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self coach trading
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self coach trading

  #71 (permalink)
Elite Member
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alejo's Avatar
 
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3tick stop loss is too tight


jsengxx2 View Post
I think that with a 3 tick stop loss you are not giving the market enough room to work for you! That is too tight.

i ma re reading the journal, and yes, it was true, in live the 3 sl become in 2 inmediatly
now i am starting a new test with 5 sl
thanks
you were right, but i continue to testing my self...
alejo

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #72 (permalink)
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Overall Strategy

Alejo,

You are spending alot of time and energy looking at everything that is trading related. Although this will not hurt your overall knowledge of trading, it will not necessarily move you to trading sooner.. Afterall, the name of the game is to make money doing this; not to know as much as possible(I am so guilty of this).

Choose a method or framework you like that fits your persona.. Tune EVERY OTHER METHOD OUT. Work to make this method robust through testing , review, and simulation.. Once you can trade the edge consistently in SIM, you will be ready to go live. AT that time you will no doubt face some psychology issues that will demand your attention.

Best of luck to you.. Sometimes less is more and simple is better than complex..

Wolf


Last edited by Traderwolf; December 14th, 2013 at 11:38 AM. Reason: typo
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  #73 (permalink)
Trading for Fun
Europe
 
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risk/reward



alejo View Post
i ma re reading the journal, and yes, it was true, in live the 3 sl become in 2 inmediatly
now i am starting a new test with 5 sl
thanks
you were right, but i continue to testing my self...
alejo

Hi alejo,
Another suggestion that can help you to find some consistent methodology is look at your risk and reward. Risk 5 tics for take 4 is a negative ratio, and you need to have a very big % of good trades. Ratios biggers than one are better, 1:2 or major than that is the best. If you are trying to scalp my recomendation is the same. I have been trading days with 7 trades, 5 losers and 2 winners and end the day positive. Risk and reward control.
Regards


Last edited by ofatrader; December 14th, 2013 at 11:44 AM.
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  #74 (permalink)
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madrid spain
 
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Traderwolf View Post
Alejo,

You are spending alot of time and energy looking at everything that is trading related. Although this will not hurt your overall knowledge of trading, it will not necessarily move you to trading sooner.. Afterall, the name of the game is to make money doing this; not to know as much as possible(I am so guilty of this).

Choose a method or framework you like that fits your persona.. Tune EVERY OTHER METHOD OUT. Work to make this method robust through testing , review, and simulation.. Once you can trade the edge consistently in SIM, you will be ready to go live. AT that time you will no doubt face some psychology issues that will demand your attention.

Best of luck to you.. Sometimes less is more and simple is better than complex..

Wolf

thank you!!

alejo

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #75 (permalink)
Elite Member
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journaling


ofatrader View Post
Hi alejo,
Another suggestion that can help you to find some consistent methodology is look at your risk and reward. Risk 5 tics for take 4 is a negative ratio, and you need to have a very big % of good trades. Ratios biggers than one are better, 1:2 or major than that is the best. If you are trying to scalp my recomendation is the same. I have been trading days with 7 trades, 5 losers and 2 winners and end the day positive. Risk and reward control.
Regards

when i have 3 tick stop the w% was80%
now i am testing for 4 tick in sim that could be 3 in live
that is the minimum target, because i try to collect more than that if we have room and momentum

one question: why do not start journaling your advanced trader strategy?, i suppose is it live and could be very help full for all the members
and we can learn from your real experiencies ,how you manage the high risk reword, w%, entries, manage, etc
thanks
alejo

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #76 (permalink)
Trading Apprentice
Ottawa, Ontario, Canada
 
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Thanks a bunch for the Update


alejo View Post
well, i use to have 1 tick and 2 tick target, then i did not get stopped so much (i reach this conclusion after watching most trades only go 1 or 2 tick, and my plan was to capture that)but i use 3 lot for that strategy, i like it a lot

(the problem was when i try this live, it doesn not work because the live fills were different, almost 1 tick difference)

in the period of 24sept to 15 oct i went for big targets with 1 lot ,and there, i had have stopped a lot (now i am coming back to this period but with 5 tickstop

my idea was to close it imediatly if it goes bad, but i need some room to enter

ZN since i start the test in sept

thanks for your interest!

alejo

Hey Alejo:

Thanks a lot for the reply. It seems that it is working for you. I might give it a shot initially on the SIM ac and then I will review the performance.

