Money Management, Please help. - Page 2
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Thread: Money Management, Please help.

  1. #11
    Quote Originally Posted by ;
    quote Havo what can you mean with a repeatable condition, I have spent nearly 4000 display hours over the past year and 4 weeks but am unable to discover a pattern that repeats it self consistently. I utilize all of the technicals that were educated by youtube, infant pips etc but im not sure if im doing it correctly. Im not looking to your strategy but do know that you are a profitable trader from the number of replys by yourself in other threads. Could you possibly place me of at the right direction? I.e what should be looking for, is naked charts...
    Its VERY hard to search for them when you mix price WITH time at the middle since no 2 consecutive candles will be the exact same ever (well almost but you get the point). This randomness dont allow you to identify these requirements and exploit them easily over the years, thats the biggest issue with time charts .There are a few people who may work with and earn money consistently but they're not for me specifically because those reasons mentioned. .

    I trade pure price charts (RENKO with wicks, no time at the middle) and yes, there are repetable conditions that you could exploit each and every time using a high level of precision and consistent results. . As soon as you ID these conditions you may realize what its likely to take place after that place a trade to win =-RRB-

    The price its speaking for you, no indicators, not the time. . The price, pure price and thats it; practice till you can talk its language and you are set

  2. #12
    Quote Originally Posted by ;
    quote I think you're giving the wrong advices for rookies.
    The only information I could give to rookies its to learn how to trade FOR REAL, no indicators and all that crap, the principles in what too search for, the ideal conditions and theres all. . No bandaids or crutches, just raw basic trading mechanics

    How could I (or anybody ) possibly discuss % per commerce if the one listening doesnt have an idea the way to even put the odds in their favor? Think about it =-RRB-

    Quote Originally Posted by ;
    quoteI never find a true trader risking 20-30% of equity or balance even with 98% winning rate. If you believe that you are so damn sure you can just as well risk 90 percent of your balance .
    Well, I guess im the first one that you hear that one from and no I cant risk 90% since the broker doesnt allow me to get it done. . Theorical maximum its 69% with a 1% safety factor before margin call along with my typical Cease loss =-RRB-

    Quote Originally Posted by ;
    quoteThis sort of thinking isn't sustainable. I have heard these words many times out of individuals. . Not one of them has a true account more than 1K and vanished several weeks afterwards. You can be one of them or may not be one of them which does not mean much.
    If you dont understand how to trade or lets say it with various words: if you dont understand exactly what to search for, place AND exploit the ideal minute to place a trade then you're damn right this kind of risk taking per commerce its not sustainable!! If you cant handle the core principles you can NOT take the advanced course dont you think?? You will crash and burn for sure

    BTW, I trade like this: I have two live accounts, 1 little wich I trade how I do to get a series of trades, wich I finish that cycle at around 20/30 trades, then I withdraw the profits into the main and leave the same starting capital and I repeat the process every month over and over again (the main account its just that, such as a savings account at which I handle what I need to spend to get a living) easy, risk free and constant. . You should attempt it =-RRB-


    Quote Originally Posted by ;
    quoteAt the end of the evening you sit in front of a screen all day to catch that move so does that 2% man too.
    Not all day, exactly like half london (not necessarily, since I dont want to wake up too early all of the time) and half an new york session (until lunch then im away ) I have things to do haha; and I only place a trade once the ideal (the best possible) conditions are there, even should they never shows then who cares? Tomorrow its a new day, plain and easy and I wont waste my time to get a measly 2% sorry, but to use such a tiny % of risk it means that the trade its own shitty at best with a random result, odds stacked against you, unknown variables etc.. In different words = shitty conditions = bad trades = get shafted results = risk a little because you never know wtf its going to occur mindset. . Thats a big NO NO

    Quote Originally Posted by ;
    quoteSo the main point is that can't be real trader if you don't handle your risk correctly.
    The main point is that cannot be real trader should you havent mastered the fundamentals of trading. . Interval

