Mate can you extract your history and post it here?
Same goes for me. I wish you all the best!
Nice TP on that AUDUSD trade. My dumb butt held that pair too long.
Hi @The_Baller.
Watching this thread with interest.
I don’t want to be intrusive and praise someone and if it’s not the place, please delete.
Replying to your message, I do know a guy who’s teaching (for free), who’s taking live trades and who’s making and losing money. I think he’s profitable.
His name: James Orr from Decisive Trading.
You can google him and youtube.
Thks
How do you determine your lot size and is your lot size pretty standard across the board on all your trades?
May have missed this reading through the 600+ posts. Apologies if so.
Would like to run example by the group to see if I am getting the gist of this thread. So US/CAD shows hitting a possible resistance level that was set back in Sep 2015. Also, shows possible breakout from an uptrend.
Do you ever set a TP or SL to a 3:1 or 2:1 ratio? I assume ratios aren’t really a concern and aren’t a deciding factor since you use S/R to set those. In the chart below that TP/SL are basically 2/3 which seems super risky.
TIA for the feedback, just trying to learn.
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It’s pretty standard for this account, 0.5 Lots.
It’s best to think what would a greedy bugger go in at, then go in at least half that.
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Can’t speak for everyone, but I’d be short USD/CAD.
I’m not really into ratios and risk rewards, just rewards - and my risk is always high, that’s not for everyone.
On a £10K account my SL would be £1K at least, per trade.
I’ve been titting around and got more positions open than I should have, but still alive and kicking, waiting for it all to play out one way or another.
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You’re right. Might as well get in on the party as well. Nothing to lose.
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I have just begun looking at this and I must say I commend you, sir. This is the type of trading more newbies need to see early on in their journey.
I remember years ago a mentor told me “There hasn’t been a “losing” trade taken in 2 years if you had a small enough position and account size to just hold it.”
Was that an exaggeration? Potentially, but he did have a point and that is why I began trading with much wider stops.
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A lot of people will probably slate you for thinking like that, and will probably slate your mentor as well - but I agree with him.
I’ve said it before, a smaller position size will keep you in the trade, where others get smacked out of it very early on.
The end goal is to make money, and this is one of the ways.
If you genuinely think the trade has gone against you so much that you accept you’re wrong, i.e. 1000+ pips (never happened to me) then by all means cut it.
If you’re looking at the bigger picture, be patient and understand if its a downtrend on the monthly and weekly, you can still have a string of up days on the daily and you’re gonna be down 300 pips for a while.
It’s only a losing trade once you’ve closed it in the red, until then its an open trade.
You’ll be surprised how many losers turn into winners.
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Thanks for the heads up. For anyone that doubts it they could just demo it and find out. It would take an hour max a week. But I know they won’t haha.
And that is true what you say about it just being an open trade. Many people seem to freak out when their trade turns red. -40 pips seems like the end of the world to some. Something I stopped doing was saying that a trade moved “against” me. Its simply not “against” you it is just at a lower (or higher) price than you bought (or sold) at. It isn’t personal, it isn’t positive or negative and the market does not care one bit about your entry.
Another thing we have practiced on occasion is taking another position in the same direction as the first position. I.E price approaches a new S/R area and you put on another position a little larger. This has allowed me to get out of certain positions as the larger position can get you fairly close to break even or even potentially in profit with a smaller amount of pips.
You may agree or disagree with this strategy and that is fine. It is not something you can do all the time. But if there is a real potential trade one can do this effectively. But some might call it “catching a falling knife.”
The main point I am trying to make by bringing that up is that traders need to approach the market in a much calmer manner and realize most of price movement is just noise anyway.
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Hope you’re doing well @The_Baller. I have a question I’ve been thinking about.
You mentioned in the OP that you believe that 99% of indicators are BS. I agree with that. I think that’s what ends up tripping up newbie traders - they jump from indicator to indicator, none of them work, and then they get frustrated.
It seems like you use/have used the ichimoku in a couple different ways. Besides that, are there any other common indicators you would use if need be?
Thanks.
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While your question was not directed at me, I personally think the ichimoku is one of the better indicators out there, provided you ignore what most people say about it.
I really wanted to make the ichimoku work when I started trading, and I just couldn’t. The crossover signals people tell you to trade are too slow, causing you to miss most of the move. The stops are too wide, the exit signals give back too much, and the cloud keeps you out of too many good trades.
Now that I trade pure price action, see the ichimoku in a whole new light. I still don’t use it - I’ve moved on - but I now see the things it was trying to tell me. I just didn’t see them at the time because in the west we are taught, and expect, to use it like any other western indicator. But that is not what the ichimoku does, nor what it was intended to do.
It is, however, a very good frame of reference for price action trading, much as moving average or bollinger band can be. It doesn’t generate signals, but rather puts the signals generated by price action into a context.
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Hey The_Baller,
Thank you for this awesome thread. As a newbie trader I find it really enlightening, kind of goes against what i’ve always understood to be the “received wisdom” about trading. Would you say your style goes something like this…
- plot support and resistance and identify trend
- find a pair that you figure will almost certainly move in one direction at some point in the next week or two
- place low lot size order with SL at 350 or above pips
- consume pizza and wait
Thanks again
Dev
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Hey All,
I’ve been watching the thread since its inception and intrigued by the concept. @The_Baller , thank you for taking the time to provide the updates and information and sharing your experiment.
One of the questions that came up for me when trying to test on a demo account was how to determine the uptrend on the monthly chart. I know its seems like a stupid question (and perhaps it is), but when you look at a monthly 10yr chart, most of the pairs are all over the place. So, it seems likely that a shorter duration trend is what you look for. For example, if out of the last 6 months, 5 months were green but the current or last month is red, is that still considered an uptrend or is that now a downtrend? Do you look at only the last month, last two months, six months, etc?
If someone else could provide some guidance or insight as to how you view the trends on the monthly time that would be helpful to this new trader.
Thanks so much!
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In a nutshell, no.
This sums it up.
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Hey Dev,
No worries.
More or less yes - but the SL isn’t fixed at a certain amount of pips, it all depends on the setup, you want it out of the noise away from the most obvious places, and sometimes (not often) that means 700+ pips.
You can either just forget a setup like that or drill down to the daily to find an area closer to your risk tolerance.
The bit about pizza is correct.
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I usually have a quick glace at the monthly and then see what the lagging span is doing to get an idea of the trend on the monthly and weekly.
If you throw some examples of the pairs you’re talking about, we can go over it here.
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Thanks. Much appreciated.
You use a 26 period lagging span?