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Spoof's Trading Made Simple(r) Journal

  • #41
  • Jul 25, 2019 2:52pm Jul 25, 2019 2:52pm
Quoting TheSpoof
{quote} Thanks for the support, 40PipsAlan. I am really trying hard to get people to focus on the 20% of things that give 80% of the results. Traders, for whatever reason, are flat out focusing on the wrong aspects of trading and they are consistently losing because of it.
I could add that watching the charts every 10 minutes does not help. Walk away from your trade decision, until the next H4 candle close as seeing your trade go negative is very disconcerting and leads to closing too early.Patience is required, go do something else in between the candles.
Small losses with bigger wins. 1R:2R
  • #42
  • Edited 4:27pm Jul 25, 2019 3:05pm | Edited 4:27pm
Quoting 40PipsAlan
{quote} I could add that watching the charts every 10 minutes does not help. Walk away from your trade decision, until the next H4 candle close as seeing your trade go negative is very disconcerting and leads to closing too early.Patience is required, go do something else in between the candles. Small losses with bigger wins. 1R:2R
Absolutely. Stop fretting over the charts. I only look at the charts every four hours. Case in point, earlier this week I was researching to better understand this method so I was at my computer and I watched my cumulative gains from this system go from around 60% down to like 25% at one point during the day. I paid it no attention at all. So what if I lost a handful of trades that day - I'll get them back. Discipline, guys. Patience. I practiced both and left my trades alone and managed them as per my plan. What do you know...the trades came back and I won two 2R trades. Growth since implementing RH's methodology at the beginning of July is now at 64% as of this post. Had I panicked and closed those trades like I would have done in the past I would have solidified those losses and it would have been all my fault - not the market's.
Emotion - it steals your money.
  • #43
  • Edited 4:27pm Jul 25, 2019 4:14pm | Edited 4:27pm
Quoting TheSpoof
{quote} Absolutely. Stop fretting over the charts. I only look at the charts every four hours. Case in point, earlier this week I was researching this method so I was at my computer and I watched my gains on from this system go from around 60% down to like 25% at one point during the day. I paid it no attention at all. So what if I lost a handful of trades that day - I'll get them back. Discipline, guys. Patience. I practiced both and left my trades alone and managed them as per my plan. What do you know...the trades came back and I won two 2R trades....

Spoof, i totally like your discipline even yesterday, i closed NC trade halfway, thinking that NF will do badly because GF and EF indicates it is going up.. had i just tighten the SL for both NC n NF, i think most likely the result will be better, yup.. as NC kept going down atm while NF hit SL... that happens even though i'm trading both NC n NF with acceptable losses if they were to hit SL.. lol

overcoming trying new method can be done through demo trading, but not meddling with trades is rather difficult...lol

would you be kind enough to share how you overcome your discipline?
  • #44
  • Jul 25, 2019 4:19pm Jul 25, 2019 4:19pm
Quoting moRTaL
{quote} Spoof, i totally like your discipline
Thanks. It’s a work in progress and it isn’t always easy, but let me tell you, each time I experience a victory from practicing good trading mindset the more it strengthens and the better my trading results become. This is precisely what I am trying to show traders here.
Emotion - it steals your money.
  • #45
  • Jul 25, 2019 5:17pm Jul 25, 2019 5:17pm
Well, I’m up just over 4R in profit for the week and that’s plenty for me for a week’s worth of trading. I’d be tickled pink with just 2R net each week. I placed nine trades this week out of which five were positive and four were negative.

I’m going to take tonight and tomorrow off of the charts and rest up for the last week of July on Monday. This is shaping up to be my most profitable month by a landslide since I got my act together back in March. Here’s to hoping I don’t mess it up next week

.
Emotion - it steals your money.
  • #46
  • Jul 25, 2019 6:41pm Jul 25, 2019 6:41pm
Man you're an inspiration, my story is similar to yours, however still struggling to find consistency, hopefully I can get some insights here

best regards
thinking outside the box
  • #47
  • Jul 25, 2019 7:23pm Jul 25, 2019 7:23pm
Quoting Mercennary
Man you're an inspiration, my story is similar to yours, however still struggling to find consistency, hopefully I can get some insights here best regards
Stick around...I'll help you as best I can.
Emotion - it steals your money.
  • #48
  • Jul 25, 2019 7:24pm Jul 25, 2019 7:24pm
Hey everyone...I just posted a video in Post #1 to help explain the process. Let me know if this helps or not and I will make more.
Emotion - it steals your money.
  • #49
  • Jul 25, 2019 7:37pm Jul 25, 2019 7:37pm
Quoting TheSpoof
Hey everyone...I just posted a video in Post #1 to help explain the process. Let me know if this helps or not and I will make more.

Cool video. Video helps a lot than pictures.
2 Questions:
1) How you use PSAR?
2) How do you do setting for Fib. So that it will show every time when I use the fib.

