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Trading is as simple as 1-2-3

  • #9,841
  • Apr 23, 2020 1:58am Apr 23, 2020 1:58am
Quoting Wizzlebizzle
GBPUSD +5 and +10 {image} I am using a slightly altered version of trade management. Instead of moving to BE+1 after reaching 5 points. I close half my position at 5 points and move my stoploss to -4 below my entry. I let the other half of the position on for a higher target
And now the real learning begins...
  • #9,842
  • Apr 23, 2020 3:56am Apr 23, 2020 3:56am
Quoting arkan1976
{quote} Hi Hal7, how many pairs do you follow ? is manual or with an EA ? Thanks.
I watch 10 pairs AU, EG, EJ, EU, GJ, GU, NZ, CA, CF, JY I enter the trades manually
  • #9,843
  • Apr 23, 2020 5:48am Apr 23, 2020 5:48am
Quoting hal7
{quote} I watch 10 pairs AU, EG, EJ, EU, GJ, GU, NZ, CA, CF, JY I enter the trades manually
thanks friend ,
best regards.
  • #9,844
  • Apr 24, 2020 12:32am Apr 24, 2020 12:32am
Quoting hal7
{quote} Well I'm not sure how much that EA will cost you, but I can assure you, you would probably make more money selling it than trading it. I'm still studying this method and I will probably have some questions as time goes on. I was shocked to see some trades lose, but then again I could be applying the simple rules incorrectly (joke alert). I have been knocking around on these boards since 2011, and attempting forex since 2005. I am at least persistent. So far no holy grail so I am about to scrap that idea. On...
A similar pattern for myself. You may have seen me lurking for a few days now - am through the first 100+ pages and giving it a shot now. First LO practice trade this morning on EU. Got +5 then stopped out, so waiting. I'm stu BTW....hello, and thanks for time & effort of contributors to date....this thread has attracted me back for a final try at this game :-)

https://www.forexfactory.com/attachm...1&d=1587713022
  • #9,845
  • Apr 24, 2020 12:52am Apr 24, 2020 12:52am
Attached Image (click to enlarge)
Click to Enlarge Name: 42420nz.png Size: 19 KB

Long NZ +5 locked
  • #9,846
  • Apr 24, 2020 1:12am Apr 24, 2020 1:12am
EU +5 again
  • #9,847
  • Apr 24, 2020 1:27am Apr 24, 2020 1:27am
So, to start with, I'm following the 50% at +5 and remainder to BE+1 rule. When comfortable with that then maybe look at experimenting with other options.

EU closed now & EG 5 pip trailing stop just hit off new high.
  • #9,848
  • Apr 24, 2020 3:10am Apr 24, 2020 3:10am
Quoting hal7
{image} Long NZ +5 locked
@Hal7 how do you manage your trades ?

Take profit at 5pips or do you have any other trade managing rule ?
  • #9,849
  • Apr 24, 2020 3:11am Apr 24, 2020 3:11am
Quoting lemercenaire
{quote} And now the real learning begins...

Haha. What makes you say that? : )
  • #9,850
  • Apr 24, 2020 3:19am Apr 24, 2020 3:19am
Quoting morne72
{quote} @Hal7 how do you manage your trades ? Take profit at 5pips or do you have any other trade managing rule ?
If you read the thread you will see this discussed often. I vary this a lot and change my approach from time to time. Generally I take a percentage off at +5 why you see me say +5 locked. Then sometimes I will move my stop to BE, or sometimes I just leave it in place. I have never been much of a BE +1 fan because more often then not I see those stopped out quickly.
  • #9,851
  • Apr 24, 2020 3:20am Apr 24, 2020 3:20am
Quoting stu
{quote} A similar pattern for myself. You may have seen me lurking for a few days now - am through the first 100+ pages and giving it a shot now. First LO practice trade this morning on EU. Got +5 then stopped out, so waiting. I'm stu BTW....hello, and thanks for time & effort of contributors to date....this thread has attracted me back for a final try at this game :-) {image}
Wow that is a quote from the past I don't even recall saying it...
  • #9,852
  • Apr 24, 2020 3:27am Apr 24, 2020 3:27am
Quoting stu
{quote} A similar pattern for myself. You may have seen me lurking for a few days now - am through the first 100+ pages and giving it a shot now. First LO practice trade this morning on EU. Got +5 then stopped out, so waiting. I'm stu BTW....hello, and thanks for time & effort of contributors to date....this thread has attracted me back for a final try at this game :-) {image}
Welcome to the thread, Stu. Glad you have found your way here. You won't regret it, believe me.

Some have said it's quite a quiet thread, well yes, I suppose so, as it has been a long time since there have been any annoying trolls pass by, lol.

Instead, what we have here is a small, tight group who just get on with trading the method.

In fact, I can say that I have friends like myself who still trade it successfully but don't actually post that much - some not at all.

Hal is the perfect success story, as he has shown the full process in real time, as he states in the post you quoted.

