Billytt Die happy trading e/j daily breakout | Page 2471 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #49,401
  • Jun 1, 2020 2:59pm Jun 1, 2020 2:59pm
Quoting lemercenaire
{quote} I know there is a certain language issue here and that's fair enough but you are also bizarrely both over and under thinking it at the same time. I'm not going to pull it all apart, it's mid evening here and stuff to do and places to be and all that but a couple of main points are that, I don't know where you get the idea that a hedge would be kept growing for thousands of pips and a huge floating loss. Perhaps you are misunderstanding fundamentally what a hedge (in his case, actually a nedge, as it is two trades on the same currency) actually...
Fantastic post! Nice job Lem!
  • #49,402
  • Edited 4:06pm Jun 1, 2020 3:33pm | Edited 4:06pm
Quoting lemercenaire
{quote} I know there is a certain language issue here and that's fair enough but you are also bizarrely both over and under thinking it at the same time. I'm not going to pull it all apart, it's mid evening here and stuff to do and places to be and all that but a couple of main points are that, I don't know where you get the idea that a hedge would be kept growing for thousands of pips and a huge floating loss. Perhaps you are misunderstanding fundamentally what a hedge (in his case, actually a nedge, as it is two trades on the same currency) actually...
Yes English isn’t my mother language so that’s already a little problem. I am from Germany btw, about 2 hours next to Frankfurt.

Thanks for your detailed comments to my questions, it already makes more sense now to me. I did misunderstand the idea behind the counter trade / hedging part.

Yes my main goal would be also to make a living by it but I would be already happy with more consistent results and a method that simply works.

I wonder about the 5% 5 Pips on a single trade number.

A 5% a MONTH wouldn’t already easily cover all my expenses (I don’t have a fancy live style, 3 houses or a Mercedes). Don’t have kids too :-)

So a 5% a month that I could rely on to withdraw from my brokers account to pay some bills, because I know I have something that works, that would be great.

Not sure about specific UK margin requirements, I don’t trade with a EU broker. I think leverage right now I could take up to 1:500. Opening a one Lot Position would require about a couple of hundred dollars or so where 1 Pip is $10 on GU. Opening multiple positions should be no problem too. I had 12 trades open at max each 1 Lot so far. But most of the times I only have one trade open at a time.

I Pay $7,80/Lot Commission. Spread on EU/GU/AU and most of the majors is 0.3-1.3 most of the time. GJ and some more volatile pairs 1-2 Pips.

Now the problem is when not making that 5% because I need to hedge every second trade and only come out of it positive (if at all) after X unknown days, that would be a struggle.

Thats why I also asked for a win percentage if I would set a SL trading just one currency pair at just one time of the day for that one single price bar formed.

Risking 1% on a single trade according to my equity would allow a 100 Pips stop loss as example for a GU entry at 1 Lot.

So it would probably not work out if I end with 20 trades/month at +5 pips but then having a counter trade on each of the trades I would have first to bring back to break even to profit from those +5 by the end of the month.
  • #49,403
  • Jun 1, 2020 3:35pm Jun 1, 2020 3:35pm
Quoting billytt
{quote} 1 pip is 1%. 5 pips is 5%. 5% is currently £600 The 2 guys I trade for now use their own money for the margin bank roll. So the bank roll is now smaller.
ok we're from a different world, I was looking at my 5 pips, which is only good for 2pcs KFC meals. Well, a million dollar empire is build from a humble KFC meal.
Will make it, will continue to learn

