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

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Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

Quoting GripPip
My question concretely then is; is there somewhere a clearly defined plan that can be downloaded because if I said so I can find valuable contributions here and there In the messages, well the whole clearly defined will surely be posted somewhere because I see several People asking for it. I ended up on page 5 of this thread , this topic “Trading made Simple” And there are 7394 more to go. Great minds intelligent people often lack the ability to put their knowledge and insights into words such that those who come into contact with it for the first...

@GripPip


Your first task for trading next week.

Trade Planning for next week.

Plan your trades. Trade your plans.

Know the calendar events.


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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
This is exactly what GripPip means..... no answer to his very concrete question. I follow this thread for >5 years. Nothing changed here for years now, since Big E died (may he RIP) the quality on this thread is reduced to almost 0.
Quoting emmanuel7788
{quote} @GripPip Your first task for trading next week. Trade Planning for next week. Plan your trades. Trade your plans. Know the calendar events. {image}

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Knowing the economic calendar ...
Should be an easy week and 4H swing trading,

USD majors
- its quite clear which pairs are trending
- which pairs are sideways ranging

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EUR pairs
- 4H and Daily swing trades can run into the following weeks


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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} Knowing the economic calendar ... Should be an easy week and 4H swing trading, USD majors - its quite clear which pairs are trending - which pairs are sideways ranging {image} EUR pairs - 4H and Daily swing trades can run into the following weeks {image} {image}

And lets not forget the JPY pairs. Very volatile weekly range recently and great for swing trading ... Let Profits Run.

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When you pick the market type correctly, you can make many multiple R in profits.


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...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emiel2303
This is exactly what GripPip means..... no answer to his very concrete question. I follow this thread for >5 years. Nothing changed here for years now, since Big E died (may he RIP) the quality on this thread is reduced to almost 0.

hey @emiel2303

How is your trading going ? I have not seen any of your trades post for long time.

What questions do you have which you need help here. I'll try my best and find time to reply your questions.

That new member @GripPip post below says he has not read all the OP posts .
If he has then many questions would have been answered already by the OP

Quoting GripPip
/// My question concretely then is; is there somewhere a clearly defined plan that can be downloaded because if I said so I can find valuable contributions here and there In the messages, well the whole clearly defined will surely be posted somewhere because I see several People asking for it. I ended up on page 5 of this thread , this topic “Trading made Simple” And there are 7394 more to go.///
Just before he died, the OP made his last post #12,912.
He wanted people to read and learn on their own.

I have been here for 12+ years helping others to learn to trade and to trade Big E' 5-Method.

I still need the time to trade on my own and manage my FFAI funded accounts.

That much I can do.


...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting theblessed7
{quote} Given that risking 3% per trade provides a relatively small margin for error, would this approach be sustainable in the long run, especially during a potential losing streak? Additionally, as account sizing increases with profits and the prop firm provides more capital, I would like to understand how to adjust risk management in this context to ensure consistency and protection of the account. I hope I didn't say anything stupid, please forgive me in advance. Thank you again for your support and insights!
Don't even think you can trade on a prop firm 3% of capital per trade. You will lose very quickly unless you are sure of getting 1:2 on every trade with no losing streak. Don't forget there is also a maximum drawdown of 5% in a day. So, treat the prop firm account as you would a personal account. You wouldn't dream of using 30% risk on each trade on your personal account which is the same thing as 3% of risk on a prop firm.
Instead, risk 3% of drawdown allowed, so if you have a $10,000 prop firm account you are allowed $1,000 maximum drawdown, so risk 3% of drawdown allowed which would be $30 risk per trade, aiming for at least $60 gain. That will take ~ 16/17 trades to get to 10% to pass the first phase and ~8 trades to get to the 5% for the 2nd phase, assuming of course no losses.
That will leave you relaxed while trading because it will leave a lot of room for error.
Just my opinion of course, but it is better to take a bit longer to pass than to blow the account very quickly.
Big E post #495

Don't give UP people ... there is hope !

Just trade your own money.... and grow wealth ... infinite wealth.

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...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting tommydoginti
{quote} Hi grippip, Welcome to the TMS thread. I have previously summarised the TMS rules into one post #125164 TMS method utilises a few tools and elements and each have their distinct roles in trade planning and execution according to BigE’s posts. https://www.forexfactory.com/thread/...6#post13715196 For instance I am using 4 elements. 1. Previous highs and lows —> determine market condition and trade plan 2. Trend —> long or short term bias, SLTP setting 3....
tommydoginti,
Thank you for your response.
Regarding your post and the references therein,
I will study it carefully,
And come up with questions later.

