The ideas that I trade by:

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Karma
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Postby Karma » Fri Aug 16, 2013 6:01 pm

newscalper wrote:
Karma wrote:Injecting profit is highly profitable within reason

if used constantly you open yourself up to losing all of your gains on a mistake

Aiming to make the same trade over and over again until it works out can turn into monumental gains if you liquidate and reopen it at a retracement everytime the move doesn't complete. Because when you risk your gains with your bias and it goes your way, thats when they need the tool to push all the chips your directions

As far as intelligent risk goes, theoretically so long as you are making gains and trading higher than your high water mark. you'll always be risking X% of your profit from the last trade

Until your run of luck ends on the last trade in the sequence and you lose the lot. It'll only work if there is an x% gain target and at that point you stop, put the space onto the capital side of the ledger and start accumulating again.


Absolutely, aiming for a particular % gain or as I believe MO has often said until you finished your plan. Until the particular long term trade you are focusing has panned out

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MightyOne
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Postby MightyOne » Fri Aug 16, 2013 6:04 pm

...Until the particular long term trade (that) you are focusing (on) has panned out


Yes.

Karma
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Postby Karma » Fri Aug 16, 2013 6:51 pm

MightyOne wrote:
...Until the particular long term trade (that) you are focusing (on) has panned out


Yes.


Now I'm embarrassed XD

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Postby xXx » Wed Feb 19, 2014 7:55 pm

Happy 2014! 8)

I have read this thread and Space Wars couple of times and I get most of the stuff and I have got only 3 questions remaining at the moment:

1.
We target Percent Gain 12,5%

What do we do after reaching our target?
Is it going to be (100% plus 12.5%)*0.02 (if we risk 2%)

2. How do we calculate initial 04 lots for an account based in currency other than USD, ie GBP?

3.
I draw I line through the pincushion, no deeper than 40%, where if price closes beyond it then I must exit.

Do you draw this line when you enter for the first time with your initial box or when you liquidate and re-enter on the retracements?

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Postby xXx » Thu Feb 20, 2014 2:06 pm

Am I on the right track? :)
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MightyOne
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Postby MightyOne » Thu Feb 20, 2014 7:48 pm

My standard space is 30 pips on a fibo tool that has these rets:
0 <-- 2 lots
0.3334 <--- 3
0.5 <-- 4
0.6667 <-- 6
1 <-- stop loss
this means that your smallest stop size is 10 pips (purchasing the 66ret).

Adjusting for different pip values:
if you were trading a chart where each pip is 1.17 and then moved to a chart where each pip is 1.56 then you would simply: (1.17/1.56) * space
or (1.56/1.17) * space to switch back.

From a small chart (10 minutes or less) practice this pattern:

1) short 2 lots (if 2 is min. size) & move the 0 ret, without changing the box size, to your entry.
2) look to double your size (on a breakout?) by considering where your stop will move to (the 50 ret).
3) look to add 2 lots & move your stop closer by a third.

From here there are a number of things that you can do that range from beginner to ballsy...I only have enough time today to cover a beginner method:

4a) place a stop-limit for 2 lots, if hit then place another stop for 2 lots at the extreme of the candle that spiked you, repeat for final 2 lots; liquidate & close pending orders if price moves close to your position.

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Postby MightyOne » Fri Feb 21, 2014 7:03 pm

Some of the more 'ballsy' methods:

Image

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Postby xXx » Fri Feb 21, 2014 7:36 pm

Thanks.
What do you mean by lot? (If the account is in GBP) :)

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Postby MightyOne » Fri Feb 21, 2014 7:55 pm

One unit of something :)

What matters is that you can reduce/increase your size by half.

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Postby xXx » Fri Feb 21, 2014 8:01 pm

Got it! :)

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