ok FD learn something new
  • #49,404
  • Jun 1, 2020 3:44pm Jun 1, 2020 3:44pm
Quoting lemercenaire
{quote} I know there is a certain language issue here and that's fair enough but you are also bizarrely both over and under thinking it at the same time. I'm not going to pull it all apart, it's mid evening here and stuff to do and places to be and all that but a couple of main points are that, I don't know where you get the idea that a hedge would be kept growing for thousands of pips and a huge floating loss. Perhaps you are misunderstanding fundamentally what a hedge (in his case, actually a nedge, as it is two trades on the same currency) actually...
I had printed this out in an A3 paper, waiting to go home after salvaging golf balls where I work, will digest them. Thanks and appreciate
  • #49,405
  • Jun 1, 2020 3:51pm Jun 1, 2020 3:51pm
Quoting lddd
{quote} Yes English isn’t my mother language so that’s already a little problem. I am from Germany btw, about 2 hours next to Frankfurt. Thanks for your detailed comments to my questions, it already makes more sense now to me. I did misunderstand the idea behind the counter trade / hedging part. Yes my main goal would be also to make a living by it but I would already happy with more gaining more consistency and a method that actually works. I wonder about the 5% 5 Pips on a single trade number. A 5% a MONTH wouldn’t already easily cover all my...
Can I just blow your mind by telling you that it is perfectly possible to green up both legs of the hedged/locked-off trade by the end of the day? Just sayin'.
  • #49,406
  • Jun 1, 2020 3:52pm Jun 1, 2020 3:52pm
Quoting lddd
{quote} Yes English isn’t my mother language so that’s already a little problem. I am from Germany btw, about 2 hours next to Frankfurt. Thanks for your detailed comments to my questions, it already makes more sense now to me. I did misunderstand the idea behind the counter trade / hedging part. Yes my main goal would be also to make a living by it but I would already happy with more gaining more consistency and a method that actually works. I wonder about the 5% 5 Pips on a single trade number. A 5% a MONTH wouldn’t already easily cover all my...
thats the beauty of it it’s easy to backtest so you end up with your own stats on win percentage etc
cheers
  • #49,407
  • Jun 1, 2020 4:14pm Jun 1, 2020 4:14pm
Quoting lemercenaire
{quote} Can I just blow your mind by telling you that it is perfectly possible to green up both legs of the hedged/locked-off trade by the end of the day? Just sayin'.
Thats why I am here, to learn from good traders actually spending their valuable life time for making money by the end of a day and that consistently and not like many of those I listened to so far here on FF obviously doing that because they like spending hours of hours each day analyzing their charts, not sure maybe it’s fun to them or don’t have a life outside.
  • #49,408
  • Edited 5:21pm Jun 1, 2020 5:07pm | Edited 5:21pm
Quoting lddd
{quote} I am not looking for a trading robot nor asked for. It’s just hard to understand for me so far what exactly the method is and how its applied. Looking at some past charlme or what? Btw the charts on post 1 are hard to read in that picture quality.
Hi Iddd..how about breaking yourself in gently & give my take a go..!!????
Backtest if u want
Use 8:15 open price,set a buy at 5 away, tp 5, sl 5
Same with sell
As soon as one trade is triggered double the size of the other trade,
If 5 tp is achieved delete other order ..finished..!!
If sl is hit, cross your fingers for the other trade to make 10
When you feel able, expand your style to emulate the experienced guys..!! Good luck m8
Onwards and upwards...
  • #49,409
  • Jun 1, 2020 5:39pm Jun 1, 2020 5:39pm
Quoting lddd
{quote} Thats why I am here, to learn from good traders actually spending their valuable life time for making money by the end of a day and that consistently and not like many of those I listened to so far here on FF obviously doing that because they like spending hours of hours each day analyzing their charts, not sure maybe it’s fun to them or don’t have a life outside.
For some it's just the thing they like. For others, who perhaps actually want to get better, they fall foul of paralysis through analysis.

Once you get stuck in that particular feedback loop, it's tough to break free.
  • #49,410
  • Jun 1, 2020 7:02pm Jun 1, 2020 7:02pm
Quoting soccerfan
{quote} Hi Iddd..how about breaking yourself in gently & give my take a go..!!???? Backtest if u want Use 8:15 open price,set a buy at 5 away, tp 5, sl 5 Same with sell As soon as one trade is triggered double the size of the other trade, If 5 tp is achieved delete other order ..finished..!! If sl is hit, cross your fingers for the other trade to make 10 When you feel able, expand your style to emulate the experienced guys..!! Good luck m8
I am not sure how exactly I would create these orders as I don’t know what the open price will be at 8:15 and therefor also can’t execute a order 5 pips away from it where price is still unknown to me at that time.

Same for doubling on the opposite trade as soon as one trade is triggered, how would I do that just in time.

