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Trading Made Simple

  • #10,521
  • Aug 23, 2011 12:52pm Aug 23, 2011 12:52pm
Attached are a couple of screenshots of three trades taken so far this week using the simple rules of TMS.....two of them on the H1 time frame set-ups per rules I discussed in a post last Sunday (100 pip TP on the cross of green over red and stochastic agreement).
Due to low volume, the first trade early Monday morning only earned +19 pips & was stopped out by the 25 pip trailing stop. If I had been monitoring the screen, I would have taken profit earlier. This morning, the second trade went for the full 100 pip TP. For the third trade, also this morning, I dropped down to the M15 time frame and took a short trade after PA failed to break the 4500 level and the TDI gave a solid entry signal. That trade was also taken per the rules set out by Big E (entry at the beginning of the second candle on the M15 chart). I closed that one before the EU news release for +71 pips.
This system is truly "Trading Made Simple"! Of course, to succeed we must learn to be disciplined to take only the trades that are AAA set-ups. We each must learn to properly manage lot size and stop losses because it is impossible to avoid losses. If you can master those things, the rest is just mechanics. I still have difficulty with wanting to jump in and out of trades (especially M15 or M5 time frames) but my account suffers when I do. I am done for today until London session. The mechanics of this simple system work!!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 8-22 & 23.gif Size: 44 KB
Click to Enlarge Name: eu m15 8-23.gif Size: 27 KB
  • #10,522
  • Aug 23, 2011 1:04pm Aug 23, 2011 1:04pm
[quote=Phx62;4894878]Attached are a couple of screenshots of three trades taken so far this week using the simple rules of TMS.....two of them on the H1 time frame set-ups per rules I discussed in a post last Sunday (100 pip TP on the cross of green over red and stochastic agreement)...quote]

What indicator do you use to show past trades for the current pair on your chart? Thanks
"... and money is the answer for everything." Ecclesiastes 10:19
  • #10,523
  • Aug 23, 2011 1:26pm Aug 23, 2011 1:26pm
Quoting dcginc
I often see posts on this and other threads that contain the phrases “I feel” or “I think.”

[font=Calibri][size=3]“Feeling” and “Thinking” can prove to be dangerous when approaching the market. The danger of this state, as we all know, is closing trades way too soon and/or reacting very haphazardly. I see many traders with the expression of “I got my 10 pips and got out,” (as an expression of relief) or “I think the E/U is turning over.” Often there is evidence referenced, such as support/resistance, weekly...
Very well stated, sir. What you shared here defines the difference between becoming a successful trader or one who cannot seem to "get it right." Your insight is refreshing and spot on!! Thank you and please continue to share your thoughts and experience with us. It makes up for all the "feelings" and guesses in these forums.
  • #10,524
  • Aug 23, 2011 1:45pm Aug 23, 2011 1:45pm
I've been working this for a couple of weeks now. I think I'm getting the hang of the right trades, but for me the problem comes in exiting the trade.

I still can't wrap my mind around the right TP or SL. When I set SL at the previous low and then others say take profit on 20 or 30 pips...that risk/benefit ratio is way off.

If I try for 100 pip TP I just don't see that happening.

"Don't let a winner turn to a loser"...so I set to BE after 20 and sure enough it retraces to take it out.

Very frustrating.

Don't know if any of you have any sage advice...
  • #10,525
  • Aug 23, 2011 3:18pm Aug 23, 2011 3:18pm
Argghh haven't been able to trade since last Wednesday because my broker is transferring my account from their trading software (dealbook 360) to an mt4 account. Was told it would be done by London open Sunday night, and wasn't. Then was told by Monday afternoon, and wasn't. Now told by this afternoon, and still waiting. Good thing is I have been seeing some very good setups, so my brain is still working lol. Good luck everyone!
  • #10,526
  • Aug 23, 2011 3:34pm Aug 23, 2011 3:34pm
[quote=azFin;4894913]
Quoting Phx62
Attached are a couple of screenshots of three trades taken so far this week using the simple rules of TMS.....two of them on the H1 time frame set-ups per rules I discussed in a post last Sunday (100 pip TP on the cross of green over red and stochastic agreement)...quote]

