PM Forex Strategy

Hi Roledice...

If you dont mind, I would like to give my comment on your trade based on my style and perception:

There are few things I would not do:
1. Putting too many stop Loss. Remember to get out fast when you are wrong and stay as long as possible when you were right. Dont let hope and fears play you around in the head especially when you are on the wrong side. In last 2 years I almost always open my trade with the "red" light blinking. (The red light that sign us when the price is already too close to SL).

2. The arrow pointing to a price which is already too far away from coral. Remember the rule on page 1.

3. I would not open a trade that already heading (or too close) to a strong Resistance or support. Especially the R3, R4 or S3, S4 where the price seems already exhausted from climbing and diving. They ussually start the ranging periods at this area before changing direction.


The advantage or should I say the strong point of this PM FX combined with coral is to enable you to buy and sell at the start of the new trend movement. So this strategy will yield more result when it is being used at the end of a trend and start of the new one. In M15, If the trend is already setup and already move about 75-100 pips. Better to stay away and wait for the new trend being formed.

Remember this:

1. Price is the one who move your indicator not the other way around.
2. The chart is controlled by people who put in or pull out their money in or from the market .
3. People can feel fears and hope. They react to news and they need to sleep. They wake up everyday and go to work, open the market and then they put in or pull out their money as a routine job..
4. Now you know when to start your trade...

Btw... I have my losers too... Dont give up.


NG

PS: Watch your chart now, EU m15 is fighting up the coral, wait until the 123 step is being completely drawn to start buy... but watchout for Frankfurt and London Open....

Just invited another 20 happy pips to my bank account with only 7 pips SL.

EU M15, just now...




Are you guys with me????

I am taking my position along with you guys, If you guys fall I fall. But Today is not the day... Today we are a winner...

You guys carry on... Dont forget to adjust your SL to lock some pips and target that R1 or even further if you have the guts...

I am taking my kiddo from school now...


NG

PS: Oh no... The USD is fighting back, almost breaking the trendlines in H4. Hope you guys already out with a decent pips or at least lose small number of pips. I will not trade anymore today. My daily target is achieved but I will Look for the best selling position if I were you ....

Hi, could you please share your TRIX indicator, thanks!
I am confused by false arrow extremely！

Hi Koto135 and everybody else...

I am on vacation, but could not help it to see there's still some of you guys in trouble. I know how it feels when our hope and excitment dissapear once we notes our system or indicators failed and repainted.

Honestly... Guys you dont need that indicator. All you need is to draw some trendlines, use some pivots indi and add a couple MA to trade. All the indi inside the MT4 is already powerful to make money.

The only reason why a newbie (like me when I started out) keep on losing is because we dont pay enough attention to DETAILS . There's is still a wall inside our head that keep pushing us too look for the easier system and easier way to trade and make money. We have to break that wall, and take a jump deep inside to the details.

Learn your Pair.
Dont start out with trading many pairs. Pick one and learn it. Learn how its interaction to Pivots, trendlines and MA. Passing that 10.000 hours of watching and practicing the chart will make a huge difference. It's the difference between professional and a rookie. When you pass that 10.000 hours, your mind and insting will start to develop a new skills to spot a pattern, opportunity and dangerous trap. That's where you will see everything much more clearly.

It's like hunting a wolf with a rifle. You have to know how to shoot, where the wind blows, hide yourself in the woods, to spot and follow a track, setup a trap, finish your prey, and know your way home. Without those skills, most likely we will be the one who will be hunt by the wolf. Not the other way around. In forex, we hunt for money. It's between your money or theirs.

Forex is a skill. A job. We have to learn hard, train hard and work hard. Like any other job.That's the only way to master our job.

The only thing that would never lie to you or repaints in Forex is the Price Action itself.


NG

Hi NiceGuy:

Thanks for your kindly reply!

Your welcome...

Btw... If anybody just starting out forex and want a good reading, beside this thread you should not pass on this 2 fantastic thread in FF. Jankone Pinbar trading and Jigg Trendline trading, both of them are PA based trading. You will learn a lot of good stuff there....

Combine that stuff you learn there to your current trading system,.... You will have a killer system.


NG

If you do your homework then you should at least can trade like this before even touching a live account.

