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The Pip Thief
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Get something that works with NinjaTrader so you can use PositionSizer.com add-on for order entry!
Van Tharp quote from his book Definitve Guide to PositionSizing
"First, I'd like to acknowledge Ed Seykota who first taught me the importance of position sizing, saying that success was 60% psychology, 30% position sizing, and 10% systems. Ed was also the person who taught me the value of using the market's money."
Ed Seykota is guy who made over 250,000% in 16 years. There is some very strong, strong wisdom hidden in those words. Using the markets money. But how? If you use position sizing correctly, when you win you will see your wins as paying for a # of losses. If you hit for a trade that is 9R in the morning between 7 and 10AM. Now you can either stop for the day at 9% or now put a figure in your mind that you are happy winning for the day.
Let us say 4%. Now you can take the 5% you made and split it in two so you have now two more trades you can take at 2.5% risk. If you lose you stop for the day. But lets say you win another for 2R. At 1% risk that is another 2%, but at 2.5R that is now another 5%. Now you are up 13% for the day.
Now you want to keep it fine. If you want to now finish the day with at least 8% but want to try and explode your account you can risk 5% on a transaction. If the Gods are looking down upon you and you hit for another 5R with risking 5% you just made 25% plus the 13% you already won. That is 38% in the day. This can happen if your use position sizing with the markets money and you wait for set-ups that you select well. Notice you would not do this on a day you are struggling and only up 1%
Read the post in this category about Position Sizing Software. This is what will really keep you alive until you pass the learning curve.
Hope this helps!
The Pip Thief
Van Tharp quote from his book Definitve Guide to PositionSizing
"First, I'd like to acknowledge Ed Seykota who first taught me the importance of position sizing, saying that success was 60% psychology, 30% position sizing, and 10% systems. Ed was also the person who taught me the value of using the market's money."
Ed Seykota is guy who made over 250,000% in 16 years. There is some very strong, strong wisdom hidden in those words. Using the markets money. But how? If you use position sizing correctly, when you win you will see your wins as paying for a # of losses. If you hit for a trade that is 9R in the morning between 7 and 10AM. Now you can either stop for the day at 9% or now put a figure in your mind that you are happy winning for the day.
Let us say 4%. Now you can take the 5% you made and split it in two so you have now two more trades you can take at 2.5% risk. If you lose you stop for the day. But lets say you win another for 2R. At 1% risk that is another 2%, but at 2.5R that is now another 5%. Now you are up 13% for the day.
Now you want to keep it fine. If you want to now finish the day with at least 8% but want to try and explode your account you can risk 5% on a transaction. If the Gods are looking down upon you and you hit for another 5R with risking 5% you just made 25% plus the 13% you already won. That is 38% in the day. This can happen if your use position sizing with the markets money and you wait for set-ups that you select well. Notice you would not do this on a day you are struggling and only up 1%
Read the post in this category about Position Sizing Software. This is what will really keep you alive until you pass the learning curve.
Hope this helps!
The Pip Thief
You can combine end-of-day and real time data feeds with 6.5, though they are still working on RT feeds from sources such as MT4. In the meantime, they provide a useful 'indicator' that can be added to MT4 and downloads data periodically which can then be fed into MTP and scanned as though it were EOD data.
One of my favourite programs. I didn't appreciate its scope to begin with, and it takes a bit of time to learn how to use it. Most aspects are very thoroughly covered on the website. The developer, Steve Griffiths, doesn't pretend to provide a system that gets it right all the time (what system does?), but for finding trades with good risk:reward ratios this ranks as one of the best. A lot of emphasis on position sizing as well.
One of my favourite programs. I didn't appreciate its scope to begin with, and it takes a bit of time to learn how to use it. Most aspects are very thoroughly covered on the website. The developer, Steve Griffiths, doesn't pretend to provide a system that gets it right all the time (what system does?), but for finding trades with good risk:reward ratios this ranks as one of the best. A lot of emphasis on position sizing as well.
The_Snowman
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kipptrader
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Looking for this software. 😱
I did a trial of this in the past (version 5 I think). EOD version wasn't very good.
If you have any specific questions, I can elaborate on my experience.
The_Snowman
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kipptrader
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just getting started with this now, looks like it will be very useful :clap:
You have started the trial?
The_Snowman
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@ kipptrader,
No, I bought it. Started on the learning process, they have excellent support and vast educational resources 😀
Here are a couple of more charts; the Moving Averages and Bollinger Bands are NOT part of the 'normal' MTP chart setup :whistling
The 15 Min shows a DP signal against the down trend, and what a down trend that was :-0 while the 3 Min shows how this could have been handled.........
You do know that Part 1 of the Trading Course is FREE and available on their website? 👍
No, I bought it. Started on the learning process, they have excellent support and vast educational resources 😀
Here are a couple of more charts; the Moving Averages and Bollinger Bands are NOT part of the 'normal' MTP chart setup :whistling
The 15 Min shows a DP signal against the down trend, and what a down trend that was :-0 while the 3 Min shows how this could have been handled.........
You do know that Part 1 of the Trading Course is FREE and available on their website? 👍
Attachments
The_Snowman
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http://mtpforex.blogspot.com/
You learn from the blogs, they show example using current data :smart:
Link is for the FOREX but there is another for Index.........
You learn from the blogs, they show example using current data :smart:
Link is for the FOREX but there is another for Index.........
kipptrader
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@ kipptrader,
No, I bought it. Started on the learning process, they have excellent support and vast educational resources 😀
You do know that Part 1 of the Trading Course is FREE and available on their website? 👍
Nothing personal against the company or its support, just in my testing, the product produced no better results than a generic breakout system with trend filtering. For me, $2000 wasn't worth the performance but just my opinion.
Good luck in your trading...
The_Snowman
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Someone, preferably interested in MTPredictor, please check this out and tell me if it works? Thanks, John
3 Trade Setups, how will they work out?
3 Trade Setups, how will they work out?
The_Snowman
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Someone, preferably interested in MTPredictor, please check this out and tell me if it works? Thanks, John
3 Trade Setups, how will they work out?
OK, nobody interested yet? Here is the results so far, still in 1 trade, busy tomorrow, so no update until later this week....
3 Trade Follow Up
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