The Captains Chest - Naked Trading & Other Stuff

[stevelacoste]

Hi Captain could you explain in more detail how you scale in your trades and why

Thanks Steve

[McNish]

explain in more detail how you scale in your trades and why

Hi there,
i believe it is inappropriate to ask this question without having done a good amount of reading & trials first.
As simple as the answer that might follow, it would do well to read the first & last 20 pages of the thread, the given pdf, Kwan's thread on naked trading and one or two weeks of practice before Captain can start giving answers individually.
i hope you understand that what ever you're asking for has been answered numerous times already by different participants of the thread.
i have the same query as yours' but i know the thread deserves more respect than just blunt Q's. i'm in the same boat as yours' and others like us.

Thanks Jem for being bold enough to admit to not following this thread earlier as that has encouraged other FT's to follow suit.

Cheers,

[stevelacoste]

explain in more detail how you scale in your trades and why

Hi there,
i believe it is inappropriate to ask this question without having done a good amount of reading & trials first.
As simple as the answer that might follow, it would do well to read the first & last 20 pages of the thread, the given pdf, Kwan's thread on naked trading and one or two weeks of practice before Captain can start giving answers individually.
i hope you understand that what ever you're asking for has been answered numerous times already by different participants of the thread.
i have the same query as yours' but i know the thread deserves more respect than just blunt Q's. i'm in the same boat as yours' and others like us.

Thanks Jem for being bold enough to admit to not following this thread earlier as that has encouraged other FT's to follow suit.

Cheers,

Hi McNish

I have read this thread and I cant recall a great deal of info on this subject I used to speak to The Captain when he was on the FXAW forum and never felt that it was inappropriate to ask a question if I have missed a page on this subject then could someone please point me in the right direction after all aren't we all still learning.

Thanks Steve

[kwanann]

For a start just go with one trade... Once u are confident then scale in. Look at my img on gu over in 101, the one before where it went 100pips. That should give u a good Iidea on where to scale in

[McNish]

I have read this thread and I cant recall a great deal of info on this subject, ...

In that case, we're not in the same boat. My apologies.

Regards,

[stevelacoste]

For a start just go with one trade... Once u are confident then scale in. Look at my img on gu over in 101, the one before where it went 100pips. That should give u a good Iidea on where to scale in

Hi thanks for your help

Steve

[Captain Jack]

For a start just go with one trade... Once u are confident then scale in. Look at my img on gu over in 101, the one before where it went 100pips. That should give u a good Iidea on where to scale in

Hi thanks for your help

Steve

Hi Steve,

You are asking a non rules based trader to provide you with rules to trade by. I can't do that. When I am confident that I have made the right decision and price is moving in my direction, I will add additional orders. There are many examples in the thread where I have used a scale in script to do so using limit orders. These are usefull during news events where Empty4 tends to lock up and make it difficult to add orders or close orders. Such a script has the ability to add a TP target so that if the market moves far enough, your orders should be filled as price moves and closed when TP is hit. Many times, I trade near the max of my leverage so when a trade is well in profit and has provided equity to the account, I will add orders and make use of this equity, thereby maxing my leverage again. So much so that retraces in price result in margin calls which actually close profitable trades. A novel idea and not for everybody.

I don't try to teach people how to trade their accounts, only how I trade my accounts.

These methods may seem extreme and out there, but it's not much different than having multiple trades on a pair and setting a BE+ stop somewhere in between the orders. Just a radical variation and something I wouldn't recommend to anybody. It's how I trade.

I do recommend adding to a winning trade and as always, no problem with the question.

CJ

[xrismak]

Add Positions 1.png

Thank you John

Steve

Stevelacoste,

This is How we Do it Sometimes..... I would have stuck a lot more as in Positions and Lot Sizes but I am waiting on something otherwise..... you would have seen a lot more Greens here..... I have since closed all the Positions except one, because it's a Weekend (Friday)


Happy Trading Y'all,

xrismak

[Lara]

Nice trade on the GU yesterday early in Lon session. Note how the spread (bottom window) maxed out telling us the fox is in da house . Looks to me as if GU is running out of steam now but I'll wait for Monday to see if that second leg of the "M" on the H4 forms.

I've said it many times before but here's another one - THANK YOU CJ for opening my eyes. I've NEVER liked indicators of any kind and I am now officially cured of ever putting those useless LAGGING pieces of crap on my screen again. I think new traders often fall victim to the lure of indicators and tend to rely on them to signal or "predict" (yeah right ) a pair's next move - after all when someone tries to market a system, notice how the "magic" indicators used in the system almost seem as if they are forecasting price when in fact all they can do is react AFTER price has moved. Indicator-based systems tend to "look" good once the trade is over and the chart is printed - its another story when you are on the lonely hard right edge of the screen (and we've all been there) and then all you have is you and all that counts - PRICE!

Glad to see all the renewed interest in this thread. CJ for president!

L

GBPUSD TRADE 18.07.13.jpg

GBPUSD18.07.13.jpg

[kdh2012]

Add Positions 1.png

Thank you John

Steve

Stevelacoste,

This is How we Do it Sometimes..... I would have stuck a lot more as in Positions and Lot Sizes but I am waiting on something otherwise..... you would have seen a lot more Greens here..... I have since closed all the Positions except one, because it's a Weekend (Friday)


Happy Trading Y'all,

xrismak

This is not going to make me very popular and will likely get me banned. But, it is only fair to all the new traders to bring this up. And I really hope that I am not stupidly wrong here.

Xrismak, wasn't that first sell placed several weeks ago? and didn't it go against you well over 400 pips (432)? I bet some of the other sells were place weeks ago and went well against you as well. You wait till now to show it was a winning trade. That made a potential stop around 10 times larger than the targets.

That doesn't sound like following the fox. Sounds more like "don't take a stop and hope the market finally turns back your way". That's fine for you to do that (I've done it too). I'm not wanting to pick on you, personally. I sure don't trade any better. But, I don't think that it should be characterized as a fox trade.

For all of us watching. We need to know if people are really learning how to trade this and proving that this sort of fox trading works for regular folk (not just cj). Throwing in random wins is confusing and misleading.

I will apologize up front for offending anyone (and especially if I am wrong ). I just think this needed to be brought up.