Never Lose Again!!

[TheRumpledOne]

NEVER LOSE AGAIN!!

Before you read further, go here now
Never Lose Again!!
and come back:

My TREND INDICATOR - NEVER LOSE AGAIN!! thread was the most widely viewed thread in TradeStation history. I believe it still holds the record for the most number of views. I have decided to "revive" it again.

The bottom line is you don't have to end the day, week, month, or year in the red. You can be profitable. You may not win every trade but you will be profitable.

I know most of you have read about money management, risk management, position sizing, stops, etc... So then what are the reason(s) you are still losing? Is the market beating you? Are your stops being hunting? Or are you simply giving your money away?

When you enter the TRADING JUNGLE, you are up against the best traders in the world. They are smarter, faster, have more money, have better equipment, better access to information... better everything than you do! What makes you believe you can win? What "edge" are you bringing to the table that will allow you to take their money? Don't you know the game is "rigged" against you just like in Vegas?

What's the reason you see some currency pairs move over a 100 pips a day yet you're happy barely breaking even? What makes trading so difficult for you? What are you doing?

I know you have read about having a trading plan, haven't you? Do you have one? Come on, be honest... DO YOU REALLY HAVE A TRADING PLAN?

If you do, DO YOU REALLY TRADE ACCORDING TO YOUR PLAN? Come on now, it's time to FESS UP.

What about all those trading books, tapes, videos, and seminars? Ever wonder why there are so many? I just ONE had the answer, then wouldn't it go "viral" and everybody would be trading that method? THINK ABOUT IT.

What about all those indicators, EAs, blackboxes, trading signals and systems for sale? If one of them worked wouldn't it go "viral", too?

I have posted hundreds of FREE INDICATORS for TradeStation, eSignal and MetaTrader. Why? Because I can! I don't like seeing people pay hundreds and thousands of dollars for code, most of which, doesn't work or is way overpriced, IMHO. If you check me out, you'll see I have been banned from many forums. My FREE indicators are a THREAT to their cashflow. My free education materials also threaten their cashflow. Just do the math.

I have been accused of "renaming" indicators. Yes, I rename them AFTER I enhance them because if I post a modified version with the exact same name as the original then it gets "stepped on" and any good programmer knows better than to step on code. But I post my revised/enhanced/fixed version FOR FREE on the same site I downloaded them from. So where's the crime? Some people let their egos get in the way.

I have been accused of SPAMMING because I am an IB for MB Trading. Before I was an IB, I didn't even know what an IB was. The reason I am an IB was because when I found out that there is NO FIXED SPREAD in Forex, I immediately opened an account with EFX Group and posted about it everywhere I could. That had the effect of bringing EFX more customers. As a THANK YOU, they made me an IB. And it got me banned from sites that had FIXED SPREAD BROKERS as advertisers.

Whenever MONEY is involved, it is a DOG EAT DOG, EAT CAT TOO jungle. The sooner you learn that fact the better.

The goal of this thread is to show you how to NEVER LOSE AGAIN. Trading is simple. People traded long before there were computers and indicators. So why do you have so many computers and indicators?

Do you really know how the FOREX market operates? Or do you just know how to place an order? What have you gotten yourself into? THINK ABOUT IT!

TO BE CONTINUED...

[paradoxical]

I know you have no control over this, but I have an account with MB. On the verge of leaving them, because their platform comnpletely s..ks. The MetaTrader platform beats their platform by light years. I knowthey have low commissions and all, but they can do something about their atrocious trading platform. I've traded with it for two years now, and I still hate it.

[TheRumpledOne]

Originally Posted by paradoxical

I know you have no control over this, but I have an account with MB. On the verge of leaving them, because their platform comnpletely s..ks. The MetaTrader platform beats their platform by light years. I knowthey have low commissions and all, but they can do something about their atrocious trading platform. I've traded with it for two years now, and I still hate it.

OFF TOPIC BUT THAT'S OK...

What specifically do you hate about it? Are you a scalper? Cause if you are not, then I am not sure why the platform would matter. But I would like to hear what you have to say.

I use the Navigator with the following windows open:

Level II ( Market Depth ) with Order Entry and I enter my LIMIT ENTRY orders from that window.

Positions window showing Basis, Lots, Last, Open P/L, Closed P/L and Commission with Order Entry and I enter my LIMIT EXIT orders from that window.

OrderBook showing Time, Action, Avg Execution Price and Message.

OpenOrders so I know if I have any VERY IMPORTANT!

Account Balances.

Since I usually only trade one pair at a time, I don't need anything else.

The only thing that I BEG THEM TO CHANGE is one click order entry from the Level II window by just clicking on the price. Another nice change would be to show NET PROFIT on the Balances window.

[pipnailer]

Originally Posted by TheRumpledOne

OFF TOPIC BUT THAT'S OK...

What specifically do you hate about it? Are you a scalper? Cause if you are not, then I am not sure why the platform would matter. But I would like to hear what you have to say.

I use the Navigator with the following windows open:

Level II ( Market Depth ) with Order Entry and I enter my LIMIT ENTRY orders from that window.

Positions window showing Basis, Lots, Last, Open P/L, Closed P/L and Commission with Order Entry and I enter my LIMIT EXIT orders from that window.

