The System II (Yes with irony)

yep i just exited that for +39...

Congratulations!!!!! I see you are still trading this cross... I am too

now long.. as i went bracket.. lets see what happens...

http://www.forexfactory.com/images/attach/gif.gif

I'm with this long now...

guys.

I am sorry if my post have been misinterpreted. I am just trying to warn everyone about be euphoric on winners. Fxachilles, if you look closely to my post we're just saying the same stuff. I mentioned in one of my posts that is unavoidable to trade without emotions. It's good to win. But we must avoid be euphoric about it. Why? Because we tend to take larger risk due overconfidence.

I am not addressing anyone in particular. This is just a general advice based on experience.

I am also referring to some people that find this way of trading difficult. I get PM's and messages and of course many of them I'll keep it confidential. But some of them are addressing the issue of the frequency and timeframe.
It's simple as you must decide if this is comfortable for you or not. Would be foolish on my part to say that 5 minutes is better than 1 hour or viceversa. It's simply a matter of preference.

Some people just take a 5-10 pips win as if they just won the lottery. Don't fall into that. They sweat every single pip like if there's no tomorrow. Don't mix this statement with your trade management. Winners and losers are just part of the process of equity building.

Instead of counting pips, focus on your expectancy on a trade.

I want to make something clear.

I have mentioned many times about me "testing" the market many times until I get a runner. That does not have to do anything with the system II...That's my style of trading (look at the loser's thread). Don't mix the two. 'cause they won't.

The system II is just a workframe for the trader to start this equity building process. It's a blueprint. This is not "buy when the ligth turns green and sell when the ligth turns red" stuff. On this "system II" you still need to walk the walk ya know?

Fx,
This last entry on EU is very good
but, your red line, is not show the swing 30-40 pips,
As the irony ii suggesting to.
Could you explain to me, how to define the red line ?

Thank you

hey guys,
just finished reading the thread, i have many post i have marked & will re read them religiously.thanks feb for starting this & its good to see u posting again & healthy. thanks for posting charts of trades that u guys have been taking they help alot.anyway i m looking forward to exchanging trades & ideas with u guys.
andrew

ok, red line is break of most recent H/H or in other cases break of L/L.. I personaly test the market at thouse points to make sure not missing a run.

as feb always says, system II is a blue print and work frame.. nothing is a set on stone rule.

for me, my screen time devotion has lead me to read the 5m chart better and figure things out for myself to see various oppourtunity as an a add on to my trading arsenal to test the market also outside the 1-2-3 box.

I hope it helps.. if its unclear let me know i can explain better with some chart examples.

cheers.

Dear feb, I can't agree with you more about overconfidence issue.. your absolutly on the money.
as for me i have had the bitter taste of overconfidence and stung by it severly in the past, and now have learned through it and its a solved issue.

My obstacle in the begining of your absence in the effort to keep the thread alive:
when i decided to make the effort to keep the thread alive till your return.. I abviously did not have your wisdom.. I could only pass on what i had learned from you.. so with that said, I couldn't just preach your sayings.. so, I figured the best way to transfer the goods to our new peopel was to lead by example by showing live results.
what i am trying to accomplish for our fellow traders in here is to lead by live trade examples.. pragmatic work, which in my humble opinion it will lead to increase belief level.. hopefully not overconfidence.

now I know you have mentioned about not wanting to spoon fed traders, and I totally in agree with that.. BUT we all are hungry for a little more hands on imput from you maybe, if i am not asking toomuch.. the reason i give myself the courage to ask of you that is because i know your the kind a person that love to help people, your generosity is been most proven and appriciated by everyone in this family.. but we lack guideness at this stage of the thread.

