Making Money Trading

[trader_dante]

Trade update *March London Sugar*

Firstly, Lurker, don't say a word.

I got taken for £224 (56 ticks) on this trade after price broke out of the minor range.

I am sure this is doing nothing for my credibility when its the second time I got burnt for taking a pin bar at a top

 

[lurkerlurker]

Lurker won't say a word. He'll just make abstract comments relating to the trade setup, not the instrument.

For example, he might say that selling at support isn't such a good idea, and perhaps it may have been wiser to move the sell stop a few ticks lower to avoid being triggered at support. Also, a little bit extra room increases the overall position risk but makes it less likely you will be entered on a false break.

He might recall doing this on his recent gold trade, to ensure support was broken before entering. It was. It found support further down and rallied, but on trades like this it is wiser to give a little more room.

If he were going to comment, he might also observe that the eye resistance was violated before the entry, and it might have been wise to reconsider the entry given the position of the signal at a "top".

Credibility...difficult one. Normally not an issue - just you and your account. However, you are showing us how to make money trading. Then again, every trader and trading system has losses. The cost of doing business.

I see a "pin" bar called support at the bottom of this move.

Lesson: don't pick tops in parabolic commodities. Wait for a lower high first.

 

[trader_dante]

Credibility...difficult one. Normally not an issue - just you and your account. However, you are showing us how to make money trading.

And I honestly believe I have done so.

A couple of bad calls. No trader is immune from them

However, I would repeat something I have said previously: people should learn the setups, try them and reach their own conclusions as to what works and what doesn't.

I am still learning myself and still frequently make mistakes.

One of the biggest I made on this thread was managing the monthly TF Eur/Gbp trade I called on the daily TF. I came out of this for 101 pips. It was, by most standards, a good entry (see chart with entry candle marked) but since I am not comfortable with that TF I came down to the "comfort zone" to manage it. A real shame and has confirmed to me how hard it is to re-enter a trending market once you lose your position.

Well, this post is probably the last I am going to make for a while as I start my job on Tuesday.

I am very much looking forward to trading as a professional.

It was the method taught here that enabled me to build my accounts and actually get the opportunity to trade for a living.

Thank you for reading and I wish you all the best of luck in your endeavours.

Tom Piccin

 

[drspartacus]

TD all the best and thanks for sharing.
Cheers,
Brad



A couple of bad calls. No trader is immune from them

However, I would repeat something I have said previously: people should learn the setups, try them and reach their own conclusions as to what works and what doesn't.

I am still learning myself and still frequently make mistakes.

One of the biggest I made on this thread was managing the monthly TF Eur/Gbp trade I called on the daily TF. I came out of this for 101 pips. It was, by most standards, a good entry (see chart) but since I am not comfortable with that TF I came down to the "comfort zone" to manage it. A real shame and has confirmed to me how hard it is to re-enter a trending market once you lose your position.

Well this post is probably the last I am going to make for a while as I start my job on Tuesday.

I am very much looking forward to trading as a professional.

It was the method taught here that enabled me to build my accounts and actually get the opportunity to trade for a living.

Thank you for reading and I wish you all the best of luck in your endeavours.

Tom Piccin[/QUOTE]

 

[1Pipped]

Yes thanks for the thread TD and hope the new trading goes great for you, happy new year !!

 

[bansir]

speculation on EUR/USD daily

Good luck TD, thanks for all your effort.
**********************************************

Here's a bit of speculation regarding EUR/USD.

Over the next few trading days will there be an attempt by the price to approach or breach the previous high on 23/11/07?

If so, we could get maybe get a pin type reaction to trade off.
It could of course head back down to check the SMA(60) / fib support.
Are there any clues in the current price action?

As usual, wait and see but at least we can have an outline trade plan forming.

Best Regards,
Neil

 

[mhansen]

Best of luck to you! Thanks for all of your efforts here.