What indicator do you use to show past trades for the current pair on your chart? Thanks
It is not an indicator. It is available on the MT4 platform.
Go to the Terminal icon at the top of your screen and open it. There should be a tab that says Balance at the bottom of the screen. Click on Balance and it will open some history tabs. Open you Account History tab, then highlight a trade you want to appear on your chart and drag & drop it on the screen. The arrows and line should appear on the chart showing where the trade was taken and closed.
  • #10,527
  • Aug 23, 2011 3:48pm Aug 23, 2011 3:48pm
What kind of r/r ratio does this strategy have?
  • #10,528
  • Aug 23, 2011 3:58pm Aug 23, 2011 3:58pm
[quote=Phx62;4895321]
Quoting azFin

It is not an indicator. It is available on the MT4 platform.
Go to the Terminal icon at the top of your screen and open it. There should be a tab that says Balance at the bottom of the screen. Click on Balance and it will open some history tabs. Open you Account History tab, then highlight a trade you want to appear on your chart and drag & drop it on the screen. The arrows and line should appear on the chart showing where the trade was taken and closed.
Sweet...never knew you could do that. Thanks for the tip.
  • #10,529
  • Aug 23, 2011 4:19pm Aug 23, 2011 4:19pm
Quoting Edwin_777
What kind of r/r ratio does this strategy have?
900/1 risk to reward. prob n ot the system for you.....read a page or two then post a question that has not already been answered
  • #10,530
  • Aug 23, 2011 4:23pm Aug 23, 2011 4:23pm
[quote=Phx62;4895321]
Quoting azFin

It is not an indicator. It is available on the MT4 platform.
Go to the Terminal icon at the top of your screen and open it. There should be a tab that says Balance at the bottom of the screen. Click on Balance and it will open some history tabs. Open you Account History tab, then highlight a trade you want to appear on your chart and drag & drop it on the screen. The arrows and line should appear on the chart showing where the trade was taken and closed.

Well that was simple, thanks for the tip.
"... and money is the answer for everything." Ecclesiastes 10:19
  • #10,531
  • Aug 23, 2011 4:32pm Aug 23, 2011 4:32pm
[quote=Phx62;4895321]
Quoting azFin

It is not an indicator. It is available on the MT4 platform.
Go to the Terminal icon at the top of your screen and open it. There should be a tab that says Balance at the bottom of the screen. Click on Balance and it will open some history tabs. Open you Account History tab, then highlight a trade you want to appear on your chart and drag & drop it on the screen. The arrows and line should appear on the chart showing where the trade was taken and closed.
good info.
  • #10,532
  • Edited 6:37pm Aug 23, 2011 4:42pm | Edited 6:37pm
Quoting Fitness09
Argghh haven't been able to trade since last Wednesday because my broker is transferring my account from their trading software (dealbook 360) to an mt4 account. Was told it would be done by London open Sunday night, and wasn't. Then was told by Monday afternoon, and wasn't. Now told by this afternoon, and still waiting. Good thing is I have been seeing some very good setups, so my brain is still working lol. Good luck everyone!
I too use them.. but what I did, was just open a demo MT4 account and use that for looking for setups, then if I want to trade.. I just use Dealbook... I didn't want to go through what you are going through right now.. hindsight is best.. but. Hope it all works out for you!

Donovan
  • #10,533
  • Aug 23, 2011 5:54pm Aug 23, 2011 5:54pm
Quoting Phx62
Attached are a couple of screenshots of three trades taken so far this week using the simple rules of TMS.....two of them on the H1 time frame set-ups per rules I discussed in a post last Sunday (100 pip TP on the cross of green over red and stochastic agreement).
Due to low volume, the first trade early Monday morning only earned +19 pips & was stopped out by the 25 pip trailing stop. If I had been monitoring the screen, I would have taken profit earlier. This morning, the second trade went for the full 100 pip TP. For the third trade, also this...
Thanks Phx62 for showing how you trade using this simple system.
  • #10,534
  • Aug 23, 2011 6:05pm Aug 23, 2011 6:05pm
Quoting dcginc
I often see posts on this and other threads that contain the phrases “I feel” or “I think.”

[font=Calibri][size=3]“Feeling” and “Thinking” can prove to be dangerous when approaching the market. The danger of this state, as we all know, is closing trades way too soon and/or reacting very haphazardly. I see many traders with the expression of “I got my 10 pips and got out,” (as an expression of relief) or “I think the E/U is turning over.” Often there is evidence referenced, such as support/resistance, weekly...
Thanks dcginc for pointing out the difference between pseudo-scalping and trading this fine system.
Guilty myself. Let's get serious.
  • #10,535
  • Aug 23, 2011 6:56pm Aug 23, 2011 6:56pm
Quoting PipTheTrade
I too use them.. but what I did, was just open a demo MT4 account and use that for looking for setups, then if I want to trade.. I just use Dealbook... I didn't want to go through what you are going through right now.. hindsight is best.. but. Hope it all works out for you!

