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Trading Made Simple(r)

  • #4,061
  • Sep 26, 2019 1:52pm Sep 26, 2019 1:52pm
Quoting monty20
{quote} yep same here, week started off good with a couple good trades and then it seemed like the next few went against me right off
Other way round for me. Rubbish mon-tues and then picked a about 3 R only to lose it again today. A case of overtrading the lower TF trying to make up losses i think.
  • #4,062
  • Edited 7:58pm Sep 26, 2019 4:21pm | Edited 7:58pm
Quoting 40PipsAlan
{quote} Tell me about it. Good trades and bad all week. Currently about 0.5R up so might call it a week and get back to studying
I'm going to take available trades at the close of the first 4H I am awake for as always (The 10am one), I don't like taking the 2pm ones on Friday as it increases the risk of having to close the trades early due to the market closing for the weekend. There's no point letting a bumpy road or a bad few days put you off in my opinion.

If I had been accurately sizing my lots today I would have made the 1% I am looking for, so that's a learning experience that cost me nothing which I am very happy with. I've solved that going forward by adding the MT4 Money Management EA to my arsenal, to help correctly size my positions in future. It's attached below if anyone wants it, it goes in the Experts/Market folder.
Attached File(s)
File Type: ex4 MT4 Money Manager.ex4   42 KB | 514 downloads
  • #4,063
  • Sep 27, 2019 1:12am Sep 27, 2019 1:12am
Quoting itsDavid
Buggered my day right up, lol. It wouldn't have been so bad if I hadn't doubled the lot size on it. Tomorrows another day, I'll just have to make 2% to make up the deficit {image}
Yes I've found last week and this week somewhat challenging but the tough days/ weeks that we learn to survive in will make us flourish in the highly liquid good days/ weeks ahead I think it will be like cycling down hill lol Well I hope hahaha

Please be as kind as to share your report tool with me, I like that it gives your %. Thank you, have a great day ahead!
The more you learn, the more you see
  • #4,064
  • Sep 27, 2019 1:28am Sep 27, 2019 1:28am
Quoting 40PipsAlan
{quote} Other way round for me. Rubbish mon-tues and then picked a about 3 R only to lose it again today. A case of overtrading the lower TF trying to make up losses i think.
When we start winning on trades thats when we must become even more negative on potential trades to preserve those profits. But usually we tend to do the opposite . I caught myself about to revenge trade at the start of the week, which means my emotions almost kicked but I caught myself lol... sadly tho I did break a couple of my rules this week, but ive learnt from it.

Dont stress it happens long as we dont keep repeating those errors. Make note and dont repeat!
The more you learn, the more you see
  • #4,065
  • Sep 27, 2019 2:27am Sep 27, 2019 2:27am
Trade Report for the week. I'm always happy to lock in profits, while others look for more. A bird in the hand is worth 2 in the bush for me, it will never change. This is why I love the ideology of having a target and sticking to it.
This month I completely a consistent 200% return on Equity.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 66 KB
The more you learn, the more you see
  • #4,066
  • Sep 27, 2019 3:35am Sep 27, 2019 3:35am
Hello guys,I consider myself scalper however I've spend lot of time to study BigE original thread evem demo it in past.I like idea of H4 TF to free me little bit from monitors.
Here is my demo with this method for last month.I have to say I did not trade it like full time,there were trades I've definitely missed.Like yesterday I could have closed all positions with over 500,- profit on top.I took maybe half.It's OK
What I would like to talk us is money management(MM).
What your risk per trade (RPT)?
Are you splitting it among more trades?
How many trades you open etc etc etc
I know people like talk about %%%,but guy with 100000$ account could be satisfied with 10% but for a guy with 1000$ account it is another story.
So let's take fore a sake of argument 10 000# account and do some math for good MM.
Attached File(s)
File Type: pdf Statement_ 236546 - Demo account.pdf   805 KB | 494 downloads
Whether you think you can, or you think you can't,you're right. H.F.
  • #4,067
  • Edited 4:17am Sep 27, 2019 3:58am | Edited 4:17am
Quoting Simply-Me
Hello guys,I consider myself scalper however I've spend lot of time to study BigE original thread evem demo it in past.I like idea of H4 TF to free me little bit from monitors. Here is my demo with this method for last month.I have to say I did not trade it like full time,there were trades I've definitely missed.Like yesterday I could have closed all positions with over 500,- profit on top.I took maybe half.It's OK What I would like to talk us is money management(MM). What your risk per trade (RPT)? Are you splitting it among more trades? How many...
As I;m sure you're aware of the reason for sound Money management and therefore correct position sizing it is key to longevity in this game, due to probability and odds that are working against you from the offset. I'm very confident with this method and I've tested risking 10 - 12% my account and made astronomical profits but that in itself can open a doorway to big loses amongst many other evils lol.

