Graeme thank you so much for all your time and wisdom. Most would agree that we are in awe of you as a person and trader. You have given us more than enough ,it is over to us now. All blessings to you mate .
Thanks for teaching myself and the majority of viewers how to trade Long term. But remember in the world humans are all different . Example: some full grown adults still have the brain of a 10year old , so educating them to a high standard of adult education will be very very hard.
Dont rise to their bait !! - and to all the 10year olds educate yourself by reading the thread at least two times before giving your opinions / questions.
Ps. We all / most are awaiting our next the next lesson !!
This is from post 47 I would say you should review few post back and notice the building and collect legs system
Puede usar google translate si idioma es el problema cuando seleciona el parágrafo google le traduce
Above 2 weeks made me 10 legs.
To establish these 10 legs I made few sloppy entries that cost me a total -300 pips. I will write this down.
5 buy positions and 5 sell positions. Call this group a10.
Some legs die fast from the price fluctuations. Some legs continue battling out.
I will let this group a10 to settle down for a week or two or more. Basically letting the market decide their fate. Lets just say the main weekly trend has been down for the last 8 months.
1 week later - position 1,4 of buy still alive
position 6,9,10 of sell still alive
**I dont need to look at my capital balance or equity yet
2 week later - position 1 of buy still alive
position 6,9,10 of sell still alive
3 week later - only position 6,9,10 of sell still alive
but.. it doesnt stop here. Cause whilst group a10 has been fighting it out, I was collecting more positions and had another group b10. And this time I was more sloppier with my entries and lost -400 pips to establish group b10.
Now b10 had positions both in buy and sell as well cause all I ever do is just follow the flow of the market.
Fast forwading few weeks, out of the positions in group b10 only 2 positions survived, peach and watermelon.
I will now diversify my groups and add a10 and b10. someone can tell me where open trades are closed?[/quote]
Hello Graeme, PAGE ONE Quote: I do not wish to participate in any ego-measuring contest, babysitting, or downright arguments. No need to prove myself to anyone. What is offered is what you will get if accepted as is.
I welcome questions and I will answer your question if I find that it will also benefit other readers. End quote. This is your post, time & talents! You're successful in business and in the forex. Don't let a few negative Pips (Comments) take you OUT! If you're not happy with a comment, ban the user! Were here to learn and agreed with page one Hell, you're Superman Remember! Many thanks
PipEasy, can I pose a question?
If someone - anyone - was able to generate 3 x R:R 1 to 1 trades per day, there would be no need to even worry about long-term trends.
If your entries are as good as this, why do you trade with the elaborate groups, counter-trades and longer-term trends? Trading 1:1 alone could get you an increase on account of at least 700% in a year compounded, without any long-term trade management?
Hell, I'm all for following trends, but I just don't get the necessity in this instance - for most mere mortals, the trend...
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Please read carefully (and with good positive intention) before posting question.
Anyone who make 3 x R:R 1 to 1 trade per day cannot make 700%. The math is not that simple.
In some days, you lost 1 trade to make 3 wins, some other day you have 6 loss to make 3 wins.
I hope you didnt think when Graeme says 3x RR per day ... that means he can do it without any loss at all ?
Graeme suggested 3x winning trade perday as just a practise . That was just a practise to feel the market. In actual trade, trader still need to move SL to BE and many other things ...
On the beginning of this thread you said that the money management is one of the (paraphrasing) cornerstones of a successful trading. This is why I would like to set a good money managing plan before I start of with this system.
I will sketch what I had in mind, and could you point me in the right direction and say what could be better?
From the back testing I saw that opening two positions instead of one (one of them has hard stop loss on -100 and hard TP on +100) and the other is closed in the future when I see that it is ready to be closed....
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Hmm let me help you with this. Seems like Graeme will be away for a while. I really hope he comes back.
20 pairs is way too many pairs. Pick 5-7 major pairs. I promise you will be very2 busy.
Make your position so that its 0.5% risk per position.
