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Trading Made Simple

  • #10,681
  • Aug 27, 2011 8:26am Aug 27, 2011 8:26am
Worst thing that happen to me is over-trading and manual interference, also another mistake I done this week is playing game while trading, and trading in off hours after London and lat NY session, but It cost me a lot 150 $ in few hours.
That's a lot for me I'm recently started live trading after 2 and half months of profitable trading on 2 demo accounts, those 150 $ are 14 % of my equity , so from now on I will need to get more serious, and stop fulling around and playing frozen throne and WOW.

I need to handle that problem once in a while I start to make that stupid mistakes that cost me a lot.

Regards,

P.S: Be Serious with this work, If I didn't full-around with compound I could have make thousands of dollars by simply following rules. I busted one account last year when started trading and not knowing nothing, trying to scalp it was good till lasted, unfortunately 1 month. But here I am with my self, to take control.
  • #10,682
  • Aug 27, 2011 9:35am Aug 27, 2011 9:35am
Quoting antantnz
With last week being so challenging I'm going over the last week with a fine tooth comb looking at my entries and my exits, and also what happened in between ... I've come across a very interesting number ...

Last week I placed 38 trades (I'm the first to admit to overtrading). I've analysed where those trades went before / after I exited.
Thanks for that, I only entered one this week and lost. I believe its already posted. My second inadvertent trade broke even.

But there is always next week... Let's make better decisions
Ask me again when I know what I'm talking about.
  • #10,683
  • Aug 27, 2011 10:10am Aug 27, 2011 10:10am
Hi guys, I've been following this thread with interest for some time. It's been working well for me as I tend to get better results trading longer timeframes and trends and staying out of the way of the market and let it do its thing. The last two weeks have been a nightmare as the range is so small but not as small as my profits. lol.

Take a 4hr chart and zoom out so that the chart goes back to April. You can clearly see the past trends on the coloured Heiken Ashi chart for EU. Also look at the range of the TDI. That's been getting narrower too especially in the last few weeks.

So don't beat yourselves up over this as it will happen at sometime in the future. This type of market beats the best pros too. Just look at the TV pictures with guys with their head in their hands and no doubt the sick buckets just out of the picture. There is no holy grail and everybody makes losses just keep them small.

Just be patient and look for a break and a new trend to start. I don't make predictions but this is now looking interesting now uncle ben has shut his pie hole.
  • #10,684
  • Aug 27, 2011 11:54am Aug 27, 2011 11:54am
Alpari (UK) Ltd.

Account: 1926479Name: Currency: USD2011 August 26, 22:59Closed Transactions:TicketOpen TimeTypeSizeItemPriceS / LT / PClose TimePriceCommissionTaxesSwapProfit2254610282011.08.22 10:05buy0.10eurusd1.440911.438900.000002011.08.22 11:141.441590.000.000.006.802254610742011.08.22 10:05buy0.10eurjpy110.628110.4280.0002011.08.22 11:14110.5990.000.000.00-3.782257587162011.08.23 09:02buy0.10gbpusd1.650710.000000.000002011.08.23 09:191.651860.000.000.0011.502257588802011.08.23 09:02buy0.10eurusd1.439650.000000.000002011.08.23 09:191.440820.000.000.0011.702264086362011.08.25 15:14sell0.10eurjpy111.300111.7000.0002011.08.25 15:55111.1240.000.000.0022.832264189752011.08.25 15:33sell0.10gbpjpy126.189126.5800.0002011.08.25 15:55125.9670.000.000.0028.79 0.000.000.0077.84Closed P/L:77.84Open Trades:
  • #10,685
  • Aug 27, 2011 11:55am Aug 27, 2011 11:55am
Don't know what happened there, sorry
  • #10,686
  • Aug 27, 2011 12:13pm Aug 27, 2011 12:13pm
Quoting Fitness09
Has anyone ever traded with Hot Forex, and if so, are they reputable? My current broker only offers 50:1 and Hot Forex offers 500:1 for U.S. Traders. Thanks

F09
50:1 Leverage should be plenty. With this method, you shouldn't really have more than a few trades on a one time, and with keeping your stops well below 5% of the account value there shouldn't be any issues.
500:1 just sounds like trouble.