    Quote Originally Posted by ;
    quoteAssuming you risk 20-30%. And can you gain? 5 percent? , 10%? , 50%? .
    The usual yield for me that I profit at least what I risked in the first place PLUS the cost of the transaction (comission only in my situation ) around 40 percent of the time. . Another 60% I end between 1.6 to 1:2 return OR occasionally somewhat more; around 1:3 or longer but its quite rare/not conmon, only if its a runner and im directly in front of the screen once it happens, wich I dont do too much since after I place I commerce I get up from the PC and continue on most of the moment; the eventual ceased out commerce I dont care when it happens because I can recover it and return positive out of it like nothing I dont give a damn when it finally happens =-RRB-

    Quote Originally Posted by ;
    quote If you say you're getting 30 to 100% yield per trade then at least we would know you're carrying a reasonable RR ratio no one would say anything about that. But then you have to be so damn rich by today.
    Haha I wish; my starting capital its not big whatsoever by any standar so my gains are never huge AND I must take care of my parents wich it requires a large portions of those gains (medicines and stuff like this ), etc etc.. In the least, finacially talking I have peace of mind wich its invaluable for me personally


    Quote Originally Posted by ;
    quoteIf you say you're gaining lot less. . 2-3 or 5 percent per transaction then you truly have to get a 99% accurate setups to endure. Happy trading. .
    Noo !! Gaining less than you could finally lose its a recipe for tragedy!! That false sense of high win rate will bite your ass for sure unless you just want to go all in casino style and see how much it takes you (not too far). . But long term its a noob aproach

    My R:R its not fixed its average with a minimum threshold of course, wich I just talk about it directly on top of this response =)

  3. #13
    Quote Originally Posted by ;
    I'm using the oanda trader (demonstration ) with 100k as the starting balence. I have my system but I want to be certain that I am working the money direction. Im hoping to only use 6 percent of my balence on every trade. With prevent losses of course. My question is really for the Oanda Pro's in here. Each trade Im multilying by 6 percent and taking the components. Example 2,000,000 units * 6% = 120,000 units. This appears to be operating. Am I on the ideal path with this? Or is there another solution to receive my calculation.
    The best first step is to place your maximum leverage to be 1:25. I know the broker is offering you around 1:500, discount that and follow what I am telling you.

  4. #14
    Quote Originally Posted by ;
    BTW, I trade such as this: I have two live accounts, 1 little wich I exchange the way I do for a series of transactions, wich I end that cycle at about 20/30 transactions, then I withdraw the profits to the primary and depart the exact same beginning capital and I repeat the process every month over and over again (the most important account its just that, such as a savings account where I manage what I should pay for a living) easy, risk free and consistent. . You should attempt it =-RRB-
    So basically you are not risking 20-30% of your capital. You maintain your primary funds apart and risking 30 percent on a little size account that just also be 2% of the entire capital. Which is perfectly fine. What I don't agree is that the part you're imposing individuals that if you can recognise high probabilty transaction an individual ought to take the risk. And you're expressing that on a rookie forum.

    There are other stuff I can comment about but I really don't want to make this a lengthy speech. If your trading style matches your character and if you're making money good to know there is another mate making money. Although I really don't see much help to others along with your statements. It's reasonable that people ask a trade explorer that supports such busted ego.

    Joyful trading...

  5. #15
    Quote Originally Posted by ;
    quote So basically you are not risking 20-30percent of your capital. You keep your main funds apart and risking 30 percent on a small size account which just as well be 2% of the entire capital. That is perfectly fine.
    In the beggining, number wise, yes you can see it like this BUT I mantain that percent per trade forever and more frequently than not the small trading account has surpassed the savings account funds and even then I don't lose down the percent each trade. . So no, in the end I dont risk 2% of my total funds =-RRB-


    Quote Originally Posted by ;
    quote What I do not agree is the part you're imposing individuals that if one can recognise high probabilty transaction one should choose the risk. And you're expressing that onto a rookie forum. There are other things I can comment about but I don't wish to make this a long speech. So if your trading style fits your personality and if you're making cash good to know there is another mate earning money. Though I don't see much of a help to other people along with your statements. It is reasonable for people to ask a commerce explorer that supports such overwhelmed...
    you're either NOT understanding my words or debilerately ignoring them (by disbelief or self ): to implement a high% per transaction you MUST KNOW how to exchange in the first location!! And YES its a valid tips for a rookie forum you cant discuss one without another!!

    Along with the Risk untoward people dont make it too much in trading, because they always think in NOT losing rather than WINING!! Thats the wrong mindset period!! You wish to lessen the risk straight from the opening gate? Proper trading strategies will take action so that you can concentrate on earning money. .

