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  • #661
  • Jul 16, 2010 6:21pm Jul 16, 2010 6:21pm
Quoting marcopq
I do not like something, you do not use stop loss, then there is the strategy to be unfounded. Draw down terrible.
http://www.myfxbook.com/members/triggFX/250--day/40405
Good trades
Hi marcopq
If you use MM you will always stay out of trouble,...believe me!
Feel free in taking your important stop losses.

Good luck!

Kindest regards
trigg
  • #662
  • Edited Jul 17, 2010 5:18am Jul 16, 2010 6:31pm | Edited Jul 17, 2010 5:18am
Quoting bergax
if I can make up to 30% monthly, I will dont care if I have DD or floating loss 20-30%, everybody has own rules of trading.

trigg or hoss, can I ask you how u avoid this sick 50-100 pips movements on eur-usd without any retrace? Thanks for answer

P.S: I try to follow all rules, but after 1-2-3 waves sometimes when I look for turning point this movement happens and I cannot predict it.

Regards
bergax
Hi bergax

I minimize this problem with hedging and try to reduce the possible loss rate with a multiple time frame analysis before I go in a M1 trade & take a look at the daily pivots.

I hope hoss will give his arguments here on board next time.

May be we talk not about the same just now. In my mind it isn't possible making a loss around 50-100 pips in ordinary market environment (without news, and so on...) with a M1 strategy, whatever M1 system you trade - absolutely not possible. I think M1 trading is per definition a trade in a 2-15 pip range. If you let your wins or losses run it's okay but then it isn't M1 anymore, may be M5 or M15. Could you post one example with a chart here on board, please,... then we all here can discuss it.

Kindest regards
trigg
  • #663
  • Jul 16, 2010 8:56pm Jul 16, 2010 8:56pm
Breakouts over 80 or under 20 are very common and can catch you out easily even with all the correct entry stategies in place.I watch carefully at the Bollinger Bands and if the stock looks to be going to run in a parobolic manner exit.In a ranging market it is possible to trade between the BB lines quite well.One thing that is important is the 200 ema ....this acts like a magnet and I have become to rely on it because it is very reliable and as Hoss says price always reverts back to it.
  • #664
  • Jul 17, 2010 5:16am Jul 17, 2010 5:16am
Quoting siboy
Breakouts over 80 or under 20 are very common and can catch you out easily even with all the correct entry stategies in place.


Quoting siboy
I watch carefully at the Bollinger Bands and if the stock looks to be going to run in a parobolic manner exit.In a ranging market it is possible to trade between the BB lines quite well.


Quoting siboy
One thing that is important is the 200 ema ....this acts like a magnet and I have become to rely on it because it is very reliable and as Hoss says price always reverts back to it.
  • #665
  • Jul 17, 2010 5:20am Jul 17, 2010 5:20am
Quoting trigg
Hi bergax

I solve this problem with hedging and reduces the loss rate with a multiple time frame analysis before I go in a M1 trade.

I hope hoss will give his arguments here on board next time.

[i]May be we talk not about the same just now. In my mind it isn't possible making a loss around 50-100 pips in ordinary market environment (without news, and so on...) with a M1 strategy, whatever M1 system you trade - absolutely not possible. I think M1 trading is per definition a trade in a 2-15 pip range. If you let your wins or losses run it's...
Thanks for answer Trigg,

I am now on mac, so I will attach picture little bit later. I start looking for trades when price is enough pips from EMA 200, for me it is 25 pips and more. On eur-usd is quite common that price start hesitating and tend to go back to 200 EMA like siboy said. On M1 chart u will see price struggling between 25-50 pips from EMA. I think that is the best time to place orders against trend. We can make thare 2-3 entries with high probability of win.

yep, 50-100 pips loss cannot occur, it is too much for 1M trades. I dont have so big loss, coz I use 10 pips SL, but I am really angry when I get in a bad trade.

Regards
bergax
  • #666
  • Edited 6:31am Jul 17, 2010 6:16am | Edited 6:31am
Nice week end for all!
  • #667
  • Jul 17, 2010 6:20am Jul 17, 2010 6:20am
Quoting bergax
Thanks for answer Trigg,

I am now on mac, so I will attach picture little bit later. I start looking for trades when price is enough pips from EMA 200, for me it is 25 pips and more. On eur-usd is quite common that price start hesitating and tend to go back to 200 EMA like siboy said. On M1 chart u will see price struggling between 25-50 pips from EMA. I think that is the best time to place orders against trend. We can make thare 2-3 entries with high probability of win.


Quoting bergax
yep, 50-100 pips loss cannot occur, it is too much for 1M trades. I dont have so big loss, coz I use 10 pips SL,...



Quoting bergax
... but I am really angry when I get in a bad trade.
Regards
bergax
I understand your feelings well. When I'm feeling absolutely frustrated, and I have thoughts like ..."and then you have to present the draft a second time running back the wins in counterbalancing the losses. So the next hours could be only for that..."and so on... ...I interrupt the trading & make sport & yoga, meditation. That's the reason that I wait with patience for a better chance (likelihood) for entries. I have need several months to learn this important cognitive psychological moment to act cool & not to wail & have must learned for several years how to minimize bad trades.

Keep trying!

