How to be a MOnster

[Mr. Hyde]

here ya go. Place a trade on the 1hr chart and just walk it up the timeframes to hold it longer. Sell at 1.2330. Day trade exit 1.2200. Swing trade exit at a crash zone. Long term exit hold till the cows come home.

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[thepark]

Hi Mira

Trust that you are well. I want to critique on this MM, compare what its lacking to EIGHTS and if you like, teach me in a simplified way.

So I set my trade size to risk 1.666% of my account. I will risk 30 pips for 2:1 RR. Here you go back out the lot size.

I start with say a lot size of 1 lot and when I win I will increase the lot size like this

Number of lines gained/number of previous lines* (starting lot size)

lets say each line is 15 pips then its 14/10* 1(lets say its 1 lot) =1.4 so your next trade you use 1.4 lots

each time you win you can multiply your previous lot size by 1.4 and when you lose you can do 8/10*lot size. Is this stacking?

The problem is if you keep winning and losing and winning and losing you actually lose more money then if you didnt reset your lot size each time. if you just kept losing 1.666% every time.

How do I change this MM to be like EIGHTS.

[Mira]

A good tp would have been .3550. Then u could have sold the TTE and taken profit at the 2 pivot (my long term outlook is long. So not expecting price to break and move far down.).

Price could move down to .3200, but then looking for support @ that area.

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I know that taking profits and re-entering is better/safer than holding with the risk of being zeroed..
But if price doesn't make a pullback how do I keep my SL at the extreme?

Isn't that I'm trading at a worst price level?

Thank you much!

"I know that taking profits and re-entering is better/safer than holding with the risk of being zeroed.." Not always true. You never know for sure if price is going to give you another chance to enter. It could shot up 800 pips without warning like G/J last week.

Here is an updated chart of the U/C I posted earlier. See were your SL could have been depending on where you entered. That's at a 2 week extreme. Pretty strong. The only thing that could be a problem if you were using a hard SL would be potential news. What news is being released this week Mira that could effect U/C. But Im bearish U/C cuz of a weak dollar and strong oil (translates to a strong Cad.

I'll throw up a post on fundanmentals and how V8 and me used it in are trading later. Trust me its beyond super simple.

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I never traded fundamentals.. but knowing what COULD be a top mover for the day or the week is interesting!

[Mira]

Hi Mira

Trust that you are well. I want to critique on this MM, compare what its lacking to EIGHTS and if you like, teach me in a simplified way.

So I set my trade size to risk 1.666% of my account. I will risk 30 pips for 2:1 RR. Here you go back out the lot size.

I start with say a lot size of 1 lot and when I win I will increase the lot size like this

Number of lines gained/number of previous lines* (starting lot size)

lets say each line is 15 pips then its 14/10* 1(lets say its 1 lot) =1.4 so your next trade you use 1.4 lots

each time you win you can multiply your previous lot size by 1.4 and when you lose you can do 8/10*lot size. Is this stacking?

The problem is if you keep winning and losing and winning and losing you actually lose more money then if you didnt reset your lot size each time. if you just kept losing 1.666% every time.

How do I change this MM to be like EIGHTS.

Hi Thepark!

I think that the real intent of EIGHTS is to keep you in the game when you are losing and trying to make more when you are winning.. it's more than numbers, it's
a state of mind

Let's say you have a 1:2 RR and that you're risking 1% of your account (account = 100$)

1) +2% = 102$
2) -1% = 100.9$
3) +2% = 102.9$
4) -1% = 101.8$

Now with lines, you have 10 lines (10% of your account aka 10$) and you risk 1 line per trade and target 2.

1) (12/10)1= 1.2 = 102$
2) (9/10)1.2= 1.08 = 100.8$
3) (12/10)1.08= 1.3 = 103$
4) (9/10)1.3= 1.17 = 101.1$

In a situation of BE you're making/losing the same money.
Now let's say that you make 3 wins

5) +2% = 103.83$
6) +2% = 105.9$
7) +2% = 108$

with lines

5) (12/10)1.17= 1.4 = 104$
6) (12/10)1.4= 1.68 = 106.8$
7) (12/10)1.68= 2 = 110$

You're up of two dollars now, it's a +20% than a "classic MM".
Now let's say that you are losing 3 trades:

8 ) -1% = 106.9$
9) -1% = 105.83$
10) -1% = 104.77$

with lines

8 ) (9/10)2 = 1.8
9) (9/10)1.8 = 1.62
10) (9/10)1.62 = 1.45

Now try to add a winning trade, with EIGHTS you are making more, and we are just talking about basic "strategies"!
Trying to not destroy your risk box (that is the only real loss) is the Metagame, all the trades between the total loss and your target are just fluctuations, a path as MO says.

