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Trading Made Simple the right way, and other trading lessons 334 replies

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Trading Made Simple(r)

  • #3,761
  • Sep 13, 2019 11:00am Sep 13, 2019 11:00am
Quoting RobinHood
{quote} What is RMI?
Mathematically it very similar to RSI, but it tends to show whether the market considers an asset as overbought/oversold more clearly. As well as indicating reversals. You can use it as a direction indicator by watching to see if it crosses the 70 line downwards, or the 30 line upwards. This link will explain it better than me though!

https://www.schaeffersresearch.com/c...momentum-index
Attached File(s)
File Type: ex4 RMI.ex4   10 KB | 400 downloads
File Type: mq4 RMI.mq4   4 KB | 484 downloads
  • #3,762
  • Sep 13, 2019 11:13am Sep 13, 2019 11:13am
Quoting itsDavid
{quote} Mathematically it very similar to RSI, but it tends to show whether the market considers an asset as overbought/oversold more clearly. As well as indicating reversals. You can use it as a direction indicator by watching to see if it crosses the 70 line downwards, or the 30 line upwards. This link will explain it better than me though! https://www.schaeffersresearch.com/c...momentum-index {file} {file}
I tried it. In every instance that I saw it crossed the 50 later than the RSI, which is of no benefit that I can see.
Always a Student, Never a Master - Emulate What Works
  • #3,763
  • Sep 13, 2019 11:15am Sep 13, 2019 11:15am
Quoting RobinHood
{quote} I tried it. In every instance that I saw it crossed the 50 later than the RSI, which is of no benefit that I can see.
For entries you would look for it crossing the 70 or the 30, rather than the 50. However I feel it has more value as an exit indicator as it is helpful in spotting when the market is overbought or oversold.
  • #3,764
  • Sep 13, 2019 11:51am Sep 13, 2019 11:51am
Quoting itsDavid
{quote} For entries you would look for it crossing the 70 or the 30, rather than the 50. However I feel it has more value as an exit indicator as it is helpful in spotting when the market is overbought or oversold.
Thanks for the clarification. Personally, I don't see what it tells you any better than the indicators that we already have.

Maybe you could point out some instances on a chart to help me see where it's better?
Always a Student, Never a Master - Emulate What Works
  • #3,765
  • Sep 13, 2019 12:34pm Sep 13, 2019 12:34pm
Trading summary for the week:-
0.5% profit on a 5K demo account. 50 trades taken. Something must be improving as its usually a -%.
Need to improve my entries and be patient with holding my nerve on the DD. I am probably rushing the entries due to work commitments at the same time and I might need to trade daily charts only. I still have issues with trades that cross the 50 line and then reverse instantly.
Next week will be interesting as I am not at work, not going anywhere just chart watching whilst doing some decorating.
Have also binned all CHF pairs as too flaky.
Going to switch to Strategy tester now and do some testing.
happy trading next week.
  • #3,766
  • Sep 13, 2019 12:41pm Sep 13, 2019 12:41pm
Here are my current trades:

Attached Image (click to enlarge)
Click to Enlarge Name: Current Trades 9-13-19.JPG Size: 378 KB
Always a Student, Never a Master - Emulate What Works
  • #3,767
  • Sep 13, 2019 5:10pm Sep 13, 2019 5:10pm
Quoting RobinHood
{quote} Thanks for the clarification. Personally, I don't see what it tells you any better than the indicators that we already have. Maybe you could point out some instances on a chart to help me see where it's better?
I'll see if I can do that next week. I am also open to the possibility that it's no use with this strategy, but no harm in finding out
  • #3,768
  • Sep 13, 2019 5:16pm Sep 13, 2019 5:16pm
Without trying to look for special examples, this is the first chart I happened to have open. And I think it shows three good examples of the RMI telling us that the current trend is over and we are going to see a reversal (by flattening out low or high), before any of the other indis did?

