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  • #11,801
  • Jun 29, 2024 12:22am Jun 29, 2024 12:22am
M1 BTCUSD
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every minute matters!
  • #11,802
  • Jun 30, 2024 2:52am Jun 30, 2024 2:52am
M1 BTCUSD
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every minute matters!
  • #11,803
  • Jun 30, 2024 3:46am Jun 30, 2024 3:46am
M1 BTCUSD - enter on the lower low, exit on lower high!
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every minute matters!
  • #11,804
  • Jun 30, 2024 3:55am Jun 30, 2024 3:55am
M1 BTCUSD - double dip off support into resistance!
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every minute matters!
  • #11,805
  • Jun 30, 2024 9:17am Jun 30, 2024 9:17am
Quoting niks
{quote} you're welcome! al brooks is a great teacher of price action, it is a heavy read but well worth it... do whatever feels comfortable with your zooming and thanks for removing the background... at your current zoom level, you probably don't need to display ema9, that will also clear things up a bit more... you didn't say why you left tradingview and started using ctrader, but why don't you use MT5? the volumes are probably only useful if you can overlay an ema on it, otherwise just replace it with something else... as you are in trial and...
The book arrived and right enough it is heavy but i'll keep at it and see if I can pickup a few things. Im too scared to change anything indicator wise now that I have something that seems to be working! Ah TradingView, none of the propfirms I like the look of use it. Its either ctrader or the MT's. Ctrader has a decent phone app as does TradingView so I use the alerts off TradingView and manage the rest on Ctrader. Yes two prop firm trials side by side, it'll take me ages to pass them given my current lot sizing but thats not a bad thing.

I might not post much this coming week as I'm unsure how work will play out but I will post an update on Thursday with the prop progress and some of my trades.
  • #11,806
  • Jun 30, 2024 9:47pm Jun 30, 2024 9:47pm
Quoting PR31D
{quote} The book arrived and right enough it is heavy but i'll keep at it and see if I can pickup a few things. Yes two prop firm trials side by side, it'll take me ages to pass them given my current lot sizing but thats not a bad thing.
chapter 4 on pullbacks and ema's is most relevant to this strategy and a good place to start...

it may take a while to reach the target but at least you shouldn't breach the drawdown limits, and you'll be learning a lot along the way, all the best!
every minute matters!
  • #11,807
  • Jul 1, 2024 12:52am Jul 1, 2024 12:52am
Quote
So my question is, let say that you are going short, how many entries do you allow yourself? What is the risk per entry? That does not risk your account but at the same time allows you to grow the account? Also which is the appropriate lot size so it does allow you to cost averaging at least 10 times before does not allow you to enter more positions.
managing risk via cost averaging works best when choosing the right lot size for your leverage, for the ftmo trials at 30:1, i am using 2 lots per entry trading AUDUSD and EURUSD on a 260k account...

the number of entries i allow myself is purely dependant on the margin requirement of the pair i'm trading and the drawdown risk i am willing to take, generally, any more than TEN positions will start producing margin and drawdown pressure...

with this strategy, there is no "risk per entry" and there is no risk reward ratio because there are no stop losses and targets are dynamic...

the risk management for a prop firm trial is not difficult to deal with once you understand they are designed to prevent you from blowing an account - it is then up to you to find the right balance between capital growth and drawdown protection...

you have NO choice but to cut your losses before a drawdown limit is breached, once you are able to do this and more importantly recover from it quickly, you are well on your way to passing the challenge, easier said than done!
every minute matters!
  • #11,808
  • Jul 1, 2024 1:49am Jul 1, 2024 1:49am
M1 AUDUSD

lot sizing and number of entries are only trivial aspects of risk management and more aligned with money management..
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actual risk management involves accurate and strategic timing of entries and exits while remaining fluid and adapting to the ever changing market conditions!
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every minute matters!
  • #11,809
  • Jul 1, 2024 8:30am Jul 1, 2024 8:30am
M1 AUDUSD - an example of how i manage risk on a bad trade...

the trade above went off script from the very first entry - improvisation was required to actively manage risk and return a profit...

i stop adding orders at some point, i also adjust targets on all open orders to close them as quickly as possible with small profits...

i also continue looking for profitable opportunities, this is critical to managing a drawdown breach because the more you make while in drawdown, the deeper the drawdown breach you can withstand if required!

this was the result of all that...
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every minute matters!
  • #11,810
  • Jul 1, 2024 9:16am Jul 1, 2024 9:16am
M1 AUDUSD - back in sync!

entry on ema9 overextension, outer kc and cc breach, target return to ema200, cc midline and opposing outer kc...
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then the news popped and just missed my original targets, so i increased them due to extra volume in the market...

