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Trading Made Simple(r)

  • #2,321
  • Aug 2, 2019 12:04pm Aug 2, 2019 12:04pm
Results for the 3rd week of trading this methodolgy. 3rd straight week in the green. This time, the pip/trade ratio is getting better, that was my focus compared to last week. Still weak at 7.3p / trade though.

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Example of a losing trade: GBPAUD H4, thought I would be smart & catch a continuation trade. Of course in hindsight it looks awful, there were signs of price exhaustion. That would actually have been a perfect entry for a short. As usual .

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This winning trade, AUDCHF H4, continuation trade opened last week, makes me question of alternative exit methods for my last unit (in the case of 2 or 3 units taken per trade).

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  • #2,322
  • Aug 2, 2019 12:26pm Aug 2, 2019 12:26pm
Update: Week 1 complete of testing the methodology to suit my strengths, values & beliefs of the market I day trade... got several weeks ahead of learning & developing; but I'm pretty happy with the results, looking forward to improving on them.... still working on a couple of my weaknesses that are human error related unfortunately RH's method cant help me there LOL!
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The more you learn, the more you see
  • #2,323
  • Aug 2, 2019 12:38pm Aug 2, 2019 12:38pm
Quoting Marcusv007
Update: Week 1 complete of testing the methodology to suit my strengths, values & beliefs of the market I day trade... got several weeks ahead of learning & developing; but I'm pretty happy with the results, looking forward to improving on them.... still working on a couple of my weaknesses that are human error related unfortunately RH's method cant help me there LOL! {image}
Are you not trading EURUSD ?
  • #2,324
  • Aug 2, 2019 12:55pm Aug 2, 2019 12:55pm
Quoting handysniper
{quote} Are you not trading EURUSD ?
I do trade it but it didn't catch my attention last week or so.
The more you learn, the more you see
  • #2,325
  • Aug 2, 2019 1:42pm Aug 2, 2019 1:42pm
wednesday was a disaster and i made my money on thursday. I'm like BE this week. hope next week will be better. week 1 is BE for me....
  • #2,326
  • Aug 2, 2019 1:45pm Aug 2, 2019 1:45pm
Quoting Marcusv007
Update: Week 1 complete of testing the methodology to suit my strengths, values & beliefs of the market I day trade... got several weeks ahead of learning & developing; but I'm pretty happy with the results, looking forward to improving on them.... still working on a couple of my weaknesses that are human error related unfortunately RH's method cant help me there LOL! {image}
Hey,

is this a real account or a demo?
Thx.
D.
  • #2,327
  • Aug 2, 2019 2:18pm Aug 2, 2019 2:18pm
Guys, My report from plus 500 doesn't show the total pips for the week so I did some calcs and came up with 457 pips but that cannot be right. The Mt4 report doesnt show pips either and that is working out to 101 pips. I must have got it wrong somewhere.
either way the best week in 2 years. Roll on next week, happy pips
  • #2,328
  • Aug 2, 2019 2:25pm Aug 2, 2019 2:25pm
Quoting Marcusv007
Update: Week 1 complete of testing the methodology to suit my strengths, values & beliefs of the market I day trade... got several weeks ahead of learning & developing; but I'm pretty happy with the results, looking forward to improving on them.... still working on a couple of my weaknesses that are human error related unfortunately RH's method cant help me there LOL! {image}
what weaknesses?
since you know your own weaknesses then you can be fix them quite easily ...

the real problem with some people who cannot identify their weaknesses wont be able to progress further.
I know one member who continue to live in her world limited by her keep it simple belief and not wanting to learn more.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,329
  • Aug 2, 2019 2:29pm Aug 2, 2019 2:29pm
Quoting daeddie
wednesday was a disaster and i made my money on thursday. I'm like BE this week. hope next week will be better. week 1 is BE for me....

no losing week is good...

when we lose, we lose no more than 1R always

when we win, we want to win more Rs .. 1.5R, 2.0R, 3.0R, 4.0R, 5.0R, .... so on.

reward your effort with BE+ 2~3 pips
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,330
  • Aug 2, 2019 2:43pm Aug 2, 2019 2:43pm
Quoting Barraka
Results for the 3rd week of trading this methodolgy. 3rd straight week in the green. This time, the pip/trade ratio is getting better, that was my focus compared to last week. Still weak at 7.3p / trade though. {image} Example of a losing trade: GBPAUD H4, thought I would be smart & catch a continuation trade. Of course in hindsight it looks awful, there were signs of price exhaustion. That would actually have been a perfect entry for a short. As usual . {image} This winning trade, AUDCHF H4, continuation trade opened...
you are doing well...

your GBPAUD trade is a good example why we missed some trade opportunities when we are 'locked' in a trade following one instance of the exit rule.

what if, you exited when the APB/HA candles changed colour when the price did not make higher high after that buy entry?
you would then have another trade setup to sell, right?