By the way, did I miss the .doc for this thread that you were supposed to review and make available to us, or is that still in the works?


Thanks,
Mike

And I honestly believe I have done so.

A couple of bad calls. No trader is immune from them

However, I would repeat something I have said previously: people should learn the setups, try them and reach their own conclusions as to what works and what doesn't.

I am still learning myself and still frequently make mistakes.

One of the biggest I made on this thread was managing the monthly TF Eur/Gbp trade I called on the daily TF. I came out of this for 101 pips. It was, by most standards, a good entry (see chart with entry candle marked) but since I am not comfortable with that TF I came down to the "comfort zone" to manage it. A real shame and has confirmed to me how hard it is to re-enter a trending market once you lose your position.

Well, this post is probably the last I am going to make for a while as I start my job on Tuesday.

I am very much looking forward to trading as a professional.

It was the method taught here that enabled me to build my accounts and actually get the opportunity to trade for a living.

Thank you for reading and I wish you all the best of luck in your endeavours.

Tom Piccin

 

[firewalker99]

Best of luck to you! Thanks for all of your efforts here.

By the way, did I miss the .doc for this thread that you were supposed to review and make available to us, or is that still in the works?

Thanks,
Mike

Why not select the best posts and export them to PDF yourself? T2W supports the download to PDF function (see Thread Tools) and with a simple PDF editor you can cut out whatever you want.

 

[firewalker99]

A couple of bad calls. No trader is immune from them

I think it's good there are. That way people will realize there is no holy grail. Otherwise they might start to think there is one

However, I would repeat something I have said previously: people should learn the setups, try them and reach their own conclusions as to what works and what doesn't.

Excellent advice and I think I speak for all of us if I say you have greatly contributed to T2W with this thread.

I am still learning myself and still frequently make mistakes.

Shouldn't we always be on the lookout for ways to improve our performance, be it in trading or in any other endeavour? Standing still means moving backwards.

Well, this post is probably the last I am going to make for a while as I start my job on Tuesday.

All the best and may it be a joyful experience t_d!

I am very much looking forward to trading as a professional.

Drop us a note will ya, with some insider information lol

 

[shortorlong]

And I honestly believe I have done so.

A couple of bad calls. No trader is immune from them

However, I would repeat something I have said previously: people should learn the setups, try them and reach their own conclusions as to what works and what doesn't.

I am still learning myself and still frequently make mistakes.

One of the biggest I made on this thread was managing the monthly TF Eur/Gbp trade I called on the daily TF. I came out of this for 101 pips. It was, by most standards, a good entry (see chart with entry candle marked) but since I am not comfortable with that TF I came down to the "comfort zone" to manage it. A real shame and has confirmed to me how hard it is to re-enter a trending market once you lose your position.

Well, this post is probably the last I am going to make for a while as I start my job on Tuesday.

I am very much looking forward to trading as a professional.

It was the method taught here that enabled me to build my accounts and actually get the opportunity to trade for a living.

Thank you for reading and I wish you all the best of luck in your endeavours.

Tom Piccin

thanks for the insights Tom, you are a legend!, best of luck with your new job
shortorlong

 

[mhansen]

Thanks, but I've tried that, and unless I'm an idiot (a possibility I don't discount), I'm only getting a 20-page .pdf document.

Thanks,
Mike

Why not select the best posts and export them to PDF yourself? T2W supports the download to PDF function (see Thread Tools) and with a simple PDF editor you can cut out whatever you want.

 

[firewalker99]

Thanks, but I've tried that, and unless I'm an idiot (a possibility I don't discount), I'm only getting a 20-page .pdf document.

Thanks,
Mike

Hmm, tried it myself and indeed there seems to be an issue.
Thanks for reporting that, I'll notice the site administrators and do my job as an Advisor

 

[lurkerlurker]

Gbp / Usd

I am short cable on the double top from the lower TF and the hourly "pin" bar. First target 1.9640. Stop above HOD. Will consider getting out if this hourly bar cannot make a new low.

