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  • #481
  • Jan 16, 2010 8:00pm Jan 16, 2010 8:00pm

Live account opened for this thread


If you are reading this, odds are that you aren't consistently profitable yet. I want this thread to be a safe place for you to learn. I recommend that once you understand the very basics you should get a small live account and practice with that.

What do I mean about the very basics? Go to babypips school and don't do any trading until you read the lessons (they are free). I'm serious ... do it now. Then use a demo account to practice placing trades etc on the trading platform you will be using.

After you understand the trading basics and learnt how to place trades on your trading platform, get a small live account. Maybe $100 USD or $1000 USD. The amount you choose may be more, but it must be enough for you to feel the psychological 'pain' of trading without losing your shirt

Attached Image (click to enlarge)
Click to Enlarge Name: oanda.png Size: 95 KB


This is a picture of a live account funded with $100 USD. I have opened it specifically for this thread. Over the next few months, I'm going to grow this account using the strategy I will teach you. I will attempt to explain every trade I take.

I funded it with only $100 because I needed an amount that is easily within the reach of everyone. Then when I discuss lot sizes and money management (to the new guys), the values will be meaningful to their own $100 account. Note if you chose more than $100 dollars, you'll have to calculate everything as a ratio of what I say.

I got the idea of using a live account (instead of demo) from Cobra (thv thread). I was fortunate enough to get some one-on-one tuition from Cobra and I'm very thankful to him for that.

For the first six months, our goal will be to grow this account by 10% per month and never have more than 20% drawdown in any month. Cobra has given me this challenge as he considers anyone who achieves this to be successful at trading.
  • #482
  • Jan 16, 2010 8:28pm Jan 16, 2010 8:28pm
Quoting Mindsphere
Just briefly - you talk about SR on your H1 chart - is this simply the H1 & H4 fractal extensions?
Yes and No . SR is not exactly the highs and lows. It is a range. If anyone sees my video about drawing SR lines, they will see that I draw through wicks ie not always the candle highs and lows. Take a look at the lines I drew on all the charts I showed from Fridays trades. I hope you can see what I mean. When viewing H1, the fractal SR lines from lower time frames M5,M15,M30 seem to 'fall' into these spots. I am looking for breaks or rejections of these areas ... not the candle high/lows.

Quoting Mindsphere
I'm also wondering to what extent you utilise candle patterns - because this is what I meant by saying PA is not really discussed in the THV thread. There is a lot of talk about S&R, but no so much at all about the candle patterns around these "zones". I know there's a thousand page james16 thread which explores these concepts, and I have done some reading in that thread - but I basically wonder to what extent things like pin bars, inside bars, bearish outside bars, bullish outside bars and so on can be used in an intraday sense.
Candle patterns are very important to me. They are what confirms a break or rejection of support. Be careful here. I've just realised that there is a lot of wrong teaching on candle patterns. Steve Nison is the guy who got the old Japanese books translated to learn how to use candles. He is the authoritive guru on these and I am reading as much as I can from him (right now in fact ... in between posting to this thread)

Quoting Mindsphere
Do you watch for candle patterns on M1/M5/M15 or only on H1/H4/D1 (for example)? Or, are they lower on the list of priorities considering you have THV to help pick entries and exits?
H1, H4 & D1 are most important. I look at candles on the lower timeframes checking for confirmation of what the higher time frames are saying.

Note: This depends on your trading style. An M1 scalper is not going to pay as much attention to this. I am an M15 trader and switch to M5/M1 for better exits and entries.

Quoting Mindsphere
I note you say that you "only enter when I see clear PA signal (candle formation) confirming a break or rejection of my H1 SR line". Does this mean break + retest, or simply a strong candle in one direction or the other or something else entirely?
A close of a candle over the other side of Support or Resistance is the highest probability confirmation of a breakout. You might enter on the initial break (before the candle closes) with a very small lot size that you build into once you get the confirmation. Also resistance becomes support after it is truly broken and you can quite often get a better position on a pull-back. This is a good place to scale into the position. Watch for this on H1 and M15.

