Trading Made Simple(r)

Hello Jefflee:

My humble opinion is that you should Master Post#1 and develop your skill with the methodology before adding anything else.

What do you think?.

Cheers.

Here you go David.



Cheers.

Good Morning Traders, My current positions this fine morning.

May we enjoy a week of green pips.

Potential Setup - Continuation Trade: EURCHF Long.

I thought I might share this from a Discussion in 2011 - Titled: Target met continue or stop trading ( https://www.forexfactory.com/showthread.php?p=4563486)

This reply is by JetTrader, I thought it to be worth a share it perhaps might be good food for thought.

Quoting skinfx Apr 22, 2011 10:11am
Hi all,

Suddenly thought of this question, if your weekly or monthly target is reach (example your target is 100pips per month or 25pips per week). Well you continue to trade or stop and wait for next week or month? And how do you all set your target, by week or month or even half yearly? BTW target can also be in %.

Something when i see my target reach and continue to trade, I have the fear of giving back to the market even i saw a signal. how to you all deal with it.

Thank you,
SKin

JET TRADER - Replied
Since I'm not in the business for one week or one month, I trade based on whether or not I strike my revenue targets for the day. That day, is broken down to Hourly Revenue Targets. If each hour's targets are met, the daily target will be met and thus the weekly and monthly targets will get met by definition.

This really all depends on WHY you are in the business to begin with. Some people are just trying to make some money on the side, while others are trying to make a billion dollars to maintain a private fund as a career. Whatever the goal, it should be based on a trading system that has a fairly high degree of probability of success to a specified target. Otherwise, you have absolutely no empirical way of determining whether or not you can stop for the day.

Unless your revenue target AND your time-line for getting there is clearly defined, you can't possibly know when or where to stop for the day. The approach to revenue/account balance growth, should be just as systematic as your trading approach. This probably explains whey so many people fail in this business - they have no systematic approach to revenue growth, which means they are trading by the seat of their pants, with zero vision on the profit horizon and no real mission statement to trade against.

You need a clearly defined reason for being in this business - or any business, for that matter. Clearly defined reasons bring about clearly defined goals, which bring about clearly defined revenue targets - which in turn will tell you exactly when to end your trading day and head for the beach, golf course, airport, the park with your children, or dinner with your Wife.

Keep it in context. Keep it measured. And, always keep your revenue expectations well defined and on course, which means on schedule. That will just about take care of the question: "When do I quit." Anything more is blind greed, which leads to foolish mistakes and ruined profit opportunities.

Bruce Lee, used to say: "Be like water, my friend."

Well, in this business, the trader needs to: "Be like a robot, my friend. Consistently executing the same things over and over again, until you reach your defined targets/goals on schedule."

Please anyone do feel free to share your thoughts around targets when trading or how you measure your Trade plan objectives??

yes Bossman looks good At breakeven

Because I do not trade every day, I have an AVERAGE daily goal of N pips as well as weekly and monthly goals of AVERAGE pips. If I reach the goal quickly and early in the day and I see GOOD setups, I continue to trade. Making "extra" pips on a day means that I can skip a day if something more pressing than trading arises.
Note that I normalize my pip count to pips per lot, because I often put on trades with lot size greater than 1.

For example, last week ended with exceeding my average pips per day, and even exceeded my average weekly pips per day by 2X. This means that I could do no trades at all this week and still be on track for my monthly goal.

However, if I do not feel like trading on a specific day, then I simply don't, even if it means my weekly goal is not being hit by the end of that day. It is better to skip a day if you are feeling off. There are ALWAYS opportunities coming, and it is rare that a day or two of no trading can't be made up within a week or two.

100% I've learnt that too, its better to skip the day if you not feeling it than to force it. I've noticed you have been very consistent on hitting your week to week targets. Congrats. Yes your logic makes sense based on are there any GOOD setups or not. Besides those extra pips/profits will pay for the days off and/ or the slow/challenging days.
Thanks.

Today's trades so far!! 70+ Pips Running

Took this Trade on H4:


Something I've learnt from Emmanuel in here; the best setups occur when the Stoch (8,3,3) catches up with the Stoch (14,3,3) and crosses the 50-Level together with the RSI. Now have a look at the D1 Chart:-


Trade well.

yep, so far so good

Well done Partner!.

I generally don't trade CHF Pairs like most Traders, but I cannot help taking a good setup whenever I see one in this Pair.

Cheers.

Just a little technical point: A slow stoch can never "catch up" with a fast stoch. But a fast stoch can catch up with a slow stoch.

Thanks for the correction Dave. I will adjust the language.

Cheers.

Anyone looking on GBPNZD?

Hi RH,
Thank you for this method you shared with us, its been a sucess for me.
I want to know how you trade on Fridays and Mondays.

I trade just the same every day. The day of the week never matters to me.

That's really interesting to know. My limited experience (and reading the experiences of other traders), has lead me to behave more cautiously on Fridays. In particular looking for fewer pips so I can close trades earlier in the day, preferably before the close of the London session. Would you say that caution is not warranted then RH?

To me, a valid signal is a valid signal. The signal doesn't know what day of the week it is, nor what time it is. So if the signal doesn't care, then why should I?

I'd say the markets are very complex if you consider intermarket analysis and are fueled by different types of supply and demand stated by John Jagerson.

Took this Trade (Short) and then closed for a small loss. Wasn't interested in the Buy Trade. WIll take the Sell Trade if it comes back around.

(Also watching EURCAD and EURAUD for Sell Setups).

Trade well.

UPDATE EURCAD
Got this one

Attached Image (click to enlarge)

Trade Well