MightyOne wrote:Captain Pugwash wrote:prochargedmopar wrote:The buyzone could work for me.
Something is keeping me from accepting simplicity and trading for 5-10 pips a pop.
Because you have an illusion that big pip numbers equals cash
however you could earn a million on 2 pips a day - compounded!
What have you got to lose - you're younger than me - make a deal with yourself to only look at "whatever you decide to do" for three months - jeez - its nothing in the scheme of things.
I shall think seriously about taking some of my own advice, perhaps
If he would just stay within his risk-box of 1 to 8 macros, take half off where he thinks price might be topping out, & hold the other half for whatever else he can get, then he will be fine.
A macro-pip strategy is superior to the same strategy in micro-pips in just about every single way.
The secret to the larger charts is to trade them exactly as you would a small chart.
When I am at $minimum size I am in "macro-pip" mode with a 5 macro stop loss; 8 pips = 1 macro-pip (10 = 1 is easier on the brain).
So I had written out a long post explaining what I believe you are doing wrong, using analogies and even read through 3 years of your trading and reviewed your performance. But after seeing these past 3 posts, I am going to skip most of it and just be blunt.
Your a trader addict procharged. I am serious when I say that. You exhibit all the classical signs of an addict. An addict knows that he shouldn't use but still does. You know you sholdn't be taking the trades you did, not using stop losses or closimg for hundred of pips loss. An addict knows how to stay clean but normally cant forever by himself (i.e. rehab, AA, NA, sponsers). You know how to win (39 days in a row with only 2 losing days).
All addicts most finally face a decision, that they need help. Most do this but while they admitt they need help, when they are offered help they choose not to accept it or do the work required.
So i am going to treat you like an addict, I am going to offer you help (I am going to treat you literally like an addict of trading, to help you become profitable).
Prochargered Trading Addiction challenge:
1. Stop posting in your old thread. Start a new one. Don't associate yourself with things that are rooted in your trading loses. (Addicts dont go to bars or dope houses).
2. Create a very simple trading plan that you either follow to a T or you do not trade. I would suggest pick 2 pairs, one idea (macro pipping), a time of the day you can trade consistently everyday or don't trade. No trading off your phone or at work. Make it at home with no interupptions. i know MO's idea's are not suppose to be systematic, but for right now you need to have pre defined sl (x amount of pips and %loss), trigger entry and tp.
3. There should be absolutely no emotions or even a thought process. Either price presents a set up to trade and you take it or it doesn't. Keep a log of all trades you take and why you took them. If you take a trade that was not part of your plan, you just relapsed (cuz your an addict).
4. You need a sponsor. Someone you can talk to when you start to feel your addiction kicking in making you want to trade not according to your plan. Use your wife, kids, the new thread you started. Hell if you are really serious about this I will give you my phone number and you can text me anytime you are about to place a trade.
Do this for a month. It is not about making or losing money, it is about creating disciplne, consistentcy and self control (but I bet you make money). You have said before you are willing to do anything to be profitable, but I am willing to bet you can't do this for 20 trading days (I am not doubting you, I am doubting the addict in you).
I have done this same concept for myself as before and I am about to do it again to increase the profitability of my trading. Trust me it works. So what should you do if you were to complete those 20 days. I think a powerlifting analogy/mentality works good here.
1. You have your base foundation for your training (trading) and are making gains.
2. You add a something to help take you to the next level. Lets add little devils,hhh, double failures or whatever you want to call them. Your still looking at a daily chart for idea's (setup). So it works with what your already doing. Now do this for 20 days. (Your also now 40 days sober).
3. Next I would add in the crash zone and do what MO said in his reply. Take half your order off, so you are still profitable when you are right. But hold the other half till it hits your sl or the crash zone. You shold have been taking notes this whole time, but especially now with the cz. It will help you understand why price did what it did. (60 days sober).
4. Now your at the intermediate level of being a lifter. This is the hardest time to make gains. I feel this is also true for trading. Now I would have you add some cc's to your daily, weekly and monthly charts. Use 3 bars. Don't use these for anything but just watch how they form and how price reacts to them. (80 days sober).
5. Now your getting to elite status of lifting (trading) and you get to fine tune your workouts and use advance technquies. At this point for you, you should without a doubt be profitable and consistent. At this point I would just look at idea's and how they might improve your trading. You should now have a good understanding of the long term direction so lets add in something like a 4hr mz trade. Example: long term trend is down, but price is moving up into a 4hr mz. Look for price to exhaust and short it back down.
There you go pro, your an elite lifter, sober for 5 months and a profitable trader. I am sure alot of people think I am crazy for what I just typed and to some extent maybe. But remember you have been doing your way for 7 years and always end up blowing your account. Iam not saying you have to do what exactly I layed out, but i do challenge you to this. Look at your trading like an addict and remember the most important thing is staying sober just for today. Every day you wake up put that in your head. That day becomes weeks, which becomes months then becomes years.
I wish you the best of luck pro. Remember insanity is doing the samething again and again and expecting different results. So are you gonna go to that same old thread, post the same posts about the newest indicator/system thats going to make you rich and then post the same old losing trades. Or maybe on Monday you try something new.