What is already becoming clear to me is the straightforwardness and simplicity of this strategy,
where before in strategies I tended to drag in all sorts of indicators,
to make it more complicated than it is,
so you can always refer to a failure with the comment: “But make no mistake, it's very complicated...”
when perhaps it is precisely greed and a fear of failure and all those human emotions that make it complicated, not a strategy.

I tend to be philosophical.
That too is a trap, especially for me ;-)
Chapeau
Quoting emmanuel7788
{quote} hey @emiel2303 How is your trading going ? I have not seen any of your trades post for long time. What questions do you have which you need help here. I'll try my best and find time to reply your questions. That new member @GripPip post below says he has not read all the OP posts . If he has then many questions would have been answered already by the OP {quote} Just before he died, the OP made his last post #12,912. He wanted people to read and learn on their own. I have been here for 12+ years helping others to learn to trade and to trade...
What I'm reading from Eelfranz,
And what he has given and continues to give.
His elaborate strategy and above all time, and time is precious.
is that he was a sincere person.

And before I knew he was gone from this world.
I wondered if I could pm him in person sometime when the opportunity arose, not imposing.
Where, among other things, I wanted to ask him if he was a German or Austrian by origin given his nick name, “Eelfranz”.

His responses to various posters made it clear to me that he was doing his best to keep this thread clean.
And I even wondered if the lack of attached files in his first post was done on purpose so that people have to look up and read.
Because a thread with 200 posts might be interesting, but a thread over the 150,000 post mark.... that practically has to be the holy grail.... Finally i found it ;-)

And the longer I think about it the more it strikes me that he did this on purpose.
Someone who makes money playfully with Forex, with his own finely tuned strategy,
and the intelligence to communicate that, because that's a skill, surely knows how to include files in his post.
Those are the real teachers.
Giving you the impression that they can't add files, while in reality there is a whole philosophy behind it how to get people to think and research for themselves.

He must have been a special person and he was.
Even though I do not know him at all, I have been roaming the Internet for decades,
I recognize when there is a fine and sincere person behind a nickname, not by his name of course but by the tone of his posts and the way he treats people.
Quoting emmanuel7788
Introduction to Trading Made Simple for new traders reading this thread. Trading Made Simple for beginners : Post#52,707 A short history by pioneer member snarlyjack Post#110 Our late OP eelfranz aka Big E spent 6,000 hours: Post#6 and he evolved as a trader and went on and developed two trading methods....

Thank you emmanuel7788,
for the input and detailed reference to important forum posts,
And certainly Eelfranz, Big E, his personal posts.

It is true that I have been looking around intermittently or Forex for 10 years,
playing, reading and everyone has their own process, some do it on the fly, others do it intermittently.
But it is also mainly that at the moment I also have the finances to possibly start investing in a Forex account
Since I am someone who wants to be extremely well prepared before I even bet a dime I will study it well,
I like to study a well-documented strategy with charts and instructions and reasoning.

So for now you will hear little to nothing from me here on the forum because I am going to study this.
Because it is already clear to me that big E has laid a pearl to study
Where others charge thousands and euros / dollars for guidance, Eelfranz has done it for nothing and also documented!!!!
Thank you again for the references to these files from Eelfranz!!!
And thank you for honoring Eelfranz!
Quoting lynnc
{quote}Don't even think you can trade on a prop firm 3% of capital per trade. You will lose very quickly unless you are sure of getting 1:2 on every trade with no losing streak. Don't forget there is also a maximum drawdown of 5% in a day. So, treat the prop firm account as you would a personal account. You wouldn't dream of using 30% risk on each trade on your personal account which is the same thing as 3% of risk on a prop firm. Instead, risk 3% of drawdown allowed, so if you have a $10,000 prop firm account you are allowed $1,000 maximum drawdown,...
Wise words, lynnc, my management will be based more or less on what you said. I will not risk more than 0.5% per operation. I appreciate your kindness
My battle is with myself; every day, I aim to be better. Did you win today?
Quoting emmanuel7788
Big E post #495 Don't give UP people ... there is hope ! Just trade your own money.... and grow wealth ... infinite wealth. {image} ...
We will all win, dear Emm! And you will have your share of contribution, for everything you do for us. An empathetic and supportive being. I wish you all the best in your life. May God bless your generosity.
My battle is with myself; every day, I aim to be better. Did you win today?
Quoting theblessed7
{quote} Thank you for sharing the simulation model. I fully understand the importance of patience in this journey and the long-term commitment required to grow a $10k account to $50k. I am well aware that this will be a long process, and I am prepared to stay resilient throughout the journey. While I’m not at the $200k level yet, I appreciate the guidance and hope to reach that stage one day with patience and dedication. Only I have a question regarding risk management within prop trading, particularly considering the 10% drawdown limit. Given that...
Hi theblessed7,

Trading the prop firm accounts, I do not go for >1% per trade. There is a reason that you can find out with your own trading statistics.