OrderBook showing Time, Action, Avg Execution Price and Message.

OpenOrders so I know if I have any VERY IMPORTANT!

Account Balances.

Since I usually only trade one pair at a time, I don't need anything else.

The only thing that I BEG THEM TO CHANGE is one click order entry from the Level II window by just clicking on the price. Another nice change would be to show NET PROFIT on the Balances window.

still cant get what this is about. Hope to see more explanations soon on how not to loose again

What do u mean by being an IB?

Thanks

[TheRumpledOne]

Originally Posted by pipnailer

still cant get what this is about. Hope to see more explanations soon on how not to loose again

What do u mean by being an IB?

Thanks

IB is an introducing broker. When you sign up with a broker, if you specify that you were "introduced" or referred by someone who is an IB, the IB will receive (a very small) part of the commission you pay. It doesn't cost the trader any more money to say that they were referred.

[TheRumpledOne]

Trading is about making and keeping money. A big part of that is know when not to trade.

Ever now someone who went to the casino, it could be you, and the story goes like this...

"I was up X dollars, so I was playing with the casino's money and then the game turned cold."

"So did you win or lose money?"

"I lost."

What's the reason you don't quit while you're ahead in a game where the odds are stacked against you? Greed and stupidity come to mind first.

When you are trading, do you spend more time making back losses or more time riding profit?

We get back to the question, "Are you giving your money away?"

If you were going to hire someone to trade for you, what would you ask them? Would you want to see their track record? Would you want to know EXACTLY how they are going to trade your money? I bet you either answered "yes" and "yes" or you answer, "I would never let anyone else trade with my money". Is that correct? Do you know your own track record? Can you explain EXACTLY how you trade your money? THINK ABOUT IT.

You either win or lose when you trade, right? So what's your edge that stacks the deck in your favor?

What is trading? Do you realize trading is about 99% waiting for something to happen so you can either enter or exit the trade? Did you ever think about it in that way?

Do you have a list of conditions that tell you NOT to trade? If not, what's the reason you don't? Did you ever think about having such a list?

I want you to ponder these questions before we begin to STOP LOSING.

TO BE CONTINUED...

[TheRumpledOne]

What do you notice about the EURUSD daily chart?

Specifically, what do you notice about the candles?

You can ignore the gauges but they do contain a few "hints".

[Sweet Pip]

Originally Posted by TheRumpledOne

[IMG]
What do you notice about the EURUSD daily chart?

Specifically, what do you notice about the candles?

You can ignore the gauges but they do contain a few "hints".

Well...besides being red & green (ok, had a couple, it's Friday)...

From some of your posts, I think I read in one topic about if a red bar follows a green, then go short, if a green bar follows a red, then go long. The bars seem to span about a hundred, or more pips each. Some have long wicks, and some with a little being either above and/or below the bodies.
Then there's consolidations & breakout. What else should I have mentioned?

[pipnailer]

Originally Posted by Sweet Pip

Well...besides being red & green (ok, had a couple, it's Friday)...

From some of your posts, I think I read in one topic about if a red bar follows a green, then go short, if a green bar follows a red, then go long. The bars seem to span about a hundred, or more pips each. Some have long wicks, and some with a little being either above and/or below the bodies.
Then there's consolidations & breakout. What else should I have mentioned?

Originally Posted by TheRumpledOne

What do you notice about the EURUSD daily chart?

Specifically, what do you notice about the candles?

You can ignore the gauges but they do contain a few "hints".

In addition to sweetpip's, i noticed the reversal candle (is it called a Dodji?) that signalled the big ride down town.

You are actually sensitising me to some serious observations-thanks a million. My major challenge has always been when to exit a trade (either good or bad trade). There have been cases where immediately i exit a bad trade, the trend changes in my favour and would have given me a very good profit if i'd stayed. (my style now is to use a combination of Fib. levels, price action and trend line, but i sure still need a lot of help on these things, cause i'm not satisfied with my marginal results yet)

[TheRumpledOne]

I want you to notice something about your replies... are they "observations" or "interpretations"? There is a HUGE DIFFERENCE.

Observations would be:

"The rightmost candle is red."

"The rightmost candle's high was lower than the previous candle's high."

"The rightmost candle's low was higher than the previous candle's low."

"Price closed down"

"The bars seem to span about a hundred, or more pips each. Some have long wicks, and some with a little being either above and/or below the bodies."

Interpretations would be:

"i noticed the reversal candle (is it called a Doji?) that signaled the big ride down town."

"there's consolidations & breakout"

Do you see the difference?

The point is OBSERVATIONS are facts. INTERPRETATIONS are opinions.
Facts are true statements. Opinions are debatable. Facts will make you money. Opinions can cause you to lose your entire account.

When you can state OBSERVATIONS instead of INTERPRETATIONS then you will taken the first step to NEVER LOSING AGAIN.

Next question:

IF YOU GET ON THE WRONG TRAIN, HEADING IN THE OPPOSITE DIRECTION THAT YOU WANT TO GO, WHEN DO YOU GET OFF THAT TRAIN? DO YOU GET OFF ON THE FIRST STOP OR DO YOU WAIT UNTIL THE TRAIN REACHES ITS FINAL DESTINATION?

TO BE CONTINUED...