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Trading Made Simple 151,872 replies

Trading Made Simple the right way, and other trading lessons 334 replies

Indicators for the 'Trading Made Simple' system 343 replies

MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple(r)

  • #7,401
  • Feb 7, 2022 6:06am Feb 7, 2022 6:06am
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCNH.pM15.png Size: 83 KB
I THINK THAT THE SYSTEM WORKS IN ANY TIME FRAME WITH ANY INSTRUMENT.
  • #7,402
  • Feb 7, 2022 8:42am Feb 7, 2022 8:42am
Quoting Michael.MSA
..... I forgot something. If you want to have the symbol changer under your chart, use MT Window, you have to put that in the chart first, then put the symbol changer in there. I just found this symbol changer, it even has a Hide – Show button. Very helpful. Thanks to the developer. Regards ____________ Michael.MSA {file}{file} {image}
Hi Michael,
Thanks for sharing this indicator, it is very helpful.
  • #7,403
  • Feb 7, 2022 9:34am Feb 7, 2022 9:34am
Quoting qasimranapk
{quote} Hi Michael, Thanks for sharing this indicator, it is very helpful.

You're welcome.
I am happy to have helped you.

Regards
___________
Michael.MSA
Don't trade because you think you have to do something.
  • #7,404
  • Edited 10:57am Feb 7, 2022 10:09am | Edited 10:57am
Risk Management
For the newbies.

Many traders do not know what risk management is. Even experienced traders often got it wrong! And I seldom see it explained anywhere. This is for the newbies in this thread.

You have often heard this: Never risk more than 1 % on a trade. Therefore some people think that they may not use more than 1 % of their money on a trade. That is wrong. The rule is: If your stop loss got hit, then you should not lose more than 1%.

You can use one of the Lotsize calculators on the Internet to calculate the number of lots that will fulfil that purpose on your trade.I don't use them so I cannot point in any direction.

Or you can make an Excel sheet. Here is how to do it. You have to find the number of lots that you must buy in order to lose the exact amount of money.

The formula is:
Lotsize = Account Balance / 100 X RiskPercent / Stoploss pips / Pipvalue.

Stoploss pips - that is of cause the number of pips from the price to your stoploss.
Account Balance / 100 X RiskPercent gives the amount that you will lose if the stoploss gets hit.
Pipvalue is the cost of 1 pip in 1 lot.

Find the pipvalue here: Pip Calculator | Myfxbook. Set the trade size to 1 and the pips to 1. You need to update the pipvalues once in a while.

I attach my Excel sheet. All pairs with the same second valuta do have the same pipvalue. So if you want to invest in EURUSD, you shall use the USD row in the Excel sheet.

If you want to be a robot coder, then the formula above is vital. Use it. It is easy.

Using this method you are also able to operate the risk/reward strategy. Because you now know how much you will lose at your stoploss. If you make the R/R 1:2 (Reward = 2 times the stoploss pips), then your profit will be the exact double of your loss.

So - what is the big issue here. Why should i care??? You must care because now you know exactly at each trade how much money you could lose. Now you know how many trades it will take to ruin your account! Now you know the profit on each winning trade. NOW - you can make plans for your trading life.

This is not what this thread is about. Hope that RH bear with me.
Attached File(s)
File Type: xls Lotsize calcolator.xls   40 KB | 334 downloads
MetaTrader 4 - so many advantages.
  • #7,405
  • Feb 7, 2022 10:43pm Feb 7, 2022 10:43pm
Quoting trade1969
{image}
Hi, i like your chart layout,would it be possible to provide a templete and indictors please.
  • #7,406
  • Feb 7, 2022 11:39pm Feb 7, 2022 11:39pm
Quoting unseenhero42
{quote} Hi, I like your chart layout, would it be possible to provide a template and indictors, please.
You will find everything at the beginning of this trend. Start reading.
  • #7,407
  • Feb 8, 2022 12:12am Feb 8, 2022 12:12am
Quoting RobinHood
I want to introduce a concept that I have never talked about in this thread before. Many years ago when I created and coded computerized mechanical trading systems I would often include the use of RSI into them. As everyone here knows, we normally only want to initiate Long trades when the RSI(14) is greater than the 50 Purple Line OR we normally only want to initiate Short trades when the RSI(14) is less than the 50 Purple Line. The problem is, when there is no trend the price often just moves back and forth mainly sideways which then causes the...
I tried doing this since a few months back.....was apprehensive to share this on your thread.......Thanks for confirming,I am on the right track. Have also tried the same levels using the TDI too.
  • #7,408
  • Feb 8, 2022 4:20am Feb 8, 2022 4:20am
Quoting RobinHood
...I would just forget that I made this post and keep using the RSI crossing the 50 Purple Line, or I would start using the 45 and 55. I called it the Purple zone. It's obviously your choice and I don't know 100% which way is better for trading the Forex, so you need to decide which is the better choice for you by looking through a lot of charts going backwards.
Hi David,
I don't know if you had time to read about the last indicator posted on the mql5 website:
Inverse-Fisher-RSI
Your signals appear to be identical to Ehlers, maybe you will find an application for it.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.rH1.png Size: 36 KB
  • #7,409
  • Feb 8, 2022 5:25am Feb 8, 2022 5:25am
Quoting RiskFighter
Risk Management For the newbies. Many traders do not know what risk management is. Even experienced traders often got it wrong! And I seldom see it explained anywhere. This is for the newbies in this thread. You have often heard this: Never risk more than 1 % on a trade. Therefore some people think that they may not use more than 1 % of their money on a trade. That is wrong. The rule is: If your stop loss got hit, then you should not lose more than 1%. You can use one of the Lotsize calculators on the Internet to calculate the number of lots that...
I just like to use: https://www.myfxbook.com/forex-calcu.../position-size
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,410
  • Feb 8, 2022 8:11am Feb 8, 2022 8:11am
Quoting SwingMan
{quote} Hi David, I don't know if you had time to read about the last indicator posted on the mql5 website: Inverse-Fisher-RSI Your signals appear to be identical to Ehlers, maybe you will find an application for it. {image}
Thank you G.
Always a Student, Never a Master - Emulate What Works
  • #7,411
  • Feb 8, 2022 8:48am Feb 8, 2022 8:48am
Hello Traders! the hit percentage of continuation trades is absurd!

