The Captains Chest - Naked Trading & Other Stuff

[romajc]

Hello everyone.... read the first 150 pages so far and decided I would post!

Thanks to CJ for such an awesome new view on the markets.

I am still lost looking at the charts but hopefully with much more chart time I can get a better grasp of the naked charts. I love not having to look at indicators.

[intcust]

Well e j got me bad

incust

[blazej]

Hello Everybody,

I've got few questions to experienced users of the forum about naked trading. Would be grateful for comments, which can help me to be succesfull in naked trading. Due to my illness i have two months of being out of work, which give me time to practice naked trading. On Tuesday I started live account and until yesterday I've blown almost 3% of it. Most probably due to emotions and too tight stops. I've set mental stops to 6 pips and put on few trades, of which the direction was good, but I was stopped out, the put the order back and stopped out again. I've tried to loss small, but after few trades I was really angry about the outcome. So i have a question to all of You who play on m15. Do You set stops like CJ, around 15 pips? I guess that i had too tight stops, but today, I switched to demo once again and made 100 pips on 30 pip move from 115.388 pin bar to the next pinbar 114.980 with my tight stops, proper stacking (4 orders) and moving my stops. I've made enough money to cover my losses but unfortunately on demo account. So i guess it comes to timing. Do you think that i should have practice my timing on demo or just wide my stops? If I had the wider stops my trades from yesterday would be succesfull ones. But here comes the next question. If I widen my stops I should also decrease my lot size to have the same level of risk per trade. How much do You risk per trade? My risk level was around 0.5% of my account and that was good, because if not my account would be smaller right now But I would like to know how do You do this. And one more question. How do You select the trades? I know the patterns, know the pin bars etc. but when it comes to choosing the ones with the highest probability do You look for them on daily on 4h at levels which price visited, channels, trading from peak high to peak low on m15? I have selected the ones that reached the adr, then filtered it by my pattern recognition but it didn't gave me satisfying results. I think that I have one more problem with my psychology. I want to trade for a living in the future, cause here in poland mine's and my wife's salary combined are enough only for paying the bills and buying food. It's the worst time as I remember. I suppose that I want to trade for a living so much, that I make stupid mistakes and loss my confidence which i have while playing on demo. I've already blown 3% of my account half year ago, when i decided to play live.

I've would be thankful for every input which can help me to be better in trading. Thank all the contibutors of this topic for showing something so simple but so unusual. Thank You CJ, xrismak, kwannan, intcust and all of You who posted valuable things on the forum. Sorry for the story of my life, but I know that You know how it works, and that trading is not easy at the beggining. I hope that your answers help me.

Greetings from Poland.

[blazej]

Hello,

me once again. Possible trade for today or the next week. It may form M or cut through and go even higher. I suppose. Canadian dollars news today so we may observe a manipulation.

[blazej]

Hello,

EURCAD right now at its top.

[botrak]

Hi folks. Correct me if my analysis is wrong.

[PoolHallJunky]

Hi guys,

Been following this thread and nurturing my trades for a while now, I wanted to post my recent trade on EURUSD to make sure I am on the right path and not just getting lucky. What prompted me to make this trade this morning was the rapid price acceleration to the 1.375 area. It looked to me like the big players are trying to unload something big here. The almost M formation was also an indicator to me.

Thoughts?

001.jpg

[intcust]

Hello Everybody,

I've got few questions to experienced users of the forum about naked trading. Would be grateful for comments, which can help me to be succesfull in naked trading. Due to my illness i have two months of being out of work, which give me time to practice naked trading. On Tuesday I started live account and until yesterday I've blown almost 3% of it. Most probably due to emotions and too tight stops. I've set mental stops to 6 pips and put on few trades, of which the direction was good, but I was stopped out, the put the order back and stopped out again. I've tried to loss small, but after few trades I was really angry about the outcome. So i have a question to all of You who play on m15. Do You set stops like CJ, around 15 pips? I guess that i had too tight stops, but today, I switched to demo once again and made 100 pips on 30 pip move from 115.388 pin bar to the next pinbar 114.980 with my tight stops, proper stacking (4 orders) and moving my stops. I've made enough money to cover my losses but unfortunately on demo account. So i guess it comes to timing. Do you think that i should have practice my timing on demo or just wide my stops? If I had the wider stops my trades from yesterday would be succesfull ones. But here comes the next question. If I widen my stops I should also decrease my lot size to have the same level of risk per trade. How much do You risk per trade? My risk level was around 0.5% of my account and that was good, because if not my account would be smaller right now But I would like to know how do You do this. And one more question. How do You select the trades? I know the patterns, know the pin bars etc. but when it comes to choosing the ones with the highest probability do You look for them on daily on 4h at levels which price visited, channels, trading from peak high to peak low on m15? I have selected the ones that reached the adr, then filtered it by my pattern recognition but it didn't gave me satisfying results. I think that I have one more problem with my psychology. I want to trade for a living in the future, cause here in poland mine's and my wife's salary combined are enough only for paying the bills and buying food. It's the worst time as I remember. I suppose that I want to trade for a living so much, that I make stupid mistakes and loss my confidence which i have while playing on demo. I've already blown 3% of my account half year ago, when i decided to play live.

I've would be thankful for every input which can help me to be better in trading. Thank all the contibutors of this topic for showing something so simple but so unusual. Thank You CJ, xrismak, kwannan, intcust and all of You who posted valuable things on the forum. Sorry for the story of my life, but I know that You know how it works, and that trading is not easy at the beggining. I hope that your answers help me.

Greetings from Poland.

First if 3% is a lot for you to lose lower lot size. Second everything is money management and most important is risk to reward. You need at least 2 reward for each risk min. So if you only have only allow a six pip stop you need to target at least 12 pips. Well that is not really big enough to use the stacking method. So your stop is very tight for stacking. More import is that your stop in my opinion is not a set amount of pips but a place on the chart based on the chart set up and time frame. Usually somewhere the fox won't go or has been and likely not going to return to before your trade is over. If might be five pips it might be 100 pips depending on time frame and chart. See 400 pips dragon liar for more details on were to place stops. That is my thoughts but I am always wrong.

intcust

[blazej]

Hello Intcust,

thank You for answer. When it comes to stacking I try to stack orders like CJ, every five, six pips in profit and then i put the next order. If the price comes back in my direction the pips I earned balance the ones I lost. When I reach the amount I am willing to risk I just close my trade. But I understand your point, for which I am grateful. I guess that you choose trades based on pattern recognition? So I need more chart time.

Greetings.

[intcust]

blazej,

You need to ask CJ were he places his stacks I try to let the push happen then when it retraces but on the next trade to double up on the next push. So on for all three pushes or more. Then once chop starts get out and wait for the next push to start for next level. I think you are trying to make it too mechanical and that is hard to make work. Some trades might have chart set up for 50 pips other if barf is there might be a few hundred pips. So again the charts dictate the placement of the stack and stop movements in my opinion. But what do I know I am always wrong.

intcust