NVP
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Hey MM......welcome back
I rate guppy as well.....not read so much of hull......some superb multiple ma systems and probably the prettiest as well I've seen on charts :smart:
N
Hey MM......welcome back
I rate guppy as well.....not read so much of hull......some superb multiple ma systems and probably the prettiest as well I've seen on charts :smart:
N
NVP
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PHP:
As sun progresses her training I recommend she try to read as widely as possible in the areas of speculation, trading , gambling etc etc.....people have been gambling and speculating for thousands of years and the motivations are drivers are still the same....greed, fear etc etc ......
Good traders are also usually very well read and schooled in all areas of their profession.....it just adds to the edge, and interest
N
Hello MM,
Welcome back!
I added 100 LR. Yes surely it decrease the number of trades. Because 100 LR doesn't crossed frequently. But sometimes it shows signal slower .Which is obvious. When market touches it during pullback that's shows better spot to trade.
Till date, my skill has improved in closing trade at 2-3 pips. Sometimes I do that, just to recover the losses faster, yes but that decreases the RR ratio. Will practice more. Hope readers of this thread will not get bored.
I heard about Guppy Traders. Thanks for mentioning. I will check out.
Yes when F will return, will share my stage 2 statistics. But it's not that good yet. I don't think it reached 65/75% .
My statement here are from different account throughout the begining process. As I was trying different platform & checking spreads. That's why keeping daily results saved in here is helpful.
In my later stage of training, I want to try tickmill too, micro deposit ECN. That's what i heard.
Regards
Sun
Yes I have read 100+ books on trading already. I have a full set of digital library.
I guess I do know the difference between speculating & gambling...I at level 5 out of 10. :whistling
But bookish knowledge & practical knowledge/experience has huge difference & impact. Book can say control yourself. But in reality when we sit on the desk & during that crazy moment things get changed.
So far what i felt, just my personal view. A strong minded person who have better control on his/her emotion can become a better trader. Should have good EQ level.
Regards
NVP
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Yes I have read 100+ books on trading already. I have a full set of digital library.
I guess I do know the difference between speculating & gambling...I at level 5 out of 10. :whistling
But bookish knowledge & practical knowledge/experience has huge difference & impact. Book can say control yourself. But in reality when we sit on the desk & during that crazy moment things get changed.
So far what i felt, just my personal view. A strong minded person who have better control on his/her emotion can become a better trader. Should have good EQ level.
Regards
I think for me wide reading of the subject allows,more understanding of the trials and tribulations needed to be successful and hie many ways one can achieve an edge,,,,,,but also the extra mile you must must walk
For example a guy called nick mordlin wrote a great book on horse racing that I would recommend to anyone in that field .......I was lucky enough to meet many professional,gamblers in my youth and his book really summarised what was needed to be profitable and also the sacrifice and focus needed to be the best
No short cuts ........market wizards books still the best for me in trading as I love to,read,what super,traders,did,and how,they found their edges
N
Mind Set
I think with full honesty I stand between both.
What makes me a gambler:
Multiple trades recklessly when get loss, doubling up.
Cure:
Take a break , accept the loss gracefully, will get another chance later.
Contact a psychologist?
Playing any games or perhaps playing it already.
Yoga, Candle watching..to improve patience.
Looking forward to hear something from the experts.
I know I'm pathetic, but really want to improve.
Regards
I think with full honesty I stand between both.
What makes me a gambler:
Multiple trades recklessly when get loss, doubling up.
Cure:
Take a break , accept the loss gracefully, will get another chance later.
Contact a psychologist?
Playing any games or perhaps playing it already.
Yoga, Candle watching..to improve patience.
Looking forward to hear something from the experts.
I know I'm pathetic, but really want to improve.
Regards
View attachment 201510
I think with full honesty I stand between both.
What makes me a gambler:
Multiple trades recklessly when get loss, doubling up.
Cure:
Take a break , accept the loss gracefully, will get another chance later.
