Well, he'll go a long way in a long time, trading like that. Stand aside until when?
Well, he'll go a long way in a long time, trading like that. Stand aside until when?
This is all a measure of each one's personality but I consider myself to be a laggard in comparison with a lot of the traders around here. One trade every two months? That's ok, if that is what being patient is all about, but I cannot see what advice he needs if he considers that coming down a few timeframes is crap advice!
Until the market conditions are conducive to trading that strategy. In the meantime he should be investigating strategies that are suitable for the current market conditions.
Among the several strategies I trade (I only use two main ones) I have a strategy that gives perhaps on average 2 signals per year. It gives a very high win rate and a very high reward to risk ratio. But just because it gives only two trades a year it doesn't mean I should abandon it as has been said on this thread or that it is wrong. Rather it is just one tool that I can use.
Of course not, but you know that those are giving you a good win rate. How did you come to that conclusion and how long did it take? Only a good success rate would give you that confidence. If you had taken a couple of losses over a year then, perhaps, you might have another point of view, because of the time needed to find out.
I think that traders should trade more frequently, but that is because I do and I know what is happening to my technique over a shorter time.
One chap was asking, the other day, how to trade with 720 pounds. I think his ambition was to get rich quick. It was pointed out to him that, by trading 1 per point, it was going to take him a very long time. Well, I started like that and it builds up. I wonder if a larger amount, but only traded once every two months, would have had the same results?
I think that traders should trade more frequently, but that is because I do and I know what is happening to my technique over a shorter time.
One chap was asking, the other day, how to trade with 720 pounds. I think his ambition was to get rich quick. It was pointed out to him that, by trading 1 per point, it was going to take him a very long time. Well, I started like that and it builds up. I wonder if a larger amount, but only traded once every two months, would have had the same results?
Going back to the start of the story, I don't understand how you only got one trade signal in two months on this market, and how it lost for you. Would it help if we could see what you did, why and when?
RockyRacoon
Active member
- Messages
- 139
- Likes
- 16
Took the words right out of my mouth, how about it Chartsy?
ok, not two months, i was wrong on that :/
i went long EURUSD on the 10th of august and have had a live account since 25th july.
i should also add that i HAVE been demoing this, and made 30% from june 21-now.
the reason i entered was on demo i was already in the trend so i wanted to try and get in it as well, unfortunately i was too late and the trend appears to have changed.
i went long EURUSD on the 10th of august and have had a live account since 25th july.
i should also add that i HAVE been demoing this, and made 30% from june 21-now.
the reason i entered was on demo i was already in the trend so i wanted to try and get in it as well, unfortunately i was too late and the trend appears to have changed.
Attachments
RockyRacoon
Active member
- Messages
- 139
- Likes
- 16
I remember when I was trying swing trading - still do on occasion but no success in that department keeps my trading time frame comparatively very short.
A few suggestions.......I see you are trading off the 4 hour chart, but first, start out with the bigger picture and look for areas of S/R on the monthly, weekly and daily. A monthly pivot or S/R is always expected to be stronger than an hourly for example.
When I look at the 4 hr chart, I see the major trend is down and the highest probability trade is short for swing trading. (remember, I have no success with swing trading)
Now, you can either hop in short with a smaller than normal position and add to your position if we pull back up to the recent high area, with your stop somewhere above the recent high and look to scale out or exit around the 1.246 area. - - - OR you can wait to enter short at or near the recent high and still plan to scale out or exit around the 1.246 area.
Only my opinion mind you but I wish I was watching when we hit that high.
A few suggestions.......I see you are trading off the 4 hour chart, but first, start out with the bigger picture and look for areas of S/R on the monthly, weekly and daily. A monthly pivot or S/R is always expected to be stronger than an hourly for example.
When I look at the 4 hr chart, I see the major trend is down and the highest probability trade is short for swing trading. (remember, I have no success with swing trading)
Now, you can either hop in short with a smaller than normal position and add to your position if we pull back up to the recent high area, with your stop somewhere above the recent high and look to scale out or exit around the 1.246 area. - - - OR you can wait to enter short at or near the recent high and still plan to scale out or exit around the 1.246 area.
Only my opinion mind you but I wish I was watching when we hit that high.