If you need more money ... diversify .. realize your profit .. but like Graeme says .. never close all position.
Hmm let me help you with this. Seems like Graeme will be away for a while. I really hope he comes back.
20 pairs is way too many pairs. Pick 5-7 major pairs. I promise you will be very2 busy.
Make your position so that its 0.5% risk per position.
If you need more money ... diversify .. realize your profit .. but like Graeme says .. never close all position.
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You read my mind. 0.5% risk per trade is pretty much what I do. I look at the 12 majors going from most to least active pairs. Not saying it's the right way or the best way to do it. Just sayin that's what I do.
It seems we need a new forum where people are not judged on vouches and number of posts. A silly system, and is likely why most are here.
Perhaps someone should start a forum with verification such as mt4stats as a requirement to join and/or post.
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Would that really fix the problem! Beside these forums are open to interpretation. If you dont like what you see then you can move on and if you want to start a thread you have the options of limiting access to people. You can have it so that you require a certain number of vouches to be included (or have the OP give you permission) but all that does is limit so of the clogging that appears because people just want everything handed to them without doing any of the work for themselves.
Just because you set up a new forum with requirements does'nt mean that people wont find ways around those requirements, and let me give you an example. There are plenty of people out there who can achieve fantastic stats on MyFXBook and MT4 stats who have no clue as to what they are doing and/or they have managed to be lucky or had favourable market conditions for a couple of months. Most of these wont be around by years end and most will drop there system/strategies as soon as they start to fail and then start posting in someones threads asking for the answers. Before you know it you have the problems that arise in any forum regardless of how difficult you want to make the entry criteria.
Take the information that is given for what it is worth and test,test,test and test somemore to see if it works for you. Thats all we can do...
This thread has given me some food for thought. My personal trading has me holding positions for months, but I have a drawdown problem.
What you wrote in post #340 gave me an idea for a different way of handling my multiple entries and SL.
Quote:
If you cannot be bothered doing the hard work of perfecting your entries, then here you go.
Entering a position at every .00
1. If the price is coming down from last .00, then enter 2 sell positions, 1 position at take profit 100 pips and other position has no take profit. Both positions to have stop loss -100 pips. If price reverses from your entry you lose -200pips but then enter another x2 lots of buy positions since price is coming up from .00
2. You let it run. After 100 pips, 1 position will close by taking +100 pips, and the other remaining position is completely free. Dont move the -100 stop loss of the remaining position, this is your free leg.
3. Hopefully this remaining leg will turn into a leg on your millipede.
4. Place a buy stop/sell stop on every .00
Unquote
My entries are made by a different method, which I won't describe, so as not to deflect attention from this thread's method. So I'll describe my new SL method based on .00 and every 100 pips.
You enter at .00 with a SL of 100 pips (as per the above example). You have an entry order at 100 pips profit. If the second order is triggered, you bank the 100 pips profit and set a 100 SL for the remaining order.
This give you a BE trade with two orders, but the total risk is 100 pips, instead of 200 pips, as per the preceding example. The disadvantage is the loss of 100 pips profit, but this is offset by the reduction in the potential loss of 100 pips.
I hope this was of interest and helpful to someone.
Would that really fix the problem! Beside these forums are open to interpretation. If you dont like what you see then you can move on and if you want to start a thread you have the options of limiting access to people. You can have it so that you require a certain number of vouches to be included (or have the OP give you permission) but all that does is limit so of the clogging that appears because people just want everything handed to them without doing any of the work for themselves.
Just because you set up a new forum with requirements does'nt...
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Good Points !! I'd like to add that I also thought that the point of a forum was to help the lesser experienced individuals. If you need to prove that you are already a successful trader by submitting your stats then how (and from whom) are these individuals meant to learn?
At the end of the day, public forums are just that .... "public"... and as a result everyone is entitled to offer their views... whether they are always appropriate is another question.........