Bonne week-end!
trigg
  • #668
  • Jul 17, 2010 8:29am Jul 17, 2010 8:29am
Quoting trigg







I understand your feelings well. When I'm feeling absolutely frustrated, and I have thoughts like ..."and then you have to present the draft a second time running back the wins in counterbalancing the losses. So the next hours could be only for that..."and so on... ...I interrupt the trading & make sport & yoga, meditation. That's the reason that I wait with patience for a better chance (likelihood) for entries. I have need several months to learn this important cognitive psychological moment to...
To add. You can have a system that works in the market, but there are days where the market does not adhere to the rules of your system, this will be the case for ALL systems. It's days like this where you take losses and spend all day trying to make them back losing more and more. It takes a long time to learn to just turn off and do something else. The market will return to normality the next day. Accepting losses is one of the hardest aspects of trading and ensures many are doomed to failure.#

There are so many days where taking money from the market is as easy as going for a crap. Spend your time trading these (numerous) days and ignore the mad ones.
  • #669
  • Jul 18, 2010 7:45am Jul 18, 2010 7:45am
Hi.I've spent the last two days reading this great thread.
i'm a rookie using demo mt4,wanting to use hoss setup.
just a quick question.
For EMA 200.Am i correct in saying this is the moving average trend?
If so,do I need to change any of the parameter settings?period,ma method and apply to?
Thanks
  • #670
  • Jul 19, 2010 1:41am Jul 19, 2010 1:41am
EMA(200) and put to levels distance from EMA like 25 and 50 pips and try to trade in this range.
  • #671
  • Jul 19, 2010 2:17am Jul 19, 2010 2:17am
This is my first attempt at this system.first two orders I failed.
can you give me your opinions how I went wrong?I waited for RSI to hit and placed the order around the 3rd movement after the change.
Is this bad luck or am I doing this all wrong?
thanks
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  • #672
  • Jul 19, 2010 3:41am Jul 19, 2010 3:41am
Good Morning (here in eurupe)

I present to all of you the challenge of trying to trade the range nearer to EMA 200, say within 25 pips. How would you do that? For i am certain it is doable, question is in what way?

When everybody have had a few days to think about it (and some of you already have a way (that is if you are interested of course)) i will give you my sentiment on this.

Happy trading, and watch out for those crazy breakouts (MAs smashing into eachoter) like in the last hour 1.5 hours.
My signature is: "Classified".
  • #673
  • Jul 19, 2010 5:20am Jul 19, 2010 5:20am
This one went a bit better.
I'm not sure if this affected my trade,but I have now changed my RSI period to 8 as it was on 5..
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  • #674
  • Jul 19, 2010 5:31am Jul 19, 2010 5:31am
Quoting bergax
EMA(200) and put to levels distance from EMA like 25 and 50 pips and try to trade in this range.
Would this be correct?and try to trade in between the white lines either side of EMA?
Thanks
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  • #675
  • Jul 19, 2010 7:35am Jul 19, 2010 7:35am
Quoting winty
Would this be correct?and try to trade in between the white lines either side of EMA?
Thanks
Hi Winty

I am wondering where youre EMA 200 is and how far from it youre trades where?
I suggest you read the posts of Hoss concerning his thoughts for rules, and comments about these again. Consider 2-3 months before making break even with a new method/system, very normal.

Happy trading to everybody
My signature is: "Classified".
  • #676
  • Jul 19, 2010 8:37am Jul 19, 2010 8:37am
Quoting winty
Would this be correct?and try to trade in between the white lines either side of EMA?
Thanks

u have 5 digit broker, so u need to put there 250, 500/-250,-500, from yr screen it looks like u use bad values.

Try to focus on one pair, eur-usd is main pair, I suggest you to read this thread once or twice again. It will help you.

Regards
bergax
  • #677
  • Jul 19, 2010 9:00am Jul 19, 2010 9:00am
Quoting bergax
u have 5 digit broker, so u need to put there 250, 500/-250,-500, from yr screen it looks like u use bad values.

Try to focus on one pair, eur-usd is main pair, I suggest you to read this thread once or twice again. It will help you.

Regards
bergax
I agree

Anyway, did you guys get in good around 7:40 NY time?
My signature is: "Classified".
  • #678
  • Jul 19, 2010 9:10am Jul 19, 2010 9:10am
Quoting yaed
I agree

Anyway, did you guys get in good around 7:40 NY time?
I was away, havent been trading...but starting again now, I got 25 pips in the morning during London in just 1-2 hour so no need. I will trade now for 1-2 hour and then quit for today.
  • #679
  • Jul 19, 2010 9:19am Jul 19, 2010 9:19am
Quoting bergax
u have 5 digit broker, so u need to put there 250, 500/-250,-500, from yr screen it looks like u use bad values.

Try to focus on one pair, eur-usd is main pair, I suggest you to read this thread once or twice again. It will help you.

Regards
bergax
Ok thanks,I only just started about 2 weeks ago,so I am still trying to work things out.so all the help is much appreciated.
At the moment I am placing orders with Oanda but using mt4 to watch the charts as I like it better for that,but i like the order process more with Oanda
I will re read the whole thread again tomorrow..
  • #680
  • Jul 19, 2010 3:31pm Jul 19, 2010 3:31pm
Attached Image


my first trade in the morning, buy at DS1 and -1/8

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sell at 2/8 according RSI(8)

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one more sell at 2/8 according RSI(8), bit risky

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last trade at 8/8 after huge up movement, EMA(200) helped to avoid bad trades and not to enter early.

P.S: Thanks to trigg for lovely template, I like the colors and visualisation

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