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Trading Made Simple

  • #7,501
  • Jul 7, 2011 8:57pm Jul 7, 2011 8:57pm
I wonder why some readers have 7-8 open trades at the same time. Even it is a demo for some, this a a very bad idea. Trading is not a shoot and kill video game. Be selective with the trades you take. Always look for a reason not to take the trade. If 8 trades go against you and you risked %2 per trade, it takes you few loosing trades and you are on another forum looking for another system. Maximize your trades with 2-3 trades the most on one shot. If no proper money management, no system will work..
  • #7,502
  • Jul 7, 2011 9:04pm Jul 7, 2011 9:04pm
Do not demo. Open a $200 account and use pennies. It will save you years to get the discipline and mental strength, trust me. Learn how to handle stress. Real money changes things....
  • #7,503
  • Jul 7, 2011 9:07pm Jul 7, 2011 9:07pm
Quoting ceebs
I'm not sure why but your TDI plot is quite different to mine. There was no cross (green over red) on my chart, and if anything it looked like a bounce trade might have been forming. I use Ninja but my charts/TDI have always aligned with BigEs or some of the other frequest posters here.

Might be worth comparing to another MT4 user
Can you please post indicator or a link to where i can download TDI for NinjaTrader?

Thanks,
snowster
  • #7,504
  • Jul 7, 2011 9:07pm Jul 7, 2011 9:07pm
Quoting The7
I wonder why some readers have 7-8 open trades at the same time. Even it is a demo for some, this a a very bad idea. Trading is not a shoot and kill video game. Be selective with the trades you take. Always look for a reason not to take the trade. If 8 trades go against you and you risked %2 per trade, it takes you few loosing trades and you are on another forum looking for another system. Maximize your trades with 2-3 trades the most on one shot. If no proper money management, no system will work..
Nicely put 7. I would also suggest that if you are demoing or are planning to go live, trade with caution, treat like like a real account. If you are new to forex, as 7 seven said, be selective, don't over trade, take the A++ trades only, even if it means sitting on the sidelines for a while until you see a great set up.

I know that at times, I am struggling to do as I preach, but when I stic to the above, I do well.
What you do is a reflection of you....what I do is a reflection of me.
  • #7,505
  • Jul 7, 2011 9:13pm Jul 7, 2011 9:13pm
Blessings to BigE( also Dean Malone) for introducing us the power of Tdi. As I mentioned earlier, we now know how to make money...How we manage and run the money is up to "us". Discipline and management is the key..There will be losses..(like this week), be prepared for that..
  • #7,506
  • Jul 7, 2011 9:20pm Jul 7, 2011 9:20pm
Quoting The7
Do not demo. Open a $200 account and use pennies. It will save you years to get the discipline and mental strength, trust me. Learn how to handle stress. Real money changes things....


Amen 7, amen
  • #7,507
  • Jul 7, 2011 9:22pm Jul 7, 2011 9:22pm
If you are at the office or in a environment where you have no access to metatrader and like to check your charts, here is a solution for oanda( or other platform users):

- Add Rsi13 to your chart (color to black so you dont see it)
- Add SMA 2 to the Rsi window (color to green).
- Add SMA 7 to the Rsi window (color to red).

This will give you the same settings as the TDI.
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  • #7,508
  • Jul 7, 2011 9:36pm Jul 7, 2011 9:36pm
Quoting The7
Do not demo. Open a $200 account and use pennies. It will save you years to get the discipline and mental strength, trust me. Learn how to handle stress. Real money changes things....
7, which broker allow$200 account and trade pennies?
  • #7,509
  • Jul 7, 2011 9:57pm Jul 7, 2011 9:57pm
Quoting Danyjoe
First 500 pages!

happy birthday TMS!!

It is all relative to your settings
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It takes a lot for me to IGNORE you, but you can try.
  • #7,510
  • Jul 7, 2011 10:06pm Jul 7, 2011 10:06pm
Quoting leelar
7, which broker allow$200 account and trade pennies?
FXDD Malta for one
  • #7,511
  • Jul 7, 2011 10:47pm Jul 7, 2011 10:47pm
Quoting leonaforex
FXDD Malta for one
thanks for the tips. But here is the breakdown:

$200 account, each trade risks 1% = $2

I believe FXDD only allows 0.01 lot for each trade. That is $0.1 for each pip.

Let's say my regular SL is 100(usually 100 to 200 on daily bar) pips, that is easily $10 risk, 5 times more than my 1% risk for $200 account.

