The System II (Yes with irony)

good job your doing great and dont worry with enough screen time you will get better at taking more profit.

Congrats.

Your hard stop should be above/below pullback, but with trade expactancy you should not let it to be hit. your trail stop should be in place or just bring your sl above/below last bar or the bar before.

Thanks for your words!!!

Look like a setup is forming provided no candle closed above 61% ? Am i correct to say that ?

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Hello everyone,

Been reading about the issue of pullbacks and it has been my experience based on Feb's suggestions that getting too caught up on specifics may delay your decision making process... sure wait for the pullback but do not hesitate... If in doubt trade less and play it tight. I would recommend that you trade a very comfortable amount and learn to the art of loosing. If you are trading scared ... you will not be able to be sucessful.. this I have learned through my own pain. The most important thing is to catch the continuation early, keep moving your sl as you gain pips and maybe you get lucky and catch a big runner.


Good luck to all

Well said Moneda, thanks for the input.

Please, explain me meaning (or sense, value, hang - I'm not sure) of words "Trade expectancy" I am not sure how to translate it... I speak russian. So if you can, tell me please how to understand this... I can't understand meaning of these words. But the post about it I understand well.

Thank you! Excuse me for this problem.

Does it mean - THAT WHAT FOR WE ARE LOOKING FOR IN TRADING ? Or it means that we can ONLY TO HOPE, BUT NOT TO BE SURE ?
WE JUST ARE WAITING FOR IT, BUT AREN'T SURE...

Your expectation should be that anything can happen at anytime so stay alert and trade must go in your direction within a reasonable time and distance, should be going in a nice clean flow.

Thank you! Thank you very much! Now I understand all!

Another Million dollar post by feb ( post #538) a must read.



Guys

I have some interesting questions about exits/limits..etc...rule of 20..all that

20( or any number) stop loss is what guru's consider a "hard stop" ...it's an insurance against a catastrophic move against your position.

Although we're trailing that stop, if you see the market moving like 15+ pips in your favor and all of the sudden it gets down to 6, 5, 4 back...do me a favor and press the panic bottom...please??? Do this as many times as you see it happening and I promise you will get a runner very soon

don't let a winner turn into a loser....

don't "hope" that the market will turn back on your side......never do that.

You don't know what the market it's going to do next......

remember you're "guessing" that the market will move that way, more often than not... that's pretty much the end of all technical (and yes baby, fundamental) analysis...if anyone tells you a different story, consider it a "snake oil" tactic.

I've been conditioning your mind since the get-go..'cause losing is part of this business......you will lose

I lose a lot.....I "test" the market a million times...but I assure you, I get a runner pretty often.

Please look at me at me when I am talking to you....Don't get distracted

I've been in this business for a long time for two reasons

1) I don't take the market for granted - I don't "hope" that my magic "system" will come back and save me from the chop monster.

2) I give a reasonable chance to my position...

Explaining # 2 - Ok....I have "expectancy " that the market will move on my side within a reasonable time frame...at a reasonable "speed" AKA momentum...if that doesn't happen...my ass is on the line....what would I do..."hope"? .."wait"?...no sir...I have no reason to be holding that position..

Daytrading is a cruel environment. You need some sort of an "attitude"...be cocky..arrogant....but humble with your fellow trader and family..

Consistency is the crux of every trader.....you get discouraged,,,,depressed...you are hoping to make it so you can quit your job etc

Take note of this...no system...no strategy...no fibo's..stochs Big Mac..will EVER in your whole life as a trader, give you consistency.

You must create that..it's in your hands...how you learn to manage your trade it's the ONLY route to consistency...engrave this in your mind.

"So...Feb, I don't like your idea because I will leave some money on the table"

Ok I see the problem...this is what we'll do

so you were shooting for 20 and you only got 5....ok I'll make you a deal

you give me those 5 pips in exchange for -12 lose pips from your trailing stop

deal?

of course not
__________________
Peace

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Hi guys,
E/U setup before london session.
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Market its just not giving out since yesterday, but guess what i only lost 7 pips due to correct trade managment by trailing my stops.

Hi,

I caught the earlier setup on Short on EU. Not sure if the setup is correct although it hit my TP. Advice ?

Hi all,
I've been following feb's threads on the sidelines for a while and would like to say I'm glad that fxachilles has made the effort to keep this thread alive until feb's return. Keep up the good work fx, I think you're doing a great job.

moneda, any of your posts, or those of feb's other regular contributors would be greatly appreciated.

I don't often get a chance to be online during the main sessions but will try and contribute when I can.

best wishes to feb for a speedy recovery

cheers and happy trading to all

Hi ahlude,
I don't think this set up actually complies with feb's strategy as the second retrace would have cancelled the original set-up.
At least I think that's what the rules are.

Clarification from anyone appreciated.

Would i have taken the set-up? Was looking at it, but am looking a lot closer on whats going on right now waiting for a signal

cheers and happy trading

Hi all,

I'm a newbie, and I pray for Feb's return, I hope he is getting better. I'm long on E/U, kinda in unchartted territory, since the nearest support is about 50 pips away. Any suggestions?

Cheers!

Hi everyone,
I had a emergency coming up earlier that i had to takecare of so sorry for my absence.

if you have any questions let me know.

Thank you.

Hello Guys,

Here is what I see for the moment for the NY session... Too choppy for my taste. In my opinion the swing is not well develop due to the price action between buyers and seller. I will wait for a clearer/well developed swing + pullback. Do not be in a hurry...remember Feb's words "be a predator not a prey".

Good luck