Best Thread How To Make Money Trading The Markets.
- Thread starter Mr. Charts
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Mr. Charts
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Hi John,
Yes I do train people all over the world.
I have not received a message from you.
Try
[email protected]
and also
[email protected]
Richard
Yes I do train people all over the world.
I have not received a message from you.
Try
[email protected]
and also
[email protected]
Richard
Mr. Charts
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Here's one from this afternoon. Not exactly the same as it hadn't broken the low of the day, but was trending down extremely well.
+$1.14
As usual - short on the red X hairs, exit at time of screen shot with usual exit rule.
I'll expand on risk management with this one when time - still trading at the moment.
I traded this twice more using the same method afterwards and the following trade I was stopped out for - 12c and in the final trade exited for another +54c
Richard
+$1.14
As usual - short on the red X hairs, exit at time of screen shot with usual exit rule.
I'll expand on risk management with this one when time - still trading at the moment.
I traded this twice more using the same method afterwards and the following trade I was stopped out for - 12c and in the final trade exited for another +54c
Richard
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Mr. Charts
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There are trades like this every day, but I only take occasional images.
I'll post more here in the future.
Richard
I'll post more here in the future.
Richard
Hello Mr Charts,
Read all 54 pages of posts this afternoon and thank you very kindly for the knowleadge.
My trading success has been hampered by taking profits too soon... Having been burnt entering trending stocks that reverse (usually as soon as I enter), I find myself banking profits too early ($100 typical) when a see signs of false weakness. This limits my upside potential and my account is not growing after including losing trades...
Can you make any recommendations that might help me stay in winning trades longer?
Thank you kindly for the time and effort you put into this forum.
Medic.
Read all 54 pages of posts this afternoon and thank you very kindly for the knowleadge.
My trading success has been hampered by taking profits too soon... Having been burnt entering trending stocks that reverse (usually as soon as I enter), I find myself banking profits too early ($100 typical) when a see signs of false weakness. This limits my upside potential and my account is not growing after including losing trades...
Can you make any recommendations that might help me stay in winning trades longer?
Thank you kindly for the time and effort you put into this forum.
Medic.
PitBull
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Hi Medic
A good exit strategy would be to use 2 or 3 bars against you, to bank half of your profits or all. So if all rising green candles stay in it, if then get a subsequent 3 red bars against you, exit half. Alternatively you could use a moving average, something fast like a 9EMA and if a candle closes below it that's your exit signal and this way you get to stay in the trend. Works well for me.
A good exit strategy would be to use 2 or 3 bars against you, to bank half of your profits or all. So if all rising green candles stay in it, if then get a subsequent 3 red bars against you, exit half. Alternatively you could use a moving average, something fast like a 9EMA and if a candle closes below it that's your exit signal and this way you get to stay in the trend. Works well for me.
Mr. Charts
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Hi medic,
If you email me (not PM) with some more specific info like whether you use level 2, one min or 3 min or 5 min candles, and some sort of idea whether you trade break outs reversals or whatever, I'll try and tailor some specific suggestions to your own situation and style - if I can !
Richard
If you email me (not PM) with some more specific info like whether you use level 2, one min or 3 min or 5 min candles, and some sort of idea whether you trade break outs reversals or whatever, I'll try and tailor some specific suggestions to your own situation and style - if I can !
Richard
chatroom
Hi all
I was wondering if anyone would be interested in creating a chatroom (maybe paltalk?) for discussing method during live trading hours. I think it would be a great way to learn from each other and try to improve our trading of this method, as well as maybe find some good trading candidates we may missed ourselves during the day. Any interest?
B.
Hi all
I was wondering if anyone would be interested in creating a chatroom (maybe paltalk?) for discussing method during live trading hours. I think it would be a great way to learn from each other and try to improve our trading of this method, as well as maybe find some good trading candidates we may missed ourselves during the day. Any interest?
B.
Mr. Charts
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Not me,byeung7, I'm afraid.
As well as trading I have another live trading hours commitment.
As well as trading I have another live trading hours commitment.
Hi Richard,
It's my third day following the trending trade theories presented in this thread. Appropreiate position sizing and stop losses have kept my losses ticking down at a predictable rate (now -$1500)...
The bit I can not fathom is the entry. The stocks I pick have been trending for at least 4 candles on a 1min chart (not more than 7) clear of any R/S lines. L2 confirms direction and practically the moment I enter the trade starts going against me. The nice regular candles vanish and a candle in the opposite direction appears (usually more than twice the length of any of the previous candles).