...I can resist anything but temptation... -Oscar Wilde
  • #10,687
  • Aug 27, 2011 12:50pm Aug 27, 2011 12:50pm
Greater leverage is grater problems, It allows you to open position that can get you in trouble really fast, I find it very bad to use real leverage more than 20:1, the broker can offer you leverage up to 500:1, but if you try to use it in real trading it's bad. your real leverage is calculated by the % you use from your account and the stop-loss.
I risk up to 5-8 % daily, but most of my positions are 0.5-1 % per trade.
  • #10,688
  • Aug 27, 2011 1:24pm Aug 27, 2011 1:24pm
Quoting XxLessoxX
you made this same post in Bread and butter trades thread, then this one above in this thread, now again with a "new holy grail" robot that made a whopping(!!wow!!) 5 profitable trades, and all in threads who could give a flying f#ck about yours or any other robot....what is the point?

Do you want us to ask what this wonderous modern marvel of technology is called? Where we can all get it so that we too can make a cherry-picked magical 5 winning trades of demo dollars, then we too can go off into random threads and post cryptic screen shots...


Quoting XxLessoxX
You ALMOST made me want to post my live account screen, but the I realized, NO ONE GIVES A SH!T WHAT YOU THINK.
Totally agree! You 've just read my mind!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #10,689
  • Aug 27, 2011 3:16pm Aug 27, 2011 3:16pm
Patience! Review your Losing trades. I have been back testing and finally started trading this week. Tough week but patience pays. Here are a few of my winners and one loser:

Loser USDCHF -33Pips This is the reason you don't trade in a ranging market! In retrospect I'm thinking "What an idiot"
Attached Image (click to enlarge)
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Winner USDJPY +61 Pips This was a classic Setup. Tell me if Im wrong and why.
Attached Image (click to enlarge)
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Winner EURJPY +72 Ditto! Look at the Divergence on the stochs!
Attached Image (click to enlarge)
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Winner GBPJPY +88 If I wasn't already in the other 2 JPY trades I would have passed on this trade. Entered on the 4th bar but the 1st 2 bars were tiny in a range bound market an meant almost nothing. Plus we were taking out support.
Attached Image (click to enlarge)
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I have also noticed that the best trades tend to come on the Short side when the green TDI line has touche or crossed above 68 and then makes a cross below red line. You'll notice there are lots of profitable trades in the middle between 68 & 32 but the best ones come at those levels. Also I notice that tDI generaly oscilates. Goes from above 68 then worms down below 32. Trade with That trend.

My 2 cents and would love to hear any comments.
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  • #10,690
  • Aug 27, 2011 4:51pm Aug 27, 2011 4:51pm
Quoting investor_me
BTW, can I ask which currencies you traded last week and whether you did exactly as noted by Big E (the 4H setup in the Asian/London session and 1H setup for the first hours of the US session?
Hi,

Unfortunately for me I can only really trade about 6 hours a day and live in little ol' New Zealand. The means London is my evening and NY is my sleep time.

So I made the decision from the beginning that H4 wouldn't work for me and instead trade the H1 from the start of the Eur open to the start of the NY open (i.e. roughly 7am -> 1pm London time).

[At least, that's the case at present, it'll all change once daylight savings changes on both sides of the world].

This was fine though, I was still making it profitable previously and have no doubt I will again.

In terms of currencies, right now I am still exploring a little bit. Trades on Big E's 8 take top priority, followed by the next top 10 (by volume). I'm also monitoring some of the lesser traded ones just to see if they have potential to be profitable. Basically just exploring to see what works for me best.
1 pip at a time ... if the entries are strong, the rest will follow ...
  • #10,691
  • Aug 27, 2011 7:31pm Aug 27, 2011 7:31pm
Quoting 33drifter
as retail traders and relatively short term traders we dont look that far back but i can guarentee you the big player dumping hundreds of millions per trade do.
Yep I know that for a fact. THe forex traders that are emplyed by the banks go as far back as their screen will zoom out.
  • #10,692
  • Aug 27, 2011 7:46pm Aug 27, 2011 7:46pm
HEy everyone.
Food for thought:
Why would you expect a method or system to be consistently profitable using the exact same strategy every trade?? Of course every method has losers and winners, THe good ones such as this have a higher percentage of winners than losers once you get it right....thats how it makes money.
But.....dont be foolish enough to simply treat every trade as the same...as in same entry same exit.....as much as it would be nice to have the exact same methodical, mechanical, robotic approach to every trade and just expect 3 out of 5 trades to be winners....it is fantasy........thats why ACTUAL robots fail dismally eventually.
The market is dynamic....it changes..it has its own life. YOU have to move with it....its crucial you shift your way of thinking and move stops, exits or entries to suit whatever the market is doing at them time.
So stick to your method.....but ensure you tweak and adapt it to suit the current market conditions.....this is backed up by BigE himself.....he will exit a trade if it pulls back 15 pips on him......he does this because he sees it as a sign he may have mis timed his entry.....but what he is doing is adapting to the cuurent market and trading dynamically.
  • #10,693
  • Aug 28, 2011 1:09pm Aug 28, 2011 1:09pm
Quoting XxLessoxX
Good luck with your robots, other systems, inflammatory posts, picking on sick guys, and kicking little crippled kids out of wheelchairs, and all activities brought on by your amazing penchant for douchebagery. You ALMOST made me want to post my live account screen, but the I realized, NO ONE GIVES A SH!T WHAT YOU THINK.
Hehe nice one :-) I don't take any notice of this poster really. It's strange, but his posts are very similar to another member's... what's his name... Callisto, that's it.

