The Captains Chest - Naked Trading & Other Stuff

[kwanann]

Thanks Banteka. I was at 1.33953 in, way too early again. Now just hoping it will indeed go down.

Lilac: One thing i've learn in this business, when it all boils down to hope, i close my trades. e.g My basket of trades yesterday was in profit, went into severe DD. but i didnt close them because i'm confident they will go in the direction that i predicted. Of course i TP again too early but that's me.

A big problem lay in the broker time

Wapen: If this is a concern, then change to a TF that is not dependent on the broker time, e.g H1, M30, M15, or else change to another broker


This is just CJ's method of trading, how you adapt it to your style is entirely your decision. As long as it works for you, it works. If it doesnt work, review and see where it went wrong and work on it.

I used to use the pivots, 240MA and what not, switched to showing the trading sessions, ADR low high etc. Those didnt work for me and i ended up getting irritated because at one time or another they will end up blocking the actual PA that is happening. Now i typically trade by drawing some lines based on PA and at most the ADR marker to for TP zones, reason being the trading sessions timing have already been hardcoded in my brain

Play around, find one that suits you and then stick to that winning formula

All the best and may the pips be with you (especially during FOMC later on!)

[pips400]

I take long trade CADJPY early yesterday because that RRT on 1H time frame after that price goes down and hit SL.
Can you please tell me what i missed here and got into wrong direction?

Hi Fahedksa, this is a good learning case, and I know Mike and Kwannan have already answered so won't repeat what they have already shared. My comment is about momentum/accummulation. At the time the trade was put on we were into a down momentum move (or a level) where the fox is reaping profits for previous accumulation. When in these moves/levels, in general it takes time for the market to reverse. Like a ship changing direction. So after a move like this/level the next thing we are expecting is more accummulation not a straight away reversal. Of course this is not a rule, there are no rules, except what the fox decides.

[kwanann]

http://www.forexfactory.com/showthread.php?p=6029523

[lilac]

Thanks kwanann and Mike for all your valuable thoughts.

kwanann, it's a good advice not to hold bad trades, I usually don't, but in this case my short was not so far away from the new High, and price was already retracing my way, so I saw more probabilities of making profit or getting out with a smaller loss if holding it. I am already out with a few pips
Anyway my trades are always small and few, have a SL level, hard or in my mind, and plenty of free margin, my biggest DD ever was 9%, but I believe it could be reduced to none if I could improve my win-loss ratio.

I've been watching the videos posted by Jem, worth looking at, very good explanations of cycles, pushes, manipulation etc.

Thank you guys

[pips400]

my biggest DD ever was 9%, but I believe it could be reduced to none if I could improve my win-loss ratio.

Hi Lilac, every trader will treat DD differently, but I have found personally that to be free to trade without fear, requires that I factor in some DD as part of normal trading. DD can provide that useful breathing space for a trade. Just a thought. The tendency otherwise can be counterproductive, and we're trying too hard for that perfect setup and missing a lot of good trades. For me its about trading the edge over a number of trades, rather than every single one having to go green immediately.

[kwanann]

http://www.forexfactory.com/showthread.php?p=6029523

Thank you very much, kwanann..

Welcome you can go google !sm for the suite of steve mauro's indicators if you want

BTW, you not updating the fxbook link anymore?

Anyway my trades are always small and few, have a SL level, hard or in my mind, and plenty of free margin, my biggest DD ever was 9%, but I believe it could be reduced to none if I could improve my win-loss ratio.

requires that I factor in some DD as part of normal trading

DD does take some getting used to, but like what pips400 mention, its the ability to trade without fear thats what makes a difference. the fox can bring price away from you to get more volume, spike it 100pips just to weaken you. but as long as you stand firm, you will still be able to travel along with the fox

of course this DOESNT mean you should go ahead and get yourself into negative 300pips DD

That said, i've somewhat of a confidence booster. Take a high probability trade, or 2. then when you are in the green, make another trade. i.e buffer your trades against your in profit trades, then when its in the green, go find another one, TP one of the existing trades if you want.

I find this quite a morale booster (whole screen of green pips) and also helps to develop the patience to not overtrade and wait for a nice trade before entry

[banteka]

BTW, you not updating the fxbook link anymore?

The reason is I'm trading in a REAL account since past week. I have left opened three trades in the demo one waiting for a BE exit.
And...yes...It is very different to trade in demo than in real. Or maybe I have choosen a very bad month to start in real.. I don't know but it is being extremely difficult to take good trades. The only pattern that seems to work is the Asian Session Widens - Franky Test and Turn: if a RRT appears, I take the trade in the direction of the second candle. Thats all. EUR/USD showed yesterday this pattern but I didn't take that train. I was waiting for the 'M' pattern but it didn't appear. That was my mistake. mjws00 has recently spoke very well about this.

[fahedksa]

Mike and kwanann thank you for your reply its very useful.
Can i ask about GBPCAD its looks like keep going up and today passed yearly high?Its looks like more than 3 days rise

[pips400]

And...yes...It is very different to trade in demo than in real. Or maybe I have choosen a very bad month to start in real....

I know the feeling banteka. This is my first week live and so far I'm down. Last week 65% on demo - is there a difference? You bet there is. Strange thing is, this morning I opened both Demo and Live trades, Demo up 4%, Live down 1% The truth is trading live comes with fear. It's one thing to know how to trade, it's another to actually do it

Edit: I should mention, all trades still open, so DD is at 1%, as I have reasons for being in the trade.

[banteka]

My fear is that the SL be hit. In the demo account I do not set the SL. In real I do. In demo I don't mind to leave open a trade in DD waiting for BE. In real I do. In demo I don't mind to open 1 lot per trade. In real I do..

No. Real is another world. Another universe. Another dimension.