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Trade What You See - Almost Naked Trading

  • #4,101
  • Nov 12, 2010 1:51pm Nov 12, 2010 1:51pm
All you can track your trades using www.mt4i.com

It simply links to your meta trader. Just follow the Instructions.

Have a look at one of my testers

http://www.mt4i.com/users/pcbeast4

You can also password lock it so general public cannot access.

Great for stars and reporting
The Kamakazi
  • #4,102
  • Nov 12, 2010 2:15pm Nov 12, 2010 2:15pm
Quoting Bl888
All you can track your trades using www.mt4i.com

It simply links to your meta trader. Just follow the Instructions.

Have a look at one of my testers

http://www.mt4i.com/users/pcbeast4

You can also password lock it so general public cannot access.

Great for stars and reporting
Thanks Bl888, I'll give that a try.
  • #4,103
  • Nov 12, 2010 2:19pm Nov 12, 2010 2:19pm
Hi Every body, I can see I missed out on a great deal today and yesterday I wasn't able to log in at all.
This weekend I will try to set up my chart with all the requirement from LG and come up with the time to be here since I hold a full time job not going to be easy.
Main time I like to ask if any body would be kind and help me to down load the indicators to my chart.
I know it was explained earlier how it should be done I tried and some how I am missing out on something because it is just not working.

Thank you in advance to whom willing to help, you can message me and we can set up the time in your convenience.

esz
Blessed are they who maintain justice, who constantly do what is right.
  • #4,104
  • Nov 12, 2010 2:55pm Nov 12, 2010 2:55pm
today's roller coaster

Eu short -70; mistake jumping in short before rsi's confirmed as soon as I woke this morning. I may need to watch the market 30 minutes before trading. Mistake#2 is holding it when I saw my mistake. Another hint I should have understood was after the long down move that ended this morning at 10am EST a retrace is high probability. Its going to take several weeks to see the obvious with this simple method.

so:

-70 Eu short
+30 Eu short; got back in on a 3 tap with confirm this time from rsi's

+2 chf/jpy short; weekly weekly rsi turned down for a few hours after being up all week and I was suckered into it; after 4 hours of going nowhere I got out; in hindsight weekly rsi did turn down again and is staying down. Todays price action still confuses me.

+50 Au 3 tap after a pullback

+65 Uchf 3 tap after a pullback

+77 total pips today; that's a WOW for me. Congratulations to everyone for the progress we all made together. This stuff really works.
  • #4,105
  • Nov 12, 2010 3:13pm Nov 12, 2010 3:13pm
Quoting PurePrice
Thanks to everyone for their advice on how to keep track o trades. I didnot think anyone would report their real balance, I was think just demo balance as that is what I thought everoen was trying her, but I guess some people trade this live as well, which I certainly overlooked. My bad.

I will try this myfxbook.com ... thank you for suggesting that.
Keeping track in pips works really well, so long as the lot size is constant. And it provides an OK basis for comparison.

But go back to the example of 3 tap trades with a 50 stop, and BO trades with a 25 stop. Assume a risk:reward ratio of 1. And assume 60% wins for each. With constant lot sizes, the three tap trades are twice as good: they yield twice as many pips. But, if you adjusted lot size so that risk was always the same percentage of your account, then the two strategies would be equally profitable. The Three tap trades would give more pips for the week, but they would do it on lots that are half as large as the BO trades. In terms of actual dollars earned (and dollars risked) the two types of trades would be the same.
  • #4,106
  • Nov 12, 2010 3:19pm Nov 12, 2010 3:19pm
Quoting duffypratt
Keeping track in pips works really well, so long as the lot size is constant. And it provides an OK basis for comparison.

But go back to the example of 3 tap trades with a 50 stop, and BO trades with a 25 stop. Assume a risk:reward ratio of 1. And assume 60% wins for each. With constant lot sizes, the three tap trades are twice as good: they yield twice as many pips. But, if you adjusted lot size so that risk was always the same percentage of your account, then the two strategies would be equally profitable. The Three tap trades would give more...
Agreed. But I didnot want to put so much weight on the BO strategy, so I gave it only half the weight of the 3-tap trade. But, as you menitoned, if you double the lot size then they are equal in terms of dollars in the end. Thanks for pointing that out.
  • #4,107
  • Nov 12, 2010 3:26pm Nov 12, 2010 3:26pm
Quoting PurePrice
Just a little inspiration ... think about it

If you have a $10,000 starting balance in your Forex trading account.
Assuming very minimal risk trading (much like is done in this thread), you would risk about 1% per trade, on a 3-tap 4HR trade this would be about a 50 pip SL....
These compounding games can be fun. At 6% per week, assuming a 40% tax rate, your account would be somewhere just above $2.9 billion. With the 2% risk/trade, you would be placing trades of 5.8 million standard lots. Of course, the slippage you started to get would still be because of your crooked broker. You think Oanda would still be willing to give you 50:1 leverage?