How do I trade pennies on it?

Can you elaborate?

Leelar
  • #7,512
  • Jul 7, 2011 10:58pm Jul 7, 2011 10:58pm
interbank allows very small acounts and you can trade pennys
  • #7,513
  • Jul 7, 2011 11:10pm Jul 7, 2011 11:10pm
Quoting milicentfx
interbank allows very small acounts and you can trade pennys
how? like I said, these broker's mt4 allows one to open instant execution on 0.005 lot, but open pending orders on 0.01 lot.

So how do you trade pennies?
  • #7,514
  • Jul 7, 2011 11:26pm Jul 7, 2011 11:26pm
You can not trade pennies on Mt4 platforms. The smalles t lot size on Mt4 is 0.01 which is 10 cents per pip. However you can trade 100 units with Oanda which equals 1 cent per pip. Watch the Mt4 for signals, execute your trades with Oanda..
  • #7,515
  • Jul 7, 2011 11:57pm Jul 7, 2011 11:57pm
Quoting The7
You can not trade pennies on Mt4 platforms. The smalles t lot size on Mt4 is 0.01 which is 10 cents per pip. However you can trade 100 units with Oanda which equals 1 cent per pip. Watch the Mt4 for signals, execute your trades with Oanda..
Ah! That is the trick. Thanks 7.
  • #7,516
  • Edited Jul 8, 2011 12:21am Jul 7, 2011 11:58pm | Edited Jul 8, 2011 12:21am
Quoting The7
You can not trade pennies on Mt4 platforms. The smalles t lot size on Mt4 is 0.01 which is 10 cents per pip. However you can trade 100 units with Oanda which equals 1 cent per pip. Watch the Mt4 for signals, execute your trades with Oanda..
So far I'm on page 100 of this thread, just cut to the end to see if anyone was posting charts and saw this post...

I'm new to fx trading and started using this method like 2 days ago on a demo to learn the markets. I found myself going crazy with my demo account so I did a few searches and I found OANDA.

The key here is to open practice account @ oanda, then open a sub account, set that sub demo account to MT4 enabled. Once you have done this, set up a real trading account, and fund it, trade on the java (web-based) platform that lets you trade totally custom lot sizes, its set up per unit instead of by lot size.... I threw some money in my real account and have been messing around with it today (only like 50$ no more than a dinner out so well worth the entertainment even if/when I wipe it out haha). I have been trading lots between 500 units - 100 units (half a micro lot to 1/10th a micro lot) and its really no biggie if I lose because its no different than playing a penny slot machine... except I'm learning and having fun entertainment, education, low cost, trades feel real if only for a few bucks = win....

Again key with it is to trade on the web/java platform that allows smaller than .01 lots but use the demo account for charting purposes....

-K


edit: actually I take it back my demo account is on FXDD, but I only use it as a sandbox, when trading my super micro lots I use a live MT4 account (sub account) on OANDA that has no money it it as the funds are in the primary account (the OANDA web/java trading platform account)
  • #7,517
  • Jul 8, 2011 1:03am Jul 8, 2011 1:03am
Quoting The7
I wonder why some readers have 7-8 open trades at the same time. Even it is a demo for some, this a a very bad idea. Trading is not a shoot and kill video game. Be selective with the trades you take. ..
Very well said 7. Its great to see that folks are able to demo trade the TMS strategy and demonstarte that it works, but implying that taking 8-10 trades is realistic, is reckless and misleading to new traders.

800 pips a week on a demo account does not equate to profit and should not be expressed as so. There are plenty of new traders or traders new to the system on this forum, and care should be taken to teach the strategy rather that tout results which are based on demo trading which does not require stress or money management strategies.
  • #7,518
  • Jul 8, 2011 1:13am Jul 8, 2011 1:13am
So True 7, good advise for beginners

Quoting The7
Do not demo. Open a $200 account and use pennies. It will save you years to get the discipline and mental strength, trust me. Learn how to handle stress. Real money changes things....
  • #7,519
  • Jul 8, 2011 1:41am Jul 8, 2011 1:41am
My five open trades have not moved during the last 8 hours showing lack of momentum so i am closing most of them now and finishing for the week on + 730 pips.

Good trading all and see you on Monday
  • #7,520
  • Jul 8, 2011 1:52am Jul 8, 2011 1:52am
Hi Bez

It's great to see that you are still gaining so many pips with this system. Are you still demoing this system or have you gone live yet?

Cheers
What you do is a reflection of you....what I do is a reflection of me.
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