOne » Sat May 23, 2009 12:11 am

You deserve a cookie!

blubbb wrote:The way I understand it: The left box marks the size of the correction. MO then painted the next box from the newly formed low. After he realized it is no correction, but a change in trend (= price makes a new high), he could continue using the same sized box on the next correction, which followed shortly after that (box painted from the new high). As we can see, price was only ranging inside the box. This correction's range was the same as the last correction's range.

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Postby razorboy » Sat May 23, 2009 1:01 am

I know I am going to get yelled at for this, but I will ask it anyways. I recall MO citing that your stop loss only needs to be as large as the most recent correction, but what happens when that correction turns out not to be a correction? or is this all done retropectively for future trades?


As far as price making a new high, relative to what?

MightyOne wrote: You deserve a cookie!

blubbb wrote:The way I understand it: The left box marks the size of the correction. MO then painted the next box from the newly formed low. After he realized it is no correction, but a change in trend (= price makes a new high), he could continue using the same sized box on the next correction, which followed shortly after that (box painted from the new high). As we can see, price was only ranging inside the box. This correction's range was the same as the last correction's range.
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



http://thejoshkerbelproject.com/

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