Therefore my advise would be to work off 2 - 4% risk per trade, dependent on your confidence levels in the method/ system maybe even 2% as a cap unless your are familiar and confident in potential results (your results suggest so). I tend to risk avg 2.5 -3% per trade with an aim of hitting min 5% - 7% profit per trade. Regardless of the equity balance in ones account, one should strictly follow the correct position sizing and in theory it will apply across the board **whether your balance is 5000, 50 000, 100 000, your position sizing must remain the same**. Remember aswell you need to fine tune your strategy while you scalp to suit your personality and belief of the market. If one considers monetary rewards that are not realistic to their balance it is very likely said person will blow their account, infact add high leverage to the equation and its a recipe for disaster. This is why I believe one should try trade off $1000USD as an absolute minimum.

Lastly: Are you splitting it among more trades?
I avoid opening too many positions, but more importantly try to be alert to correlations in positions opened one might inadvertently take on too much risk in a currency this is why some traders group the correlation relationships between currency pairs.

By the way congrats on some good trading judging from your pdf. Salute
The more you learn, the more you see
  • #4,068
  • Sep 27, 2019 4:48am Sep 27, 2019 4:48am
Quoting Marcusv007
{quote} Yes I've found last week and this week somewhat challenging but the tough days/ weeks that we learn to survive in will make us flourish in the highly liquid good days/ weeks ahead I think it will be like cycling down hill lol Well I hope hahaha Please be as kind as to share your report tool with me, I like that it gives your %. Thank you, have a great day ahead!
Sure thing.
Attached File(s)
File Type: ex4 TradeReport_compact - v.1.04.ex4   121 KB | 367 downloads
File Type: mq4 TradeReport_compact - v.1.04.mq4   153 KB | 376 downloads
  • #4,069
  • Sep 27, 2019 6:23am Sep 27, 2019 6:23am
USDJPY
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 47 KB
  • #4,070
  • Sep 27, 2019 6:25am Sep 27, 2019 6:25am
That lot size is very large for your account size, you could easily end up wiping the account. Especially with 400 leverage.

Look at the margin %, it's dangerously low.

ADDED: The post I was responding too (which included a picture of the trades/account section of MT4) was deleted while I was writing. It was from monty20.
  • #4,071
  • Sep 27, 2019 6:36am Sep 27, 2019 6:36am
Quoting itsDavid
{quote} I'm going to take available trades at the close of the first 4H I am awake for as always (The 10am one), I don't like taking the 2pm ones on Friday as it increases the risk of having to close the trades early due to the market closing for the weekend. There's no point letting a bumpy road or a bad few days put you off in my opinion. If I had been accurately sizing my lots today I would have made the 1% I am looking for, so that's a learning experience that cost me nothing which I am very happy with. I've solved that going forward by adding...
I cant seem to get this to work on my charts
  • #4,072
  • Sep 27, 2019 6:42am Sep 27, 2019 6:42am
Quoting 40PipsAlan
{quote} Not easy {image}
Attached Image


I hope that this chart that 40PipsAlan created helps to prove to everyone that Support and Resistance is HARD to determine and can't be relied upon. It's always hit or miss. It works when it works, and it doesn't when it doesn't. Like the saying goes: "Even a stopped clock is right twice a day."
Always a Student, Never a Master - Emulate What Works
  • #4,073
  • Sep 27, 2019 6:45am Sep 27, 2019 6:45am
Quoting monty20
{quote} I cant seem to get this to work on my charts
its another one of those MQL5 EA programs that needs to in the market folder. have just downloaded it myself from MQL5
  • #4,074
  • Sep 27, 2019 6:49am Sep 27, 2019 6:49am
Quoting 40PipsAlan
{quote} its another one of those MQL5 EA programs that needs to in the market folder. have just downloaded it myself from MQL5
Yep, I mentioned it should go in the market folder for that reason
  • #4,075
  • Sep 27, 2019 7:15am Sep 27, 2019 7:15am
Quoting monty20
{quote} I cant seem to get this to work on my charts
As Alan mentioned you can download it directly from MQL5, but dropping it in the Experts/Market folder should work as far as I know.