In fact, they're so similar that you could almost be forgiven for thinking that both accounts are run by the same person. Very odd.
  • #10,694
  • Aug 28, 2011 3:46pm Aug 28, 2011 3:46pm
Yeah....could be forexcube for that matter.....same level of jackassedness..
  • #10,695
  • Aug 28, 2011 4:08pm Aug 28, 2011 4:08pm
For those of you that use ATR. 1. Why do you use 7 and not 14, and would you use the same setting on different time frames? Would you use 7 on 1H and 4H? Thanks

F09
  • #10,696
  • Aug 28, 2011 4:36pm Aug 28, 2011 4:36pm
I use 7 because for the 1H & 4H I just need the most recent info. Put the same pr on two charts side by side, 1H & 4H, and measure the ATR and see how they look. I only use ATR for SL or TP if I don't like the latest swing high or low.
Quoting Fitness09
For those of you that use ATR. 1. Why do you use 7 and not 14, and would you use the same setting on different time frames? Would you use 7 on 1H and 4H? Thanks

F09
  • #10,697
  • Aug 28, 2011 6:04pm Aug 28, 2011 6:04pm
Quoting dean
HEy everyone.
Food for thought:
......So stick to your method.....but ensure you tweak and adapt it to suit the current market conditions.....this is backed up by BigE himself.....he will exit a trade if it pulls back 15 pips on him......he does this because he sees it as a sign he may have mis timed his entry.....but what he is doing is adapting to the cuurent market and trading dynamically.
^^^ I can see the absolute logic behind this...

However... DGINC, who is clearly very successful using this method or his enhanced form of it - (consistently clearing 500-700 pips weekly), said recently that 15-25 pips draw down is nothing on a 1 hour candle, be prepared to accept this and let the trade breath to enable it to reach its potential, stand by your TP and SL levels and let it do its thing and dont drive yourself mad monitoring every pip of movement up or down. He cites being 600 pips down on a trade once to finally realise 1100 pips profit.

I wonder if DGINC ever pulls out of a trade if its reverses 15 pips? i doubt it somehow. So confident is he in this strategy, his market analysis and the SL and TP he sets all BEFORE entering .

The question is - isnt the point of employing any strategy is so that it gives you the edge over the market you need over time whatever the conditions? If the strategy works, so as long as one is consistently applying correctly in addition to the basic forex rules surely it will win more than it loses?

Would love to get Big E thoughts on this when hes well enough to come back and indeed from DGINC too as both principals seem valid but also at odds with each other on this point.
  • #10,698
  • Aug 28, 2011 6:25pm Aug 28, 2011 6:25pm
Quoting gamekeeper
^^^ I can see the absolute logic behind this...

However... DGINC, who is clearly very successful using this method or his enhanced form of it - (consistently clearing 500-700 pips weekly), said recently that 15-25 pips draw down is nothing on a 1 hour candle, be prepared to accept this and let the trade breath to enable it to reach its potential, stand by your TP and SL levels and let it do its thing and dont drive yourself mad monitoring every pip of movement up or down. He cites being 600 pips down on a trade once to finally realise 1100 pips...
I agree, a 15 pip draw down is nothing on a H1 chart. I have taken stats on every trade since 29.07.11, total of 62 live trades trading valid signals according to the "rules" for the system. I log draw down, peak levels, TDI angle at the cross, how close to Ob / Os areas etc. Based on the logged DD for 60 trades, my stats tells me that my absolute minimum stop on a H1 chart must be 30 pips. (EURUSD).
  • #10,699
  • Aug 28, 2011 7:03pm Aug 28, 2011 7:03pm
my live trading( 48)

Attached Image (click to enlarge)
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  • #10,700
  • Aug 28, 2011 7:27pm Aug 28, 2011 7:27pm
Quoting amiralifx
my live trading( 48)

Attachment

I too am in this trade.. lets hope that it continues south! :! )
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