your AUDCHF is a good trade with 3 units of exit. Did you exit every unit with same size or do you prefer to exit with different size? Only your own experience will teach your what is the optimum exit unit size.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,331
  • Aug 2, 2019 3:12pm Aug 2, 2019 3:12pm
Quoting Supreme1394
{quote} I see, ok. I saw you have great returns over 2 years, congratz. Do you normally trade daily instead of H4? And you use ATR stops instead of 2 candles back?
Yes. I am moving more to trading the Daily and Weekly chart timeframes as it would free up more of my time to trading E-Mini Futures now.
Also migrating to MT5, I have the option to trade H6 and H8 which means I look at my charts once every 6 to 8 hours and these suits my trading style using average entry price with with multiple entries. Trading Daily and Weekly I prefer to market volatility using the ATR for money risk allocation and for my stops and positions sizing. Also important is when I have 20 pairs (5 groups) in my watchlist I don't trade every setup condition I see. I pick the 'best setups' with the 'best' potential for price swing with good volatility so that I can build up more positions using fraction of the selected ATR period. I leverage on trading 5 pairs at a time to mitigate risks and to generate regular cash flow.... 10% every 20-trading days cycle.

Trading H4 we do encounter many small candle situations when the market is sideways narrow range and we get stopped out very often when we following certain of the exit rules.

Remember this by the Big E OP of the Trading Made Simple thread. Post#296
Learning to trade is a lifetime process. Develop a trading system that fits you and practice, practice, practice. When your confident... go live.
Learn to tweek your strategy to stay up with changing market conditions.

Enjoy your learning journey.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,332
  • Aug 2, 2019 8:17pm Aug 2, 2019 8:17pm
A great trading tool for lazy traders ... by SwingMan
https://www.forexfactory.com/showthr...5#post12409785

This will make my trade planning task a lot more simpler and scanning all the pairs in my watchlist list will be e breeze when New York Sunday opens at 5pm local time.

Go read TMMS thread and get the indicators and expert advisor dashboard set up correctly be be ready when NY Sunday opens.

Thanks SwingMan for helping me ... a lazy trader.

My MT4 set below with the dashboard and ready to go...

Attached Image (click to enlarge)
Click to Enlarge Name: TMSr Dashboard Aug03.png Size: 116 KB


I updated my market watchlist with Group 6 - trading SGD pairs ... strength vs weak.

WAIT for market to open and get the first price tick tick tick and off we go into trading Week 32 Aug 05 - 09.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,333
  • Aug 2, 2019 9:04pm Aug 2, 2019 9:04pm
Weekly chart timeframe opportunities Week 32 Aug 05 to 09.

Manually scanning through all my watchlist pairs I see several trade opportunities to make money next week and thereafter.

Do you own weekend home work after NY closed and prepare your trade plans.

PLAN YOUR TRADES, TRADE YOUR PLANS.

One example is USDCAD below, based on NY close at 5PM, what shall be your plan next week?

Remember the story of the early bird and the second mouse...

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD W1 Aug 03 NY Closed 03-08-2019 09-57-00.png Size: 59 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #2,334
  • Aug 2, 2019 9:37pm Aug 2, 2019 9:37pm
Quoting DirkH143
{quote} Hey, is this a real account or a demo? Thx. D.
real account
  • #2,335
  • Aug 2, 2019 9:57pm Aug 2, 2019 9:57pm
Quoting emmanuel7788
Weekly chart timeframe opportunities Week 32 Aug 05 to 09. Manually scanning through all my watchlist pairs I see several trade opportunities to make money next week and thereafter. Do you own weekend home work after NY closed and prepare your trade plans. PLAN YOUR TRADES, TRADE YOUR PLANS. One example is USDCAD below, based on NY close at 5PM, what shall be your plan next week? Remember the story of the early bird and the second mouse... {image}
hi emm,
do we have any mt5 tms tool? thanks.
  • #2,336
  • Aug 2, 2019 10:29pm Aug 2, 2019 10:29pm
MT 5 tms link https://www.forexfactory.com/showthr...9#post12419629
  • #2,337
  • Aug 2, 2019 10:34pm Aug 2, 2019 10:34pm
Quoting Laval
MT 5 tms link https://www.forexfactory.com/showthr...9#post12419629
thanks
  • #2,338
  • Aug 3, 2019 1:59am Aug 3, 2019 1:59am
Quoting emmanuel7788
{quote}Since you know your own weaknesses then you can be fix them quite easily ...
That is rarely the case. Weaknesses are generally well established habits, and it has been demonstrated that changing of habitual behavior is extraordinarily difficult to do.
To free Gazans of Hamas, use whatever it takes.
  • #2,339
  • Aug 3, 2019 2:07am Aug 3, 2019 2:07am
Quoting emmanuel7788
Weekly chart timeframe opportunities Week 32 Aug 05 to 09. Manually scanning through all my watchlist pairs I see several trade opportunities to make money next week and thereafter. Do you own weekend home work after NY closed and prepare your trade plans. PLAN YOUR TRADES, TRADE YOUR PLANS. One example is USDCAD below, based on NY close at 5PM, what shall be your plan next week? Remember the story of the early bird and the second mouse... {image}
Usd/cad only take buy signals?
  • #2,340
  • Edited 4:49am Aug 3, 2019 2:09am | Edited 4:49am
Quoting DirkH143
{quote} Hey, is this a real account or a demo? Thx. D.
Demo account for practicing & molding my trading plan.... Im in the midst of a processing power upgrade lol
The more you learn, the more you see
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