Bloodhound
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I've pm'd you!
Trading Naked - Part 2
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I've pm'd you!
HawkTrader
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Thank you mate. 👍
EURUSD on it's way down now! Would you TP at 1x risk or simply trail behind?
Bloodhound
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Just over 1xR on half and trail the second half. TBH I am finding that I am using quite a lot of discretion when it comes to how I play the second half depending on what price is doing, speed of movement / retracements etc. Not sure if this is a good thing or not. From a 'rules' point of view my aim is to always have a plan and / or logical reason for each thing I do and then to stick to it. Providing I can achieve this is my trades then I am happy to stick with a reasonably discretionary approach to trade management.
Take EURUSD at the moment. Price broke down but has come back up quite quickly to test the break level. What should one do next? I can think of a number of options I have read about that are open including grinning and bearing it with stop at original level and only moving stop down when / if price prints a new LrH, trailing to just above break level, moving stop down by approx. 35% (fib trail) to limit potential losses, wait for price to print an M15 HrL (if it does) and close for a loss, closing at b/e and moving onto the next trade etc., etc. etc.
Bloodhound
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If I were in this trade then my stop would now be above this consolidation.....
HawkTrader
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Just watching this longer term possibility on the EUR/USD. The weekly trend is up, and this is the pullback, strangely I saw it before and thought I've missed it, but there have been 3 small candles with medium sized wicks, perhaps the calm before the storm? From the first of the 3 small candles, it looks slightly like a small "hammer" - price rejected from the down move and pushed up, but price didn't move any higher the week after. Just in a short term range, perhaps the euro is waiting for GBP interest rates out today at 12pm?
There are two possible scenario's and entries I can see, both on the daily. Perhaps price will move higher towards the daily resistance at 1.4450, pullback slightly creating the beginnings of a 1-2-3 and then break the 450 area with a SL under the number 2 low? I've drawn the possible SL under the weekly low on the chart, but that could be trailed very fast.
Then again, there is resistance overhead at 1.4600, so if an entry comes in just above 1.4450 and the previous swing low is too wide, the R:R might not be worth it. Perhaps waiting for a retracement off 600 and then entering with a tight stop loss would be better? Then again, if it hit's 600 once again and fails to make a new high, that could be the beginning of a new 1-2-3 downwards.
There are two possible scenario's and entries I can see, both on the daily. Perhaps price will move higher towards the daily resistance at 1.4450, pullback slightly creating the beginnings of a 1-2-3 and then break the 450 area with a SL under the number 2 low? I've drawn the possible SL under the weekly low on the chart, but that could be trailed very fast.
Then again, there is resistance overhead at 1.4600, so if an entry comes in just above 1.4450 and the previous swing low is too wide, the R:R might not be worth it. Perhaps waiting for a retracement off 600 and then entering with a tight stop loss would be better? Then again, if it hit's 600 once again and fails to make a new high, that could be the beginning of a new 1-2-3 downwards.
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Vaco
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Having a rough morning so have been doing some reading and came across these two statements which i feel are worth sharing.
' losing traders are always looking to get out of a winning trade, whilst winners are looking to add to it.
losing traders are always looking to hold onto a loser so it can come good where as winners cant get out of it fast enough.
this is the perennial problem of getting the r:r right, it might be good r:r on paper and the system but achiving it is different.
when in a trade a trader should stay in it until the profit target is achived or until the trader has a signal to trade in the opposit direction.
good thread bsd
cheers
bd.
Eventually the currency markets will take off and we should profit as we have in the past. That's one of the reasons there is so much latent profit potential in proper trading of markets. The vast majority of market watchers/traders get sick and tired of getting hammered (experiencing more losses) and stop trading. The market, now clear of side currents – starts trending again. (By then, that majority has found a new “shouldn't lose” system and they repeat the process.)
Hope you are all well 🙂
' losing traders are always looking to get out of a winning trade, whilst winners are looking to add to it.
losing traders are always looking to hold onto a loser so it can come good where as winners cant get out of it fast enough.
this is the perennial problem of getting the r:r right, it might be good r:r on paper and the system but achiving it is different.
when in a trade a trader should stay in it until the profit target is achived or until the trader has a signal to trade in the opposit direction.
good thread bsd
cheers
bd.
Eventually the currency markets will take off and we should profit as we have in the past. That's one of the reasons there is so much latent profit potential in proper trading of markets. The vast majority of market watchers/traders get sick and tired of getting hammered (experiencing more losses) and stop trading. The market, now clear of side currents – starts trending again. (By then, that majority has found a new “shouldn't lose” system and they repeat the process.)
Hope you are all well 🙂
HawkTrader
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Hi everyone,
I see this thread has gone pretty quiet and I want to get it back up again! I think a lot of people came to see the wise words of BeachTrader, but now that he has gone silent too, most people are not coming back! Where are you mate?!
