Central Banks & Big Players

i feel ill too this came very close of being an epic win for the weekend... don't worry it will happen again

I´m sure, but only 2 pips................

Pls i want to know more about how to trade "Central Banks & Big Players"?

read the first post my friend

Yes i did, but i don't understand 5sec chart, because my broker only have from 1min-1month chart. Pls what do i do?

i re enter the trade down risking 3pip and gaining 50pip.. I have a feeling it will go down so take the 3pip risk.

Using demo now, may not do the same on live?

You can get 5 sec charts from Oanda: http://www.oanda.com/

Thank you very much....but do i need to subscribe to their service before, or where do i get the 5sec chart on the website?

Maybe not, I never try a system in demo, live is absolutely different, I always try live with small account......

still going down! really must listen to tony...aim 140 instead of 50

As I said, 140 pips lost by 2 pips.....

Lets add another rule? We should re-enter the trade if the price cut back our breakeven point? Limit this to 3 time max and first fifteen min from mkt open?

WOOOOOOOOOW, what a beautifull EPIC WIN........all week waiting for that, and missed.....

rrentry is good but needs a buffer imho

Hi coolshades,

Of course this is worst case scenario.

Initial size of account doesn't matter, what matters is the way you calculate your risk as a proportion of said account.

Now assume 5% of account valuation per 2 pip at risk. After 15 consecutive losses you have reduced your account by more than 50% & this still doesn't address possible slippage.

Tony trades 3 opens per day = 15 trades per week.

The current method is flawed, it is like playing Russian Roulette with 5 bullets in the chamber.

With a bit of lateral thinking you can use the basics of Tony's method to make good money every day.

Regards,

BabeFX

Hi all

This is my first post, although I follow this thread since 2 weeks now. My broker does not allow tight spread, so I consider choosing an ECN broker (not Oanda, since I need to use MT4).

I agree with the idea of re-entering, but Hiiqtrading, what do you mean with a "buffer" ?

I have only two nits to pick on your post and then I am done debating this.


1). I am struggling to remember where tony advocates trading 5% per two pips. His system on the first post does not recommend any risk and leaves that to the trader. If traders are blindly following him and trading 5% risk on small accounts then more fools them, not Tony

2) the system talks about only London and new York open. It doesn't talk about Frankfurt open. If folks trade Frankfurt open they are not sticking to the system

caveat emptor

coolshades,

Of course this is worst case scenario.

Initial size of account doesn't matter, what matters is the way you calculate your risk as a proportion of said account.

Now assume 5% of account valuation per 2 pip at risk. After 15 consecutive losses you have depleted your account by more than 50% & this still doesn't address possible slippage.

Tony trades 3 opens per day = 15 trades per week.

The current method is flawed, it is like playing Russian Roulette with 5 bullets in the chamber.

With a bit of lateral thinking you can use the basics of Tony's method to make good money every day.

Regards,

BabeFX[/quote]

You have it wrong ... with 1:50 leverage max you can risk on 2 pips is 1%
In practice you setup your account to put 99% or 98% of maximum exposure so you risk slightly less than 1%

anyways with some entries being BE some being 1 pip and some being 2/3 pips you should get many trials ... and if you have guts to wait for 140 pip move this will add ~70% to your account. With 80 pip move (most people will not wait for 140) it'll be 40% added to your account.

I think as long as you don't loose more than 20-30% of the account you should be fine ... assume you have 100 USD account for simplicity.
You loose 30% -> 70 USD left. Then you win the 80 pips so 1% of 70 is 0.7/2 pips = 0.35 per pip * 80 = 28 USD

so you're almost back to BE at 98 USD of the account size

in practice loosing 30% should be hard if you have some experience with the method ... and be patient; I agree multiple reentries especially on London open should increase the profitability of the method

now imagine if you have two 80 pip streaks one after another ...

account size 100 USD 1% risk = 0.5 USD/pip x 80 pips = 40%/40USD so account to 140 USD
then another 80 pips 1% risk = 0.7USD/pip x 80 pips = 40%/56USD so
account now is at 196 USD almost 100% of the profit

so from this it's evident it's good to wait for more than 80 pips moves ... which would benefit much more to the account ...

your thoughts ?

Also if the profit goes to say 25-30 I'd also think about locking 2-3 pips for the next bullet if not 5-6 pips ... but that's due to the debate ... maybe after the first retest ... in case the trend reverses 100% degrees


your thoughts ?

because most people will also not make money with this method like with all other methods they have tried and will try.

90% don't stick with the plan, latest if they loose many times in a row.
Then they "adjust" something.
For exampel: Not the first but the second candle, not 5 but 10 sec candle, trading the opposite of the first candle and so on....)

So they always "optimize" the system to the last few trades.
90% will always do so - and will never make money.

So this thing here is not better or worse than any other method.
And over all Oanda will earn money with this method and has no reason to chnage it's rules.

F*** me I missed it again!!!!

Did anyone trade NY?