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Simplicity is the Key

  • #2,421
  • Apr 9, 2008 3:37pm Apr 9, 2008 3:37pm
last 24 hours were not so very good to me.
but still, i am posting this for this reason :

Trader101's style is so good, that even on bad days you make money .

Again, the idea is to hedge your bad trades with good ones, EURCAD saved me : gave me some decent profits to cover some of the losses.

so, now we close, survived and trade another day. now with a better understanding of this week's trends.

CJ.-
Attached Image (click to enlarge)
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  • #2,422
  • Apr 9, 2008 3:57pm Apr 9, 2008 3:57pm
I closed all of mine this morning as I was afraid of giving to many back. That's something inside my head I still need to work on.

Good job Zeejay.
  • #2,423
  • Apr 9, 2008 4:14pm Apr 9, 2008 4:14pm
I know what you guys are saying. I wish now that I had closed the GBP/JPY when it was over 100 pips in profit. I did close a couple of trades, but opened them again a little later.But I think the purpose of this type of trading is to let it go for a week and close it then. I know it's hard to do when it looks like your profits are vanishing, but I guess we have to trust the system. It looks like it may be starting to rebound now.

Of course, if the whole week goes bad, that would be a significant loss for most traders, me included.
  • #2,424
  • Apr 9, 2008 4:31pm Apr 9, 2008 4:31pm
my advice on this topic is twofold :

#1 - you must trust yourself : if you're not at comfort...just close all and tomorrow will be another day. it's better to be flat and analyze, than regret later.

#2 - on the other hand, there are rules : these are my rules, that i've learned so far from trader101 : if it's just for the day , then close it after 24 hours NOT before NOT After! if it goes against you by $300, close all early, if it goes your way by more than $300 also take it and run. soon i will be in the process of setting up a server for myself and i will have a 24h EA monitoring this for me ....(trade entry will still be manual, but exits will be handled by EA). that way fear or greed will not affect exits.
( if it's for the week, then hold the trade for the entire week UNLESS it goes -$300 or worse against you.)


there's also something that i like, that might help you guys : demo trade until u double your demo account. 1 month, 2 months, it doesnt matter...as long as you feel ok with it -- only then, you start with real money.
  • #2,425
  • Apr 9, 2008 4:33pm Apr 9, 2008 4:33pm
if you only trade trader101's weeklies here's another idea....
if you feel fear and want to close early, why not close HALF of the position instead of the entire position ? ( this would include half the lossess too, in order to stay hedged )....


and also maybe move some stops to break even o better.

just an idea.....

CJ.-
  • #2,426
  • Apr 9, 2008 4:43pm Apr 9, 2008 4:43pm
That's good advice. I remember Trader 101 talking about closing if the trade is going against him by 300 pips on the daily trades.

I just wonder if that is the case for the weekly as well. During the week there is bound to be some fluctuation, like what happened during the last 24 hours. That doesn't necessarily mean that at the end of the week we'll be back in positive territory.

By the way, ZeeJay, did you just close your daily trades or the weekly ones as well?
  • #2,427
  • Apr 9, 2008 4:46pm Apr 9, 2008 4:46pm
Hello guys,
All my trades were close this morning too. As i have mentioned before that if you are -300 on a mini lot better close it is against you. Same hold true, if you reached +600 and it diminishes to +300 then you have to close and take the +300.
  • #2,428
  • Apr 9, 2008 4:47pm Apr 9, 2008 4:47pm
I have no trade at the moment, i think i will trade only tommorrow after the interest rate statement of gbp and eur. This week is really slow for all the trending system. not only us. Because of the lack of fundamentals.
  • #2,429
  • Apr 9, 2008 6:09pm Apr 9, 2008 6:09pm
trader101 , where have you been all my life!?!?
hehehe....

i closed my trades about 2 hours ago ( and posted the trades ).
and followed your advice : open the trades at the quiet time of the day. 6pm my time, which is 7pm eastern.

and i did, and now after closing $30 last 24 hours, look at the position after re-opening and just waiting a couple hours, here's my screenshot.


enjoy my friends..... my advice : whatever trader101 has to say, listen to him 'cause it works!

CJ.-
Attached Image (click to enlarge)
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  • #2,430
  • Apr 9, 2008 6:17pm Apr 9, 2008 6:17pm
Quoting hansel
That's good advice. I remember Trader 101 talking about closing if the trade is going against him by 300 pips on the daily trades.

I just wonder if that is the case for the weekly as well. During the week there is bound to be some fluctuation, like what happened during the last 24 hours. That doesn't necessarily mean that at the end of the week we'll be back in positive territory.

