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New Year Stress-free trading system for traders with patience

  • #21
  • Edited Dec 30, 2020 4:54am Dec 29, 2020 10:15pm | Edited Dec 30, 2020 4:54am
Quoting northwind
Hi simnz, Have you considered trading with Renko bricks? Based on price movement instead of time. {image} All the best, NW
Thank you for your suggestion. Pip Channel is another idea of Renko trading.
Actually, Renko is the child of Pip (PnF) channel.
Practice makes a person perfect
  • #22
  • Edited 4:56am Dec 30, 2020 1:46am | Edited 4:56am
I have been getting requests by PM to share any of my personal trades or provide trading signals.
I am helping elderlies as a non-profit social project.
I don't have any agenda of selling any systems or signals.

Whatever I know, with whatever time I can spare of my own will, I have shared it wholeheartedly.
As a person who strongly believes in destiny, I don't keep any secrets

As it is financial trading is not like any other product/service enterprise, where professional or business secrets are not shared.
Unless you are a big market maker (with $$ billion in pockets) or a member of cartel, everything is transparent in financial trading.

Trading methods are fun to learn and use. FF can provide you insights into trading methods but can't do anything to save you from market noise or the demons of anxiety, fear and greed sitting in you.

Trading methods and time invested in learning them will not make you a profitable trader. At the most you can become a teacher or coder or support staff for brokers.

Profitable trading needs financial resources and the ability to handle your mindset in addition to having good trading methods and habits.

It will be worthwhile spending an hour or so on reading or listening to any or both of veteran trading pschologists.

AS FF does not permit weblinks, you have use following keywords to locate the links by web search.

eTrain the Brain for Success in Trading
or
Every Elite Trader Has These Six Qualities With Dr. Brett Steenbarger

Based on my own 36+ years of financial trading and investment experience, a lot of thought has gone into designing the system/method
that involves retraining of the brain surreptitiously especially for the use of elderlies who are familiar with finance and investment to keep their brain active and not get stressed and if they trade with strict discipline, they will get both pleasure and money.
Practice makes a person perfect
  • #23
  • Dec 30, 2020 6:31am Dec 30, 2020 6:31am
Post 1 reads like the most desperate attempt to take people's strategies. So what if you're old ? Does making it about old people let people be more charitable ? Is that what you're hoping for ? Keeping their minds active with trading ?.....what a desperate desperate plea ....i'm out. not for me.
  • #24
  • Dec 31, 2020 1:40am Dec 31, 2020 1:40am
Congratulations on your endeavour to help old Folks......My ID shows that I am in my Eighties and I only trade to keep my old brain alive so I do understand what you are trying to do.
Ignore such comments as listed above and keep up the good work.
Cheers,
Ron
Ronnie Renko
  • #25
  • Edited 5:23am Dec 31, 2020 5:00am | Edited 5:23am
[quote=Backspin;13334725]
Quoting simnz
{quote} Hi Backspinner, By any chance, are you able to locate any script or EA that closes floating trades by time or end of Chart TF? Yes I did, but have not had a chance to test it thoroughly. It failed me on a couple of tries this morning and I have to play some more with it. I'm attaching it if anyone wants to try it and give some feedback (or fix it if it needs repair). {file}
This indicator is not of use for the simple scalping strategy.

A FF coder has kindly agreed to lend a hand .
Trades should be opened as pending orders to escape slippage .

If you have developed your direction bias after taking a look at 8 to 10 previous closed candles of same TF.

Buying or selling at market price is emotional or impulsive trading.
Buying or selling using pending orders means you want to buy at a discount or sell at premium.
Obviously, your buying or selling decisions will not be impulsive.

If we are not willing to undergo psychological pain by extending our exposure , it is better we remain in the market for as less time as possible for which we need to do some work:

1. Careful selection of time where we expect strong momentum so that our trades are opened and closed in a few minutes. Our daily pips take can be higher this way
2. Opening a trade in 1 m TF and closing in 5m or 15 TF using Vline or an EA which can open in M1 and Close in M5 r or open by Price level touch or exit by Time.
3. You can keep an eye on the price movements by using any indicator that shows in real time a table of price movements in all 9 timeframes. This will facilitate your
strategy of buying cheap or selling at a premium.

