I have been getting a lot of PM’s lately about how many pairs to trade, which pairs to trade, what times to trade, etc., etc.
I also notice the amount of trades and pairs many folks post on this thread. I am amazed. It is a talent I have not acquired. For me, trading a multiple pair portfolio provides a chance to sort for the best trade set ups, not necessarily to increase the frequency of my trading.
If you are trading the TMS system on any time frame, look back (as Big E constantly reminds us) at the pairs on your platform and markets you trade. Get a sense of the average amount of signals you get per week – especially the rock solid ones that obviously meet the TMS requirements and have additional confirmation patterns (double tops, divergence, etc.) associated with them. Take note of the number of these set ups, on what day, in which session they occur, and at what time in each session.
You will begin to notice patterns. You will also begin to notice, especially when trading multiple pairs; there are more than enough opportunities to make a living. For every three trades I take, I miss ten others. It takes a while, but you will learn to get over the regret of missed opportunities - because in trading, compared to other businesses, the opportunities are infinite. You can’t change the past, so worrying about missed trades is a waste of time.
Let’s do some quick math. On an 8 pair portfolio on the 1 Hr time frame there is an average of 30 signals per typical week for over 100 pips each. If you took 4 trades, had a 1:1 risk/reward and lost 25% of your trades, with an average of 50 pips net profit per winning trade that would be 100 pips per week. (3 winners for 50 pips each and one loser at -50 pips = net 100 pips.) On a full lot that is $4000.00 per month USD. That’s a sizeable part time income. The point is simply that you can very easily, and in a very relaxed fashion, make good money.
Sitting out can be advantageous also. It is no mistake that some pros do not trade at all on Fridays or days of major announcements. They realize there are so many opportunities, why put any capital at risk on a day of unpredictable volatility? They also know that trading is a long term endeavor and that quality, not quantity, is the key to profitability. They never feel as though they are missing something by being out of the market. They are patient, deliberate and will wait hours, days and even weeks for the proper set up.
The market rewards this patience and discretion. If during high volatility, you find yourself becoming anxious, overwhelmed or regretful – stop trading. Understand that you can’t have it all. You can’t have every pip of every run on every pair. Look back. You only need two or three good trades per week to be hugely successful.
With the recent volatility these past weeks, there can be a tendency to over trade. The fear of loss compels many traders; if they don’t take advantage of these huge moves, somehow they are unsatisfied or feel inadequate – and then try to catch up by over trading. Too many positions can become unmanageable, placing too much capital at risk, and creating fear that will cause you to close trades before your profit targets are attained or impulsively close them at the slightest pull back against your position.
Although adjustments may be made for market conditions, professional traders stick to their plan and their rules – whether August or February – financial crisis or no. It is the calm trader that profits consistently – even during such volatility and uncertainty. So learn to relax and be satisfied with less – that is, fewer and better trades. It will keep your head in the game and money in your account.
[quote=Nizdraw;4870377].... I spend tons of hours on a simulator so get a feel of the price action set ups I like to see...
Nizdraw,
I've tried several simulators but haven't yet found one that can move through an H4 candle in a few minutes and also includes the TDI & Synergy's "speeded up" version of the HA candle.
Which simulator do you use?
And does it have the TDI and Synergy HA candle?
Greetings traders. I'm new to this forum and would like to ask if anyone is trading this method specifically on the hourly charts, as outlined, which is to say during the NY session?
If so, any specifics which you could share such as to your prefered start/stop times, pairs which lend themselves well, stop losses or limits used, or any other experienced insight would be greatly appreciatied.
I have been getting a lot of PM’s lately about how many pairs to trade, which pairs to trade, what times to trade, etc., etc....
Ignored
that's a very nice read.. the few posts where i would slow down and read every word...and start digesting.. and note taking.. resonating and insightful.. thanks
I have been short on E/U for 35 mins and I am 30pips down!
How is this possible if you are UP?
Cheers
Geoff
Ignored
I think you entered after me - as I wrote that the 1st 1/3 met Target, then price stopped me out on the remaining 2/3's. Looking back at that trade I mentioned I waited till Stoch was near overbot, the cross on stoch was just below. If you look more to the right on your charts you'll notice after the stop-outs Stoch's cross was completely in overbot, time and time again I have noticed this that when the cross happens competely in O/B and O/S areas the next TDi cross in your 1hr/4hr trend direction tends to be stronger and a higher probability. So I was early with that trade.
Greetings traders. I'm new to this forum and would like to ask if anyone is trading this method specifically on the hourly charts, as outlined, which is to say during the NY session?
If so, any specifics which you could share such as to your prefered start/stop times, pairs which lend themselves well, stop losses or limits used, or any other experienced insight would be greatly appreciatied.
Thanks!
FXSurf
Ignored
All the info you seek is in the thread - granted it's become huge so I would recommend you hit the attachments button in the upper right, choose hide images and start reading all the PDF's and Word docs you find.
.... I spend tons of hours on a simulator so get a feel of the price action set ups I like to see...
Nizdraw,
I've tried several simulators but haven't yet found one that can move through an H4 candle in a few minutes and also includes the TDI & Synergy's "speeded up" version of the HA candle.
Which simulator do you use?
And does it have the TDI and Synergy HA candle?
Run it (Choose Strategy tester window)- load your TMS template then set to 32 and you'll blow through 4hr bars like they were tick charts. If there is no help pdf in this zip then just search the thread and another user has posted that 11 page guide for it.
I have been getting a lot of PM’s lately about how many pairs to trade, which pairs to trade, what times to trade, etc., etc. ...
Ignored
No thanks. I'd rather use a robot to make me lots of $$$s (Joke!)
Seriously though, that's one of the most cogent descriptions of pro trading psychology that I've ever read. Many thanks for taking the time to formulate, write and post it.
hello traders,
i am using TMS watchdog indi with alerts and the thing is that i am getting alerts every second, what changes i need to make bot to get so many same signals? thanks
hello traders,
i am using TMS watchdog indi with alerts and the thing is that i am getting alerts every second, what changes i need to make bot to get so many same signals? thanks
hello traders,
i am using TMS watchdog indi with alerts and the thing is that i am getting alerts every second, what changes i need to make bot to get so many same signals? thanks
Ignored
What version are you using? I had had the same issue and the newest(?) version fixed it.