i tell you what my obstacle is and I know others can verymuch relate to.
I have no problem with entery and testing the market in various ways and no problem with coping with the loss and i dont cry about it, its part of my agenda now.. what i like to improve and choose my way.. is on how to handel the trade when it does go into profit to end up with majority of that given run or atleast 1/2 of it instead of small protion or not at all without getting in and out excessively which it does lead to not getting enough benefit of the given run.. i really dont have the problem with renteries aswell.
Now, i am not a dummy I know this is everyones dream to be able to do just that and i do know everyone has to figure this out on his own.. but now we turn to you and look up to you.. you are our mentor.. we would like to know how you exactly does this.. I know its hard to explain and put in words.. however i am at the cross road!!! on whether take quick 15-20 pips profit and witness the run for another 60pips and have no problem with not being in it.. or try to put my market reading skills in to play and not banking 20 pips profit rather going for maximizing profits at risk of leaving money on the table or possibley ending up in a loss column.. or use expectancy to its best make alittle/lose alittle and hardly endup with a runner and be happy with that.. so, I am asking and begging you to show us in however way that you can put in words or charts etc.. on how do you go about it? what your style is? or putting weight on doing one thing versus other will give us certain edge on finall bottomline? ..or..or.. i dont know.. somehow please give us a little more specific instruction and guidness..

sorry about the long post.. we need your help.

you have already changed me into a profitable trader and I can't thank you enough for it.. I am ready to follow, to bigger mountains.

Thanks a million in advance from myself and our system II family.

Waiting for this short setup.

does it worth a test of the break of H/H? if you do know your risk.. a)news dust still and b) on the edge of NY open..

http://www.forexfactory.com/images/attach/gif.gif

I am waiting for this short...

Does anyone else notice the GBP/USD has a mind of its own? lol

I sold the Euro/Usd

Edit* Now I bought it lol

Yes! It does... I did notice it too...

I understand where you bought it... on break H/H... But I don't understand where did you find opportunity for sell...

[quote=fxachilies;2762285]Dear feb, I can't agree with you more about overconfidence issue...
... I know its hard to explain and put in words... however i am at the cross road!!! on whether take quick 15-20 pips profit and witness the run for another 60pips and have no problem with not being in it...

G'day fxachilies,
I do understand your dilemma about taking profit to early and watching a runner just to accelerate once you close in some profit.
This happened to me to often in the past; now I'm more smarter with the money management and how to profit the most from the trade.
I have learned not to enter the trade with one lot, but with two, three or four lots (of course it can be mini-lots)
Attached is my last trade on EUR/JPY with the entry of two lots.
I hope it will be helpful to you in some way.
Good trading.

Fxachilles

here: http://www.forexfactory.com/showthre...ng#post2728125

Post #1961

I am not a big fan of scaling out. I do scale out sometimes depending on how many lots I'm trading. You can opt to scale out x amount of lots when the market reach x amount of pips. Then let the rest run.

Scaling out is a valid strategy only if you plan ahead. You should know beforehand how many lots to trade, where exactly you're going to skin the cat, and what to do with the rest of the corpse.

Something like...

" I am going to trade with 12 lots. When the market reach 10 pips I close half (6). When the market reach 20 I close 1/4 (3) and I will let the rest run."

On the last peel, you can move your stop closer to the fire, in case you get stopped, no biggie. You already have some dough...

The above is just for illustration purposes only. Use it at your own risk. Don't quote me like a text book, please. You need to find your OWN way based on risk parameters and tolerance.

Another thing you might consider is : if you get stopped before the market reaching your initial target, you're losing all the dough. So please be sure that your risk goes in accordance with your initial stop. If your risk tolerance per trade is 1%, don't increase it because you're scaling out. That's a fairly common mistake I've seen around. Your initial stop MUST be set in accordance to your risk parameters. Engrave this in your brain, please.

Also, you need to know, profitwise is better to go all in than scale out.

Not to sound negative or anything, just laying all the good and bad on the line, so you have an educated guess

Thanks

Question:

In general, when we have such things like Speaks (today Buba President Weber Speaks) - can we trade during this period, or we should stay out of trade??? I mean I know - we can't fight with NEWS, but how should we consider Speaks, like NEWS or not???

Thank you!

[quote=DareXau;2762639] I trade 10 full lost all times.. i dont know what are you exactly sugesting..

Thanks anyways.