ProchargedMopar's Trading Trilogy

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eudamonia
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Postby eudamonia » Fri Apr 10, 2009 5:42 pm

noone,

Averaging is simply buying or selling at different price points to average your position. So you could average down (i.e. when price goes against you) or average up (i.e. when price goes in your favor).

A range is the difference between the high and low for any given period of time. Saying that the range is tightly consolidating is a subjective viewpoint based on the recent volatility of the market instrument.

As for making money, this is based on experience, action, and psychology. When you have those 3 allies on your side you will eat the market.

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 TheRumpledOne » Fri Apr 10, 2009 9:18 pm

EURUSD trades strong when London and/or NY markets are open.

EUR/JPY trades strong when ASIAN markets are open.

Trade accordingly.
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 » Fri Apr 10, 2009 9:24 pm

Noone22,
Let me first say I'm very excited about the psych line trading that TRO is forcing me to trade or be banished because of my continued "distractions".
It (horizontal line trading) seems so simple yet effective after all that has swirled through my brains.

1) Are you trading buyzone method or "Drain the banks" also?


I started with buyzone for dummies and psych lines. Not knowing ANYTHING and thinking I had to know EVERYTHING I was not able to make it work. The buyzone showed big promise but I couldn't figure out which trades to take and how long to hold the positions so I would have losses bigger than my profits that I took to quickly. Emotions trading to the max. I really do like that system after all the info winny has given about rolling with the trend at hr open. This week I used DTB only and learned huge amounts just watching price action and being focused. When trades should be "triggered" ect. I had some good ones and learned to wait it out on some to get more pips and come back from being in the hole.
EDIT:
See TRO's post above........
2) What's your opinion about best currency pair for Asian session?
Truthfully, I havn't stuck to one long enough to know this. My feelings and from what alotofpips says the e/j moves well during all sessions NY, London, and Asian. I do know I've spent some time with u/j and most of the time I have traded that pair it was very slow. I have limited time to trade though and I see it can really move at times. But, if you only "need" 10-20 pips a trading session it would do the trick. Much more if you have more than an hr or two to trade.
3) What is your spread and/or commisions for EUR/USD
and EUR/JPY?

E/u = 1.6-2.4 e/j= 1.3-4(mostly the lower) g/u 2.2ish u/j=1.4ish

4) Are you trading mini-lots?
Both mini and micro
5) Are you trading real money? Which broker? Which soft - is for charts and which - for trades?
I've got accounts with fxcm micro/fxdd mini/ and sent off funding last week for MbT Navigator.
Yes, Real money. I started live and then went to a demo for 1 week and back live again. Think I've lost about $500 on the mini and $400 on the micro. Not really to bad for trading 4 month's and starting with real CASH.
I've been through the ringer emotionally. LOL I needed it. My dad always says that which doesn't kill you will make your stronger.
Last few weeks I've been using 40micros which is $4 per pip.
I use 2 computers. Bought a cheapie dual core from Compusa with 22" monitor(24" went caput) using it for fxcm tradestation and fxdd's MT4 for charts.
Use my 1.6G Dell laptop for 2% club and as backup in case this other were to freeze up.

I've really got to spend some time to learn navigator as yesterday my first trade with fxcm took off and was showing 25.xx pips. I clicked to close and it gave me 6.9 pips. This may be operator error because I use market orders and do not have a deviation from pips set. Thinking about it I may change that to 3 or so just for safety sake. I was really wanting to be able to get in and out no matter what but it seems to be costing more pips. Also setting limit or TP's would help to but I didn't want to miss out on the "big" trades. This stuff with dealers is pretty much irrelevant at this point until I can become profitable. Once I get myself under control the dealers will be a non issue. When the market is smooth fxcm works perfect and paying only 1.3ish pips to get into trades that is almost like getting in for FREE with these small pips.

I'm not overhelming myself with all of TROs indicators and systems. I feel I have learned much by doing so, but time to reign it in. "Drain the bank" looks very promising, but I haven't got a clue about semaphors yet - so not even looking at it now.

Speaking of semaphors- using 5 or six DynFibsSR's together looks to me like all a person would really need for trading once they get themselves under control.



