***** The Impossible 5% + Daily*********

Beginner Questions
101

Hello.

Well: I not getting ‘hammered’ tonight either (but my reasons are far less ‘honourable’ than yours i.e. I’m still recovering from my getting ‘hammered’ LAST weekend)!!! LOL!!!

As I said: I’m ‘rooting’ for you. Just remember (I seem to remember saying this to you somewhere before): if you don’t make your ‘target’ but still make money then don’t be dissapointed or consider your endeavour to be a failure. There’s a saying that goes “Shoot for the moon. Even if you miss, you’ll land among the stars.”. Nothing wrong with that.

Regards.

Dale.

102

Right On Dale, right on… Kinda why I lowered to 5%, the rest is a bonus. I really have expectations of 25%, but I will take anything in the positive area…

We’ll see what happens…

Its a heck of a challange, I understand that… But its just Me against ME… The mind is So Powerful, that you do things, and not even know it. I can quit smoking, if my hand will stop opening the pack of cigs, and lighting the dang things… I dont want to smoke, but my hand does,lol… WTH…

Mind over matter…

Like having an abundance amount of confidence in a trade, that I can just walk away, no stoploss, then come back to profits a short time later… I want 5 pips, but my dang hand for some reason takes profit on the first 1/4 pip in… WTH is that about?

All those traits are in the past. Must have total control, at all time, of the mothership.

103

believe it or not dear friend
everything about forex is concluding to three words (having a tight stoploss)

104

Maybe before September… Not right now… Total volume for instance is 4 times the amount averaged over the long term.

Now, go back and google Stop hunting… I will bet you money the whole stop hunting thing really seemed problematic after September. There is so much voltality, tight stops will bury you, but thats just my opinion… This is the very reason, EA’s ( Expert advisors ) fail over time… They dont adjust to some varibles…

Hey, use a stop, more power to you, I prefer not to… And its statisticly odd, that when I used them, I had a greater chance of getting stopped out, then to actually collecting profits…

105

that’s a very good reason to have a tight stop-loss
once the liquidity consumers monsters go to hunt the crowed far away stoplosses you would be either stopedloss fast with minimum loss, or your profit-take dance over.
or better ride the stoploss hunter moves and take your clean bright smooth shiny handsome profit and let the market do what ever it wants.

106

Whoooaaahhh…

I didn’t realise that NOT using stop losses was an option or formed an integral part of your strategy!!! How ‘tight’ or how ‘loose’ they are is debatable but NOT using them??? I think you’re on a very ‘slippery slope’ before you even begin with this endeavour. Without stops: you cannot manage risk or determine position size and that’s just for starters. And ‘kudos’ to those that use ‘mental stops’. I’m afraid that takes a VERY ‘special’ kind of person (more ‘special’ than I anyway) to close a position out when a certain ‘mental stop’ has been reached. The temptation (for most of us and certainly me) is to let the position ‘run’ JUST a little further and, if it does, JUST a little further, and so on and so forth. Next thing: you’re looking at a margin call. Now I’m not saying that you’re NOT ‘special’. Hell: for all I know you’ve got a ‘natural talent’ (and I sincerely hope you do). But I’ve yet to read a book written by a professional trader where stops are not used and that’s no coincidence and I’ll bet that even THEY, when they started out, ALSO found the merit of using stops by wiping out an account or two because of them NOT using stops. The only POSSIBLE (I believe anyway) justification for NOT using stops would be in a case like Warren Buffet buying Bank of America at $5.00. The lowest the price could go to is ZERO. That’s his stop. What’s more: he has a few billion lying around in cash somewhere so if that happens he’s not ‘out of the game’. Same with the likes of Jim Rogers who will buy Oil or some or the other commodity and who has the privilege (time and money) to hold on until price moves in his favour. But those are INVESTORS not TRADERS.

Just remember: you’re ‘human’. ‘Pulling the trigger’ on a losing position is a DARN difficult thing to do and it gets harder to do the bigger the loss!!!

Now the CORRECT PLACEMENT of stops is another thing altogether!!! Take a look at this and it may help you:

Technical Trading Systems at TechTraderCentral - A Logical Method of Stop Placement

To be honest (although at the time I didn’t think we’d be having this ‘conversation’): that’s why I questioned that quote that you posted about somebody listening to advice and then doing the opposite. There are really only two or three ‘rules’ in this business that if NOT implemented will lead to EVENTUAL demise. NOT using stops is one of them I believe (and based on very bitter personal experience).

Regards,

Dale.

107

Oh well, you can trade without stops — if you have no leverage. :wink:

If one trades without stops it’s telling the market: “Here I am with my whole account and no risk management at all in the risk business number one. Whatever I made this year, might it be 10 bucks or 10 million of it, take it all back at once with that one killer trade!”

108

Well all I can say is don’t turn out like him when you fight daniel-san

109

Well: here’s my last ‘banging on’ on the subject of stops.

Synergistic Trading

The article is entitled “Don’t Hold Your Breath Too Long While Under Water” (by Jim Wyckoff).