EU M15 Todays Tokyo



I know it's a bit off topic and I am not trying to show off or being an arrogant here. I post this as a refference for you guys, so you guys who just starting out in forex can realize that there's a guy who is hunting your money on the other side of your screen like this in daily basis. And I am not even close to my mentor. There are probably millions of trader who can do better than me out there. And they are all hunt for our money constantly if you sitting on the wrong side of the trade....

I use only 7 pips stop loss here... See how 7 pips gets you so far. I am doing this in daily basis because it's a job for me. Usually I stop whenever I earn 30 pips a day, but I am just back from a vacation, and I am fresh. I can do this all day long but feeding my greed is never good for me.

Learn hard guys, dont lose your money


NG

Ps: Just add another 20 pips winner.... And another 10 is on the run...

Becareful with long entry candle like this where price is already moving away from coral...

Many times it will hit you back in the face. I can not enter that arrow, my 7 pips SL can not fit well there. So I put my trade later on more suitable place...

EU M15 Todays NY



That 15 pips has concluded the hunt for 100 pips for me today.... (Actually its 105 Pips)...

Hope you guys doing well out there...


NG

NG,

PLease keep up the good work...I'm learning more and more from each post.

Much appreciated,
BC2

EU M15 Today...



Trading is a losing game if you can not control yourself.

- If you afraid to lose, you will lose
- If you afraid to win, you will lose
- if you hope to win, you will lose
-If you lose your hope to win, you will lose
- If you greed you will lose
- If you are not greed, you will lose
- if you get dissapointed and mad when you lose, you will lose even more.


But it's funny how my mentor keep saying : "Forex is like picking money from the floor. It's as easy as that. The problem start only when you start to take more than what you need."

Balance is the key. Learn from the universe around you. How God created the universe and put everything in a balance to make everything work. That's the rule of this universe. So it means, your trading strategy will only work if you can find a balance inside you. Balance between fear and hope. Balance between starting and stoping the trade. Balance between being smart and be a stupid. Balance between doing the trading and doing everything else you are supposed to do in your life.

There's a limit in everything. The price will not climb or falling forever. At some point it has to rest for turning around or continue further. We should learn from it.

It means, we can not break our limit and expect to become a good trader in a day, a month or even a year. We just have to keep punching and kicking our limit step by step while maintaining a good balance inside ourself. Sometimes we have to stop to get rest before we continue later.

Forex will teach you so much about yourself. Learn from it to recognize and overcome your weaknesses. Keep your balance straight, so you can stand on it. If your balance fall, you will fall.

Remember this, You only lose when you lose your money. Missing an opportunity to make a money is never make you a loser. Dont push your luck by forcing a trade, be patience. There'll be plenty of opportunity in another time.


NG

Got a PM asking me why I use only 7 pips SL?

I decided to answer it here. It's simple. With my style of trading, I never see a reason to use more. Why do we want to lose more?

I am starting out trading regularly with 30 pips SL but it hurts too much for me when it comes to losing. Then I train myself hard how to use less so then I use 15 pips. Then again I learn hard to use only 7 pips for my trade and it's still work just great with my style.

I earn a total 30 pips today without a single loser today, and yesterday I score 100 pips in total of with only 2 losers.

I have a real fantastic money management. I score 5-20 pips max in single trade. I have an average of 2:1 for my RR. If you pay attention to details and know exactly where to put your trades, you will be surprise with how strong 7 pips will hold the trade.

And the best part is ....

....even if I lose half of my trades, I will still make money.


NG

I wish i could master that.

Of course you can, but only if you really want it to.

Making a light bulb is easy for Edison, paint another Monalisa is easy for Davinci, making another operating system will be easy for Bill gates, or speeding on guitar neck is easy for Yngwie Malmsteen.

Why? This is not only because they are smarter or Genius, but it's simply more because they got used to do the things they do.
Does anyone ever pay attention how many times they failed or how much time they spent to achieve that result?

Edison said:
" My success is simply because I have already run out a Failure". He failed 9000 times before he finally succeeded.

Yngwie trained himself at least 12 hours a day to master his job as guitar player. Mr Gates spent years to build his first operating system with God knows how many times he failed and fall into frustation. And if you look at davinci design and scribbing, there are still manyo f his plans that never come to life. Why, because he didnt have time for it. He spent his time between trial and error with his earlier invention and paintings.