I think he is the poster boy for TS' 10,000 Kicks quote!
  • #9,853
  • Apr 24, 2020 3:31am Apr 24, 2020 3:31am
Quoting Wizzlebizzle
{quote} Haha. What makes you say that? : )
It is a serious answer in a jokey form. Once you have the rules and entries down pat, it becomes a question of what you do next and through the life of the thread, you will see that this is where so much of the serious work comes in and is discussed in some depth.

It's all about maximising your return once the trade is running.
  • #9,854
  • Apr 24, 2020 3:33am Apr 24, 2020 3:33am
Quoting hal7
{quote} If you read the thread you will see this discussed often. I vary this a lot and change my approach from time to time. Generally I take a percentage off at +5 why you see me say +5 locked. Then sometimes I will move my stop to BE, or sometimes I just leave it in place. I have never been much of a BE +1 fan because more often then not I see those stopped out quickly.
do you trade full time?, as for income?
life is a reflection of what we allow ourselves to see
  • #9,855
  • Apr 24, 2020 3:53am Apr 24, 2020 3:53am
Quoting hal7
{quote} Wow that is a quote from the past I don't even recall saying it...
- when I popped back onto FF last month after a few years hiatus, and read some of my old posts, I was thinking exactly the same thing!
  • #9,856
  • Apr 24, 2020 4:00am Apr 24, 2020 4:00am
Quoting lemercenaire
{quote} Welcome to the thread, Stu. Glad you have found your way here. You won't regret it, believe me. Some have said it's quite a quiet thread, well yes, I suppose so, as it has been a long time since there have been any annoying trolls pass by, lol. Instead, what we have here is a small, tight group who just get on with trading the method. In fact, I can say that I have friends like myself who still trade it successfully but don't actually post that much - some not at all. Hal is the perfect success story, as he has shown the full process in...
Thanks

Yes, Hal was asking a lot the same questions that were in my mind as I read, and has done exceptionally well (clearly has developed his 'feel') so has inspired me to give it a try....let's see how we go....the emotion is the biggie for me which is why I going to simply try the basic method to start with (50:50 / +5:BE+1) and see if I can end next week with positive balance. Baby steps.
  • #9,857
  • Apr 24, 2020 1:29pm Apr 24, 2020 1:29pm
Quoting lemercenaire
{quote} It is a serious answer in a jokey form. Once you have the rules and entries down pat, it becomes a question of what you do next and through the life of the thread, you will see that this is where so much of the serious work comes in and is discussed in some depth. It's all about maximising your return once the trade is running.
Got it

Funny enough I have actually been playing with this over the week. Filled about 20 a4 pages and some excelspreadsheets. My data (over the last 5 months) is showing some interesting points. I.e. Fridays overal are not or (way) less profitable. How interesting is that?

As far as profit taking goes, a method I have been using from a different source seems to work well on the 123 method as well. I like it because it takes volatility into account.

More out of curiosity than anything else, I wonder how you handle your profit taking (if you care to share that is)

Cheers and have a good weekend
  • #9,858
  • Apr 24, 2020 1:58pm Apr 24, 2020 1:58pm
Quoting Wizzlebizzle
{quote} Got it Funny enough I have actually been playing with this over the week. Filled about 20 a4 pages and some excelspreadsheets. My data (over the last 5 months) is showing some interesting points. I.e. Fridays overal are not or (way) less profitable. How interesting is that? As far as profit taking goes, a method I have been using from a different source seems to work well on the 123 method as well. I like it because it takes volatility into account. More out of curiosity than anything else, I wonder how you handle your profit taking...
Well, those who know me, know that I don't trade Fridays for a start

I go in at a staggered rate. I will then stack as the trade moves in my favour. Should the original entry turn back before doing anything - but I still think it'll play out in the end due to my overall analysis - I will counter trade instead of closing out.

I've been doing this a long looooooong time and this kind of trading is as instinctive as breathing now - for others, not so much.
  • #9,859
  • Apr 25, 2020 12:56am Apr 25, 2020 12:56am
Quoting lemercenaire
{quote} Well, those who know me, know that I don't trade Fridays for a start I go in at a staggered rate. I will then stack as the trade moves in my favour. Should the original entry turn back before doing anything - but I still think it'll play out in the end due to my overall analysis - I will counter trade instead of closing out. I've been doing this a long looooooong time and this kind of trading is as instinctive as breathing now - for others, not so much.

Sounds like you have it down to an art! Hope to get there over the years. Thank you for your feedback so far.
  • #9,860
  • Apr 25, 2020 9:05am Apr 25, 2020 9:05am
Quoting Wizzlebizzle
{quote} Sounds like you have it down to an art! Hope to get there over the years. Thank you for your feedback so far.
Keep at it, hone your skills, focus on a style that suits you and rep, rep and rep it some more. You'll get there.

No worries on the feedback - any time.
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