ProchargedMopar's Trading Trilogy

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TheRumpledOne
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Postby TheRumpledOne » Sat Apr 11, 2009 4:33 pm

MBT limit orders are LIMIT ORDERS... you get filled at your price or BETTER! That's how limit orders work.

If you are long and enter a sell limit order for 1.5000 when the price is at 1.4990 then if price spikes up past 1.5000, you will be filled at 1.5000 or better.

If you are short and enter a cover limit order for 1.5000 when the price is at 1.5010 then if price spikes down past 1.5000, you will be filled at 1.5000 or better.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby TheRumpledOne » Sat Apr 11, 2009 4:38 pm

You can turn off the confirmations so order entry is ONE CLICK. Just uncheck the confirmations in ORDER ENTRY DEFAULTS.

Please learn the platform so you can really help others.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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prochargedmopar
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Postby prochargedmopar » Sat Apr 11, 2009 9:03 pm

noone22,
Very thorough!!
TRO, excellent......This/MBT will definately be better than FXCM.

I saved this info to file and will refer back to it and the links when I start practicing with mbtrading. Must focus first on one thing. LINES

I won't be able to trade mon. because I'm going to get a colonascopy butt (pun intended) I'll be back in action tue.

I'D LIKE TO GIVE A BIG THANKS TO ALL THAT HAVE OFFERED HELP, INFO, PERSONAL TESTIMONY AND SUPPORT!!!!

TRO
MTHOMAS
3CLIPZ3
WINNY
MIGHTYONE
NOONE22
DCHAPPY
BLUBB
ES/PIP
ENDAMONIA
DEEFOREX
RAZORBOY
DRAGON33
XMESS7
SLEDGMOTO
BEARPAWTRADER
AIKITRADER
AND ANY OTHERS WHO HAVE GIVEN EXCELLENT ADVICE THAT I MISSED.

You guys (and gal) are all great and this community is an awesome place.

Success (profitability) will be mine because of it.
Thanks to you ALL
Procharged
#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 » Sat Apr 11, 2009 10:21 pm

on fxcm, you can close out all your trades/positions from the summary page

prochargedmopar wrote:#1
I started placing orders again in MT4 this week.
I like FXCM waaaay better as it's 1-click buy with pre-set TP and SL.
You can also close order in 1-click or close all open orders in 3 click. (right click/close all/Ok button)

FXCM has been yankin my chain lately by freezing.......Not showing profit movement when MT4 chart is moving 2-4 pips or more. It has also been giving me different prices when closing.......slipping me pips.
#2
I do not like MT4.
For MT4 I click "new order" and then instant execution.
If I want to put a stop in I'd have to click,click,click,click,ect the SL box until it is about 8-10 clicks or more away from what ever price is showing. Down buy/up sell.

#3
To set a TP/SL you can also go in and modify order after it is placed. I think they can be pre-set if you have the time but I keep getting an "invalid" box when trying to set both.

From what I understand you have to have a connection for MT4 to be valid and active unlike FXCM. Knowing this I just risk it at this point and try to keep my Stop out at 5pips or less.
I'm scalping.

Any tips you can give me?
When I get to $10-$15 a pip I'm going to MBT or equivalent.
Pro

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Postby prochargedmopar » Sat Apr 11, 2009 10:23 pm

Yes sir,
That has saved my tooshky a few times when in multiple trades.
#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 » Sat Apr 11, 2009 10:39 pm

I have been looking at your trading records - I suspect you are trading too large relative to your trading account size and expecting too much out of the market place.

I suspect that most of the people you read about making these killer returns have a lot more experience than you - you need to be realistic in your expectations - remember - a professional money manager is a god if he shows over 20% a year........


prochargedmopar wrote:Trading time: 2hrs.
8 Trades 5/3
This is Soooooooo exasperating!!
How can the market be like a snail unless price is going against me??????
Stops are so quick and profit takes Foorrreeeevvvveeerrrr!!!!
Third day in a row that price took off at 9ish right when I'm done trading.
If I followed the rules today I would have had NO trades.
Guess that's better than these results.
I've got to figure out which ones to break and when.
I know first and foremost that I CANNOT break the H1 semaphore rule!!!
I also tried to let the trades ride as I was stopping out and then having it go in my favor.......FORGET that. -10,-10 doesn't help my positive pip production.
Maybe the M1 and 3-5 pipage is up my alley??
TRO Thankyou fund: 61.33-31.20=$30.13

USD/JPY 40 S 100.294 100.182 11.2 44.72 0.00 4/8/2009 09:35 4/8/2009 10:08
USD/JPY 40 S 100.229 100.182 4.7 18.77 0.00 4/8/2009 09:38 4/8/2009 10:08
USD/CHF 40 S 1.14510 1.14617 -10.7 -37.34 0.00 4/8/2009 09:47 4/8/2009 09:52
USD/JPY 40 B 100.344 100.284 -6 -23.93 0.00 4/8/2009 09:32 4/8/2009 09:35
USD/JPY 40 S 100.255 100.362 -10.7 -42.65 0.00 4/8/2009 09:26 4/8/2009 09:32
EUR/USD 40 S 1.32593 1.32585 0.8 3.20 0.00 4/8/2009 09:00 4/8/2009 09:04
USD/JPY 40 B 100.272 100.278 0.6 2.39 0.00 4/8/2009 08:47 4/8/2009 08:47
EUR/USD 40 S 1.32505 1.32483 2.2 8.80 0.00 4/8/2009 08:37 4/8/2009 08:38 -7.8 -31.20

