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  • #1,501
  • Apr 12, 2010 3:29pm Apr 12, 2010 3:29pm
Hey members, received this email today from a guy selling his trading services.
We have to be thankful for the help Rob has given us with videos, this forum and now on Skype.

The email as follows ....

"

Dear trader,

To trade the markets successfully,

it is not nearly as important to learn trading systems

as it is to learn the right trading mindset.

To develop the right mindset one can go through years

of losing - or find the right mentor to learn from.

http://www.

You can take a week with me at no cost, learning about

my program, while getting a feel for how I trade and

how I teach.

Then, decide if you want to invest in the mentor program,

which is $2,500 for everyday, one on one training for up to

three months.

Good Trading,


Signed....xxxxxx

  • #1,502
  • Apr 12, 2010 4:18pm Apr 12, 2010 4:18pm
Quoting deano1292

Then, decide if you want to invest in the mentor program,
which is $2,500 for everyday, one on one training for up to
three months.

Sounds like a bargain. How do I sign up?
  • #1,503
  • Apr 12, 2010 6:12pm Apr 12, 2010 6:12pm
Here is the template for the chart I posted earlier using the basic TDI.
Attached File(s)
File Type: tpl 1+3TDI.tpl   106 KB | 440 downloads
  • #1,504
  • Apr 12, 2010 8:18pm Apr 12, 2010 8:18pm
thanks !!!
  • #1,505
  • Apr 12, 2010 9:04pm Apr 12, 2010 9:04pm
I have occassionally registered for 'free' webinars and then my inbox becomes full of marketing materials for $5,000 mentor programs.

I don't want to put people off using mentors ... they serve a purpose. You just need to be very aware of your return on investment. A person with trading capital of $100,000 may fair much better with one of these kinds of mentors? With $10,000 or less capital, you may be disappointed.

Firstly, if I was to pay that kind of money for a mentor program, the minimum I would expect is a live feed of their trades. This way I can analyse what trades they took and compare them to what the mentor teaches.

I can determine what return they make ie % growth in equity over time. If I pay $5,000 and I start an account with $10,000 equity .. how long will it be before I get my money back?

Let's do the math. Let's assume you get 20 trading days per month ie allowing for weekends and some days where you can't trade or you need to make up some 'loss' days.

Let's say the mentor shows a history of 10% return per month.

To get 10% return over 20 trading days, you need to gain approx 0.5% equity per day. If we compounded this ie re-invested our return, it would take approx 80-100 trading days to return your $5,000.

In reality, it will likely take much longer .... you probably have a day job, so you have less opportunities to trade than your mentor does. You will also suffer losses beyond what the mentor does while you learn.

The main thing is that you would be very unwise to use your full trading capital while learning. Maybe you would start as I suggest with a $100 live account. You need to factor this small account trading time into your return on investment.

Quoting deano1292
Hey members, received this email today from a guy selling his trading services.
We have to be thankful for the help Rob has given us with videos, this forum and now on Skype.

The email as follows ....

"

Dear trader,

To trade the markets successfully,

it is not nearly as important to learn trading systems

as it is to learn the right trading mindset.

To develop the right mindset one can go through years

of losing - or find the right mentor to learn from.

http://www.

...
  • #1,506
  • Apr 12, 2010 9:15pm Apr 12, 2010 9:15pm
While I was away on our west coast (last 4 days) I had a problem connecting my main trading laptop to the internet via my mobile. I was able to get another laptop going ... but without my metatrader indicators ie the dashboard. I managed to get my oanda account connected.

I suffered repeated interuptions as my internet connection kept disconnecting.

Anyway, I still tried to trade. My target is 2.4% per day (24 pips). Without the dash, it felt like I was blind. I tended to over-trade. Also the dying internet connection meant that my 10 pip stop was hit on trades that I would have closed for smaller losses. I got up to 2.3% at one point but ended the session on 1.6%.

I am back at home/office now so should be better today . I need to make up my missing 8 pips from yesterday ... so target today is 32 pips.

NOTE: I am currently risking 1% per 10 pips ... 10 pips being my largest stop loss setting.
  • #1,507
  • Apr 12, 2010 9:48pm Apr 12, 2010 9:48pm
Thanks Stratman,

I tried with CombinedOn = False. Still no luck.

I have attached my template. Maybe when you get a chance you can take a look at it on what am I doing wrong.

Thanks,
Jim



Quoting stratman
Try CombinedOn=false

CombinedOn will require other conditions to be met as well as fractals dependent on what you have set. As I don't know what your other alert settings are I suspect that this is the problem.
Attached File(s)
File Type: tpl #ff.tpl   42 KB | 295 downloads
File Type: mq4 Rads MACD.mq4   3 KB | 330 downloads
  • #1,508
  • Apr 12, 2010 11:11pm Apr 12, 2010 11:11pm
The timeframes are AND'd together ie with this template you would get an alert when M15, H1, H4, D1 & W1 are all same direction (same colored arrows)

Maybe you are thinking an alert occurs when M15 or H1 or H4 or D1 or W1? (rather than 'and').

