Ray's amnesty page

[immy]

Ray

Targets for the day! hmmm, that could work. Quite a few people have those rules/guidelines. e.g. one such rule is a max hit. I like to use 3 strikes and out. If I have 3 rents in a row. I'm out for the session. But that happens very rarely anyway.

If you know the setup, and if you're seeing success, then DONT CHANGE anything. Let it flow...

May the pips be with you

[wiseambitions]

Thursday morning

6 quick pips

nearly 2% ROI


Immy knows how insanely profitable I am finding M5

But I am still working on making it "Stress Free" trading

Good luck guys

[Bettina]

Hi Ray,

I have a question on your MM. If 6 Pips is 2% and you trade on M5 : is it true, that your average risk per trade must be about 5 % ?

Do you care about the HTF ? I was tempted too, but didn't take it because it was the very end of an M15 w4 correction ?

I'm just interested, because I nearly don't dare to take any trades since days.

Bettina

[wiseambitions]

Dear Bettina

I had set that one up with 3.75% risk. Well, I had estimated my lot size relative to 4% risk with a SL of 12 Once I was in the trade I amended the SL a bit tighter.

I didn't really have my eye on EW, the reasons I dared to try the trade were the DA, the long term rising MA (Has this market turned around for the first time in a couple weeks???), and jumping out the last AIMS box, and I based my exit on just not being too greedy

If I could take 6 pips once a day (net wins) for the next 250 days, (eg a full trading year), that would be 1500 pips. And at xxxx pounds a pip, would it be a new boat, caravan or plane or all 3?

[wiseambitions]

Ray

Targets for the day! hmmm, that could work. Quite a few people have those rules/guidelines. e.g. one such rule is a max hit. I like to use 3 strikes and out. If I have 3 rents in a row. I'm out for the session. But that happens very rarely anyway.

If you know the setup, and if you're seeing success, then DONT CHANGE anything. Let it flow...

May the pips be with you

Yes I think we've all done the calculations. 1 per cent a day, compounded, for the 250 available trading days of a year would give a 12 fold increase in the account size. It's exponential, and at 2% return or higher you'd pay off the national debt at some point.

I have noticed there are days when I've made my target, turned off the computer done other things, and felt good about living. But this thing can draw me with strong addiction, and there have been days when I've decided it would be fun to have another go, and then lost the gain, or got myself into a babysitting situation, watching for redemption on a situation that's going the wrong way. And like you say, if it is a bad day, lots of chop, and consecutive losses, it may be best to walk away and see what the next day is like instead.

[Bettina]

Thanks Ray,

my problem is, that I don't take any trades, because I always see something, why it's not a good one. Would hav been happy with your 6 pips
Bettina

[wiseambitions]

Thanks Ray,

my problem is, that I don't take any trades, because I always see something, why it's not a good one. Would hav been happy with your 6 pips
Bettina

OK, try to get your nerve to trade back by starting again on a lower volume. even 0.01 lots.

And from my experience over the last 7 weeks I now use M1 only to guage the best entry, having regard to M5 or even higher TF.

Currently I mainly trade the M5. But I would also say I look at a long MA to assess the likely trend direction, I would suggest 63 period EMA is a good line to add to a chart. Better IMHO than the purple line which is like a 40 period MA. I try not to deviate from the rules here, but confirmation with other indicators like RSI can be useful.

Best to avoid NY and Asia sessions in my opinion! (Monkeys could probably get it right more often)

[immy]

Yes I think we've all done the calculations. 1 per cent a day, compounded, for the 250 available trading days of a year would give a 12 fold increase in the account size. It's exponential, and at 2% return or higher you'd pay off the national debt at some point. Immy: Thats funny (rofl)

I have noticed there are days when I've made my target, turned off the computer done other things, and felt good about living. But this thing can draw me with strong addiction, and there have been days when I've decided it would be fun to have another go, and then lost the gain, or got myself into a babysitting situation, watching for redemption on a situation that's going the wrong way. And like you say, if it is a bad day, lots of chop, and consecutive losses, it may be best to walk away and see what the next day is like instead.

My brother was playing a game and wanted to improve his record time. He wanted the platinum badge but could only achieve gold. He tried (hard) a few times but failed hitting platinum. Then he left and came back after a few hours. First go and he hit platinum.

The Q is if he was able to do it, then why did he not accomplish his goal when "he was trying so hard to get it"?
And then the 2nd Q is, why was he able to do it so easily on the second run?

The answer lies in the Problem itself. He was "trying hard" to get it. when he left, disengaged and came back relaxed, he was NOT trying hard. He just played it and did it. So it was in him, but when we try hard, we somehow, block our Peak Performance. Likewise in trading, often, WE get in OUR way.

We ought to let go of our self and stop getting in our way. The state of flow cannot be achieved by trying hard swimming against the flow. We have to let go and let the current take us nicely in the direction of the flow(trend) thats the definition of "Want What the Market Wants".

IMHO

[wiseambitions]

Thursday seemed to contain a lot of chop, although there was a lovely rise, potential of 40 pips on EU after NY open (which I missed!)

This morning (Friday), the rot seems to have set in to the Euro. On fundamentals this was a long time coming, as I would have thought the protests in Europe (Wednesday) and news about recessionary trends (Thursday) would have turned the currency downwards, but I suppose on the other hand the Yanks have their 'fiscal cliff' and it's a case of who is in the worse predicament?


This morning, 10 pips, between 1.2755 and 1.2745. I got out only because I had set a target, and I can see such virtue in waiting until the price comes back to the red or blue line, because it contains the occasional 25 pip run and more.

I suppose I must have taken about 50 pips off the table this week, and that's enough to keep the show going. In order not to go and fluff it, because I find Fridays are a bit treacherous, I have switched off my VPS. Will wait until after start of play on Monday morning now. I keep saying it (then breaking my own rule!) that there is great virtue in stopping when a target has been achieved for the day, and to enjoy the warm feeling, rather than to have another go and give it back

1% a day, compounded for a year (excluding weekends and bank holidays) would give a 12 fold ROI.
It's easier said than done, but that's the power of exponential growth, allied hopefully to sensible money management.


Aims has given me over 15% a week for the last couple weeks and I'm ecstatic.

Good luck guys

[Bettina]

15 % per week is really phantastic.
I achieve -15% every, every, every month

Have a nice weekend
Bettina