Thanks again,

SYED

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  #77 (permalink)
Membership Temporarily Revoked
Portugal, Viana do Castelo
 
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Favorite Futures: 6e
 
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alejo View Post
i ma re reading the journal, and yes, it was true, in live the 3 sl become in 2 inmediatly
now i am starting a new test with 5 sl
thanks
you were right, but i continue to testing my self...
alejo

Hello Alejo,

I think you are on the wrong track. Right now you are focused on how to loss the less amount off money per trade!
This is called GREED in trading terms!
Must read: the daily trading coach, Brett Steenbarger and The Inner Voice Of Trading, Michael Martin.

I do not now how long you are trading but you have a long way to go.
First you have to have a trading plan
you have to have a system that you can trade, time frame, indicators (Iam not a fan of indicators!), etc..
Are you a swing trader, day trader, scalper etc...

Look for Al Brooks videos
Look for Vince Virgil
Look for Mack price action (or pats price action)
Look for Forexmentor.com on the internet (this is very good stuff for beginners)

I think price action is the most important stuff you have to learn. You have to be able to identify support and resistance levels in real time! And trust me, there is no indicator that will do it for you!
This sup/res levels are the best places to enter a trade!

The best market to trade for a beginner is the 6E. I love CL but it is not for a beginner so leave this alone for now.

If you are a day trader your stop loss will be anything between 10 and 20 ticks. Trust me 3-4-5 ticks is just not enough, you will get stopped out over and over again. Just focus yourself on 1 to 4 good setups per day.
Do not think that day trading is turning on the computer and doing 10-20-30 trades in one hour!

I can give you some stuff to work on if you can give me your skype name.

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  #78 (permalink)
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Neil Fuller from Nial Fuller ~ Learn To Trade Forex | Price Action Trading Strategies is good stuff to!

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  #79 (permalink)
Trading for Fun
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here we go!!

https://futures.io/psychology-money-management/29887-risk-reward-trading-examples.html#post375371
Y no te me enfades, que al fin y al cabo aqui estamos todos para ayudarnos


alejo View Post
when i have 3 tick stop the w% was80%
now i am testing for 4 tick in sim that could be 3 in live
that is the minimum target, because i try to collect more than that if we have room and momentum

one question: why do not start journaling your advanced trader strategy?, i suppose is it live and could be very help full for all the members
and we can learn from your real experiencies ,how you manage the high risk reword, w%, entries, manage, etc
thanks
alejo



Last edited by ofatrader; December 14th, 2013 at 08:23 PM.
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  #80 (permalink)
Elite Member
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Posts: 1,311 since Apr 2013
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answer to your comments



jsengxx2 View Post
Hello Alejo,

I think you are on the wrong track.

first of all thank you again for your time to read my jouirnal and post your thoughts!




Right now you are focused on how to loss the less amount off money per trade!

i think, maybe i am wrong, that when i increased the SL from 3 to 5 i am increase the amount i am risking per trade.



This is called GREED in trading terms!



Must read: the daily trading coach, Brett Steenbarger

i have read it and i am re reading it, very good, thanks

and The Inner Voice Of Trading, Michael Martin.

i am wirting down to my must list book

thank you again


I do not now how long you are trading but you have a long way to go.

i have started on 4/2012, and yes i am imaging the long way

First you have to have a trading plan

you can find it on my thread,
https://futures.io/elite-trading-journals/27399-alejo-s-trading-journal.html#post328282



you have to have a system that you can trade,

also the same


time frame, indicators (Iam not a fan of indicators!), etc..

you can find it on my thread i am not using indi.


Are you a swing trader, day trader, scalper etc...

you can find on my thread, scalper


Look for Al Brooks videos

thanks i take note to do it

Look for Vince Virgil

i have done it


Look for Mack price action (or pats price action)

thanks again, i will do


Look for Forexmentor.com on the internet (this is very good stuff for beginners)

i do not want to check anymore material on the web from sellers



I think price action is the most important stuff you have to learn. You have to be able to identify support and resistance levels in real time! And trust me, there is no indicator that will do it for you!
This sup/res levels are the best places to enter a trade!


i agree totally, i am in that way

The best market to trade for a beginner is the 6E. I love CL but it is not for a beginner so leave this alone for now.

I am not sure, i trade zn

If you are a day trader your stop loss will be anything between 10 and 20 ticks.

i do not think so

Trust me 3-4-5 ticks is just not enough, you will get stopped out over and over again.

i am testing that

Just focus yourself on 1 to 4 good setups per day.

yes i agree

Do not think that day trading is turning on the computer and doing 10-20-30 trades in one hour!

max 5 per day


I can give you some stuff to work on if you can give me your skype name.

ok
thanks
alejo

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself

Last edited by alejo; December 15th, 2013 at 01:09 PM.
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