Pro tip: you can collect all the quotes/replies into a single post.
So after years of seaching..
- Thread starter tandh
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Pro tip: you can collect all the quotes/replies into a single post.
Should read: ... money management edge (for loss control and profit taking) ...
And, the most difficult one to find/attain is Money Management Edge!
Therefore, a Prudent approach is required and critical for profitability! lol
System Shmystem, overall uptrend buy dips, overall downtrend sell retracements, that's it in a nutshell, the rest is taken care of by what OddTrader has said above and Izzy on numerous occasions.
Look at USDJPY, weekly trend is undoubtedly up, currently there is an oversold dip, oversold was registered on 240m RSI (any lower time frame below weekly would do), take low of current double bottom and place stop somewhere below it and buy wherever (either pick up lows on small time frames or buy breakout). Your target ought to be x3 the size of your average stop loss (average stop loss is $100, then target is at least $300), anything above x3 has to be trailed, as much higher rewards can sometimes be attained. And that is it, the rest will be taken care of by odds that are now stacked in your favour.
Look at USDJPY, weekly trend is undoubtedly up, currently there is an oversold dip, oversold was registered on 240m RSI (any lower time frame below weekly would do), take low of current double bottom and place stop somewhere below it and buy wherever (either pick up lows on small time frames or buy breakout). Your target ought to be x3 the size of your average stop loss (average stop loss is $100, then target is at least $300), anything above x3 has to be trailed, as much higher rewards can sometimes be attained. And that is it, the rest will be taken care of by odds that are now stacked in your favour.
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Whenever I see others talk like that, you accuse them of not posting a live trade of such and you will later call them out for no money management discussion if they continue talking as such about other similar like analysis. Therefore, please direct me to your live trade of Forex UsdJpy or that of anyone else making such a live trade that also talks about "money management" with that trade.
Seriously, shouldn't you just be concerned about your own problematic trading and money management.
My point is this, you're giving an example...nothing wrong with that...correct ?
It's ok to give such an example like that without requiring to discuss every other aspect of a trading plan considering the link you posted earlier is to someone (Mr. Joseph Stuber) to support your belief about the importance of money management is actually someone that believes there are "more vital" (his words) variables in a trading plan than money management...correct ?
You see, I can name many other variables (e.g. margin, leverage, diversification, capitalization) of a trading plan that most would consider to be more important than money management because without those other variables and without proper use of those variables of the trading plan...a trader would never be able to have the opportunity to properly apply whatever money management rules he/she has to be profitable.
Heck, I once heard that "everything" in a trading plan is money management...just ludicrous than to attack someone for making any analysis...correct ?
Lets just agree money management is important. End of Story.
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In the ES Journal thread, I do not see any capitalization discussion, no leverage discussion, no margin discussion, no brokerage statements, no diversification discussion (switching between ES and NQ is not diversification) and I do not see ANY discussion of many other variables of a trading plan that's just as important as money management.
Maybe the reason is that some in that thread I have on ignore and they clearly discuss the above and I just can't see it.
Regardless, I'm not going to be a troll and assume those live calls are not via real money trading nor will I follow you guys around ET to remind you of the above that's lacking as discussion in the ES Journal thread.
Its called being professional.
P.S. I do understand your Forex example UsdJpy was just an example of money management. My point (please don't ignore it), you failed to discuss other key aspects of a trading plan in that example and that doesn't mean you're trading exclusively via money management and it doesn't mean you're not using any other important variables I've mentioned in my earlier reply to you.
Seriously, I'm trying to teach you something here. Hopefully, you're open minded.
Maybe the reason is that some in that thread I have on ignore and they clearly discuss the above and I just can't see it.
Regardless, I'm not going to be a troll and assume those live calls are not via real money trading nor will I follow you guys around ET to remind you of the above that's lacking as discussion in the ES Journal thread.
Its called being professional.
P.S. I do understand your Forex example UsdJpy was just an example of money management. My point (please don't ignore it), you failed to discuss other key aspects of a trading plan in that example and that doesn't mean you're trading exclusively via money management and it doesn't mean you're not using any other important variables I've mentioned in my earlier reply to you.
Seriously, I'm trying to teach you something here. Hopefully, you're open minded.
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I will only believe in existence of consistent high win rate systems when I see them in a way of real time calls posted. I don't need to discuss all other aspects that you mentioned above, I am not new to this. I challenge folks that state high win rate is a necessity, yet fail to prove their own ability to achieve it.
I have absolutely no idea why you keep talking about folks that say they have a "high win rate system". Please quote their discussion in this thread...I just don't see any discussion as such in this thread except by you.
Maybe I have them on ignore and I can't see them talking here in this thread.
The only folks I know (only a few) are proving such via live calls "outside" of ET (their locations of doing such was given to you in a prior reply) but I have a feeling we aren't talking about the same folks. Do you have specific names you're talking about considering you continue changing the topic "to them" instead of staying on topic about the importance of money management.
Seriously, who are these people (their names) that you're referring too because the few here at ET that I know that implied such...they have posted live calls here at ET in the past. Therefore, I will assume you're not talking about them...correct ?
You can send me a private message if you want about whom you're specifically talking about and I will tell you if I too have never seen them post live calls here at ET or anywhere else online.
Maybe I have them on ignore and I can't see them talking here in this thread.
The only folks I know (only a few) are proving such via live calls "outside" of ET (their locations of doing such was given to you in a prior reply) but I have a feeling we aren't talking about the same folks. Do you have specific names you're talking about considering you continue changing the topic "to them" instead of staying on topic about the importance of money management.
Seriously, who are these people (their names) that you're referring too because the few here at ET that I know that implied such...they have posted live calls here at ET in the past. Therefore, I will assume you're not talking about them...correct ?
You can send me a private message if you want about whom you're specifically talking about and I will tell you if I too have never seen them post live calls here at ET or anywhere else online.
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There aren't any active traders left here who can do that. Hasn't been for quite a long time.
The closest elitetrader had was Volente and Saliva, who actually had the balls/confidence in their abililty to read the market, that they made realtime calls. And they were fairly impressive.
All we have now are gurus pretending that they can trade profitably with hindsight analysis on old charts and a load of waffle who are petrifited of posting realtime calls as the illusion will be quickly shattered, lol