Link if needed: https://www.mql5.com/en/market/product/3409

From the screenshot you posted and then deleted earlier it looks like you're risking 10%+ per trade, which is much too high.
  • #4,076
  • Sep 27, 2019 7:24am Sep 27, 2019 7:24am
Quoting itsDavid
{quote} As Alan mentioned you can download it directly from MQL5, but dropping it in the Experts/Market folder should work as far as I know. Link if needed: https://www.mql5.com/en/market/product/3409 From the screenshot you posted and then deleted earlier it looks like you're risking 10%+ per trade, which is much too high.
I have 2 MT4 demo accounts on this PC and the MQL5 only downloads to to the first MT4 that I setup. I have just copied the Money manager EA to the other MT4 demo and it doesnt work. There must be a MQL5 link in the second MT4 that is missing, probably in the community setup section where we add the MQL4 password and user. I will give that a try in a bit.
  • #4,077
  • Sep 27, 2019 7:27am Sep 27, 2019 7:27am
Quoting RobinHood
{quote} {image} I hope that this chart that 40PipsAlan created helps to prove to everyone that Support and Resistance is HARD to determine and can't be relied upon. It's always hit or miss. It works when it works, and it doesn't when it doesn't. Like the saying goes: "Even a stopped clock is right twice a day."
For my trading strategy:

I've found the S&R fibo levels sometimes a factor in deciding to enter a trade after it clears that level (because entering just before it and it doesnt clear will see a reversal). Sometimes perhaps to mark and lock in profit at the next S or R; because based on momentum I will know to get out or perhaps even to add to my position after it passes a noted s&r level. So knowing the Fibo levels based on current price helps me take note. However it's not always a constant thought.

It is a big factor for me locking in profit or adding to a position.
The more you learn, the more you see
  • #4,078
  • Sep 27, 2019 7:27am Sep 27, 2019 7:27am
Quoting 40PipsAlan
{quote} I have 2 MT4 demo accounts on this PC and the MQL5 only downloads to to the first MT4 that I setup. I have just copied the Money manager EA to the other MT4 demo and it doesnt work. There must be a MQL5 link in the second MT4 that is missing, probably in the community setup section where we add the MQL4 password and user. I will give that a try in a bit.
I've had the same issue with two separate MT4 accounts on one PC but found that when I just copied the contents of the data folder from one install to another it all worked fine.
  • #4,079
  • Sep 27, 2019 7:30am Sep 27, 2019 7:30am
Quoting itsDavid
{quote} As Alan mentioned you can download it directly from MQL5, but dropping it in the Experts/Market folder should work as far as I know. Link if needed: https://www.mql5.com/en/market/product/3409 From the screenshot you posted and then deleted earlier it looks like you're risking 10%+ per trade, which is much too high.
Thank you, I got it on there now. And yes it looks like I need to be around .05 to stay around the 2% till I feel comfortable enough with the system to load up my acct
  • #4,080
  • Edited 10:11am Sep 27, 2019 7:53am | Edited 10:11am
Quoting Marcusv007
{quote} For my trading strategy: I've found the S&R fibo levels sometimes a factor in deciding to enter a trade after it clears that level (because entering just before it and it doesnt clear will see a reversal). Sometimes perhaps to mark and lock in profit at the next S or R; because based on momentum I will know to get out or perhaps even to add to my position after it passes a noted s&r level. So knowing the Fibo levels based on current price helps me take note. However it's not always a constant thought. It is a big factor for me locking in...
Traders can factor in almost any "thing" into their trading decisions if they want to, such as:

The News
Financial Reports
The Time of Day
Momentum
Elliott Waves
Supply & Demand
Daily Pivots
Volume
Yesterday's High, Low, Open & Close
Inside & Outside Bars
Candlestick Patterns
etc. etc. etc.

The question becomes how reliable that "thing" is when it comes to using it to make trading decisions.

Personally, I use NONE of them other than a handful of what I consider fairly reliable chart indicators (and Stops).
Always a Student, Never a Master - Emulate What Works
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