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Trading Made Simple

  • #10,481
  • Aug 23, 2011 8:02am Aug 23, 2011 8:02am
Quoting dean
I am already in...you shoudl be too or if you are looking to get in next candle it is not per the rules...next candle is the 3rd
Strange my 14:00 gmt candle just opened and it's only the 2nd mmmm
Attached Image
  • #10,482
  • Aug 23, 2011 8:06am Aug 23, 2011 8:06am
Quoting popeyeuk
Strange my 14:00 gmt candle just opened and it's only the 2nd mmmm
Yeah I think it has somethng to do with different brokers??
  • #10,483
  • Aug 23, 2011 8:08am Aug 23, 2011 8:08am
Closed out my nzd/usd short with +20 pips. Started to feel uneasy and wanted to get out before the US new home sales data at 3pm GMT.

good luck all
  • #10,484
  • Aug 23, 2011 8:11am Aug 23, 2011 8:11am
Quoting popeyeuk
Strange my 14:00 gmt candle just opened and it's only the 2nd mmmm
My candles look just like yours! So I actually entered on the second candle... But on some other brokers it's already a third candle! Let's see what happens next! I just entered 10 minutes ago!
  • #10,485
  • Aug 23, 2011 8:11am Aug 23, 2011 8:11am
Quoting dean
Yeah I think it has somethng to do with different brokers??
Think you are right Dean.. The chart above is from Oanda live account MT4.
If you don't mind me asking which broker do you use?
  • #10,486
  • Aug 23, 2011 8:14am Aug 23, 2011 8:14am
Quoting cce
Just a helpful assist from one of the noisy unwashed following this thread by Eelfranz (Eric).
Attached you will find the updated PDF highlighting Eric's recommendations for his preference to TF and his time zone.

Good to have you on board.
Cliff
Thank you, I will read it today, after work
  • #10,487
  • Aug 23, 2011 8:14am Aug 23, 2011 8:14am
Quoting popeyeuk
Think you are right Dean.. The chart above is from Oanda live account MT4.
If you don't mind me asking which broker do you use?
A mob here called axitrader
  • #10,488
  • Aug 23, 2011 8:32am Aug 23, 2011 8:32am
Well the EU I had set up just ran me passed my TP of +40 pips. @ 1 lot that's 400 USD. Not bad for under 1 hour of doing NOTHING?

BIG E, Where ever you may be, I'm gaining faith day by day in the system you present to us...

Thank you one and all.
  • #10,489
  • Aug 23, 2011 8:32am Aug 23, 2011 8:32am
My E/U short went good (Actually it plounged) and I got out with my 10 pips as planned. Staying inside a 10 pip profit limit for now. So far so good and up 5% on my account since the beginning of this week. Think I'll lay down and look for signals after the USD news release has settled.
  • #10,490
  • Aug 23, 2011 8:47am Aug 23, 2011 8:47am
Quoting Martinius
My E/U short went good (Actually it plounged) and I got out with my 10 pips as planned. Staying inside a 10 pip profit limit for now. So far so good and up 5% on my account since the beginning of this week. Think I'll lay down and look for signals after the USD news release has settled.
how many pips is your stop loss??
  • #10,491
  • Aug 23, 2011 8:49am Aug 23, 2011 8:49am
(wearing the donkey hat and sitting facing the wall in the corner of the room LOL)

well, at least i enjoyed lunch!

i am no one to give advice but from some of the posts here my guess some are trading a bit overleveraged?

IMHO the biggest dangers to trading are:

1 - overleveraging
2 - overleveraging
3 - trading with a very high % of the account on a single trade (AKA overleveraging)

there are other dangers but these are the Top 3!
dreams do come true.
  • #10,492
  • Aug 23, 2011 8:49am Aug 23, 2011 8:49am
forgot another one:

