kuokam

You are warmly welcome, bro. May I include a tour of the "route du vin" around Schengen, and a London session open in the program ? waoh ! Now let's just sit tight and watch that euro reach the target

Thanks and welcome Tony. I believe you registered on the contest with a different screen name ? I could not find TTony on the membership list.

Looks like nobody has done it here. Have you tried with their "ask us a question" feature? It might just be that the link doesn't exist. I am completely helpless re. Mt4. As for position sizing, the heaviest I have so far taken is 200.000 units.

Thanks mate. Your help was, is and will always be appreciated. I cannot progress just with books and internet, I need somebody to tell me what to do actually, not virtually. But I also believe the Turtles could not have learned what they did in 2 weeks just on internet and books. It took real Dennis and Eckhardt in front of them to greatly shorten the learning curve. I make the pledge to keep your crown clean and your throne warm for when you decide to reclaim it :haha:. Seriously, I got 2 lessons from you, 1 great and 1 less. The great one: you reminded me not to care about intraday wanderings of price when take position off dailies. It greatly helped keep the so anxious part of me in check .This it is not easy for an accountant who works on a computer all day and has a laptop on his night table, with nobody to care when he wakes up at 3 o'clock to check how Tokyo is doing. The less great lesson was when you said you would remain in that trade that has proved you wrong. For me a losing proposition either way. If the price never comes back, you lose your money right away. If the price comes back and you win, this is an even worse outcome, as you will think you can bypass a cardinal law of trading/investing : cut your losses short, which will soon or later hinder your efforts . I also learned what timing means from Optiontimer, after reading his thread twice. My understanding being that the best time is when all your conditions are met, not before, not after, all the conditions. He also deserves the special mention, as he fantastically came back from a difficult position. I could feel a tiger's hot breath on my neck... As for the MT4 issue, I was never able to use it with Oanda, it looks so complicated I think I will need some help there as well. I have decided to leave it alone for the time being and draw my charts on another broker's platform.

You also greatly inspired, thank you. Ingot also. This contest is becoming my best trading class so far. I've read something on a course: "it is not about discipline, it is not about solid discipline, it is about rock solid discipline". We are not paid to trade, we are paid to wait.

The system did it all. I was just lucky, as the pair did not retrace significantly, I always was just 50 pips away. This morning it did and I am out. Now I understand how difficult it is to stay in a winning trade. Wondering how people like Stanley Kroll can stay in a trade for more than a year.

He is no longer managing other people's money next year, but is still in business.

"Other investors are convinced that they can predict the future, and I believe that's where our profits come from" John W. Henry

Trying hard to follow your steps, Sir. With a bit of luck so far. Thanks

Since I am learning so much with all the commentaries here, I have put that pair on my watch list. As Mr Trichet would say "I will be closely monitoring it" and let you know when I trade it. Certainly the hindsight effect or just my platform but it looks like it was a bit oversold when you got in.

It might be time to buy the metals. The specs increased positions, and open interest is up as well. But that of silver at a long term high. Does that mean anything?

The chart I see here is a 5 min., not 4h.

"-How do you differentiate between gold and cocoa in your trading? -They are both a 1% bet, they are the same to me. -You mean to tell me that you see no difference between gold and cocoa?" Larry Hite, market wizard, on the importance of risk management. You frightened me Ingot, with that 255 pips risk on a trade. That's a week's range! But you reassured me that on your live accounts you limit yourself to a 60 pips risk. My average is 40, depending on the pair. We all are making experiments here. I now understand what you mean by pips result as compared to $$$ but I think that also brings us back to the % debate of earlier in this thread. You can never be sure of what might happen the second AFTER you got in a trade, but you can always chose the risk amount, zero included. Therefore I believe risk precedes timing. I agree with your analysis, the E/A is clearly in a multi year down trend and you just happened to be on its way for some retracement. Problem is you never know when a retracement will happen nor end. This might as well be an inverted H+S forming, we are still above the 1.1600 lows. So, if I were you, I would look out before re entering "with vengeance" .