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Postby rowdy » Sun Apr 12, 2009 1:03 am

noone22 wrote: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:


Are you using Metatrader 4? If you are then use SCRIPTS to enter your buyzone trades. No typing necessary. Just drag and drop at the start of the hour. My take on tradestation is a bit different. I think Metatrader is a much better execution platform than TS but MT4 is not so hot for backtesting. TS is outstanding for backtesting but not so hot for execution.
I dont want to have learn two different programming languages so I am going to stick with MQL4. I think more and more brokers are going to go this route because they would like to rid themselves of the headaches of software support.

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Postby noone22 » Sun Apr 12, 2009 2:04 am

rowdy wrote:Are you using Metatrader 4?


Yes, I use MT4 - but only for charting.
I do enter trades from MBT Navigator,
so no automation is possible.
Also, I'm not delegating to computer the most important
part of trading: order entry and exit.

I was comparing trading platforms only from the point of view
of speedy order entry. I'm not trading Forex via TradeStation.

Just a dream - to have broker with ideal trading software as follows:
with charts as TradeStation has
and trading dom as NijaTrader has
and which understands both mq4 and eld scripts
and is ECN
and has level II for Forex
and has 1 pip or less spreads.
Last edited by noone22 on Sun Apr 12, 2009 2:10 am, edited 1 time in total.

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Postby noone22 » Sun Apr 12, 2009 2:08 am

TheRumpledOne wrote:You can turn off the confirmations so order entry is ONE CLICK. Just uncheck the confirmations in ORDER ENTRY DEFAULTS. Please learn the platform so you can really help others.


I did know about this - I specially left order entry confirmation
(as well as other check-boxes confirmations) checked
for myself to be certain that I've entered into the trade.
Later on I will switch this off,
but I cannot switch off TTO order entry confirmation.
And click on OK is just 0.2 seconds,
the main drawback - is necessity to enter 2 5-digits numbers.

And I was not saying, that I'm expert with MBT system,
I'm just using it for my second week, and of course -
I'm learning and glad to hear new tips about it -
thank you for your feedback.
Last edited by noone22 on Sun Apr 12, 2009 7:10 am, edited 1 time in total.

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Postby prochargedmopar » Sun Apr 12, 2009 3:23 am

Razor,
The way I see it you are either able to make pips or you lose pips.
If I'm risking 1% per xx amount of pip stop/loss or 10% per that same amount is irrelevant if I'm able to make + pips consistently day in and day out. Limiting the "off" days will preserve capital too.
That is, other than the times when someone who lets their account implode from to many outstanding trades or to big of or no stop/loss. Being this is not the case for me I'll either build it up or have to keep adding money to it's balance.

I think I'm expecting to grow my account when I have not yet been consistent and that is as you say, unrealistic for the time being. I like to have to PAY for my mistakes as I feel it will implant more meaning behind the lessons learned.
I do not feel that with a 10pip s/l that I'm expecting to much to get 10 pips a day min. I've just been out of control and not sticking to and perfecting ONE system or pattern in the marketplace.

As the account grows and more income becomes available then I will scale back the % risk and simultaneously increase the stops to have more staying power in each trade. I could also do as M.O. says by starting with 10 and then adding each win to the stop amount until I reach my goal of daily pippage. 20-30 should be a cake walk from what I've seen other people do. Just think, that would be 10%- 15% a day. 30 pips may be unrealistic at the moment but not in the near future.

I don't know if these #'s add up for others but $30 pips is just 3 lots. With a 5000 account and 400:1 margin that's only $300 risk at 6%. 30 pips a day would be $900 a day. That's peanut shucks. I only need to pull $100 a day for bills and the rest could just grow. You could hit 3 stops and still have $4100 in the account and never even get close to your margin requirements. Where's the fear in that? NONE. Crank it back up the next day and pull in your 30 pips to square things up and then the next day continue to grow. A couple weeks of that and now your $300 risk is only 3.9% risk. Maybe I'm being overzealous but once I get 30k-40k in the account the stops will be BIG and the reward will be good and the risk % will be small.

Lets calculate:
$30 pips (only 3 lots), 30 pip stop and/or 30 pips a day. $900 income. Risk percentage on 35k account = a measly 2.5% with 30 pips stop in stead of 10 pips stop. The bigger the account gets the less we risk.
I don't see needing more than $50k in the account to use as "business" capital for earnings. Funnel the rest off.
BTW, $50k and $50 pips and a 10 pip scalping s/l would only be risking 1% per trade. 20 pips a day is $1000. Who NEEDS more than that?
Is pulling 20 pips a day unrealistic? Not from what I've seen so far.
What do you think/See?

My thing is to get consistent. The money will take care of itself.
We'll see.

Pro
#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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