.
Practice makes a person perfect
  • #26
  • Dec 31, 2020 10:30am Dec 31, 2020 10:30am
Quoting Ced74
Congratulations on your endeavour to help old Folks......My ID shows that I am in my Eighties and I only trade to keep my old brain alive so I do understand what you are trying to do. Ignore such comments as listed above and keep up the good work. Cheers, Ron
Glad you appreciate my endeavour.
Thank you.
Practice makes a person perfect
  • #27
  • Edited 3:14pm Jan 2, 2021 12:35pm | Edited 3:14pm
Attached Image (click to enlarge)
Click to Enlarge Name: peter-lynch-stockmarket.jpg Size: 70 KB


You have the brainpower but market noise and uncertainty can overwhelm you and blunt your decision taking ability.

So ignore market noise, forget about forecasting direction, just use your brainpower to plan how to react to the market
with or without bias.

Ideal is learn to see the probability of up or down movement and work on developing your own bias only for ONE SYMBOL so that in due course of time developing bias for direction will become you can develop by looking at last 6 candles of higher TF . If you are trading in M1 TF plot close prices of 6 candles of M15 or M30 and form a an opinion on direction or what is called intuition, by practicing it on a demo account for 60 days to 120 days. Consistency is critical if you want to make the practice turn your forecasting ability an habit.

Skimming the volatility of the index or the lack of it in different time frame is the objective of this simple trading strategy.

The market is dynamic. My profit expectation and loss limitation are dynamic. I want to limit my exposure by defining realistic profit level and ensuring forced exit by use of TF. A simple way of exiting without making it complicated and tied to filter or rules.

You have to do some research or use information indicator that can give you the idea of probable hours when the index is volatile and trending or when the index is moving in ranges building up momentum and getting ready to move with force either up or down.

You can also trade without developing any directional bias but using horizontal lines marking active trading hours as a line on the chart. Price move can go up or down a certain amount of pips for you to enter the market . By observing the price moves you may be able to define TIMING of when to buy, whether to buy at a discount (buy by limit buy price) when price is down by certain amount of pips or wait for the price to retrace to buy at market price or pay a premium (pending buy stop). Similarly you may plan selling at a premium (sell limit) or market price or selling with a discount (sell stop).

Looking back , it is easy to say I would have entered here. The reality is nobody can forecast the direction of the market. So we have to expect that there would be wins and losses as well. On the whole, we should end with profit, that is what should be our goal. And it is not difficult to achieve it as long as you are willing to practice with just one symbol and one strategy of short-term trading with a definite exit plan.

Thanks to FF member Stevepatt, an extra ordinary Chart drawing artiste, the charts will provide you examples of what you should be looking for as a pattern of price behaviour in short term TFs.

You should be looking for such patterns linked to active hours trading (for skimming the volatility)
Attached Image (click to enlarge)
Click to Enlarge Name: Ideal Open time high low.png Size: 147 KB


This chart shows the opportunities for M1 or M5 TF trading

Attached Image (click to enlarge)
Click to Enlarge Name: 4cd322ee9eff8f9d92c548236a159be6.png Size: 132 KB



Examples of lack of volatility or range trading or consolidation.

Attached Image (click to enlarge)
Click to Enlarge Name: Moving up and down price.png Size: 139 KB


A mix of volatility and non-volatility.

Attached Image (click to enlarge)
Click to Enlarge Name: short term trading mapped for GDAX.png Size: 265 KB
Practice makes a person perfect
  • #28
  • Jan 2, 2021 1:13pm Jan 2, 2021 1:13pm
Try to locate and study price patterns that rhyme with the clock -Open and closing hours

Attached Image (click to enlarge)
Click to Enlarge Name: 5 mins time study charts.png Size: 136 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Price behaviour at close hour.png Size: 160 KB


Price Looking for volatility

Attached Image (click to enlarge)
Click to Enlarge Name: Price looking for volatility.png Size: 194 KB
Practice makes a person perfect
  • #29
  • Jan 2, 2021 1:27pm Jan 2, 2021 1:27pm
Opportunities galore for GDAX (courtesy Stevepatt)

in 1 m TF

Attached Image (click to enlarge)
Click to Enlarge Name: german index 1 price pattern.png Size: 139 KB

in 5 m TF: How often it works for 10 pips?
Attached Image
Practice makes a person perfect
  • #30
  • Jan 2, 2021 4:05pm Jan 2, 2021 4:05pm
Quoting simnz
{image} You have the brainpower but market noise and uncertainty can overwhelm you and blunt your decision taking ability. So ignore market noise, forget about forecasting direction, just use your brainpower to plan how to react to the market with or without bias. Ideal is learn to see the probability of up or down movement and work on developing your own bias only for ONE SYMBOL so that in due course of time developing bias for direction will become you can develop by looking at last 6 candles of higher TF . If you are trading in M1 TF plot close...
The chart with pink annotation is from FXCyborg.
He trades candle sticks patterns but he is not active anymore on FF.
  • #31
  • Edited 4:40am Jan 3, 2021 4:16am | Edited 4:40am
RISK: REWARD is something you can plan for a planned activity. But not for financial trading.
Financial trading is full of uncertainty and how can we plan any system with this as a component of risk management.