I've reached a point where I am thinking of just trading against the way I think price will move as this would result in 95% success. However for each trade I actually enter I paper trade two others which always go as I predicted. I'm not buying enough shares to affect the market so am at a loss to understand my uncanny ability to get it completely wrong with such repetition only for trades I am in. It's not like price fluctuates a little with the trend, the candles literally drive against me with momentum after I'm in.
My last trade was a masterpeice. Entered VMW at 15.04 for 29.44 long. Stopped out at 29.26 and watched the trend continue down for what would have been an steady $1500 profit had I gone short...
Is the ratio of losing to winning trades that high with this method or have I just picked poorly this week?
Thanks,
Paranoid Mark.
It's my third day following the trending trade theories presented in this thread. Appropreiate position sizing and stop losses have kept my losses ticking down at a predictable rate (now -$1500)...
The bit I can not fathom is the entry. The stocks I pick have been trending for at least 4 candles on a 1min chart (not more than 7) clear of any R/S lines. L2 confirms direction and practically the moment I enter the trade starts going against me. The nice regular candles vanish and a candle in the opposite direction appears (usually more than twice the length of any of the previous candles).
I've reached a point where I am thinking of just trading against the way I think price will move as this would result in 95% success. However for each trade I actually enter I paper trade two others which always go as I predicted. I'm not buying enough shares to affect the market so am at a loss to understand my uncanny ability to get it completely wrong with such repetition only for trades I am in. It's not like price fluctuates a little with the trend, the candles literally drive against me with momentum after I'm in.
My last trade was a masterpeice. Entered VMW at 15.04 for 29.44 long. Stopped out at 29.26 and watched the trend continue down for what would have been an steady $1500 profit had I gone short...
Is the ratio of losing to winning trades that high with this method or have I just picked poorly this week?
Thanks,
Paranoid Mark.
Mr. Charts
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Hi Mark,
I've just had a look at that VMW and no way was there a series of rising candles at 15.04 US time.
Also there was clear resistance - the high of the day which had been repeatedly challenged and failed to get through - at 29.50.
Those repeated failures to get through 29.50 would have indicated an increasing possibility that such price rejection would result in a sharp fall, particularly in a stock which had offered good opportunities trending up earlier in the day. This is because of the likelihood of profit taking. In fact it was followed by a whole series of successive falling candles on 1 min 3 min and 5 min time frames. This was also in an environment where the overall market was moving down.
Remember you are generally looking (especially when you are starting out - with experience you can use it at different times) for situations where the price is at new highs or lows and clearly trending.
That does not apply to your VMW trade.
Looking at the 3 min candles there were 3 earlier opportunities where using this particular technique would have produced 3 profitable trades of +17c +44c and +9c.........no losers at all....on this stock alone merely using this one technique.
I do hope you find these comments helpful.
Richard
I've just had a look at that VMW and no way was there a series of rising candles at 15.04 US time.
Also there was clear resistance - the high of the day which had been repeatedly challenged and failed to get through - at 29.50.
Those repeated failures to get through 29.50 would have indicated an increasing possibility that such price rejection would result in a sharp fall, particularly in a stock which had offered good opportunities trending up earlier in the day. This is because of the likelihood of profit taking. In fact it was followed by a whole series of successive falling candles on 1 min 3 min and 5 min time frames. This was also in an environment where the overall market was moving down.
Remember you are generally looking (especially when you are starting out - with experience you can use it at different times) for situations where the price is at new highs or lows and clearly trending.
That does not apply to your VMW trade.
Looking at the 3 min candles there were 3 earlier opportunities where using this particular technique would have produced 3 profitable trades of +17c +44c and +9c.........no losers at all....on this stock alone merely using this one technique.
I do hope you find these comments helpful.
Richard
Mr. Charts
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Please note that after this morning UK time there might be some delays in answering emails as I won't be around all the time.
Richard
Richard
Hi,
If you have a proven and tested strategy an occasional 3 day losing streak should not be a major issue in my view, if you havent a proven and tested strategy maybe you shoulnt be risking the equivalent of 500 dollars a day.
Which brings me to the question is there anybody on this thread making money using Richards methods,the fact that Richard wont trade live to prove his technique makes me wonder the validity of it all.
Regards
Graham
I'm sure many would endorse the validity of Richard's approach. I have a DVD of RIchard's which is basically a series of live trades - some good, some OK, a few not so good. Whether you (or I) can use the approach successfully is a completely different question - and that comes down to a combination of factors eg experience, disciplined risk management, looking for the correct set-ups, making decisions on what you see not what you think etc etc. I'm very confident that Richard can use them successfully.