Thanks again for the video
  • #50
  • Jul 25, 2019 8:18pm Jul 25, 2019 8:18pm
Quoting moRTaL
{quote} Spoof, i totally like your discipline even yesterday, i closed NC trade halfway, thinking that NF will do badly because GF and EF indicates it is going up.. had i just tighten the SL for both NC n NF, i think most likely the result will be better, yup.. as NC kept going down atm while NF hit SL... that happens even though i'm trading both NC n NF with acceptable losses if they were to hit SL.. lol overcoming trying new method can be done through demo trading, but not meddling with trades is rather difficult...lol would you be...
How I overcome my lack of discipline? Well, like I said in Post #2. I was a brutally unprofitable trader for 5 years. I came to a point in my life that I needed to learn to trade and take trading seriously. I had tried every system under the sun and still failed so obviously it wasn’t the systems it had to be something else. That something else was me.

So now that I had identified the problem I set out to fix it and that’s exactly what I am doing. Read some
of the articles I posted at the end of Post #1 and you will see all of the things that I had to STOP doing (or start doing if needed) in order to begin the process of trading well. I was doing all the typical things that traders do to cause themselves consistent losses. I simply recognized this fact and set out to change it. I have to, I have no other way of earning income.

It really is as “simple” as recognizing the behaviors that you are doing and stopping them - it’s not always easy though. We are battling human nature here and it is a powerful thing. Why continue to flounder around making the same mistakes and losing money? At some point you have to just fix it because if you don’t you will never trade well and as a consequence never be profitable.
Emotion - it steals your money.
  • #51
  • Jul 25, 2019 8:22pm Jul 25, 2019 8:22pm
Quoting TheSpoof
{quote} How I overcome my lack of discipline? Well, like I said in Post #2. I was a brutally unprofitable trader for 5 years. I came to a point in my life that I needed to learn to trade and take trading seriously. I had tried every system under the sun and still failed so obviously it wasn’t the systems it had to be something else. That something else was me. So now that I had identified the problem I set out to fix it and that’s exactly what I am doing. Read some of the articles I posted at the end of Post #1 and you will see all of the things...
Thx u v much for the reply, really appreciate it
  • #52
  • Jul 25, 2019 9:57pm Jul 25, 2019 9:57pm
Thanks for this thread...
just one little question mate... Are you using only H4 TF or you zooming in to M5 or any smaller TF for better Entry after signal of H4 ??? THX
  • #53
  • Jul 25, 2019 9:57pm Jul 25, 2019 9:57pm
First of all, very nice video bro, very informative. Its nice to find someone willing to share his approach and
have a track record to back it up

I at the same spot as you was a while back, spent 5 years in this business mostly getting screwed on the lower tfs,
tried almoust everything and wasted a shitload of money in the process, had a couple of success
only to give it all back and more to the markets.

Hope you don't mind answering a few questions of mine,

How many bets do you have behind with your MM? Do you ever size down the initial bet if on drawdown?

How do you deal with correlation? do you place more than one trade at the same time on the pairs you're monitoring?

best regards
thinking outside the box
  • #54
  • Jul 25, 2019 10:02pm Jul 25, 2019 10:02pm
Thank you so much for the video. It has cleared the air a bit about how to determine what lot size to place. I'm pretty new to forex even though I've tried share trading unsuccessfully for years. I just couldn't figure out how to make the right size order. It's pretty confusing. Lets's hope I'm on the road to success now.
I have one request. Would you be able to give us your template? It looks so neat and uncluttered.
Thanks for your help. We all appreciate you and Robinhood and all the crew in TMSr.
Carmen.
  • #55
  • Jul 25, 2019 10:19pm Jul 25, 2019 10:19pm
Quoting TheSpoof
Hey everyone...I just posted a video in Post #1 to help explain the process. Let me know if this helps or not and I will make more.
Thank you very much for the video, it is a very useful way to learn .... The risk calculation tool is extremely important to achieve good results as long as we are disciplined ... I am very happy and motivated to watch videos like yours , Thanks again
  • #56
  • Jul 26, 2019 4:28am Jul 26, 2019 4:28am
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_3.png Size: 73 KB



I just took this trade. what do you think?
  • #57
  • Edited 1:37pm Jul 26, 2019 7:26am | Edited 1:37pm
Quoting RaV1307
Thanks for this thread... just one little question mate... Are you using only H4 TF or you zooming in to M5 or any smaller TF for better Entry after signal of H4 ??? THX
No. I don't look to lower time frames for a "better" entry what ever that means. It makes less than zero sense to me why you would jump down to the five minute charts when trading what is essentially the daily price action unfolding over the course of the week which is what the four are charts are.

