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  • #4,521
  • May 27, 2011 10:18pm May 27, 2011 10:18pm
Quoting Alan0810
Hi Vee,

Thanks for your...
Alan
Sure Alan. One final thought...I believe, 100-200 pips SL referred in your earlier post is for catastrophic loss protection which is fine but still a pre-defined action and we all know how Graeme feels about this.

Personally, I used to set a percent of account balance in default trade settings which is based on my risk tolerance. I have stepped away from this approach and use a strategic SL at the level on weekly timeframe for Daily/H4 entries (and Daily TF for H1 or lower TF entries).

If direction and scale of profit taking comes from higher timeframe based on your hindsight and anticipation, I feel even SL should be driven by a similar guidance.

Perhaps, Geoffrod, Cameron and other successful traders mentioned by Graeme in his recent posts could continue to share their experience for the benefit of new comers who are interested in Graeme's approach and to keep this thread alive.

Have a great weekend.
Staying in my lane...
  • #4,522
  • May 28, 2011 12:04am May 28, 2011 12:04am
Quoting Jason Rogers
Hi MK,

Yes, FXCM provides the flexibility to trade in 1k micro lots. Many traders say it improved their risk management. Hope that helps!

Good trading,

Jason
In t another word, they are not only after the big fish, also wanna catch small noob fish with smaller net... (hehe.. Just kidding )


Sonic
  • #4,523
  • May 28, 2011 2:24am May 28, 2011 2:24am
Quoting VEEFX
...
Perhaps, Geoffrod, Cameron and other successful traders mentioned by Graeme in his recent posts could continue to share their experience for the benefit of new comers who are interested in Graeme's approach and to keep this thread alive.
....
Hi Vee,

Thank you for the invitation.

I am not sure that describing what I am doing would be relevant and what I am trying to say by that:

Graeme described his view on trading in a very detailed manner, with hundreds of pictures and many posts, what he did is the original style of this thread. From there each of us took the information and adapted it to their lifestyle and their understanding, so if I or someone other than Graeme would start posting method, that would be a derived way of doing things from the original one and since I have not yet reached a success equal to Graeme's I do not see myself posting.

The way I'm doing things is not a secret or anything, just that I do not want to distract from Graeme's teachings on this thread (because what I am doing in some respects is quite different).

Kindest Regards,

Cam
  • #4,524
  • May 30, 2011 5:49am May 30, 2011 5:49am
Quoting VEEFX
If direction and scale of profit taking comes from higher timeframe based on your hindsight and anticipation, I feel even SL should be driven by a similar guidance.
Good point Vee. I've been trying to set my SL's "out of the way" of the current price action, but not consciously setting them based on higher timeframe. I'll be giving that a go now.

Thanks again for your suggestions.

Alan
  • #4,525
  • Edited May 31, 2011 3:23am May 30, 2011 6:05am | Edited May 31, 2011 3:23am
Quoting VEEFX
Perhaps, Geoffrod, Cameron and other successful traders mentioned by Graeme in his recent posts could continue to share their experience for the benefit of new comers who are interested in Graeme's approach and to keep this thread alive.
I would really appreciate hearing from those who are finding success with this method, particularly sharing how you have interpreted Greame's teachings to fit with your individual trading style. I don't see that it will dilute the thread - rather I hope that it will add to it. Greame encouraged some of the successful traders he's aware of to share their experiences, which will in turn encourage newcomers, who are still struggling to get their first leg to survive.

Thanks to all contributors.

Alan
  • #4,526
  • May 30, 2011 2:15pm May 30, 2011 2:15pm
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
from 5min to the weekly after reading 3 pages of this thread!


Just to let you know, this thread looks like the missing link to me.
After loosing more than my shirt in FX market being a noise trader I finely find a form to aproache the market with seems to suites me perfectly.

Thanks to Graeme's approach, I'm can more freely enter positions , cover them and forget them for a while.

I'm still reading the thread and implement it in my daily trading, no doubt I will return with some questions later.

Graeme thanks for shearing your knowledge, specially in behalf of my misses for bringing back my screen time

Hans..
  • #4,527
  • May 31, 2011 8:59am May 31, 2011 8:59am
Ah oui qu'il est mignon, le chat de notre Gelluck national !
True Master Graeme gave the essential in the first pages.


Quoting hansnl
from 5min to the weekly after reading 3 pages of this thread!


