Hey Famenco143,
A while ago, I found an really interesting indicator that is good in detecting entries. The indicator does not take up that much space, try it. it's basically the MACD. (if you need a pic, let me know.)
D.
Powerful 1 Min Scalping System (Fx Prime)
- #4,041
- Mar 20, 2009 10:39am Mar 20, 2009 10:39am
- Joined Apr 2007 | Status: Stupidity is expensive! | 432 Posts
Thanx - will check it out. Help always appreciated!
It Is Not The Exit That Concerns Me, As It Is The Re-Entry
- #4,046
- Mar 22, 2009 11:50am Mar 22, 2009 11:50am
Hi Flamenco how is it going, well talking about alerts here is a sound i use for my alerts gets my attention it is from the old tv series "emergency" from the 70's. It it there firehouse alarm that goes off when they would get a call. Good old engine 51.
What happened to the good old doing dong??????
Just kidden.
D.
- #4,047
- Mar 22, 2009 11:41pm Mar 22, 2009 11:41pm
- Joined Apr 2007 | Status: Stupidity is expensive! | 432 Posts
Hi Flamenco how is it going, well talking about alerts here is a sound i use for my alerts gets my attention it is from the old tv series "emergency" from the 70's. It it there firehouse alarm that goes off when they would get a call. Good old engine 51.
Avi - Thanx on the 15-1. It does look better and a faster response for the 1M!
- #4,048
- Mar 23, 2009 4:14pm Mar 23, 2009 4:14pm
Thanx fx - but some reason I'm having trouble opening zip files. Computer glich on my end. May be a good thing cause if I'm sleeping in my office waiting for a good ol' Dong Doing' to wake me and I get a fire alarm alert instead I'd probably have to change my lucky rocketship underpants!
Avi - Thanx on the 15-1. It does look better and a faster response for the 1M!
Hey Famenco143,
Can I ask you a question?
How did you overcome the psychological barrier of exiting a trade to early?
Experience?
D.
- #4,049
- Mar 23, 2009 5:55pm Mar 23, 2009 5:55pm
- Joined Apr 2007 | Status: Stupidity is expensive! | 432 Posts
Hey Famenco143,
Can I ask you a question?
How did you overcome the psychological barrier of exiting a trade to early?
Experience?
D.
How I exit may be meaningless - but here is the basic reasons that I feel I should exit. One - or all of these are reasons enough in scalping.
1) If I'm using the bbMacd I exit when the dots change color AND dip back into the channel - OR (if I'm not using the bbMacd)
2) when the CCI34 re-crosses the 100 line OR
3) When Randy candles change color (not the HAS) OR
4) My Slope Direction Line changes color.
5) But MOSTLY - I MADE MY GOAL of 5 or 15 pips! ! ! ! ! ! ! !
But you asked me about the psychological aspect of exiting, so I can advise WHY I exit when I do.
It took me a long time, to seperate in my anger/greed/fear responses to trading, to realize two seeds had been planted in my subconscious that they were both sprouting tenticles and were starting to dominate my judgement about staying in a trade or exiting. These 'seeds' I could have labeled "What Could Have Been' and 'What Is'.
I constantly anquished over which of these 'seeds' I should ferment, nourish and allow to become the dominant factor in my trading - needless to say it was extremely important (for me) that only one seed continue to grow, and the other must be eradicated from my thinking and trading process completely, because if I didn't I knew I would never be a constant, successful trader.
"What Could Have Been' became wishful thinking - kicking myself in the ass because I got out of a trade too early. Had I stayed in the trade and rode it out on that massive reversal I 'probably' would have come out ahead to even such a simple thing as "dang - I got my daily goal - and had I stayed in that trade longer I wouldn't have left all those pips on the table."
When I first started trading back in 2000 or so I was on the higher time frames only. I'd watch my account build up handsomely on a trade ONLY to see $3000 or $4000 GO BACK OUT before my indicators (lagging as they all are) give me to signal to exit.
So 'WHAT IS' was that I had that money in my account and in my pocket. I didn't want to give it back. So many times I'd be in a trade for a long time and make a nice trade and then wind up with maybe 40 pips or so after being in a trade and watch it whip all over the place, and see the majority of my profit exit my account because of a sudden, unpredicatable spike against me.
"WHAT IS' made me realize that it suited my trading style to go after the large profit goals in increments. When I've made a profit of 5 or 15 pips (1M or 5M time frame) 'WHAT IS' is that I have made a profit. So I exit, and wait for the next what I call a 'Catagory One' set-up where the indicators and price action are in a highly 'probably' area of success.
When another profit goal is reached I exit. I never think anymore about "What Could Have Been' because if I do - I will constantly be berating myself for either getting into a trade too early or too late, or exiting too early or too late. For me - 'what could have been' will always be a lose/lose situation.
So you could say - yes - my expectations are low. But being low they are constantly being proftable because I can trade multi=lots on one pair only. Trading the forex is like riding a train. You will never get on at the station when the train is sitting there not moving, nor will you ever ride it to the end of the line when it stops completely.
I'm a rambling 'hobo'. I jump on the train when it's already started moving down the tracks, and I get off after a few miles and never worry about whether this train ride would have taken me across country or just to the next little town. I'll eventually get across the country one train ride at a time.
Sorry to be so lengthy in my response - but it was important I felt to be clear on my 'why' as I was on the 'when'.
After reading this thread which seems like a good story for a movie ¤sigh¤ I want to thank Canadian dude for his efforts..
Here is the Unlocked version, and it is slightly different from the FX prime filter ..simply change the account number in the source code and happy trading =)
Feel free to ask if you need to convert and get the sources from EX4 To MQ4.. and it is free of charge though..computer sciences is made to be free =)
Cheers and happy trading