" Everything would be easy once we master it. But it takes a great will and strong determination to master something"

Now look at us, we always looking for an easy solution, easier way to trade, easier system and easier money. This wont work. Forget that.

If you want to be a successful trader you just have to pay the price with tons of failure, thousand hours of practice, endless reading.

But once we master it, it will stay with us for the rest of your life. It's like riding a bike or swimming. You just have to get used to it and throw away our old habit in trading.

But do you have the required "strong will" and "determination".

Well it's up to you....


NG

PS: Btw I just scored 15 pips today while I am typing this.

This is the 10 pips, another five I scored earlier...



Got another PM why I keep my TP at 10-20 and sometimes 5 when I can simply earn more if I hold it a bit longer. Guys I am trading at least a few couple of full lots here.... That's too much money if I hold it too long. Greed will consume my heart and soul. I will not let that happen. I'm trying to only take what I need here....

I've been too busy making a rifle stock for my airgun and I almost forget that I still need another 15 pips to close out my day...

So I opened my mt4 and take what I need....

EU M15 after london



I use only 7 pips SL and I dont lose for 2 days... Some of you guys might think it's good job. Ha ha... Wait until you see my mentor. His record was 3 months with no losing... How can I beat that...?

If you dont mind if I am mumbling a little, I wanna tell you guys about my mentor. You might think he is a guy with a tie and suits working in high end office, driving a ferrari or BMW or something.

If you do you are a dead wrong. He is a farmer. He can make unlimited money with trading FX, but this guy is still farming for living. He live up in a mountain village with his family in usual modest home. No one will knows that he is a master trader. He spent his time building and doing a lot of fantastic thing for people in his village.

I remember when I met him and ask him that I want to learn trading from him. He smiles. Then he took me to his farmland, and teach me how to plant a tree and vegetables....

After a few meetings, then he teach me how to see life, how God keep the balance in universe and how things interact with each other, teach me how to be a useful person for people around me. And finally after a year of knowing him, he teach me to trade with only pencil and paper. Never open MT4 with him that day.

It took me another year for me to finally understand what he meant with his drawing.

Well I know, it sound like a Karate kid story... But that's the way it is. I missed his wisdom in life. He's not only teach me about trading but he teach me many other things. He teach me about life. He's simply a fantastic person. I missed talking to him.

Oh well... I think I am mumbling too much...

Just close out 30 pips today. How you guys doing?

Get rest guys, tomorrow we trade another day...


NG

The large candle on that EU m15 stopped me from taking that trade, was worried it would retrace too much requiring a large stop....

Good that you picked up some pips from that trade though NG

Have a good weekend, cant wait to make some pips next week.

Yes.. but I cheat.

This is how I cheat....

EU M15




I will also answer to some PM:

1. No. I can not see the future. Dont be ridiculous. I am sorry if I can not give a signal to anyone to entering the trade. I have my losers too, I can not take the burden of giving a wrong signal that makes someone else losing money.
2. No. Thank you I will not manage any account beside mine.
3. No. I am sorry I am not available for mentoring session. I am happy with my life. I dont need more complication in my life. I write here because I enjoy sharing. My knowledge is free. Just promise yourself that you will do a good things with it.
4. Any guy who said that starting forex will require you to provide a couple of thousand dollar as deposit is a guy who dont know what he is doing. I have a friend that I teach how to trade who grow his USD 10 to USD 300 trading the mini lots. The only reason you are entering forex business is to make money, why provide so much to lose? It does not make any sense.

5. See and learn the candles not the indicator, that way you can trade any system you want and win.

6. The only reason you are entering a trade is to win it, why provide so much to lose? It does not make any sense. If you have problem with small SL that got hit all the time it is because you dont know where to put your trades and keep on revenging the ranging markets as soon as you have losers. See the pattern clearly and train yourself.

Please keep you question here guys, I can not keep up with your PM. I am sorry if some of them remind unanswered.


NG

Thanks for the inspiration NG. I enjoyed reading all your posts last night. Your a top man

I can relate to taking counter trend arrows that ive seen you trade in some of your charts, just 3 of red dots seem enough for a solid countertrend trade. My chart below shows 4 dots are all red, but thats just some repainting, at time of taking the short the dots were just 3, not the h4.

Some quick pips here, nice one

That's the Three Top for EU Style. If any of you read my older post in Alf thread by Lou G, that's another Gold I gave for that thread. I have a friend here (but I dont where is he now), who trade that style and finally quit his main job and buying a new car....