What significant advantage do you perceive that you are getting by hanging around on the five minute charts for a signal to appear? The five minute chart makes up 2% of the price action of a four hour candle and it is utterly insignificant when compared to the day's price action. How many potential signals do you get on a five minute chart within a four hour candle? Which one do you take? The first one? The fifth one? What if the five minute chart goes against you at some point? Do you now exit? All day long five minute charts go up and down up and down sell signal, buy signal, sell signal, buy signal. It's an absolute waste of time and energy and serves no purpose whatsoever save to complicate what is a very simple methodology. Who wants to stare at five minute charts anyway? Been there done that. No thanks. I have better things to do with my time. Place your trade at the close of the four hour signal candle with a prudent stop and come back in four hours.
Emotion - it steals your money.
  • #58
  • Jul 26, 2019 7:52am Jul 26, 2019 7:52am
Quoting Mercennary
First of all, very nice video bro, very informative. Its nice to find someone willing to share his approach and have a track record to back it up I at the same spot as you was a while back, spent 5 years in this business mostly getting screwed on the lower tfs, tried almoust everything and wasted a shitload of money in the process, had a couple of success only to give it all back and more to the markets. Hope you don't mind answering a few questions of mine, How many bets do you have behind with your MM? Do you ever size down the initial...
Thanks. I am trying to be as transparent as I can. I have nothing to hide so why not prove that I am actually trading with a real account and show the results. There are way too many traders taking advice from people that do not or will not prove their trading record. Why on earth so many traders take advice from these people is beyond me. I want to do things differently.

I have a different view of money management than do most traders. I am not really interested in compounding my account into millions because from what I have seen that is a pipe dream - pure fantasy. My goal is to simply have enough in my trading account to cover the margin on my trades. Anything above that amount at the end of the month is withdrawn to pay the bills and reinvest elsewhere. So, my trade risk is set to be able to withstand 20 losses in a row for the account balance. For now, as I am trying to grow my account and prove myself profitable (to my wife!) so I do increase my risk amount at set milestones. I also trade two with brokerages. The trades shown here are from my Vantage FX.

No, I don't decrease the size of my risk. If you reduce your position size after a loss or trade based on a percentage of account that means it is going to take you longer to recover from the losses. I think that trading that way is simply a sign of fear and lack of confidence in your trading i.e. you are just losing your money at a slower rate. I have confidence in my trading methodologies so I always want to be trading with a full load so to speak.

I only trade a handful of pairs so I don't concern myself with correlation. Come on guys, we don't need to be trading 28+ instruments. That is going to lead to over trading and information overload. More trade set ups on more pairs DO NOT equal more profit in fact it typically leads to more losses. In fact, I am seriously considering going down to one or two pairs. I am even considering only trading one pair for August as an experiment. At the end of the day, I only need 2R profit per week to make a living trading. That is 8 times my risk for a month. If I can't get one net winning trade a week then I might as will give up

No, I don't place more than one trade on any pair at a time. I am usually out of a trade with my 2R before another signal presents itself. I am also only taking 2 trades on each pair per week. If I have two losses in a row I leave that pair alone for the week as it may be a sign of ranging, choppy market - move onto another pair. I am also considering not taking another trade on that pair for the rest of the week if I have a 2R win. How many times do you have a win, trade immediately after, and give it all back? Too often.
Emotion - it steals your money.
  • #59
  • Edited 8:10am Jul 26, 2019 7:56am | Edited 8:10am
Quoting flavio1900
{image} I just took this trade. what do you think?
Hey flavio1900,
No, you entered too early. The candle you have the vertical line through must close and that will become the signal candle. The HMA was not below the EMA on the candle before it. Make sense? You might get lucky on this trade with an early entry...who knows, but don't do it again. All the conditions must be present on the close of the candle. Please see my first post and re-read the four conditions that must be met.
Emotion - it steals your money.
  • #60
  • Jul 26, 2019 8:00am Jul 26, 2019 8:00am
Quoting juantrader
{quote} Thank you very much for the video, it is a very useful way to learn .... The risk calculation tool is extremely important to achieve good results as long as we are disciplined ... I am very happy and motivated to watch videos like yours , Thanks again
That tool is absolutely fabulous. It removes all the guess work and confusion surrounding position sizing, pips, yadda yadda that I constantly see traders struggling with. It allows you to focus on dollars risked for dollars earned. You can quickly change your RR on the fly and see how it changes things for you. It just helps to, you guessed it, make trading simpler!

We need to get rid of anything in our trading that is a distraction and doesn't contribute focusing on trading well. Remember, 20% of the things you focus on give you 80% of the results. We need to get rid of the 80% of trading habits and ideas that are getting in our way and robbing us of our ability to focus on what actually makes us money. We need to focus our energy on patience, discipline, money management, and executing our trades perfectly and consistently as per our plans. Not indicators, fib levels, EA's, market analysis, the news, pips, position sizes, the color of your trading background, conjecture and opinion from other traders and pundits, and the hundreds of other distractions i.e. the 80% of things that produce 20% of the results (or worse).
Emotion - it steals your money.
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