Rewind Back 15 Years

monet said:
As you well know, it's not a single trade, but the results of a series of trades that matter.

If you can steadily increase your account balance with minimal drawdowns, and continue to do so with meaningful amounts of money at risk, only then will it be clear that you can trade.
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what you want is consistency and once I get into the habit, that will come.

also I want to scalp but till now I have not been using a stop.....that is something I want to incorporate.
that should at least stop accounts from blowing in one trade....

if you do not have a strategy or understanding of the market, a stop will not save you from bankruptcy but only delay it.
I wanted to know fast whether my strategy was good or not and so I thought why not avoid the stop.
next week ...I plan to scalp using a tight stop.

hope your comments will continue to be forth coming and I thank you in advance.
my thinking sometimes was controversial but that road was leading over a cliff so I have decided to go on another one.
join me on that one till then take care trade smart
 
padutrader said:
that was a very insightful comment and thanks for it.

do not forget I am a scalper at heart and I see these 'reversals' and trade them.

if I am in a with trend trade,i see these 'reversals' and they are a big problem because I close my trade and reverse.

the market keeps trying to reverse the trend and these 'reversals' keep occurring with intention of trapping the unwary and make the trend traders exit.

this has happened to me 100s of times

it happened today in the euro long: i closed for 6 pips it went another 10 pips
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At times, distinction between reversal and counter trend trade could be very indistinguishable.

However, for this case, distinction is very clear; it is not reversal.
 
maxinger said:
However, for this case, distinction is very clear; it is not reversal.
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don't I wish....

I have no clue...all I knew or saw was a slow down in momentum.

that i do not or cannot know or distinguish, has made me a scalper.

I am a good reader of charts, among the best but I did not ever think of risk management.

i thought if i read charts perfectly i do not need it.That was a expensive mistake.

i now plan to accept the occasional triggering of stop as a necessary evil and put up with it
 
for twenty years I have read everything I could get my hands on read about all the theories like Elliot Fib Demark and a few lesser known ones.

I lost money.

For the last 6 months I cleaned my charts and my mind and to know the market I lived with her, meaning I traded and traded and traded.

I now have become good at chart reading but I have also understood that no matter how good a chart reader you are, you need, at the very least, basic money management.

Stop placement. thinking about it I have decided to use a slightly wide stop upon entry and as soon as the entry bar closes if it has moved in my direction then I will move the stop to a tight one.BPA practitioners may recognize this as initial risk and actual risk, but I am not expert in BPA.

I have always understood that it is not possible to buy the low or sell the high, so using a wide stop, helps give the market a little room to move against you.

Finally I trade by reading the charts. I do not have strategy in the conventional sense but understand basics of market movement.

One such thing is that moves, out of ranges, tend to return into them: this is more powerful than it sounds and is also very dangerous to actually trade it, which I do, but I have considerable expertise in doing it.

standard disclaimer….not necessary but :this is my experience and is not advice
 
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long eurusd...
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Padu, I don't like giving trading advice because trading is an individual experience, what works for me won't necessarily work elsewhere.
But a mistake I see on ET continually is hindsight regret. The only regrets should be if one is making obvious errors in the implimation of their trading plan.
They should not have regrets because a trade didn't work out or because they were or were not stopped out.
Every trade is unique, what worked 5 minutes ago may not work again for days for a short term scalper.
Now this is my advice re stops: decide what type of stop you are going to use, eg timed stop, % stop, $ stop, support stop, volatility stop, tight stop, loose stop, some type of pattern stop..... etc etc.
THEN STICK TO IT - DO NOT DEVIATE! (Unless for a very good reason).
Obviously this should be backtested with your plan that it has a positive expectancy.
If when you place your chosen stop and you have a loss, do not regret it.
Regrets will have you chasing your tail and chasing rainbows.
 
themickey said:
Padu, I don't like giving trading advice because trading is an individual experience, what works for me won't necessarily work elsewhere.
But a mistake I see on ET continually is hindsight regret. The only regrets should be if one is making obvious errors in the implimation of their trading plan.
They should not have regrets because a trade didn't work out or because they were or were not stopped out.
Every trade is unique, what worked 5 minutes ago may not work again for days for a short term scalper.
Now this is my advice re stops: decide what type of stop you are going to use, eg timed stop, % stop, $ stop, support stop, volatility stop, tight stop, loose stop, some type of pattern stop..... etc etc.
THEN STICK TO IT - DO NOT DEVIATE! (Unless for a very good reason).
Obviously this should be backtested with your plan that it has a positive expectancy.
If when you place your chosen stop and you have a loss, do not regret it.
Regrets will have you chasing your tail and chasing rainbows.
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I know you well and I welcome your comments...I like them because unless you have something to say, you do not say it and it is always well thought out and witty
 
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