Times Two Challenge - Page 3
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Thread: Times Two Challenge

  1. #21
    Quote Originally Posted by ;
    I could say that its logical to set weekly goals based on multiples of initial risk per trade ('R') but I figure you can do whatever suits you.
    Finally we're speaking

    Risk: Amount that you are willing to loose per commerce, say I'm willing to loose 5% of equity/trade and also my weekly goal is 15 percent of equity (using the popular 1:3 Risk-Reward ratio).

    Now comes handy appliion:

    I have $100, on each trade I am ready to loose $5, now I could loose it onto a varying number of pips (determined by my selection of lot-size), generally the lower the lot-size the tougher it would be to loose the $5 and the tougher it is to create the $15, lower lot-size would demand greater pips (most likely also a higher number of trades to become taken/week) my experience in trading states that the greater the number of trades that the greater the frequency of losses.

    Really risk is simply really defined when an S.L is set, before that it's 100% of your equity regardless of lot-size. So I have to decide the maximum S.L I can have on any given trade, which is determined by lot-size, not forgetting the number of trades (what modulates these decisions?)

    As you can see there's not any clear definition on lot-size, S.L or not any. Of trades to be chosen utilizing this suggestion. My egy helps me define no. Of trades (to some given amount ) and also lot-size. I think S.L always varies, as does T.P.

    I might be wrong with my assumptions, this really is your suggestion, you could shed more light on the process (it could be useful to other viewers).

  2. #22
    You have likely had it with those who say everything is totally up to you to decide, but its literally completely up to you to decide. That includes you want to manage risk. 'R' multiples are just beneficial when you have a fixed amount which reflects your highest loss per trade. Its possible to do without this. What you end up doing isn't as crucial as having thought about it and understanding it entirely.

  3. #23
    This transaction is against all my principles:
    Reason for taking it: Price is in the time high area, tested 4 times as its against principles S.L is the tightest.

    Reason for trade
    - Price below whole number
    - Price below 96 MA
    - PBF under 0

    Reason to not trade
    - Pre London session

    USDCAD: Stopped out, S.L was too tight. Now look for re-entry.
    EURAUD: Establish S.L to B.E, additional tentative T.P

    **UPDATE II**
    - Both trades moving as observed, procured trades with S.L, searching for potential depart on USDCAD (next whole number is chosen ).

    **UPDATE III**
    - Both trades exited via S.L, the market gives what the market needs.

  4. #24

    Reasons for commerce:
    -Below 96EMA
    -PBF under 0
    -Price rejected upper whole number level multiple occasions

    Reasons not to take commerce:
    -Pre london session
    -News at a couple of hours

    No S.L/T.P set nonetheless

    Exited both transactions at B.E - pair is acting up prior news, too random for my liking.

  5. #25
    To Note: When the market is not behaving as expected, stay on the sidelines.
    Problem: Economy bias needs to be exorcised from my sub-conscious.

    GBPNZD: Sell

    Rationale for trade: multiple price rejection in whole number.
    Reasons not to trade: Against regular rules.

  6. #26
    Another lesson for me in commerce

    GBPNZD: SELL (5min)

    Reasons for commerce:
    -Expectation, sell bias
    -setup on 5min instead of 15min chart as standard

    Trade management fail. Had chance to depart at minor reduction.

  7. #27
    Its hard keeping a Journal.

    Previous trade took a loss, as usually occurs, it went as observed - south. Problem is your Risk of being incorrect out-weighed the rewards.
    Result: A Fantastic loss.

    Reasons for transaction:
    - Rejection of top entire number
    - Gut feeling.

    Reasons not to trade:
    - Don't pass stated rules.

    - S.L set, tentative T.P set.

    -Trade stopped out by S.L, look towards re-entry. (S.L was altered, I should practice leaving S.L after first setting)

  8. #28
    For record keeping.

    Creating Theory

    My foundation theory of price movement is that it seeks'whole' amounts, all these are my support and resistance levels, if price breaks a whole number, it attempts to get to the upcoming whole number, if it can't, it moves back to the previous whole number.

    If price is has been reversed by lower and upper whole numbers it is in RANGE, to translate Bull/Bear stress, the quantity of time price lingers above/below the mid point during this range indies the BIAS.

    I shall observe and try to record the validity of this theory.

  9. #29
    EURCAD upgrade

    Again I have stopped out via S.L [it was too tight]

    Slept of and missed the train now, recall pips always return, don't beat yourself over missed pips.

  10. #30
    Classic behavioral pattern took precedence today causing an unnecessary setback

    Took a revenge market trade on the GBPJPY, was overcome with missed market chances I reacted negatively


    - Reason for commerce: revenge behavioral pattern.
    - Reason to not trade: News, Market random

    Fortunately, I spotted the news pattern unfolding in time and set an S.L, took an average reduction.

    Current Trade:


    Rationale for trade:
    - price refused upper whole number, and it has stayed near bottom whole number for a while.
    - price below 96EMA
    - PBF under 0
    Reason to not trade:
    - News in just two hours.

    Notice: I have observed PBF_OSOB gets out of sync regularly. It is validity is questionable. It will be taken out from my own template. Post 1 will be upgraded.

    Trade update:

    USDCAD: Exited due to bizarre movement prior news. Re-entry after news. S.L moved to B.E.
    Tried for a market at the top bet on GBPNZD - got burnt badly. Thou won't gamble on thy account!

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