Quoting Mindsphere
You're extremely lucky (and deserving) to have had 1 on 1 training with Cobra, so I do hope you can shed some light on this for us all
I know I'm fortunate and I hope to give as he has given to me. BTW, he was the first one to make a payment on my website (within minutes of me setting up paypal). He donated some money to shout me a beer
  • #483
  • Jan 17, 2010 2:24am Jan 17, 2010 2:24am
Quoting stratman
Yes and No . SR is not exactly the highs and lows. It is a range. If anyone sees my video about drawing SR lines, they will see that I draw through wicks ie not always the candle highs and lows. Take a look at the lines I drew on all the charts I showed from Fridays trades. I hope you can see what I mean. When viewing H1, the fractal SR lines from lower time frames M5,M15,M30 seem to 'fall' into these spots. I am looking for breaks or rejections of these areas ... not the candle high/lows.
Mm interesting! You seem to only post videos & pictures of the M15 chart for analysis purposes though? I'm also wondering - in these examples - http://www.forexfactory.com/showpost...&postcount=445 or http://www.forexfactory.com/showpost...&postcount=446 - those S&R lines are drawn manually (I'm guessing), and the H/L's of M5/M15/H1/H4 aren't showing on the chart. Do you use them as guides, then draw the lines on, then turn them off in the dashboard options?

Quote
Candle patterns are very important to me. They are what confirms a break or rejection of support. Be careful here. I've just realised that there is a lot of wrong teaching on candle patterns. Steve Nison is the guy who got the old Japanese books translated to learn how to use candles. He is the authoritive guru on these and I am reading as much as I can from him (right now in fact ... in between posting to this thread)
Turns out I bought his book a few years ago when I was first investigating equities trading! However, before getting around to reading it I blew an account and gave up on trading for a while. I've been reading a bit over the last hour and feel like I've already learnt a lot. I might write up a summary of what I take from it as I go and post it here, for the benefit of all.

Quote
A close of a candle over the other side of Support or Resistance is the highest probability confirmation of a breakout. You might enter on the initial break (before the candle closes) with a very small lot size that you build into once you get the confirmation. Also resistance becomes support after it is truly broken and you can quite often get a better position on a pull-back. This is a good place to scale into the position. Watch for this on H1 and M15.
Do you have any tips to help in avoiding false breaks? From my brief introductory readings of Nison, he suggests that long-bodied candles (relative to the preceding candles) which break through S&R are a good indication of a clean break. My experience with entering on a re-test is that it can be a risky proposition, which might see you miss an entry altogether, or even ride it back through the S/R the wrong way. I know it's about a level of positive expectancy, but my experience on retest entries has not been great :/

Quote
I know I'm fortunate and I hope to give as he has given to me. BTW, he was the first one to make a payment on my website (within minutes of me setting up paypal). He donated some money to shout me a beer
Awesome Oh I could so do with a beer right now. Actually some food too. I've got a craving for beer-battered barramundi which there serve at a pub down the road. Totally going there now
  • #484
  • Jan 17, 2010 4:18am Jan 17, 2010 4:18am
Quoting Mindsphere
Mm interesting! You seem to only post videos & pictures of the M15 chart for analysis purposes though? I'm also wondering - in these examples - http://www.forexfactory.com/showpost...&postcount=445 or http://www.forexfactory.com/showpost...&postcount=446 - those S&R lines are drawn manually (I'm guessing), and the H/L's of M5/M15/H1/H4 aren't showing on the chart. Do you use them as guides, then draw the lines on, then turn them off in the dashboard options?
Come to think of it, you are right .. most of my videos have been M15. Probably because I usually 'sit' on M15 most of the time.

You are noticing that I'm undressing more and more ie getting closer to naked charts. I made sure all the items that display on the main chart can be turned on/off dependent on how much experience a person has eg I don't need to show fractals any more. My older screen shots and videos showed them.

Now I'm more interested in drawing 2-3 lines max ... usually the closest Resistance and Support and maybe a trend line for good measure.
  • #485
  • Jan 17, 2010 1:32pm Jan 17, 2010 1:32pm
Hi,

I also had a problem trying to put the pipware-charts-v4.0 onto my charts and any method of trying to put them on failed and just did nothing.

The problem was the download of the file was corrupt. I had originally used Chrome to download the files which ended up corrupt. I downloaded again with IE and they worked after that.

My first post here so - congrats to Stratman for some great indicators. I really like the dashboard and nice videos.
  • #486
  • Jan 17, 2010 2:47pm Jan 17, 2010 2:47pm
I have buy your Dashboard because i think you must feel that we respect your work and i will hope you stay a long time here . Greetings from Germany .
Arno
  • #487
  • Jan 17, 2010 4:47pm Jan 17, 2010 4:47pm
Quoting stratman

Live account opened for this thread





If you are reading this, odds are that you aren't consistently profitable yet. I want this thread to be a safe place for you to learn. I recommend that once you understand the very basics you should get a small live account and practice with that.

