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Trading Made Simple

  • #2,181
  • May 11, 2011 6:17am May 11, 2011 6:17am
While it's anyones choice how much of their account they risk, I think it would be dangerous for 99% of traders to trade with that much risk.
Accounts can grow fast that way but they can get wiped out just as quickly.
There are many gurus who have built very strong wealth risking no more than 1-2%.
The point is sustainability, if someone can sustain (5-10+ years) and grow their account risking 10-30% that's great, but for most it would be a death wish for their account.
I think it's wise to be careful so new traders don't start thinking they can take this kind of risk.

Quoting adeforex
I've never used money management rules like most people use it... 2-3% on a trade... never seemed to fit my personality and I'm sure it's frustrated more than a few of you out in Forex Land...

[font=Comic Sans MS][size=3][color=#0000ff]Most of my trades use from 15-30% of my account... why? That's where I feel most comfortable trading.... and why one of MY PERSONAL RULES is to exit the trade at the 12-15 pip pullback region... Regardless of the time frame......
  • #2,182
  • May 11, 2011 6:30am May 11, 2011 6:30am
Start with $20K. Risk only 1.25% per trade. Target 30 pips per day with an average stop loss of 30 pips. Each day re-calculate your position size and stop by reference to new equity position. After each 60 trading days withdraw 15% of your account. On the assumption you hit your 30 pip target each day, after 200 trading days (roughly one year - take NFP days off!) your trading capital will be $146K and you will have banked $38K to help pay your tax bill. Each to their own re risk - but the power of compounding can't be ignored. Set some goals everyone - don't be greedy - you can succeed.
  • #2,183
  • May 11, 2011 6:36am May 11, 2011 6:36am
Quoting Nate04
I noticed when the first candle closed, the lines had not crossed yet, then when the next candle opened it showed that they crossed. So that makes me wonder, do you take the trade at the beginning of the candle or wait until tomorrow when the candle closes?
Hi Nate04 , I think , according to the rules , we should TDI cross at the begining of the candle
  • #2,184
  • May 11, 2011 6:45am May 11, 2011 6:45am
Hi,

Can anyone advise me if there is an i-Phone App that has the Calender of forexfactory. Or if you know of any i-Phone apps that have a similar news release timing as forexfactory.

Thank You.
  • #2,185
  • May 11, 2011 7:03am May 11, 2011 7:03am
Quoting d4r3d3v1l
I take 3 transactions today using Big E method. I use TF D1, and i don't use SL/TP, BUT:
1. I will check the result tomorrow when new candles formed. If the TDI give a signal to exit, i will exit (even if it still floating loss), but if in contrary, i will keep the transactions open
2. My margin is strong enough to hold the transactions, even if i failed on that 3 (only until next candles formed !)

I will attach the charts only if any of the transaction going failed, so we can learn together from my mistake.
Since i'm using TF D1, i'll try not...
I open this trades on 4 AM (GMT+7), this is the results until now (7 PM, GMT+7). I will keep this trades until next 4 AM when new candles formed. Anyone please comment me on this EC, am i doing wrong entry? Thank you..
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: b.jpg Size: 162 KB
  • #2,186
  • May 11, 2011 7:06am May 11, 2011 7:06am
just entered this trade, waiting to see. comments appreciated
Attached Image (click to enlarge)
Click to Enlarge Name: usd cad.gif Size: 18 KB
Let your plan trade for you, not your emotion!!!
  • #2,187
  • May 11, 2011 7:13am May 11, 2011 7:13am
Quoting xremmy
just entered this trade, waiting to see. comments appreciated
xremmy , this trade against day dirrection , and 30 min before the news.
too risky , i think
  • #2,188
  • May 11, 2011 7:21am May 11, 2011 7:21am
Aud/Usd 1hr. Ok set up?
Attached Image (click to enlarge)
Click to Enlarge Name: aussie.gif Size: 25 KB
  • #2,189
  • May 11, 2011 7:25am May 11, 2011 7:25am
Quoting Depster
Aud/Usd 1hr. Ok set up?
I think no
3'd candle , and before news
  • #2,190
  • May 11, 2011 7:27am May 11, 2011 7:27am
Quoting olegy
xremmy , this trade against day dirrection , and 30 min before the news.
too risky , i think
yeah, but here are my reasons
1, divergence between stoch and pA
2, bullish engulfing candle
3, tdi cross.