AND is the only way the alerts work. Doing an OR is quite complex ... I may add this feature to a future version of the dash.


Quoting 94315jim
Thanks Stratman,

I tried with CombinedOn = False. Still no luck.

I have attached my template. Maybe when you get a chance you can take a look at it on what am I doing wrong.

Thanks,
Jim
  • #1,509
  • Apr 12, 2010 11:40pm Apr 12, 2010 11:40pm
You are right that I was thinking the alerts occur when there is a fractal breakout on one of the TFs. I didnt know the fractal alerts were and'd together.

Thanks a ton

Quoting stratman
The timeframes are AND'd together ie with this template you would get an alert when M15, H1, H4, D1 & W1 are all same direction (same colored arrows)

Maybe you are thinking an alert occurs when M15 or H1 or H4 or D1 or W1? (rather than 'and').

AND is the only way the alerts work. Doing an OR is quite complex ... I may add this feature to a future version of the dash.
  • #1,510
  • Apr 13, 2010 2:37am Apr 13, 2010 2:37am
Entered two trades today and both went wrong. Not sure whether I was trigger happy or good entry but went the wrong way
EJ Short at 126.03 and SL hit at 126.22
AU short at 0.9250 and SL hit at 0.9265
In both cases break of trend line, Trade away from the MA and Stochs above 80% and curving down when trade entered.

Can the established traders give their views on the entries.
Cheers
Novice
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AU.PNG Size: 43 KB
Click to Enlarge Name: EJ.PNG Size: 42 KB
  • #1,511
  • Apr 13, 2010 10:21am Apr 13, 2010 10:21am
Very nice to answer that fast!

I downloaded a TDI plug somewhere but it does not seem the right one. Do you have a download link although this is not yours? I have the Synergy TDI too, I only need yours for your templates.

BTW with 8 currency pairs to trade I have 8 small windows open packed with dashboards. That slows down my dual Athlon 4400 tremendously. What could be a sufficient machine? Or are other things important too like RAM or graphics card?
  • #1,512
  • Edited 1:25pm Apr 13, 2010 12:04pm | Edited 1:25pm
Quoting novice198
Entered two trades today and both went wrong. Not sure whether I was trigger happy or good entry but went the wrong way
EJ Short at 126.03 and SL hit at 126.22
AU short at 0.9250 and SL hit at 0.9265
In both cases break of trend line, Trade away from the MA and Stochs above 80% and curving down when trade entered.

Can the established traders give their views on the entries.
Cheers
Novice
Hi novice198. I haven't been around the last couple of weeks so I'm only just catching up on stratman's latest lessons on the MA trading. However, I believe the problem with your entries is that you shorted when the fast MA was flat or slightly sloped upwards. You should only short when it's pointing down.

Take my advice with a pinch of salt though, as I'm only starting to go through the videos on the trading style now.

Edit: Actually, I'm now a bit confused. While stratman reiterates that the MA must be pointing in the right direction in the first video for the MA method, in later videos he shows examples where he has ignored the angle of the fast MA. Can you clarify this stratman? Thanks!
  • #1,513
  • Apr 13, 2010 3:29pm Apr 13, 2010 3:29pm
Quoting novice198
Entered two trades today and both went wrong. Not sure whether I was trigger happy or good entry but went the wrong way
EJ Short at 126.03 and SL hit at 126.22
AU short at 0.9250 and SL hit at 0.9265
In both cases break of trend line, Trade away from the MA and Stochs above 80% and curving down when trade entered.

Can the established traders give their views on the entries.
Cheers
Novice
The problem was that we had eur news after you took shorts and news pushed eur up. See these long bullish candles on the right (eurjpy chart).

Hope that helps.
  • #1,514
  • Apr 13, 2010 4:03pm Apr 13, 2010 4:03pm
I am unsure if TDI is a commercial product. I think Dean Malone of Compass FX promotes it? I included the TDI ability as many have asked for it. Those people will have to provide you with a link as I don't want to end up in a similar situation to what happened with Craig Harris.

Regards performance .... I don't know how you cope with 8 pairs . I only have two with the dashboard on them (EJ and GU). During testing, I have had 16 MT4 installations running with a dashboard in each with very little CPU usage so not sure why you are experiencing performance issues with 8.

Quoting CandleStar
Very nice to answer that fast!

I downloaded a TDI plug somewhere but it does not seem the right one. Do you have a download link although this is not yours? I have the Synergy TDI too, I only need yours for your templates.

BTW with 8 currency pairs to trade I have 8 small windows open packed with dashboards. That slows down my dual Athlon 4400 tremendously. What could be a sufficient machine? Or are other things important too like RAM or graphics card?
  • #1,515
  • Apr 13, 2010 4:14pm Apr 13, 2010 4:14pm
I suspect news was the cause of the large move against you. I think the entries were OK but I don't agree with the stops you had.

