Dear PVSRA Musketeers,
Just taking some time to hopefully put this issue to bed........
Recently posted concerns:
I follow this the last days and i am impressed what you guys make with PVSRA. I also like you take note of what the"new" posting here.
You have give some words about money management, without further hints. I know this is a key for good trading results.
Can you explain what is your MM and why you use this? Have you links, what discribe your way you handle MM?
Often this must be something mystic, because pictures with good results are over the web, but asking after MM sometimes results in bad messages.
So, can you help? Eventually would good if we can have a post in other place in this forum, that keeps this thread focused?
Dear PVSRA Musketeers,
Question Paraphrased: Can you give some words about MM (Money Management), explain what is your MM, describe how you handle MM?
Answer: Okay, let us accept that Money Management is involved throughout the entire process of picking a setup to trade, entering, placing additional EPs depending on how PA goes after the initial EP, placing the TP and possibly modifying it depending on how PA goes after the initial EP, and having a SL for the trade. What is our description on how to handle all of this?
......items #1 thru #7 of post #1 in the Study Hall!
I understand that we will always be getting questions we have taken great pains to answer up front. This is because not everyone reads, some without retaining because they are only reading out of a feeling of obligation to do so, and because everyone thinks there should be more details, more "exactness". Learning
PVSRA is a time consuming process. Learning
HTMRW is a time consuming process. And by the time reasonable proficiency is attained, one also has a very healthy respect for the fact that no one can ever know just how the Robber Bank Market Makers will move price next! This fact is why attempts at "too much exactness" can damage a method, rather than improve it.
Do we know if these Market Makers will run a stop hunt? If they do, do we know how far it will go? If we set our SL just beyond the previous most significant high or low (for example), and price moves thru it, is it then always best to close the trade without regard for any other existing considerations? You can put exactness to items #1 thru #7. Or, you can give yourself some wiggle room. It is a trader's choice. It is an individual's choice just how they manage their own money. We can do no more than lay out the ground work of a reasonable trading method, complete with all reasonable parameters for the major considerations. We cannot force folks to read, to think, to apply with reason. If they apply much differently then we have specified, and start asking questions when things do not go well, we cannot force them to read, to think, and to apply as we suggest.
Providing more exactness IS NOT A SOLUTION! The character of the market does not lend itself to traders being more profitable by constricting their trading to more and more exactness in their trading parameters. Trading profitably is not easy. This is not a "get rich quick" endeavor. And the more complicated you make it for yourself by ever increasing trading parameters and their exactness, the more you can move past the point of "most profitable" into the area of "getting less profitable again". And what are those parameters and exactness thereof that yields the "most profitable"? No one can know because it depends on the current "conditions" in the market, to what degree the MMs are whipping and whacking price, which is something that can change in an instant.
This is like a child learning to ride a bicycle. The parent does not hand the child a complete list of instructions on how to keep balance. The child has to just take a go at it and over time gain the learning of how to keep balance under changing conditions.....doing different things at different times, because THAT is what it is all about. There IS no best single exactness!
Sincerely,
PVSRA and Profits,
Tah
P.S.: This information is now appended to the Study Hall Library post on the TVT20 FIFO trade method.