ADDED: I should note that I'm also open to the possibility that I'm just seeing faces in the clouds!
Attached Image (click to enlarge)
Click to Enlarge Name: SDGJPY.jpg Size: 961 KB
  • #3,769
  • Sep 13, 2019 6:22pm Sep 13, 2019 6:22pm
Quoting RobinHood
{quote} Here's why I created the thread... The Starfish Story Once upon a time, there was an old man who used to go to the ocean to do his writing. He had a habit of walking on the beach every morning before he began his work. Early one morning, he was walking along the shore after a big storm had passed and found the vast beach littered with starfish as far as the eye could see, stretching in both directions. Off in the distance, the old man noticed a small boy approaching. As the boy walked, he paused every so often and as he grew closer,...
I love your stories!! And I love what you’re doing, thank you RH!
Never Givin' Up..
  • #3,770
  • Edited Sep 14, 2019 6:13am Sep 13, 2019 6:47pm | Edited Sep 14, 2019 6:13am
Quoting itsDavid
Without trying to look for special examples, this is the first chart I happened to have open. And I think it shows three good examples of the RMI telling us that the current trend is over and we are going to see a reversal (by flattening out low or high), before any of the other indis did? ADDED: I should note that I'm also open to the possibility that I'm just seeing faces in the clouds! {image}
The way I see it is that in all 3 instances the RSI signals before the RMI...UNLESS I'm using it the wrong way.
Always a Student, Never a Master - Emulate What Works
  • #3,771
  • Edited 6:12am Sep 14, 2019 5:58am | Edited 6:12am
Quoting Shazzie
{quote} I love your stories!! And I love what you’re doing, thank you RH!
You're welcome. I am actually writing a book (for my daughter) that will include all my favorite stories and quotes. They are all stories and quotes that teach you a life lesson. BTW, I completely overlooked your first post, sorry about that! Welcome to Forex Factory.

The Fight of Two Wolves Inside Us

One evening an old Cherokee told his grandson about a battle that goes on inside people. He said, "My son, the battle is between two "wolves" inside us all.

One is Evil. It is anger, envy, jealousy, doubt, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and ego.

The other is Good. It is joy, peace, love, hope, serenity, humility, kindness, benevolence,empathy, generosity, forgiveness, truth, compassion and faith."

The grandson thought about it for a minute and then asked his grandfather: "Which wolf wins?"

The old Cherokee simply replied, "The one you feed."
Always a Student, Never a Master - Emulate What Works
  • #3,772
  • Sep 14, 2019 6:07am Sep 14, 2019 6:07am
Quoting RobinHood
{quote} You're welcome. I am actually writing a book (for my daughter) that will include all my favorite stories and quotes. They are all stories and quotes that teach you a life lesson. ......"
This is beautiful. I look forward to the book.
Proof that this thread is more than just trading or making money. Thank you.
The more you learn, the more you see
  • #3,773
  • Edited 10:01am Sep 14, 2019 8:13am | Edited 10:01am
Quoting Marcusv007
{quote} This is beautiful. I look forward to the book. Proof that this thread is more than just trading or making money. Thank you.
Thanks Marcus.

Many of the stories and quotes are ones that I wrote or created based on my real life experiences. Here's a quote that I wrote with an explanation of what it means that is in the book:

"Perception Determines Opinion"

So what does that mean? I created that quote and nobody that I have ever told it to understood exactly what it means without me first explaining it to them.

Let's break it down word-by-word using the definitions of each word.

Perception Definition: the ability to see, hear, or become aware of something through the senses.

Determines Definition: to cause (something) to occur in a particular way; to be the decisive factor in.

Opinion Definition: a view or judgment formed about something.

Now Let's Combine the Most Relevant Parts the 3 Definitions

the ability to see, hear, or become aware of something through the senses and be the decisive factor in a view or judgment formed about something.

Here's How I Like to Explain It in Layman's Terms

If you are standing on the ground at an airport looking straight at a 747 jetliner close-up, then it looks HUGE. But, if you are standing on the ground looking looking UP at a 747 jetliner when it's flying at 30,000 feet in the air, then it looks TINY.

So how you look at something determines what your opinion is about it. And, I suggest that when you have an opinion on something that disagrees with someone else's opinion, try looking at it from a different perspective, and just maybe by doing that, you may form a different opinion.


Here's a Story that Perfectly Illustrates the Point...

Around midnight a man and his 5 kids get on a city bus.

No one else is on the bus except an elderly lady.

A few minutes after the man and his kids get on the bus, the elderly lady says to the man "Sir?" She gets no reply. In fact, he doesn't even acknowledge her presence.

So again she says "Sir?" Again, no reply from the man.

Finally she says "SIR!!". He looks over at her and he says "Yes?"

The woman says "Are those your kids????" He replies "Yes".

She said "These kids are completely unruly and totally out of control!"

He said "I'm sorry. I honestly didn't even notice."

Furthermore, he said "We just left the hospital where their mother died suddenly. I don't think they know how to handle it. But again, I am really sorry that they have disturbed you."

