DislikedHi Bob.
Could you please clarify your L2 entry a bit more. This is my understanding: "We enter with L1. Price doesnt move in our favor within 8 hours of the entry, so we close our trade and dont wait 200-250 pips as we did before. Now, question is: What is our entry point for re-entry? Plus, what level or lot are we using?
ThanksIgnored
Nanningbob 4h trading system ver. 5.0
- #3,441
- Nov 23, 2010 7:01pm Nov 23, 2010 7:01pm
- Joined Jun 2007 | Status: Teach men to fish | 7,384 Posts
- #3,442
- Nov 25, 2010 1:18am Nov 25, 2010 1:18am
My wife and I are going to Bei Hai this weekend and I am thinking of rewriting the recovery system system as a two step process. I now think that you can take the MA cross of the 2x5 anytime you want so you dont have to wait the 200 pips reentry. That will only work however if you have the discipline to cancel out the trade if it doesnt move in the 4-8 hour time period. On several recoveries I canceled out the L2 trade when it didnt move. Some of them were at +5 or 10 and others were -10to -20 but I had the discipline to do it. This really decreased...
- #3,447
- Nov 25, 2010 9:39am Nov 25, 2010 9:39am
no
You just need to understand that your DD is going to get large during these uncertain market times.
There is correlation between many pairs in forex, so if the EURO slides then it will have a knock on affect elsewhere.
Also, the big boys are not participating in the markets very much but rather switching their monies into bonds and safe havens etc. It is them that tend to keep the markets stable overall. So, if they are not participating then you will get strange things happening across the board.
Scoobs.
The pressure has eased up so I am looking better now. Maybe I should have just gone to bed anyway and I could have been more rested today? I have some entries that went into DD from before Bob released the 8 hr rule. Plus this is my first true time trying to get out of DD since I came to this style (5.3) just before 6.0 release and market was trending then I was in DD on demo but I deleted those trades and went to 6.0.
I am also a little nervous about the holidays and "if" I will be able to get out or not.
It is thanksgiving and I am thankful for a lot of things and in terms of trading I am most thankful that I found this thread, that Bob even started it and everyone who contributes. Getting this type of info and everything for free is amazing. some people pay tens of thousands for systems that are not this profitable.
Thank you!!!
- #3,448
- Nov 25, 2010 11:17am Nov 25, 2010 11:17am
- Joined Jul 2009 | Status: Trader | 2,158 Posts
Thank you Scoobs it is good to see you back here btw...I understand all of that but man the DD is hard to swallow sometimes. I had to take my first L1 loss so that ate up some of my profits. but overall I am still profitable for the month and this is the first time in all my 2 years of trading I have been able to be a consistently profitable trader...
I have some entries that went into DD from before Bob...
Nobody likes DD, retail or commercially. But it is part of trading FX. The key is knowing when to cut your negative trades before they start eating into your profits. Again, no indicator can tell you that with any accuracy.
History shows that November, December and January are difficult to trade at the best of times. Add to this the current market problems then DD is going to be a major problem, especially if you are over leveraged/trading etc.
If Ireland's emergency budget passes then expect the EURO and markets to rally somewhat. But if it doesnt then stop trading as the markets could go into freefall with Spain, Portugal and elsewhere economies crumbling. This ofcourse will hit all EURO zone trading partners including GBP and CHF etc.
Just keep going with the system and learn how pairs react to each other.
Scoobs.
- #3,449
- Edited 1:22am Nov 26, 2010 12:37am | Edited 1:22am
Whatever you do, do not pay for information/systems or software. There is no need too and there is not (currently) any system that will work on all pairs in all market conditions. If there were then.......
Nobody likes DD, retail or commercially. But it is part of trading FX. The key is knowing when to cut your negative trades before they start eating into your profits. Again, no indicator can tell you that with any accuracy.
History shows that November, December and January are difficult to trade at the best of times. Add to this the current...
All you say is true...and I am making great strides but I need to learn more. I will watch the pairs and how they interact. the last system was purely technical so I did watch the news at all. I need to get back into the habit of paying attn. I think it is best to understand what is going on in both the fundamentals and the technical side of the trades.
- #3,450
- Nov 26, 2010 5:05am Nov 26, 2010 5:05am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
Hero calls followed by margin calls...