For instance, I trade the TMS method and have about 90% win rate, or 10% of hitting SL as a loss.

Taking the infamous slippage of prop firm, I stay far away from the max loss (daily and total) at all times.

Say if you have 90% win rate and risking 1% per trade, and set your max allowed loss to be <3%. Then 3 loss in a row would breach your limit.
For my personal account, I ran into 2.71% drawdown a 3 loss in a row once within 150 trade

Now the chance of 3 loss in a row seems low (10%^3 = 0.1%).
BUT, the chance of you running into a 3 loss-in-a-row, over 150 or 1000 trades, is 14% and 63% respectively.
* this is similar logic as the long time question of “what is the chance of 2 persons having the same birthday in the room?”

Factoring that your strategy may involve a SL move (so to break even, a “win” but not “taking profit”), the chances of losing 3 positions worth of capital is even bigger.

Practically, I put 0.15-0.5% risk per trade with prop firm acc. It may seems you profit lower %. But a 20% profit from a 200k account would be $40k.

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Trade well
Quoting tommydoginti
{quote} 2 TMS elements helping traders to exit. 1. BigE’s favourite setups where TDI retraces from 32/68 level 2. Previous highs an lows {image} {image}
Have a good weekend traders. Greetings from Hong Kong BMW autumn Regetta

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happy trading with TMS method.
Quoting lynnc
{quote}Don't even think you can trade on a prop firm 3% of capital per trade. You will lose very quickly unless you are sure of getting 1:2 on every trade with no losing streak. Don't forget there is also a maximum drawdown of 5% in a day. So, treat the prop firm account as you would a personal account. You wouldn't dream of using 30% risk on each trade on your personal account which is the same thing as 3% of risk on a prop firm. Instead, risk 3% of drawdown allowed, so if you have a $10,000 prop firm account you are allowed $1,000 maximum drawdown,...
Well said. Keeping the account and survival the trading game is the top priority.

going with 1:2 is certainly a good approach. Even going with slightly about 1:1 (but not below 1:1) is feasible. The main factor in determining the risk per trade is the win rate of the strategy and determined loss limit either by rules of the account or yourself.

2% of a $200k account is a decent $4000 a month. Also note the scaling plan is in place, so after 1-2 years you have a $300k account and $6000 per month.
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Currently there is no time limit for challenges and funded trading stages, so traders can take their time. This is much easier than before now.
Quoting tommydoginti
{quote} Hi ZeruSwee, Your chart is mostly correct but some are not. I will get back to you on that after my trip. My previous trades you highlighted are countertrend TMS trades. I trade both trend following and countertrend. You can also see BigE’s charts on both approaches. For example, you can see the HHHL/LHLL trend following miss a couple TMS setups indicated by BigE. {image} For trend following, I use the TMS Price Action previous highs and lows and trend. For countertrend, the other price action elements including last reversals, rejections...
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Addressing PM with follow up questions on trend trading wit BigE’s TMS method.

Follow post #647 price actions to trade the TDI signals that are valid TMS trade setups.

Previous highs and lows
trends
rejections and last reversals
TDI signals

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Quoting kin78
{quote} {file}

where is indicators?
Say something meaningful or Silence!!
Quoting tommydoginti
{quote} Hi theblessed7, Trading the prop firm accounts, I do not go for >1% per trade. There is a reason that you can find out with your own trading statistics. For instance, I trade the TMS method and have about 90% win rate, or 10% of hitting SL as a loss. Taking the infamous slippage of prop firm, I stay far away from the max loss (daily and total) at all times. Say if you have 90% win rate and risking 1% per trade, and set your max allowed loss to be <3%. Then 3 loss in a row would breach your limit. For my personal account, I ran into 2.71%...
Yes Tommy, you’re absolutely right!
It will be a tough and long journey, but I hope to reach Big E’s level, achieve consistent results, and then aim for my maximum potential! It won’t be easy, but the learning curve should be shorter since the path to follow is already laid out in the OP’s posts.
Thank you and have an excellent trip.
My battle is with myself; every day, I aim to be better. Did you win today?
Quoting classy
{quote} where is indicators?

he has several on his chart,

which one?

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting theblessed7
{quote} We will all win, dear Emm! And you will have your share of contribution, for everything you do for us. An empathetic and supportive being. I wish you all the best in your life. May God bless your generosity.

YES! That's positive thinking to start with.

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...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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