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Attachments: TMS for Newbies Part 2
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TMS for Newbies Part 2

Quoting Babyboy
{quote} haha, See, LW, I will definitely confuse everyone.
Not really. It was established that Mr Aussie was in fact teaching the de facto original conservative rules of the TMS game
It was more focussed towards guys or gals getting initiated into TMS.
We all know that even Big E changed gears and moved into aggressive play subsequently.

We also know that the trends can be followed from the lower to the higher TF.
So what you explained made sense in a more aggressive play. It would certainly appeal to ppl once they are familiar with the TMS rules and their application.
I am focussed on trading H4. But I do look at H1 and D1 to ensure that I am not going against the trend.
Your suggestion of using the H1 to make an earlier entry in H4 is priceless. However as I said, this is probably best kept for later.
Live life king size !
Quoting TitanM
{quote} Means...sell at the top Buy at bottom right? Let say I trade only pair EUR /USD. Due market volaity...ill only get 100 pip from daily chart setting... But then..my target is 1k pip in a month... Or should I try 3 other pair at same time? Let say: 100pip on eu+100pip on gj+100pip on ucad =300pip a week. Your advise?...suggestion?..thanks for answering all my question.

Gosh...my second post in as many days!!

One thing I see a lot of people doing is trying to a) trade too many pairs, and b) shoot for the big pips. In my opinion, these are both mistakes and are connected to each other.

No matter what anyone says, in the early days of a traders FX life especially, emotions play a large part. It's natural and it's something that we each have to deal with in our own way. To end the day, or series of days with losses can lead to many emotions.....anger, fear, disappointment, frustration and many more. This is certainly not helpful, and most of the time it is avoidable by lowering your sights and aiming for a realistic and 'gettable' goal.

For instance.....experienced and successful traders may only trade 4 pairs as a maximum. However, they know each of those pairs intimately and they will also be aware of the fundamentals behind each pair (up to a point). 4 pairs is a lot to manage, but it's not overwhelming and if, during the course of their trading day each pair can give up 25 pips, then they end their day at +100. 25 pips per pair, per day is a gettable goal, and the total pips at the end of the day is not insignificant!!

So (imo) there is no need to try and hit a home run of 100 pips per day per pair, because that is very seldom an achievable goal for an intermediate trader, let alone a newbie. Forget about the home runs...just get to first base safely is all that's required. If you go round the diamond base by base...you WILL get home! If you go for the home run and get out, you go home with nothing.

To conclude, keep your goal realistic. If you can get your trade up to (say) +20 move your SL to BE + 1. So now you have a free trade. If the move looks like it's stalling out, consider taking the profit right there. Now you have +20 in your pocket!! If you did that with your 4 pairs, you can go to sleep smiling with 80 pips in your pocket. Do that every day and you have 400 pips as you go into the weekend.

Who here doesn't want 400 pips at the end of the week?

So....

!. Choose your 4 pairs (maximum) wisely and stick with them through the good times and the bad. Don't jump between pairs because that's as bad as jumping between systems.

2. Keep your goal realistic and 'gettable'.....it's far better to go to be happy and smiling with pips in your pocket, than it is to try for the big pips and strike out....all that does is make the broker go to bed happy, and you go to bed pissed off!

The big pips will come with experience, but you'll only get that experience if you survive today!
Doing what you like is Freedom. Liking what you do is Happiness.
Quoting Karado58
{quote} As a beginner, and not within the small "click" of individuals that post here, I find this thread confusing to say the least. It just appears to be a free-for-all trading tread, with a few bits of helpful information, far and few in between. Majority resembles NOTHING of Big E trading method, and what does is drowned out with contradictory trading advice!! Another really annoying thing is, SOOOOOOOO many Feels like a teenagers thread with all the smilies!
For me, I think a easier way is to only follow a few people's post at a time.

No need to read every post. That would be conflicting. Focus one to two people at a time.

