Trading Made Simple

Guitarbloke
Member
GuitarBloke
Thanks for the reply, will re-read the first 20 pages.
Later

Dear trader, I beg to poke his nose. Why not enter. For earlier thanks.

As soon as I get over the facts, that, A - there has been a fundamental shift in a lot of currencies, Swissy, YEN, DOW down 500 Asia down 4-5%, B - this would be a counter trend trade, because C - all you can see is SELL signals on 1 hour chart, I'm writing that GEM into my Trading Plan

sorry if that seems blunt, but it is only as blunt as you losing your $$$$ have you got a stop in place or do only exit when the pain of losing 1 more dollar is greater than admitting your bias is wrong?

I took that trade too but got out pretty quick after because the 1H chart was not looking very good. We'll see how it turns out. Whenever the setup candle is small like that it makes me second-guess the setup.

Where are the shit traders that says this system will not work and the thread will be silenced within few months. Let them come and see how many of us are using wheelbarrow to smuggle pips away from the brokers.where are they? eeehn?

Heya G

You could be right but yes, it'd be far too early for me to be thinking of an entry. One thing came to mind when I read your post: the old 'trade what you see, not what you think' thing. Whatever anyone says, it's a lot easier to say that than to do, I know. Just something to have in the back of your mind.

I watched the '3 amigos' (GBPUSD, EURUSD and AUSUSD) during the recent bear run. The Aussie was by far the weakest. While the other two retraced quite a bit on their way down, the Aussie fell like a stone, constantly pressing new lows. So if there is going to be a bounce, I'd be looking at the other two first to see which looked the strongest, rather than the Aussie.

Like I say though, you could be right. GBP and EUR are definitely showing the signs. Either way, to trade that bounce, I'd have to see VERY strong movement and clear signals. If Euro cleared 4150 I might start thinking about it.

As it is, I don't trade NFP days anyway. Good week. Targets hit. Time for a bike ride and then the pub.

in long AUDUSD @ 1.0461

Maybe right but mostly a bit too early to tell.

Is this your 4 hour entry for the "mine is bigger than yours" competition?

Not sure what you did there, but no picture!

Sorry, you have requested an invalid Attachment.

If the page has been moved, you may be able to find it by doing a search at the top of this page. If you believe you have reached this message in error, please submit a contact form.

[quote=aud;4841617]Maybe right but mostly a bit too early to tell.

Yeah, I think too early. got out at BE. Seems like the London session is really slow today...maybe my imagination?

Callisto: not entering any competition just participating in the thread by posting some entries (some of which are not very good since I'm still learning).

watching this two pairs closely, i think its about to go long

eurjpy
gbpjpy

[quote=jwscott;4841757] Not your imagination. Doing its usual wallowing around aimlessly prior to NFP data release later. That's always fun to watch. (From the sidelines!)

You might be right, but it would not take much to tip the other way...

Mate, me too ... after focusing hard on getting my entries right, now I'm on the other end of the stick, finding it hard to get the balance between letting trades breath vs exiting losers in a timely manner. (Thankfully still on demo!).

In my case yesterday I entered 6 trades on 1H time frames. It turns out :
1 x was a bad entry, SL hit
2 x exhibited a small profit (TS's hit, still working on the right balance)
3 x trades that spent a long time on the wrong side of the ledger, close to hitting SL, so much so that I exited them ... only to have all 3 turn around after I'd exited and take off all at great speed in the right direction ... DOH!!

Annoying - yes? But at the same time, kind of smiling because that's exactly why I'm demo-ing - to make all these mistakes with pretend money, and not use real money until I truly get it.

But back to the point, getting that balance between letting trades run vs managing them - I feel your pain!

It's certainly been an interesting week ... will do some heavy analysis over the weekend, and looking forwards to next week.

In trading the biggest hurdle most traders face is psycology. Taking "YOU" out of the decisions is one of the biggest steps forward, in my oppinion, that one can make. It is not easy looking at a good signal turning into a losing position but that is how the system works.

That is why you need to have an entry and exit plan. With this system the entry rules and straight forward and simple with the addition of a bit of technical analysis with regards to support and resistance and and maybe also trend line which still would count as S and R.
With out an exit strategy you can never get out of your position with a real profit... not as in size but more as in confidence that the target you looked for was reached or that the exit rules where met i.e either you have reached the desired target, or TDI has flattened or whatever rules are set for the system.

Finally I think confidence in the system you are using is crucial. What use is it having an amazing system which bags more pips than loses if you don't trust its signals? You will end up fighting the system and second guessing it. Try demoing with the rules as they are set and learn to trust where your stop is supposed to be placed and close your trade when you should( as per rules). When this becomes comfortable enough then see if you can maybe maximize your profits. And it is always good to try a micro account to test with real money. Thats when you see the real psycology playing its part when your money is on the line.

At the end of the day its not how much the market has moved but how many pips you pocketed. I don't get frustrated any more when I see the market moved 500 pips and I made half of it instead of all. I know that that half is mine all mine

So get your emotions in check and leave them in the other room with your GF when trading and bring in some pips.

Peace

Can somebody please send me a link to a post that explains how to best configure TDI Watchdog?

Advance thanks,
Ivan

Start here:
http://www.forexfactory.com/showthre...45#post4667745

and your email returned invalid. I will delete this once you pm me and say you have it.
added user choice of MA period and shift. recommended 5 ema shift three on 15 min and up. kept email alerts function as that worked extremely well. recommended buffer is 2 pips plus spread on 1-5min charts, 5 pips plus spread on 4hr and 1 hr chart. 12 pips plus spread on daily. Backtest results are very similar to foward test results. Building EA soon.

Thanks for your kind help,
Ivan