Attachments
Well as you are trading off the daily chart you should have traded with the trend on the higher time frame i.e. the weekly chart. According to my definition of a trend the weekly trend never turned up although it was close to doing so. So my trend trading system would only have allowed me to take short positions until the weekly trend changed.
In fact there were a number of warning signs that should have told you not to take a long position when you did.
Edit: Just seen RockyRacoon's post. If you are trading off the 4 hour chart then that changes things a little but most of my comments still stand.
i trade the H4 timeframe, i looked at the daily, the long term trend was down, but the H4 uptrend was a pullback in this trend, so i continued to go long, now i expect the downtrend to continue and am waiting for a rally to sell into
Waterfield
Well-known member
- Messages
- 251
- Likes
- 75
u r 16, dis is illegal
barjon
Legendary member
- Messages
- 10,752
- Likes
- 1,863
chartsy
a couple of options, maybe.
1. The instrument stable
Get to know one or two instruments very well and establish a range of set-ups that seem to suit their characteristics.
2. The set-up stable
Establish one or two set-ups that you like and know well, then look across a range of instruments to find those where the favoured set-up is there to trade.
Either option would probably give you a few more trades and/or you could use your spare time to weed out the donkeys from your stable(s) and replace them with thoroughbreds.
jon
a couple of options, maybe.
1. The instrument stable
Get to know one or two instruments very well and establish a range of set-ups that seem to suit their characteristics.
2. The set-up stable
Establish one or two set-ups that you like and know well, then look across a range of instruments to find those where the favoured set-up is there to trade.
Either option would probably give you a few more trades and/or you could use your spare time to weed out the donkeys from your stable(s) and replace them with thoroughbreds.
jon
the only 2 pairs i trade are GBPUSD and EURUSD, which are sort of the same, cable being more volatile though.
i'm undercapitilised really, so i'm just going to save up to afford more variety, though eurusd is my favourite market anyway
thanks jon, the ony setup i trade is : trend and pullback, i hate hate hate ranging markets, so maybe some counter trend trading setup
i'm undercapitilised really, so i'm just going to save up to afford more variety, though eurusd is my favourite market anyway
thanks jon, the ony setup i trade is : trend and pullback, i hate hate hate ranging markets, so maybe some counter trend trading setup
Hi Chartsy,
Sorry to be so hard on you with my posts. I am a trend follower, too, and use the pullback approach for entering. I am enclosing a 4hour chart for the same instrument. It covers the time that you entered. If I may say so, you entered before the pullback completed. In fact, it went on down and the high of that proved to be a lower high--the sign of a change of trend.
The 4H, being on a lower TF, would have been just as easy to use and less expensive. You would have seen the pattern not completing as a pullback .
You can go on using smaller timeframes. The patterns are all there, but the 30M, 1H, 2H, 4H show a picture over a whole month so, in that respect they are as good as daily bars with the advantage of being able to see a trade going bad sooner and with a lower risk.
How you go about this is your affair and we all different. I thought that I would put the chart on.
Good luck
Sorry to be so hard on you with my posts. I am a trend follower, too, and use the pullback approach for entering. I am enclosing a 4hour chart for the same instrument. It covers the time that you entered. If I may say so, you entered before the pullback completed. In fact, it went on down and the high of that proved to be a lower high--the sign of a change of trend.
The 4H, being on a lower TF, would have been just as easy to use and less expensive. You would have seen the pattern not completing as a pullback .
You can go on using smaller timeframes. The patterns are all there, but the 30M, 1H, 2H, 4H show a picture over a whole month so, in that respect they are as good as daily bars with the advantage of being able to see a trade going bad sooner and with a lower risk.
How you go about this is your affair and we all different. I thought that I would put the chart on.
Good luck
Attachments
kimo'sabby
Experienced member
- Messages
- 1,622
- Likes
- 287
It's all f*cked up mate. You've got people on here quoting professional scalpers and applying what they say to position trading.
If you thought that trading was a riddle, t2w will blow your f*cking mind mate.
Get on board.;
We aren't all scalpers! Good threads for trendfollowers are in plenty. Two well-known ones are Mr Charts, who follows US stocks- principle is the same, though and BSD, who has a very light-hearted approach, including girls and football photos.
