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  • #100,521
  • Feb 26, 2020 6:23am Feb 26, 2020 6:23am
Quoting lddd
I am really selective now with my entries trading 1 Lot normally. I don’t want to hit 10 losers in a row which happens fast with a 10 Pips SL taking every setup in every kind of market condition at every time of the day. With 4 Lot 5 pips per day as a target? Hah, so i could risk 2,5 Pips based on 2:1 Risk/Reward. 1-2 Pips already paid to the broker (not to forget about the ECN commission of 4.5 USD I pay for that lot).
If you deposited $50k, you need to negotiate way better terms with your broker. Absolutely no reason to pay more than ZERO spread and MAXIMUM commission of $4 round turn. Your broker clearly is enjoying a second home and/or boat and/or yearly luxury vacations happily funded by his clients.

I've said it before and I'll say it again: R:R is highly over rated. Clearly, this approach is not working for you (maybe in part because of confusion? You said "2:1 Risk/Reward" when you actually mean 1:2 Risk/Reward). Consider determining how many DOLLARS you are willing to part with on a single trade and use that to calculate how many pips away you can place a SL. Now if you target 10pips, how likely is it that price will go all the way to your SL before it makes it to your 10pip target? You can easily have a risk:reward of 10:1 and even more, but who cares when the probability of the SL getting hit is so small.
To free Gazans of Hamas, use whatever it takes.
  • #100,522
  • Feb 26, 2020 7:09am Feb 26, 2020 7:09am
Hi guys,

I took a buy on GBPUSD as per rules last night on the daily. Woke up with -60pips. Closed manually.

I have attached a picture and the red line shows my entry candle, which would be candle #2 as per rules, (at the time the candle was BLUE but has now turned RED).

Any comments would be helpful on how you would have taken this trade.

Kind regards,
Roni
Attached Image (click to enlarge)
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  • #100,523
  • Feb 26, 2020 7:21am Feb 26, 2020 7:21am
Quoting DrDave
{quote} If you deposited $50k, you need to negotiate way better terms with your broker. Absolutely no reason to pay more than ZERO spread and MAXIMUM commission of $4 round turn. Your broker clearly is enjoying a second home and/or boat and/or yearly luxury vacations happily funded by his clients. I've said it before and I'll say it again: R:R is highly over rated. Clearly, this approach is not working for you (maybe in part because of confusion? You said "2:1 Risk/Reward" when you actually mean 1:2 Risk/Reward). Consider determining how many DOLLARS...
I have zero spread from time to time but normally between 0,5–1,5 Pips. So far I did not know there are true ECN brokers were you pay no extra spread instead of commission? Let me know such broker.

Yes you are theoretical right with RR being overrated. However you have to make some plans or so mine is so far about that. Risk 1 while target around 2, yes. I also don’t make foxed profit targets, if I see condition of a trade is good i let profits run and trail stop to break even. But you have to leave alone the fixed hard SL right. So if I want to only allow a max of 3% loss per trade calculated in Pips my hard stops is 10 Pips for a single trade.

So like said a 10 Pips SL on a 20 Pips Potential trade target is very tight already?

So yes I would say it’s highly likely that you are going to be stopped out before price moves 10 Pips to your TP. At least that’s my experience so far.

I only stay profitable so far i think because i close a lot of trades manually without even hitting my SL if I feel/see within the first minutes after that price is stagnating and is not likely to hit my TP or will take to much time to do so. In these cases i don‘t wait for the trade to move sideways (because it likes to do so most of the time).

It you say 9 trades so far in a row all winners that is unrealistic to keep up with for years. What do you do with 9 trades in a row getting lost and how many trades do you then on average trigger to just compensate for that 9 trades loss? You don’t have any fixed max or trades per day, max loss per day, week, month? How do you otherwise stop overtrading. Or you have to take every single setup based on your rules and never leave out a single one, which is what robots do and is quiet unrealistic to achieve with manually trading looking at charts and pressing the buttons with your own hands.
  • #100,524
  • Feb 26, 2020 7:25am Feb 26, 2020 7:25am
Quoting Roni26
Hi guys, I took a buy on GBPUSD as per rules last night on the daily. Woke up with -60pips. Closed manually. I have attached a picture and the red line shows my entry candle, which would be candle #2 as per rules, (at the time the candle was BLUE but has now turned RED). Any comments would be helpful on how you would have taken this trade. Kind regards, Roni {image}
Unless the second candle is not closed as a red one the regular rules would be to stay in the trade until the color change has been confirmed (confirmed by a close of a candle).

