Disliked{quote} thanks so much for sharing. the TMS oscillator makes it easier to filter false signals on the purple 50 line cross.Ignored
Emotion - it steals your money.
1
- #1,742
- Jul 19, 2019 8:01am Jul 19, 2019 8:01am
- | Joined May 2009 | Status: lost in the void | 2,977 Posts
So here is something I wanted to share about over analyzing charts and going by what you think might happen as opposed to just following what the indicators are showing you. Here is a very profitable trade on oil that I missed this week simply because I didn't like the "look" of the entry candle - what ever that meansThe indicators were telling me that price is going down, but I had to interject my feelings onto the chart and as a consequence I lost out on a beautiful trade. If I was wrong I would have lost 1R...no big deal but I missed...
- #1,743
- Edited 11:00am Jul 19, 2019 8:08am | Edited 11:00am
Well EURJPY trade was a non starter was stopped out at break even plus a bit. I am going to ditch that pair as it is by far my worst performer. So for my week review I am not overly happy with my trading for two reasons: 1) fear and 2) greed. I should be finishing out this week up 4R but instead I am finishing out at barely +0.5R as I think my GBPUSD trade is going to get stopped out soon, but who knows. It is hovering around 1R right now and I could close it out and take that but what happens if it just a retracement and it goes onto my target later? That would be fear and greed working. My plan is to take profit or get stopped out via trailing stop - not close out a trade manually because what I think might happen.
So, the 4R this week would have come from the oil trade that I didn't take because I didn't like the "look" of the signal candle so that missed trade cost me an easy 2R win. That was pure fear on my part that I might lose the trade because of what I thought might happen based on the look of a candle instead of just going by what the indicators were telling me. The second 2R should have come from the GBPUSD trade that I am currently in. I got greedy and set my take profit to 3R which is the nearest resistance point - makes sense
The trade easily went to 2R and is now reversing. My usual plan is to take 2R and move on but I want to try and hang onto trades longer to squeeze out more money - that's being greedy. 2R wins are perfectly fine especially combined with the technique of shedding risk so lower the overall number of full 1R losses. I have noticed these trades typically take off very quickly if they are to be successful and at least 2R is reached almost always - 3R is being greedy and it likely cost me this week. I should have taken my 2R like my plans says to.
So in a nut shell, I learned this week to better trust the methodologies and trade my plan. Like my signature says: Emotion - it steals your money and it certainly did this week. Here are my stats for this week ending: 11 trades taken, five positive and six negative. Finished with just a tad over a 1R profit (or 5% if you prefer). The 5 wins were obviously not full 2R wins but wins taken out via trailing stop same with the losses. I will endeavor to trade better next week.
So, the 4R this week would have come from the oil trade that I didn't take because I didn't like the "look" of the signal candle so that missed trade cost me an easy 2R win. That was pure fear on my part that I might lose the trade because of what I thought might happen based on the look of a candle instead of just going by what the indicators were telling me. The second 2R should have come from the GBPUSD trade that I am currently in. I got greedy and set my take profit to 3R which is the nearest resistance point - makes sense
The trade easily went to 2R and is now reversing. My usual plan is to take 2R and move on but I want to try and hang onto trades longer to squeeze out more money - that's being greedy. 2R wins are perfectly fine especially combined with the technique of shedding risk so lower the overall number of full 1R losses. I have noticed these trades typically take off very quickly if they are to be successful and at least 2R is reached almost always - 3R is being greedy and it likely cost me this week. I should have taken my 2R like my plans says to.So in a nut shell, I learned this week to better trust the methodologies and trade my plan. Like my signature says: Emotion - it steals your money and it certainly did this week. Here are my stats for this week ending: 11 trades taken, five positive and six negative. Finished with just a tad over a 1R profit (or 5% if you prefer). The 5 wins were obviously not full 2R wins but wins taken out via trailing stop same with the losses. I will endeavor to trade better next week.
Emotion - it steals your money.
- #1,744
- Jul 19, 2019 8:16am Jul 19, 2019 8:16am
{quote} May i ask why you are using a different template than provided by RH?
I am also a grown man with enough trading experience that I can distill the essence of what RH has presented and make it my own - which is exactly what I have done. I prefer the look of the oscillator instead of three separate indicators, I have the HA candles, the HMA and EMA as per the methodology. The only thing I don't use are the other candle type. Based on my observations it doesn't seem to do much and the less indys I can have the better. I try to subscribe to the KISS principle whenever I can The charts I post here aren't even what my actual trading charts looks like. These ones are all cleaned up super nice for presentation purposes. My actual trading charts have position size calculator EA, account info, trade info, ATR values and PSAR to aid in trailing stops (which I am still experimenting with).
Emotion - it steals your money.
- #1,746
- Jul 19, 2019 9:21am Jul 19, 2019 9:21am
{quote} Well...I don't like black charts for starters
is this the protrader management EA shared before, this one looks different? if its different can you share with us? thanks
- #1,753
- Edited 11:04am Jul 19, 2019 10:27am | Edited 11:04am
{quote} Hey how long have you been trading with this white template with the oscillator ? Follow all 28 pairs ? Average week or month pip returns expected ?
I trade 5 pairs and oil for now and may cut that down in the future. I have no idea what the market will give me or how well I trade the methodology. This week I robbed myself of 4R profits because of a bit of fear and greed https://www.forexfactory.com/showthr...3#post12392333. But I am up ~40% on the account since I started this.
Emotion - it steals your money.
- #1,755
- Jul 19, 2019 11:13am Jul 19, 2019 11:13am
{quote} I believe I just started this method at the beginning of July
do you use this same system to trade oil ? In the USA what broker can you trade oil with ?
- #1,756
- Jul 19, 2019 11:27am Jul 19, 2019 11:27am
- | Joined May 2009 | Status: lost in the void | 2,977 Posts
{quote} Well...I don't like black charts for starters
That would be great.
- #1,758
- Jul 19, 2019 12:25pm Jul 19, 2019 12:25pm
{quote} Amaxing 40% growth do you use this same system to trade oil ? In the USA what broker can you trade oil with ?
Emotion - it steals your money.
