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Wanted to post another winning trade- Thank YOU Charles!
As earlier, My personal preference is the MAcDBB's on the 1508 Chart as well as the 377.
Small uptrend trade for 5 ticks. I anticipated it would be a small move because the MACDBB on the 1508 where no where near riding the upper band.
However at around 7:08, they were rounding upward and BBs turned blue. At 7:10 they were touching the midband, and as you can see, the distance between the midband and upper band is very small, so I knew that the move might be small, therefore My stop would have to be pulled up FAST on any hesitation of price.
Also at 7:10, on the 377 chart the BB's turned Blue and preceeeded to cross the upper band.
EXIT- on the 1508, when the BBs reached the upper band, I know resistance can form here, also the spacing on the 377 BBs was getting smaller (momentum weakening) so I YANKED my Stoploss up for a quick $125
Not bad for 2 minutes worth of work.
Nice weekend everyone
Can you help answer these questions from other members on NexusFi?
its about risk reward.. if you have a 12 tick stop and are only going for 5-8 ticks then it will be hard to make money in the long run.. should never be below 1:1..
Hi, I know what your saying makes logical sense, but recently, thanks to seeing Charles trade LIVE, I have seen that what makes logical sense does not ALWAYS work in real life trading situations.
as of TODAY, I have recovered a $2000 loss by NIBBLING 5-8 ticks wins on a max STOPLOSS of 8 ticks!!!
Mr. Charles Booth has SHATTERED many die hard logical beliefs I have held for so long.
With all due respect, it comes down to this:
WOULD YOU RATHER WIN OR BE RIGHT?
I think the missing link for all of us (including me) has been that we are approaching the markets as if they were logical instead of realizing that fear and greed; WHAT DRIVES THE MARKETS,HAS NOTHING TO DO WITH LOGIC.
It has cost me 10,000 to learn that "should never" does not exist in real, LIVE trading.
I pray to God, it does not cost you nearly as much to learn this very thing!
ya thats fine as long as your 1:1 +.. if you are able to lose more than you are able to make, in all situation in life, you wont make it in the long run.. there isnt really an argument against that..
I have spoken to several members of this forum via telephone recently.
Most echo my exact sentiments.
Before I saw Charles trade LIVE, with my very eyes, I did not really believe that gains of 20-40 ticks on a 12 tick max stoploss was possible daytrading!
It is safe to say, He has rekindled my faith that; THIS CERTAINLY IS POSSIBLE!!
Bobby, TRS was just trying to help you. He wasn't criticizing or condemning you but standing from the outside and looking in.
You haven't seen Charles trade long enough, nor have you probably mastered his system. I think Charles has probably learned (I don't know the rules, sorry...) that he has to have a higher TP to accommodate maybe a string of losers.
I am glad you are gaining confidence. It is nice to see.