Donovan
I have been doing that for 4 or 5 months and it got really aggravating going back and forth. Dealbook has been running really slow the past few months too.

F09
  • #10,536
  • Aug 23, 2011 7:23pm Aug 23, 2011 7:23pm
Thanks to Big E and others for the TMS methodology.

Given current markets are "messy", and this is certainly not unusual, are traders finding any particular time-frame more beneficial to use during these periods of ranging? i.e. is 1 hour proving to work ore tan say 4 hour which may be your standard default time-frame?

Thanks
  • #10,537
  • Aug 23, 2011 7:24pm Aug 23, 2011 7:24pm
Quoting Fitness09
I have been doing that for 4 or 5 months and it got really aggravating going back and forth. Dealbook has been running really slow the past few months too.

F09
I hear what you're saying. Personally, I trade more on PA than anything else.. Primarily, what I do is wait for a PA setup and then I use MT4 to confirm that based on the rules set down here. I like PA better than anything because that's real time data.. where as this stuff is delayed. I know some have already been shot down for saying that.. regardless, ALL indicators are lagging.

Anywho.. regardless.. I hope that it all works out for you!


Donovan
  • #10,538
  • Aug 23, 2011 7:27pm Aug 23, 2011 7:27pm
Quoting spyderman
I've been working this for a couple of weeks now. I think I'm getting the hang of the right trades, but for me the problem comes in exiting the trade.

I still can't wrap my mind around the right TP or SL. When I set SL at the previous low and then others say take profit on 20 or 30 pips...that risk/benefit ratio is way off.

If I try for 100 pip TP I just don't see that happening.

"Don't let a winner turn to a loser"...so I set to BE after 20 and sure enough it retraces to take it out.

Very frustrating.

Don't know if any of you have...
Yep .....although its not advice its just my opinion.
I am with you in regards to taking profit. At the risk of offending, taking 10 pips profit when you have your stop 80 pips away on the last swing high or low is insane. Anyone who does this on a consistent basis, I can only hope their stops get hit a few times in a row so they learn its simply not worth it. Hopefully they dont have their life savings on the line when it happens. I dont care if you are only demo ing.....the fact is ...trading needs to become mechanical habit like dginc has said....emotionless habit...and if all these guys her even just on demo keep taking 10 pips here and ther it will become their trading habit. THe other negative aspect of this is....once money is introduced, taking a quick 10 pips here and there will actually become more ingrained in their trading psychy becasue real money brings real emotion....and when you first start using actual money, you see that you are in postive pip territory and your natural emotions often tel you to get out and take the cash....so the bad habits will be exascerbated once trading with money. Once real money is introduced it will kill them if stops get hit......and they WILL get hit.
So the way I look at it is....and I know a few others do to...DaveUK, 2scoops.....if you see a good setup, make part of your entry plan to assess the stop loss required to meet your R:R. If the setup is good but you need an 80 pip stop but you can only see 40 pips in it...dont take it...ther are plenty around that have a good R:R. The one Dave and I took last night on the Euro.. I have attached the chart..sorry for the messy writing..anyway...as you can see, I saw the first candle reversed near a resistance trendline, so I watched and entered on the second candle. Becasaue I got in wherre I did, the swing high was only 30 pips away which is where my stop went. I want at least 1:1....at least...as you can see the last swing low was down near 1.43500 so PLENTY of room to move, however I am a fan of round numbers..particularly BRN's and there halves....like 4400. 4450. 4500 etc....so I set my sights on the 1.4400 area and I pulled out just as it popped its head through there. Yes there was a few more pips in it but who cares...I took 60 with a 30 stop...to me that perfect. So just look for trades where your stop loss is comfortable for YOU.
  • #10,539
  • Aug 23, 2011 7:29pm Aug 23, 2011 7:29pm
Quoting XxLessoxX
900/1 risk to reward. prob n ot the system for you.....read a page or two then post a question that has not already been answered
classic........funnily enough that IS the risk reward some here are using
  • #10,540
  • Aug 23, 2011 7:36pm Aug 23, 2011 7:36pm
Quoting dean
classic........funnily enough that IS the risk reward some here are using
they wont be for long......WIPE!!!!!
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