EURUSD and USDJPY

3)
- which automaticaly means - that I have to win 2 from 3 trades just to keep break-even balance - tough task, isn't it?

Not from what I see in my future. Also once you get to $10 per pip the commmisions should start to be less and less effect on your account. Don't they max at $5-6 in and out with MBT???

5) I'm in demo, watching charts and indicators from MBT MT4
and placing trades through MBT Navigator (still learning, I was
trading via MBT and/or Alpari MT4 before, but now start to simulate
my future real trading environment exactly)


Yeah, I watch charts with MT4 and place the 1-click execution through FXCM. Rather easy to use.
How much work is MBT? From watching a few videos online I don't think it will be that difficult once I delve into it. TRO uses it with ease while chatting it up.



Couple of direct questions to you:
1) Why M1 chart? I'm using M5 chart with multi-meters indicators
I had a "need" to know what was going on at every instant.......LOL.
Nothing wrong with m15 and up but think one must look at the higher timeframes for some of these "systems"
2) What is your exact trade info format for this line, for example:
EUR/JPY 40 B 132.145 132.188 4.3 17.24 0.00 4/8/2009 22:00 4/8/2009 22:02
Not sure the question....e/j, 40 micros, Bought, Price in and out, total pips (4.3 here) profit (17.24) date, and time in and out. (2 min)
Cheers
#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 Apr 10, 2009 9:37 pm

Another one of his sayings is you'll either get over it or die from it.........
#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 Apr 10, 2009 11:24 pm

Oh, and.
Every day that you are above ground AND breathing is a Good day!!!
#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 Humble » Sat Apr 11, 2009 12:10 am

pro, I don't get it. You post a chart with trade comments (which is to be commended) but then with the only chart you are going to use until 30th April you say this
1/. The semafor on H1 rule was the one I didn't follow and it bit me in the butt.
2/. The 2nd Hit my stop at -10.4. I think I'm gonna limit my stop to 5 with this.

There is no Semafor on the chart you are confined to and you changed your trading plan after one loss!

Reminds me of a girl friend I had many moons ago, she changed her mind every five minuets boy you had to be quick!
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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Postby prochargedmopar » Sat Apr 11, 2009 12:33 am

This week I was trading DTB's.
The semafor rule wasn't cemented into my brain until I got put in a bad way a few times. Some people learn better by experience, I'm finding that I'm one of them.
I've been worse than any women I've ever met when it comes to my trading "systems" hopping. Fickleness.... LOL
Maybe someone will learn from me as what not to do as a noob.

The rest of the month I will be trading psych line crosses. After that one loss yesterday I figure 5 pips may be all I want to lose. If I only get a couple trades a day then I'll need to limit losses so that I'll come out with profit. We'll see as I may up the stop and lower the Acct risk %. Not fully sure yet. I have found when I get in price usually goes my way right off the bat or it goes against me in a bad way. Why take 15 pip hits when I can just take 5 and move to the next trade opportunity??

Hopefully we get a good push at least once a day at one of the psych lines so i can hold on for 10-15 pips and call it a day.

TRO keeps saying you only need one good trade a day.
That ain't no joke. He's right.
Thanks for the questions and comments folks.
#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 » Sat Apr 11, 2009 8:33 am

Bits of wisdom:
I like
#2,4,19,23,29,36,40
#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 noone22 » Sat Apr 11, 2009 1:05 pm

Hi, pro
Thank you for your answers and for your thread.
I think, hard work will eventually pay for itself,
but you never know, how much longer & harder you need to learn
to achieve the goals.
I'm on the same boat with you, struggling with too many new things,
slowly progressing step-by-step, sometimes one step forward - 2 steps backwards. When I was a uni student (too long ago to remeber),
learning took me much less time (I won't say - efforts), now I need
to master some things several times again & again, untill I finally understand them - from zero % of understanding to 95% - but it takes
time, meanwhile I'm impatient to do some things immedeately - which
is really impossible.

May I give you some tips about MBT Navigator, as soon as you will
be learning it anyway.
Of course, nothing could compare with easy trading interface of NijaTrader
or TradeStation Matrix - where you could pre-set up nearly everything and
enter in the trade just by single mouse-click on price board.
With MBT Navigator one need to enter numbers for order entry, but the rest - could be automated as well.