90% out and moved sl to BE
+ 13pips.

would look to re-enter after news
Let your plan trade for you, not your emotion!!!
  • #2,191
  • May 11, 2011 7:46am May 11, 2011 7:46am
A lot of concern trading around the news...
Trading the 4h helps alleviate this problem. Quite often the APB / TDI will keep you out anyway because there is no Great Signal to initiate a trade.
We're training ourselves to look for the really, really good setups.
The attached chart high lites the progress of such a setup.
One could argue that the 2am PST APB is the 4th blue candle...true. However, it is also the 2nd APB following two very small 4h APB's that occur during a 26 pip range resulting in a Flat TDI.
There is no good signal until 12am PST.
Notes on the chart explain the rest.
I'm using Big E's Pacific Standard Time so as to keep it clear that there was no trade signaled at the opening of this 4h APB at 10pm, but four hours latter there is. Depends on your perspective and how aggressive you want trade the APB signals with the TDI.
Reading the APB as an HA candle will get you in or keep you out...
Take a look at your 1h chart of the GU during this period it it will help to visualize how the setup unfolded.
Trading the 4h TF should take the fear out of trading around the news following a GREAT SETUP.
Good trades...
Cliff
Attached Image (click to enlarge)
Click to Enlarge Name: 4h News.jpg Size: 118 KB
I get exercise just pushing my luck
  • #2,192
  • May 11, 2011 7:50am May 11, 2011 7:50am
Quoting nhen
While it's anyones choice how much of their account they risk, I think it would be dangerous for 99% of traders to trade with that much risk.
Accounts can grow fast that way but they can get wiped out just as quickly.
There are many gurus who have built very strong wealth risking no more than 1-2%.
The point is sustainability, if someone can sustain (5-10+ years) and grow their account risking 10-30% that's great, but for most it would be a death wish for their account.
I think it's wise to be careful so new traders don't start thinking they can...
What he said.. E can obviously trade 15-30%. E is experienced, and knows his method inside out. Most of us mortals wouldn't last a week at these kinds of levels, and NOBODY starting out should even contemplate - in their wildest optimism - trading even 15% account risk per trade, let alone higher.

1-2% will let you learn, stay alive, and sleep at night.
  • #2,193
  • May 11, 2011 7:59am May 11, 2011 7:59am
Cant find the post!!!...anyone remember the 8 pairs Big @E uses??
  • #2,194
  • May 11, 2011 7:59am May 11, 2011 7:59am
Quoting eelfranz
Shocking Revelation -

Most of my trades use from 15-30% of my account... why? That's where I feel most comfortable trading.... and why one of MY PERSONAL RULES is to exit the trade at the 12-15 pip pullback region... Regardless of t set ups... I got the patience of Job and Moses...
[font=Comic Sans MS][size=3][color=#0000ff]he time frame......
eelfranz,
1.so, if 12-15pips represents 30%, then 50pips profits in will increase your account equity roughly to 100% right?
2.appreciate if you could clarify about "12-15 pip pullback region" exit?
does it mean that, 12-15pips against our ENTRY price or against the latest low (if going short) or latest high (if going long)?

tks.
  • #2,195
  • May 11, 2011 7:59am May 11, 2011 7:59am
G'day Toey
  • #2,196
  • May 11, 2011 8:01am May 11, 2011 8:01am
Interesting HS pattern shaping up on the 4h GU...weakening Euro may have some negative effect and cause this pair to go range a bit...
Good trades...
Cliff
Attached Image (click to enlarge)
Click to Enlarge Name: H&S 4h GU.jpg Size: 123 KB
I get exercise just pushing my luck
  • #2,197
  • May 11, 2011 8:13am May 11, 2011 8:13am
Im not having much luck with this strategy. Two losses tonight; one almost perfect setup on USDJPY and one perfect setup on USDCAD. And these have been hard fought trades - been struggling to find trades all week as im looking for good setups.

Any similar experiences?
  • #2,198
  • May 11, 2011 8:17am May 11, 2011 8:17am
Hey...sorry to hear that your struggling...would help if you post the charts and show your entries...
Also, what TF were you trading last night?
Cliff

Quoting allan_mc
Im not having much luck with this strategy. Two losses tonight; one almost perfect setup on USDJPY and one perfect setup on USDCAD. And these have been hard fought trades - been struggling to find trades all week as im looking for good setups.

Any similar experiences?
I get exercise just pushing my luck
  • #2,199
  • May 11, 2011 8:19am May 11, 2011 8:19am
BigE,
I have other charting software I would like to use but its not the same as meta trader and I dont think I can load the tdi onto it. I have sent them an email but can you tell me if it can be done using something standard that will give me the red/green lines?? Is it an RSI or something?? and if so would you have the inputs I need?
Thank you
  • #2,200
  • May 11, 2011 8:33am May 11, 2011 8:33am
comments??
Attached Image (click to enlarge)
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