Anyway, to get this thread back on track I just wanted to show this simple trade I made a few days ago that I am still holding now. Since I've gone full-time I haven't actually been trading full size since I guess the phycological side of it has stopped me on my tracks, like a cat that notices the headlights of a car while standing in the middle of the road. :innocent: I've been experimenting with higher TFs since I find the fast paced intraday trading quite stressful now the money is more important. I've been trying simple stop and reverse on the H4, and it works great at the moment! I think it was Elefteros that mentioned something earlier in thread, that if you are happier, and don't build your life around the marklets your trading will improve. Trading from the H4 lets me check for trades from 8am, every 4 hours until the evening, letting me compose music and workout in the meantime!
Anyway, sorry for that ramble there. Below is the chart, I have marked actual entry at 1.0315 since Ig Index opens a new position on every rollover. My original stop was 68 points away and so far I'm gaining 4x R.
All I did was watch the daily S/R, confirmed it with a higher high on the H4 and just continued to trail behind each swing.
Simple is best! 🙂
I see this thread has gone pretty quiet and I want to get it back up again! I think a lot of people came to see the wise words of BeachTrader, but now that he has gone silent too, most people are not coming back! Where are you mate?!
Anyway, to get this thread back on track I just wanted to show this simple trade I made a few days ago that I am still holding now. Since I've gone full-time I haven't actually been trading full size since I guess the phycological side of it has stopped me on my tracks, like a cat that notices the headlights of a car while standing in the middle of the road. :innocent: I've been experimenting with higher TFs since I find the fast paced intraday trading quite stressful now the money is more important. I've been trying simple stop and reverse on the H4, and it works great at the moment! I think it was Elefteros that mentioned something earlier in thread, that if you are happier, and don't build your life around the marklets your trading will improve. Trading from the H4 lets me check for trades from 8am, every 4 hours until the evening, letting me compose music and workout in the meantime!
Anyway, sorry for that ramble there. Below is the chart, I have marked actual entry at 1.0315 since Ig Index opens a new position on every rollover. My original stop was 68 points away and so far I'm gaining 4x R.
All I did was watch the daily S/R, confirmed it with a higher high on the H4 and just continued to trail behind each swing.
Simple is best! 🙂
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HawkTrader
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Thanks Bedsit,
Sure, I'll try to describe it. I don't want to give any "advice" though because I'm still a newb, and am constantly learning. Basically I marked most obvious weekly and daily S/R, and waited for price to react around them. I wouldn't enter a 1-2-3 reversal if it wasn't at one of these levels I have pre-drawn. Unless, it was a really good looking one, with a nice swing to it. So I saw that price on the daily had come into a previous S/R pivot, and looked as if it might be turning around -- see the first chart. The zone goes way past what we can see here. I took the screenshot as soon as I had entered the trade.
Then I zoomed down to the H4 and saw a nice swing where I could put a fairly tight stop, and put a buy stop just above the previous high around 315. Also, the buy order happened to be above the previous daily high too...
Anyway, then I just trailed the SL every time it hit a certain level I had drawn where price had a possibility of reversing, or made a new swing high (learnt this from BeachTrader! 😀). See the third chart for when I moved to B/E.
Now I've put a limit order to close at 578 because I hate holding over the weekend.
Keep in mind though, these were tiny stakes used as I'm trying to get used to this swing trading business, I quite like it so far.
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Bloodhound
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Hi Owain,
I am still around but have been furthering my own education elsewhere - some of you will know where and will probably be chuckling at the hash I've been making of things!!
I'll be completely honest and say that I vowed never to return to this site following a completely unsolicited and potentially libellous attack that a member of T2W (member not staff I hasten to add) made via email to a friend of mine at the end of last year. Let me make it clear that this had nothing to do with T2W at all but it made me realise that, whilst there are those of us who take trading seriously and are committed, not just to our own success, but also to the success of others, there are some very sad and misguided individuals, of which T2W is not isolated in hosting, who either have no interest in trading, are just out to cause havoc and destabilse the more serious amongst us or are downright charlatans. I am too new to this business to have to, or want to have to deal with those sorts of people.
Anyway, rant over, suffice to say that I would very much like to continue this thread but not in its current guise. I have been told that it is possible to have a 'private thread' on T2W and, if there were enough takers then perhaps that might be a way forward. My one concern is that I am not in a position to give advice or help so I question how useful a thread would be? Ultimately we are here to learn but have no teacher - so is there any merit unless there are other more discreet members of the T2W community who would be willing to offer their help?
Just some thoughts
Rob
Vaco
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Beachtrader,
I'm sorry to hear that you have had a bad experience and should you wish to feel free to pass on the email to admin for further investigation.
I'm also sorry to hear that the trading is not going to plan especially as you have taken the leap and gone full time.
The 1st thread had run its course and shown the setups as you saw them.
The second was always going to be hard to keep going as it was a case of posting up the same set ups day in and day out.
I'm not sure how many are still trading your style but the atmosphere in the thread was always a good one so whether you all decide to carry on or go private i'll pop in when I can to say hello.