And I think, yes some trading rule is in conflict with Mr. Aussie's trading rule. But I think the key is not what rule we use. The key is how to read the overall picture of price action behind that trade and how to properly draw s/r.
Quoting realjumper
{quote} Gosh...my second post in as many days!! One thing I see a lot of people doing is trying to a) trade too many pairs, and b) shoot for the big pips. In my opinion, these are both mistakes and are connected to each other. No matter what anyone says, in the early days of a traders FX life especially, emotions play a large part. It's natural and it's something that we each have to deal with in our own way. To end the day, or series of days with losses can lead to many emotions.....anger, fear, disappointment, frustration and many more. This is...
Many thanks...
Any other comment or opinion forme guys?
Quoting realjumper
{quote} Gosh...my second post in as many days!! One thing I see a lot of people doing is trying to a) trade too many pairs, and b) shoot for the big pips. In my opinion, these are both mistakes and are connected to each other. No matter what anyone says, in the early days of a traders FX life especially, emotions play a large part. It's natural and it's something that we each have to deal with in our own way. To end the day, or series of days with losses can lead to many emotions.....anger, fear, disappointment, frustration and many more. This is...
All very good points. Thanks for taking the time to share this valuable information. Look forward to seeing your charts in the thread.
Know your edge and trade within it
Quoting realjumper
{quote} Gosh...my second post in as many days!! One thing I see a lot of people doing is trying to a) trade too many pairs, and b) shoot for the big pips. In my opinion, these are both mistakes and are connected to each other. No matter what anyone says, in the early days of a traders FX life especially, emotions play a large part. It's natural and it's something that we each have to deal with in our own way. To end the day, or series of days with losses can lead to many emotions.....anger, fear, disappointment, frustration and many more. This is...
Excellent post and almost exactly the way I have been trading for years.
You can bet your bottom dollar that this is how the successful traders started. They then developed there own trading styles over a period of time. You will not be successful if you try and copy exactly how another trader works. Trading is not a team sport but purely individual. Learn from what they are doing but don't copy it.
If you need to ask what lot size you should trade or where your S/L and T/P should be you need to go to babypips.com and learn the very basics.
If you don't post your charts nobody can help you and the chances are you will keep repeating the same mistakes.
Never argue with a fool; onlookers may not be able to tell the difference.
Quoting Lookleft
{quote} Excellent post and almost exactly the way I have been trading for years. You can bet your bottom dollar that this is how the successful traders started. They then developed there own trading styles over a period of time. You will not be successful if you try and copy exactly how another trader works. Trading is not a team sport but purely individual. Learn from what they are doing but don't copy it. If you need to ask what lot size you should trade or where your S/L and T/P should be you need to go to babypips.com and learn the...
������
Really apprecite your advice...
I ll post my chart after install mt4 at my smartphone...
Quoting foxtrader16
{quote} And to add to this ... support and resistance are not mere lines but rather regions. Think of it as more like a belt stretched across your chart.


Quoting Dhiyo
{quote} Hello griffinssoul, everyone, My first post here! Just to add to your informative post, and borrowing your graph if I may. It might be easier for us newbies to view S/R as zones (areas where price "might" react), and not specifically wick or candle end points. Peace. {image}
many thnx guys - this is wat i mean - there r as many ways to draw ur region as there is lines - u could for example draw a region from the highest wick to the lowest above nearest close .... etc ..... u have 2 find a way that suits ur trading - just like LL says above post u have to do it ur way
Quoting realjumper
{quote} Gosh...my second post in as many days!! ...... pips in your pocket, than it is to try for the big pips and strike out....all that does is make the broker go to bed happy, and you go to bed pissed off! The big pips will come with experience, but you'll only get that experience if you survive today!
.... plz keep posting realjumper - we need u here
Quoting Scrambleguy
{quote} Hi Griff, if this is a steady script 1-2 ( GU ) sl 100-150 why did you get out at -20 pips?
good question Scrambleguy - i was reviewing this yesterday - two general reasons ..... the first was technical - when i saw the cross against me i thought this had a 2 good a chance to go south - if i stayed in i would have watch PA around the D1 supp & it just slammed down there so would have stayed in ..... BUT! ..... the other reason was i was up avg 800pips - i felt lucky more than skill cause of gap - PA with gap showed me to get out but fast - i only had one losing trade so i cutout of GU [sure could have hit 150pips & maybe more - BUT! - u cant win them all and prob shouldnt try......]

side note - the entry was actually perfect for the trade in hindsight
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Quoting realjumper
{quote} Gosh...my second post in as many days!! One thing I see a lot of people doing is trying to a) trade too many pairs, and b) shoot for the big pips. In my opinion, these are both mistakes and are connected to each other. No matter what anyone says, in the early days of a traders FX life especially, emotions play a large part. It's natural and it's something that we each have to deal with in our own way. To end the day, or series of days with losses can lead to many emotions.....anger, fear, disappointment, frustration and many more. This is...
Thanks for the post RJ, it is a wake up call for me,
I've been making mistakes of trying to get home runs and missed out on 20-30 pips profit