Entry is based on your directional bias.
Instead of having a Stop Loss our idea of Chart TF or Time is determined at the time of entry and based on volatility.
So it is important to assess by looking back at past period what could be the maximum volatility and how frequently it occurs.

When it happens, does it take away your 10 trades worth of gains , or 5 trades worth of gains and so on.
If you are trading in M1 and exiting with open or close of M5 candle, then have to see how frequently your size of TP is hit between M1 and M5 and how frequently Pips volatility goes against you.

Exit should be based on expected/probable market movement.

Studying Market performance is important if you don't want to play unrealistic guessing games.
Important is to read the market in your own way without looking for a correct way.
Keep practicing on demo and develop some kind of intuition that guides you to choose direction.
Practice makes a person perfect
  • #32
  • Edited 1:29am Jan 6, 2021 12:12am | Edited 1:29am
EA for elderlies

Thanks to FF member Tzamo, who has customised an EA to help elderlies to execute and manage trades in quite an user-friendly way and causing no hassles or struggles with trade execution and management so that can focus on reading the market with the help of probability studies or information indicator and develop a bias (or guess) for direction.

This will make it Scalp Trading like a breeze.
The EA is well designed in order not to clutter chart.
Only when you Click the top of the panel , the trading panel will appear. If not it remains behind the scenes.

Importantly, the EA will help traders

(a) Post pending orders for Buy Limit (buy at a discount) Buy Stop (Buy at a premium), Sell Limit (Sell at a premium), Sell Stop (sell at a discount)
(b) If not using Stop Loss, orders can be liquidated by Time end.
It will work only on liquidation of trades in same or next Timeframe. This you have to keep in mind.

Examples:
If open a trade in 1m TF it can be closed in 5m TF.
If open a trade in 5m TF it can be closed in 5m TF end or any of next TF, M15, M30 etc.

The original developer wanted to cover different uses. One of them only manages trades with a Magic number, or on one symbol. Selection of the ALL on the button would manage all trades.
For our application, we need the panel to place orders and this function is available only on the "Own" section of the tool.
Attached Image (click to enlarge)
Click to Enlarge Name: EA for elderlies buttons.png Size: 59 KB

The way this tool is written it does not use a 'specific' time to exit. It checks for the new M5 or M15 bar and just exits if a trade was placed.

A better solution would be to: On opening of trade, the EA draws a vertical line 5 minutes into the future, this line can be then moved further away if more time is required. This needs help with visual objects and coding functions around them. I am putting up a request to coders for help. As soon as the price gets to the line, the EA closes the trade..

Attached Image (click to enlarge)
Click to Enlarge Name: EA for elderlies pic.png Size: 35 KB


Orphans: It removes non-open pending orders or something like that.

Risk factor works when "auto Lot Size" is enabled. It will size the position to risk 1% as base settings to what ever stop loss is currently set in the settings. It does not change the stop

Closing logic Trade exit by Time is closed at next selected TF bar. If set to 5 min, a trade placed on the M1 or M5 chart will close by EA on the next new opened M5 bar.