---------------

Now, see how ""Perception Determines Opinion"? Once the facts change, your opinion usually changes.
Always a Student, Never a Master - Emulate What Works
  • #3,774
  • Edited 1:48pm Sep 14, 2019 8:59am | Edited 1:48pm
Quoting RobinHood
{quote} Thanks Marcus Many of the stories and quotes are ones that I wrote or created based on my real life experiences. Here's a quote that I wrote with an explanation of what it means that is in the book: "Perception Determines Opinion" So what does that mean? I created that quote, and nobody that I have ever told it to understood exactly what it means without me first explaining it to them. So let's break it down word-by-word using the definitions of each word. Perception Definition: the ability to see, hear, or become aware of something through...
Thank you for your nice words(as always)
  • #3,775
  • Sep 14, 2019 11:19am Sep 14, 2019 11:19am
Quoting RobinHood
{quote} "I have several Profiles set up on MT4 (each one has 6 or 8 pairs) some with all 4 hr. charts and some all with Daily charts. I just look through all of them briefly (usually multiple times a day if I am that interested) and if I see a set up I love, I might take it. And the ONLY thing I EVER USE is the #1 Template on every chart. Maybe you could write down your typical „daily routine“ to post 1 giving a quick overview about the markets you trade, if and what preparations you do (if there is more then just spotting the right indicators condition),...
Wow what a life, eh? Nice, I live in New England too, Rowley, MA on 9 beautiful acres.... I love New England and the area, though I was just diagnosed with MS, and am now trying to trade more, just in case I need to work from home at some point.

Right now, I build military helicopter engines at a very large, well known company. I love my job, but i also love trading FX and I’m so excited to have found you, and this thread. I’m reading and learning so much from it, and it’s nice to know your background and a bit about you, it instills trust, and confidence in your words and advice.
Never Givin' Up..
  • #3,776
  • Sep 14, 2019 12:44pm Sep 14, 2019 12:44pm
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot (3).png Size: 87 KB


hello guys, I am fairly new to trading forex. I ran across this thread and have been reading it and studying it and practicing the techniques in a demo account. First off I would like to thank RH and all the other members who have contributed to this system. Here are my trades from this past week. I work full time so I have limited time to trade and not being able to check trades during the day I decided to just set my TP at 100 pips per trade and see how it went for awhile. I know by doing this that I will miss out on some profit but not sure what else to try when I cant be in front of my computer.
  • #3,777
  • Sep 14, 2019 1:32pm Sep 14, 2019 1:32pm
Hi RH, for some reason, after messing around with my charts, I lost the sienna brown and purple line down below and can't seem to get them back. Can you, or someone post the "current" indicators and template # that you/Robinhood are using.

I went back to post #1 and DL & installed them all again, but still my lower half is different than his... and I need his exact setup please. Thank you!!!!
Never Givin' Up..
  • #3,778
  • Sep 14, 2019 3:47pm Sep 14, 2019 3:47pm
\[quote=Shazzie;12503147]Hi RH, for some reason, after messing around with my charts, I lost the sienna brown and purple line down below and can't seem to get them back. Can you, or someone post the "current" indicators and template # that you/Robinhood are using. I went back to post #1 and DL & installed them all again, but still my lower half is different than his... and I need his exact setup please. Thank you!!!![/quo

Click template folder
There you will find a file named # 1.tpl. Click it. Then it will be ok.
  • #3,779
  • Sep 14, 2019 4:09pm Sep 14, 2019 4:09pm
Quoting monty20
{image} hello guys, I am fairly new to trading forex. I ran across this thread and have been reading it and studying it and practicing the techniques in a demo account. First off I would like to thank RH and all the other members who have contributed to this system. Here are my trades from this past week. I work full time so I have limited time to trade and not being able to check trades during the day I decided to just set my TP at 100 pips per trade and see how it went for awhile. I know by doing this that I will miss out on some profit but not...
how about using a trailing stop EA. It will move your SL automatically as your trade progresses. For a more advanced EA some of the guys are using cavemanager for taking profit in batches.
  • #3,780
  • Sep 14, 2019 4:20pm Sep 14, 2019 4:20pm
[quote=salimc;12503209]\
Quoting Shazzie
Hi RH, for some reason, after messing around with my charts, I lost the sienna brown and purple line down below and can't seem to get them back. Can you, or someone post the "current" indicators and template # that you/Robinhood are using. I went back to post #1 and DL & installed them all again, but still my lower half is different than his... and I need his exact setup please. Thank you!!!![/quo Click template folder There you will find a file named # 1.tpl. Click it. Then it will be ok.
Thanks, it's all good now!
Never Givin' Up..
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