The DIBS Method... No Free Lunch continues

Quoting Dale

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Do you trade the one hour inside bars only when you have a diaily inside bars

or do you trade the one hour inside bars daily following the rest of the

guidlines?


Thanx

Dale

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Quoting Vfforexlee

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Long USD/JPY is correct?

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Quoting Vfforexlee

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I clearly see an IB between 0:00GMT and 5:00GMT. It looks like a long to me.

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Quoting Vfforexlee

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I clearly see an IB between 0:00GMT and 5:00GMT. It looks like a long to me.

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Quoting NowAndLater

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This is what I've learned from an experienced trader:
A system (winning or losing) can be divided like this:
50% MoneyManagment
40% Psychology
8% Exits
2% The rest (including entries)
Now with this in mind, try to understand what PC have told us. A good system is not a system that had a good win/lose ratio, we don't even look for 50% rate. What we are looking for is a system with a good risk:reward and where we let our profits run, and where we add to them.
Bad MM will cause you to lose even if you use DIBS (hard to believe I know). Stick to the rules, thats where the psychology comes in. If you trade differently every time, then you'll soon find that you don't know what you are doing and that'll cause even more losses. Exits are the most important after that. They allow us to be winning traders. For that we need our wins to exceed our losses. How? Find a system that gives you an entry and learn how to let your profits run (PC have shown us this). Don't try to go to BE just to lock in some profits too soon. We are looking for trades that run, run and run. That's what will distinguish us from the traders that are contantly losing. So if our winrate is 40% we should still be winners, DIBS entries have shown to give more than 40% by the way. The rest of the system is the entries and we allready have that covered.

Remember MM and psychology, they are very important. And keep practising on the exits. Take the DIBS you see (with your discretion), the entries are easy by now yes?!
Keep practising DIBS'ers! Cheers

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Quoting Vfforexlee

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The one in the circle.

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Quoting jarroo

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aahhhh that's better.
Not seeing an IB in the circle Vf. There is one at 1600 EST but that one is too late in the day.

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Quote

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Entries are not really my problem......besides sound money management, I reckon good trading is about developing good exit strategies and managing free runners to extract good rewards. As exits are my problem area, if anyone can point me in the direction of good advice in this matter, I'd appreciate it.

Quoting attictrader

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In long GU.

Thanks moneda, NAL and House for very helpful advice.

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Quoting Bob76

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Hello All,

I just wanted to say hello to the excellent community here as this is my first post here at FF.

1- The system is looking for the future as with the price action.
2- The system has little drawdowns with the potential to get the larger ones those are the ones that will make the difference ultimately.
3- One other big advantage related to health...stress free. You dont get crazy drawing all those line supports resistances fibs trends breakout and what not.

I think all that is needed to be done is to stick to a good MM technique for the system and you will be ok.

Wrote this all to just express my gratitude for Peter Crown.

Gday.

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