Otherwise it will close by SL or TP or trailing or Break even if any are used.
If opened at 6:54, EA will close it at 6:55 as this is when the next bar will open.
Attached File(s)
File Type: ex4 TraderToolEA_v1.82.ex4   106 KB | 956 downloads
File Type: mq4 TraderToolEA_v1.82 (1).mq4   168 KB | 1,169 downloads
Practice makes a person perfect
  • #33
  • Jan 6, 2021 1:03am Jan 6, 2021 1:03am
Quoting simnz
EA for elderlies Thanks to FF member Tzama, who has customised an EA to help elderlies to execute and manage trades in quite an user-friendly way and causing no hassles or struggles and focus on reading the market with the help of probability studies or information indicator and develop a bias for direction. This will make it Scalp Trading like a breeze. Importantly, the EA will help traders (a) Post pending orders for Buy Limit (buy at a discount) Buy Stop (Buy at a premium), Sell Limit (Sell at a premium), Sell Stop (sell at a discount) (b) If...
Hope it can be of use
A small clarification for the examples: If set to Close after 5 minutes, it will close the trade on M1 or M5 chart, but on M15 it will not close on the M5 change over. Instead it will close on the new bar of the current timeframe. So as logn as chart is switched back to the trading timeframe it will be fine
Just adding where the source for the original code can be found that includes more details what other settings mean:
https://www.mql5.com/en/code/26160
"Work hard, put in the effort, and follow your dreams..." -Me
  • #34
  • Jan 6, 2021 1:20am Jan 6, 2021 1:20am
Quoting tzamo
{quote} Hope it can be of use A small clarification for the examples: If set to Close after 5 minutes, it will close the trade on M1 or M5 chart, but on M15 it will not close on the M5 change over. Instead it will close on the new bar of the current timeframe. So as logn as chart is switched back to the trading timeframe it will be fine Just adding where the source for the original code can be found that includes more details what other settings mean: https://www.mql5.com/en/code/26160
Do you mean to say as long as the trade is on, don't switch to any TF backwards?
If I have executed trades on M1 wanting the trade to exit by close of M5, I should stay on M1 ?
Practice makes a person perfect
  • #35
  • Jan 6, 2021 6:18am Jan 6, 2021 6:18am
Quoting simnz
{quote} Do you mean to say as long as the trade is on, don't switch to any TF backwards? If I have executed trades on M1 wanting the trade to exit by close of M5, I should stay on M1 ?

Say like your earlier example, where a trader is scalping on M1 chart and needs to exit at the start of the next M5 candle as set in EA;
Say a trade was opened on M1 and the trader wanted to see what the M15 was like. If they quickly switch to M15 and back to either M1 or M5 chart before the next M5 bar would open, then it will close on the next bar. But if they stayed on the M15 chart as the new M5 candle opened, the trade would have remained open unless: 1) A new M15 bar opened or 2) They switched back and a new M5 bar opened.

In this case as setting Time Exit of M5 is used, so any timeframe higher than M5 will behave the same way. Eg. will prevent the close of the trade.

Hope that makes sense
"Work hard, put in the effort, and follow your dreams..." -Me
  • #36
  • Jan 7, 2021 11:18am Jan 7, 2021 11:18am
Quoting tzamo
{quote} Say like your earlier example, where a trader is scalping on M1 chart and needs to exit at the start of the next M5 candle as set in EA; Say a trade was opened on M1 and the trader wanted to see what the M15 was like. If they quickly switch to M15 and back to either M1 or M5 chart before the next M5 bar would open, then it will close on the next bar. But if they stayed on the M15 chart as the new M5 candle opened, the trade would have remained open unless: 1) A new M15 bar opened or 2) They switched back and a new M5 bar opened. In this...
Hi,
Maybe it is because english is not my native language but could you pinpoint - preferably on a chart - the rules for entering and exiting a trade?

Thanks
Swnlobo
  • #37
  • Jan 8, 2021 5:28am Jan 8, 2021 5:28am
Quoting flashpaul
Thank you to share the system. Please, be kind: share the indicators.
All the necessary indicators and EA are shared now.
Practice makes a person perfect
  • #38
  • Jan 8, 2021 5:29am Jan 8, 2021 5:29am
Quoting Swnlobo
{quote} Hi, Maybe it is because english is not my native language but could you pinpoint - preferably on a chart - the rules for entering and exiting a trade? Thanks Swnlobo
You won't find a signal generator or a directional entry indicator or EA.
You are on your own to read the market and develop buy and sell idea.
In any case the market is like a roulette spun by big market makers.
You have no influence on its operation, direction or otherwise.
You can play the wheel by tossing coins and still trade any financial instrument.
Practice makes a person perfect
  • #39
  • Jan 8, 2021 5:47am Jan 8, 2021 5:47am
POLL posted.

Please feel free to respond. Thank you.

  1. Is MT4/5 trading better than reading a book or doing a crossword
  2. Yes it keeps me occupied
  3. Yes I find better than reading books
  4. Yes I find better than crossword
  5. No I feel lost
  6. No I feel stressed

Practice makes a person perfect
  • #40
  • Jan 8, 2021 8:25am Jan 8, 2021 8:25am
Quoting simnz
{quote} You won't find a signal generator or a directional entry indicator or EA. You are on your own to read the market and develop buy and sell idea. In any case the market is like a roulette spun by big market makers. You have no influence on its operation, direction or otherwise. You can play the wheel by tossing coins and still trade any financial instrument.
So this is just a mean for you to post some indicators along with some cryptic comments.... the objective of simplifying trading for the senior citizens, it turns out by your answer, is arbitrary.
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