Failure leads to Success if one learns from mistakes and never give up
Quoting griffinssoul
{quote} .... plz keep posting realjumper - we need u here
Thanks griff.....I do have some more things to add about trading in general as it applies to TMS, and I'll get to it tomorrow after market close...and I'll answer some other posts at the same time.
Doing what you like is Freedom. Liking what you do is Happiness.
Quoting realjumper
{quote} Thanks griff.....I do have some more things to add about trading in general as it applies to TMS, and I'll get to it tomorrow after market close...and I'll answer some other posts at the same time.
Thank you RJ, really appreciate the posts I know you're not too keen coming into FF nowadays but your posts are valued by a lot of people
Quoting Karado58
{quote} As a beginner, and not within the small "click" of individuals that post here, I find this thread confusing to say the least. It just appears to be a free-for-all trading tread, with a few bits of helpful information, far and few in between. Majority resembles NOTHING of Big E trading method, and what does is drowned out with contradictory trading advice!! Another really annoying thing is, SOOOOOOOO many Feels like a teenagers thread with all the smilies!
Hello Karado,
"As a beginner, and not within the small "click" of individuals.": I see you joined FF in Oct 2012. Perhaps you mean a beginner to this thread, as I see you have posted to the TMS thread since you joined FF. The "click" have developed relationships through posting and perhaps Private Messages over several months or years.
The "free-for-all trading thread": everyone uses the TDI. They're posting their trades to try and help newbies. They've found a way to see opportunities in the market and are sharing their perspective in the hope that newbies can see what they're seeing. All of our brains work differently. That's why there are so many different trading styles on this thread using so many different features. Just look at LW's recent post pointing out how she uses a feature that's different to Griffinssoul but it amounts to the same thing.
"A few bits of helpful information, far and few in between": Yes, that's how it is. There's so much clutter to get through. Even points made by a poster with a red diamond next to their name may not resonate with us and our experience. I have clung on to the points that did and I began to form preferences or a "decision tree" of my own after discarding some. I used to feel stressed that I didn't have a trading plan; it took me several years to realise which few parameters I would rely on.
"Big E trading method": I could never get going with it but it introduced me to the TDI and I gathered my own "aha" moments about what it showed us. Big E was based in Oregon I think, in north-west USA and that dictated how he traded. I think he did say that if he could, he would prefer to trade the H1 chart in the London session. It's several years since he died but if he had still been with us I think it's fair to say that his trading would have continued to evolve.
"SOOOOOOOO many emojis. Feels like a teenagers thread with all the smilies!": See above about clutter and, as all of our brains are different, they all have different ways of expressing themselves.
I wish you success.
Thanks for your help, warmth and straight talking Heather.
Quoting jinchu
{quote} Thanks for the post RJ, it is a wake up call for me, I've been making mistakes of trying to get home runs and missed out on 20-30 pips profit
Exactly as RJ says, if you build your confidence that your entries are right, in time you will let the trades go further, but your confidence in your rules and yourself have to grow first.
Quoting lastingwell
{quote}Exactly as RJ says, if you build your confidence that your entries are right, in time you will let the trades go further, but your confidence in your rules and yourself have to grow first.
..noted!...tq lw
Quoting fxtrader29ca
{quote} All very good points. Thanks for taking the time to share this valuable information. Look forward to seeing your charts in the thread.
As RJ has said he no longer trades TMS but he was taught the system by eelfranz and is a very experienced trader and so his advice is very well worth reading
As if to prove a point about small pips grow into bigger pips.
A slightly risky entry but price had closed above 200ema and daily 10ema. Only problem was Y/H but with the big rejection from DOL momentum was there. TDI met all the criteria. This is the 3rd such trade I have taken today using the basic rules and set and forget.
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PS You might want to watch H4 for a possible continuation/bounce entry.
Never argue with a fool; onlookers may not be able to tell the difference.
Quoting realjumper
{quote} Thanks griff.....I do have some more things to add about trading in general as it applies to TMS, and I'll get to it tomorrow after market close...and I'll answer some other posts at the same time.
Hi

Looking forward to your posts/input.
Appreciated

Cheers
Don't limit yourself!!
Quoting TitanM
{quote} Hey... If u don't mind... Could u share indicator u used here?
Good morning, sorry for the delay. Here indicators. THE indi. Signal Bars asks for a password "free_at_ff". Good luck.
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