C'mon Ingot, this is no real bucks. We know you couldn't bet the family's house on one trade. Tell us what happened.

"Practice doesn't make perfect, perfect practice makes perfect"

Signed in. Let me be first at some thing here

The N/J pair did come back near my first entry level and I jumped back in. Lets see what happens.

Bought oats yesterday. Hope it was not too soon

Trust the strategy... "Men who can both be right and sit tight are uncommon" (Livermore, Reminiscences). Attached is a real time emotionally managed trade. It was supposed to be "my" trade for this week, I entered on Monday morning. But after a couple of hours I noticed it was going nowhere. I then looked closer and discovered I had entered long just below the conjunction of a resistance /Round number, and thought the trade was failing. Instead of waiting for the stop to prove my "new" reasoning right, I sold half the position and trailed the stop which later got me out. Now out and watching my first idea develop as planned. So the problem here was this mix of anxiety and impatience that submerge me as soon as I get into a trade. If only I could enter the trade, put on my SL and walk away for 24 hours! I believe you guys have some tricks to share ? I also took a trade in oats, but this is for another thread.

Agree timing is every thing, although we can't always have it perfect. So, it depends on where one stands in his learning curve.

If you are saying that 2% in each trade is high risk, I agree. That's why I try to halve my stake untill back to profitability.

Just finished the reading. Thank OT, especially for advising to take written notes while reading. I did, and the same with Mr Kroll' book. Working now on my check list, after I re read Livermore. Thank all the contributors, especially those still around:). It was pure joy reading thru so many pages by only serious and civilized participants. I even found my first fellow countryman ever on this forum. Avarice, if you are reading, please make me an appointment and borrow me that annoted book on Jessie Livermore you recommended. The reading changed the way I used to look at charts 180°. Attached are 2 charts for illustration purpose. I can't get StoRsi on my platform, so i defaulted to RSI, 8 periods. Please have a look and tell me what to improve. As per the rules I so far followed, these markets are a sell, since they have broken "my" bullish trend line. I would've been looking for shorts and could probably have some success, as this is also consistent with weekly trend. But the resistance on the Eur/usd is a monthly one, so probable trouble zone ahead short the euro. Now by OT/Kroll's rules, "we don't want to go short and might go long when 21ma is above 65 ma". That's quite a new pair of sleeves, if they say so in English. Therefore we now wait for a pivot low to be made on price and the oversold RSI to reverse. I actually put a stop order to buy in Chesapeake yesterday but it gapped down without triggering. My attaching these charts are just to get them examined by the more trained eyes to see if they strictly abide by the rules. Thank you for taking time. kuokam

Well, to continue with the cowboy allegory, they are the winners eventually, same as you in the contest, as you have stroke even harder yesterday, putting the bar very high and definitely out of my reach, if this makes sense in English. Having seen you a bit disappointed by your results last month, my question is how do feel now, after such a fantastic ride ? The expression that comes to my mind is "I am the king of the world". Bravo again!

Ingot, Agree with you that yet another "myth" is that of risk to reward. But I admit it might be me who don't understand the thing. But I also know I cannot get every single piece of fundamental and technical right before acting, or I will never. I also agree with the idea of sizing down when risk is big. But what of the alternative of letting go in that situation? The real problem is do we need to limit our risk when trading or not? If yes, how? I seems to me the examples Mr Fuller shows to illustrate his points are biased, the 2 traders starting out on uneven ground. 200/5000 is 4% of the account, the double what trader B starts with! Therefore he is only 20 behind trader A after the 4 trades and 73 ahead if the next trade is a winner. So his demonstration didn't convince me of the superiority of his trade management but I believe that is the way many might find success and that is okay. Every body must find their way to achieve consistent success at this game. But having done so should never mean that those doing it the other ways are wrong.