Thank you very much RH
  • #7,412
  • Edited 9:27am Feb 8, 2022 8:56am | Edited 9:27am
Quoting 123Money
Hello Traders! the hit percentage of continuation trades is absurd! Thank you very much RH
You're Welcome!

This is what I have been stressing the most all along, I even have it posted in my profile on FF:

 

  1. Trading Philosophy: The absolute best trading advice that I could give someone is to buy the resumption of an up trend after the first pull-back. And vice-versa for short trades.

Personally, I use it every day on everything I trade.

Always a Student, Never a Master - Emulate What Works
  • #7,413
  • Feb 8, 2022 9:31am Feb 8, 2022 9:31am
Quoting RobinHood
{quote} You're Welcome! This is what I have been stressing all along, I even have it posted in my profile on FF: Trading Philosophy: The absolute best trading advice that I could give someone is to buy the resumption of an up trend after the first pull-back. And vice-versa for short trades. Personally, I use it every day on everything I trade.
So if I should code a trade picker for this strategy it would be:
HULL[1] = GREEN && HULL[2] = RED && HULL[2] > EMA5[2]. Possible Long trade.
This would pick the files who had a possible continuation and then the trader should look into if the rest of the confluence is in place.

I can easily do that if anybody want it?
MetaTrader 4 - so many advantages.
  • #7,414
  • Feb 8, 2022 10:08am Feb 8, 2022 10:08am
Attached Image (click to enlarge)
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First T.P has been taken already.
  • #7,415
  • Feb 8, 2022 10:15am Feb 8, 2022 10:15am
Quoting trade1969
{image}{image}First T.P has been taken already.
Thank you for showing all those charts. It is a huge inspiration.
MetaTrader 4 - so many advantages.
  • #7,416
  • Feb 8, 2022 10:24am Feb 8, 2022 10:24am
Quoting trade1969
{image}{image}First T.P has been taken already.
Nice. Are you using higher timeframe confirmations with the M15?
  • #7,417
  • Feb 8, 2022 10:40am Feb 8, 2022 10:40am
Quoting whiteso
{quote} Nice. Are you using higher timeframe confirmations with the M15?
Yes. After the price action, the first thing I look at is the higher time frame. In this case 1H.Needs a lot of attention because 15M & 1H charts are very unstable.
I trade 15M when the market calms down. You can SCALP the 4H chart. It is more relaxing for me during the European session.
  • #7,418
  • Feb 8, 2022 12:08pm Feb 8, 2022 12:08pm
Attached Image (click to enlarge)
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First T.P got hit. I think there is good potential for this trade.
  • #7,419
  • Feb 8, 2022 12:24pm Feb 8, 2022 12:24pm
Quoting RiskFighter
{quote} Thank you for showing all those charts. It is a huge inspiration.
Thanks. This is my intention and only this. I hope this is helpful for some traders. I am an ordinary trader (profitable one) and I am trying to give back what some people gave me for FREE. I like your quote: Read post #1 !! Then read it again 10 more times before you ask.
  • #7,420
  • Feb 8, 2022 2:37pm Feb 8, 2022 2:37pm
Attached Image (click to enlarge)
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LOTS OF SCALPING TRADES
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Attached Image (click to enlarge)
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