What do I mean about the very basics? Go to babypips school and don't do any trading until you read the lessons (they are free). I'm serious ... do it now. Then use a demo account...


Great initiative! Great transparency!
  • #488
  • Jan 17, 2010 7:24pm Jan 17, 2010 7:24pm
Yes Sir, that's what it is, watch THV in low TF's in those areas.

Quoting stratman
Yes and No . SR is not exactly the highs and lows. It is a range.
  • #489
  • Jan 17, 2010 7:30pm Jan 17, 2010 7:30pm
Correct, you don't have to lose your shirt while learning FX but you need to get customed to lose and win MONEY and not virtual money.

Once you get it and want to upgrade your account it will not be a big change as you learned with REAL money.

Quoting stratman
After you understand the trading basics and learnt how to place trades on your trading platform, get a small live account. Maybe $100 USD or $1000 USD. The amount you choose may be more, but it must be enough for you to feel the psychological 'pain' of trading without losing your shirt


I got the idea of using a live account (instead of demo) from Cobra (thv thread). I was fortunate enough to get some one-on-one tuition from Cobra and I'm very thankful to him for that.

For the first six months, our goal will be to grow...
  • #490
  • Jan 17, 2010 7:34pm Jan 17, 2010 7:34pm
You've been an excellent student and cought things pretty fast, it was a pleasure to work with you. (Still things to come but Cobra is very, very busy right now)

Quoting stratman

I was fortunate enough to get some one-on-one tuition from Cobra and I'm very thankful to him for that.


For the first six months, our goal will be to grow this account by 10% per month and never have more than 20% drawdown in any month. Cobra has given me this challenge as he considers anyone who achieves this to be successful at trading.
  • #491
  • Jan 17, 2010 7:35pm Jan 17, 2010 7:35pm
I've just made a video on money management. Please watch it here on youtube.

This is a summary of what was determined from the video:

Starting Equity: $100 USD

Goals: In a 6 month period we will increase our account by 10% per month with absolute maximum drawdown of 20%

This month: Increase by $10, but equity not to go below $80.

Based on using 17 trading days per month (to allow time off) we require a average profit of $10/17days ie $0.60 per day

Target pips per day: 20 pips/day

Therefore, each pip should be worth $0.60/20 ie $0.03 per pip.

So for xxx/USD pairs we need a $300 lot size ie 0.003 lots (if your standard lot size is worth $100,000)

Max trade size ever 2% of equity ie $2.00 eg for $0.03/pip the max stop loss will be ($2.00/$0.03) = 66 pips
  • #492
  • Jan 17, 2010 7:44pm Jan 17, 2010 7:44pm
Hi Stratman,

You are starting to see price my friend ... and with it price action .... happy for you....

Just to share and state the obvious.

For a trend to go up, there must be HH and HL. Conversely, for a trend to go down, there has to be LL and LH.

For possible reversal in an uptrend, look for a LH followed by a LL. Conversely, for possible reversal of a downtrend, look for a HL followed by a HH.

Cheers,
CaveMan

Quoting stratman
You are noticing that I'm undressing more and more ie getting closer to naked charts.
  • #493
  • Jan 17, 2010 7:55pm Jan 17, 2010 7:55pm
Cobra,
Where's my one-to-one?

Stratman,
Thanks for the Dashboard. Great that you took up Cobra's challenge to do what few would even dare think of. Showing and teaching via real live account trading instead of demo account.

I will be sticking around to contribute what I can.

Cheers,
CaveMan

Quoting cobraforex
You've been an excellent student and cought things pretty fast, it was a pleasure to work with you. (Still things to come but Cobra is very, very busy right now)
  • #494
  • Jan 17, 2010 8:02pm Jan 17, 2010 8:02pm
Quoting stratman
95% of you will not want to hear this ... but I firmly believe that the majority of people who fail in forex are using a 'profitable' strategy.

Read that again so you are clear on what I just said

I will use an example ... THV is a profitable strategy and you don't have to pay any money to learn to trade it .. there's strict rules and a helpful forum etc. But how many people continue (long term) using THV profitably?

Let's do an exercise ... how many people are viewing the THV thread right now? There's 24. Of...


The idea behind your post is very good.

To realize that one can do bad tradings with good systems has to be understood.

