Trade with 60

nice!, welcome Cchersia

my GU survived the news

EU bombed, made up some failure trades earlier in the day

im over my weekly target, considering my options now

EU high short bombing:

I'm +173 pips for the week, my weekly target is net 100 and I have a free trade running short on GU.

So can take Friday off - I will check if London has a nice looking high or low set up but if not I will skip.

I don't use variable position size, my lot size is worked out on my average weekly net win or loss - again this is completely at odd's with what all the trading books/rules will tell you you must do if you want to make profit - and again it's total bull - it's only logic and your own belief and methodology that will decide if you make profit or not.

Hopefully you can take what I have shown here and see how simple methods based on how markets really move (up and down), and systematical decision making can make profit - you just need to use logic (get rid of all the cock and bull about being able to predict anything), some self awareness of how we rely on biasses to make decisions in uncertain condition and then a method that will control the damage they do to your trading.

The majority of your trading system should be concerned with reducing human error, this is where systems succeed or fail, you will always make some mistake because you will always need to make some judgement calls, but if you can have a system that reduces these (such as no discretion on what constitutes an entry signal) you will see your results improve dramatically.

A deeper understanding of how and why we make decisions will help you greatly as a trader and you will see the markets and it's movement in a new light, I try to avoid using the word psychology because that doesn't seem to have the right effect on people, perhaps think of it more as learning good habits with the correct mindset - if you have been trading a long time im sure you know this already but perhaps have not given it as much importance as it requires.. have a good weekend, I will highlight any set ups that occur tomorrow

I really appreacited you help and thanks for share good info !
Regards!
CC

some price action (candle patterns) these were all winning trades for me this week, inside bars, outside bars, big tails, no tails, small bars, large bars - the shape of the candle on it's own is next to no value, it is the location - don't watch candles form and dont base decisions solely on candle patterns.

ok that's GU done as well, 63 and net 234 for the week.

Decision making process was getting hard there as tiredness creeps in - glad to be out and done for the day - amazing how quickly the brain tires and judgement decisions get harder and harder very quickly.

As you can see i'm not a great naturally gifted trader myself, I should of at least waited for the bar to close. But at the same time this method just restricts the important decisions enough to keep me constantly ticking my balance up

p.s I hate getting out before the bar closes, it's one of my worst habits - always beat myself up about it afterwards

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It's one of my worst traits too, especially if there are no taxis around. Oh, you mean the bar on the chart!.....

... touche..

Surely better for the Bar Maid to beat you up

Although I guess it depends on size of the Candle


Boom Boom

good to see we're all in high spirits here

as I got it wrong the last two days I should say it really IS NFP today.... think I need a holiday, can't even remember the day's of the week anymore

What I like about your simple approach 60 is it can form the basis of a technical strategy to then make it your own, which was the main message from the Goldman trader video above. Something else he mentioned was knowing when to bump up your risk capital at times when you recognise your edge is strongest, which goes hand in hand with making a simple approach your own. I think you mentioned something about dismissing a bias 60. I disagree. I think a bias is important as long as you have established it based on solid and consistent research - something banks spend doing 80% of the time compared to technical charting 20% of the time. It does not mean you have to stick with your bias. One should remain flexible and adjust your risk accordingly. A bias is for risk adjustment and not something to be rigid.

Hi 60

Is your website ready yet ?
How did the subscribers that you have subcribe to you before ?

Hi Porkpie, nice to hear from you again mate...

On the subject of biasses, I meant cognitive biasses. I also liked the 'Sachs traders notion that (assumed) risk should not be fixed - the whole retail world is married to this notion that unless you risk the same on every trade youre doomed... poppy cock

anyway, great to see you again PP

Hi Harry, unfortunately still not finished, at present I work for another website on a program called Daily Trader, I trade this system there too but it's more broad and covers many aspects of trading, my site is purely focussed on trading a single method as a group, same pairs, same time, day in day out...

Bear with me please it will be finished very soon..

Exactly what I am looking for

want to know when to sit out, when big money is not adding to positions -

if price makes a new low, then fails to make a new high and sits in that range... sit out until a new extreme price is hit

GU long off the new low

I'm in GJ and GU longs from 4hr engulf off lows prior to LO - looking good so far