Contact a psychologist?
Playing any games or perhaps playing it already.
Yoga, Candle watching..to improve patience.
Looking forward to hear something from the experts.
I know I'm pathetic, but really want to improve.
Regards
If you have faith in your strategy and % there is never a need for gambling.
Take a break yes, even come back tomorrow, the market will be there.
No need to gamble ever.
I am no expert though and like to gamble -)
Last edited:
Thank you Nick for such a quick answer.
Yes my faith level is very low from the beginning....that's the culprit.
Just wondering how you gamble safely, no doubt you are expert
Regards
Thank you Nick for such a quick answer.
Yes my faith level is very low from the beginning....that's the culprit.
Just wondering how you gamble safely, no doubt you are expert
Regards
No when I gamble I gamble.
The only difference is I am prepared to take on bigger risks towards the end of a good day, rather than at the end of a bad day. First option could end in b/e day at worse second option could end up in an even bigger trade and problems.
So for me it is only the first choice.
Losing day is not a bad thing as it won't be much and if followed properly is usually a short day.
I fully subscribe to F's and many other successful traders views. It is good to get some pips on the board early on and then getting to or close to your target is relatively easy.
Forexmospherian
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Hi Sun
Back this week and sorry you have been delayed by at least 10 days or so with me not being around
Must say impressed with your discipline - you have been able to pull bad entries quickly and maintain average stops under 5/ 6 pips
Need to get you on stage 3 next
I know MM has mentioned going on to 4 Lrs now - which I agree with - but that's only part of stage 3.
Its too early to get you onto all 9 + Lrs - as the next ones might confuse you more initially.
I must point out LR's are different to MA's - they move quicker have less lag and different characteristics to MA's and I regard them far superior.
The fact that the "industry" are supposed to use MA's ie major ones being 10 / 21 / 50 / 100 /200 etc may well be true - but a correctly set up LR combination will always out perform any group of MA's - and my set up confirms that as I can catch interim highs and lows within 5 pips most days etc
What I would welcome now is a brief summary of total number of trades you have taken under stage 1 and stage 2 and you average win ratio. Ideally we need it over 65% +. I know you may say not quite there yet - but you have had a few 70% win ratios days and you may have noticed yourself if you keep your stops tight and losses low even a 50% win ratio can make you profitable.
My method works best if you can keep win ratios between 62% and 85% on batches of 100 scalps.
As you know I only take 10 to 20 trades a day - over a 4 -6 hr session - normally split into 2 or 3 part sessions.
I dont count multi entries in my trade total - so 10 scalps could actually be 25 or 30 entries and then exits - but for now we need to keep you focused on the basics still rather than confuse you more.
My normal daily target is 50 pips - I know you want to look at 25 pips or maybe 30 pips as you targets and really if you had say just 4 or 5 winning scalps in a row you could stop for the day. Dont think you have to take 20 or 30+ scalps every day - but I will say it does help improve your timing whilst you are in the learning stages.
The only reasons I would take over say 20+ scalps in a full day over 6 hrs - would either because I am on a great run in a busy market and aiming for multi hundred pips etc - OR - because I have had a really bad day - even with say 5 + losses and therefore having to take more trades to try and make my 50 pip target.
Could you also post your latest chart on any pair with you 4 LRs on as well so I can just check ?
Going to spend a bit extra time with you this week as well to assist you on timing and reading PA etc etc
I would also think next month you are ready to go live on say micro lots because I reckon your disciplines are strong enough now and with a few extra tweaks we will be easily getting you over a 65% win ratio and stops no larger than 5 pips
Have a great week and any questions - no problem
Regards
NVP
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View attachment 201510
I think with full honesty I stand between both.
What makes me a gambler:
Multiple trades recklessly when get loss, doubling up.
Cure:
Take a break , accept the loss gracefully, will get another chance later.
Contact a psychologist?
Playing any games or perhaps playing it already.