I'm working to make the switch from purely 5 min scalp to a longer term trader. To be honest, a hold of about 15 minutes was long term for me, so you can imagine the emotional issues I'm having right now, but i'm working on it.
Something I do is kinda like what was suggested with the 00 system. I always enter with two lots no matter what type of entery I use. The first lot is a pure day trade. I will do my normal MM and get out when it gets out. I look at this as a way to help increase my bottom line and a way to help pay for some of my losses.
The second one is kept on for a longer term like the system is describing. I"ve done it a couple of times on a simulator and has shown good results. Also on the second on, i don't let it go into loss much more than 20 pips. I also like the flow of break outs, let them push us hard in a direction and see if the market will take it somewhere.
Just my 2 pips!
Would like to hear other people's experiences both good and bad. Let's still learn off of each other, that's what the forum is about. Take what you like, leave the rest! no need to argue or try and discredit others just keep a positive flow of information going on sticking to this thread.
Still one of the best I"ve seen on here!
Thanks to all who helped!
A woman drove me to drink, and I forgot to thank her
I have been trading the Forex for the past 7 years and been a member of FF since 2008, however, this is my first post. What many of us have witnessed throughout this thread is what successful traders learned a long time ago - the market is made up of an infinite number of variables making it almost impossible to predict with any certainty. So we learned to let the market come to us. Let's think about these variables - you have millions of traders trading different account balances, trading different time frames (1 minute to 1 month), using a multiplicity of indicators (all giving them different information depending on their particular time frame), using diffferent strategies and setups, trading the spot, futures, and options, using manual and automated systems, involved in retail and institutional, with all degrees of human emotion. Why would any of us think we can compete with all of these variables and choose exact entries and exits in our trading? And while I'm on this discussion, I'll share another couple of truths with you that may be hard to believe. There is no such thing as divergence and back testing as we know it. Mathematically it won't work because its basis and predictability lies in the aforementioned variables. What I believe Graeme was teaching is that we, as traders, must become the "constants" and allow the market (with its variables) to come to us. When we allow this teaching and knowledge to permeate our trading mindset, then and only then will we conquer this beast we call "the market".
Would like to hear other people's experiences both good and bad. Let's still learn off of each other, that's what the forum is about. Take what you like, leave the rest! no need to argue or try and discredit others just keep a positive flow of information going on sticking to this thread.
Still one of the best I"ve seen on here!
Thanks to all who helped![/quote]
Yeah I totally agree, I think we should move on and stick to the essence of what Graeme has very generously shown us all. I for one just stumbled on this thread only yesterday and have read it and reread it. Great stuff here, thank you Graeme. I definitely have had more than my share in losses over the years, but I am doing my best to tame that. Ok so I will post in a while my chart of the second exercise that was given earlier on, I hope it is not too late for that. Regards, Chantal
This thread has given me some food for thought. My personal trading has me holding positions for months, but I have a drawdown problem.
What you wrote in post #340 gave me an idea for a different way of handling my multiple entries and SL.
Quote:
If you cannot be bothered doing the hard work of perfecting your entries, then here you go.
Entering a position at every .00...
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Lot's of ways to do it. I don't like placing 2 orders because I am basically lazy. It's kind of a hassle on my trading software to place 2 orders and duplicated SL etc while price is changing while you are making the second order. I Look for strong s/r on Daily or H4 (which is often .00) and wait for breakouts. When I am stepping out I set a limit order on the other side of the breakout. My SL is always different depending on the particulars of the trade. I usually put it on the other side of the previous s/r on H1.
I always put limit orders a few pips away on the other side of the s/r areas. The big boys know there will be a lot of orders on .00 and will try take them out.
I pretty much only look for breakout trades. I want to go with the flow of the long term trend. I am not interested in swings but that's just me.
The take 2 orders thing is mostly just to reduce the psychological effects IMHO. Mathematically I believe your risk/reward and probability is about the same whether you take 1 or 2 orders. Someone correct me if I am wrong.