Some systems are totally mechanical, one have not to think; just wait the 3-5-6 conditions are met for entry and.. GO! No more rules; many times this systems are on EA, and in both cases there are for sale. Generally those "products" are for M30/H1/H4/D1 TFs.

THV is a scalping system and guide line, not such an immediate thing. Scalping is usually a trading style that requests longer concentration and better skills than the majority of trading styles. The trader have to be very "active" in front of the monitor. Psycologically maybe is also harder.... For newbies may it could be not so easy in the beginning; scalping (THV use) requires a very good FOREX basic (and not so basic) knowledge.

I've met THV thread about 5 mounths ago. I liked and shared it to some friends, also traders. After some time, I've realized that they had understood THV in different ways (me too), trading it in very different ways on the same TFs and all them were keeping in mind there were trading THV.

In the THV thread, I saw many people posting for ask acknoledgments for how to trade THV. I believe that big part of the readers can't understand how to apply it, in particular the beginners who lack basic good trading sence. They find a lot of contradictions or missing known parts while operating. Maybe a new edition of the THV manual may help some of them. I am sure that the majority of the readers can't touch the essence of THV without some kind of effort.

I found the dashboard very usefull to undergo THV and see it also as a perfect "bridge" between the forex context ("what is happening aroud in the chart") and our THV trades or scalp trades.
  • #495
  • Jan 17, 2010 11:31pm Jan 17, 2010 11:31pm
This is the kind of price action I look for. This is not a 'confirmed' break but if it closes above the line, we look to a pull back, then continuation. That would be the best confirmation.

Attached Image (click to enlarge)
Click to Enlarge Name: ej-H1.png Size: 23 KB
  • #496
  • Jan 17, 2010 11:42pm Jan 17, 2010 11:42pm
GU is at one of my points of interest. Because PA is above the compass we are only looking for a long trade. We need confirmation before we enter.

See how it is right on the S/R line? It could go either way ... this is where we start watching. We could scalp a short but this would be very risky ie counter-trend (we are only 16 pips away from the compass)

We want to go long once all the confirmation is there ie close above the line, fractal breaks and thv rules.

Attached Image (click to enlarge)
Click to Enlarge Name: GU_H1.png Size: 66 KB
  • #497
  • Jan 17, 2010 11:43pm Jan 17, 2010 11:43pm
Hello Stratman,

I've been wondering... Is there anyway to make the dashboard so that it can be displayed vertically? That way I'll actually be able to fit this onto my chart (as you've seen my setup, I split my screen with 2 charts, if displayed horizontally, the dashboard does not fit...), where then I'll be able to attach it to the left side of my main window. But I guess that might be hard since the market hours and data are displayed/lined up horizontally... Hmmm... Still, i wonder if this would somehow to possible. haha, I suppose once the Trix indicator is updated, I'll be able to just use that to get rid of that right gray zone and be able to just make my M5 chart smaller and M1 chart bigger with all the dashboard correctly displayed without any candles hidden. ^^" Never mind then, I'll just wait for the Trix to be fixed lol.

Thanks.
  • #498
  • Jan 17, 2010 11:47pm Jan 17, 2010 11:47pm
Hey stratman, First time poster . Reading and learning alot. I have a question, I just bought the Dashboard and I live on the east cost ,eastern stantard time, my broker IBFX has a -5 hour gmt , I set the db to -5 broker time and nz, japan, and Hong Kong were all out of order with the opening and closing times, I still have a time err of sec 180002.
How could I correct this, or could you direct me to a post on how to fix this?This is a wonderful indicator , just need lots of practise. Thanks in Advance in Advance
fishman356
  • #499
  • Jan 17, 2010 11:49pm Jan 17, 2010 11:49pm
I'll have a look at possiblities
Quoting Nobitacu
Hello Stratman,

I've been wondering... Is there anyway to make the dashboard so that it can be displayed vertically? That way I'll actually be able to fit this onto my chart (as you've seen my setup, I split my screen with 2 charts, if displayed horizontally, the dashboard does not fit...), where then I'll be able to attach it to the left side of my main window. But I guess that might be hard since the market hours and data are displayed/lined up horizontally... Hmmm... Still, i wonder if this would somehow to possible. haha, I suppose once the...
  • #500
  • Jan 17, 2010 11:53pm Jan 17, 2010 11:53pm
Quoting stratman
I'll have a look at possiblities
Thanks Stratman, I'm sure it'll help out many others to be able to do that as well. ^^
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