- #3,451
- Nov 26, 2010 5:06am Nov 26, 2010 5:06am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
I paid for 2 systems before this one that I profit with we get for free the guru's who get paid for their systems say "part of paying for my education" not me ....but I know a trader that paid 16k for a system.
All you say is true...and I am making great strides but I need to learn more. I will watch the pairs and how they interact. the last system was purely technical so I did watch the news at all. I need to get back into the habit of paying attn. I think it is best to understand what is going on in both the fundamentals and the technical...
Hero calls followed by margin calls...
- #3,452
- Nov 26, 2010 6:51am Nov 26, 2010 6:51am
- | Joined Nov 2009 | Status: Trader | 1,196 Posts
I paid for 2 systems before this one that I profit with we get for free the guru's who get paid for their systems say "part of paying for my education" not me ....but I know a trader that paid 16k for a system.
Bob has the ability to research the market to the Nth degree and his system is one of the best. I have been trading his system for the last 7 months and I am still in profit. However, I do know how it feels like to have the hard earned profits of couple of months wiped out due to runners which result in massive DD and no one can ever get used to having a large DD for a prolonged period of time.
IMHO we should be more careful as to which trades we enter into by trying to avoid the pairs which are in a strong trend and concentrating more on the pairs which are ranging. This is easier said than done and I am still searching for a reliable way of doing this.
Kind regards
- #3,453
- Nov 26, 2010 7:28am Nov 26, 2010 7:28am
- | Joined Nov 2006 | Status: Trader | 1,143 Posts
My wife and I are going to Bei Hai this weekend
and I am thinking of rewriting the recovery system system as a two step process. I now think that you can take the MA cross of the 2x5 anytime you want so you dont have to wait the 200 pips reentry.
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
- #3,454
- Nov 26, 2010 7:39am Nov 26, 2010 7:39am
- | Joined Nov 2009 | Status: Trader | 1,196 Posts
First, have a great time
Kind Regards
- #3,455
- Nov 26, 2010 8:01am Nov 26, 2010 8:01am
- | Joined Nov 2006 | Status: Trader | 1,143 Posts
I must admit I have not been keeping up with the developments of Ver 6.x. I have noticed that due to the fact that this version has been evolving during the last few weeks even people who have kept up are not that sure either. Since Bob is very busy with the school I am hoping he can find some time during the chrismas break to put together the instructions for version 6.
Kind Regards
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
Like everyone else :
Great trip to you bob.
Can't wait for v6.2 pdf
I have a question about last remarks. I am in the very early stages of the learning curve in trading but what I read is that a trading system has to be mechanical, every action should be clearly set to avoid emotion taking any part in your trading. When I read cut your lot size by two for the time being, here I won't look at the red line, etc ... Don't know what to do as the comments I mentioned (and others) seemed to have been made by far more experienced traders.
To me if you want to make those adjustments it's creating a new system, you back test it, demo it over a long enough period of time, and then get back to trade live your new system.
The reason why bob is changing to v6 is new regulation and a feel that the markets are going to be even more volatile in the next years iirc. v5 is still profitable quoting bob.. September, october were slight positive months for the more conservative ones with the system, and I don't read any comments about november with v5.3 (maybe missed them tbh). There must be many people trading v5.3, where are the trades review ?
Anyway can't wait to demo 6.2, it sounds great.
Great trip to you bob.
Can't wait for v6.2 pdf
I have a question about last remarks. I am in the very early stages of the learning curve in trading but what I read is that a trading system has to be mechanical, every action should be clearly set to avoid emotion taking any part in your trading. When I read cut your lot size by two for the time being, here I won't look at the red line, etc ... Don't know what to do as the comments I mentioned (and others) seemed to have been made by far more experienced traders.
To me if you want to make those adjustments it's creating a new system, you back test it, demo it over a long enough period of time, and then get back to trade live your new system.
The reason why bob is changing to v6 is new regulation and a feel that the markets are going to be even more volatile in the next years iirc. v5 is still profitable quoting bob.. September, october were slight positive months for the more conservative ones with the system, and I don't read any comments about november with v5.3 (maybe missed them tbh). There must be many people trading v5.3, where are the trades review
?Anyway can't wait to demo 6.2, it sounds great.