For the time it might take to adjust the second order the price might already jumped to execute the trade

i am using MT4 btw.
  • #49,411
  • Jun 1, 2020 9:22pm Jun 1, 2020 9:22pm
Quoting lddd
{quote} I am not sure how exactly I would create these orders as I don’t know what the open price will be at 8:15 and therefor also can’t execute a order 5 pips away from it where price is still unknown to me at that time. Same for doubling on the opposite trade as soon as one trade is triggered, how would I do that just in time. For the time it might take to adjust the second order the price might already jumped to execute the trade i am using MT4 btw.
Look at the Gbp/USD. Chart at 15 mins past London open, ie 8:15.uk time,.you will see the price...then follow the instructions as above,
Observe each day and learn patiently as you go
Onwards and upwards...
  • #49,412
  • Jun 1, 2020 11:03pm Jun 1, 2020 11:03pm
Quoting failinforex
{quote} ok we're from a different world, I was looking at my 5 pips, which is only good for 2pcs KFC meals. Well, a million dollar empire is build from a humble KFC meal. Will make it, will continue to learn ok FD learn something new
So where d'ya get the KFC???? I am jealous lol.
Hope you are well.
Look at your trades in percentages %%%%.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #49,413
  • Jun 1, 2020 11:04pm Jun 1, 2020 11:04pm
Quoting soccerfan
{quote} Look at the Gbp/USD. Chart at 15 mins past London open, ie 8:15.uk time,.you will see the price...then follow the instructions as above, Observe each day and learn patiently as you go
Top Marks Bud, hop you are well.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #49,414
  • Jun 1, 2020 11:07pm Jun 1, 2020 11:07pm
Quoting soccerfan
{quote} Hi Iddd..how about breaking yourself in gently & give my take a go..!!???? Backtest if u want Use 8:15 open price,set a buy at 5 away, tp 5, sl 5 Same with sell As soon as one trade is triggered double the size of the other trade, If 5 tp is achieved delete other order ..finished..!! If sl is hit, cross your fingers for the other trade to make 10 When you feel able, expand your style to emulate the experienced guys..!! Good luck m8

I like that SF, not sure what to say now, lol.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #49,415
  • Jun 1, 2020 11:34pm Jun 1, 2020 11:34pm
Quoting billytt
{quote} I like that SF, not sure what to say now, lol.
Thanks BT...I am well and can understand a newby frustration with trading , I have been there..!!
You fellas make it look so easy, it takes a lot to learn, your fluency and judgement are priceless..
I hope to be helpful
Cheers
Onwards and upwards...
  • #49,416
  • Jun 1, 2020 11:50pm Jun 1, 2020 11:50pm
Quoting soccerfan
{quote} Thanks BT...I am well and can understand a newby frustration with trading , I have been there..!! You fellas make it look so easy, it takes a lot to learn, your fluency and judgement are priceless.. I hope to be helpful Cheers
And a big thank you too bud.
I keep saying, we have a break with stats.
If it fails, we have a break with stats.
Trade a volatile pair, but don't over trade.
Take Care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #49,417
  • Jun 1, 2020 11:54pm Jun 1, 2020 11:54pm
Quoting billytt
{quote} So where d'ya get the KFC???? I am jealous lol. Hope you are well. Look at your trades in percentages %%%%.
KFC is quite a distance from my place, usually my wife will prepare potato salad or sandwich for my meal.
now waiting for that infamous billy's candle and take note of the FD.
Yes %, as long as the % of my account increase not the $.
you really help me to look at this games in a new way,thank you.
  • #49,418
  • Jun 2, 2020 12:41am Jun 2, 2020 12:41am
Billy might have his 5 but I know I need to carry on.
And when the heavy journey's done, I'll rest my weary head For the world and it's colours will be mine

Inserted Video
  • #49,419
  • Jun 2, 2020 12:57am Jun 2, 2020 12:57am
Quoting lddd
{quote} I am not sure how exactly I would create these orders as I don’t know what the open price will be at 8:15 and therefor also can’t execute a order 5 pips away from it where price is still unknown to me at that time. Same for doubling on the opposite trade as soon as one trade is triggered, how would I do that just in time. For the time it might take to adjust the second order the price might already jumped to execute the trade i am using MT4 btw.
Two options:

1. Enter orders at 8.00 am some distance from the market. As the 15 minute bar develops just drag the orders closer and closer to the price.

2. Let you pc do the work.
Attached Image (click to enlarge)
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  • #49,420
  • Jun 2, 2020 1:11am Jun 2, 2020 1:11am
Quoting lemercenaire
{quote} I know there is a certain language issue here and that's fair enough but you are also bizarrely both over and under thinking it at the same time. Finally, FD is Frequency Distribution. As in Frequency Distribution Statistics. Let Google be your friend. Oh and that trade is still only minus 15.
Excellent explanation!

Trade well / Mos
Don't limit yourself!!
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