You lost 15 + 19 pips over two trades ... 34 pips. Your stop should be on the opposite end of the previous closed M5 candle or 10 pips ... whichever is smallest.

Looking at your M15 chart (the one you posted), your stops could have been way smaller. Losing trades are possible with any strategy and our job is to make those losses as small as possible.

Look to history of your trading to see your stats. If I assume you have a win/loss ratio of 50/50 and you gain an average of 15 pips per winning trade, you will be down 4 pips if you manage to win the next two trades.

Money Management is the key to winning in this game

Quoting novice198
Entered two trades today and both went wrong. Not sure whether I was trigger happy or good entry but went the wrong way
EJ Short at 126.03 and SL hit at 126.22
AU short at 0.9250 and SL hit at 0.9265
In both cases break of trend line, Trade away from the MA and Stochs above 80% and curving down when trade entered.

Can the established traders give their views on the entries.
Cheers
Novice
  • #1,516
  • Apr 13, 2010 4:23pm Apr 13, 2010 4:23pm
'Flatness' of MA's should always be a considered but it's very hard to give an exact rule on this. Weighing price action with the MA's is where we need to be.

What I mean is that all factors are considered to determine the probability of a trade being successful. A flat MA definitely makes the trade higher risk but price action may be more in our favor.

In my videos, I constantly talk about conservative and aggressive entries. Extremely conservative would be to never take a trade if the MA is flat meaning fewer trading opportunities.

Quoting Mindsphere
Hi novice198. I haven't been around the last couple of weeks so I'm only just catching up on stratman's latest lessons on the MA trading. However, I believe the problem with your entries is that you shorted when the fast MA was flat or slightly sloped upwards. You should only short when it's pointing down.

Take my advice with a pinch of salt though, as I'm only starting to go through the videos on the trading style now.

Edit: Actually, I'm now a bit confused. While stratman reiterates that the MA must be pointing in the right direction in the...
  • #1,517
  • Apr 13, 2010 5:03pm Apr 13, 2010 5:03pm
Quoting stratman

Money Management is the key to winning in this game
The more I learn to trade forex, the more I realize that Stratman's statement is the absolute truth here. I have a friend who is a hedge fund manager. He told me one day that the best advice he could give me in my trading career was to learn how to play poker. What he meant was this: the key to winning this game is first of all to stay in the game. If you can suffer small losses on bad hands, eventually you are going to hit the jackpot. The difference in Forex is that we don't have to accept the cards we are given. We don't have to trade; we can choose to trade only when we've been dealt a good hand.

Consider this: The really elite traders in this market may only have a 50%-60% winning percentage. This is true. What makes them elite is not some magical indicator, or secret trading strategy, or inside information. It is nothing more than strong capital preservation, high probability trades, and rigorous money management.
  • #1,518
  • Apr 13, 2010 5:18pm Apr 13, 2010 5:18pm
You have been doing your homework .... this is the crucial part to trading.

Here's a quote from one of the other programmers here at forex factory (Ronald Raygun):

The idea is to learn money management by taking random trades and rely on your exits to increase your account ie learn how to cut losers and ride winners.

"Here's a tip for the newbies who are learning to trade.

Ignore all that hype for various systems. Remember--for now--this one fundamental rule: The exit is more important than the entry.

With that in mind, I want you to do the following on a demo account:

1) Toss a coin: Heads long, Tails short
2) Manage the trade as you see fit. If you think the trade is bad, exit.
3) When you exit a trade, go back to step 1.

If you can double your account in less than 50 flips, I consider you a good enough trader to go live. I personally average between 20 and 30 flips, and I do it once a week, on the weekends, trading simulated data."

EDIT: I am doing a video today for using a similator. You can download the simulator here

Quoting Bodhistu
The more I learn to trade forex, the more I realize that Stratman's statement is the absolute truth here. I have a friend who is a hedge fund manager....
  • #1,519
  • Apr 13, 2010 5:56pm Apr 13, 2010 5:56pm
Quoting stratman
'Flatness' of MA's should always be a considered but it's very hard to give an exact rule on this. Weighing price action with the MA's is where we need to be.

What I mean is that all factors are considered to determine the probability of a trade being successful. A flat MA definitely makes the trade higher risk but price action may be more in our favor.

In my videos, I constantly talk about conservative and aggressive entries. Extremely conservative would be to never take a trade if the MA is flat meaning fewer trading opportunities.
Stratman,
Very true. When the MA's are flat. It does make for hard trading. Please let me know if this is a wrong thing to do, or if it works with your stle that you are teaching. But I try to then fall back on a plan-B, which is then, Look for a break of some type of line.
Thanks for all that you are doing for everyone. It will be coming back to you. "Treat others how you would like to be treated." And you have done that.

fxst
  • #1,520
  • Apr 13, 2010 9:45pm Apr 13, 2010 9:45pm
Get the simulator here

Inserted Video
1 trader viewing now