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Trading Made Simple

  • #7,521
  • Jul 8, 2011 2:03am Jul 8, 2011 2:03am
Quoting Rcwso
What is the sentiment for trading a Non-Farm Day?

Following Forex Basics I would consider it a poor day to trade, even larger time frames.

Thoughts?
Hi

I never trade Non-Farm day, all the traders that I have spoken to over the past few years at training courses or seminars ect, say never trade non-farm day, I think it usually sets the direction for the month ahead, it takes time for the market to adjust to the results, as it always takes place on the first Thursday of every month, I wait until the following Monday to start the months trading. This may explain why there seems to be little movement over the past few hours ??
  • #7,522
  • Jul 8, 2011 2:14am Jul 8, 2011 2:14am
Going live with this system from Monday. (Not micro.)

Actually I've run a live account for the past two-and-a-bit years, using pure price action - no indicators. Although this has made consistent (if modest) gains, running TMS in tandem with my usual strategy on demo does appear to have improved my ability to get it on strong movements at the right time.

It's not so much about getting you in at the right point, but keeping you out until market conditions are favourable enough to indicate a possible trade.

As someone put very nicely earlier: it gives you permission to look at a trade.

In any case, I'm itching to get off demo and back into the real world.

One thing I won't be doing though is running multiple trades. To be honest, I can't see the point. Money management dictates that only X% of capital will be at risk at any one time. Let's say 1% for the sake of argument. Now, if I see a high probablity trade, I can take that and put the 1% at risk. Or I could take three trades, but that would mean risking 0.3% on each one.

If all of those trades hit +60 pips, the result in terms of % account gain would be the same as taklng the one trade. The only difference is that I could shout about making 180 pips instead of 60. But really, pips are nothing. % account gain is everything.

And it's just simpler to track one trade instead of three anyway.

Will keep posted on results.
  • #7,523
  • Jul 8, 2011 2:29am Jul 8, 2011 2:29am
DaveUK
Come on in the water is fine
  • #7,524
  • Jul 8, 2011 2:51am Jul 8, 2011 2:51am
I have to trade the H4 charts at 4, 8, and 12 and for the most part I do not find any setups. are these bad times for good setups? I am looking at the prime 8 pairs plus afew others. I tried to have the broker (forex) change the times of the H4 to Big E's times of starting ie, 10 2 and 6 but they said they could not do this. What am I doing wrong. no trades means no opportunities. I am on the west coast so I have been staying up all night and I am gettin frustrated. If anyone finds good trades at these times could you let me know? I can then confirm or see if there is a problem. Thanks.
  • #7,525
  • Jul 8, 2011 2:55am Jul 8, 2011 2:55am
Quoting Ezzy
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
Ezzy,

Yes i have been running a very small live account recently alongside my demo for this system.
I was going to trade full size account next week but work is busy so won't have the time to dedicate as i would like so will go fully live the following week.
But my small live account is still doing well from this system.
Good trading all
  • #7,526
  • Jul 8, 2011 3:00am Jul 8, 2011 3:00am
Quoting bez3000
Ezzy,

Yes i have been running a very small live account recently alongside my demo for this system.
I was going to trade full size account next week but work is busy so won't have the time to dedicate as i would like so will go fully live the following week.
Bu my small live account is still doing well from this system.
Good trading all
Great to see mate, keep it going!

I went live this week and bagged 200 pips in a small account, risking very little but was in the black, which is good for an average trader like myself.
What you do is a reflection of you....what I do is a reflection of me.
  • #7,527
  • Jul 8, 2011 3:10am Jul 8, 2011 3:10am
Regarding the posts about multiple trades and lot size . . .
I have been trading this system for three years and make a living trading.

My goal is simply one signal per day from an 8 pair portfolio using this method.

I get a least 3-4 valid signals per day on the 4 Hr charts. I scalp the 1 Hr charts as well on the same portfolio which generates 6-8 signals per day during my trading sessions. I also trade an advance pattern recognition system using counter trend divergence. That system generates 4-6 signals per week on the 4 Hr chart of a 25 pair portfolio.

I won't get into the math here, or the pairs I trade, but a fixed fractional money management system refers to what percentage of your capital to risk on the next trade and every trade thereafter and has many drawbacks. But, this is the conventional wisdom that says only risk 2% of your account on each trade.

I used fixed ratio system that increase my lot size and/or number of lots as my account increases. For instance, for every additional $5,000 my account increases, I increase 1 lot. The formula is:

Current balance + (# of lots x delta) = next incremental increase in lots.