By the way, ZeeJay, did you just close your daily trades or the weekly ones as well?

not trading weekly at the moment, only daily. (actually, current open trades were taken from 4H time frame. )

and yes, that's a good question , i wonder if -$300 is enough stop-loss if one is going for weekly.
  • #2,431
  • Apr 9, 2008 6:25pm Apr 9, 2008 6:25pm
Quoting trader101
I have no trade at the moment, i think i will trade only tommorrow after the interest rate statement of gbp and eur. This week is really slow for all the trending system. not only us. Because of the lack of fundamentals.
i wish you'd reconsider trading tonight . i have +354 pips at the moment and growing fast. Yen pairs are crazy tonight

swiss also on the move.

looks like a dollar crash all over again.

CJ.-
  • #2,432
  • Apr 9, 2008 7:01pm Apr 9, 2008 7:01pm
Quoting ZeeJay
i wish you'd reconsider trading tonight . i have +354 pips at the moment and growing fast. Yen pairs are crazy tonight

swiss also on the move.

looks like a dollar crash all over again.

CJ.-
CJ,
Right now the JPY pairs are not trending they are retracing short. I dont think that is the real trend. I think that is temporary and i am expecting it to dor the real trend around London open. I will be trading then. Just go LONG on all the pairs that we do except the GU and UCAD which will be short.
  • #2,433
  • Apr 9, 2008 7:24pm Apr 9, 2008 7:24pm
Ill see you at London Open. I getting sleepy and nice trading to all. CJ watch your trade if it rebound just close it while in profit and trade reverse. My advice just go LONG, i think that is the action all the currency pairs. except the gbp because mainly of interest rate cut.
  • #2,434
  • Apr 9, 2008 7:56pm Apr 9, 2008 7:56pm
Hope you're right about the JPY crosses are good to go long again. I'm way down and hope I can last until London opening.

CJ - Are you using an EA to do your trades?
  • #2,435
  • Apr 9, 2008 8:20pm Apr 9, 2008 8:20pm
Quoting hansel
Hope you're right about the JPY crosses are good to go long again. I'm way down and hope I can last until London opening.

CJ - Are you using an EA to do your trades?
not using EA at this time.
All manual trades.
  • #2,436
  • Apr 9, 2008 8:59pm Apr 9, 2008 8:59pm
i broke a rule,
well ok, not just broke a rule : followed trader101 advice and closed +200 pips or so.

I've opened the trades again.... ( probably not a great idea, given the "expense" in spread ) ...

anyway, the trades are rolling again....

here's how it looked a moment ago, (they're even more in-the-money now).

the coolest thing about this trading style is that you usually know RIGHT AWAY, if you're right or wrong. as i've proven today by closing more than 300 pips in the past 4 to 6 hours.

cj.-
Attached Image (click to enlarge)
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  • #2,437
  • Apr 9, 2008 9:10pm Apr 9, 2008 9:10pm
Congratulations ZeeJay. What broker are you using? Do you know what timezone their server is set for?

Quoting ZeeJay
i broke a rule,
well ok, not just broke a rule : followed trader101 advice and closed +200 pips or so.

I've opened the trades again.... ( probably not a great idea, given the "expense" in spread ) ...

anyway, the trades are rolling again....

here's how it looked a moment ago, (they're even more in-the-money now).

the coolest thing about this trading style is that you usually know RIGHT AWAY, if you're right or wrong. as i've proven today by closing more than 300 pips in the past 4 to 6 hours.

cj.-
  • #2,438
  • Apr 9, 2008 9:15pm Apr 9, 2008 9:15pm
Quoting Afxtrader
Congratulations ZeeJay. What broker are you using? Do you know what timezone their server is set for?
thanks.

for demo: WHC Trader which is European time : GMT +1 + Daylight (when applies)

for real : interbank FX, which is GMT time if i remember correctly.
  • #2,439
  • Apr 10, 2008 4:57am Apr 10, 2008 4:57am
this is the same group of trades as my previous posting.
i left it run overnight.

funny. it turned out pretty well.
the cool thing about trader101 style is : if u stick one, it sticks for good! like below, more than 700 pips in about 8 hours or less.

of course this also means that it could be -700 if you get it wrong badly, but as i said before,and also trader101 have said this : you want to have an EA monitoring your position, in case it goes super-bad against you. set your max loss and take it like a man

enjoy,
CJ.-
Attached Image (click to enlarge)
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  • #2,440
  • Apr 10, 2008 8:35am Apr 10, 2008 8:35am
Good trading, CJ.

I see your mainly trading off the 4 hour charts. What indicators do you use, and how do you determine when to enter a trade.

Also, I noticed that in the screen print you posted of your trades, that most of them had an indicator saying sell-sell, or buy-buy, except the GBP/CAD (I think) which said sell-trans. Does an indicator give this message, or is it from your broker?
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