Technique does not equal a magic formula for winning trades - there are no magic formulas!
BM
timsk
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Hi Graham,
As BM rightly points out in his post above, Richard's profitability or otherwise is completely irrelevant to you, me or the next person. What is important, is whether or not you understand the principles behind the methodology and whether or not it 'fits' with your trading style, personality and objectives. IMO, even if Richard wasn't an active trader, the thread and the ideas he presents in it would have just as much value. As it happens, I know Richard is a very active and successful day trader and I've witnessed him posting live calls on his own website where everything is time stamped. Last year, I watched him do that day after day after day. I think he's done it here as well a few times, but I'm afraid you'll have to be the one to scroll through each page of the thread to find the examples. Obviously, that's not a practicable thing to do on a regular basis unless you've a point to prove or something to sell; neither of which apply to Richard. He won't thank me for saying it, but I've never known him to have a losing day! So, rest assured, he is genuine. The fact that not everyone can replicate his success is a reflection of their trading skills and does not mean that the ideas and principles behind the methodology that Richard outlines are in way flawed.
Tim.
pedro01
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OK - let me first say - THIS IS MY OWN WORK - if someone wants to claim breach of copyright on this - please prove it.
Take a look at the screen shot attached.
Put the indicator on a radar screen and sort by "Trend" - hey presto, all the stocks from your list that are trending and at high/low of the day as per Mr Charts method will be at the top.
I hope it helps. I find 3 min bars suit me the best.
Trend - no of bars trending (only displayed if high/low of day)
Risk - distance from prior bar high/low (your exit point as per the strategy)
ATR - errr... ATR
QTY - max number of shares you should trade based on the higher of the ATR or Risk cents. You need to tell it your account size & risk % for this to be accurate
Any issues - PM me or post here & I'll update it.
Next step of course is a program to handle the exits once you are in a trade. So - you could just hit a button when you get in & then just let TS handle the exist whilst you look for other opportunities.
Cheers
Pete
Take a look at the screen shot attached.
Put the indicator on a radar screen and sort by "Trend" - hey presto, all the stocks from your list that are trending and at high/low of the day as per Mr Charts method will be at the top.
I hope it helps. I find 3 min bars suit me the best.
Trend - no of bars trending (only displayed if high/low of day)
Risk - distance from prior bar high/low (your exit point as per the strategy)
ATR - errr... ATR
QTY - max number of shares you should trade based on the higher of the ATR or Risk cents. You need to tell it your account size & risk % for this to be accurate
Any issues - PM me or post here & I'll update it.
Next step of course is a program to handle the exits once you are in a trade. So - you could just hit a button when you get in & then just let TS handle the exist whilst you look for other opportunities.
Cheers
Pete
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pedro01
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Are you expecting him to trade live for free to prove that the free info he gives here is kosher ?
Whaddya want for nothing ? A rubber biscuit ????
Nearlythere
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Hi Medic,
I've been trying to trade for three years (on top of a day time job) so I can identify with your frustration/confusion. What strikes me about your post are the large losses, it is vital to keep losses small, the classic advice given is never risk more than 2% of your trading capital on any trade. Personally I use the 14 period average true range, I won't trade anything with an ATR>20 cents, ideally about 8-12, I set my initial stop about the ATR. I record every trade and in the last year my average loss is about 10 cents.
I have now come to the conclusion that trading is all about patience, discipline and self control. I read recently that if you can sit all day and not take a trade because there is nothing to trade then you are well on the way to trading successfully, not easy, the temptation to take a trade if you have not traded for a couple of hours is very high.
Hope this helps
Nearlythere
I've been trying to trade for three years (on top of a day time job) so I can identify with your frustration/confusion. What strikes me about your post are the large losses, it is vital to keep losses small, the classic advice given is never risk more than 2% of your trading capital on any trade. Personally I use the 14 period average true range, I won't trade anything with an ATR>20 cents, ideally about 8-12, I set my initial stop about the ATR. I record every trade and in the last year my average loss is about 10 cents.
I have now come to the conclusion that trading is all about patience, discipline and self control. I read recently that if you can sit all day and not take a trade because there is nothing to trade then you are well on the way to trading successfully, not easy, the temptation to take a trade if you have not traded for a couple of hours is very high.
Hope this helps
Nearlythere