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and picked up some nice profits!
every minute matters!
  • #11,811
  • Jul 1, 2024 7:28pm Jul 1, 2024 7:28pm
Quoting niks
{quote} managing risk via cost averaging works best when choosing the right lot size for your leverage, for the ftmo trials at 30:1, i am using 2 lots per entry trading AUDUSD and EURUSD on a 260k account... the number of entries i allow myself is purely dependant on the margin requirement of the pair i'm trading and the drawdown risk i am willing to take, generally, any more than TEN positions will start
So that is the same as saying you risk 1% and the stop would be 140 pips away.
The current atr of the eurusd is 60 pips daily

On theory if you do dollar cost averaging, so basically enter 10 positions and the price reaches the 140 pips then you would loose 10% correct?
  • #11,812
  • Jul 1, 2024 9:35pm Jul 1, 2024 9:35pm
Quoting Frag8383
{quote} So that is the same as saying you risk 1% and the stop would be 140 pips away. The current atr of the eurusd is 60 pips daily On theory if you do dollar cost averaging, so basically enter 10 positions and the price reaches the 140 pips then you would loose 10% correct?
for the ftmo trials, my total risk is 5%, i must close all positions if drawdown threatens to exceed this level...

there are no pre determined stop levels, trades are actively managed and further opportunites are sought while in drawdown, also, it is not correct that 10 open positions only leaves 140 pips to play with, it depends where the positions are opened...

there are no fixed rules associated with this strategy, it is purely discretionary, it is about developing a feel for the market, every trade is unique and must be handled accordingly, best of luck to you!
every minute matters!
  • #11,813
  • Jul 2, 2024 2:19pm Jul 2, 2024 2:19pm
Im distraught. The prop firm I'm using decided to change its rules today, the one rule that affects me most of all is that they now only allow three active orders per pair. Anymore and its GAME OVER. . I am annoyed as its going to up the difficulty. So far the plan is aim for the 400 if I have one live order, the 200 if I have two live orders and get back to BE + some pips if I'm three orders deep. If the trend shows no signs of relenting I'll close the most recent order and go with trend with a large lot size. I might even employ the +SL again...

Todays trades. Morning went fine. I should of stayed out the market in the afternoon after the emotional impact of these crap new rules. First order was late, second wasnt great and with price shooting away from the 9 I decided to load up a larger lot to get myself out BE. I missed the first 200 touch as I hadnt updated my TP's so had to wait for a second instance, decided to see if price would hit BE otherwise I would of exited with a small loss on price breaking up through the 200.

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I realise the background is back. I needed it today.
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  • #11,814
  • Jul 2, 2024 4:53pm Jul 2, 2024 4:53pm
Quoting niks
{quote} for the ftmo trials, my total risk is 5%, i must close all positions if drawdown threatens to exceed this level... there are no pre determined stop levels, trades are actively managed and further opportunites are sought while in drawdown, also,
I understand that is discretionary
But you still need to know the limits of the system. How many trades can you take 10-20 or more before you can not take more trades and take a loss, how much is that loss 1% or is 20%. That is nothing to do with being discretionary. Is knowing your system and knowing the limits of it like in any other system is risk management and with that I'm not saying that you need to have X risk reward and so on but still there are things that you need to know.

I was asking here on thread because to be honest kof is a bit saddy.
On the videos he never explains why enter on an area, just the emas are separated and let's go.
Then he mentions to have the order separated and then when he really makes money is because he has 1000 entries on the same level which he says not to do.
Also is like he makes a lot of money but he does not. The accounts that he trades with are massive and then he makes 500 dollars. Ohhhhh is a lot of money we'll may be for me or for you but if your account is a million like many of his accounts are then is nothing.
He never talks about how many entries to take, or the risk amount or anything like that, which is what really makes a system like this one to work or not. And yes I have seen the videos and he talks about how important but then does something different and only talks about generalities.

I was asking because in some sense the logic of dollar cost averaging is well known, many system used like grid systems and you are not so dependent on perfect entries.
If I have to enter very small amounts because the price can go against me and I'm right in win very very little if it goes against me and have to make a lot more entries then I win ver very little. So that is why I was asking people here than seem to make work how were they doing the risk management, I was not asking for secrets or for people to disclose exactly what they do simply asking about money management
Kind regards
  • #11,815
  • Jul 2, 2024 9:24pm Jul 2, 2024 9:24pm
Quoting PR31D
Im distraught. The prop firm I'm using decided to change its rules today, the one rule that affects me most of all is that they now only allow three active orders per pair. Anymore and its GAME OVER.
that sucks, most restrictions do, but then again, as you are starting out, it might be a good thing, give it time, it might still work out! don't worry about background, keep it if you need it! i can still see the trades, gbpusd is a bit wild, maybe try eurusd for a bit...
every minute matters!
  • #11,816
  • Jul 2, 2024 9:27pm Jul 2, 2024 9:27pm
Quoting Frag8383
{quote} I understand that is discretionary But you still need to know the limits of the system. How many trades can you take 10-20 or more before you can not take more trades ... I was not asking for secrets or for people to disclose exactly what they do simply asking about money management Kind regards
the limits you talk of are not system limits, they are broker and pair limits, you calculate the total number of orders before you run out of margin by using lot size and margin requirement against the deposit currency, that is the only limit that applies to this system and is very easy to calculate if you want to...