Has this thread died since TD left? I wonder how he is getting on with his new job...today is his first day...perhaps he will pop in and tell us?

 

[lurkerlurker]

I am short cable on the double top from the lower TF and the hourly "pin" bar. First target 1.9640. Stop above HOD. Will consider getting out if this hourly bar cannot make a new low.

Has this thread died since TD left? I wonder how he is getting on with his new job...today is his first day...perhaps he will pop in and tell us?

I've been experimenting with a Heiken Ashi based exit criteria which should keep me in more of the move. Of course, this is just a filter for the all important price action. Rathcoole suggested I try this due to difficulties with exiting positions too soon.

Another thing I was thinking of trying was fixed target exits. I've found that the optimal "pin bar" exit for a large percentage of the trades is 1:1. So if the risk is 40, you take profits at 40. Obviously you need to give the market a little time to see if it will go further, but there is nothing wrong with being more nimble after price gets to 1 x risk in your favour.

Forgot to add my entry which was 1.9712 (check the chart and timestamp of above post).

Exit at 1.9671. (+41) Rathcoole's system gave me an exit on the 5m chart (which was the entry TF at the double top). This is also a profit equal to my initial risk. Whatever the market does next, I feel this is a good exit. Heiken Ashi helped me stay in the trade. Although the early part of this trade was triggered by a "pin bar", I did not enter blindly from it and used it as a heads up to watch the chart for confirming price action.

I took that trade at 2U, which was a risk of 2%. Much as I would have liked to do this at 2x or 5x the size, I've learned enough in my year of trading to know that it would not be sensible to do that.

Edit - just remembered to cancel my buy stop! (I'm used to a platform where stops are attached to a position, and are cancelled when the position is - that could have been expensive!)

 

[shadowninja]

Personally, because I know myself, I have stops and target points set when I open a trade. The number of times I've seen a trade go from decent profit back to breakeven and then loss is unreal.

 

[1Pipped]

Hi fellas, I saw that pin on cable today lurker, didn't take it though. I did take one on hourly U/chf but stopped out at breakeven, not too familiar with hourlies to be honest but thought I'd tryit. last time I looked it had whipped right back up (common trait of U/chf I have noticed in the past) so not a bad trade maybe...

 

[lurkerlurker]

Hi fellas, I saw that pin on cable today lurker, didn't take it though. I did take one on hourly U/chf but stopped out at breakeven, not too familiar with hourlies to be honest but thought I'd tryit. last time I looked it had whipped right back up (common trait of U/chf I have noticed in the past) so not a bad trade maybe...

I didn't "take it" in the traditional sense either. I've decided to refine the technique by paying more attention to the price action within the period the pin bar formed, and also to the price action leading into the pin bar, using S/R and chart patterns on multiple timeframes.

"Pin" bars are not a silver bullet. They indicate when there might be a good setup, but they require more confirmation than just the bar itself and the significance of the High or Low.

I'm starting a new journal in the PV thread to improve my understanding of Price.

Hope this helps.

 

[trader_dante]

First trade as a professional

My first trade as a professional albeit on paper.

Short Soyabeans based on the daily pin bar high, the failure of the right eye to hold above the high of the left and a subsequent breakdown of hourly support.

Sold it on the open and closed when it came into my first target pivot area near 1250.

Made 106 ticks or $1,325 per contract* in the first half hour of pit trading!

* that doesn't take into account possible slippage and doesn't include spread or commissions either

 

[pelzar]

I would like to tell you all that I had the pleasure of witnessing this profilic trade for myself, as I have the pleasure of sitting next to Tom in the "MANSION!!"

 

[trader_dante]

I would like to tell you all that I had the pleasure of witnessing this profilic trade for myself, as I have the pleasure of sitting next to Tom in the "MANSION!!"

lol