4 - overleveraging

dreams do come true.
  • #10,493
  • Aug 23, 2011 8:50am Aug 23, 2011 8:50am
Quoting dean
how many pips is your stop loss??
Just what I was thinking. How's things going Dean? Good day for riding the waves today. Even London opening played nice!
  • #10,494
  • Aug 23, 2011 8:53am Aug 23, 2011 8:53am
Quoting DaveUK
Just what I was thinking. How's things going Dean? Good day for riding the waves today. Even London opening played nice!
Hey Dave.....yep starting the week off much better thanks...I jumped in on the Euro..up 64 pips as we speak....had a 30 pip stop loss which is now trailing by 25 pips. Closed 2 lots out at 50 pips and letting the last one run. Bouncing well off trendlines today to so gave me alot more confidence
  • #10,495
  • Aug 23, 2011 8:55am Aug 23, 2011 8:55am
Quoting wannaberich
(wearing the donkey hat and sitting facing the wall in the corner of the room LOL)

well, at least i enjoyed lunch!

i am no one to give advice but from some of the posts here my guess some are trading a bit overleveraged?

IMHO the biggest dangers to trading are:

1 - overleveraging
2 - overleveraging
3 - trading with a very high % of the account on a single trade (AKA overleveraging)

there are other dangers but these are the Top 3!
I think many are still demo. Completely agree with you, over leveraging will get you in the end it always does.....
  • #10,496
  • Aug 23, 2011 8:57am Aug 23, 2011 8:57am
Quoting dean
Hey Dave.....yep starting the week off much better thanks...I jumped in on the Euro..up 64 pips as we speak....had a 30 pip stop loss which is now trailing by 25 pips. Closed 2 lots out at 50 pips and letting the last one run. Bouncing well off trendlines today to so gave me alot more confidence
Ah I'm in the same, but got in a little late. +40 and trailing SL prior to news. Glad to hear things are going well!
  • #10,497
  • Aug 23, 2011 8:57am Aug 23, 2011 8:57am
Well Im short since 4448. As suspected the 4485 resistance held. The 4420 support didn't, price has gone straight through now testing the 21EMA which nearly always provides some form of S/R (its a very well followed EMA). Currently at 4388, also there is support 4365.

Im holding short until momentum fades and then will get out.
  • #10,498
  • Aug 23, 2011 8:58am Aug 23, 2011 8:58am
Isn't is wonderful when price moves like EU and EC today? My first live trades, and I made 168 pips running from daily pivot to weekly m4 and R1 (watched the move and enter just above, and shaved 8 pips fom M4 and R1 on each). While trading on demo I noticed that the best trades are usually one that start on pivots, and they usually go to the next pivot-if PA breaks resistence, goes to the next one almost 100% if entering was by Big E rules.
What a feeling - first trades and 117 EUR just trading 0.1 lots.
THANK YOU BIG E AND ALL THE REST.
  • #10,499
  • Aug 23, 2011 9:02am Aug 23, 2011 9:02am
Quoting Martinius
My E/U short went good (Actually it plounged) and I got out with my 10 pips as planned. Staying inside a 10 pip profit limit for now. So far so good and up 5% on my account since the beginning of this week. Think I'll lay down and look for signals after the USD news release has settled.
10 pips profit limit is probably not a good idea. Dean asked you about what stop you are using?? This is important because even if you limited your stop to 10 giving you a 1:1 risk / reward ratio you are likely to be taken out many times from volatility (especially considering the broker is probably around 15% of your profit - assuming a 1.5 spread).

Many a trader will tell you that you need to let the winners run and cut the losers.
  • #10,500
  • Aug 23, 2011 9:03am Aug 23, 2011 9:03am
don't know if you find the that we can learn from each others mistakes (as each one of us is an individual with each owns strengths and flaws) but my worst enemy is overleveraging. this is a sub product of 2 things: revenge trading (i overleveraged to get back what i lost) and GREED (i overleveraged after a streak of winning cause i felt there was no stopping me! LOL).

had another one that was BIAS: i was convinced for many months that EU at 1.4X levels was overbought and should go down. so i took profit on the buys (as i thought those were limited moves) and never took profits of sells (as i thought we were going to 0.858 LOL). this was unconscious so it took a friend to show me because i couldn't see it.

i had 150 pips trades (single trades not baskets) coming back to SL at BE! so now i have it written on my sig so that it reminds me!

Quoting brettboz
I think many are still demo. Completely agree with you, over leveraging will get you in the end it always does.....
dreams do come true.
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