When you have some OPM in your pocket you can try to be more aggressive (with lines):

here I'm boosting my RB reducing the number of lines from 10 to 6, risk is still 1 line and 2 is the target-> (10/6)2 = 3.3

8 ) (8/6)3.3= 4.4
9) (8/6)4.4= 5.8
10) (8/6)5.8= 7.7

Do you want your 10 lines back? -> (6/10)7.7 = 4.62
Your account is 136.2$ now

[Mira]

This is the week that I miss all the opportunities

[MightyOne]

Hi Mira

Trust that you are well. I want to critique on this MM, compare what its lacking to EIGHTS and if you like, teach me in a simplified way.

So I set my trade size to risk 1.666% of my account. I will risk 30 pips for 2:1 RR. Here you go back out the lot size.

I start with say a lot size of 1 lot and when I win I will increase the lot size like this

Number of lines gained/number of previous lines* (starting lot size)

lets say each line is 15 pips then its 14/10* 1(lets say its 1 lot) =1.4 so your next trade you use 1.4 lots

each time you win you can multiply your previous lot size by 1.4 and when you lose you can do 8/10*lot size. Is this stacking?

The problem is if you keep winning and losing and winning and losing you actually lose more money than if you didnt reset your lot size each time. if you just kept losing 1.666% every time.

How do I change this MM to be like EIGHTS.

The 1.666% would be spread over 10 lines of risk for 10 lines of .166%

(14/10).166 = 0.232% per line

How wide your lines are determines your position size and how many lines you use on a given trade determines your risk.

After some stacking, each line is worth say .637% so removing 1 line from the game reduces your risk significantly.

You can restore your lines to 10 after a loss or you can set it to 8 or 6 or as low as 1 if you are desperately low on lines and
feel that a single line SweetSpotsGOLD (SSG) trade on the monthly chart is your best bet to recover some lines.

What would happen if you never lost 1.666%? What if you just stayed in this 'risk range' until you stacked your size high enough to reach +20%?

Sure, you could risk roughly 1.666% per trade and make more money on your wins but what happens if you lose 3 trades and are down 5% and then lose another trade for -6.5%? This might seem like a small number but if you average a loss 1.25% per day then you are out a quarter of your account by the end of the month.

EIGHTS is the best of both worlds:
Whether you destroy your lines in 5 trades or 25 trades your loss is just 1.666%, but if you succeed at stacking your way to the goal then you make 20% (or whatever your target is) for 12:1 on your money.

How often do you have to reach your target to be a profitable trader?

[Mira]

Hi Mira

Trust that you are well. I want to critique on this MM, compare what its lacking to EIGHTS and if you like, teach me in a simplified way.

So I set my trade size to risk 1.666% of my account. I will risk 30 pips for 2:1 RR. Here you go back out the lot size.

I start with say a lot size of 1 lot and when I win I will increase the lot size like this

Number of lines gained/number of previous lines* (starting lot size)

lets say each line is 15 pips then its 14/10* 1(lets say its 1 lot) =1.4 so your next trade you use 1.4 lots

each time you win you can multiply your previous lot size by 1.4 and when you lose you can do 8/10*lot size. Is this stacking?

The problem is if you keep winning and losing and winning and losing you actually lose more money than if you didnt reset your lot size each time. if you just kept losing 1.666% every time.

How do I change this MM to be like EIGHTS.

The 1.666% would be spread over 10 lines of risk for 10 lines of .166%

(14/10).166 = 0.232% per line

How wide your lines are determines your position size and how many lines you use on a given trade determines your risk.

After some stacking, each line is worth say .637% so removing 1 line from the game reduces your risk significantly.

You can restore your lines to 10 after a loss or you can set it to 8 or 6 or as low as 1 if you are desperately low on lines and
feel that a single line SweetSpotsGOLD (SSG) trade on the monthly chart is your best bet to recover some lines.

What would happen if you never lost 1.666%? What if you just stayed in this 'risk range' until you stacked your size high enough to reach +20%?

Sure, you could risk roughly 1.666% per trade and make more money on your wins but what happens if you lose 3 trades and are down 5% and then lose another trade for -6.5%? This might seem like a small number but if you average a loss 1.25% per day then you are out a quarter of your account by the end of the month.

EIGHTS is the best of both worlds:
Whether you destroy your lines in 5 trades or 25 trades your loss is just 1.666%, but if you succeed at stacking your way to the goal then you make 20% (or whatever your target is) for 12:1 on your money.

How often do you have to reach your target to be a profitable trader?

“Once you stack, you never go back”

Thanks MO!

[Mira]

GOTCHA!

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[elkin.fernandez]

Dancing valls, Mira.

Valls time, 1-2-3, 1-2-3 LOL

[MightyOne]

“Once you stack, you never go back”

Thanks MO!

I believe that is doji's quote, but I agree