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Zen & the Art of The Small Account
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Zen & the Art of The Small Account

  #401 (permalink)
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aztrader9 View Post
I have gotten some PM's asking for some of my settings along with my set ups:

There is a lot of theory behind the set ups but I thought I would post a chart with the basics.

Targets can be 5-30 ticks....but I use 10 most of the time and I also will set a target at the next major fib line as well. Normally if a 1/4 fib failure sets up, then its going to at least the 50 and many times the opposite 1/4 fib.

Stops can be as little as 8 ticks or you can use a prior swing.

The major component of this system is patience and discipline as with all systems.

If you have questions, you can PM me.

Here is the chart:

TechSmith | Screencast.com, online video sharing, 2010-10-15_1840

Please do not trade live money until you understand fib theory pretty well and have a good grasp on price action. Both are important.

curious.. you enter buy stop, limit, or market orders?

 
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sysot1t View Post
curious.. you enter buy stop, limit, or market orders?

usually stop orders if I am early in finding the trade and market orders if not....never limit orders. I don't like them. Don't ask me why, i don't know.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
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aztrader9 View Post
usually stop orders if I am early in finding the trade and market orders if not....never limit orders. I don't like them. Don't ask me why, i don't know.

I have the luck of getting filled on about 50% of winning trades, and 100% of losing trades with limit orders. Destroys my edge. Only using stop and market also with more consistent results too. I'm realizing that my p/l is a reflection of my trading behavior.

Making NO errors is what establishes the certainty of victory...
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My trading was ok today. I mean I made my profit target but it took 9 trades to do it when three would have been enough.

My normal set ups happened but after my first two winners, I passed on the 3rd winner and then waited until my set up presented itself, took it and then bailed with a 3 tick loss. The premise of the trade was NOT over and of course the trade paid my profit target.

Then a sequence of trades (4) all stops and all invalidated by price action.

Then another sequence of winners (3) that put me over the top.

From a profit standpoint, it was a good day. From an execution day it was about 50/50. I lost my head for a bit due to impatience. But I kept the losses small and the winners bigger and ended up with my profit goal achieved.

Cheers

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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aztrader9 View Post
My trading was ok today. I mean I made my profit target but it took 9 trades to do it when three would have been enough.

My normal set ups happened but after my first two winners, I passed on the 3rd winner and then waited until my set up presented itself, took it and then bailed with a 3 tick loss. The premise of the trade was NOT over and of course the trade paid my profit target.

Then a sequence of trades (4) all stops and all invalidated by price action.

Then another sequence of winners (3) that put me over the top.

From a profit standpoint, it was a good day. From an execution day it was about 50/50. I lost my head for a bit due to impatience. But I kept the losses small and the winners bigger and ended up with my profit goal achieved.

Cheers

what lead you to bail on the 3rd trade? how came you entered the trade if not validated by price action? I am looking to learn by probing your mind... if you dont mind... also, is this sim or real $$$? curious...

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sysot1t View Post
what lead you to bail on the 3rd trade? how came you entered the trade if not validated by price action? I am looking to learn by probing your mind... if you dont mind... also, is this sim or real $$$? curious...

I bailed on the third trade for the same reason every one does....I chickened out. Price went against me a bit and I thought if the bar closed up, my trade would be invalidated, so I bailed....but that is the purpose of the stop, to invalidate the trade. It did not.

As to cash vs sim. The answer for that is in the thread a few weeks ago.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
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aztrader9 View Post
I bailed on the third trade for the same reason every one does....I chickened out. Price went against me a bit and I thought if the bar closed up, my trade would be invalidated, so I bailed....but that is the purpose of the stop, to invalidate the trade. It did not.

As to cash vs sim. The answer for that is in the thread a few weeks ago.

I will check the whole thread all over again, you making me work here ... as to the trades... what about the other ones? would you post the chart with the annotations? If you dont mind of course..

 
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sysot1t View Post
I will check the whole thread all over again, you making me work here ... as to the trades... what about the other ones? would you post the chart with the annotations? If you dont mind of course..

Nothing comes free.....

Charts will have to wait....gonna go play with my kid at the park.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
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aztrader9 View Post
I bailed on the third trade for the same reason every one does....I chickened out. Price went against me a bit and I thought if the bar closed up, my trade would be invalidated, so I bailed....but that is the purpose of the stop, to invalidate the trade. It did not.

As to cash vs sim. The answer for that is in the thread a few weeks ago.

so you moved your stop?

https://futures.io/journals-daily-charts-chart-reading/4211-zen-art-small-account-6.html#post48989

 
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Nope, I almost never do that. I learned the hard way not to do that. I punched out manually. My stop was in the correct place where the trade was no longer valid. I assumed the trade was going to hit the stop and decided to exit prior to the stop being hit. That is not really part of my trading plan. My stops are pretty tight anyway so its not like it would have hit me for 20 ticks or something like that.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

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