Congratulations Brent, Now your posts are 18.
OK, I'm preparing now a pdf file that will explain in details my ideas combining martingale system (as explained in post 1) with fractals, fibonacci & the most important factor which i didn't discuss yet the entry & exit timing.This will take quiet sometime meanwhile I hope that we will continue our discussions about the ideas stated before. In this pdf I will explain the following:
1- what time frame to use (Ultra important).
2- what is the grid length (already explained).
3- the point of origin placement of grid starting.
4- What is the most fibonacci number to use as support & resistance.
5- Thechniques to avoid accumulating lots during news release as was smartly pointed to it by "Brent" in the previous post.
6- A spreadsheet calculating the number of lots to take at each level to gain same profit with the traditional way martingaling(as post 1) with less lower lots.
7- Taking positions both ways (up & down) based on fractals which will almost guarantee the non ruin of any of the 5 accounts.
The purpose of my study is to proove that there is a way to martignaling using traditional risk/reward & money management way of thinking. Maybe I'll succeed maybe I'll fail. I hope you will help me with your ideas.
yea let us get a better picture of what ur trying to say...
As I promised before this is a resume of the system I propose.
Now, please do me a favor: do not post cliche statments about gambling or martignaling because some members are inventing poems about. Please, Please, Please do not!
The discussions will help me (us) improve this system & help to produce the pdf file I promised with all the philosophy behind each proposed step.
Since nobody in the world has commented on your method, I'll be quite happy to address whatever point you believed you were making.
A "more traditional approach" to trading would be based on tools and tactics that have demonstrated some degree of success in the real world.
Foremost would be money management. Simply sticking close to a maximum of 2% risk per trade is about as fancy as you need to get. And always strive to improve your risk/reward ratio.
Respecting the trend can make it your best friend. Get to know it. Understand what drives it. Buy on dips, sell on rallies.
Learn to be patient while the price ranges. Draw and trade trend lines and channels. And look for breakouts.
Develop a portfolio of successful trading strategies that fit your personality.
For me, I'm partial to Multiple Moving Averages. Like a set of golf clubs, I've got methods designed to capture 5-15 pips, 15-50 and greater than 50. But I bring a lot more to the table than just a few colored lines on the charts. I bring an ever-increasing degree of trading wisdom and experience.
So, Zappata, why would I want to start a new thread that did nothing but restate the obvious?
Successful Forex tools and tactics are as plentiful as grains of sand on the beach. Grab a handful and dedicate yourself to making the ones you choose start working for you.
And as many of us "more traditional" traders would suggest, whatever you do, keep it simple.
P.S. At the very least, I expect that you now have learned that it's not the quantity of posts that validates one's position, but the quality of the advice that's offered. And that too could be considered a "more traditional approach" to making an evaluation.
Sorry guys, I was beasy lately trading my new live micro account which I opened recenty for 382$, this account is now 411.06$ by using only my system. That's about 30$ profit in 10 days trading. As maths this is about 7.61% in 10 days trading, Also about 3$/day for a capital of 380$. Pls. note that I was trading partially (3 to 4 hours a day). See attached.
This is my only reply to my freind Brent. By the way, the total posts of yours (saying nothing) are now 21, What a record!
See you soon
La preuve 2
I forgot in my last post to mention: That supposing that my account size is 38200 USD instead of 382 USD, the profit will be then about 2900$ in 10 days trading. Supposing that trading days of the month are 22, then the profit will be (2900/10)*22= 6380 USD. I think it's a respectable income knowing that it's investing 38000 USD & working 3 to 4 hours daily.
See you soon,
What a coincidence... Looks like great minds think alike.. I am also trading something similar to this method by staging at the .618s projection. From observation, correction normally begins at 261.8 (termination of 5th wave).. If price moves on, the next target is usually 461.8.. My profit taking is also similar to yours. Unless of course, If i'm sure that it's a trend turning point and not a minor correction, i'll ride the wave until it ends and stage against it as well..