don't get carried away with KoF's marketing, dig much deeper into what he is offering, your comments suggest you have not studied ALL his videos in detail...

grid systems fail because they are fixed, the market is not, and neither is this strategy - it is absolutely about timing...

there are no secrets here and i have disclosed every single detail in the way i trade, including full access to trade explorers, please study the posts in this thread and ALL KoF's videos in much more detail, even better, post your trades here and others might help... the only secret is LOTS and LOTS of practice!

and this is to all considering using this strategy, unless you start practicing now and commit to doing so vigorously for many months to come, don't bother starting!
every minute matters!
  • #11,817
  • Jul 3, 2024 3:23am Jul 3, 2024 3:23am
Quoting niks
{quote} that sucks, most restrictions do, but then again, as you are starting out, it might be a good thing, give it time, it might still work out! don't worry about background, keep it if you need it! i can still see the trades, gbpusd is a bit wild, maybe try eurusd for a bit...
You're right, I should stay focused. I've had a clean out of pairs, only trading six now as opposed to ten. I've never had much luck with the JPY pairs so they all got tossed. Tightened up my entry requirements which should help. I alongside a fair few others on the prop firm discord have voiced our opinion of the 3 order limit. I'd be much happier if it was raised to 5 or 7 but as things look now its staying at 3.

Quoting Frag8383
{quote} I understand that is discretionary But you still need to know the limits of the system... very little if it goes against me and have to make a lot more entries then I win ver very little. So that is why I was asking people here than seem to make work how were they doing the risk management, I was not asking for secrets or for people to disclose exactly what they do simply asking about money management Kind regards
As someone who started with a small account I can tell you its not worth following KOF's videos . I bought his EMA strat and its got some good in it but this thread is where the real magic is at. Read the first 100 pages of this thread, its amazing. Get the four ema's on your chart, nothing else. You can add indicators later but its best to get a feel for pure ema first. Stick to normal candles, dont use HA. Follow the strat paper trading and limit yourself to six orders of the same size. A small live account will roughly be limited to 5-10 orders depending on pair. With this six order limit you want to use as little orders as you can and when you do get into a big trend you can work on order spacing. You will over leverage in the beginning, let it happen and learn from it. Target the 9 ema for the first few days, target the 20 the week after, the 50 following that and you get the idea. You want to build up a feel for things and unfortunately the only way to do that is time. The hardest part of this strat for me is managing my ability to wait whilst in a trade. I have panic bailed out of big trends and given away a week, sometimes two weeks of profit in one go only to find the trend tires and price returns to a place that would of either been only a small loss and sometimes even big profit. Take your time, practice, get a feel for things, post screen shots here, profit!
  • #11,818
  • Jul 3, 2024 2:32pm Jul 3, 2024 2:32pm
Not liking the three order limit. My third order was a limit order, I should of cancelled it and let the news do its thing first instead of letting the news blow through the limit order and take me for a ride. Given the distance price went, the time of day and how that might harper a decent pullback I decided to close the 3rd position and open another order doubling the lot size. No sign of BE as the 200 approached so closed the 3rd order in profit and opened a new order double the size as I was confident of the 200 touch. Results below! I didnt feel like waiting for the 400 given I was 3 orders deep and it being late in the session.

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Good news. The 10k account is now back over 10k!
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Bad news. The 25k account suffered a slight setback due to getting the last lot size wrong... should of been bigger.
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  • #11,819
  • Jul 3, 2024 9:49pm Jul 3, 2024 9:49pm
Quoting PR31D
Not liking the three order limit. My third order was a limit order, I should of cancelled it and let the news do its thing first instead of letting the news blow through the limit order and take me for a ride. The 10k account is now back over 10k! {image} Bad news. The 25k account suffered a slight setback due to getting the last lot size wrong... should of been bigger. {image}
sticking with eurusd, audusd and gbpusd should be all you need, i have never traded jpy pairs, the three order limit is restrictive but stay focused, if it doesn't work out you'll just have to move on to better conditions...

your advice is excellent and 100% correct, you are definitely on the right path and so are your accounts!

M1 AUDUSD
ema9 overextension and higher high countertrend entry, target anticipating a higher low, support would of been better!
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every minute matters!
  • #11,820
  • Jul 4, 2024 2:07am Jul 4, 2024 2:07am
M1 AUDUSD - playing with a three order limit

it's doable if the analysis and timing is accurate, at least drawdown should never be excessive, and cutting losses on three orders is easier to do than with ten or more!
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but it certainly would of been nice to catch the failed break of ema200 support and retest with extra orders after that last order, i understand your frustration! all prop firms will have risk management restrictions, and learning to trade within them can only benefit trader development...
every minute matters!
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