Yoga, Candle watching..to improve patience.
Looking forward to hear something from the experts.
I know I'm pathetic, but really want to improve.
Regards
When you are fully trading live S the easy way to let off steam or to allow,those gambling habits to,be released safely is to use demo accounts to,trade the gambles.....but let all your disciplined and planned trades be live...
N
NVP
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Agreed ....my appetite,for more riskier,plays does,increase when pips,are on the board and I am buzzing.....
N
Statistics Update
Good Morning F,
Glad to have you back. :clap:
Here is the statistics from the beginning to till date: (stage 1 & 2)
In batch of last of 100. I have 54% in last 4 days.
Currently its 5 Lrs including MM suggested 100 LR. Other 4's are 2 slowest & 2 fastest.
LRs: 100, 37, 25, 12, 8.
Let me know what do you think about it.
If you confirm using 100 LR then I have some questions, which i will ask in next post.
Regards
Sun
Good Morning F,
Glad to have you back. :clap:
Here is the statistics from the beginning to till date: (stage 1 & 2)
In batch of last of 100. I have 54% in last 4 days.
Currently its 5 Lrs including MM suggested 100 LR. Other 4's are 2 slowest & 2 fastest.
LRs: 100, 37, 25, 12, 8.
Let me know what do you think about it.
If you confirm using 100 LR then I have some questions, which i will ask in next post.
Regards
Sun
Hard Stop
One question about hard stops:
As I close trade at 3-5 pips loss. Even in a spike market moves 7-9 pips against me. I close instantly didn't wait for reverse. Then such case what is the point of keeping hard stop loss at 20 pips. As now don't trade High volatile pairs, then if I keep hard stop at 10. Then isn't be better & efficient? I will get protection within my risk limit from sudden disconnections.
One question about hard stops:
As I close trade at 3-5 pips loss. Even in a spike market moves 7-9 pips against me. I close instantly didn't wait for reverse. Then such case what is the point of keeping hard stop loss at 20 pips. As now don't trade High volatile pairs, then if I keep hard stop at 10. Then isn't be better & efficient? I will get protection within my risk limit from sudden disconnections.
Forexmospherian
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Hi Sun
Thank you for your stats - going to check through them
Yes you are correct - especially if you dont have a totally dependable internet service I suggest you place your hard stop at 10 pips max and then carry on pulling out at minus 2 or minus 4 - but not let it go over minus 5 or 6 if possible
As you progress you will be able to read and time your entries so good that you will go into profit within 30 secs of entry and any pullbacks on good scalps well still be above your entry
If you enter now and you go down to say minus 4 or 5 immediately and not go to B/E or plus 1 - then it shows your timing is not quite right
Dont worry - its does come - it justs takes time and loads of practice and you will know when you have pulled it off
OK back to you a bit later - have a good day and yes use 100 LR as the next LR addition to existing 4
Regards
F
Thank you for your view on hard stops.
Yes you are right those could be really wrong entry.
Now, i will ask few questions, having some confusion. Some may find it repetitive, but honestly i feel that's the place where i need to improve.
Case 1: This is the last trade which i have taken. After 3rd attempt I made profit. There was some multi lots. Which eventually helped me to reduce my losses. If i holded that trade more 5 pips. I could reach 10+ profit. But i didn't wanted to hold my risked lots longer so closed.
Zooming in same chart:
So far what i have noticed your charts, that your entries are at first level based on faster LR. I mean trend change first shows up on those 2 LRs. Then other LRs get lined up. Just like the picture posted above under such case, i need lots of trial before getting a good trend isn't it?
If I made any mistake please correct me. New addition 100 LR, sometimes market stays below or above it. Say above it, Now my job will be looking for buy trades? Where? When market pullback around 100 LR there? or I shall scalp sell trades towards 100 LR pullback zone? (bit risky if the trend is strong)
I know i asked lots of question. Reply at your pace. No hurry.
Regards
