Tuesday, February 5, 2008

Wolvesfriend Trading rules

very interesting idea especially the point 4, just copy and past it here

Act like a poker player (I'm one of them)
Take the odds in your favour.
1.) Wait til you have a good starting hand (good entry point)
2.) Let develop the play if you picked a good hand ,'if the flop is in your favour' (go with the trend)
3.) Bad flop (bad entry point),throw your cards immediately away and wait til you have a better hand ( good entry point)

4.) VERY IMPORTANT.........
Begin with a low balance (a few bad entries will ruin your bank)
Withdraw all month or week (depend on your trading style) 10 % of your balance.

1.) When you notice the first change in the color (let us say a red candle) set your short order just below the candle when the day is over, and set your SL above pivot on the same first candle
2.) If your order is taken make nothing til next day......
3.) Next day is ' the surpise day'.
Or you are 'in the trend' and all is ok you make money or your SL was taken and you have now a loss...
If a loss....check the candles.....green (to give a logical continuation of our example) ok go long next day according 1.), red DO NOT ENTER (the train left the station without you...wait the next.....they do not want you on board)
I never jump in a trend on his way (when I will go in a direction but the SL was taken then the trend goes still in the direction that I wanted---->Distrust wolf,Trap?)...I want to be THE FIRST ON BOARD in a coming trend....
4.) Now you are in the train but you want to get there so move your SL with the trend....
All evening, draw the pivot lines with the day candle and move your SL according..
Only H-A candlesticks for me....

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