    Let just agree that we disagree and Proceed, but read carefully my previous article having an open mind, I could seem like an ass sometimes but im not (far from it) =)

  6. #16
    Quote Originally Posted by ;
    quote Its VERY hard to search for them when you mix price WITH time in the midst since no 2 consecutive candles are the exact same ever (well almost but you get the point). This randomness dont allow you to determine those conditions and exploit them readily over time, thats the biggest problem with time charts .There are some individuals who may work with and earn money consistently but they're not for me in particular because those motives mentioned. . I exchange pure price charts (RENKO with wicks, no time in the middle) and yes, you will find repetable conditions...
    Primarily, I would like to say thanks for your answer, I certainly did not expect you to answer to my comment.

    I've now looked through a lot of your previous posts and understand that you choose the renko chart rather than time based charts every single day of this week, I now get why you do this I am now planning to look into this PURE PRICE Trading only. If we are able to spend thousands of hours on the standard time charts then im sure I could even spend thousands of hours around the Renko.

    Can it be possible for you to answer the below question? (I fully understand if you don't want to answer some or all of them haha).

    1. Can I just ask where did you find the renko chart which you use on the MT4
    2. Do you use moving averages (Simple or Exponential) and some other indicators (such as RSI, but I personally feel that every indicator made is futile ). Should you use moving avergaes, are they large like the 200 S.M.A or small like the 50 S.M.A or 8 S.M.A
    3. Do you only ever set market orders (either in the completion of a renko pub or when your pattern is exhibited ) or can you use pending orders.
    4. Do you wait for confirmation (such as a completion of a renko bar)
    5. Should the period of the pub be large (600 pips rather than 50pips etc ) or small.
    6. When you say continuous patterns can be seen on the renko, do you suggest patterns together with the bars i.e 2 bars up then 3 bars down signals a new trend etc etc..
    7. Iv read you don't own a set take Profit but only set a stop loss in the event your investigations was wrong (and you also go break even whenever you can ) but where would be the perfect place to put a stop loss.
    8. Last, can you use support/resistance frequently or trend lines.

    The below image was uploaded by you some time back, simply to confirm are the arrows on the chart your entry points? Or where you would possibly enter the market?

    I completely understand if you feel I am asking too many question and don't want to answer. I am really very hungry for success in this market and believe it may be done, therefore why im asking alot questions.

    P.S Please don't abandon this forum ahah, iv noticed multiple profitable trades leave forex factory (signifies us noob traders cannot get access to a gold mine of advice and suggestions from successful traders).

    Thank you soo much for your answer.

  7. #17
    Quote Originally Posted by ;
    quote Primarily, I wish to say thanks to your reply, I certainly did not expect you to reply to my comment. I have now looked through a lot of your prior posts and know that you choose the renko chart instead of time based charts each and every day of this week, I now get why you do this I am now going to look into this PURE PRICE Trading only. If I can spend tens of thousands of hours on the standard time charts then im sure I can even spend tens of thousands of hours on the Renko. Is it possible that you answer the below query? (I completely understand...
    Renko its easier visually to understand and follow and therfore easier/simpler to procedure to your brain (wel,( for many folks lol) place the odds in your favor, in case something its complicated to you and there are different ways to take action. . try them !! Maybe one of those could eventually click with you and be the final piece of the puzzle

    Quote Originally Posted by ;
    quote1. Can I just ask where did you find the renko chart which you use on the MT4
    Today I use a commercial generator which its 100% secure and dependable but you might use any other generator also, actually in this forum there are a few that are really good too

    Quote Originally Posted by ;
    quote2. Do you use moving averages (Simple or Exponential) and any indicators (like RSI, but I personally feel that every indicator made is futile ). If you do use moving avergaes, are they big such as the 200 S.M.A or small such as the 50 S.M.A or 8 S.M.A
    Yes I use a Moving Average as a general management; I could achieve exactly the identical effect by drawing horizontal/trend lines but why should I do this if there is a tool that does it to me? =-RRB- Keep in mind that because renko its only price and its own simetrical by nature some indicators are futile or redudant (doesnt give you any worthwile info OR you can observe the specific same thing right on the chart) and others actually gain precision! Keep this in mind, thats really significant with renko.