I'm sorry to hear that you have had a bad experience and should you wish to feel free to pass on the email to admin for further investigation.
I'm also sorry to hear that the trading is not going to plan especially as you have taken the leap and gone full time.
The 1st thread had run its course and shown the setups as you saw them.
The second was always going to be hard to keep going as it was a case of posting up the same set ups day in and day out.
I'm not sure how many are still trading your style but the atmosphere in the thread was always a good one so whether you all decide to carry on or go private i'll pop in when I can to say hello.
Yes please
Hi Rob
Good to see you back on the thread, I had been wondering where you were 🙂
I for one would reallly like to see a "Trading Naked" thread, private or not. Unfortunately I am not a teacher but even without one, I think such a thread would be a great place for naked traders to exchange ideas. Personally, I trade H1 and H4 rather than M5 and M15 so as long as you don't mind input from higher TFs, count me in!
Let us know how you get on with a new thread, I'm sure there are enough of us out there to make up a positive and like-minded group.
Have a great weekend and happy trading for next week.
Julie
Hi Rob
Good to see you back on the thread, I had been wondering where you were 🙂
I for one would reallly like to see a "Trading Naked" thread, private or not. Unfortunately I am not a teacher but even without one, I think such a thread would be a great place for naked traders to exchange ideas. Personally, I trade H1 and H4 rather than M5 and M15 so as long as you don't mind input from higher TFs, count me in!
Let us know how you get on with a new thread, I'm sure there are enough of us out there to make up a positive and like-minded group.
Have a great weekend and happy trading for next week.
Julie
Bloodhound
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Hello there,
Well I've had a couple of emails and phone calls on the subject of keeping this thread going and I would like to if others are interested? I would propose, however, that we move to a private forum on T2W - this would sit better with me. From my researches I believe we would need 10 members to kick this off. So who is up for it?
So far we have:
Me
Vaco
Jel31
7 more required. In broad terms I'd like to keep this focused on price action based trading. Any market and timeframe would be fine with me (I am hoping to have a look at US stocks later in the year).
If you're interested please post here and I'll go about asking if we can have one set up.
All the best
Rob
Well I've had a couple of emails and phone calls on the subject of keeping this thread going and I would like to if others are interested? I would propose, however, that we move to a private forum on T2W - this would sit better with me. From my researches I believe we would need 10 members to kick this off. So who is up for it?
So far we have:
Me
Vaco
Jel31
7 more required. In broad terms I'd like to keep this focused on price action based trading. Any market and timeframe would be fine with me (I am hoping to have a look at US stocks later in the year).
If you're interested please post here and I'll go about asking if we can have one set up.
All the best
Rob
HawkTrader
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Hi Rob 'n' the gang,
I'm in if you'll all allow me! 😀 I can't bring any advice to the table, but I am capable of discussion ideas and what few experiences I have had.
By the way, I'm sorry to hear what happened to you Rob, but it would be a shame if this thread died because this is the only thing that really keeps me coming back to T2W. I've learnt a lot from your two threads, more than anywhere else I reckon. Vaco mentioned that it was always going to be hard to keep going as it was a case of posting up the same set ups day in and day out. Well I disagree, since we are talking about naked trading, not one trade IMO.
Keep it up!
Owain
I'm in if you'll all allow me! 😀 I can't bring any advice to the table, but I am capable of discussion ideas and what few experiences I have had.
By the way, I'm sorry to hear what happened to you Rob, but it would be a shame if this thread died because this is the only thing that really keeps me coming back to T2W. I've learnt a lot from your two threads, more than anywhere else I reckon. Vaco mentioned that it was always going to be hard to keep going as it was a case of posting up the same set ups day in and day out. Well I disagree, since we are talking about naked trading, not one trade IMO.
Keep it up!
Owain
timsk
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Hi Beachtrader,
As an alternative to going down the private route, you might like to consider starting a thread in the Trading Journals forum. The merits of this are that you have some powers of moderation in that you can control who can - and who can't - post to the thread. However, it remains a 'public' thread that any member may view, learn from and enjoy. This is explained in more detail in the Essentials Of 'Trading Journals' Sticky in the section called 'Forum Tools' about half way down.
Tim.
As an alternative to going down the private route, you might like to consider starting a thread in the Trading Journals forum. The merits of this are that you have some powers of moderation in that you can control who can - and who can't - post to the thread. However, it remains a 'public' thread that any member may view, learn from and enjoy. This is explained in more detail in the Essentials Of 'Trading Journals' Sticky in the section called 'Forum Tools' about half way down.
Tim.
Hi Rob,
Sorry to hear about your recent bad experience.
I would be more than thankful to see more ideas about naked trading from you as I have really learned a lot from your previous threads and your private blog.
I have being trading for quite a few months now and still trade G/J as usual 5 minutes. But apologies if I won't be that useful in bringing up new ideas/conversation etc as I am very new to trading itself and still not trading full-time. I will try to be regular so please count me in.🙂