Just to let you know, this thread looks like the missing link to me.
After loosing more than my shirt in FX market being a noise trader I finely find a form to aproache the market with seems to suites me perfectly.

Thanks to Graeme's approach, I'm can more freely enter positions , cover them and forget them for a while.

I'm still reading the thread and implement it in my daily trading, no doubt I will return with some questions later....
Patience is magic
  • #4,528
  • Jun 1, 2011 8:55am Jun 1, 2011 8:55am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Looks my first baby leg could survive, how ever with NFP coming up Friday.
I would like some advice about stop losses.
they dont go very well with news events, what would the more experienced longterm traders here advice ??

thanks in advance

hans..

http://i56.tinypic.com/33yjprm.jpg
  • #4,529
  • Jun 1, 2011 10:29am Jun 1, 2011 10:29am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
http://i52.tinypic.com/2gwc5sg.jpg

I realize that I'm not covering a certain trend change, but I'm still reading the tread.
so far a great start, for me just 90% less trades and a great paper profit!


any comment welcome,

regards

hans..
  • #4,530
  • Edited 3:49pm Jun 3, 2011 12:15pm | Edited 3:49pm
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
http://i51.tinypic.com/2up9vfm.jpg

I'm not sure at all of this is the way Master Greame's market approach works?
But it works for me so far.

I replaced the dead soldiers for new ones on a better entry level.
one for the short term profit at next resistance and one for the long run or break even .

'sitting tight' I begin to love it .

palladium leg still alive 460 paper pips
crude oil leg still alive 160 paper pips

great trading week it was, new approach less screen time more pips and more live.

any comments more than welcome.

hans,,

market nearly closed now, 203 paper pips on oil leg: moved second soldier stop to break even.
see you all next week.
  • #4,531
  • Jun 3, 2011 11:25pm Jun 3, 2011 11:25pm
H Hans,
I have a question: you write that you enter 2 positions and then close one `at resistance` and let the other run. Do you have a method (other than feeling the market`s price action at the time ) to distinguish between minor and major resistance?
  • #4,532
  • Jun 4, 2011 4:01am Jun 4, 2011 4:01am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Quoting gssintokyo
H Hans,
I have a question: you write that you enter 2 positions and then close one `at resistance` and let the other run. Do you have a method (other than feeling the market`s price action at the time ) to distinguish between minor and major resistance?
Bonjour, GSS

Sorry that I didn't express myself clear.

the basic rules for my entry's and exits are Support en resistance lines drawn on higher time frames.
I don't take much notice of fancy candle patterns and other voodoo based technical reading the future method's.

the yellow lines are support and resistance
the red ones are stop loss lines

the green one is the short term take profit for one of the new soldiers
the second new soldier is set to break even now, and should survive for the long run.

Hope this makes it more clear that I don't use minor resistance lines because you can spot dozens of them on the 15 and 5 minutes chart's.

Coming from short term intraday trading with 30 trades a day this long term vision opens up a new world for me.

Still reading the tread

hans..
  • #4,533
  • Jun 5, 2011 2:24am Jun 5, 2011 2:24am
Quoting hansnl
...
I don't take much notice of fancy candle patterns and other voodoo based technical reading the future method's.
....
Hello Hans,

Same here... after having read almost everything on this earth about candlesticks... including stuff like "The Scientific Interpretation of Bar Chart" by John Hill, I decided to stick with the S/R zones only (I draw zones on my charts rather than a single line, but same concept). Reading all these candlestick books I often wondered: where is my edge if all traders are reading the same books ? how can I differentiate myself from the crowd ? if I read more books will that make me better than other traders ?... it didn't

One thing I wanted to mention though: you moved your stop to lock profit... Graeme doesn't do that and described in the forum the reasons why.

Kindest Regards,

Cam
  • #4,534
  • Edited 2:43pm Jun 5, 2011 5:12am | Edited 2:43pm
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
I'll think this will be the hardest part for me to overcome, but I love clear no bla bla statements like this.


quote :
"Your first hurdle in emotion will come when the legs die out on breakeven. Please dont grow any sentimental attachments as there will be plenty more to come. Trust me when I say you must be a bigger person and not allow such emotion overshadow your clairty or participation in the market. If you are entering low risk entries on both buy and sell, the market will dictate the winning side sooner or later. Your job is to 'participate'."

thank you Master Graeme

(still reading and rereading )

hans..
  • #4,535
  • Jun 5, 2011 5:29am Jun 5, 2011 5:29am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
One thing I wanted to mention though: you moved your stop to lock profit... Graeme doesn't do that and described in the forum the reasons why.