Price movement is never random. There are ratios on the chart all the time. Read up on the chaos theory by Bill Williams and fibonacci ratios with pattern recognition by Pasavento. Elliot waves, fibonacci ratios, fractals are strongly related with one another, Natures Law. Comprehensive understanding of these principles enables accurate prediction of retracements and trend turning points in the market.
Hi ShahJb & everybody
Amazing also that I'm a fan of bill williams ideas & his book trading chaos & the new trading dimensions. I think the most important ideas of him are:
1- The fractal definition as he describing perfetly the emotions mechanic of the market.
2- His amazing way of defining the minor & the major turning points of the market with the use his five magical bullets.
3- His definitions of the five dimensions of the market.
4- Explaining perfetly the underlying structure of the market.
The importance of these 2 books is not the use of the techniques he propose, but understanding the structure of the market behavior & the best use of our mind structure to create/invent/developp/improve systems that are not traditional techniques which make 95% of the traders loose their accounts & also their minds/health/life/families/.... .Please do not understand me wrong, I have nothing against trendlines, oscillators, ... but I have everything againt the traditional ways of implementing them & the use of them in traditional known ways which (I'll repeat) make 95% of traders loose their money.The market behavior is in fact random but the underlying structure of it (the traders emotions) is not & can be forcasted to the pib. Dancing with the maket tones is my favorite hobby. I'm trading for fun, what if that fun is making me money also & improve my mind power & my immagination & my style of life.
Before I close this post I would like to introduce the book "Bird watching in lions country" For Mr. Dirk Dutoit, I highly respect this man because when I read his book it was a turning point for me as a trader. I understand now the right way of using the leverage & that I should enter the market at his exhaution with low gear & more gear with more exhautuon. I understand that there is many ways to ride the maket sea (maybe ocean), But one way to get out safe is to make profits by dancing over the market waves flow whenever they are present. Our duty as traders is to create systems which are synchronized with market underlying structure of the market & our minds (point a la ligne)
Beleive me it's not poetry.
P.S: For ShahJB, Perhaps You can post you detailed techniques of entering & exiting the market, so we can interchange our ideas & sort a much more sophisticated system .
I think that Stagging is a law of nature. Darwin discovered this law long time ago. The evolution of our being was stagged from preliminary creatures to apes stage to humans to ....? . Heigel discovered that a Qunatitative accumulation will produce a qualitative change - a new stage -. Ignoring this fact in the market is not suitable for traders.
Impulse,retracement,Impulse,retracement,...=Trend. Then reversal. Meaning:
1- Impulse, retracement,.... this is quantitative
2- trend = qualitative
3- reversal/continuation = new atage
4- & so on
If the market is stagging, then we as traders should stagge our entries & exits also. I don't understand why some people accuse stagging to be a gambling process. Gambling way of thinking could be implemented by using any system. Gambling is using all our resources in one entry, it's having everything or nothing. For me stagging is another philosophy : it's entering the market after impulse exhaution with low gear, then more gear with more exhaution. Exits will be at the stage of retracement or reversal. That's it.
There is no market if there is no retracement. the retracements are always present in uptrends, downtrends, sideways. I've never seen a market going in straight lines. A retracement will occur for several reasons after impulse exhaution (this retracement could be a reversal or not, I don't care) it could be a taking profit area or stops accumulation area or engineered by the big guys to take out trend followers before trend resuming or the beginnig of a new stage (reversal). Me as trader I want to be there when the retracement/reversal occured with adequate gearing.
Back to the elliott wave theory, if I entered the market at wave 2 retracement, I will exit the maket at wave 4 retracement. If I entered the market at wave 4, I will exit the market at wave 1 new stage reversal. This is for 1,2,3,4,5 wave. For the a,b,c wave: I will enter at wave b & exit at wave 1 after trend resuming (or ride wave 1 till wave 2). If I entered at wave 1,3,5,a,c this will be even better, it means that I'm getting my profit at the first gear : I have 2 options now, I may take the profit or ride the impulse wave by introducing a stop at breakeven after reaching profit target 1 & moving the stop to target 1 after reaching target 2 until stopped out.
Nice, Clean and easy.
I especially like the way you stagger their issues - the way great lecturers and true professors do.
Keep it staggering; forget those detractors.