    Quote Originally Posted by ;
    quote3. Do you only ever place market orders (either in the conclusion of a renko bar or when your pattern is displayed) or can you use pending orders.
    Consistently direct market orders and a few instances pending orders 1 brick above/below the entry with a time limitation; when it has struck then im rewarded with an awesome Rtrade, in the event the price never retrace then nothing happened:S

    Quote Originally Posted by ;
    quote4. Do you await confirmation (for instance, a conclusion of a renko pub ) 5. Should the length of the bar be large (600 pips instead of 50pips etc ) or small.
    You ALWAYS need to await a bar to shut with renko (pretty much with any price based chart) since ANYTHING can occur with that bar and therefore the true move in the market!! You might be 98% convinced that it might be shut up and it becomes close to that for 3 hours (for example) BUT then it reverse and shut down AND currently the chart its own telling you something completely different!! Allow the chart speak with you and act accordingly, no need to rush minus the beauty of renko (and the curse of noobs/undisciplined traders) =-RRB-

    Quote Originally Posted by ;
    quote6. If you say continuous patterns can be seen on the renko, do you mean patterns with the pubs 2 pubs up afterward 3 pubs down signs a new fad etc etc..
    Since renkos are simmetrical in construction. . Yes, you can see patterns/formations which leads to certain behaviours with a huge degree of precision; of course, renko charts WITH wicks (very important) once you learn to spot them you simply need to await them and thats it (of course, which comes with practice and time )

    Quote Originally Posted by ;
    quote7. Iv read that you do not have a set take Profit but just set a stop loss if your investigations was incorrect (and also you go break even as soon as possible) but where would be the best spot to put a stop loss.
    I dont even have a hard TP since you need to be flexible with your goals since you never know for certain how much the market its own likely to move in your favor; for example I can get readily 1:1 comission trades all day long with a very high precision, BUT I know how much additional I can win, that additional bonus which why I use BE and watch the market and shut manually (if im facing this PC I love to set and forget transactions ), if not I use BE trailing tight close, etc..

    Stop loss in my case its around 2 bricks most of the time


    Quote Originally Posted by ;
    quote8. Last, can you use support/resistance frequently or fashion lines. The below picture was uploaded by you a while back, simply to affirm are the arrows on the chart your own entry points? Or where you'd possibly enter the market?
    Well, I utilize horizontal lines wich can symbolize sup/res or high/low of a period, etc they fit most of the time so that the name you gave to them doesnt thing haha; that film was something I was testing and I used a line chart on renko bricks thats why it appears like that; in the conclusion that instrument was redundant I dont use it anymore

    Quote Originally Posted by ;
    quoteI completely understand if you feel that I am asking too many question and do not wish to reply. I am really very hungry for success in this market and think that it may be done, hence why im asking alot questions. P.S Please do not leave this forum ahah, iv noticed multiple profitable trades leave Currency Market factory (means us noob traders can't get access to a gold mine of information and tips from successful traders). Thank you soo much for your response. image
    Dont stress so long as my words/experience may make a difference to anyone that really wants to learn and place the effort, I'll be accessible

  8. #18
    Risk above 5% will blow off an account.

  9. #19
    Quote Originally Posted by ;
    Risk over 5% will simply blow off an account.
    False. . Not knowing how to trade its what blows an account

  10. #20
    Quote Originally Posted by ;
    quote False.. Not understanding how to trade its own what blows off an account
    I agree with this, its all about statistics and probabilities (and very heavy psychology).

    Risk comes from not understanding how to do something or not doing something correctly. In the end, trading is a game of probabilities, you will never be able to predict a move in FX however, you can go with the flow.

    I can drive perfectly fine because I was taught how to push, but if I place my 8 year-old niece (who has absolutely no experience driving a car) in the driver seat of an automatic vehicle and let her to push then there is a really high risk of her crashing, if you get where im coming from.

    Watch the below image on triumph rate and risk to benefit. Dont get me wrong, you may blow off a account risking 5% or more only when the win rate is reduced. Finest thing to do is to discover a strategy, backtest bar for bar, forward evaluation and then optimize to find a good balance between win rate and RR.

    PS, the image isn't mine, I don't take any credit for it.

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