Making Money Trading

This is a discussion on Making Money Trading within the First Steps forums, part of the Reception category; " Abandon hope, all ye who enter here. " Seeing the name Dante, sprung that quote forth from the dark ...

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Old Oct 26, 2007, 7:09pm   #33
 
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"Abandon hope, all ye who enter here."

Seeing the name Dante, sprung that quote forth from the dark recesses.

Make a good slogan for T2W perhaps?

............

All the best with your tutorial, most community spirited.
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Old Oct 26, 2007, 7:24pm   #34
 
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Quote:
Originally Posted by rols View Post
"Abandon hope, all ye who enter here."

Seeing the name Dante, sprung that quote forth from the dark recesses.

Make a good slogan for T2W perhaps?

............

All the best with your tutorial, most community spirited.
LOL

I prefer:

Midway this way of life we're bound upon,
I woke to find myself in a dark wood,
Where the right road was wholly lost and gone

Ay me! how hard to speak of it - that rude
And rough and stubborn forest! the mere breath
Of memory stirs the old fear in the blood;

It is so bitter, it goes nigh to death;
Yet there I gained such good, that, to convey
The tale, I'll write what else I found therewith.


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Old Oct 26, 2007, 11:19pm   #35
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Quote:
Originally Posted by trader_dante View Post
How long it will take is hard to say. It all depends on how fast people learn.
We will start when the poll finishes which is Tuesday. I will be here as long as people are willing to learn.
Hi t_d,
Anyone who dares to stick their head above the parapet as you appear to be doing now can expect to be shot down in flames. Such is life. Given that you have expertly got everyone's interest and attention and that you are already on page 4 of the thread, may I suggest that you offer the masses a little 'cud' to chew on over the weekend? This will help to keep the prospective dissenting voices at bay and to ensure that the faithful - and eternally hopeful - remain on side, supportive and as enthusiastic about your intentions as they appear to be thus far. Forgive me if this sounds a tad harsh but, trust me, in my not inconsiderable experience of T2W there will be those who, as I write, are waiting in the wings to shoot you down in flames. So far, everything you've said is 'by the book' and hard to criticize but, sooner or later, the rubber meets the road and you're gonna have to follow through on your intentions. PLEASE don't leave it too long!

Tim.
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Old Oct 27, 2007, 1:22am   #36
 
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If the opener involves anything by Lewis Carroll, or mystifying a warthog by waving grey blankets at it, I'm off!
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Old Oct 27, 2007, 4:47am   #37
 
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trader_dante,
I am hooked and can't wait.
And thanks in anticipation of sharing your knowledge.

Cheers,
Nash
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Old Oct 27, 2007, 1:11pm   #38
 
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Quote:
Originally Posted by trader_dante View Post
I have recently reviewed all the trades I have done in my account since starting to use this methodology. From this review I can see that my win/loss ratio is just under 80%.

Losses will be cut very quickly and winners will be left to run until it looks like the move is running out of steam. Naturally, some retracement will be necessary before this is realised. Nonetheless, some of the trades I will show you have incredible risk:reward ratios.

The latest trades I took were in the Bund (German Treasury market) and in Crude Oil. The last setup my methodology generated in the Bund returned a reward of 12 times the risk on the hourly timeframe. (180 ticks reward for a 15 tick risk). In Crude Oil, the method generated a reward of 5 times the risk (362 ticks for a 67 tick risk) This is without adding positions which was also possible.
Hello Dante,

With a Win Rate of around 80% (very impressive) and a R:R currently ranging from 5-12 then would I be right in assuming that your are trading short-term?

If so, can I ask what your average time in Trade is and what your Max DD is?

Finally, do you think that your entry conditions/filters could be hard-coded and thus backtested to see how it performs on other instruments? I'm guessing though that with the Fibonacci element this is probably not possible but I'd be interested in your thoughts on this.....

All the best,

Chorlton
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Old Oct 27, 2007, 1:41pm   #39
Joined Apr 2005
trader_dante

Why are you prepared to reveal your trading methods if you have discovered a method which is highly successful? What are you going to achieve by revealing all the secrets in this thread?
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Old Oct 27, 2007, 1:47pm   #40
 
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trader_dante started this thread
Quote:
Originally Posted by Chorlton View Post
Hello Dante,

With a Win Rate of around 80% (very impressive) and a R:R currently ranging from 5-12 then would I be right in assuming that your are trading short-term?

If so, can I ask what your average time in Trade is and what your Max DD is?

Finally, do you think that your entry conditions/filters could be hard-coded and thus backtested to see how it performs on other instruments? I'm guessing though that with the Fibonacci element this is probably not possible but I'd be interested in your thoughts on this.....

All the best,

Chorlton
Hi Chorlton,

The R:R ratio is not always that high, those are simply two examples taken from the latest trades I entered. The reason they are so high is because the EMA system I use showed me that the trend was strong and likely to continue.

If the EMA system is not showing any particular setup but I still get a price action setup then I usually trade for a fixed target. This can often be a R:R of 1:1. I can afford to do this because my win/loss ratio is good.

I trade daily and hourly setups. If I am in a trade based on a daily setup it can go on for any length of time from being stopped out the day I enter to continuing for several weeks. If it is an hourly setup I often get out same day but if the trend is strong I will often hold until it runs out of steam which may be well into the next trading session or even longer. I will be honest with you, average time spent in a trade is not something I have analysed.

To answer your other question: I don't think this method can be hard-coded. It is not a system with strict rules. You may find the EMA system (which can work on its own regardless of price action) can be hard coded but I will give you a word of warning which also will help to explain why I am here doing this in the first place.

I learnt to trade price action on another forum. All credit for what I am going to show you will go to the other forums and threads which I will name in due course.

What I have done is simply take that knowledge and add my own experience and instinct in trading which I have been doing for over seven years now. That means I have my own unique take on it.

I will give you an example. Recently in this other forum there was a price action signal to go short EUR/CHF. This setup looked picture perfect but for some reason I didn't want to take it. Those that did lost money because it went straight up. Somewhere in that decision I made was my "reading" of the market that differed from what I had been taught.

I am aware that I will no doubt face criticism on this thread. But all I am trying to do is impart what I have learnt.
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