Glad, you make some Pips there.

Just remember, Losing or winning too much from Forex can destroy you if you dont have a balance.

Keep up man!


NG

False breakout is sucks!
I hope you guys can avoid that during tokyo today

EU M15 Todays' Tokyo...



There are 2 situation I have to deal today on tokyo:

1. Green Circle. I fall to this trap too, (Didn't I tell you that I can not see the future.. ). This is where I am losing my words to describe my action. I opened to day as usual and aim for 15 (Twice my SL). Then when it gets to around 7-8 pips I see a strong rejection to this level. My insting tell me, "Oh no ! this is a false breakout". So I close out as soon when I see my position is still on positive side (+0.50 pips).When I see something is wrong and needs to pull out my trade I always try to close it when it's still in positive side. I dont care if it's 1 or 2 pips. I am a trader, I dont want to lose money.

I bet there's a question inside some of your head, What if the price return back and heading to the original trade direction. Then It's Okay... It's just not my time to score pips. I am a trader not a gambler. I just can not gamble my postion with that "what if" sentence. My first interest is to protect my money. After I see my money is in a secured position, then the next is I will think how to have more money by scoring pips.

I will close out my trade a soon as I detect something is wrong. I have learn to trust my insting and intuition, because I train myself hard to have the correct insting.

2. Yellow Circle. I see the price running fast against the first trade I just close out. I was tempted to enter right away on that small white pinbar. But then again, my head scream... Wait... It's just to soon. Wait until PA break low. Then I opened another trade when PA crossing the low still in rapid movement. I aim for 15 pips and put my SL 7 pips as usual.

Now something funny happened. When the trade goes to my direction about 11 pips and very near to Todays Pivot (FPV), my daughter scream at me to take her to school. I close my trade right away. And take her to school. Trading is important for me but my daughter is one of the reason why I trade the first place. So She's more important for me.

I know there's good chance that I will make the whole 15 pips if I leave it alone. But again, I am a trader not a gambler. 11 pips now is certain for me, but 15 pips is not. I can not take the risk that the price will move back against me on that PIVOT when I take my daughter to school. I can not deal with "What if" sentences. Beside I am happy with 11 pips, why should I risk more?

Of course, If I am in front of the screen that time I will wait further because I can see the price is still have potential to move further. And if it turns out to go against me on that Pivot I would secure my postion by closing it around 7-5 pips and looking for re-entry position later. Whatever happened I will try hard to never let my trade fall into hope and fear situation.

11 pips today, 19 pips to go....


NG

Yes... A friend remided me that I am contradicting myself with what I said in this threa in earlier post somewhere back there...

I recall I said to fire the trades and stay away... But now what I do is managing my trades while it's running. Do this and that.

It's not a mistake. It's just that I have 2 different situation I have to deal with.

1. Back then I was live testing the strategy with only a tiny account (less than USD 300 account) and 15 pips SL and trading 0.1 lots. It's easy for me to endure the lost because it's relatively small amount of money for me. So There, I keep my trades longer and see what's happened. I was experimenting and trying to adjust this strategy with my style of trading back there.

2. Now, I move back to my original account. (Sorry can not tell you how much in it). I trade a couple of full lots in one trade and using only 7 pips SL. The pressure is hard on me. I have to protect this account from losing while maintain a flow of healthy income everyday. I guess this is why I tend to keep my trades short with less than 20 pips TP and cut my losers even shorter (7 pips).

Sometimes when I see a situation go against me after the trades goes to my favor like 12 pips, and go back in one rapid movement, I cut my profits somewhere around 5 pips, or sometimes less. And look for re entry later on if it's possible.

Sometimes this is a good decision. Sometimes it's not. But this is what I do to protect my investment. I will nott let myself hoping for price to return back to my favor later and let the trades finally eat all my profits and finally after my SL. Profits is profits. Even it's a small one it's still a profits. Lots better than losing the whole SL while hoping. For me, better to cut it short in profits and fight another trades later.

MAybe I just listen to much to Guy Ritchie last movie..... ( I forget the title). It's Mob / mafia movie. At some point the movie said..... FIRST RULE OF THE GAME IS TO PROTECT YOUR INVESTMENT. Then we think about making profits later... And that's exactly what I do.


NG