Kindest Regards,

Cam[/quote]

Yes Cam I know that , but I'm still not at ease leaving 600 pips paperprofit only protected by a stoploss at BE.
However I still have the nasty habit of moving that same stoploss if market price come to close or with NFP coming up.
Maybe I can except it when I made some diversification to cover losses and a bit more.

thanks for your response,

hans..
  • #4,536
  • Jun 5, 2011 5:37pm Jun 5, 2011 5:37pm
Also a new one in here I'm trying to catch up as fast as possible but maybe hansnl can answer it (since he also "just started").
if i want to put a soldier on eurusd, should i/you wait or could this be a point to create the new soldier?
i looked with shi channel indicator on weekly and daily, and it seems like its an uptrend, i'm just not sure on monthly since shi channel does not work on that TF and i have to guess myself by what i see.

I hope you can help me out
  • #4,537
  • Edited Jun 6, 2011 12:26am Jun 5, 2011 11:04pm | Edited Jun 6, 2011 12:26am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Quoting ido370
Also a new one in here I'm trying to catch up as fast as possible but maybe hansnl can answer it (since he also "just started").
if i want to put a soldier on eurusd, should i/you wait or could this be a point to create the new soldier?
i looked with shi channel indicator on weekly and daily, and it seems like its an uptrend, i'm just not sure on monthly since shi channel does not work on that TF and i have to guess myself by what i see.

I hope you can help me out
Hi Ido , yea I think I can help you,.
I would advise you to dumb your indicators and start studying your chart in line, bar, or if you must candles,

take some time to study support and resistance ( supply and demand )

never ever follow somebody else's entry's or exits, drive your own car!
take Master Graeme's advice and work on your entry's and breakouts.
the graphics in the tread show's them very clear.

there is no easy way, its more a kind of mindset, and way to look at the market and if you master diversifying and covering both sides on the right time it must feel like being in heaven . ( working on that one )

can't explain it more clear in English,
don't feel offended PM me in Dutch if you like.

Regards

hans..
  • #4,538
  • Jun 6, 2011 5:07am Jun 6, 2011 5:07am
Quoting hansnl
Hi Ido , yea I think I can help you,.
I would advise you to dumb your indicators and start studying your chart in line, bar, or if you must candles,

take some time to study support and resistance ( supply and demand )

never ever follow somebody else's entry's or exits, drive your own car!
take Master Graeme's advice and work on your entry's and breakouts.
the graphics in the tread show's them very clear.

there is no easy way, its more a kind of mindset, and way to look at the market and if you master diversifying and covering both sides...
Thanks for the quick reply hans. I'll gonna try some paper trading first now, see how the entries work out on some different pairs.
P.S. your profile says you're french, instead of dutch?
  • #4,539
  • Jun 6, 2011 8:06am Jun 6, 2011 8:06am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Quoting ido370
Thanks for the quick reply hans. I'll gonna try some paper trading first now, see how the entries work out on some different pairs.
P.S. your profile says you're french, instead of dutch?
Ido change that paper trading in a real micro account by Oanda or RBS there platform is limited but you can trade any lot size you want.
your trading realtime realmoney with a few hundred euro's living in Holland I would go for RBS market index ,but have a look at both.

for better history data and hedging I'm using FXCM.

what ever you choose its always better than a painless paper account.

just my 2 centimes

hans..
  • #4,540
  • Jun 6, 2011 8:35am Jun 6, 2011 8:35am
Quoting hansnl
Ido change that paper trading in a real micro account by Oanda or RBS there platform is limited but you can trade any lot size you want.
your trading realtime realmoney with a few hundred euro's living in Holland I would go for RBS market index ,but have a look at both.

for better history data and hedging I'm using FXCM.

what ever you choose its always better than a painless paper account.

just my 2 centimes

hans..
OK, will give it a go. I do have a real account, just changed to Go Markets last week (they also have an office in Holland ).
Last night 1 selected three pairs, to put orders on, and 2 of them would be in profit now. I'm gonna watch them closely and see if they continue to live this week
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