Go hard lads, the pie-man knows who the junior trader is here
[quote="_bob, post:281, topic:67048"]
Thereās a lot, ā ā ā ā there is a duckin lot of talk about how MM is the key but no-one actually goes into facts in any detail. Could it be they are just repeating commonly marketed beliefs to help explain why people lose at this game. [/quote]
Interesting observation @_bob and very true! Made me think back a bit to some things I used to use for this purpose and after a bit of hunting I found this old template and adjusted it a bit to suit a typical small starting account of around USD 1000 for a Newbie who is just starting out and without your kind of experience.
I guess there are many ways of approaching MM and I dont think a Newbie necessarily always needs to have a system that is overly complex.
I like this type of template because it breaks development into a series of progressive, manageable and identifiable levels ( in column 1) and each level only requires the new trader to focus on an interim profit objective (column 6) with a controlled max stoploss (column 5) (after which they then move up to the next stage) whilst simultaneously highlighting a loss level at which the Newbie drops back to the previous level again (column 8).
I just invented some typical numbers in this chart where, as an example, we start at level 1 with capital of 1000. This level is only using 1 microlot and has a target of USD 10. There is no time limit or number of trades,or fixed risk/reward etc the trader just uses his method within the stoploss parameters to reach this target.
Once USD10 is exceeded then the trader moves to level 2 and targets now a profit of USD30 using 2 microlots. If the account balance drops back below for example 1005 then the trader drops back to level 1 and 1 microlot.
After eventually reaching a further profit of USD 30 then the trader moves up to level 3 and so on.
This table is purely a theoretical example and the values and position sizes within the levels can be set for however much suits a trader and their typical trading win/loss sizes.
The main aim here is to keep the trader focussed on a controlled, progessive, achievable, defined, concrete, near-term target plan without overlooking that a rashly overlarge exposure is going to drop them to at least one lower level - kind of carrot and stick approach. I think it also helps train a trader to always think in terms of profit objectives and capital preservation.
Not very slick nor very sophisicated but provides some simple parameters for keeping oneās account on a progressive path. Of course, at any time the trader can vary the position size and individual trade targets and loss levels, provided they stay approximately within the overall scope of the particular level.
This example trader is now on level 6 with a balance of 1210 and a position size now of 6 microlots. (I emphasise again that this is only a template and these parameters are purely fictitious and a trader should always check and adjust them so they are realistic relative to their own trading style).
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Dennis Gartman uses āsecretā anal isis, you can catch his greatest hits at Zerohedge, but it basically is technical, fundy and a whole heap of ego, mostly focused on ego. B Ackman was Fundy (read herbal life) and Ego, and Soros group was a combination of Tech, Fundy, Ego, they kept moving the Tech lines, and looking for whatever little bit of news that would confirm their position, massive losses, and why they no longer trade OPM.
Naaa, they just get lazy and arrogant, donāt forget a lot of these folks charge high management fees, of course there are incentives, but sometimes the salaries from the management fees end up being a really good chunk just for sitting and doing very little or nothing.
The position size can be a question, but never enough to limit the returns, if you look at the top funds, you can see that their returns are not limited by size.
Ok back to our regularly scheduled program
The Every Watching The _bob Show VIPER
Hi Bob, I am newbie and I try improve my trading performance. I saw your trading system and caught my eye. I already download your Bobs Magic Boxes. I try to applicate. But I just wondering why the box is not pop out? I must use tick chart to pop out the box automatically? Thanks Bob
Gāday @dms21
Unfortunately, because of my skill level coding and the actual algorithm used to detect a box, the bot wonāt search history to find past boxes. Only as each new box is formed will it get displayed on the chart. So on a minute or tick chart youāll get 20-30 boxes a day formed. However as you go up in time frames they appear less and less. I see your chart is the hourly. It might be days before the first box is detected. May I actually suggest you drop down to the half hour chart. Although my work is down on ticks, I have experimented with other time frames and think the half hour provides better signals over the hourly.
Also please remember the bot is fully customized for my speculating habits. If you enjoy using it but need some work down to customize it for you let me know and Iāll be happy to help. Always here to help anyone willing to explore the wonderful world of boxes
But now to amuse myself I say bite me Martin. This is how you help others, not long winded lectures on life and generic trading habits. Pompous ass.
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Hey Dude, who is Martin???
The Ever Clueless VIPER
Martin Iāve noticed is one of those with a lot to say but nothing worth listening too. They come and go and the forum is welcome to him.
Thanks alot for introducing Volmanās scalping strategy!
I just finish reading both his books, very interesting and useful.
Trying out his strategy now, hopefully it works well.
First time trying out a scalping strategy =)
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Lets us know how you go bro
Just stoppin by to say Hey _bob.
The Ever Salutating VIPER
Can we start a petition to bring Bob back? He was rude but he was clever and honest.