First tip - look at my "order entry" setup (right click on empty space on FX board -> Preferences).

Image

By setting it this way, you'll save some time & troubles (you could adjust this according to your needs):
- TTO offset prefil - 6 pips take profit, 7 pips - stop-loss; need to input in 2 places "auto-trigger" and "no position"
- stop method - I'm using "First touch" - to learn more
(it's about where stop will stop - on bid or on ask price): for more details
study "Stop method guide" on http://mbtrading.com/forexTutorials.aspx
- MBT price vs speed - put to the left - that's how MBT helpdesk recommended me, saying - that their liquidity
(and thus speed) - is high for small lots anyway
- spin increments - in fact they're working by pressing Alt/Ctr with actual arrows from keyboard, not the arrows from order entry panel of MBT N

2nd tip:
For usual trades (if you need limit order) - use "stop limit + TTO" order type. By doing so, you'll put limit order at pre-defined limit price, and put profit-target and stop-loss automatically (you could adjust them later).
For usual buyzone trades, when current price is lower than your limit entry price, and you're going long (let's say 6 pips higher from current price) -
"stop limit (buy) + TTO" will work perfectly.
But you need to learn & understand pages 17 and 18 from this order entry guide http://mbtrading.com/f/MBTradingFutures ... yGuide.pdf
by heart before using "stop limit + TTO: order type correctly.

Image

The problem is, that field "Stop Price" at FX board has nothing to do with
actual stop-loss price (for stop limit + TTO order type at least), I'd call it "start price" to avoid confusion - when market price reach this level - your entry limit order will be initiated. To understand this properly took me 3 days of hard tries (I was inputting actual stop-loss price there and my limit order was initiated nearly as market one - at current market price).
If you'll try to put "limit entry" price equals to "stop price" - in fast moving market your order maybe not filled at all - price will bypass it and it won't
have a chance to be filled at "limit" price - so some gap between these 2 prices is required (I don't know the best value yet - 1-1.5 pips seems to be enough, by putting more - you're risking, that your limit entry will be 2 pips earlier - which for scalping trades is not desirable for sure).

Image

For simple order types like "stop limit" this field maybe actual stop-loss,
but I'm not using such order types.

Tip # 3: there are no limit orders (in exact meaning of word "limit") in MBT.
You will be entering at price, which is equals or better to your pre-defined
price. This "better" (by MBT) may not be better for scalper, who needs to enter at exactly 1.3232 for example, but no way at 1.3222 - but this is
actual fact with MBT trading, even if you're using limit order.
I'd call MBT limit order as "approximate limit order", and degree of approximation varies and is beyond your control (maybe I still don't know all of the tricks - and if someone could show tip, how to always enter
and exit at exactly pre-defined limit price on MBT - I could give him any of 5,000 ebook from my trading books collection).

Your limit order (at some point of time) is becoming market one and you'll be entering (buying/selling/covering, etc) - at price, which is very close,
but not equals exactly to your entry limit price, stop-loss price or
take-profit price. Second part of TTO order by default is market one, - but
this is the quickest market order possible - so it is considered nearly as limit one. Nearly, but not exactly - the difference could be up to 0.2-0.6 pips. To understand this slippage trick costs me another couple of days of hard work.

Also, stop method is not working exactly at bid or ask price - usually somewhere between them (for "first touch" setting) - irregadles of your preference settings, this 0.2-0.5pips difference is another "not exact" thing - which makes prediction of exact profit/loss for each MBT trade nearly impossible - it varies.

To summarize, after mastering "stop limit +TTO" order type - I'm able
to enter into the trade in 3 - 4 seconds (the lowest) by entering 2 5-digits numbers and clicking 2 "OK" confirmations. On TradeStation matrix the same excercise I could do in 0.5 seconds - but 3.5 seconds - is the price,
I'm agree to pay for ECN broker :wink:

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Postby noone22 » Sat Apr 11, 2009 1:38 pm

Thank you, Ed and TRO - for being metrs
and for having time to help us, struggling novices,
by your rich knowledge of the market.

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