It doesn’t mean you should or have to wait for that movement so it all depends on where your SL is placed and how likely you think the trade will still develop in your favor.
  • #100,525
  • Feb 26, 2020 7:36am Feb 26, 2020 7:36am
Quoting lddd
{quote} Unless the second candle is not closed as a red one the regular rules would be to stay in the trade until the color change has been confirmed (confirmed by a close of a candle). It doesn’t mean you should or have to wait for that movement so it all depends on where your SL is placed and how likely you think the trade will still develop in your favor.

Thank you for your input. I have chosen to stay and see what happens. Although tdi has gone flat bigE did mention that for aggressive traders doesnt mean exit unless it hooks over.

Also another good setup I found below- anybody in this?

Best,
Roni
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  • #100,526
  • Feb 26, 2020 7:46am Feb 26, 2020 7:46am
Quoting Roni26
{quote} Thank you for your input. I have chosen to stay and see what happens. Although tdi has gone flat bigE did mention that for aggressive traders doesnt mean exit unless it hooks over. Also another good setup I found below- anybody in this? Best, Roni {image}

Looks like this trade is going to fail too.
  • #100,527
  • Feb 26, 2020 8:21am Feb 26, 2020 8:21am
Quoting lddd
It you say 9 trades so far in a row all winners that is unrealistic to keep up with for years. .
I did not say that. Here is what I sad
Quoting DrDave
This month I have traded 9 days, 201 pips, all winners, all GBPUSD. Two were targeted for 10 pips, The rest for 5 pips.
DAYS, not TRADES. I made 21 trades.
[UPDATE: 9 days, 209 pips, 23 trades, all winners, all GBPUSD.]

You have no need to worry about a winning track record of years when you cannot achieve a winning track record of weeks.

January GBPUSD, 8 days, 18 trades, 117 pips, all winners.

There are about 20 trading days per month. You see I do not trade every day. But I strive to average the equivalent of making 1 trade per trading day, 10 pips per day. Really, its not that hard.
To free Gazans of Hamas, use whatever it takes.
  • #100,528
  • Feb 26, 2020 8:34am Feb 26, 2020 8:34am
Quoting DrDave
{quote} I did not say that. Here is what I sad {quote} DAYS, not TRADES. I made 21 trades. [UPDATE: 9 days, 209 pips, 23 trades, all winners, all GBPUSD.] You have no need to worry about a winning track record of years when you cannot achieve a winning track record of weeks. January GBPUSD, 8 days, 18 trades, 117 pips, all winners. There are about 20 trading days per month. You see I do not trade every day. But I strive to average the equivalent of making 1 trade per trading day, 10 pips per day. Really, its not that hard.

Hi Dave,

What time frame do you use trading and are you still sticking to original rules by bige?
  • #100,529
  • Feb 26, 2020 8:36am Feb 26, 2020 8:36am
Quoting lddd
So if I want to only allow a max of 3% loss per trade calculated in Pips my hard stops is 10 Pips for a single trade.
You said earlier you funded an account with $50,000. 3% is $1500. You said you trade 1 lot, which gives $10 per pip. So a $1500 SL is a move going 150 pips against you. And you can't find a "good" entry that will go 10 pips to profit before it goes 150 pips against you????
Attached Image
To free Gazans of Hamas, use whatever it takes.
  • #100,530
  • Edited 10:39am Feb 26, 2020 10:15am | Edited 10:39am
Also guys what Support and Resistance, Previous low/high do we consider and deem valid?

This is one thing BigE did not mention.

Also bige's posts look like he always disregarded any previous lows or highs or SR levels but yet he mentions to always look at these things.

Alot of conflicting information.

Kind regards,
Roni
  • #100,531
  • Feb 26, 2020 12:39pm Feb 26, 2020 12:39pm
Another failed short on gold.