Still wishing you all the best. It’s just that Jim Wyckoff explains in far fewer words what I was ‘getting at’ (as is usually the case with any of the stuff I post)!!! LOL!!!

Regards,

Dale.

110

Thanks Dale, will check it out…

Ruff one today, No cigs, and doing sqauts and push-ups every top of the hour. I am now doing Keto Diet, ( less then 20 carbs a day) and need to burn all the sugar from my body. It will take around 96 hours for the nicotine to be no longer dependent to the brain. So, I have 4 days to go. And 2 weeks to get my body switched over to fat for energy and not sugar ( carbs )…

I already have a horrible, annoyed headache, feels like a hangover/migrain…

OK, im out, again, Dale, thanks, I will check it out…

Have a great day,

111

NO CIGARETTES???

Forced to make the choice: I’d rather take my chances and trade without stops!!! LOL!!!

Regards,

Dale.

112

Hey Traders, Im still here,

Well, I didnt stop smoking, Im at 2 a day tho, should be done tomorrow,

Still didnt start Keto, starting that tomorrow also,

Have been working on A Expert Advisor, changed my strat up a tad, and running demo right now, see what it does in the next 6 hours or so… Althought the final version will have a time filter… Been working on it for 14 hours today, between watching chart and things, head is pounding,

Have a great night, and an abundance of pips to YOU!

113

Morning traders,

Well, EA made 5 trades, but missed 3 shorts, ( 150 pips worth)

all 5 winners, for 4.2% balance increase

Waiting on a buy to cash-in, which it should here pretty soon…

Few more adjustments…

Wish I could incorp .IDJ to my EA, but cant figure that one out… Alpari dont even carry the charts action, but its a big player to my strat. CAN do without tho. Its just another safty net for my strat.

Drawdown is well, but this last trade, is getting close to SL, ( 30 )

All my trades should be closed out in profit with-in 1-3 minutes, so might add a close trade after Xamount of time…

OK, will be back, have a great day

114

Ok, Im currently up 11%,

Had a few loses, but just testing things out, like my “Close all Orders” script, which isnt working to well, then lost $30 when that one trade hit my SL…

If I didnt have any loses today, I would be up 27% right now

Again, just making adjustment right now… But Im pretty close to wrappin it up…

Ok, will be back,

115

Ooooo to be a dreamer… But best of luck…

116

THANKS MIKEY,

If you dont dream, wheres’ the drive take you?

Finished at 10.3% increase today,

125 trades made, 26 loses, ( practicing to lose) :slight_smile:

Today I actually closed trades that didnt seem right, imagine that…

Like I said, tweekin my newest strat…

Its coming together very nice, I have to say so myself…

My main focus is entry, if thats right, even 1 pip should be nearly 100%

I also did alot of averaging down today, which I dont really want to do, unless I jump early, and still can get a trade in DURING the move to my first trade, 3 max at once…

Right now, Im running 50/1 leverage, .1-.05 per trade, 2.4 pips average gain per trade.

Now, can I do it again tomorrow? We will see…

Tomorrow, Im going to try to refrain from TAKING PROFIT too early… I really want o be around 5 pips per trade at the very least…

Still trying to see if thats even possible…

I mean, Im sure it is, but I catch alot of my trades at the tops and bottoms of the wicks…

I have gotten pretty good at that… When Im on, IM ON… I SEE the tick chart, ( My MAIN TRIGGER)

We see R/S of course, but, they arent fool proof… You really cant even have tight stops anymore, (7-10)

Its really hard to explain, Just let me say, things are starting to POP out at me, and Im instantly reacting to them faster and faster…

If I went 100% today ( Trade for trade ) I would be up 27% balance wise…

OK, be back in the morning

117

Live Prep System | Myfxbook

Going to run this till Feb 1st.

So, I have 18 trading days left, and should be around $1,150 by target date.

If I dont at least double this account by Feb 1st. I cant deposit real money,

I Know, CLARK, I know, Its fake, But to me, Its not…

118

HAHAHAHAHAHAHA I love you buddy. XD

At least you set yourself rules to not lose real money. :slight_smile:

I’ll tell you a little secret, 5%/day is do-able. But with what kind of mindset? Something to think about. I am 100% honest with you, you should know that by now. And much like other people have advised you, change your mindset, or else it won’t happen.

Clark

119

I kind of like how your taking 1-2 pip profits.

I like even more how [B][U]Your not taking 30 pip losses and only nabbing 1 pip winners [/U][/B]

That was a nice adjustment and a major leap forward.

Can’t make a buck or two every time and then expect to lose 30 bucks every time your wrong.

120

Good morning Traders,

Here is my daily Morning Forecast, something new Im going to be doing each morning…

1.2815 needs to be broke to the upside to set Long Trend,
1.2759 to the downside.

Next 4 Hours, Jobless claims come out here soon, Dow Fut is up +16, S&P Up, I look for EU to go up aswell, 1.2850

I dont think we will see any big moves today, if it breaks 1.2850 – we could see an attempt to 1.2950

OK, Lets see how this works out,

Great profits to all today,