Have a good weekend everyone.
  • #4,108
  • Nov 12, 2010 3:42pm Nov 12, 2010 3:42pm
Law Girl you are doing a Great Job at Teaching us and Managing this thread. I hope you don't get tired of hearing it but your efforts are Greatly appreciated by me and I am sure countless others on this thread. Just needed you to know you have made a very positive difference in my forex trading
Thank You
Jay
Quoting lawgirl21
Well, Jay, unless someone tops 515...beer is definitely on you this week!...
Always Learning
  • #4,109
  • Nov 12, 2010 3:48pm Nov 12, 2010 3:48pm
Quoting duffypratt
These compounding games can be fun. At 6% per week, assuming a 40% tax rate, your account would be somewhere just above $2.9 billion. With the 2% risk/trade, you would be placing trades of 5.8 million standard lots. Of course, the slippage you started to get would still be because of your crooked broker. You think Oanda would still be willing to give you 50:1 leverage?

Have a good weekend everyone.

Sure why not ...
  • #4,110
  • Nov 12, 2010 3:56pm Nov 12, 2010 3:56pm
Quoting PurePrice
Just a little inspiration ... think about it

If you have a $10,000 starting balance in your Forex trading account.
Assuming very minimal risk trading (much like is done in this thread), you would risk about 1% per trade, on a 3-tap 4HR trade this would be about a 50 pip SL. On a BO it is about 25 pip SL.

If 1% = 50 pips SL would equal about $100 loss. That would mean your lot size is 0.2 lots ($2 per lot) which is minimum risk.

Assuming you take about 10 x 3-tap trades per week on average and you have a 60% winning percetage with R:R...
Assuming your first 6 paragraphs above, which are based on very sound MM and certainly doable with the disciple most of us have or will have with a little more experience,

...think of this...let's say that when your account reaches $15,000, you pull $5,000 out of it and use it for monthly bills or take the family on vacation or whatever. This will happen every 6 weeks or so. How many of us couldn't use an extra 5K every so often? This may mean that a spouse would not have to work and could stay home with the kids. Or getting totally out of debt. Or buying that car we might need (or want). Or ___________.

Managing your trading account this way has many, many advantages. First, and I believe most importantly, the trading pressure stays the same, the MM stays the same, and the emotions stay the same. Risking 6% on a $10,000 account is totally different than risking 6% on a $200,000 account.

Another important factor...the time we spend doing this is often resented by our families. There is nothing like handing your spouse $5,000 to spend as they please because of our trading and as a "thank you" for their patience with us doing this! It can change everything....just another way of looking at it.
  • #4,111
  • Nov 12, 2010 4:36pm Nov 12, 2010 4:36pm
Quoting lawgirl21
Assuming your first 6 paragraphs above, which are based on very sound MM and certainly doable with the disciple most of us have or will have with a little more experience,

[b]...think of this...let's say that when your account reaches $15,000, you pull $5,000 out of it and use it for monthly bills or take the family on vacation or whatever. This will happen every 6 weeks or so. How many of us couldn't use an extra 5K every so often? This may mean that a spouse would not have to work and could stay home with the kids. Or getting totally...
I couldn't agree with you more. Especially the part about our families resenting our trading. In my own experience, it's viewed as the equivalent of betting the horses or poker. I'll have to admit, I've lost much more than I've won over the years, which doesn't help my case any, although it's been an excellent tax right-off!

I think after an account reaches $10,000, for every $2,000 gained, pocket $1,000. This way the family (and our trading psychology) is bolstered, and it slows down the account growth so we can take our time getting used to the higher pip values, which can be very daunting.

When all is said and done, it's darn fun! And I can't imagine doing anything else.

See you Sunday for da gap!!!
"Be the change that you wish to see in the world." --Gandhi
  • #4,112
  • Nov 12, 2010 4:37pm Nov 12, 2010 4:37pm
Quoting stevewide
today's roller coaster

Eu short -70; mistake jumping in short before rsi's confirmed as soon as I woke this morning....
This is called Friday : D
Hero calls followed by margin calls...
  • #4,113
  • Edited 6:54pm Nov 12, 2010 6:36pm | Edited 6:54pm
I am new to this forum, only found it last week and read this thread, I have traded demo's and one live acc From a bit over $3K to zero using a black box EA that makes 2 truck loads of cash before breakfast. Year right!!!! I had decided to go back to the kiss system you know, pencil and ruler type thing to see if that would work better. Then I found this site and this thread. Tried the 3 tap thing last night and ended up with $376 in the bag after a few losses. Today I'll go back and read the manual as it were, maybe next week I can cut down a bit on the losses . Any way thanks Lawgirl21 I was on the right track but would not have tried the 3p rsi I was looking at S/R lines for a few hours before London open and pick the trend after the open. Works ok some times.
best to all and thanks from down under in Kiwi land
  • #4,114
  • Nov 13, 2010 2:22am Nov 13, 2010 2:22am
Hi all;
I hope this hasn't been rehashed over and over and I don't irk the veterans of this thread but I've read the first 18 pages and the more charts I see the more confused I get about trendlines. So before I read the remaining 257 pages, I'd like to get clear on drawing trendlines. Attached is the image of where my issue lies:

Q1: Did you, at one point, have the trendline drawn like in top-right image? Assuming the RSI didn't line up for a long trade there, what do you base you decision on to use a different anchor point for the trendline (like the original example shows)

Q2: Why wouldn't the trendline be drawn like in the bottom-left image, in which case tap-3 would have already occurred?

Or... while scanning charts for setups, you first wait for all 3 RSI timeframes to align (since there wouldn't be a trade if they didn't) and then see if there is a trendline to draw 3 taps on and then just find one which happens to be touched 3 times?

My weekend is clear... ready to read
Attached Image (click to enlarge)
Click to Enlarge Name: trendline_setup.png Size: 36 KB
  • #4,115
  • Nov 13, 2010 4:06am Nov 13, 2010 4:06am
any setups for next monday?
Hero calls followed by margin calls...
  • #4,116
  • Nov 13, 2010 6:48am Nov 13, 2010 6:48am
Quoting PhAnTi'
any setups for next monday?
how about eur/jpy ?any comment for this pair?
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 4h.gif Size: 17 KB
  • #4,117
  • Nov 13, 2010 7:33am Nov 13, 2010 7:33am
Quoting holister
Hi all;
I hope this hasn't been rehashed over and over and I don't irk the veterans of this thread but I've read the first 18 pages and the more charts I see the more confused I get about trendlines. So before I read the remaining 257 pages, I'd like to get clear on drawing trendlines. Attached is the image of where my issue lies:

Q1: Did you, at one point, have the trendline drawn like in top-right image? Assuming the RSI didn't line up for a long trade there, what do you base you decision on to use a different anchor point for the trendline...
Hi Holister--All of the TLs you drew are correct. None of them are wrong. Much depends on when you arrive at the pair. The order for focusing in on a pair is first, the 3 TFs in confirmation, then look for set ups.

Look at your bottom left chart..yes, the trade has already occurred, and it was a profitable one. In that case, adjust the TL by moving the line from your bottom first tap...is there a reentry? No, not yet and there may not be...move to another pair, at least for the time being.

There are no correct and incorrect TLs (as long as you know fundamentally how to draw them and you do). All of our charts are different, we are in different time zones, with different feeds. That's why I call this trade what you see, but that is what makes this simple system complicated also, because nothing is exact. But you are getting it, so welcome...

(How did you post those little charts with the writing on the top...I need to know how to do that!)
  • #4,118
  • Nov 13, 2010 8:38am Nov 13, 2010 8:38am
hi LG ,
you can copy a picture of a pair on empty sheet in MS Office, write things on sheet ,and then hit the button print screen....i know for this method.hope it will help you.
Help to be helped.
  • #4,119
  • Edited 7:03pm Nov 13, 2010 9:35am | Edited 7:03pm
Quoting lawgirl21
(How did you post those little charts with the writing on the top...I need to know how to do that!)
Because I'm a new guy, my first few posts get read by mods first and I see you found the how-to for posting chart clips in the meantime. I posted a reply around 6am Sat morning and as of 6pm, my post is still not shown on the thread... So... when this does show up... here's how I did those

(my original reply)
I use open source software which has everything Windows could dream of and more. It's all FREE and source code is open to public. It's a great thing. Anyway... For this, I used a screen capture program with "region" selection ability (here's the basics. If you need more detailed step-by-step, let me know)... So you just:

1. Install "screen capture" program (see sourceforge.net -> "zscreen" (but there are tons)
2. Hit "print screen"... (pops up a window) -> select "region" -> drag window around what you want to "capture" -> save the image
3. Import into something like Office/Draw/ImageEditor, etc... and do your markup
4. do screen capture "region" again and save as jpg/gif/png

Quoting lawgirl21
The order for focusing in on a pair is first, the 3 TFs in confirmation, then look for set ups.
It's either your explanation or the strong coffee... but I think I've got it: In the attached image, all of the T/Ls are correct. Now it's just a matter of waiting to see which one gets tapped the 3rd time and once all 3 RSIs are in alignment... jump in... Right?
Attached Image
  • #4,120
  • Nov 13, 2010 9:40am Nov 13, 2010 9:40am
Quoting Lazar83
hi LG ,
you can copy a picture of a pair on empty sheet in MS Office, write things on sheet ,and then hit the button print screen....i know for this method.hope it will help you.
Thanks Lazar..I'll try that.
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