My delta is $5,000. This is determined by how aggressive or conservative you are.

So a starting balance of $20,000 using a delta of $5,000 would increase from 1 to 2 lots when the balance reached $25,000.

Balance of $25,000 + (2 lots * $5,000) = $35,000. You would increase to 3 lots once the account balance reached $35,000, and so on.

One signal per day trading the TDI system on a 4 Hr chart is enough to make a lucrative living.

All that said, none of this matters if you don't have the patience for your profit targets to be hit, the discipline to follow the rules, and control of your emotions - all of which takes lots of practice, focus and time.
  • #7,528
  • Jul 8, 2011 3:10am Jul 8, 2011 3:10am
Quoting dean
scoops do you have your watchdog set to refresh?? this could make a difference when assessing the first candle...soemtimes the pa can turn quickly and a strong candle can be seen but the tdi is still going the other way...but when you refresh it it turns in favour of the candle...so just wondering how you have it set in your watchdog.
I have it set to refresh
  • #7,529
  • Jul 8, 2011 3:11am Jul 8, 2011 3:11am
Quoting Ezzy
Great to see mate, keep it going!

I went live this week and bagged 200 pips in a small account, risking very little but was in the black, which is good for an average trader like myself.
"GOOD" that's not good it's fantastic mate. 200 pips of real money on a regular basis will make you a very rich and successful trader one day.
There are lots of so called "Gurus" who don't touch that.
Keep it up mate i think we will see each other on BigE's trading island before you know it.
Have a good weekend all.
  • #7,530
  • Jul 8, 2011 3:39am Jul 8, 2011 3:39am
first week with this system , got about 200+ pips , pretty pathetic i know , but i'm just getting ajusted with the habbits of the system, a great weekend to all and God bless
  • #7,531
  • Jul 8, 2011 3:44am Jul 8, 2011 3:44am
pretty amusing that people rarely post there losing trades on this forum...tho my personal experience with system is I had lots of losing trades.

this system is much better then any system available online...but truth is if u stick to just this system in long run u wil lost ur account.(no system is full proof)
Trade responsiblypatience is the key/Swing trader
  • #7,532
  • Edited 6:23am Jul 8, 2011 4:08am | Edited 6:23am
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 120 KB


I entered this trade early this morning, around 2am (GMT+9). When I got home from work it was at around -20 pips and was considering closing it because the TDI was flat. But the Stoch was firmly headed downward and I've had pretty good success following that signal if the TDI isn't blatently headed north. During dinner tonight it hit my TP for +100 pips. Doncha just love a happy ending?

I didn't post this to brag. I don't post too many charts. But one poster indicated they were having trouble finding signals on the H4 TFs. Go to the daily charts. Set it and forget about it till the next day.

The other reason was because another poster said this trading system will drain your funds if used on a live account for any length of time. 9 times out of 10 it's not the system that causes trading failure. It's usually the trader. Look at all the threads in the Trading Systems Forum. Most of the creators of those trading systems/methods are claiming success and have many other traders following along and doing the same and swearing that it's the best thing since sliced bread. Speaking for myself, I've tried quite a few of them. Some I liked, some I didn't. But just because I couldn't profit from it doesn't make it bad. If throwing bones and tea leaves onto the floor while singing the theme song from "The Beverly Hillbillies" consistantly allows you to profit in the markets, I say ,"Do it!" Many people at FF have been extremely generous with their trading knowledge and have helped me become a better trader. I don't have the words to express my gratitude. But if hundreds of people are consistantly profiting in the markets following a particular set of rules, including the ones in this thread, but you couldn't get a handle on it, you have to look at the trader, not the system.
  • #7,533
  • Jul 8, 2011 4:42am Jul 8, 2011 4:42am
Morning All - yeeeeesss - finally loaded TDI onto my platform last night and as a Jamaican friend of mine said " itall gan clear" - looking forward to taking part now. Incredible - your comments make me laugh. No one brags about or advertises their losses. we all have them - we celebrate the positive. I have been trading since 2009 and have had many losing trades. But have had more winning trades. For me it is about staying in the game (capital preservation) and compounding my account will aid my retirement. It is clearly stated at the begining of this thread that this is not the holy grail, nothing is - but add this top clean strategy to your existing trading method and as someone said earlier- makes you wait to trade. I personally have found this an aid. Love and peace. " i can see clearly now the rain has gone" BTW - when I say we - I mean "I" dont mean to presume
Sleeping boys catch no fish
  • #7,534
  • Jul 8, 2011 4:48am Jul 8, 2011 4:48am
Incrediblle
Quote
pretty amusing that people rarely post there losing trades on this forum...tho my personal experience with system is
Quote
I had lots of losing trades.

this system is much better then any system available online...but truth is if u stick to just this system in long run u wil lost ur account.(no system is full proof)


If you have lots of losing trades and believe you will eventually lose your account - stop trading! Find another system that you trust or has better long term expectancy.

