Emotion - it steals your money.
Swift Trade All Time Return:
7.8%
Well. I am done for the day. Got my ass handed to me this morning. Not a great start to the week :-(
GJ trade: one might have considered to close at LC as there was what looks like some strong support rejected twice over London morning, the MTF seemed to be flattening, so probably enough reasons to take the money and run, especially to recover the previous loss. Of course 3.7 pips is still better that a poke in the eye with a stick, but, as we had the chance to point out in private, management is much more important than entries in our trading, and only an emotionless mind can deal with the mistakes always waiting behind the corner.
That said, I've been speaking pure hindsight, of course, as I could have done even worse than you given the chance, but I think even after the fact it's still useful to review what happens. At least it is for me.
Anyway keep it going, my friend, and don't play revenge. Trade as small lots as possible for now, until you feel the power again.
{quote}That said, I've been speaking pure hindsight, of course, as I could have done even worse than you given the chance, but I think even after the fact it's still useful to review what happens. At least it is for me. Anyway keep it going, my friend, and don't play revenge. Trade as small lots as possible for now, until you feel the power again.
Emotion - it steals your money.
Swift Trade All Time Return:
7.8%
Hi guys,
In the past I've refrained from posting the variances I use with this system out of respect but as this thread is just about dead anyway I thought I'd post it up here as it may help someone. If this post offends anyone please let me know and I'll delete it.
I use weekly fib pivots for S&R levels which seem to work as well as anything else and are very close to drawing your own levels on D1 more than often, not surprising really as fib pivots are based on price.
Probably the main difference is although I trade M5 I take a great deal of notice of what the M30 stoch is doing, if its above 50 I won't trade short and if it's below I wont go long. If you can catch the M30 stoch crossing the 50 in either direction there's a good chance you're in for a good ride and way more than the normal 5-15 pips per trade. I still stick to the M5 rules with the MTF M15 stoch crossing the 50 but I always check to see what the M30 is doing plus S&R levels. I only trade 4 pairs and as I'm in Australia they are all Asian pairs, AJ, AU, NU and AN. I use 2 screens, one to take trades on M5 and the other has all 4 pairs fixed to M30 which I continually monitor.
I also use 3 MA's, the 10, 20 and 50 EMA's but they have no bearing on entries, I use the 10 and 20 as a zone for pullbacks and re-entry trades but if I can find one of my pairs with all 3 MA's aligned and widening then I know we're in for a bit of a ride. If price closes over the 50 then it's time to pull the plug.
MM is a very personal thing but until recently I traded a straight 2% of my account however a trading mate of mine in NZ who's a swing trader has convinced me that splitting the 2% in to two separate trades is the way to go and although it's a work in progress he's probably right. At 1%-1.5% (10-15 pips) I take the first half off the table and bring the SL to BE on the other half and let it run. You'll get stopped out quite often at BE on the 2nd half but if the M30 stoch and PA are looking good, even during the Asian session, you can expect anything between 20 and 50 pips on the 2nd half. For those that trade the London session and more volatile pairs some of those runs could be 80-100 pips.
If you look at the two charts I've posted you'll notice a red vertical line on each of them, they are just an example of using the M30 stoch in conjunction with the M5 rules. Hope this helps someone and doesn't confuse too much.
In the past I've refrained from posting the variances I use with this system out of respect but as this thread is just about dead anyway I thought I'd post it up here as it may help someone. If this post offends anyone please let me know and I'll delete it.
I use weekly fib pivots for S&R levels which seem to work as well as anything else and are very close to drawing your own levels on D1 more than often, not surprising really as fib pivots are based on price.
Probably the main difference is although I trade M5 I take a great deal of notice of what the M30 stoch is doing, if its above 50 I won't trade short and if it's below I wont go long. If you can catch the M30 stoch crossing the 50 in either direction there's a good chance you're in for a good ride and way more than the normal 5-15 pips per trade. I still stick to the M5 rules with the MTF M15 stoch crossing the 50 but I always check to see what the M30 is doing plus S&R levels. I only trade 4 pairs and as I'm in Australia they are all Asian pairs, AJ, AU, NU and AN. I use 2 screens, one to take trades on M5 and the other has all 4 pairs fixed to M30 which I continually monitor.
I also use 3 MA's, the 10, 20 and 50 EMA's but they have no bearing on entries, I use the 10 and 20 as a zone for pullbacks and re-entry trades but if I can find one of my pairs with all 3 MA's aligned and widening then I know we're in for a bit of a ride. If price closes over the 50 then it's time to pull the plug.
MM is a very personal thing but until recently I traded a straight 2% of my account however a trading mate of mine in NZ who's a swing trader has convinced me that splitting the 2% in to two separate trades is the way to go and although it's a work in progress he's probably right. At 1%-1.5% (10-15 pips) I take the first half off the table and bring the SL to BE on the other half and let it run. You'll get stopped out quite often at BE on the 2nd half but if the M30 stoch and PA are looking good, even during the Asian session, you can expect anything between 20 and 50 pips on the 2nd half. For those that trade the London session and more volatile pairs some of those runs could be 80-100 pips.
If you look at the two charts I've posted you'll notice a red vertical line on each of them, they are just an example of using the M30 stoch in conjunction with the M5 rules. Hope this helps someone and doesn't confuse too much.
Ardua Ad Astra Per