Trading with range bars ichimoku cloud & awesome oscillator

I have a fixed stop loss of 20 pips that i never move so in pips my max loss is 20 and my winning percentage is 50 percent.The winning percentage can improve a lot to maybe 70-80 percent if only i improve my discipline.I still exit trades far too early and i make kindergarten errors.Sometimes i jump the gun too.I have only been trading for a year and there is room for improvement.I have much to learn.I am seriously working on my mental state while trading.

If i remember well Rp says he has a 75 percent-80 winning percentage with this system.I should aspire to do the same if only i can strictly follow rules.

I must add that im not as good as Rp in terms of reading price action and trading in both directions so i am only going long when price is above my 1h/4h EMAS and ignoring shorts and only going short when price is below my 1h/4h EMAS and ignoring longs.I am using range bars to enter trades generated from time charts.

Hi people.Today i used the power indicator and it served me well.CAD was weak in the Asian session and JPY was strong pre-London session so i sold cadjpy and made 27 pips.

Gbpaud long trade for 26 pips.AUD shorts COULD be profitable in the short -medium term because of poor retail sales and poor data from China....
Im done for today.

I would like to reiterate that please read/watch Mark Douglas's trading in the zone.He has helped me a lot.
He says trading is a probability game and you need to take every trade that comes according to your signal without thinking.
For example, GBP had poor halifax news this morning and aud had poor news.You see the gbpaud buy signal according to Rp's system and you take it without thinking about the gbp bad news.Of course knowing about news can give us confidence but when trades come up lets not focus on news.
So Mark says to teach yourself to believe that trading is about probability and you need not ever know the outcome of your trade, he says take a, say 20 trade exercise and execute your trades flawlessly.Focus on 20 trades and check results after 20 trades not focusing on one trade.So i have been doing this and now i am on 14 trades and the results so far are L,W,B/E,W,W,L,L,L,W,W,LL,W,W where W is win and L is loss and B/E is break even.After these 14 trades overall i have profit.
I am in profit despite 4 or 5 very badly executed trades.If i have been executing totally flawlessly i would avoid such bad trades and limit losses.

Moreover i am in profit despite many of these trades being cut very short.I can only imagine how much more profitable this can be when i work hard and work at staying longer in trades.

My point? Trading is probably 1 percent your strategy and 99 percent your psychology.We fail because we think the market is an enemy and when price comes towards our stop loss we panic as if we are facing a real tiger...but that is not true.The market is neutral and communicates information devoid of negative/positive charge...Remember, there are traders who thrive on these upticks and down ticks that we think are threatening to us.

People like RP have passed this stage whereby you need to teach yourself that trading is about probability.After that, taking trades becomes second nature as Rp mentions in this thread.His trades are now based on intuition.

So, please try it and put on the next 20 or 25 trades without hesitating at all but make sure the trades are well executed and not badly taken.You will see the results.FOCUS on 20 trades not on any one trade...iF U are not profitable overall do it again and again until you are profitable....

When you become profitable, your mind will develop a new belief!

Remember, the reason why i m saying all this is because it has really transformed my trading.However im still learning and making errors because to become successful is not an overnight thing and it takes time for me to totally start being at ease when i see the upticks and downticks.

As Mark says, when a boy is bitten by a dog he develops a belief that all dogs are dangerous.Its gonna take time for the boy to start believing that not all dogs are dangerous but that can only happen if the boy sees other kids playing with dogs and MAKES an effort to play with the dog.

So, i have always thought the market is a dangerous dog because it bit me and have always thought its out to get me, but i am embracing a new belief that the market is not out to get me....IT TAKES EFFORT TO BUILD A NEW BELIEF.

CHANGING THE SYSTEM IS NOT THE ANSWER.THE ANSWER IS THAT WE NEED TO BELIEVE THAT WE ARE LIKE CASINOS BECAUSE WE HAVE AN EDGE AND AFTER SOME 20 TRADES OR SO US THE CASINOS WILL BE PROFITABLE..FIRST HAVE AN EDGE AND TRADE IT ALL THE TIME.

Well said Ichikuse! i think you're absolutly right, you can also watch some video's on youtube. Mark Douglas is well worth watching indeed. Btw nice trades

Quote
"I can only imagine how much more profitable this can be when i work hard and work at staying longer in trades."
Close Quote

I made up this sign, printed it out and hung it directly above my monitor. Its helped me.

Thanks! Looks/sounds good!

Hello rockypoint
I wish you good health. When you might healthy , I want to ask you one problem.
1: when do you enter the buy or sell?
2: How do you put stoploss?
3: When do you close order?
Thank you.

Ran across this
http://cam.gomlab.com/

Free screen recorder/snapshot program. Played with it a little, easy to use. Free version limited to 20 minutes, but.....

Hypothesis is to record screen in real time and place lines on chart when I "think" I want to enter/exit. Maybe gain some vision into my not so good timing.

WTH, its free.

T

WILL TRY THANKS

Hi people.Closed a GBPCAD SHORT FOR 33 PIPS.

Yes the greatest edge a trader can have is the psychological, followed by a system s/he can believe in.
This System crafted by Rockypoint is GREAT in finding entries and exits, but the missing link here is choice of instrument or currency pair to trade.
When that has been thoroughly grasped, you can't fail with this system, so the question is (with the risk of sounding like a free loader) who can say they have mastered that part of this system?, who can show others that essential part?

I have severally tweaked the entries and found it's just unbeatable when there's so much volume in your chosen pair, you just need to choose correctly.

The screenshot shows GBPJPY with a huge rally and featuring in the top ADR list, but there are days when it's not fun and games but other pairs would have done well, so right choice is critical.

Thats a perfect example of a great trade. Well done

I understand this is a Forex trading website so I don't mention this very often, but this system also works GREAT on the U.S. futures markets. The 5 tick range charts of the YM (Dow e-mini), NQ (Nasdaq e-mini), RTY (Russell 2K e-mini) and CL (WTI Crude) give you more opportunities per morning (Eastern Standard Time) with this method than you could possibly take manually. The volatility is always there among these 4 instruments so no need for hunting.

Don't worry so much about high winning pcts. All you need to grow wealth at a sufficient rate is 50/50 results with at net 1.5 reward to risk ratio where "net" means after transaction fees / spread fees. The rest is either sizing or increasing your number of opportunities.

Nice trade ichikuse. Enjoy your commentary and enthusiasm for trading. Couldn't agree more as to Mark Douglas's thoughts on developing a mental approach to your trading, have started re reading his book to drive it home. Nice to see activity on the site and people contributing ideas and thoughts. Keeps me motivated.
In my thoughts Rockypoint, wish you well and hope your are well on the road to recovery. Your posting's are missed.

Happy trading to all.

Hope to be back to trading next week. Started working out on monday, have gained back 11 of the 21 lost pounds. Have been sleeping till 8:30-9 am everyday, so going to need to change that habit.

Thank you to you all for your kind words.

Hello rockypoint
I wish you good health. When you might healthy , I want to ask you one problem.
1: when do you enter the buy or sell?
2: How do you put stoploss?
3: When do you close order?
Thank you.

Hey RP, great to hear you are feeling better, we hope to see you back trading soon. We miss our mentor here, get well Rp!

Please see post 80.It will help you a lot to go through the thread from the start as all the entry rules and exit rules are discussed throughout the whole thread.