Am i missing something?
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  • #100,532
  • Feb 26, 2020 1:24pm Feb 26, 2020 1:24pm
Quoting Roni26
Another failed short on gold. Am i missing something? {image}
Drag your failed trades from Account History onto chart's please.
  • #100,533
  • Feb 26, 2020 3:54pm Feb 26, 2020 3:54pm
Quoting DrDave
{quote} I did not say that. Here is what I sad {quote} DAYS, not TRADES. I made 21 trades. [UPDATE: 9 days, 209 pips, 23 trades, all winners, all GBPUSD.] You have no need to worry about a winning track record of years when you cannot achieve a winning track record of weeks. January GBPUSD, 8 days, 18 trades, 117 pips, all winners. There are about 20 trading days per month. You see I do not trade every day. But I strive to average the equivalent of making 1 trade per trading day, 10 pips per day. Really, its not that hard.
So we pretty much have the same goals, thanks for letting me know. How many markets do you watch? Or only GBP/USD?
  • #100,534
  • Feb 26, 2020 3:57pm Feb 26, 2020 3:57pm
Quoting Roni26
Another failed short on gold. Am i missing something? {image}
You are missing many things not just something.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #100,535
  • Feb 26, 2020 4:00pm Feb 26, 2020 4:00pm
Quoting Roni26
Also guys what Support and Resistance, Previous low/high do we consider and deem valid? This is one thing BigE did not mention. Also bige's posts look like he always disregarded any previous lows or highs or SR levels but yet he mentions to always look at these things. Alot of conflicting information. Kind regards, Roni
Yes. To some he posted a lot of conflicting information... including he is the only ONE who is right.

But to me, he posted a lot of discretionary rules and decisions only he understood.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #100,536
  • Edited 4:34pm Feb 26, 2020 4:07pm | Edited 4:34pm
Quoting Roni26
{quote} Looks like this trade is going to fail too.
YES. It fails when you trade blindly 'Follow TDI' draw vertical lines when green cross red , etc. including this 'smoothed' TDI which was posted years ago.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD smoothed TDI 27-2-2020 6-01-58 am.png Size: 54 KB


Learn and see this on you price chart. We trade the Price, not the timeframe of the charts.

Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #100,537
  • Feb 26, 2020 4:09pm Feb 26, 2020 4:09pm
Quoting DrDave
{quote} You said earlier you funded an account with $50,000. 3% is $1500. You said you trade 1 lot, which gives $10 per pip. So a $1500 SL is a move going 150 pips against you. And you can't find a "good" entry that will go 10 pips to profit before it goes 150 pips against you???? {image}
I said i opened the account with 50k 2 years ago. Its more already...

Well the 3% SL is more like a max amount i would risk on a single trade. As i sometimes have more than just 1 trade opened at the same time and also calculate with more than doing 1 trade per day for sure i set my SL for each single trade much lower. It would be ridiculous to risk 150 pips on a single trade while only targeting for a 20 Pips. Thats why i said i try to maintain a Risk/Reward of 1:2 at least for every trade. So Targeting a 20-30 Pips i set SL to about 10-15 Pips.
  • #100,538
  • Feb 26, 2020 4:19pm Feb 26, 2020 4:19pm
Quoting Roni26
Hi guys, I took a buy on GBPUSD as per rules last night on the daily. Woke up with -60pips. Closed manually. I have attached a picture and the red line shows my entry candle, which would be candle #2 as per rules, (at the time the candle was BLUE but has now turned RED). Any comments would be helpful on how you would have taken this trade. Kind regards, Roni {image}
I also BUY.

Buying GBPUSD Daily when the market type condition is Sideways Ranging Down with a single entry trade? You need to process a lot more information and be able to trade the CashFlow™ model.

Do you know the Insurance model and the Lotto model

if not, go back to Post#80,775

https://www.forexfactory.com/showthr...3#post10080343
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #100,539
  • Feb 26, 2020 4:32pm Feb 26, 2020 4:32pm
Quoting Tekkies
{quote} Drag your failed trades from Account History onto chart's please.

Hi Tekkies,

Thank you for reaching out to my post. As requested please see my failed trades. Im sure some of you may have seen or taken these too.

Feel free to comment on them.

Kind regards,
Roni
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  • #100,540
  • Feb 26, 2020 4:38pm Feb 26, 2020 4:38pm
Quoting emmanuel7788
{quote} You are missing many things not just something.

Ok well why not try to explain what it is instead of giving a half ass reply.
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SanAshi