I have adapted the system slightly and have traded it full time for the last three years with great success. The most losing trades I have had in a row is three . . . and one was my fault.

We all know no system is fool proof and you are correct, no one is posting losing trades. That is the problem with forums such as this - people lie and they lie to themselves.

Trading is a long term endeavor, so there is no need to congratulate yourself for a winning trade or be depressed over a losing one.

Furthermore . . . Don’t expect to learn how to trade from a thread.

But - you must have a belief in your system before ever placing a trade.

If not, you will never be successful.
  • #7,535
  • Jul 8, 2011 5:10am Jul 8, 2011 5:10am
Quoting dean
Wow you got rid of that analysis paralysis quickly good for you mate!! and I mean that.
Thanks Dean, although i wouldnt say 'quickly' is the right word for it, its been a frustrating couple of weeks. goes to show a little bit of good advice goes along way.

Theres lots of good traders here who are willing to help, im glad i asked the questions (i almost didnt), thanks to everyone for their input
  • #7,536
  • Jul 8, 2011 5:29am Jul 8, 2011 5:29am
Quoting Incrediblle
pretty amusing that people rarely post there losing trades on this forum...tho my personal experience with system is I had lots of losing trades.

this system is much better then any system available online...but truth is if u stick to just this system in long run u wil lost ur account.(no system is full proof)
I don't think this is correct at all, if you fond a system you trust and trade it correctly with patience there is no reason you will blow your account.
I think it is down to the individual trader and a statement like this does not help anyone and i do not think it is accurate at all.
  • #7,537
  • Jul 8, 2011 5:33am Jul 8, 2011 5:33am
Very nice post dcginc, it' good to here from a professional who is trading this system for a living.
My problem is i see the great setups and want to trade them all, which has been working so far but maybe i should be taking less setups. I often find myself with 7 or 8 trades running but over the last three weeks i have been winning 85% of the time.
Work also gets in the way as to what setups i can take and makes waiting for just one harder.

Quoting dcginc
Regarding the posts about multiple trades and lot size . . .
I have been trading this system for three years and make a living trading.

My goal is simply one signal per day from an 8 pair portfolio using this method.

[font=Verdana][color=black]I get a least 3-4 valid signals per day on the 4 Hr charts. I scalp the 1 Hr charts as well on the same portfolio which generates 6-8 signals per day during my trading sessions....
  • #7,538
  • Jul 8, 2011 5:46am Jul 8, 2011 5:46am
bez3000
Quote
My problem is i see the great setups and want to trade them all,

I completely understand the temptation and the fear of loss of missing a signal or not taking a trade and then looking back with regret.

You know that there will always be another trade. If you can take fewer signals, you will be more relaxed, more focused and more profitable.

This is where money management comes in. You can make plenty of money trading one pair if managed properly.

My suggestion is to try and take fewer trades, find a solid calculation for profit targets and slow down a bit.

But you must ultimately do what is right for your personality.
  • #7,539
  • Jul 8, 2011 5:48am Jul 8, 2011 5:48am
Quoting The7
I am attaching a monthly pivot for you, that will keep your chart clean as crystal. Clutter just confuses us..Kudos to futurespec who modified it for me. Make sure you change the pivot color if you using a black background.
Thanks for posting that pivot indi, 7. I was getting ready to ask you for it!
Luck occurs when preparation meets with opportunity.
  • #7,540
  • Jul 8, 2011 6:08am Jul 8, 2011 6:08am
Thank's dcginc i have sent you a PM as well

Quoting dcginc
bez3000

I completely understand the temptation and the fear of loss of missing a signal or not taking a trade and then looking back with regret.

You know that there will always be another trade. If you can take fewer signals, you will be more relaxed, more focused and more profitable.

This is where money management comes in. You can make plenty of money trading one pair if managed properly.

[color=black][font=Verdana]My...
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