FOREX PRO Weekly June 24-28, 2013

[BeeKay8]

Hey Sive,

Any good money management books you know of that will be a solid addition to what you have taught us all so far?
DiNapoli was a great book but that was more teaching a system. Are there any books out there that you recommend that talks about money management?

Best,
Brandon

 

[knight270]

Hello sive , thanks for your weekly great analysis, more power to your elbow! Please is there a book you can recommend and where to buy it, that discuss extensively on the Minesweeper technique A and B, Dinapoli kibby trade, and those chat patterns you usually talk about, to improve my analysis skill and hopefully one day, can analyse professionally like you! Thanks once again my FOREX ROLE MODEL!!!

 

[papao]

Hey Sive,

Any good money management books you know of that will be a solid addition to what you have taught us all so far?
DiNapoli was a great book but that was more teaching a system. Are there any books out there that you recommend that talks about money management?

Best,
Brandon

hi brandon, if you care about my humble suggestion: don't waste time on money management it's pretty simple:
1) use trading system that allows you to predeterminate your risk (ie. where should you put the stop loss?)
2) decide how much you're going to risk each trade (1% of trading account should be fine; you can increase that amount, increasing your profit but also the "volatility" of your equity. But when you increase too much the risk you REDUCE your expected profit (the expected profit in function of % risk per trade has a form of inverted "U"))
3) given you know how much you want to risk (1%) and how much far (in pips) is the stop loss from the entry point, you can determine how many lots you can trade.

That's it. anyway, you won't make money unless you have a profitable strategy (money management is only for avoid going broke on a single trade).



PS: Triantus, found any book? thanks!

 

[BeeKay8]

hi brandon, if you care about my humble suggestion: don't waste time on money management it's pretty simple:
1) use trading system that allows you to predeterminate your risk (ie. where should you put the stop loss?)
2) decide how much you're going to risk each trade (1% of trading account should be fine; you can increase that amount, increasing your profit but also the "volatility" of your equity. But when you increase too much the risk you REDUCE your expected profit (the expected profit in function of % risk per trade has a form of inverted "U"))
3) given you know how much you want to risk (1%) and how much far (in pips) is the stop loss from the entry point, you can determine how many lots you can trade.

That's it. anyway, you won't make money unless you have a profitable strategy (money management is only for avoid going broke on a single trade).



PS: Triantus, found any book? thanks!

Appreciate it, papao. I definitely agree.

Take care, my friend.

 

[D.R.&Quinch]

The kelly criterion is interesting reading around this point of how much to risk. Also phil miner has a solid approach to taking and adding to atrade at different points if u can read elliot wave. I can dig up a pdf if u want

 

[Pedro319]

I see intraday Resistance at 1.3160/70 as a threshold so as long it holds I will only take short positions, above I will look for WPP as target. Thanks for this and have a nice day.

 

[tunji wahab]

Hi Sive,

Thanks a million, would like to know more about this your Minesweeper A & B entry, where do i get it.

 

[snegdk]

Hey Sive,

Any good money management books you know of that will be a solid addition to what you have taught us all so far?
DiNapoli was a great book but that was more teaching a system. Are there any books out there that you recommend that talks about money management?

Best,
Brandon

There is no section about money managment in Joe Dinapoli's book. But he has a trading course called "Fibonacci, money managment and trend analysis" available in mp3 (costs 275$). I haven't bought it yet
- I have his book and dvd course, plus all indicators for mt4, guess this mp3 course aould complete the collection.

 

[Lolly Tripathy]

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[Venelin]

View attachment 9853

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Point well made-wps1,mpp,100% ab=cd ,5/8 support and oversold! It is time for some retracement back before bigger drop in euro